Office of the United States Trustee
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In re:
PREMIER LASER SYSTEMS, INC. DEBTOR IN POSSESSION INTERIM STATEMENT
--------------------------------------
3 Morgan
Irvine, CA 92618 Statement Number: 8
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Debtor.
For the period FROM: 10/1/00
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Chapter 11 Case No.: SA00-12645RA TO: 10/31/00
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----------------- ---------------- ---------------- ----------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY) Money Plus General Payroll Tax
Account Account Account Account
----------------- ---------------- ---------------- ----------------
A. Total Receipts per all Prior Interim Statements -0- $3,825,696.62 $342,327.00 $200.00
----------------- ---------------- ---------------- ----------------
B. Less: Total Disbursements per all Prior Statements -0- 1,543,319.51 327,695.75 -0-
----------------- ---------------- ---------------- ----------------
C. Beginning Balance (A less B) -0- 2,282,377.11 14,631.25 200.00
----------------- ---------------- ---------------- ----------------
D. Receipts during Current Period
(ATTACH SEPARATE LISTING IF NECESSARY)
Description
-----------
SEE ATTACHMENT #1
TOTAL RECEIPTS THIS PERIOD: 2,500,719.18 872,239.12 39,000.00 -0-
----------------- ---------------- ---------------- ----------------
E. Balance Available (C plus D) 2,500,719.18 3,154,616.23 53,631.25 200.00
----------------- ---------------- ---------------- ----------------
F. Less: Disbursements during Current Period
(ATTACH SEPARATE LISTING IF NECESSARY)
Date Check No. Payee/Purpose
---- --------- -------------
SEE ATTACHMENT #1
TOTAL DISBURSEMENTS THIS PERIOD: -0- 2,836,324.21 38,491.60 -0-
----------------- ---------------- ---------------- ----------------
G. Ending Balance (E less F) $2,500,719.18 $318,292.02 $15,139.65 $200.00
----------------- ---------------- ---------------- ----------------
H. (1) General Account
(a) Depository Name and Location: California Bank & Trust, 3250 Wilshire Blvd., Los Angeles, CA 90010
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(b) Account Number: 3700011381
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(2) Payroll Account:
(a) Depository Name and Location: California Bank & Trust, 3250 Wilshire Blvd., Los Angeles, CA 90010
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(b) Account Number: 3700011111
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(3) Tax Account:
(a) Depository Name and Location: California Bank & Trust, 3250 Wilshire Blvd., Los Angeles, CA 90010
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(b) Account Number: 3700011031
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(4) Money Plus Account
(a) Depository Name and Location: California Bank & Trust, 3250 Wilshire Blvd., Los Angeles, CA 90010
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(b) Account Number: 3700021509
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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: Judy McCall/Vice President), 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: 11-21-00
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_______________________________
Debtor in Possession or Trustee
22
Office of the United States Trustee
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In re:
PREMIER LASER SYSTEMS, INC. DEBTOR IN POSSESSION INTERIM STATEMENT
3 Morgan --------------------------------------
Irvine, CA 92618
Report No. : 8 Page 1 of 3
------------------
Debtor.
