EXHIBIT 99.2
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: 11
Irvine, CA 92618 ------
Debtor. For the period FROM: 01/01/01
---------------
TO: 01/31/01
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Chapter 11 Case No.: SA00-12031RA
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----------------- ---------------- ---------------- ----------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY) Certificate of General Payroll Tax
Deposit Account Account Account
----------------- ---------------- ---------------- ----------------
A. Total Receipts per all Prior Interim Statements $ -0- $-0- $-0- $-0-
----------------- ---------------- ---------------- ----------------
B. Less: Total Disbursements per all Prior Statements -0- -0- -0- -0-
----------------- ---------------- ---------------- ----------------
C. Beginning Balance (A less B) -0- -0- -0- -0-
----------------- ---------------- ---------------- ----------------
D. Receipts during Current Period
(ATTACH SEPARATE LISTING IF NECESSARY)
Description
-----------
SEE ATTACHMENT #1
TOTAL RECEIPTS THIS PERIOD: 4,200,000.00 4,400,000.00 5,000.00 -0-
----------------- ---------------- ---------------- ----------------
E. Balance Available (C plus D) 4,200,000.00 4,400,000.00 5,000.00 -0-
----------------- ---------------- ---------------- ----------------
F. Less: Disbursements during Current Period
(ATTACH SEPARATE LISTING IF NECESSARY)
DateCheck No. Payee/Purpose
-------------- -------------
SEE ATTACHMENT #1
TOTAL DISBURSEMENTS THIS PERIOD: 100,000.00 4,350,817.11 3,330.38 -0-
----------------- ---------------- ---------------- ----------------
G. Ending Balance (E less F) $4,100,000.00 $49,182.89 $1,669.62 $-0-
----------------- ---------------- ---------------- ----------------
H. (1) General Account
(a) Depository Name and Location: Wells Fargo, 441 West Whittier Blvd., La Habra, CA 90631
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(b) Account Number: 201-191-4462
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(2) Payroll Account:
(a) Depository Name and Location: Wells Fargo, 441 West Whittier Blvd., La Habra, CA 90631
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(b) Account Number: 201-191-4488
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(3) Tax Account:
(a) Depository Name and Location: Wells Fargo, 441 West Whittier Blvd., La Habra, CA 90631
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(b) Account Number: 201-191-4496
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(4) Certificate of Deposit:
(a) Depository Name and Location: Wells Fargo, 441 West Whittier Blvd., La Habra, CA 90631
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(b) Account Number: 200-919-3020
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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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1
EXHIBIT 99.2
DEBTOR IN POSSESSION OPERATING REPORT NO.: 11 PAGE 2 OF 2
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In re:
DEBTOR IN POSSESSION INTERIM STATEMENT
PREMIER LASER SYSTEMS, INC.
3 Morgan Statement Number: 11
Irvine, CA 92618 -------
Debtor. For the period FROM: 01/01/01
---------------
TO: 01/31/01
- ----------------------------------------------------- ---------------
Chapter 11 Case No.: SA00-12031RA
- ----------------------------------------------------- -------------------------------------------------------------------------
----------------- ---------------- ---------------- ----------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY) Money Plus General Payroll Tax
Account Account Account Account
----------------- ---------------- ---------------- ----------------
J. Total Receipts per all Prior Interim Statements $2,522,652.11 $8,028,005.65 $416,327.00 $200.00
----------------- ---------------- ---------------- ----------------
K. Less: Total Disbursements per all Prior Statements -0- 6,213,516.06 410,016.15 -0-
----------------- ---------------- ---------------- ----------------
L. Beginning Balance (A less B) 2,522,652.11 1,814,489.59 6,310.85 200.00
----------------- ---------------- ---------------- ----------------
M. Receipts during Current Period
(ATTACH SEPARATE LISTING IF NECESSARY)
Description
-----------
SEE ATTACHMENT #1
TOTAL RECEIPTS THIS PERIOD: 2,001,009.51 5,532,827.04 5,000.00 -0-
----------------- ---------------- ---------------- ----------------
N. Balance Available (C plus D) 4,523,661.62 7,347,316.63 11,310.85 200.00
----------------- ---------------- ---------------- ----------------
O. Less: Disbursements during Current Period
(ATTACH SEPARATE LISTING IF NECESSARY)
DateCheck No. Payee/Purpose
-------------- -------------
SEE ATTACHMENT #1
TOTAL DISBURSEMENTS THIS PERIOD: 4,522,652.11 6,273,086.22 9,590.83 200.00
----------------- ---------------- ---------------- ----------------
P. Ending Balance (E less F) $1,009.51 $1,074,230.41 $1,720.02 $-0-
----------------- ---------------- ---------------- ----------------
Q. (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
(b) Account Number: 3700021509
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R. Other monies on hand (SPECIFY TYPE AND LOCATION) (i.e. Certificates of Deposit, Petty Cash):
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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: 2-09-2001
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Debtor in Possession or Trustee
2
Office of the United States Trustee
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In re:
DEBTOR IN POSSESSION INTERIM STATEMENT
PREMIER LASER SYSTEMS, INC.
