Monthly Operating Report
- -----------------------------------
CASE NAME: The Tape Company ACCRUAL BASIS
Tapebargains.com, Inc.
- ------------------------------------
- ------------------------------------ 02/13/95, RWD, 2/96
CASE NUMBER: 03-34762-HDH-11
- ------------------------------------
JUDGE: H.D. Hale
- ------------------------------------
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
--------- -----
6 DIVISION
-
MONTHLY OPERATING REPORT
MONTH ENDING: May 31, 2003
------
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE
UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING
REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING
ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT
AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS
BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
RESPONSIBLE PARTY:
/s/ Eric T. Logan Interim Chief Financial Officer
- ---------------------------------- ---------------------------------
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
Eric T. Logan June 20, 2003
- ---------------------------------- ---------------------------------
PRINTED NAME OF RESPONSIBLE PARTY DATE
PREPARER:
/s/ Mark Corjay Vice President, Controller
- ---------------------------------- ---------------------------------
ORIGINAL SIGNATURE OF PREPARER TITLE
Mark Corjay June 20, 2003
- ---------------------------------- ---------------------------------
PRINTED NAME OF PREPARER DATE
Monthly Operating Report
- -----------------------------------
CASE NAME: The Tape Company ACCRUAL BASIS-1
Tapebargains.com, Inc.
- ------------------------------------
- ------------------------------------ 02/13/95, RWD, 2/96
CASE NUMBER: 03-34762-HDH-11
- ------------------------------------
COMPARATIVE BALANCE SHEET
SCHEDULE MONTH MONTH MONTH
----------------------------------------------
ASSETS AMOUNT May 2003
- -------------------------------------------------------------------------------------------------------------------
1. UNRESTRICTED CASH $0 $388,657
- -------------------------------------------------------------------------------------------------------------------
2. RESTRICTED CASH $0
- -------------------------------------------------------------------------------------------------------------------
3. TOTAL CASH $0 $388,657 $0 $0
====================================================================================================================
4. ACCOUNTS RECEIVABLE (NET) $4,806,174 $3,751,054
- -------------------------------------------------------------------------------------------------------------------
5. INVENTORY $1,716,285 $765,773
- -------------------------------------------------------------------------------------------------------------------
6. NOTES RECEIVABLE $0
- -------------------------------------------------------------------------------------------------------------------
7. PREPAID EXPENSES $203,019 $203,157
- -------------------------------------------------------------------------------------------------------------------
8. OTHER (ATTACH LIST)
- -------------------------------------------------------------------------------------------------------------------
Credit card and other receivables $108,178 $98,215
- -------------------------------------------------------------------------------------------------------------------
Deferred tax asset $104,265 $104,265
- -------------------------------------------------------------------------------------------------------------------
Taxes receivable $3,942,751 $3,942,751
- -------------------------------------------------------------------------------------------------------------------
Prepaid merchandise $112,499 $0
- -------------------------------------------------------------------------------------------------------------------
Employee payroll and travel advances $5,201 $8,369
- -------------------------------------------------------------------------------------------------------------------
TOTAL OTHER $4,272,894 $4,153,600
- -------------------------------------------------------------------------------------------------------------------
9. TOTAL CURRENT ASSETS $10,998,372 $9,262,241 $0 $0
===================================================================================================================
10. PROPERTY, PLANT & EQUIPMENT $3,325,332 $3,327,134
- -------------------------------------------------------------------------------------------------------------------
11. LESS: ACCUMULATED
DEPRECIATION / DEPLETION $2,694,116 $2,709,612
- -------------------------------------------------------------------------------------------------------------------
12. NET PROPERTY, PLANT &
EQUIPMENT $631,216 $617,522 $0 $0
===================================================================================================================
13. DUE FROM INSIDERS
- -------------------------------------------------------------------------------------------------------------------
14. OTHER ASSETS - NET OF
AMORTIZATION (ATTACH LIST)