For the period FROM: 10-1-00
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Chapter 11 Case No.: SA00-12645RA TO: 10-31-00
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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 $
---------------
23
DEBTOR IN POSSESSION OPERATING REPORT NO.: 7 PAGE 3 OF 3
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2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition
accounts payable): (SEE ATTACHMENT #3, #4)
---------------------------- ----------------------------
Accounts Payable Accounts Receivable
---------------------------- ----------------------------
Current Under 30 Days $129,094.37 $18,779
---------------------------- ----------------------------
Overdue 31-60 Days 97,585.25 100
---------------------------- ----------------------------
Overdue 61-90 Days 118,815.16 0
---------------------------- ----------------------------
Overdue 91-120 Days 81,500 0
---------------------------- ----------------------------
Overdue Over 121 Days 391,679.34 5,311,327
---------------------------- ----------------------------
TOTAL $818,674.12 $5,330,206
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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
- ---------------------------------- ------------------- --------------- --------------- --------------- ---------------
$ $
- ---------------------------------- ------------------- --------------- --------------- --------------- ---------------
- ---------------------------------- ------------------- --------------- --------------- --------------- ---------------
- ---------------------------------- ------------------- --------------- --------------- --------------- ---------------
*Explanation for Non-Payment:
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4. Tax Liability:
Gross Payroll Expense for Period: $ 33,993.89
-------------------------
Gross Sales for Period Subject to Sales Tax $ 12,784.46
-------------------------
------------------------ ------------------------ -----------------------
Post-Petition
Taxes Still
Date Paid* Amount Paid* Owing
------------------------ ------------------------ -----------------------
Federal Payroll and Withholding Taxes 10-19-00, 11-06-00 $4,647.04 $4,584.42
------------------------ ------------------------ -----------------------
State Payroll and Withholding Taxes 10-19-00, 11-06-00 921.65 906.97
------------------------ ------------------------ -----------------------
State Sales and Use Taxes Not Paid -0-
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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 11/1/00 11/1/00
---------------------- --------------------- ------------------ ------------------
Liability Fed. Ins. Co. $4 M ea., $4M agg. 11/1/00 11/1/00
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Fire and Extended Coverage Included in Property Add General Liability Insurance
----------------------------------------------------------------------------------
Property & General Liability Fed. Ins. Co. 11/1/00 11/1/00
---------------------- --------------------- ------------------ ------------------
Theft Fed. Ins. Co. $75K & $75K 11/1/00 11/1/00
---------------------- --------------------- ------------------ ------------------
Life (Beneficiary: Employees) UNUM 1 x annual pay 12/1/00 8/1/00
---------------------- --------------------- ------------------ ------------------
Vehicle (Hired) Fed. Ins. Co. $1M 11/1/00 11/1/00
---------------------- --------------------- ------------------ ------------------
Other (Specify):
---------------------- --------------------- ------------------ ------------------
Marine Open Cargo Centennial $500K & $500K 11/1/00 Until Cancelled
---------------------- --------------------- ------------------ ------------------
Patent Infringement Defense AM Int'l. Specialty $2M ea., $2M agg 11/18/00 11/18/00
---------------------- --------------------- ------------------ ------------------
D&O Rock River & Lloyd's London $10,000,000 1/10/01 1/10/01
---------------------- --------------------- ------------------ ------------------
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DEBTOR IN POSSESSION OPERATING REPORT NO.: 7 PAGE 3 OF 3
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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:
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|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
-------------------------------------- ------------------------------------- ------------------------------------
Knobbe, Marten, Olson & Bear Attorney $87,568.34
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O'Melveny & Myers Attorney 555,611.00
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Winthrop & Couchet Attorney 109,000.00
