EXHIBIT 99.3
Office of the United States Trustee
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In re:
DEBTOR IN POSSESSION INTERIM STATEMENT
PREMIER LASER SYSTEMS, INC.
1 Argonaut Statement Number: 12
Aliso Viejo, CA 92656-4111 -----------
Debtor. For the period FROM: 02/01/01
---------------
TO: 02/28/01
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Chapter 11 Case No.: SA00-12031RA
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----------------- ---------------- ---------------- ----------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY) Certificate of General Payroll Money Market
Deposit Account Account Account
----------------- ---------------- ---------------- ----------------
A. Total Receipts per all Prior Interim Statements $ 4,200,000.00 $ 4,400,000.00 $ 5,000.00 $-0-
----------------- ---------------- ---------------- ----------------
B. Less: Total Disbursements per all Prior Statements 100,000.00 $ 4,350,912.11 3,330.38 -0-
----------------- ---------------- ---------------- ----------------
C. Beginning Balance (A less B) 4,100,000.00 $ 49,087.89 1,669.62 -0-
----------------- ---------------- ---------------- ----------------
D. Receipts during Current Period
(ATTACH SEPARATE LISTING IF NECESSARY)
Description
-----------
SEE ATTACHMENT #1
TOTAL RECEIPTS THIS PERIOD: 18,331.76 1,268,886.73 621.13
----------------- ---------------- ---------------- ----------------
E. Balance Available (C plus D) 4,100,000.00 1,317,974.62 1,669.62 621.13
----------------- ---------------- ---------------- ----------------
F. Net Transfers for this Period (810,671.25) 17,000.00 870,000.00
----------------- ---------------- ---------------- ----------------
G. Less: Disbursements during Current Period
(ATTACH SEPARATE LISTING IF NECESSARY)
DateCheck No. Payee/Purpose
-------------- -------------
SEE ATTACHMENT #1
TOTAL DISBURSEMENTS THIS PERIOD: -0- 175,155.77 10,078.88
----------------- ---------------- ---------------- ----------------
H. Ending Balance (E less F) $4,118,331.76 $ 332,147.60 8,590.74 $870,621.13
----------------- ---------------- ---------------- ----------------
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: 201-191-4470
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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 99.3
DEBTOR IN POSSESSION OPERATING REPORT NO.: 12 PAGE 2 OF 2
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In re:
DEBTOR IN POSSESSION INTERIM STATEMENT
PREMIER LASER SYSTEMS, INC.
1 Argonaut Statement Number: 12
Aliso Viejo, CA 92656-4111 -----------
Debtor. For the period FROM: 02/01/01
---------------
TO: 02/28/01
- ---------------------------------------------- ---------------
Chapter 11 Case No.: SA00-12031RA
- ----------------------------------------------------- -------------------------------------------------------------------------
----------------- ---------------- ---------------- ----------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY) Money Plus General Payroll Tax
Account Account Account Account
----------------- ---------------- ---------------- ----------------
K. Total Receipts per all Prior Interim Statements $4,523,661.62 $13,560,832.69 $421,327.00 $200.00
----------------- ---------------- ---------------- ----------------
L. Less: Total Disbursements per all Prior Statements 4,522,652.11 12,486,602.28 419,606.98 200.00
----------------- ---------------- ---------------- ----------------
M. Beginning Balance (A less B) 1,009.51 1,074,230.41 1,720.02 -0-
----------------- ---------------- ---------------- ----------------
N. Receipts during Current Period
(ATTACH SEPARATE LISTING IF NECESSARY)
Description
-----------
SEE ATTACHMENT #1
TOTAL RECEIPTS THIS PERIOD: -0- (1,000,000.00) -0- -0-
----------------- ---------------- ---------------- ----------------
O. Balance Available (C plus D) 1,009.51 74,230.41 1,720.02 -0-
----------------- ---------------- ---------------- ----------------
P. Net Transfers for this Period (1,009.51) (73,599.02) (1,720.22)
----------------- ---------------- ---------------- ----------------
Q. Less: Disbursements during Current Period
(ATTACH SEPARATE LISTING IF NECESSARY)
DateCheck No. Payee/Purpose
-------------- -------------
SEE ATTACHMENT #1
TOTAL DISBURSEMENTS THIS PERIOD: -0- 631.39 -0- -0-
----------------- ---------------- ---------------- ----------------
R. Ending Balance (E less F) $-0- $-0- $-0- $-0-
----------------- ---------------- ---------------- ----------------
S. (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: 3-14-2001
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Debtor in Possession or Trustee
Office of the United States Trustee
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In re:
DEBTOR IN POSSESSION INTERIM STATEMENT
PREMIER LASER SYSTEMS, INC.