- -------------------------------------------------------------------------------------------------------------------
Goodwill $3,134,437 $3,134,437
- -------------------------------------------------------------------------------------------------------------------
15. OTHER (ATTACH LIST)
- -------------------------------------------------------------------------------------------------------------------
16. TOTAL ASSETS $14,764,025 $13,014,200 $0 $0
===================================================================================================================
POSTPETITION LIABILITIES
- -------------------------------------------------------------------------------------------------------------------
17. ACCOUNTS PAYABLE $45,928
- -------------------------------------------------------------------------------------------------------------------
18. TAXES PAYABLE $80,269
- -------------------------------------------------------------------------------------------------------------------
19. NOTES PAYABLE
- -------------------------------------------------------------------------------------------------------------------
20. PROFESSIONAL FEES
- -------------------------------------------------------------------------------------------------------------------
21. SECURED DEBT
- -------------------------------------------------------------------------------------------------------------------
22. OTHER (ATTACH LIST)
- -------------------------------------------------------------------------------------------------------------------
Vendor receivables and prepaid merchandise ($1,548,286)
- -------------------------------------------------------------------------------------------------------------------
Accrued expenses $674,666
- -------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ($873,620)
- -------------------------------------------------------------------------------------------------------------------
23. TOTAL POSTPETITION
LIABILITIES ($747,423) $0 $0
====================================================================================================================
PREPETITION LIABILITIES
- -------------------------------------------------------------------------------------------------------------------
24. SECURED DEBT
- -------------------------------------------------------------------------------------------------------------------
25. PRIORITY DEBT $636,667 $26,545
- -------------------------------------------------------------------------------------------------------------------
26. UNSECURED DEBT $5,883,256 $5,782,424
- -------------------------------------------------------------------------------------------------------------------
27. OTHER (ATTACH LIST)
- -------------------------------------------------------------------------------------------------------------------
Vendor receivables and prepaid
merchandise ($112,104) ($1,595,159)
- -------------------------------------------------------------------------------------------------------------------
Bank account overdraft $299,324
- -------------------------------------------------------------------------------------------------------------------
Accrued expenses $508,925 $345,925
- -------------------------------------------------------------------------------------------------------------------
Intercompany payable $14,985,063 $16,848,152
- -------------------------------------------------------------------------------------------------------------------
TOTAL OTHER $15,681,208 $15,598,918
- -------------------------------------------------------------------------------------------------------------------
28. TOTAL PREPETITION LIABILITIES $22,201,131 $21,407,887 $0 $0
===================================================================================================================
29. TOTAL LIABILITIES $22,201,131 $20,660,464 $0 $0
===================================================================================================================
EQUITY
- -------------------------------------------------------------------------------------------------------------------
30. PREPETITION OWNERS' EQUITY ($7,437,106) ($7,437,106)
- -------------------------------------------------------------------------------------------------------------------
31. POSTPETITION CUMULATIVE
PROFIT OR (LOSS) ($209,158)
- -------------------------------------------------------------------------------------------------------------------
32. DIRECT CHARGES TO EQUITY
(ATTACH EXPLANATION)
- -------------------------------------------------------------------------------------------------------------------
33. TOTAL EQUITY ($7,437,106) ($7,646,264) $0 $0
===================================================================================================================
34. TOTAL LIABILITIES &
OWNERS' EQUITY $14,764,025 $13,014,200 $0 $0
===================================================================================================================
Monthly Operating Report
- -----------------------------------
CASE NAME: The Tape Company ACCRUAL BASIS-2
Tapebargains.com, Inc.
