OFFICE OF THE UNITED STATES TRUSTEE
EXHIBIT 99.1
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In re: PREMIER LASER SYSTEMS, INC., Debtor DEBTOR IN POSSESSION OPERATING REPORT
1 Argonaut, Suite 201, Aliso Viejo, CA 92656 Report #: 13 Page: 1 of 3
SA00-12031RA For the period FROM: APRIL 1, 2001
TO: APRIL 30, 2001
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1. Profit and loss Statement
a. Related to Business operations:
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Gross Sales / A/R Collected $ 676.93
Less: Sales Returns or Discounts 0.00
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Net Sales $ 676.93
Less: Cost of Goods Sold 4,365.40
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Gross Profit $ (3,688.47)
Less: Operating Expenses:
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Officer Compensation 20,656.50
Salaries and Wages - Other Employees 4,663.15
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Total Salaries and Wages 25,319.65
Employee Benefits and Pensions 139.00 139.00
Payroll Taxes 2,165.82
Real Estate Taxes 0.00
Federal and State Income Taxes 0.00
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Total Taxes 2,165.82
Rent and Lease Expense 0.00
Outside Services 129,327.03
Insurance 67,529.92
Security/Alarm 0.00
Utilities (Gas, Electricity, Water, Phone, etc.) 2,552.47
Patent & Securities/Exchange Expenses 11,778.30
Repairs, Maintenance & Gardening 991.01
Supplies, Office Exp., Photocopies, etc. 13,271.36
Computers - Office & Demo Eqpt. 7,466.44
Moving & Storage of Records 7,657.95
Bank Charges 0.00
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Total Other Operating Expenses 240,574.48
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Total Operating Expenses 268,198.95
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NET GAIN/(LOSS) FROM BUSINESS OPERATIONS (271,887.42)
b. Income Not Related to Business Operations
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Interest Income 16,571.29
Vendor Refunds 3,980.24
Health Insurance Payments-Employee, Capitation, Etc. 1,183.72
Gross Proceeds on Sales of Assets 361,725.50
Less: Orig Cost of Assets + Expenses of Sale 2,890.19
Net Gain/Loss on Sale of Assets 0.00
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Total Non-Operating Income 380,570.56
Expenses Not Related to Business Operations
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UST Quarterly Fees 3,750.00
Court Approved Professional Fees 36,087.75
Costs - Fax/Xerox/Postage 0.00
Claims Review 0.00
Settlements/Judgments-Cozean 41,247.00
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Total Non-Operating Expenses 81,084.75
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NET INCOME (LOSS) FOR PERIOD $ 27,598.39
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This financial statement has been prepared on the cash basis of accounting. As
this is a liquidating case, the Debtor believes that an accrual based financial
statement would be misleading.
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Debtor in Possession Operating Report No. 13 Page 2 of 3
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2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition
payable): SEE ATTACHMENT #1
Accrued Accounts Accounts
Payroll Payable Receivable
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Current Under 30 Days $0 $63,209 $0
Overdue 31 - 60 Days $0 $0 $0
Overdue 61 - 90 Days $0 $0 $0
Overdue 91 - 120 Days $0 $0 $0
Overdue Over 121 Days $0 $0 $622,342
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TOTAL $0 $63,209 $622,342
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3. Statement of Status of Payments to Secured Creditors and Lessors:
Post Petition
Amount of Payments Not Made
Frequency of Each Next Pay -----------------
Creditor/Lessor Payment Payment Due Number Amount
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SEE ATTACHMENT #2
4. Tax Liability:
Gross Payroll Expense for Period: $ 6,828.97
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Gross Sales for Period Subject to Sales Tax $ 0.00
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Date Amount
Paid Paid Post Petition Taxes Still Owing
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*Federal Payroll & Withholding Taxes $1,915.29 None
*State Payroll & Withholding Taxes $250.53
State Sales & Use Taxes $0.00 None
Real Property Taxes $0.00 None
*Premier Laser Systems, Inc. is on full service with ADP Payroll processing.
They deduct all payroll taxes and remit to the correct taxing agency.