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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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None
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9. Quarterly Fees: (This Fee must be paid to the United States Trustee every
calendar quarter)
---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
Total
Quarterly Disbursements Date Amount Quarterly Fee
Period Ending for Quarter Quarterly Fee Paid Paid Check No. Still Owing
---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
3/31/00 69,828.68 500.00 4/27 500.00 10035, 10038 0
---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
6/30/00 790,304.81 3,750.00 7/19 3,750.00 10352 0
---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
9/30/00 683,186.02 3,750.00 10-16 3,750.00 10567 0
---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
I, (Name/Title: Judy McCall/Vice President), 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: 11-21-00
-------------------
_______________________________
Debtor in Possession of Trustee
25
ATTACHMENT #2
1. Profit and Loss Statement (Accrual Basis Only)
A. Related to Business Operations
Gross Sales 28,043.78
Less: Sales Returns and Discounts -
--------------
Net Sales 28,043.78
Less: Cost of Goods Sold:
Beginning Inventory at Cost
Add: Purchases
Less: Ending Inventory at Cost
Cost of Goods Sold 49,101.31
--------------
Gross Profit (21,057.53)
Other Operating Revenues -
Less: Operating Expenses:
Officer Compensation 19,792.00
Salaries and Wages-Other Employees 8,777.74
--------------
Total Salaries and Wages 28,569.74
Outside Services 225,146.86
Board of Directors Fees 2,000.00
Employee Benefits and Pensions
Payroll Taxes 1,463.25
Real Estate Taxes
Federal and State IncomeTaxes
--------------
Total Taxes 1,463.25
Rent and Lease Expense 22,179.78
Interest Expense
Insurance 2,372.36
Automobile Expense
Utilities
Depreciation 130,143.51
Repairs and Maintenance
Hiring expense
Vacation expense
Advertising 1,864.80
Supplies, Office Expense, Photocopies, etc 697.97
Bad Debts
Miscellaneous Operating Expenses:
Legal 23,389.22
Travel 75.09
Entertainment 294.88
Securities expense
ADP fees
Other 4,112.58
--------------
Total Miscellaneous Operating Expenses 27,871.77
--------------
Total Operating Expenses 442,310.04
--------------
Net Gain/Loss from Business Operations (463,367.57)
==============
26
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 91,000.00
Other Non-Operating Expenses
--------------
Total Non-Operating Expenses 91,000.00
--------------
NET INCOME/LOSS FOR PERIOD (554,367.57)
==============
Note:Included in October cash receipts of $850,000, $450,000 was
for Coherent Settlement and $400,000 for Surgilight, these amounts were
not recognized. The accounting of these amounts will be done after
further consultation with professional accountants but no later than 45
days from 11/15/00.
27
ATTACHMENT #3
Vendors Amount
- --------------------------------------------------------------------------------
Knobbe Marten Olson & Bear 87,568.34
O'Melveny & Myers 555,611.00
Winthrop & Couchot 109,000.00
Inter Trade Service 1,543.83
The Magnum Group 15,000.00
Chung Hwan Hahm 120.00
Donna Chandler $ 5,475.00
John Kling $ 7,448.83
Colette Cozean $ 7,670.00
PR Newswire $ 578.00
FJF Assoc $ 201.23
American Stock Transfer $ 1,250.00
Efrain Gonzalez $ 420.00
Intercall $ 561.78
Deweys Pest Control $ 88.00
Southern Cal Edison $ 5,704.37
Calco Workers Comp $ 1,171.00
Irvine Ranch Water $ 47.48
Pacific Bell $ 1,349.70
John Hunkeler $ 500.00
Lewis Stanton $ 500.00
Fredric Feldman $ 500.00
UPS $ 109.09
Jill Nester $ 490.25
Patents- various $ 6,979.00
Tax Agencies 8,787.22
- --------------------------------------------------------------------------------
Total 818,674.12
(1) Various Sales Tax Agencies
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ATTACHMENT # 5
3. STATEMENT OF STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS:
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Frequency
of Payments Amount Next Post Petition
Creditor/ per Contract/ of Each Payment Payments Not Made
--------------------------
Lessor Lease Payment Due Number Amount (1)
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1 The Irvine Company Monthly 38,241.00 01-Nov
2 Konica Monthly 217.58 11-Nov
3 Konica Monthly 328.31 11-Nov
4 Konica Monthly 388.42 27-Nov
5 Pitney Bowes Credit Corporation Quarterly 1,395.00 8 3,255.00
6 Steelcase Financial Services Monthly 381.94 15-Nov
7 Dell Monthly 965.83 8 6,449.25
8 Green Tree Monthly 778.23 8 5,196.57
9 IC Capital Monthly 483.78 8 3,230.40
10 Intelenet Monthly 474.00 15-Nov
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* Explanation for Non-Payment: Premier Laser Systems negotiating with vendor
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