EXHIBIT 99.19
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF CALIFORNIA
IN RE: TAL WIRELESS NETWORKS, INC. CASE NO: 97-58435 MM
CHAPTER 11
MONTHLY OPERATING REPORT
(GENERAL BUSINESS CASE)
SUMMARY OF FINANCIAL STATUS
MONTH ENDED April, 1998
---------------------
1. Debtor in possession hereby submits this Monthly Operating Report on the
Accrual Basis of accounting (or if checked here ___ the Office of the U.S.
Trustee or the Court has approved the Cash Basis of Accounting for the
Debtor). Dollars reported in ($ _____).
END OF END OF AS OF
CURRENT PRIOR PETITION
2. ASSET/LIABILITY SUMMARY MONTH MONTH FILING
----- ----- ------
Current Assets (Market Value) $102,868 $113,946 $245,867
------------- ------------- -------------
Total Assets (Market Value) $5,515,486 $5,526,564 $5,665,985
------------- ------------- -------------
Current Liabilities $80,356 $50,437 $0
------------- ------------- -------------
Total Liabilities $5,547,391 $5,517,472 $5,467,035
------------- ------------- -------------
PETITION
CURRENT PRIOR DATE TO
3. STATEMENT OF CASH RECEIPTS & DISBURSEMENTS FOR MONTH MONTH MONTH MONTH END
----- ----- ---------
a. Total Receipts $23 $3,062 $26,172
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b. Total Disbursements $5,121 $1,651 $14,941
------------- ------------- -------------
c. Excess (Deficiency) of Receipts Over Disbursements (a - b) ($5,098) $1,373 $11,231
------------- ------------- -------------
-------------
d. Cash Balance Beginning of Month $32,810 $31,437
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e. Cash Balance End of Month (c + d) $27,712 $32,810
------------- -------------
------------- -------------
4. POST-PETITION LIABILITIES & RECEIVABLES RECEIVABLES LIABILITIES
----------- -----------
Balance at End of Previous Month $75,156 $50,437
------------- -------------
Balance at End of Current Month $75,156 $80,356
------------- -------------
5. PAST DUE POST-PETITION LIABILITIES
Balance at End of Previous Month (over 30 days) $0
-------------
Balance at End of Current Month (over 30 days) $0
-------------
YES NO
--- --
6. Are all federal, state, and local taxes current?
(if no, attach schedule of unpaid items) X
------------- -------------
7. Have any payments been made to pre-petition creditors, other than
payments in the normal course to secured creditors or lessors?
(if yes, attach listing including date of
payment, amount of payment and name of payee) X
------------- -------------
8. Have any payments been made to officers,
insiders, shareholders, relatives?
(if yes, attach listing including date of
payment, amount and reason for payment, and name of payee) X
------------- -------------
9. Have any payments been made to professionals?
(if yes, attach listing including date of payment,
amount of payment and name of payee) X
------------- -------------
10. If you answered yes to line 7,8, or 9, were
all such payments approved by the court? N/A
------------- -------------
11. Is the estate insured for replacement
cost of assets and for general liability? X
------------- -------------
12. Are U.S. Trustee quarterly fees current? X
------------- -------------
I declare under penalty of perjury that I have reviewed the above summary
and attached financial statements, and after making reasonable inquiry
believe that these documents are correct.