3 Morgan Report No. : 11 Page 1 of 3
Irvine, CA 92618 ------------
Debtor. For the period FROM: 01-01-01
---------------
TO: 01-31-01
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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 $
--------------
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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1
DEBTOR IN POSSESSION OPERATING REPORT NO.: 11 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)
---------------------------- ----------------------------
Accounts Payable Accounts Receivable
---------------------------- ----------------------------
Current Under 30 Days 340,578.20 -0-
---------------------------- ----------------------------
Overdue 31-60 Days 120,000.00 1,098
---------------------------- ----------------------------
Overdue 61-90 Days 99,000.00 -814
---------------------------- ----------------------------
Overdue 91-120 Days 107,000.00
---------------------------- ----------------------------
Overdue Over 121 Days 25,180.78 5,330,306
---------------------------- ----------------------------
TOTAL $691,758.98 $5,300,590
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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: $ 9,550.58
----------------
Gross ales for Period Subject to Sales Tax $ none
------------------------ ------------------------ -----------------------
Post-Petition
Taxes Still
Date Paid* Amount Paid* Owing
------------------------ ------------------------ -----------------------
Federal Payroll and Withholding Taxes 12-21-00, 1-05-01 $2,302.88 $1,206.38
------------------------ ------------------------ -----------------------
State Payroll and Withholding Taxes 12-21-00, 1-05-00 $571.68 $298.11
------------------------ ------------------------ -----------------------
State Sales and Use Taxes Not Paid
------------------------ ------------------------ -----------------------
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:
---------------------- --------------------- ------------------ ------------------
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.
---------------------- --------------------- ------------------ ------------------
Fed. Ins. Co./AON $4 M ea., $4M agg. 3-1-01 3-1-01
Liability
---------------------- --------------------- ------------------ ------------------
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Fire and Extended Coverage Included in Property Add General Liability Insurance
----------------------------------------------------------------------------------
---------------------- --------------------- ------------------ ------------------
Property & General Liability Fed. Ins. Co./AON $1M ea., $2M agg. 3-1-01 3-1-01
---------------------- --------------------- ------------------ ------------------
---------------------- --------------------- ------------------ ------------------
Theft Fed. Ins. Co./AON $75K & $75K 3-1-01 3-1-01
---------------------- --------------------- ------------------ ------------------
---------------------- --------------------- ------------------ ------------------
Vehicle (Hired) Fed. Ins. Co./AON $1M 3-1-01 3-1-01
---------------------- --------------------- ------------------ ------------------
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
---------------------- --------------------- ------------------ ------------------
D&O Rock River & $10,000,000 12-10-00 Expired
Lloyd/Calco
---------------------- --------------------- ------------------ ------------------
2
DEBTOR IN POSSESSION OPERATING REPORT NO.: 11 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)
-------------------------------------- ------------------------------------- ------------------------------------
State Type of Professional Total Post-Petition
Name of Professional (Attorney / Accountant / etc.) Amount Paid
-------------------------------------- ------------------------------------- ------------------------------------
Knobbe, Marten, Olson & Bear Attorney $34,614.02
-------------------------------------- ------------------------------------- ------------------------------------
O'Melveny & Myers Attorney $359,634.97
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Winthrop & Couchet Attorney $113,872.27
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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)
---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
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
---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
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
---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
