EXHIBIT 99.1
UNITED STATES BANKRUPTCY COURT
MIDDLE DISTRICT OF FLORIDA
JACKSONVILLE DIVISION
In re: )
ANTARES RESOURCES CORP. ) Case No. 3:04-bk-06408-JAF
Debtor. ) Chapter 11
FINANCIAL REPORT OF DEBTOR IN POSSESSION FOR BUSINESS FOR
PERIOD BEGINNING JULY 1, 2005 AND ENDING JULY 31, 2005
Trustee, Michael P. Phelan, gives notice of filing the attached
Financial Report of Debtor in Possession for Business for the period beginning
July 1, 2005 and ending July 31, 2005.
SMITH HULSEY & BUSEY
By /s/ Raymond R. Magley
--------------------------------
Raymond R. Magley
Florida Bar Number 0511056
225 Water Street, Suite 1800
Jacksonville, Florida 32202
(904) 359-7700
(904) 359-7708 (Facsimile)
Attorneys for Trustee
1
MONTHLY FINANCIAL REPORT FOR BUSINESS
For The Period Beginning 07/01/05 and ending: 07/31/05
Name of Debtor: Antares Resources Corp. Case Number: 3:04-bk-06408-JAF
Date of Petition: April 27, 2005
CURRENT CUMULATIVE
MONTH PETITION TO DATE
------- ----------------
1. CASH AT BEGINNING OF PERIOD
2. RECEIPTS:
A. Cash Sales 0
Less Cash Refunds 0
Net Cash Sales 0
B. Collection on Postpetition A/R 0
C. Collection on Prepetition A/R 0
D. Other Receipts - Pymnt from Creditor 25,000.00
E. Other Receipts - Interest Deposit 5.96 7.73
3. TOTAL RECEIPTS 5.96 25,007.73
4. TOTAL CASH AVAILABLE FOR
OPERATIONS (Line 1 + Line 3) 25,007.73
5. DISBURSEMENTS
A. U.S. Trustee Quarterly Fees 1,000.00
B. Net Payroll
C. Payroll Taxes Paid
D. Sales and Use Taxes
E. Other Taxes
F. Rent
G. Other Leases (Attachment 2)
H. Telephone
I. Utilities
J. Travel & Entertainment
K. Vehicle Expenses
L. Office Supplies
M. Advertising
N. Insurance (Attachment 7)
O. Purchases of Fixed Assets (Attachment 3)
P. Purchase of Inventory (Attachment 3)
Q. Manufacturing Supplies
R. Repairs & Maintenance
S. Payments to Secured Creditors
T. Other Expense 1,000.00 1,125.00
6. TOTAL CASH DISBURSEMENTS 1,000.00 2,125.00
7. ENDING CASH BALANCE 22,882.73
(Line 4 - Line 6)
I declare under penalty of perjury that this statement and the accompanying
schedules are true and correct to the best of knowledge and belief.
This 11th day of August, 2005 /s/ Michael P. Phelan
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ATTACHMENT 1
MONTHLY ACCOUNTS RECEIVABLE AGING AND RECONCILIATION
Name of Debtor: Antares Resources Corp. Case Number:3:04-bk-06408-JAF
ACCOUNTS RECEIVABLE AT PETITION DATE: 0
ACCOUNTS RECEIVABLE RECONCILIATION (Include all accounts receivable,
pre-petition and postpetition, including charge card sales which have not been
received)
Beginning of Month Balance 0
PLUS: Current Month New Billings 0
LESS: Collection During the Month 0
End of Month Balance 0
- --------------------------------------------------------------------------------
AGING: (Show the total amount for each age group of accounts incurred since
filing the petition)
0-30 Days 31-60 Days 61-90 Days Over 90 Days Total 0
- --------- ---------- ---------- ------------ ---------
- --------------------------------------------------------------------------------
0.0%
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ATTACHMENT 2
MONTHLY ACCOUNTS PAYABLE AND SECURED PAYMENTS REPORT
Name of Debtor: Antares Resources Corp. Case Number: 3-04-bk-06408-JAF
Reporting Period beginning 07/01/05 and ending 07/31/05
In the space below list all invoices or bills incurred and not paid since the
filing of the petition. Do not include amounts owed prior to filing the
petition.
