1
EXHIBIT 99h
POWERTEL USA, INC.
97-30265
CHAPTER 11
MONTHLY OPERATING REPORT
NOVEMBER 1997
The Debtor in Possession is filing an incomplete Monthly Operating Report due to
the lack of complete records. The former officers of PowerTel, USA. Inc. have
not cooperated with the Debtor by providing the necessary information. The Books
and Records are missing. Therefore, it is impossible for the Debtor to file a
complete Monthly Operating Report.
/s/ Richard Cascarilla
---------------------------------
RICHARD A. CASCARILLA, PRESIDENT
DEBTOR IN POSSESSION
2
BALANCE SHEET
NOVEMBER 30, 1997
Assets
Current Assets:
Cash $ 130,209.12
--------------
Accounts Receivable $
--------------
Allowance for Doubtful
Accounts $
--------------
Accounts Receivable (Net) $
--------------
Inventory $
--------------
Prepaid Expenses $
--------------
Total Current Assets $ 130,209.12
--------------
Property and Equipment (Fair Market Value)
Real Property $
--------------
Machinery and Equipment $ 5,700,000.00
--------------
Furniture and Fixtures $
--------------
Office Equipment $
--------------
Leasehold Improvements $
--------------
Vehicles $
--------------
Other $
--------------
Total Property and Equipment $ 5,700,000.00
--------------
Total Assets: $ 5,830,209.12
--------------
3
LIABILITIES
NOVEMBER 30, 1997
Postpetition Liabilities (Accrued and Unpaid)
Salaries & Wages $
---------------
Payroll Taxes $ 3,602.30
---------------
Sales Taxes $
---------------
Income Taxes $
---------------
Real Property Taxes $
---------------
Personal Property Taxes $
---------------
Accounts Payable $
---------------
Postpetition Real Property
Lease Arrearages $
Postpetition Equipment
Lease Arrearages $
---------------
Accrued Professional Fees
Other ________________ $
---------------
________________ $
---------------
Total Postpetition Liabilities $ 3,602.30
---------------
Prepetition Liabilities
Priority Debt (Schedule A-1) $
---------------
Secured Debt (Schedule A-2) $
---------------
Unsecured Debt (Schedule A-3) $
---------------
Total Prepepetition Liabilities $
---------------
Shareholder's Equity
Common Stock $
---------------
Paid-In Capital $ 5,700,000.00
---------------
Retained Earnings $ 126,606.82
---------------
Total Shareholder's Equity $ 5,826,606.82
---------------
Total Liabilities & Equity $ 5,830,209.12
---------------
4
RECAPITULATION
NOVEMBER 30, 1997
Balance from Prior Month $
-----------
PowerTel M/M General Account $ 2,983.09
-----------
Bank Chase
Branch New York
Account #312731324365
PowerTel General Account $136,116.28
-----------
Bank First of America Bank, N.A. Michigan
Branch Okemos, Michigan
Account #62-3007936-7
Tax Account $
-----------
Bank
Branch
Account #
Balance to Carry Forward to Next Month
General Account #312731324365 $ 2,989.47
-----------
General Account #62-3007936-7 $127,219.65
-----------
Tax Account $
-----------
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POWERTEL USA, INC.
