1
Exhibit 99t
POWERTEL USA, INC.
97-30265
CHAPTER 11
MONTHLY OPERATING REPORT
NOVEMBER 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
NOVEMBER 30, 1998
Assets
Current Assets:
Cash $ 2,439.04
--------------
Accounts Receivable $
--------------
Allowance for Doubtful Accounts $
--------------
Accounts Receivable (Net) $
--------------
Inventory $
--------------
Prepaid Expenses $
--------------
Total Current Assets $ 2,439.04
--------------
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) $ 383,235.00
--------------
Total Assets: $ 6,085,674.04
--------------
3
LIABILITIES
NOVEMBER 30, 1998
Postpetition Liabilities (Accrued and Unpaid)
Salaries & Wages $
--------------
Payroll Taxes $ 57.60
--------------
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 LOAN SHAREHOLDER $ 4,000.00
--------------
DIEGOTEL, INC STOCK-BOOK VALUE $ 14,500.00
--------------
Total Postpetition Liabilities $ 18,557.60
--------------
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 $ (63,979.56)
--------------
Total Shareholder's Equity $ 6,067,116.44
--------------
Total Liabilities & Equity $ 6,085,674.04
--------------
4
INCOME STATEMENT
(Accrual Basis)
OCTOBER 1, 1997 TO NOVEMBER 30, 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 $ $ 73,200.00
----------- -------------
Employee Benefits $ 529.84 $ 1,589.70
----------- -------------
Shipping & Freight $ 12.00 $ 1,734.02
----------- -------------
Rent $ 500.00 $ 1,500.00
----------- -------------
Secured Debt Payments $ $
----------- -------------
Outside Services $ 1,679.18 $ 7,995.74
----------- -------------
Telephone $ 115.97 $ 1,573.12
----------- -------------
Repairs & Maintenance $ $
----------- -------------
Miscellaneous Office Expense $ 254.81 $ 2,778.41
----------- -------------
Advertising $ $
----------- -------------
Travel & Entertainment $ 1,369.18 $ 22,944.59
----------- -------------
Professional Fees $ 754.30 $ 54,122.87
----------- -------------
Court Costs $ $ 19,372.00
----------- -------------
Insurance: Liability $ $
----------- -------------
Property $ 407.70 $ 407.70
----------- -------------
Vehicle $ $
----------- -------------
Worker's Compensation $ $
----------- -------------
Other - Bond $ $ (920.00)
----------- -------------
Taxes: Payroll $ $ 6,961.96
----------- -------------
Sales $ $
----------- -------------
Income $ $
----------- -------------
Real Property $ $
----------- -------------
Personal Property $ $
----------- -------------
Total Operating Expenses $ 5,215.28 $ 193,260.11
----------- -------------
Total Profit (Loss) from Operations $ (5,215.28) $ (193,260.11)
----------- -------------
Other Income (Expense) $ $
----------- -------------
Gain (Loss) on Sale of Assets $ $
----------- -------------
Interest Expense $ $
----------- -------------
Interest Income $ $
----------- -------------
Dividend Income $ $ 16.34
----------- -------------
Herth Printing Income (loss) $ (1,555.00) $ (34,861.00)
----------- -------------
Total $ (1,555.00) $ (34,844.66)
----------- -------------
Total Profit (Loss) for Month $ (3,660.28) $ (228,104.77)
----------- -------------
5
RECAPITULATION
NOVEMBER 30, 1998
Balance from Prior Month
General Account $ 654.32
----------
Bank FIRST OF AMERICA BANK, N.A. MICHIGAN
Branch OKEMOS, MICHIGAN
Account #62-30079367
General Account $
----------
Bank
Branch
Account #
Tax Account $
----------
Bank
Branch
Account #
Balance to Carry Forward to Next Month
General Account $ 2,439.04
----------
General Account $
----------
Tax Account $
----------
6
POWERTEL USA, INC.