1 Argonaut Statement Number: 12 Page 1 of 3
Aliso Viejo, CA 92656-4111 -----------
Debtor. For the period FROM: 02/01/01
---------------
TO: 02/28/01
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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 $
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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
--------------
Add: Purchases
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Less: Ending Inventory at Cost
--------------
Cost of Goods Sold
---------------
Gross Profit
---------------
Other Operating Revenues (Specify)
---------------
Less: Operating Expenses:
Officer Compensation
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Salaries and Wages - Other Employees
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Total Salaries and Wages
---------------
Employee Benefits and Pensions
---------------
Payroll Taxes
--------------
Real Estate Taxes
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Federal and State Income Taxes
--------------
Total Sales
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Rent and Lease Exp. (Real Property and Personal Property)
--------------
Interest Expense (Mortgage, Loan, etc.)
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Insurance
--------------
Automobile Expense
--------------
Utilities (Gas, Electricity, Water, Telephone, etc.)
--------------
Depreciation and Amortization
--------------
Repairs and Maintenance
--------------
Advertising
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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.: 12 PAGE 2 OF 3
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2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition accounts payable): SEE ATTACHMENT 2
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Accounts Payable Accounts Receivable
---------------------------- ----------------------------
Current Under 30 Days $76,007.06 -0-
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Overdue 31-60 Days 47,597.50 -0-
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Overdue 61-90 Days 25,000.00 -0-
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Overdue 91-120 Days 11,481.39 -0-
---------------------------- ----------------------------
Overdue Over 121 Days 7,235.84 5,330,306
---------------------------- ----------------------------
TOTAL $176,168.41 $5,330,306
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3. Statement of Status of Payments to Secured Creditors and Lessors: SEE ATTACHMENT 3
- ---------------------------------- ------------------- --------------- --------------- -------------------------------
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: $ 9,617.17
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Gross Sales for Period Subject to Sales Tax none
------------------------ ------------------------ -----------------------
Post-Petition
Taxes Still
Date Paid* Amount Paid* Owing
------------------------ ------------------------ -----------------------
Federal Payroll and Withholding Taxes 02-05-00, 02-19-01 $2,315.49 0
------------------------ ------------------------ -----------------------
State Payroll and Withholding Taxes 02-05-00, 02-19-01 $723.76 0
------------------------ ------------------------ -----------------------
State Sales and Use Taxes Not Paid
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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
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
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---------------------- --------------------- ------------------ ------------------
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 Expired
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
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) SEE ATTACHMENT 4
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State Type of Professional Total Post-Petition
Name of Professional (Attorney / Accountant / etc.) Amount Unpaid
-------------------------------------- ------------------------------------- ------------------------------------
Knobbe, Marten, Olson & Bear Attorney $47,681.86
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O'Melveny & Myers Attorney $417,017.97
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Winthrop & Couchet Attorney $149,946.27
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Squar Milner Rheel & Williamson Accountants $19,485.75
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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 04/27 $500.00 10035, 0
10038
---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
6/30/00 $790,304.81 $3,750.00 07/19 $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 01/04 $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: 03-15-01
