1
Exhibit 99i
POWERTEL USA, INC.
97-30265
CHAPTER 11
MONTHLY OPERATING REPORT
DECEMBER 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
DECEMBER 31, 1997
Assets
Current Assets:
Cash $ 91,964.13
--------------
Accounts Receivable $
--------------
Allowance for Doubtful
Accounts $
--------------
Accounts Receivable (Net) $
--------------
Inventory $
--------------
Prepaid Expenses $
--------------
Total Current Assets $ 91,964.13
-------------
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
--------------
Investments:
Total Assets: $ 5,791,964.13
--------------
3
LIABILITIES
DECEMBER 31, 1997
Postpetition Liabilities (Accrued and Unpaid)
Salaries & Wages $
--------------
Payroll Taxes $ 6,514.90
--------------
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 $ 6,514.90
--------------
Prepetition Liabilities
Priority Debt (Schedule A-1) $
--------------
Secured Debt (Schedule A-2) $
--------------
Unsecured Debt (Schedule A-3) $
--------------
Total Prepetition Liabilities $
--------------
Shareholder's Equity
Common Stock $
--------------
Paid-In Capital $ 5,700,000.00
--------------
Retained Earnings $ 85,449.23
--------------
Total Shareholder's Equity $ 5,785,449.23
--------------
Total Liabilities & Equity $ 5,791,964.13
--------------
4
RECAPITULATION
December 31, 1997
Balance from Prior Month
General Account $ 2,989.47
------------
Bank CHASE
Branch NEW YORK
Account #312731324365
General Account $ 127,219.65
------------
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 $ -0-
------------
General Account #62-3007936-7 $ 91,964.13
------------
Tax Account $
------------
5
POWERTEL USA, INC.
EAST LANSING, MICHIGAN
BANK ACCOUNT SUYIWIES
#97-30265
(PTELBANK.127)
DECEMBER 31, 1997
FIRST OF
DATE DESCRIPTION AMERICA CHASE TOTALS
- ---- ----------- ------- ----- ------
12.01.97 BEGINNING BALANCE 127219.65 2989.47 130209.12
--------- ------- ---------
12.31.97 DIVIDEND EARNED 3.21 3.21
12.31.97 TRANSFER FROM CHASE 267.43 267.43
12.31.97 BOND REFUND 920.00 920.00
--------- ------- ---------
12.31.97 TOTAL DEPOSITS 1187.43 3.21 1190.64
--------- ------- ---------
12.09.97 WALTERS & HAVERFIELD 15000.00 15000.00
12.09.97 SMITH, KATZNSTEN & FURLOW 10000.00 10000.00
12.09.97 S. HARRIS 2725.25 2725.25
12.09.97 TRANSFER TO FIRST OF AMERICA 267.43 267.43
12.09.97 WIRE TRANSFER FEES 30.00 30.00
12.31.97 CHECKS WRITTEN PER ATTACHED 11412.95 .00 11412.95
--------- ------- ---------
12.31.97 TOTAL DISBURSEMENTS 36442.95 2992.68 39435.63
--------- ------- ---------
12.31.97 BALANCE 91964.13 .00 91964.13
========= ======= =========
6
RUN DATE: 1/13/98 POWERTEL USA, INC. PAGE: I
SYS DATE: 12/31/97 TRANSACTION JOURNAL TIME: 10:32 AM
SOURCE POSTING CREDIT
JOURNAL DATE ACCOUNT NO BATCH TOTAL JOURNAL COMMENT
CD-0001 12/31/97 1020-000-00 11,412.95 DISBURSEMENTS
CHECK NO DATE COMMENT DEBIT ACCT TRANS AMOUNT
- -------- ---- ------- ---------- ------------
0001034 12/01/97 RICHARD CASCARILLA 8100-000-00 3,200.00
0001035 12/01/97 CASEY & BOOG 6600-000-00 95.00
0001036 12/01/97 AMERITECH 7800-000-00 87.50
0001037 12/10/97 FIRST OF AMERICA 2110-001-00 474.30
0001037 12/10/97 FIRST OF AMERICA 2110-002-00 884.50
0001037 12/10/97 FIRST OF AMERICA 2110-005-00 474.30
--------
CHECK 0001037 TOTALS 1,833.10
0001038 12/15/97 CASEY & BOOG 6600-000-00 95.00
0001039 12/19/97 ROBERT J. LINDBERG CPA 5050-000-00 661.50
0001040 12/25/97 KNUTSON TRAVEL PORT 7900-000-00 436.00
0001041 12/26/97 UPS 6000-000-00 11.00
0001042 12/26/97 RICHARD CASCARILLA 8100-000-00 3,200.00
0001043 12/26/97 H. LAWRENCE HEATH 8100-000-00 991.20
0001044 12/30/97 MIKE KASOUFF 7900-000-00 411.00
0001045 12/30/97 CORPORATE STOCK TRANSFER 7900-000-00 279.77
0001046 12/31/97 CORPORATE SERVICES 7800-000-00 93.27
0001047 12/31/97 AMERITECH 7800-000-00 18.61
--------
JOURNAL CD-0001 TOTALS: 11,412.95
---------
SOURCE CD TOTALS: 11,412.95
---------
REPORT TOTALS: 11,412.95
=========
7
INCOME STATEMENT
(Accrual Basis)
October 1, to December 31, 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 $ 11,200.00 $ 23,600.00
------------ ------------
Employee Benefits $ $
------------ ------------
Shipping & Freight $ 11.00 $ 992.32
------------ ------------
Rent $ $
------------ ------------
Secured Debt Payments $ $
------------ ------------