- ------------------------------------
- ------------------------------------ 02/13/95, RWD, 2/96
CASE NUMBER: 03-34762-HDH-11
- ------------------------------------
INCOME STATEMENT
- -------------------------------------------------------------------------------------------------------------------
MONTH MONTH MONTH
-------------------------------------------------------------- QUARTER
REVENUES 5/7/03-5/31/03 TOTAL
- -------------------------------------------------------------------------------------------------------------------
1. GROSS REVENUES $1,924,221
- -------------------------------------------------------------------------------------------------------------------
2. LESS: RETURNS & DISCOUNTS $15,158
- -------------------------------------------------------------------------------------------------------------------
3. NET REVENUE $1,909,063 $0 $0 $0
- -------------------------------------------------------------------------------------------------------------------
COST OF GOODS SOLD
- -------------------------------------------------------------------------------------------------------------------
4. MATERIAL
- -------------------------------------------------------------------------------------------------------------------
5. DIRECT LABOR
- -------------------------------------------------------------------------------------------------------------------
6. DIRECT OVERHEAD
- -------------------------------------------------------------------------------------------------------------------
7. TOTAL COST OF GOODS SOLD $1,666,202 $0 $0 $0
===================================================================================================================
8. GROSS PROFIT $242,861 $0 $0 $0
- -------------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES
- -------------------------------------------------------------------------------------------------------------------
9. OFFICER / INSIDER COMPENSATION
- -------------------------------------------------------------------------------------------------------------------
10. SELLING & MARKETING $5,389
- -------------------------------------------------------------------------------------------------------------------
11. GENERAL & ADMINISTRATIVE $425,813
- -------------------------------------------------------------------------------------------------------------------
12. RENT & LEASE $91,899
- -------------------------------------------------------------------------------------------------------------------
13. OTHER (ATTACH LIST)
- -------------------------------------------------------------------------------------------------------------------
14. TOTAL OPERATING EXPENSES $523,101 $0 $0 $0
===================================================================================================================
15. INCOME BEFORE NON-OPERATING
INCOME & EXPENSE ($280,240) $0 $0 $0
- -------------------------------------------------------------------------------------------------------------------
OTHER INCOME & EXPENSES
- -------------------------------------------------------------------------------------------------------------------
16. NON-OPERATING INCOME (ATT. LIST)
- -------------------------------------------------------------------------------------------------------------------
17. NON-OPERATING EXPENSE (ATT. LIST)
BANK FEES AND OTHER $26,045
- -------------------------------------------------------------------------------------------------------------------
18. INTEREST EXPENSE
- -------------------------------------------------------------------------------------------------------------------
19. DEPRECIATION / DEPLETION $7,572
- -------------------------------------------------------------------------------------------------------------------
20. AMORTIZATION $7,925
- -------------------------------------------------------------------------------------------------------------------
21. OTHER (ATTACH LIST)
- -------------------------------------------------------------------------------------------------------------------
22. NET OTHER INCOME & EXPENSES $41,542 $0 $0 $0
- -------------------------------------------------------------------------------------------------------------------
REORGANIZATION EXPENSES
- -------------------------------------------------------------------------------------------------------------------
23. PROFESSIONAL FEES
- -------------------------------------------------------------------------------------------------------------------
24. U.S. TRUSTEE FEES
- -------------------------------------------------------------------------------------------------------------------
25. OTHER (ATTACH LIST)
- -------------------------------------------------------------------------------------------------------------------
26. TOTAL REORGANIZATION EXPENSES $0 $0 $0 $0
===================================================================================================================
27. INCOME TAX ($112,624)
===================================================================================================================
28. NET PROFIT (LOSS) ($209,158) $0 $0 $0
===================================================================================================================
Monthly Operating Report
- -----------------------------------
CASE NAME: The Tape Company ACCRUAL BASIS-3
Tapebargains.com, Inc.
- ------------------------------------
- ------------------------------------ 02/13/95, RWD, 2/96
CASE NUMBER: 03-34762-HDH-11
- ------------------------------------
MONTH MONTH MONTH
CASH RECEIPTS AND --------------------------------------------------- QUARTER
DISBURSEMENTS 5/7/03-5/31/03 TOTAL
- -------------------------------------------------------------------------------------------------------------------
1. CASH - BEGINNING OF MONTH $0 $388,657 $388,657
- -------------------------------------------------------------------------------------------------------------------
RECEIPTS FROM OPERATIONS
- -------------------------------------------------------------------------------------------------------------------
2. CASH SALES $0
- -------------------------------------------------------------------------------------------------------------------
