1
EXHIBIT 99l
POWERTEL USA, INC.
97-30265
CHAPTER 11
MONTHLY OPERATING REPORT
MARCH 1998
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 A. Cascarilla
------------------------------------
RICHARD A. CASCARILLA, PRESIDENT
DEBTOR IN POSSESSION
2
BALANCE SHEET
MARCH 31, 1998
Assets
Current Assets:
Cash $ 61,741.46
-------------
Accounts Receivable $
-------------
Allowance for Doubtful
Accounts $
-------------
Accounts Receivable (Net) $
-------------
Inventory $
-------------
Prepaid Expenses $
-------------
Total Current Assets $ 61,741.46
-------------
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:
Herth Printing and Business Supply
Stock (at Book Value) $ 393,253.00
-------------
Total Assets: $6,154,994.46
-------------
3
LIABILITIES
MARCH 31, 1998
Postpetition Liabilities (Accrued and Unpaid)
Salaries & Wages $
---------------
Payroll Taxes $ 2,769.20
---------------
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 $ 2,769.20
---------------
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 $ 6,131,096.00
---------------
Retained Earnings $ 21,129.26
---------------
Total Shareholder's Equity $ 6,152,225.26
---------------
Total Liabilities & Equity $ 6,154,994.46
---------------
4
RECAPITULATION
MARCH 31, 1998
Balance from Prior Month
General Account $69,824.13
----------
Bank FIRST OF AMERICA BANK, N.A. MICHIGAN
Branch OKEMOS, MICHIGAN
Account #62-3007936-7
General Account $
----------
Bank
Branch
Account #
Tax Account $
----------
Bank
Branch
Account #
Balance to Carry Forward to Next Month
General Account $61,741.46
----------
General Account $
----------
Tax Account $
----------
5
POWERTEL USA, INC.
EAST LANSING, MICHIGAN
BANK ACCOUNT SUYIWIES
#97-30265
(PTELBANK. 398)
MARCH, 1998
FIRST OF
DATE DESCRIPTION AMERICA
- ------------------ ---------------------------- ----------
03.01.98 BEGINNING BALANCE $69,824.13
03.31.98 TOTAL DEPOSITS $ 0.00
03.31.98 CHECKS WRITTEN PER ATTACHED $ 8,162.67
03.31.98 VOID CHECK #1006 (80.00)
----------
03.31.98 TOTAL DISBURSEMENTS 8,082.67
----------
03.31.98 BALANCE $61,741.46
==========
6
RUN DATE: 04/16/98 POWERTEL USA, INC. PAGE: I
SYS DATE: 03/31/98 TRANSACTION JOURNAL TIME: 10:54 AM
SOURCE POSTING CREDIT
JOURNAL DATE ACCOUNT NO BATCH TOTAL JOURNAL COMMENT
CD-0001 03/31/98 1020-000-00 8,162.67 DISBURSEMENTS
CHECK NO DATE COMMENT DEBIT ACCT TRANS AMOUNT
- -------- ---- ------- ---------- ------------
0001081 03/09/98 AMERITECH 7800-000-00 18.76
0001082 03/16/98 FIRST OF AMERICA 2110-001-00 474.30
0001082 03/16/98 FIRST OF AMERICA 2110-002-00 810.00
0001082 03/16/98 FIRST OF AMERICA 7200-001-00 474.30
--------
CHECK 0001082 TOTALS: 1,758.60
0001083 03/16/98 CASEY & BOOG 6600-000-00 95.00
0001084 03/24/98 CASEY & BOOG 6500-000-00 43.95
0001085 03/25/98 FLEET 6000-000-00 754.20
0001086 03/25/98 CORPORATE SERVICES 7000-000-00 61.96
0001087 03/24/98 BANK OF AMERICA 6500-000-00 82.00
0001088 03/25/98 RICHARD CASCARILLA 8100-000-00 3,723.00
0001089 03/25/98 EL POSTMASTER 6500-000-00 80.00
0001090 03/26/98 KNUTSON TRAVEL POST 7900-000-00 444.00
0001091 03/26/98 U.P.S. 6000-000-00 24.00
0001092 03/26/98 H. LAWRENCE HERTH 8100-000-00 991.20
0001093 03/31/98 CASEY & BOOG 6600-000-00 95.00
--------
JOURNAL CD-0001 TOTALS: 8,162.67
--------
SOURCE CD TOTALS: 8,162.67
--------
REPORT TOTALS: 8,162.67
========
7
INCOME STATEMENT
(Accrual Basis)
October 1, 1997 TO March 31, 1998
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 $ 42,200.00
----------------- ----------------
Employee Benefits $ $
----------------- ----------------
Shipping & Freight $ 24.00 $ 1,166.82
----------------- ----------------
Rent $ $
----------------- ----------------
Secured Debt Payments $ $
----------------- ----------------
Outside Services $ 190.00 $ 2,284.93
----------------- ----------------
Telephone $ 80.72 $ 555.28
----------------- ----------------
Repairs & Maintenance $ $
----------------- ----------------
Miscellaneous Office Expense $ 125.95 $ 1,569.63
----------------- ----------------
Advertising $ $
----------------- ----------------
