EXHIBIT 99.1
Office of the United States Trustee
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In re:
DEBTOR IN POSSESSION INTERIM STATEMENT
PREMIER LASER SYSTEMS, INC.
3 Morgan Statement Number: 10
Irvine, CA 92618 --------
Debtor. For the period FROM: 12/1/00
---------------
TO: 12/31/00
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Chapter 11 Case No.: SA00-12031RA
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CASH ACTIVITY ANALYSIS (CASH BASIS ONLY) Money Plus General Payroll Tax
Account Account Account Account
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A. Total Receipts per all Prior Interim Statements $2,511,496.25 $6,025,173.45 $407,327.00 $200.00
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B. Less: Total Disbursements per all Prior Statements -0- 4,531,074.98 391,893.63 -0-
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C. Beginning Balance (A less B) 2,511,496.25 1,494,098.47 15,433.37 200.00
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D. Receipts during Current Period
(ATTACH SEPARATE LISTING IF NECESSARY)
Description
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SEE ATTACHMENT #1
TOTAL RECEIPTS THIS PERIOD: 11,155.86 2,002,832.20 9,000.00 -0-
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E. Balance Available (C plus D) 2,522,652.11 3,496,930.67 24,433.37 200.00
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F. Less: Disbursements during Current Period
(ATTACH SEPARATE LISTING IF NECESSARY)
Date Check No. Payee/Purpose
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SEE ATTACHMENT #1
TOTAL DISBURSEMENTS THIS PERIOD -0- 1,682,441.08 18,122.52 -0-
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G. Ending Balance (E less F) $2,522,652.11 $1,814,489.59 $6,310.85 $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
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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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I. Other monies on hand (SPECIFY TYPE AND LOCATION) (i.e. Certificates of Deposit, Petty Cash):
Petty Cash $1,500
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I, (Name/Title: ROBERT MOSIER / 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: 1-18-01
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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
PREMIER LASER SYSTEMS, INC.
3 Morgan Statement Number: 10 Page 1 of 3
Irvine, CA 92618 --------
Debtor. For the period FROM: 12/1/00
---------------
TO: 12/31/00
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Chapter 11 Case No.: SA00-12031RA
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1. Profit and Loss Statement (ACCRUAL BASIS ONLY) [SEE ATTACHMENT TWO]
A. Related to Business Operations:
Gross Sales $
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Less: Sales Returns and Discounts
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Net Sales
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Less: Cost of Goods Sold:
Beginning Inventory at Cost
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Add: Purchases
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Less: Ending Inventory at Cost
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Cost of Goods Sold
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Gross Profit
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Other Operating Revenues (Specify)
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Less: Operating Expenses:
Officer Compensation
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Salaries and Wages - Other Employees
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Total Salaries and Wages
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Employee Benefits and Pensions
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Payroll Taxes
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Real Estate Taxes
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Federal and State Income Taxes
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Total Sales
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Rent and Lease Exp. (Real Property and Personal Property)
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Interest Expense (Mortgage, Loan, etc.)
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Insurance
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Automobile Expense
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Utilities (Gas, Electricity, Water, Telephone, etc.)
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Depreciation and Amortization
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Repairs and Maintenance
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Advertising
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Supplies, Office Expenses, Photocopies, etc.