Date: May 20, 1998 Richard J Redett
------------ ------------------------------
Responsible Individual
BALANCE SHEET
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED April, 1998
----------------
($ )
-----
ASSETS
FROM SCHEDULES MARKET VALUE
-------------- ------------
CURRENT ASSETS
1 Cash and cash equivalents - unrestricted $27,712
-------------------
2 Cash and cash equivalents - restricted $0
-------------------
3 Accounts receivable (net) A $75,156
-------------------
4 Inventory B $0
-------------------
5 Prepaid expenses $0
-------------------
6 Other:
----------------------------------------------- -------------------
7 ----------------------------------------------------- -------------------
8 TOTAL CURRENT ASSETS $102,868
-------------------
PROPERTY AND EQUIPMENT (MARKET VALUE)
9 Real property C $0
-------------------
10 Machinery and equipment D $0
-------------------
11 Furniture and fixtures D $0
-------------------
12 Office equipment D $0
-------------------
13 Leasehold improvements D $0
-------------------
14 Vehicles D $0
-------------------
15 Other: D
----------------------------------------------- -------------------
16 ----------------------------------------------------- D -------------------
17 ----------------------------------------------------- D -------------------
18 ----------------------------------------------------- D -------------------
19 ----------------------------------------------------- D -------------------
20 TOTAL PROPERTY AND EQUIPMENT $0
-------------------
OTHER ASSETS
21 Notes receivable-net of allowances $5,000,000
----------------------------------------------------- -------------------
22 Investment-NST $300,000
----------------------------------------------------- -------------------
23 Investment-subs $112,618
----------------------------------------------------- -------------------
24 Accounts receivable-intercompany net of allowances $0
----------------------------------------------------- -------------------
25 TOTAL OTHER ASSETS $5,412,618
-------------------
26 TOTAL ASSETS $5,515,486
-------------------
-------------------
NOTE:
Indicate the method used to estimate the market value of assets (e.g.,
appraisals; familiarity with comparable market prices, etc.) and the
date the value was determined. Estimated based on experience
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----------------------------------------------------------------------
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LIABILITIES AND EQUITY
(GENERAL BUSINESS CASE)
($ )
-----
LIABILITIES FROM SCHEDULES
--------------
POST-PETITION
CURRENT LIABILITIES
27 Salaries and wages
-------------------
28 Payroll taxes
-------------------
29 Real and personal property taxes
-------------------
30 Income taxes
-------------------
31 Notes payable (short term)
-------------------
32 Accounts payable (trade) A $658
-------------------
33 Real property lease arrearage
-------------------
34 Personal property lease arrearage
-------------------
35 Accrued professional fees $79,698
-------------------
36 Current portion of long-term debt (due within 12 months)
-------------------
37 Other:
-------------------------------------------- -------------------
38 ----------------------------------------------------------- -------------------
39 ----------------------------------------------------------- -------------------
40 TOTAL CURRENT LIABILITIES $80,356
-------------------
41 LONG-TERM DEBT, NET OF CURRENT PORTION
-------------------
42 TOTAL POST-PETITION LIABILITIES $80,356
-------------------
PRE-PETITION LIABILITIES (ALLOWED AMOUNT)
43 Secured claims E $100,000
-------------------
44 Priority unsecured claims E $101,776
-------------------
45 General unsecured claims E $5,265,259
-------------------
46 TOTAL PRE-PETITION LIABILITIES $5,467,035
-------------------
47 TOTAL LIABILITIES $5,547,391
-------------------
EQUITY (DEFICIT)
48 Preferred Stock $80,000
---------------------------------------------------------- -------------------
49 Common Stock $28,846
---------------------------------------------------------- -------------------
50 Additional Paid-In Capital $18,461,441
---------------------------------------------------------- -------------------
51 Accumulated Deficit ($18,567,449)
---------------------------------------------------------- -------------------
52 Market value adjustment ($34,743)
53 TOTAL EQUITY (DEFICIT) ($31,905)
-------------------
54 TOTAL LIABILITIES AND EQUITY (DEFICIT) $5,515,486
-------------------
-------------------
SCHEDULES
(General Business Case)
($ )
-----
SCHEDULE A
ACCOUNTS RECEIVABLE(NET)/PAYABLE
ACCOUNTS ACCOUNTS PAYABLE PAST DUE
Receivables and Payables Ageings RECEIVABLE [POST PETITION] POST PETITION DEBT
---------- --------------- ------------------
0 -30 Days $658
-------------- -----------------
31-60 Days
-------------- -----------------
61-90 Days $0
-------------- ----------------- ------------------
91+ Days $75,156
-------------- -----------------
Total accounts receivable/payable $75,156 $658
-------------- -----------------
-----------------
Allowance for doubtful accounts
--------------
Accounts receivable (net) $75,156
--------------
--------------
SCHEDULE B
INVENTORY/COST OF GOODS SOLD
TYPES AND AMOUNT OF INVENTORY(IES) COST OF GOODS SOLD
- ---------------------------------- ------------------
INVENTORY(IES) INVENTORY BEGINNING
BALANCE AT OF MONTH -----------------
END OF MONTH Add -
------------
Retail/Restaurants - Net purchases
-----------------
Product for resale Direct labor
---------------- -----------------
Manufacturing
overhead
-----------------
Distribution - Freight in
-----------------
Product for resale Other:
---------------- -----------------
---------------- -----------------
Manufacturer - ---------------- -----------------
Raw materials
----------------
Work-in-progress Less -
----------------
Finished goods Inventory End of
---------------- Month -----------------
Shrinkage
-----------------
Other - Personal Use
---------------- -----------------
Explain
-------------------------- Cost of Goods Sold $0
-----------------
--------------------------------- -----------------
TOTAL $0
----------------
----------------
METHOD OF INVENTORY CONTROL INVENTORY VALUATION METHODS
- --------------------------- ---------------------------
Do you have a functioning perpetual inventory system? Indicate by a checkmark method of inventory valuation used.