COLLECTION OF ACCOUNTS RECEIVABLE
- -------------------------------------------------------------------------------------------------------------------
3. PREPETITION
- -------------------------------------------------------------------------------------------------------------------
4. POSTPETITION
- -------------------------------------------------------------------------------------------------------------------
5. TOTAL OPERATING RECEIPTS $2,986,419 $0 $0 $0
- -------------------------------------------------------------------------------------------------------------------
NON - OPERATING RECEIPTS
- -------------------------------------------------------------------------------------------------------------------
6. LOANS & ADVANCES (ATTACH LIST)
- -------------------------------------------------------------------------------------------------------------------
7. SALE OF ASSETS $0
- -------------------------------------------------------------------------------------------------------------------
8. OTHER (ATTACH LIST)
- -------------------------------------------------------------------------------------------------------------------
Cash receipts transfer to Daisytek Inc ($2,980,968)
- -------------------------------------------------------------------------------------------------------------------
Payroll funding transfer from
Daisytek Inc $350,538
- -------------------------------------------------------------------------------------------------------------------
Other cash transfers from Daisytek Inc. $3,772,232
- -------------------------------------------------------------------------------------------------------------------
TOTAL OTHER $1,141,802
- -------------------------------------------------------------------------------------------------------------------
9. TOTAL NON-OPERATING RECEIPTS $1,141,802 $0 $0 $0
===================================================================================================================
10. TOTAL RECEIPTS $4,128,221 $0 $0 $0
===================================================================================================================
11. TOTAL CASH AVAILABLE $4,128,221 $388,657 $388,657 $0
- -------------------------------------------------------------------------------------------------------------------
OPERATING DISBURSEMENTS
- -------------------------------------------------------------------------------------------------------------------
12. NET PAYROLL $277,704
- -------------------------------------------------------------------------------------------------------------------
13. PAYROLL TAXES PAID $72,834
- -------------------------------------------------------------------------------------------------------------------
14. SALES, USE & OTHER TAXES PAID $467,276
- -------------------------------------------------------------------------------------------------------------------
15. SECURED / RENTAL / LEASES $69,051
- -------------------------------------------------------------------------------------------------------------------
16. UTILITIES $50,823
- -------------------------------------------------------------------------------------------------------------------
17. INSURANCE $0
- -------------------------------------------------------------------------------------------------------------------
18. INVENTORY PURCHASES $3,194,140
- -------------------------------------------------------------------------------------------------------------------
19. VEHICLE EXPENSES
- -------------------------------------------------------------------------------------------------------------------
20. TRAVEL $26,906
- -------------------------------------------------------------------------------------------------------------------
21. ENTERTAINMENT
- -------------------------------------------------------------------------------------------------------------------
22. REPAIRS & MAINTENANCE
- -------------------------------------------------------------------------------------------------------------------
23. SUPPLIES
- -------------------------------------------------------------------------------------------------------------------
24. ADVERTISING
- -------------------------------------------------------------------------------------------------------------------
BANK FEES $11
- -------------------------------------------------------------------------------------------------------------------
25. OTHER (ATTACH LIST)
- -------------------------------------------------------------------------------------------------------------------
Bank reconciliation expenses ($419,181)
- -------------------------------------------------------------------------------------------------------------------
26. TOTAL OPERATING DISBURSEMENTS $3,739,564 $0 $0 $0
- -------------------------------------------------------------------------------------------------------------------
REORGANIZATION EXPENSES
- -------------------------------------------------------------------------------------------------------------------
27. PROFESSIONAL FEES
- -------------------------------------------------------------------------------------------------------------------
28. U.S. TRUSTEE FEES
- -------------------------------------------------------------------------------------------------------------------
29. OTHER (ATTACH LIST)
- -------------------------------------------------------------------------------------------------------------------
30. TOTAL REORGANIZATION EXPENSES $0 $0 $0 $0
- -------------------------------------------------------------------------------------------------------------------
31. TOTAL DISBURSEMENTS $3,739,564 $0 $0 $0
===================================================================================================================
32. NET CASH FLOW $388,657 $0 $0 $0
===================================================================================================================
33. CASH - END OF MONTH $388,657 $388,657 $388,657 $0
===================================================================================================================
Monthly Operating Report
- -----------------------------------
CASE NAME: The Tape Company ACCRUAL BASIS-4
Tapebargains.com, Inc.