EAST LANSING, MICHIGAN
BANK ACCOUNT SUMMARIES
#97-30265
(PTELBANK.117)
NOVEMBER 30, 1997
FIRST OF
DATE DESCRIPTION AMERICA CHASE TOTALS
- ---- ----------- ------- ----- ------
11.01.97 BEGINNING BALANCE 136116.28 2983.09 139099.37
11.30.97 DIVIDEND EARNED 6.38 6.38
.00
.00
.00
.00
--------- ------- ---------
11.30.97 TOTAL DEPOSITS 0.00 6.38 6.38
--------- ------- ---------
- --
11.30.97 CHECKS WRITTEN PER
ATTACHED LISTING 8896.63 .00 8896.63
--------- ------- ---------
11.30.97 BALANCE 127219.65 2989.47 130209.12
========== ======= =========
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RUN DATE: 12/04/97 POWERTEL USA, INC. PAGE: 1
SYS DATE: 11/30/97 TRANSACTION JOURNAL TIME: 03:31 PM
SOURCE POSTING CREDIT
JOURNAL DATE ACCOUNT NO BATCH TOTAL JOURNAL COMMENT
CD-0001 11/30/97 1020-000-00 8,896.63 DISBURSEMENTS
CHECK NO DATE COMMENT DEBIT ACCT TRANS AMOUNT
- ---------- -------- ------------------------ ------------------ --------------------------
0001023 11/01/97 CASEY & BOOG 6600-000-00 95.00
0001024 11/01/97 H LAWRENCE HERTH 8100-000-00 991.20
0001025 11/01/97 RICHARD CASCARILLA 8100-000-00 3,200.00
0001026 11/11/97 SUNSHINE REPORTING 6600-000-00 1,044.93
0001027 11/12/97 FIRST OF AMERICA 2110-001-00 474.30
0001027 11/12/97 FIRST OF AMERICA 2110-002-00 884.50
0001027 11/12/97 FIRST OF AMERICA 2110-005-00 474.30
----------
CHECK 0001027 TOTALS: 1,833.10
0001028 11/12/97 CASEY & BOOG 6500-000-00 13.70
0001029 11/16/97 DOUBLETREE GUEST SUITES 7900-000-00 424.24
0001030 11/17/97 CORESTATES 7900-000-00 161.66
0001031 11/17/97 MIKE KASOUFF 7900-000-00 151.48
0001032 11/18/97 FISHER TRANSFER & STORAG 6000-000-00 959.32
0001033 11/19/97 UPS 6000-000-00 22.00
---------
JOURNAL CD-0001 TOTALS: 8,896.63
---------
SOURCE CD TOTALS: 8,896.63
---------
REPORT TOTALS: 8,896.63
=========
7
CASH FLOW STATEMENT
NOVEMBER, 1997
Projected
Current For current
Month Month
----- -----
Receipts:
Sales (Cash Only) $ $
-------------- -------------
Collections of Accounts Receivable $ $
-------------- -------------
Other Income $ 6.38 $
-------------- -------------
Total Receipts $ 6.38 $
-------------- -------------
Disbursements:
Purchases and Inventory $ $
-------------- -------------
Salaries and Wages $ 4,191.20 $
-------------- -------------
Employee Benefits $ $
-------------- -------------
Shipping & Freight $ 981.32 $
-------------- -------------
Rent $ $
-------------- -------------
Secured Debt Payments $ $
-------------- -------------
Outside Services $ 1,139.93 $
-------------- -------------
Telephone $ $
-------------- -------------
Repairs & Maintenance $ $
-------------- -------------
Miscellaneous Office Expense $ 13.70 $
-------------- -------------
Advertising $ $
-------------- -------------
Travel & Entertainment $ 737.38 $
-------------- -------------
Professional Fees $ $
-------------- -------------
Court Costs $ $
-------------- -------------
Insurance: Liability $ $
-------------- -------------
Property $ $
-------------- -------------
Vehicle $ $
-------------- -------------
Worker's Compensation $ $
-------------- -------------
Other $ $
-------------- -------------
Taxes: Payroll $ 1,833.10 $
-------------- -------------
Sales $ $
-------------- -------------
Income $ $
-------------- -------------
Real Property $ $
-------------- -------------
Personal Property $ $
-------------- -------------
Total Disbursements $ 8,896.63 $
-------------- -------------
Cash Flow $ (8,890.25) $
-------------- -------------
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INCOME STATEMENT
(Accrual Basis)
October 1 to November 30, 1997
Current Year to
Month Date
----- ----
Income $ $
-------------- -----------
Cost of Goods Sold
Beginning Inventory $ $
-------------- -----------
Inventory Purchases $ $
-------------- -----------
Ending Inventory $ $
-------------- -----------
Total Costs of Goods Sold $ $
-------------- -----------
Operating Expenses
Salaries and Wages $ 6,200.00 $ 12,400.00
-------------- -----------
Employee Benefits $ $
-------------- -----------
Shipping $ 981.32 $ 981.32
-------------- -----------
Rent $ $
-------------- -----------
Secured Debt Payments $ $
-------------- -----------
Outside Services $ 1,139.93 $ 1,139.93
-------------- -----------
Telephone $ $ 143.93
-------------- -----------
Repairs & Maintenance $ $
-------------- -----------
Miscellaneous Office Expense $ 13.70 $ 1,407.78
-------------- -----------
Advertising $ $
-------------- -----------
Travel & Entertainment $ 737.38 $ 3,078.76
-------------- -----------
Professional Fees $ $
-------------- -----------
