Office of the United States Trustee
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In re:
DEBTOR IN POSSESSION INTERIM STATEMENT
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PREMIER LASER SYSTEMS, INC.
3 Morgan Statement Number: 5
Irvine, CA 92618 ----------
Debtor. For the period FROM: 07/01/00
TO: 07/31/00
___________________________________
Chapter 11 Case No.: SA00-12645RA
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General Payroll Tax
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY) Account Account Account
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A. Total Receipts per all Prior Interim Statements $ 1,864,485.39 $ 129,327.00 $ 200.00
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B. Less: Total Disbursements per all Prior Statements 737,354.48 122,759.01 -0-
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C. Beginning Balance (A less B) 1,127,130.91 6,567.99 200.00
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D. Receipts during Current Period 27,835.04 75,000.00 -0-
(ATTACH SEPARATE LISTING IF NECESSARY)
Description
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SEE ATTACHMENT #1
TOTAL RECEIPTS THIS PERIOD:
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E. Balance Available (C plus D) 1,154,965.95 81,567.99 200.00
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F. Less: Disbursements during Current Period 225,086.61 71,280.74 -0-
(ATTACH SEPARATE LISTING IF NECESSARY)
Date Check No. Payee/Purpose
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SEE ATTACHMENT #1
TOTAL DISBURSEMENTS THIS PERIOD:
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G. Ending Balance (E less F) $ 929,879.34 $ 10,287.25 $ 200.00
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H. (1) General Account
(a) Depository Name and Location: California Bank & Trust,
3250 Wilshire Blvd., Los Angeles, CA 90010
(b) Account Number: 3700011381
(2) Payroll Account:
(a) Depository Name and Location: California Bank & Trust,
3250 Wilshire Blvd., Los Angeles, CA 90010
(b) Account Number: 3700011111
(3) Tax Account:
(a) Depository Name and Location: California Bank & Trust,
3250 Wilshire Blvd., Los Angeles, CA 90010
(b) Account Number: 3700011031
I. Other monies on hand (SPECIFY TYPE AND LOCATION) (i.e. Certificates
of Deposit, Petty Cash):
Petty Cash $1500
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I, (Name/Title: Robert Mahoney / CFO ), declare under penalty of perjury that
the information contained in the above Debtor in Possession Interim Statement is
true and complete to the best of my knowledge.
Dated: 8/15/00
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/s/ Robert Mahoney
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Debtor in Possession or Trustee
1
Office of the United States Trustee
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In re:
DEBTOR IN POSSESSION INTERIM STATEMENT
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PREMIER LASER SYSTEMS, INC.
3 Morgan Statement Number: 5 Page 1 of 3
Irvine, CA 92618 ----
Debtor. For the period FROM: 07/01/00
TO: 07/31/00
___________________________________
Chapter 11 Case No.: SA00-12645RA
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1. Profit and Loss Statement (ACCRUAL BASIS ONLY) (SEE ATTACHMENT TWO)
A. Related to Business Operations:
Gross Sales $
Less: Sales Returns and Discounts
Net Sales
Less: Cost of Goods Sold:
Beginning Inventory at Cost
Add: Purchases
Less: Ending Inventory at Cost
Cost of Goods Sold
Gross Profit
Other Operating Revenues (Specify)
Less: Operating Expenses:
Officer Compensation
Salaries and Wages - Other Employees
Total Salaries and Wages
Employee Benefits and Pensions
Payroll Taxes
Real Estate Taxes
Federal and State Income Taxes
Total Sales
Rent and Lease Exp. (Real Property and Personal Property)
Interest Expense (Mortgage, Loan, etc.)
Insurance
Automobile Expense
Utilities (Gas, Electricity, Water, Telephone, etc.)
Depreciation and Amortization
Repairs and Maintenance
Advertising
Supplies, Office Expenses, Photocopies, etc.