Date Days
Incurred Outstanding Vendor Description Amount
- -------- ----------- ------ ------------ ------
None
- --------------------------------------------------------------------------------
ACOUNTS PAYABLE RECONCILIATION (Post Petition Only):
Opening Balance (total from prior report) 0
PLUS: New indebtedness Incurred this Month 0
LESS: Amount Paid on Prior Accounts Payable 0
Ending Month Balance 0
SECURED: List the status of Payments to Secured Creditors and Lessors
(Post Petition Only)
Total $
Secured Date # of Post Petition Amount of
Creditor/ Payment Payment Payments Post Petition
Lessor Due Amount Delinquent
- --------------------------------------------------------------------------------
None
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ATTACHMENT 3
INVENTORY AND FIXED ASSETS REPORT
Name of Debtor: Antares Resources Corp. Case Number: 03-04-bk-06408-JAF
Reporting Period Beginning 07/01/05 and ending 07/31/05
INVENTORY REPORT
INVENTORY BALANCE AT PETITION DATE:
Inventory Balance at Beginning of Month 0
Inventory Purchase During Month 0
Inventory Used or Sold 0
Inventory on Hand at End of Month 0
METHOD OF COSTING INVENTORY: N/A
FIXED ASSET REPORT
FIXED ASSETS FAIR MARKET VALUE AT PETITION DATE: 0 (Includes Property, Plant
and Equipment)
BRIEF DESCRIPTION (First Report Only):
FIXED ASSETS RECONCILIATION:
Fixed Asset Book Value at Beginning of Month 0
LESS: Depreciation Expense 0
PLUS: New Purchases 0
Ending Monthly Balance 0
BRIEF DESCRIPTION OF FIXED ASSETS PURCHASED OR DISPOSED OF DURING THE
REPORTING PERIOD:
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ATTACHMENT 4
MONTHLY BANK ACCOUNT RECONCILIATION
Name of Debtor: Antares Resources Corp. Case Number: 03-04-bk-06408-JAF
Reporting Period Beginning 07/01/05 and ending 07/31/05
A separate sheet is required for each bank account, including all savings and
investment accounts, i.e. certificates of deposit, money market accounts, stocks
and bonds, etc.
NAME OF BANK: Bank of America BRANCH: Dallas, TX
ACCOUNT NAME: Antares Resources Corp.
ACCOUNT NUMBER: xxxx
PURPOSE OF ACCOUNT:
Beginning Balance 23,876.77
Total of Deposits Made 5.96
Total Amount of Checks Written 1,000.00
Service Charge
Closing Balance 22,882.73
Number of First Check Written This Period 1002
Number of Last Check Written This Period 1002
Total Number of Checks Written This Period 1
INVESTMENT ACCOUNT
Type of Negotiable
Instrument Face Value Purchase Price Date of Purchase
- ------------------ ---------- -------------- ----------------
N/A
6
ATTACHMENT 5
Name of Debtor: Antares Resources Corp. Case Number: 03-04-bk-06408-JAF
Reporting Period Beginning 07/01/05 and ending 07/31/05
CHECK REGISTER
NAME OF BANK: Bank of America BRANCH: Dallas, TX
ACCOUNT NAME: Antares Resources Corp.
ACCOUNT NUMBER: xxxx
PURPOSE OF ACCOUNT:
Account for All Check Numbers, Including voided, Lost Stopped Payment, etc.
Date Check Payee Purpose Amount
- ---- ----- ----- -------- ------
See Attached
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ATTACHMENT 6
MONTHLY TAX REPORT
Name of Debtor: Antares Resources Corp. Case Number: 03-04-bk-06408-JAF
Reporting Period Beginning 07/01/05 and ending 07/31/05
TAXES PAID DURING THE MONTH
Report all post-petition taxes paid or deposited into the tax account
Date Bank Description Amount
- ---- ---- ----------- ------
None
- --------------------------------------------------------------------------------
TAXES OWED AND DUE
Report all unpaid post-petition taxes including Federal and State withholding
FICA, state sales tax, property tax, unemployment tax and state workmen's
compensation.
Date last tax return file
Period return covers
Name of Taxing Date
Authority Payment Due Description Amount
- --------------- ----------- ----------- ------
None
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ATTACHMENT 7
SUMMARY OF OFFICER OR OWNER COMPENSATION
SUMMARY OF PERSONNEL AND INSURANCE COVERAGES
Name of Debtor: Antares Resources Corp. Case Number: 03-04-bk-06408-JAF
Reporting Period Beginning 0701/05 and ending 07/31/05
Report all compensation received during the month. Do not include reimbursement
for expenses incurred for which you have receipts.
NAME OF OFFICER OR OWNER TITLE AMOUNT PAID
- ------------------------ ----- -----------
None
- --------------------------------------------------------------------------------
PERSONNEL REPORT
Full Time Part Time
Number of employees at beginning of Period 0 0
Number hired during the period 0 0
Number terminated or resigned during period 0 0
Number of employees on payroll at end of period 0 0
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CONFIRMATION OF INSURANCE
List all policies of insurance in effect, including but not limited to workers'
compensation, liability, fire, theft, comprehensive, vehicle, health and life.
Agent & Date
Phone Coverage Expiration Premium
Carrier Number Type Date Due_
- ------- ------- -------- ---------- -------
N/A
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ATTACHMENT 8
SIGNIFICANT DEVELOPMENTS DURING REPORTING PERIOD
None
We anticipate filing a Plan of Reorganization and Disclosure Statement
on or before Unknown
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