EAST LANSING, MICHIGAN
BANK ACCOUNT SUMMARIES
#97-30265
NOVEMBER, 1998
FIRST OF
DATE DESCRIPTION AMERICA
- -------- --------------------------- ----------
11.01.98 BEGINNING BALANCE $ 654.32
11.31.98 TOTAL DEPOSITS $ 7,000.00
11.30.98 CHECKS WRITTEN PER ATTACHED $ 5,215.28
----------
11.30.98 BALANCE $ 2,439.04
==========
7
TOTAL DR/CR 0.00 0.00
RUN DATE: 12/11/98 POWERTEL USA, INC. PAGE: 1
SYS DATE: 11/30/98 TRANSACTION JOURNAL TIME: 09:25 AM
SOURCE POSTING CREDIT
JOURNAL DATE ACCOUNT NO BATCH TOTAL JOURNAL COMMENT
CD-0001 11/30/98 1020-000-00 5,215.28 DISBURSEMENTS
CHECK NO DATE COMMENT DEBIT ACCT TRANS AMOUNT
- -------- -------- -------------------- ----------- ------------
0001231 11/02/98 CASEY & BOOG 6600-000-00 95.00
0001232 11/02/98 CABO 6900-000-00 500.00
0001233 11/04/98 KNUTSONS TRAVEL PORT 7900-000-00 255.50
0001234 11/04/98 MCBEE 6500-000-00 120.08
0001235 11/06/98 CASEY & BOOG 6600-000-00 150.00
0001236 11/06/98 CASEY & BOOG PLC 6500-000-00 20.73
0001237 11/06/98 KNUTSON TRAVEL PORT 7900-000-00 465.99
0001238 11/13/98 CASEY & BOOG 6600-000-00 150.00
0001239 11/16/98 CASEY & BOOG 6600-000-00 95.00
0001240 11/16/98 SUNSHINE REPORTING 6600-000-00 389.18
0001241 11/17/98 IKON 6500-000-00 114.00
0001242 11/19/98 CORPORATE STOCK 7900-000-00 52.22
0001243 11/19/98 CORPORATE SVCS
TELECOM 7800-000-00 115.97
0001244 11/19/08 ROBERT LINDBERG 5050-000-00 254.30
0001245 11/20/98 CASEY & BOOG 6600-000-00 150.00
0001246 11/25/98 ENOS CHRISTIE 6600-000-00 500.00
0001247 11/25/98 FLEET 7900-000-00 213.47
0001248 11/25/98 PAUL GOEBEL GROUP 6110-000-00 529.84
0001249 11/24/98 US TRUSTEE 6200-000-00 500.00
0001250 11/24/98 VOID 1020-000-00 .00
0001251 11/29/98 KNUTSON TRAVEL 7900-000-00 382.00
0001252 11/28/98 CASEY & BOOG 6600-000-00 150.00
0001253 11/30/98 UPS 6000-000-00 12.00
---------
JOURNAL CD-0001 TOTALS: 5,215.28
---------
SOURCE CD TOTALS: 5,215.28
---------
REPORT TOTALS: 5,215.28
=========
8
CASH FLOW STATEMENT
NOVEMBER, 1998
Projected
Current For current
Month Month
---------- ----------
Receipts:
Sales (Cash Only) $ $
---------- ----------
Collections of Accounts Receivable $ $
---------- ----------
Other Income DIEGOTEL INC.-TRANSFER $ 7,000.00 $
---------- ----------
Total Receipts $ 7,000.00 $
---------- ----------
Disbursements:
Purchases and Inventory $ $
---------- ----------
Salaries and Wages $ $
---------- ----------
Employee Benefits $ 529.84 $
---------- ----------
Shipping & Freight $ 12.00 $
---------- ----------
Rent $ 500.00 $
---------- ----------
Secured Debt Payments $ $
---------- ----------
Outside Services $ 1,679.18 $
---------- ----------
Telephone $ 115.97 $
---------- ----------
Repairs & Maintenance $ $
---------- ----------
Miscellaneous Office Expense $ 254.81 $
---------- ----------
Advertising $ $
---------- ----------
Travel & Entertainment $ 1.369.18 $
---------- ----------
Professional Fees $ 754.30 $
---------- ----------
Court Costs $ $
---------- ----------
Insurance: Liability $ $
---------- ----------
Property $ $
---------- ----------
Vehicle $ $
---------- ----------
Worker's Compensation $ $
---------- ----------
Other $ $
---------- ----------
Taxes: Payroll $ $
---------- ----------
Sales $ $
---------- ----------
Income $ $
---------- ----------
Real Property $ $
---------- ----------
Personal Property $ $
---------- ----------
Total Disbursements $ 5,215.28 $
---------- ----------
Cash Flow $ 1,784.72 $
---------- ----------
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 come 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 Period Periodic Date of Post Petition Payments
(mo/wk) Payment Last Made Missed
Amount Payment No. Amount No. Amount
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
10
MONTHLY QUESTIONNAIRE
Page 2
III. Tax Liability
Gross Payroll Expense for Report Month: $0.00
-----
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
- -----------------------------------------------------------------------------------------------------------
State Payroll & Withholding 57.60
- -----------------------------------------------------------------------------------------------------------
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.
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 21 day of December, 1998.
By: /s/ Richard Cascarilla
--------------------------------