Court Costs $ $ 16,872.00
-------------- -----------
Insurance: Liability $ $
-------------- -----------
Property $ $
-------------- -----------
Vehicle $ $
-------------- -----------
Worker's Compensation $ $
-------------- -----------
Other - Bond $ $
-------------- -----------
Taxes: Payroll $ 658.90 $ 1,317.80
-------------- -----------
Sales $ $
-------------- -----------
Income $ $
-------------- -----------
Real Property $ $
-------------- -----------
Personal Property $ $
-------------- -----------
Total Operating Expenses $ 9,731.23 $ 37,531.52
-------------- -----------
Total Profit (Loss) from Operations $ (9,731.23) $(37,531.52)
-------------- -----------
Other Income (Expense) $ $
-------------- -----------
Gain (Loss) on Sale of Assets $ $
-------------- -----------
Interest Expense $ $
-------------- -----------
Interest Income $ $
-------------- -----------
Dividend Income $ 6.38 $ 13.13
-------------- -----------
Total $ 6.38 $ 13.13
-------------- -----------
Total Profit (Loss) for Month $ (9,724.85) $(37,518.39)
-------------- -----------
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Monthly Questionnaire
I. Accounts Payable and Receivable Aging:
Attach an Accounts Payable and Receivable Aging Schedule, identifying in
chronological (or reverse chronological) order every debt which came due after
the commencement of the bankruptcy case but has not been paid, and specifying
the creditor by name and address, the nature of the debt (e.g., rent,
advertising, wages, etc.), the amount owed and the date on which the obligation
came due. Provide summary information below for both accounts payable and
accounts receivable:
Accounts Payable Accounts Receivable
Less Than 31 Days Past Due -0- -0-
31 to 60 Days Past Due ________________ ___________________
61 to 90 Days Past Due ________________ ___________________
91 to 120 Days Past Due ________________ ___________________
Over 120 Days Past Due ________________ ___________________
II. Payments to Secured Creditors and Lessors:
Identify every secured Creditor and lessor by name and address, and provide the
requested information. Where there is a postpetition stipulation or court order
governing the creditor's treatment, respond on the basis of that stipulation or
order; otherwise, respond on the basis of the prepetition contract or lease.
Creditor Name and Address Payment Period Periodic Date of Post Petition Payments
(mo/wk) Payment Last Made Missed
Amount Payment
No. Amount No. Amount
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MONTHLY QUESTIONNAIRE
Page 2
III. Tax Liability
Gross Payroll Expense for Report Month: $6,200.00
---------
Gross Sales Subject to Sales Tax for Report Month $0.00
-----
Date Paid Amount Paid Due But Not Paid Accrued But Not Due
--------- ----------- ---------------- -------------------
Federal Payroll & Withholding 1,932.30
State Payroll & Withholding 1,670.00
State Sales & Use
IV. INSURANCE COVERAGE
Carrier/Agent Amount of Policy Expiration Policy Paid
Name Coverage Date Through Date
---- -------- ---- ------------
Worker's Compensation Liability
Fire & Extended Coverage
Property
Theft
Vehicle
Life (Beneficiary):
Other (specify):
V. Postpetition Payments
A. Has the Debtor made any payments outside of the ordinary
course of business to any officers, shareholders, directors, other
principals or insider-employees or to professionals without specific
authorization under a Bankruptcy Court order? NO
If the answer is yes, identify each person paid, the date and amount of
such payment(s) and the basis for each such payment.
B. Has the Debtor, following the commencement of the bankruptcy
case, made any payments on account of prepetition unsecured debts,
except as specifically authorized by the Bankruptcy Court? NO
If the answer is yes, identify each person paid, the date and amount of
such payment(s) and the basis for each such payment.
VI. Narrative
Provide a brief narrative report of any significant events outside of
the ordinary course of business which occurred during the Report Month:
11
MONTHLY QUESTIONNAIRE
Page 3
VII. U.S. Trustee Fees
Quarter Ending Total Quarterly Fee Amount Paid Date Paid Total Quarterly
Disbursement Fees Due But
During Quarter Not Paid
I declare under penalty of perjury that I have reviewed the income
statement, cash flow statement, projections, balance sheet and monthly
questionnaire attached hereto and, after making reasonable inquiry, believe that
these documents are accurate and correct.
DATED this 19th day of November, 1997.
By: /s/ Richard Cascarilla
----------------------