Premium
5. Insurance Coverage Carrier/Agent Name Amount of Coverage Policy Exp. Paid
------------------ ------------------ Date Thru Date
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Workers Compensation HIH/Calco $1M,$1M,$1M 6/1/2001 6/1/2001
Product/Completed Liab. Medmarc/AON $10K ea, $100K agg. 3/20/2002 Waiting for
Self Ins. Ea. $50K Invoice
$200 agg.
* Liability Essex $4M ea, $4M agg 5/7/2002 Waiting for Invoice
Directors & Officers Liab. World Wide Facilities/RLI $5M ea., $5m agg. 1/21/2004 1/21/2004
Fire & Extended Coverage Included in Property And General Liability Insurance
* Property & Genl Liab. Essex $1M ea., $2M agg. 5/7/2002 Waiting for Invoice
Theft Federal Insurance/AON $75K & $75K 5/7/2002 Waiting for Invoice
Vehicle (Hired) Federal Insurance/AON $1M 5/7/2002 Waiting for Invoice
* Umbrella Policy Century Surety 5/5/2002 Waiting for Invoice
*See attached binder on new insurance policy. Attachment #5
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Debtor in Possession Operating Report No. 13 Page 3 of 3
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6. Questions
A. Has the Debtor in Possession provided compensation to any officers,
directors, shareholders or other principals without the approval of the
Office of the United States Trustee?
Yes Explain
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X No
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B. Has the Debtor in Possession, subsequent to the filing of the petition,
made payments on its pre-petition unsecured debt, except as have been
authorized by the Court?
Yes Explain
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X No
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7. Statement of Unpaid Professional Fees (Post Petition Amounts Only):
Total
SEE ATTACHED STATEMENT # 3 Post-Petition
Type of Professional Amount
Name of Professional (Attorney, Accountant / etc) Unpaid
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Knobbe, Marten, Olson & Bear Attorney $76,817.42
O'Melveny & Myers Attorney $523,014.47
Winthrop & Couchet Attorney $210,899.96
Squar Milner Rheel & Williamson Accountants $6,152.36
8. Narrative of Report of Significant Events and Events out of the Ordinary
Course of Business: (Attach separate sheet if necessary).
SEE ATTACHMENT #4
9. Quarterly Fees:
Total Quarterly
Quarter Disbursements Quarterly Date Amount Check Fee
Ending For Quarter Fee Paid Paid Number Still Owing
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3/31/2000 $69,829 $500 4/27/2000 $500 10035/10038 $0
6/30/2000 $790,305 $3,750 7/19/2000 $3,750 10352 $0
9/30/2000 $683,186 $3,750 10/16/2000 $3,750 10567 $0
12/31/2000 $1,251,798 $5,000 1/4/2001 $5,000 114 $0
3/31/2001 $503,229 $3,750 4/27/2001 $3,750 2073 $0
I, Robert P. 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.
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Dated Robert P. Mosier,
President, Debtor in Possession
ATTACHMENT #1
April 30, 2001
Vendors >120 Days 91-120 Days 61-90 Days 31-60 Days <30 Days Total
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0.00 -
MISC. GENERAL VENDORS 24,695.00 24,695.00
INSURANCE RENEWALS 38,513.55 38,513.55
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Total Accounts Payable 0.00 0.00 0.00 0.00 63,208.55 63,208.55
(1) Various Sales Tax Agencies
ATTACHMENT # 2
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 June 4 month office lease
2 Konica(1) Monthly 217.58 June 1 2,200.00 Fax machine, 2028 copier
3 Konica(1) Monthly 328.31 June 1 7490 Copier
3 Konica(1) Monthly 388.42 June 1 5,000.00 7050 Copier, no stip
5 Pitney Bowes Credit Corporation(1) Quarterly 1,395.00 - Zero owed Equip. retrieved
6 Steelcase Financial Services(3) Monthly 381.94 June 1 2,056.00 Equip. sold to Intralase
7 Dell(1) Monthly 965.83 Zero owed Equip. retrieved
8 Green Tree(1) Monthly 778.23 Zero owed Equip. retrieved, laptops
9 IC Capital(2) Monthly 483.78 June no stip yet.
10 Intelenet Monthly 474.00 June 1 505.00 Cancel as of 3/1/01
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1 Signed Stipulation
2 O'Melveny handling in court
3 Under Negotiation