Travel & Entertainment $ 1,189.20 $ 8,902.78
----------------- ----------------
Professional Fees $ $ 28,557.15
----------------- ----------------
Court Costs $ $ 16,872.00
----------------- ----------------
Insurance: Liability $ $
----------------- ----------------
Property $ $
----------------- ----------------
Vehicle $ $
----------------- ----------------
Worker's Compensation $ $
----------------- ----------------
Other - Bond $ $ (920.00)
----------------- ----------------
Taxes: Payroll $ 505.00 $ 3,980.70
----------------- ----------------
Sales $ $
----------------- ----------------
Income $ $
----------------- ----------------
Real Property $ $
----------------- ----------------
Personal Property $ $
----------------- ----------------
Total Operating Expenses $ 8,315.37 $ 105,169.29
----------------- ----------------
Total Profit (Loss) from Operations $ (8,315.37) $ (105,169.29)
----------------- ----------------
Other Income (Expense) $ $
----------------- ----------------
Gain (Loss) on Sale of Assets $ $
----------------- ----------------
Interest Expense $ $
----------------- ----------------
Interest Income $ $
----------------- ----------------
Dividend Income $ $ 16.34
----------------- ----------------
Herth Printing Income (loss) $ 9035.00 $ (37,843.00)
----------------- ----------------
Total $ (9,035.00) $ (37,826.66)
----------------- ----------------
Total Profit (Loss) for Month $ 719.63 $ 142,995.95
----------------- ----------------
8
CASH FLOW STATEMENT
March, 1998
Projected
Current For current
Month Month
----- -----
Receipts:
Sales (Cash Only) $ $
--------------- ----------------
Collections of Accounts Receivable $ $
--------------- ----------------
Other Income $ $
--------------- ----------------
Total Receipts $ $
--------------- ----------------
Disbursements:
Purchases and Inventory $ $
--------------- ----------------
Salaries and Wages $ 4,714.20 $
--------------- ----------------
Employee Benefits $ $
--------------- ----------------
Shipping & Freight $ 24.00 $
--------------- ----------------
Rent $ $
--------------- ----------------
Secured Debt Payments $ $
--------------- ----------------
Outside Services $ 190.00 $
--------------- ----------------
Telephone $ 80.72 $
--------------- ----------------
Repairs & Maintenance $ $
--------------- ----------------
Miscellaneous Office Expense $ 125.95 $
--------------- ----------------
Advertising $ $
--------------- ----------------
Travel & Entertainment $ 1,189.20 $
--------------- ----------------
Professional Fees $ $
--------------- ----------------
Court Costs $ $
--------------- ----------------
Insurance: Liability $ $
--------------- ----------------
Property $ $
--------------- ----------------
Vehicle $ $
--------------- ----------------
Worker's Compensation $ $
--------------- ----------------
Other $ $
--------------- ----------------
Taxes: Payroll $ 1,758.60 $
--------------- ----------------
Sales $ $
--------------- ----------------
Income $ $
--------------- ----------------
Real Property $ $
--------------- ----------------
Personal Property $ $
--------------- ----------------
Total Disbursements $ 8,082.67 $
--------------- ----------------
Cash Flow $ (8,082.67) $
--------------- ----------------
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: $
----------
Gross Sales Subject to Sales Tax for Report Month $
----------
Date Paid Amount Paid Due But Not Paid Accrued But Not Due
--------- ----------- ---------------- -------------------
Federal Payroll & Withholding 1,843.40
State Payroll & Withholding 952.80
State Sales & Use
IV. Insurance Coverage
Carrier/Agent Name Amount of Policy Policy Paid
Coverage Expiration Through Date
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.
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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 Total Quarterly Fee Amount Paid Date Paid Total Quarterly
Ending 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 23rd day of April, 1998.
By: /s/ Richard Cascarilla
-------------------------------