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Bad Debts
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Miscellaneous Operating Expenses (Specify)
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Total Operating Expenses
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Net Gain/Loss from Business Operations
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B. Not Related to Business Operations
Income:
Interest Income
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Other Non-Operating Revenues (Specify)
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Gross Proceeds on Sale of Assets
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Less: Original Cost of Assets plus Expenses of Sale
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Net Gain/Loss on Sale of Assets
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Total Non-Operating Income
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Expenses Not Related to Business Operation:
Legal and Professional Fees (Specify)
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Other Non-Operating Expenses (Specify)
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Total Non-Operating Expenses
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NET INCOME / LOSS FOR PERIOD $
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1
DEBTOR IN POSSESSION OPERATING REPORT NO.: 10 PAGE 2 OF 3
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2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition accounts payable): (SEE ATTACHMENT #3, #4)
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Accounts Payable Accounts Receivable
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Current Under 30 Days $220,217.76 $1,098
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Overdue 31-60 Days 99,000.00 -814
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Overdue 61-90 Days 107,000.00 18,997
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Overdue 91-120 Days 25,180.78
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Overdue Over 121 Days 5,311,309
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TOTAL $451,398.54 $5,330,590
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3. Statement of Status of Payments to Secured Creditors and Lessors: (SEE ATTACHMENT # 5)
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Frequency Post-Petition Payments
of Payments per Amount Next Not Made*
Contract / Lease of Each Payment
Creditor/Lessor (i.e., mo., qtr.) Payment Due Number Amount
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$ $
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*Explanation for Non-Payment:
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4. Tax Liability:
Gross Payroll Expense for Period: $ 12,642.34
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Gross Sales for Period Subject to Sales Tax $ None
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Post-Petition
Taxes Still
Date Paid* Amount Paid* Owing
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Federal Payroll and Withholding Taxes 12-21-00, 1-05-01 $2,076.07 $1,157.93
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State Payroll and Withholding Taxes 12-21-00, 1-05-00 343.74 287.69
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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:
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Carrier / Amount of Coverage Policy Premium Paid
Agent Name Expiration Date Through Date
---------------------- --------------------- ------------------ ------------------
Worker's Compensation HIH/Calco $1M, $1M, $1M 6-1-01 6-1-01
Product/Completed Liability Medmarc/AON $10Kea., $100K agg. 3-1-01 3-1-01
Self Ins. Ea. $50K,
$200 agg.
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Liability Fed. Ins. Co./AON $4 M ea., $4M agg. 3-1-01 3-1-01
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Fire and Extended Coverage Included in Property Add General Liability Insurance
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Property & General Liability Fed. Ins. Co./AON $1M ea., $2M agg. 3-1-01 3-1-01
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Theft Fed. Ins. Co./AON $75K & $75K 3-1-01 3-1-01
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Vehicle (Hired) Fed. Ins. Co./AON $1M 3-1-01 3-1-01
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Other (Specify):
---------------------- --------------------- ------------------ ------------------
Marine Open Cargo Centennial/AON $500K & $500K 1-1-01 1-1-01
Patent Infringement Abatement Reliance/Calco $1M ea., $3M agg 2-24-00 Expired
---------------------- --------------------- ------------------ ------------------
Patent Infringement Defense AM Int'l. $2M ea., $2M agg 6-18-00 Expired
Specialty/Calco
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D&O Rock River & $10,000,000 12-10-00 Expired
Lloyd/Calco
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2
DEBTOR IN POSSESSION OPERATING REPORT NO.: 10 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:
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[X]: No
7. Statement of Unpaid Professional Fees (Post-Petition Amounts ONLY)
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State Type of Professional Total Post-Petition
Name of Professional (Attorney / Accountant / etc.) Amount Paid
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Knobbe, Marten, Olson & Bear Attorney $17,819.94
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O'Melveny & Myers Attorney 265,634.97
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Winthrop & Couchet Attorney 67,725.87
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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)
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Quarterly Total Quarterly Fee
Period Ending Disbursements Quarterly Fee Date Amount Still Owing
for Quarter Paid Paid Check No.
