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 OCTOBER 1, 2005 AND ENDING OCTOBER 31, 2005
Trustee, Michael P. Phelan, gives notice of filing the attached
Financial Report of Debtor in Possession for Business for the period beginning
October 1, 2005 and ending October 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
UNITED STATES BANKRUPTCY COURT
MIDDLE DISTRICT OF FLORIDA
JACKSONVILLE DIVISION
In re:
Antares Resources Corp. Case No. 3:04-bk-06408-JAF
APPLICABLE DEBTOR
All cases Jointly Administered
Under Case No. 3:04-bk-06408-JAF
CHAPTER 11 TRUSTEE'S MONTHLY FINANCIAL REPORTS
FOR THE PERIOD
FROM 10/01/05 TO 10/31/05
Comes now the above-named debtor and files its Periodic Financial Reports in
accordance with the guidelines established by the United States Trustee and FRBP
2015.
Raymond R. Magley
Chapter 11 Trustee
Chapter 11 Trustee's Address Attorney's Address
and Phone Number and Phone Number
Michael P. Phelan Raymond R. Magley, Esq.
Michael Moecker & Assoc. Smith Hulsey & Busey
6861 SW 196 Ave., #201-04 225 Water Street, Suite 1800
Ft. Lauderdale, FL 33332 Jacksonville, Florida 32202
(954) 252-1560 (904) 359-7700
MONTHLY FINANCIAL REPORT FOR BUSINESS
For The Period Beginning 10/01/05 and ending: 10/31/05
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
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1. CASH AT BEGINNING OF PERIOD 0
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 8.16 28.84
3. TOTAL RECEIPTS 8.16 25,028.84
4. TOTAL CASH AVAILABLE FOR
OPERATIONS (Line 1 + Line 3) 25,028.84
5. DISBURSEMENTS
A. U.S. Trustee Quarterly Fees 250.00 1,500.00
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 170.00 1,455.00
Mailout Expense 9,402.62 9,402.62
6. TOTAL CASH DISBURSEMENTS 9,572.62 12,357.62
7. ENDING CASH BALANCE 12,671.22
(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 9 day of November, 2005 /s/ Michael P. Phelan
--------------------------
Michael P. Phelan, Trustee
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%
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 10/01/05 and ending 10/31/05
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)
Secured Date # of Post Petition Total $
Creditor/ Payment Payment Payments Amount of
Lessor Due Amount Delinquent Post Petition
- --------------------------------------------------------------------------------
None
ATTACHMENT 3
INVENTORY AND FIXED ASSETS REPORT
Name of Debtor: Antares Resources Corp. Case Number: 03-04-bk-06408-JAF
Reporting Period Beginning 10/01/05 and ending 10/31/05
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:
- --------------------------------------------------------------------------------
ATTACHMENT 4
MONTHLY BANK ACCOUNT RECONCILIATION
Name of Debtor: Antares Resources Corp. Case Number: 03-04-bk-06408-JAF
Reporting Period Beginning 10/01/05 and ending 10/31/05
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 22,478.53
Total of Deposits Made 8.16
Total Amount of Checks Written 12,357.62
Service Charge
Closing Balance 12,671.22
Number of First Check Written This Period 1007
Number of Last Check Written This Period
Total Number of Checks Written This Period 1
INVESTMENT ACCOUNT
Type of Negotiable
Instrument Face Value Purchase Price Date of Purchase
- ------------------ ---------- -------------- ----------------
N/A
ATTACHEMENT 5
Name of Debtor: Antares Resources Corp. Case Number: 03-04-bk-06408-JAF
Reporting Period Beginning 10/01/05 and ending 10/31/05
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
ATTACHMENT 6
MONTHLY TAX REPORT
Name of Debtor: Antares Resources Corp. Case Number: 03-04-bk-06408-JAF
Reporting Period Beginning 10/01/05 and ending 10/31/05
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
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 10/01/05 and ending 10/31/05
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
ATTACHMENT 8
SIGNIFICANT DEVELOPMENTS DURING REPORTING PERIOD
None
We anticipate filing a Plan of Reorganization and Disclosure Statement on or
before____________
Unknown