Bad Debts
Miscellaneous Operating Expenses (Specify)
Total Operating Expenses
Net Gain/Loss from Business Operations
B. Not Related to Business Operations
Income:
Interest Income
Other Non-Operating Revenues (Specify)
Gross Proceeds on Sale of Assets
Less: Original Cost of Assets plus Expenses of Sale
Net Gain/Loss on Sale of Assets
Total Non-Operating Income
Expenses Not Related to Business Operation:
Legal and Professional Fees (Specify)
Other Non-Operating Expenses (Specify)
Total Non-Operating Expenses
NET INCOME / LOSS FOR PERIOD $
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2
DEBTOR IN POSSESSION OPERATING REPORT NO.: 5 PAGE 3 OF 3
2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition
accounts payable): (SEE ATTACHMENT #3, #4)
Accounts Payable Accounts Receivable
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Current Under 30 Days $ 104,069.04 $ 747
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Overdue 31-60 Days 109,452.82 (545)
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Overdue 61-90 Days 120,778.30 36,792
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Overdue 91-120 Days 161,448.22
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Overdue Over 121 Days 53,486.63
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TOTAL $ 495,748.38 $ 5,312,073
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3. Statement of Status of Payments to Secured Creditors and Lessors: (SEE
ATTACHMENT # 5)
Frequency Post-Petition Payments
of Payments per Amount Next Not Made*
Contract / Lease of Each Payment
Creditor/Lessor (i.e., mo., qtr.) Payment Due Number Amount
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$ $
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*Explanation for Non-Payment:___________________________________________________
________________________________________________________________________________
4. Tax Liability:
Gross Payroll Expense for Period: $ 67,185.17
Gross Sales for Period Subject to Sales Tax $ 10,762.06
Post-Petition
Taxes Still
Date Paid* Amount Paid* Owing
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Federal Payroll and Withholding Taxes 7/10/00, 8/4/00 $ 9,807.68 $ 9,859.81
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State Payroll and Withholding Taxes 7/20/00, 8/4/00 2,150.80 2,161.46
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State Sales and Use Taxes NET PAID -2- 4,062.07
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Real Property Taxes INCLUDED IN RENT
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*Attach photocopies of depository receipts from
taxing authorities or financial institutions to
verity that such deposits or payments have been made
(SEE ATTACHMENT #6)
5. Insurance Coverage: (SEE ATTACHMENT #7)
Carrier / Amount of Coverage Policy Premium Paid
Agent Name Expiration Date Through Date
---------------------- --------------------- ------------------ ------------------
Worker's Compensation HIH/Glen Carlson $1M, $1M, $1M 6/1/00 4/30/00
---------------------- --------------------- ------------------ ------------------
Liability Fed. Ins. Co. $4 M ea., $4M agg. 9/1/00 9/1/00
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Fire and Extended Coverage Included in Property Add General Liability Insurance
---------------------- --------------------- ------------------ ------------------
Property & General Liability Fed. Ins. Co. 9/1/00 9/1/00
---------------------- --------------------- ------------------ ------------------
Theft Fed. Ins. Co. $75K & $75K 9/1/00 9/1/00
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Life (Beneficiary: Employees) UNUM 1 x annual pay 11/1/00 4/30/00
---------------------- --------------------- ------------------ ------------------
Vehicle (Hired) Fed. Ins. Co. $1M 9/1/00 9/1/00
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Other (Specify):
---------------------- --------------------- ------------------ ------------------
Marine Open Cargo Centennial $500K & $500K 9/1/00 Until Cancelled
---------------------- --------------------- ------------------ ------------------
Patent Infringement Defense AM Int'l. Specialty $2M ea., $2M agg 6/18/00 6/18/00
---------------------- --------------------- ------------------ ------------------
D&O Rock River & Lloyd's London $10,000,000 12/10/00 12/10/00
---------------------- --------------------- ------------------ ------------------
DEBTOR IN POSSESSION OPERATING REPORT NO.: 5 PAGE 3 OF 3
6. Questions:
A. Has the Debtor in Possession provided compensation to any officers,
directors, shareholder, or other principals without the approval of the
Office of the United States Trustee?
_____: Yes Explain: _____________________________________________________
|X| : No
B. Has the Debtor in Possession, subsequent to filing the petition, made
any payments on its pre-petition unsecured debt, except as have been
authorized by the Court?
_____: Yes Explain: _____________________________________________________
|X| : No
7. Statement of Unpaid Professional Fees (Post-Petition Amounts ONLY)
State Type of Professional Total Post-Petition
Name of Professional (Attorney / Accountant / etc.) Amount Paid
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Knobbe, Martins, Olson & Bear Attorney $ 37,068.34
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O'Melveny & Myers Attorney 366,111.00
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Winthrop Couchot Attorney 70,000.00
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8. Narrative Report of Significant Events and Events out of the Ordinary
Course of Business (ATTACH SEPARATE SHEET IF NECESSARY)
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9. Quarterly Fees: (This Fee must be paid to the United States Trustee every
calendar quarter)
Quarterly Total Quarterly Fee
Period Ending Disbursements Quarterly Fee Date Amount Still Owing
for Quarter Paid Paid Check No.