12-31-00 1,251,797.77 5,000.00 1-4 5,000.00 114 0
---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
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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: 2-09-01
---------
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Debtor in Possession of Trustee
3
ATTACHMENT #1
CASH BALANCE
- --------------------------------------------------------------------------------------------------------------------------
Bank Name Account number Type
Wells Fargo 201-191-4462 general 49,182.89
Wells Fargo 201-191-4488 payroll 1,669.62
Wells Fargo 201-191-4496 taxes -
Wells Fargo 200-919-3020 certificate of deposit 4,100,000.00
California Bank & Trust 3700021509 interest bearing 1,009.51
California Bank & Trust 3700011381 general 1,074,230.41
California Bank & Trust 3700011111 payroll 1,720.02
California Bank & Trust 3700011031 taxes -
- --------------------------------------------------------------------------------------------------------------------------
Total cash balance @ 31-Jan 5,227,812.45
1
ATTACHMENT #2
1. Profit and Loss Statement (Modified Cash Basis)
A. Related to Business Operations
Gross Sales 1,950.38
Less: Sales Returns and Discounts -
---------------
Net Sales 1,950.38
Less: Cost of Goods Sold:
Beginning Inventory at Cost
Add: Purchases
Less: Ending Inventory at Cost
Cost of Goods Sold
---------------
Gross Profit 1,950.38
Other Operating Revenues -
Less: Operating Expenses:
Officer Compensation
Salaries and Wages-Other Employees 9,550.58
---------------
Total Salaries and Wages 9,550.58
Outside Services 92,610.78
Board of Directors Fees
Patent Maintenance 13,453.53
Payroll Expenses 405.42
Payroll Taxes 1,025.03
Real Estate Taxes
Federal and State Income Taxes
---------------
Total Taxes 1,025.03
Rent and Lease Expense
Interest Expense
Insurance 2,953.24
Shipping 1,413.60
Storage 10,297.15
Automobile Expense
Utilities 3,888.63
Depreciation
Repairs and Maintenance 5,476.22
Hiring expense
Court fees 5,000.00
Supplies, Office Expense, Photocopies, etc. 3,174.34
Miscellaneous Operating Expenses:
Legal
Travel
Entertainment
Securities expense 2,175.00
ADP fees
Other 1,758.10
---------------
Total Miscellaneous Operating Expenses 3,933.10
---------------
Total Operating Expenses 153,181.62
---------------
Net Gain/Loss from Business Operations (151,231.24)
===============
B. Not Related to Business Operations
Income:
Interest Income 1,009.51
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 1,009.51
---------------
Expenses Not Related to Business Operations:
Legal and Professional Fees
Other Non-Operating Expenses
---------------
Total Non-Operating Expenses -
---------------
NET INCOME/LOSS FOR PERIOD (150,221.73)
===============
Note Included in December cash receipts of $1,000,000 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 2-15-01
Note (1) See Attachment 2a
2
ATTACHMENT #3
Jan-00
Vendors Amount
- -------------------------------------------------------------------------------
Knobbe Marten Olson & Bear -
O'Melveny & Myers -
Winthrop & Couchot -
Quoc Phan 30 180.00
Donald Skelton 30 58.00
Market Wise Staffing & Consulting 30 771.90
Efrain Gonzalez 30 350.00
Leo Blomgren 30 218.70
Integrated Environmental Systems 30 50.00
Frenkel of California 30 125,565.00
Colette Cozean 30 22,597.50
Magnum Group 120 25,000.00
Tax Agencies >120 8,846.62
- -------------------------------------------------------------------------------
Total 183,637.72
(1) Various Sales Tax Agencies
3
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
- -----------------------------------------------------------------------------------------------------------
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
31-Dec 15-Jan
- --------------------------------------------------------------------------------
Federal Payroll and Withholding Taxes 1,157.93 1,144.95 2,302.88
State Payroll and Withholding Taxes 287.69 283.99 571.68
- --------------------------------------------------------------------------------
1,445.62 1,428.94 2,874.56
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- --------------------------------------------------------------------------------
Paid as of Not Paid as of
01/31/2001 01/31/2001 Total
- --------------------------------------------------------------------------------
Federal Payroll and Withholding Taxes 2,302.88 1,206.38 3,509.26
State Payroll and Withholding Taxes 571.68 298.11 869.79
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2,874.56 1,504.49 4,379.05
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5