Yes No
--- ---
How often do you take a complete physical inventory? Valuation methods -
FIFO cost
-----------------
Weekly LIFO cost
--- -----------------
Monthly Lower of cost or
--- market -----------------
Quarterly
---
Semi-annually Retail method
--- -----------------
Annually
--- Other -
-----------------
Date of last physical inventory was Unknown Explain
----------------
---------------------------------------
Date of next physical inventory is N/A
---------------- ---------------------------------------
SCHEDULE C
REAL PROPERTY
DESCRIPTION COST MARKET VALUE
- ----------- ----- ------------
None
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
TOTAL $0 $0
--------------- ---------------
--------------- ---------------
SCHEDULE D
OTHER DEPRECIABLE ASSETS
DESCRIPTION COST MARKET VALUE
- ----------- ----- ------------
MACHINERY & EQUIPMENT -
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
TOTAL $0 $0
--------------- ---------------
--------------- ---------------
FURNITURE & FIXTURES -
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
TOTAL $0 $0
--------------- ---------------
--------------- ---------------
OFFICE EQUIPMENT -
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
TOTAL $0 $0
--------------- ---------------
--------------- ---------------
LEASEHOLD IMPROVEMENTS -
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
TOTAL $0 $0
--------------- ---------------
--------------- ---------------
VEHICLES -
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
- ----------------------------------------------- --------------- ---------------
TOTAL $0 $0
--------------- ---------------
--------------- ---------------
SCHEDULE E
PRE-PETITION LIABILITIES
CLAIMED ALLOWED
LIST TOTAL CLAIMS FOR EACH CLASSIFICATION - AMOUNT AMOUNT (b)
- ------------------------------------------- -------- -----------
Secured claims (a) $100,000
--------------- ---------------
Priority claims other than taxes
--------------- ---------------
Priority tax claims $101,776
--------------- ---------------
General unsecured claims $5,265,259
--------------- ---------------
(a) List total amount of claims even if under secured.
(b) Estimated amount of claim to be allowed after compromise or
litigation. As an example, you are a defendant in a lawsuit
alleging damage of $10,000,000 and a proof of claim is filed in
that amount. You believe that you can settle the case for a
claim of $3,000,000. For Schedule E reporting purposes you
should list $10,000,000 as the Claimed Amount and $3,000,000 as
the Allowed Amount.
SCHEDULE F
RENTAL INCOME INFORMATION
Not Applicable to General Business Cases.
STATEMENT OF OPERATIONS
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED April, 1998
---------------
$
---------------
CURRENT MONTH
- ---------------------------------------- CUMULATIVE NEXT MONTH
ACTUAL FORECAST VARIANCE (CASE TO DATE) FORECAST
-------- ---------- ---------- -------------- -----------
REVENUES
$0 1 Gross Sales $7,000
- --------------- ------------- --------- ------------- -------------
$0 2 less: Sales Returns & Allowances
- --------------- ------------- --------- ------------- -------------
$0 3 Net Sales $7,000 $0
- --------------- ------------- --------- ------------- -------------
$0 4 less: Cost of Goods Sold (Schedule 'B') $68,271
- --------------- ------------- --------- ------------- -------------
$0 5 Gross Profit ($61,271) $0
- --------------- ------------- --------- ------------- -------------
$23 $23 6 Interest $47
- --------------- ------------- --------- ------------- -------------
7 Other Income:
------------- -------------
$0 8
- --------------- ------------- --------- ----------------------------------- ------------- -------------
$0 9
- --------------- ------------- --------- ----------------------------------- ------------- -------------
$23 $0 $23 10 TOTAL REVENUES ($61,224) $0
- --------------- ------------- --------- ------------- -------------
EXPENSES
$0 11 Compensation to Owner(s)/Officer(s)
- --------------- ------------- --------- ------------- -------------
$0 12 Salaries/Commissions
- --------------- ------------- --------- ------------- -------------
$0 13 Management Fees
- --------------- ------------- --------- ------------- -------------
$0 14 Depreciation
- --------------- ------------- --------- ------------- -------------
$0 15 Taxes:
- --------------- ------------- --------- ------------- -------------
$0 16 Employer Payroll Taxes