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Debtor in Possession of Trustee
3
ATTACHMENT #1
1. Profit and Loss Statement (Modified Cash Basis)
A. Related to Business Operations
Gross Sales 18,886.73
Less: Sales Returns and Discounts -
-------------
Net Sales 18,886.73
Less: Cost of Goods Sold:
Beginning Inventory at Cost
Add: Purchases
Less: Ending Inventory at Cost
Cost of Goods Sold
-------------
Gross Profit 18,886.73
Other Operating Revenues -
Less: Operating Expenses:
Officer Compensation
Salaries and Wages-Other Employees 6,577.92
-------------
Total Salaries and Wages 6,577.92
Outside Services 36,407.46
Board of Directors Fees
Patent Maintenance -
Payroll Expenses 461.71
Payroll Taxes 3,039.25
Real Estate Taxes
Federal and State Income Taxes
-------------
Total Taxes 3,039.25
Rent and Lease Expense 4,000.00
Interest Expense
Insurance 125,982.00
Shipping 1,152.75
Storage 769.50
Automobile Expense
Utilities 1,697.49
Depreciation
Repairs and Maintenance 1,999.75
Hiring expense
Court fees -
Supplies, Office Expense, Photocopies, etc. 3,873.01
Miscellaneous Operating Expenses:
Legal
Travel
Entertainment
Securities expense -
ADP fees
Other -
-------------
Total Miscellaneous Operating Expenses -
-------------
Total Operating Expenses 185,960.84
-------------
Net Gain/Loss from Business Operations (167,074.11)
=============
B. Not Related to Business Operations
Income:
Interest Income 18,952.89
Other Non-Operating Revenues
Gross Proceeds on Sale of Assets 250,000.00
Less: Original Cost of Assets plus Expense of Sale
-------------
Net Gain/Loss on Sale of Assets 250,000.00
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Total Non-Operating Income 268,952.89
-------------
Expenses Not Related to Business Operations:
Legal and Professional Fees
Other Non-Operating Expenses
-------------
Total Non-Operating Expenses -
-------------
NET INCOME/LOSS FOR PERIOD 101,878.78
=============
1
ATTACHMENT #2
February 28, 2001
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VENDORS >120 Days 91-120 Days 61-90 Days 31-60 Days <30 Days Total %
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Market Wise Staffing & Consulting 836.64 836.64 0.00
Market Wise Staffing & Consulting 734.00 734.00 0.00
Efrain Gonzalez 507.50 507.50 0.00
Leo Blomgren 504.00 504.00 0.00
Thomas Gray & Associates 780.00 780.00 0.00
Colette Cozean 22,597.50 5,750.00 28,347.50 0.16
Magnum Group 7,235.84 11,481.39 25,000.00 25,000.00 25,000.00 93,717.23 0.53
Tax Agencies (1) 8,846.62 8,846.62 0.05
Three Way, Inc. 4,175.50 4,175.50 0.02
Blue Shield 3,691.33 3,691.33 0.02
Qwest 755.00 755.00 0.00
Jeff Anderson settlement 12,000.00 12,000.00 0.07
Medical Products International 570.00 570.00 0.00
Frenkle of California 12,500.00 12,500.00 0.07
First World Communications 486.59 486.59 0.00
Fred Feldman/FJF Associates 1,000.00 1,000.00 0.01
Cherie Bernard Bankruptcy Paral. 815.50 815.50 0.00
Computer Packages, Inc. 5,901.00 5,901.00 0.03
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Total Accounts Payable $16,082.46 $11,481.39 $25,000.00 $47,597.50 $76,007.06 $176,168.41 100.00%
2
ATTACHMENT # 3
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 Notes
Creditor/ per Contract/ of Each Payment --------------------------------------------------
Lessor Lease Payment Due Number Amount
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1 William Simmons Monthly 2,000.00 01-Apr 4 month office lease
2 Konica(1) Monthly 217.58 1 2,200.00 Fax machine
3 Konica(1) Monthly 328.31 1 5,000.00 7490 Copier
4 Konica(1) Monthly 388.42 1 7050 Copier
5 Pitney Bowes Credit Corporation(1) Quarterly 1,395.00 - - Equip. retrieved
6 Steelcase Financial Services(4) Monthly 381.94 1 2,000.00 Equip. sold to Intralase
7 Dell(1) Monthly 965.83 - Equip. retrieved
8 Green Tree(1) Monthly 778.23 - Equip. retrieved
9 IC Capital(3) Monthly 483.78 Khai Lequang (OMM)
10 Intelenet Monthly 474.00 1 505.00 Cancel as of 3/1/01
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(1) Signed Stipulation
(2) Signed Stipulation
(3) O'Melveny handling in court
(4) Under Negotiation
3
ATTACHMENT #4
February 2001
PROFESSIONALS >120 Days 91-120 Days 61-90 Days 31-60 Days <30 Days Total
- -----------------------------------------------------------------------------------------------------------------------------
Squar Milner 19,485.75 19,485.75
Knobbe, Marten, Olson, & Bear 12,291.62 16,287.96 14,592.28 4,510.00 47,681.86
O'Melveny & Myers 140,634.97 50,000.00 75,000.00 94,000.00 57,383.00 417,017.97
Winthrop & Couchot 12,725.87 35,000.00 20,000.00 46,146.40 36,074.00 149,946.27
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Total Professional Fees $153,360.84 $97,291.62 $11,287.96 $54,738.68 $17,452.75 $34,131.85
4