---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
3/31/00 69,828.68 500.00 4/27 500.00 10035, 0
10038
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6/30/00 790,304.81 3,750.00 7/19 3,750.00 10352 0
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9/30/00 683,186.02 3,750.00 10-16 3,750.00 10567 0
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12-31-00 1,251,797.77 5,000.00 $5,000.00
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I, (Name/Title: Robert Mosier / 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: 1-18-01
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Debtor in Possession or Trustee
3
ATTACHMENT #1
CASH BALANCE
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Account number Type
3700021509 interest bearing 2,522,652.11
3700011381 general 1,814,489.59
3700011111 payroll 6,310.85
3700011031 taxes 200.00
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Total cash balance @ 31-Dec 4,343,652.55
1
ATTACHMENT #2
1. Profit and Loss Statement (Modified Cash Basis)
A. Related to Business Operations
Gross Sales 2,832.20
Less: Sales Returns and Discounts -
------------
Net Sales 2,832.20
Less: Cost of Goods Sold:
Beginning Inventory at Cost
Add: Purchases
Less: Ending Inventory at Cost
Cost of Goods Sold
------------
Gross Profit 2,832.20
Other Operating Revenues -
Less: Operating Expenses:
Officer Compensation 3,942.00
Salaries and Wages-Other Employees 8,700.34
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Total Salaries and Wages 12,642.34
Outside Services 42,258.60
Board of Directors Fees 4,500.00
Employee Benefits and Pensions
Payroll Taxes 914.35
Real Estate Taxes
Federal and State IncomeTaxes
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Total Taxes 914.35
Rent and Lease Expense
Interest Expense
Insurance 511.55
Automobile Expense
Utilities 524.60
Depreciation
Repairs and Maintenance 884.55
Hiring expense
Vacation expense
Advertising
Supplies, Office Expense, Photocopies, etc 1,525.80
Bad Debts
Miscellaneous Operating Expenses:
Legal
Travel
Entertainment
Securities expense 1,250.00
ADP fees
Other 1,987.42
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Total Miscellaneous Operating Expenses 3,237.42
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Total Operating Expenses 66,999.21
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Net Gain/Loss from Business Operations (64,167.01)
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B. Not Related to Business Operations
Income:
Interest Income 11,155.86
Other Non-Operating Revenues
Gross Proceeds on Sale of Assets
Less: Original Cost of Assets plus Expense of Sale
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Net Gain/Loss on Sale of Assets -
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Total Non-Operating Income 11,155.86
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Expenses Not Related to Business Operations:
Legal and Professional Fees 619,998.56
Other Non-Operating Expenses
------------
Total Non-Operating Expenses 619,998.56
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NET INCOME/LOSS FOR PERIOD (673,009.71)
============
Note Included in December cash receipts of $2,000,000 was from Surgilight
this amount was not recognized. The accounting of Asset Sale to
Surgilight will be done after further consultation with professional
accountants but no later than 45 days from 1/15/01.
2
ATTACHMENT #3
Vendors Amount
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Knobbe Marten Olson & Bear 17,819.94
O'Melveny & Myers 265,634.97
Winthrop & Couchot 67,725.87
Chung Hwan Hahm 8,220.00
Jill Nester 1,968.51
Lisa Mojica 90.00
CPT Group 1,454.09
Honeywell Home & Building 947.00
Gold Coast Glass 1,990.00
Efrain Gonzalez 1,680.00
Quoc Phan 324.00
Peter Pham 520.00
John Kling 6,930.31
Don Skelton 377.05
Judith McCall 12,660.44
Federal Express 62.26
Office of the U.S. Trustee 5,000.00
Three Way Inc. 5,588.15
Employers Group Services 200.00
Magnum Group 13,518.61
Pacific Bell 1,335.51
PublicEase 130.00
Qwest 421.91
InterCall 413.05
Market Wise 863.20
Kaiser Systems Inc. 1,082.05
Three Way Inc. 595.00
Magnum Group 25,000.00
Tax Agencies 8,846.62
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Total 451,398.54
(1) Various Sales Tax Agencies
3
ATTACHMENT # 5
3. STATEMENT OF STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS:
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Frequency Post Petition
of Payments Amount Next Payments Not Made
Creditor/ per Contract/ of Each Payment --------------------------
Lessor Lease Payment Due Number Amount
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2 Konica(4) Monthly 217.58 11-Feb
3 Konica(4) Monthly 328.31 11-Feb
4 Konica(4) Monthly 388.42 27-Feb
5 Pitney Bowes Credit Corporation Quarterly 1,395.00 11 4,650.00
6 Steelcase Financial Services(4) Monthly 381.94
7 Dell(1) Monthly 965.83
8 Green Tree(2) Monthly 778.23
9 IC Capital(3) Monthly 483.78
10 Intelenet Monthly 474.00 15-Feb
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(1) Signed Stipulation
(2) Signed Stipulation
(3) O'Melveny handling in court
(4) Under Negotiation
4
ATTACHMENT #6
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Period Period
Ending Ending Total
15-Dec 31-Dec
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Federal Payroll and Withholding Taxes 2,076.07 1,157.93 3,234.00
State Payroll and Withholding Taxes 343.74 287.69 631.43
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2,419.81 1,445.62 3,865.43
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Paid as of Not Paid as of
12/15/2000 12/31/2000 Total
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Federal Payroll and Withholding Taxes 2,076.07 1,157.93 3,234.00
State Payroll and Withholding Taxes 343.74 287.69 631.43
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2,419.81 1,445.62 3,865.43
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5