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3/31/00 $ 69,828.69 $ 500.00 4/27/00 $ 500.00 10035, 10038 $ -0-
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6/30/00 790,304.81 3,750.00 7/19/00 3,750.00 10352 -0-
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I, (Name/Title: Robert Mahoney / CFO ), declare under penalty of perjury that
the information contained in the above Debtor in Possession Operating Report is
true and complete to the best of my knowledge.
Dated: 8/15/00
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/s/ Robert Mahoney
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Debtor in Possession of Trustee
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ATTACHMENT #2
1. Profit and Loss Statement (Accrual Basis Only)
A. Related to Business Operations
Gross Sales 14,403.33
Less: Sales Returns and Discounts -
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Net Sales 14,403.33
Less: Cost of Goods Sold:
Beginning Inventory at Cost
Add: Purchases
Less: Ending Inventory at Cost
Cost of Goods Sold 69,640.22
----------------
Gross Profit (55,236.89)
Other Operating Revenues -
Less: Operating Expenses:
Officer Compensation 46,000.00
Salaries and Wages-Other Employees 21,185.17
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Total Salaries and Wages 67,185.17
Outside Services 59,755.45
Board of Directors Fees 7,500.00
Employee Benefits and Pensions 9,261.47
Payroll Taxes 2,946.75
Real Estate Taxes
Federal and State Income Taxes
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Total Taxes 2,946.75
Rent and Lease Expense 22,179.78
Interest Expense
Insurance -
Automobile Expense
Utilities 1,017.18
Depreciation 130,143.51
Repairs and Maintenance
Hiring expense
Vacation expense
Advertising
Supplies, Office Expense, Photocopies, etc. 1,244.22
Bad Debts
Miscellaneous Operating Expenses:
Legal 10,000.00
Travel 1,947.87
Entertainment 93.08
Securities expense 1,540.00
ADP fees
Other 431.94
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Total Miscellaneous Operating Expenses 14,012.89
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Total Operating Expenses 315,246.42
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Net Gain/Loss from Business Operations (370,483.31)
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B. Not Related to Business Operations
Income:
Interest Income
Other Non-Operating Revenues
Gross Proceeds on Sale of Assets
Less: Original Cost of Assets plus Expense of Sale
----------------
Net Gain/Loss on Sale of Assets -
----------------
Total Non-Operating Income -
----------------
Expenses Not Related to Business Operations:
Legal and Professional Fees 71,500.00
Other Non-Operating Expenses 21,535.50
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Total Non-Operating Expenses 93,035.50
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NET INCOME/LOSS FOR PERIOD (463,518.81)
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ATTACHMENT # 3
Attachment #3
Vendors Amount
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Knobbe Marten Olson & Bear 37,068.34
O'Melveny & Myers 366,111.00
Winthrop & Couchot 70,000.00
Tax Agencies 4,062.07
Southern California Edison 6,293.61
Magnum Group 12,213.36
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Total 495,748.38
ATTACHMENT # 5
3. Statement of Status of Payments to Secured Creditors and Lessors:
Frequency Post Petition
of Payments Amount Next Payments Not Made
Creditor/ per Contract/ of Each Payment -----------------
Lessor Lease Payment Due Number Amount (1)
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1 The Irvine Company Monthly 38,241.00 1-Aug
2 Konica Monthly 217.58 11-Aug
3 Konica Monthly 328.31 11-Aug
4 Konica Monthly 388.42 27-Aug
5 Pitney Bowes Credit Corporation Quarterly 1,395.00 5 1,860.00
6 Steelcase Financial Services Monthly 381.94 15-Aug
7 Dell Monthly 965.83 5 3,551.76
8 Green Tree Monthly 778.23 5 2,861.88
9 IC Capital Monthly 483.78 5 1,779.06
10 Intelenet Monthly 474.00 15-Aug
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* Explanation for Non-Payment: Premier Laser Systems negotiating with vendor