Outside Services $ 190.00 $ 1,519.93
------------ ------------
Telephone $ 199.38 $ 343.31
------------ ------------
Repairs & Maintenance $ $
------------ ------------
Miscellaneous Office Expense $ 30.00 $ 1,437.78
------------ ------------
Advertising $ $
------------ ------------
Travel & Entertainment $ 1,126.77 $ 4,205.53
------------ ------------
Professional Fees $ 28,386.75 $ 28,386.75
------------ ------------
Court Costs $ $ 16,872.00
------------ ------------
Insurance: Liability $ $
------------ ------------
Property $ $
------------ ------------
Vehicle $ $
------------ ------------
Worker's Compensation $ $
------------ ------------
Other - Bond $ (920.00) $ (920.00)
------------ ------------
Taxes: Payroll $ 936.90 $ 2,254.70
------------ ------------
Sales $ $
------------ ------------
Income $ $
------------ ------------
Real Property $ $
------------ ------------
Personal Property $ $
------------ ------------
Total Operating Expenses $ 41,160.80 $ 78,692.32
------------ ------------
Total Profit (Loss) from Operations $ (41,160.80) $(78,692.32)
------------ ------------
Other Income (Expense) $ $
------------ ------------
Gain (Loss) on Sale of Assets $ $
------------ ------------
Interest Expense $ $
------------ ------------
Interest Income $ $
------------ ------------
Dividend income $ 3.21 $ 16.34
------------ ------------
Total $ 3.21 $ 16.34
------------ ------------
Total Profit (Loss) for Month $ (41,157.59) $ (78,675.98)
------------ ------------
8
CASH FLOW STATEMENT
December 31, 1997
Projected
Current For current
Month Month
Receipts:
Sales (Cash Only) $ $
------------ ------------
Collections of Accounts Receivable $ $
------------ ------------
Other Income - Bond Refund & Dividend $ 923.21 $
------------ ------------
Total Receipts $ 923.21 $
------------ ------------
Disbursements:
Purchases and Inventory $ $
------------ ------------
Salaries and Wages $ 7,391.20 $
------------ ------------
Employee Benefits $ $
------------ ------------
Shipping & Freight $ 11.00 $
------------ ------------
Rent $ $
------------ ------------
Secured Debt Payments $ $
------------ ------------
Outside Services $ 190.00 $
------------ ------------
Telephone $ 199.38 $
------------ ------------
Repairs & Maintenance $ $
------------ ------------
Miscellaneous Office Expense $ 30.00 $
------------ ------------
Advertising $ $
------------ ------------
Travel & Entertainment $ 1,126.77 $
------------ ------------
Professional Fees $ 28,386.75 $
------------ ------------
Court Costs $ $
------------ ------------
Insurance: Liability $ $
------------ ------------
Property $ $
------------ ------------
Vehicle $ $
------------ ------------
Worker's Compensation $ $
------------ ------------
Other $ $
------------ ------------
Taxes: Payroll $ 1,833.10 $
------------ ------------
Sales $ $
------------ ------------
Income $ $
------------ ------------
Real Property $ $
------------ ------------
Personal Property $ $
------------ ------------
Total Disbursements $ 39,168.20 $
------------ ------------
Cash Flow $ (38,244.99) $
------------ ------------
9
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
---------------- -------------------
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 Periodic Date of Post Petition Payments
Period Payment Last Made Missed
(mo/wk) Amount Payment --------------------------------------
No. Amount No. Amount
- -------------------------------------------------------------------------------------------------------------------------------
10
MONTHLY QUESTIONNAIRE
Page 2
III. Tax Liability
Gross Payroll Expense for Report Month: $11,200.00
----------
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 3,450.40
State Payroll & Withholding 3,064.50
State Sales & Use
IV. Insurance Coverage
Amount of Policy Expiration Policy Paid
Carrier/Agent 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.
11
MONTHLY QUESTIONNAIRE
Page 3
VI. Narrative
Provide a brief narrative report of any significant events outside of
the ordinary course of business which occurred during the Report Month:
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 18th day of December, 1997.
By: /s/ Richard Cascarilla
----------------------