- --------------- ------------- --------- ------------- -------------
$0 17 Real Property Taxes
- --------------- ------------- --------- ------------- -------------
$0 18 Other Taxes
- --------------- ------------- --------- ------------- -------------
$0 19 Other Selling
- --------------- ------------- --------- ------------- -------------
$0 20 Other Administrative $1,276
- --------------- ------------- --------- ------------- -------------
$0 21 Interest
- --------------- ------------- --------- ------------- -------------
22 Other Expenses:
- --------------- ------------- --------- ------------- -------------
$0 23 Storage Rental $786
- --------------- ------------- --------- ---------------------------------------- ------------- -------------
$0 24 Accounting $1,510
- --------------- ------------- --------- ---------------------------------------- ------------- -------------
$0 25 Press Release $625
- --------------- ------------- --------- ---------------------------------------- ------------- -------------
$658 ($658) 26 Telecommunications $3,654
- --------------- ------------- --------- ---------------------------------------- ------------- -------------
$0 27 SEC Reporting $1,547
- --------------- ------------- --------- ---------------------------------------- ------------- -------------
$950 ($950) 28 Litigation Costs $950
- --------------- ------------- --------- ---------------------------------------- ------------- -------------
$0 29
- --------------- ------------- --------- ---------------------------------------- ------------- -------------
$0 30
- --------------- ------------- --------- ---------------------------------------- ------------- -------------
$1,608 $0 ($1,608) 31 TOTAL EXPENSES $10,348 $0
- --------------- ------------- --------- ------------- -------------
($1,585) $0 ($1,585) 32 SUBTOTAL ($71,572) $0
- --------------- ------------- --------- ------------- -------------
REORGANIZATION ITEMS
$39,411 ($39,411) 33 PROFESSIONAL FEES $161,786
- --------------- ------------- --------- ------------- -------------
$0 34 PROVISIONS FOR REJECTED EXECUTORY
- --------------- ------------- --------- CONTRACTS ------------- -------------
INTEREST EARNED ON ACCUMULATED CASH
$0 35 RESULTING FROM CHP 11 CASE
- --------------- ------------- --------- ------------- -------------
$0 36 GAIN OR (LOSS) FROM SALE OF EQUIPMENT $4,592
- --------------- ------------- --------- ------------- -------------
$0 37 US TRUSTEE FEES $250
- --------------- ------------- --------- ---------------------------------------- ------------- -------------
$0 38
- --------------- ------------- --------- ---------------------------------------- ------------- -------------
$39,411 $0 ($39,411) 39 TOTAL REORGANIZATION ITEMS $157,444 $0
- --------------- ------------- --------- ------------- -------------
($40,996) $0 ($40,996) 40 NET PROFIT (LOSS) BEFORE FEDERAL & ($229,016) $0
- --------------- ------------- --------- STATE TAXES ------------- -------------
$0 41 FEDERAL & STATE INCOME TAXES
- --------------- ------------- --------- ------------- -------------
($40,996) $0 ($40,996) 42 NET PROFIT (LOSS) ($229,016) $0
- --------------- ------------- --------- ------------- -------------
- --------------- ------------- --------- ------------- -------------
EXPLANATION OF VARIANCE TO STATEMENT OF OPERATIONS
(FOR VARIANCES GREATER THAN +/- 10% ONLY)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED April, 1998
-------------------
CASH BALANCE BEGINNING OF MONTH $32,810
-------------
CASH RECEIPTS (1) $23
-------------
CASH DISBURSEMENTS (1) $5,121
-------------
EXCESS (DEFICIENCY) of Receipts Over Disbursements ($5,098)
-------------
CASH BALANCE END OF MONTH $27,712
-------------
-------------
RECAPITULATION OF FUNDS HELD AT END OF MONTH
ACCOUNT 1 ACCOUNT 2 ACCOUNT 3
----------- ---------- -----------
BANK Wells Fargo Bank of America
--------------- ------------------- ---------------
ACCOUNT TYPE General Murray&Murray Trust
--------------- ------------------- ---------------
ACCOUNT NO. 0114-458243 00357-63272
--------------- ------------------- ---------------
ACCOUNT PURPOSE Operations None
--------------- ------------------- ---------------
BALANCE, END OF MONTH $15,573 $12,139
--------------- ------------------- ---------------
TOTAL FUNDS ON HAND FOR ALL ACCOUNTS $27,712
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---------------
(1) Excluding bank transfers between your accounts.