- ------------------------------------
- ------------------------------------ 02/13/95, RWD, 2/96
CASE NUMBER: 03-34762-HDH-11
- ------------------------------------
MONTH MONTH MONTH
SCHEDULE ------------------------------------------------
ACCOUNTS RECEIVABLE AGING AMOUNT May 2003
- -------------------------------------------------------------------------------------------------------------------
1. 0-30 $4,650,544 $3,397,411
- -------------------------------------------------------------------------------------------------------------------
2. 31-60 $226,922 $447,254
- -------------------------------------------------------------------------------------------------------------------
3. 61-90 28,518 $64,183
- -------------------------------------------------------------------------------------------------------------------
4. 91+ $357,098 $300,592
===================================================================================================================
5. TOTAL ACCOUNTS RECEIVABLE $5,263,082 $4,209,440 $0 $0
- -------------------------------------------------------------------------------------------------------------------
6. AMOUNT CONSIDERED UNCOLLECTIBLE $456,908 $458,386
===================================================================================================================
7. ACCOUNTS RECEIVABLE (NET) $4,806,174 $3,751,054 $0 $0
===================================================================================================================
MONTH: May 2003
AGING OF POSTPETITION TAXES AND PAYABLES MONTH: ------------------
- ------------------------------------------------------------------------------------------------------------------------
0-30 31-60 61-90 91+
TAXES PAYABLE DAYS DAYS DAYS DAYS TOTAL
- ------------------------------------------------------------------------------------------------------------------------
1. FEDERAL $17,209 $0 $0 $0 $17,209
- ------------------------------------------------------------------------------------------------------------------------
2. STATE $54,100 $0 $0 $0 $54,100
- ------------------------------------------------------------------------------------------------------------------------
3. LOCAL $8,960 $0 $0 $0 $8,960
- ------------------------------------------------------------------------------------------------------------------------
4. OTHER (ATTACH LIST) $0 $0 $0 $0 $0
- ------------------------------------------------------------------------------------------------------------------------
5. TOTAL TAXES PAYABLE $80,269 $0 $0 $0 $80,269
========================================================================================================================
========================================================================================================================
6. ACCOUNTS PAYABLE $45,928 $45,928
========================================================================================================================
STATUS OF POSTPETITION TAXES MONTH: May 2003
-----------------
- -------------------------------------------------------------------------------------------------------------------
BEGINNING AMOUNT ENDING
TAX WITHHELD AND/ AMOUNT TAX
FEDERAL LIABILITY* OR ACCRUED PAID LIABILITY
- -------------------------------------------------------------------------------------------------------------------
1. WITHHOLDING** $0 $37,308 $30,374 $6,934
- -------------------------------------------------------------------------------------------------------------------
2. FICA-EMPLOYEE** $0 $22,670 $17,534 $5,136
- -------------------------------------------------------------------------------------------------------------------
3. FICA-EMPLOYER** $0 $22,670 $17,534 $5,136
- -------------------------------------------------------------------------------------------------------------------
4. UNEMPLOYMENT $0 $51 $48 $3
- -------------------------------------------------------------------------------------------------------------------
5. INCOME $0 $0 $0 $0
- -------------------------------------------------------------------------------------------------------------------
6. OTHER (ATTACH LIST) $0 $0 $0 $0
- -------------------------------------------------------------------------------------------------------------------
7. TOTAL FEDERAL TAXES $0 $82,699 $65,490 $17,209
- -------------------------------------------------------------------------------------------------------------------
STATE AND LOCAL
- -------------------------------------------------------------------------------------------------------------------
8. WITHHOLDING $0 $8,581 $6,813 $1,768
- -------------------------------------------------------------------------------------------------------------------
9. SALES $0 $51,503 $0 $51,503
- -------------------------------------------------------------------------------------------------------------------
10. EXCISE $0 $0 $0 $0
- -------------------------------------------------------------------------------------------------------------------
11. UNEMPLOYMENT $0 $620 $531 $89
- -------------------------------------------------------------------------------------------------------------------
12. REAL PROPERTY $0 $0 $0 $0
- -------------------------------------------------------------------------------------------------------------------
13. PERSONAL PROPERTY $0 $6,553 $0 $6,553
- -------------------------------------------------------------------------------------------------------------------
14. OTHER (ATTACH LIST)
- -------------------------------------------------------------------------------------------------------------------
Washington Business and Occupation tax $0 $500 $0 $500
- -------------------------------------------------------------------------------------------------------------------
Los Angeles City Business Tax $0 $2,300 $0 $2,300
- -------------------------------------------------------------------------------------------------------------------
Ohio Workers Compensation Tax $0 $347 $0 $347
- -------------------------------------------------------------------------------------------------------------------
TOTAL OTHER $0 $3,147 $0 $3,147
===================================================================================================================
15. TOTAL STATE & LOCAL $0 $70,404 $7,344 $63,060
===================================================================================================================
16. TOTAL TAXES $0 $153,103 $72,834 $80,269
===================================================================================================================
* The beginning tax liability should represent the liability from the prior
month or, if this is the first operating report, the amount should be zero.
** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt
to verify payment or deposit.
Monthly Operating Report
- -----------------------------------
CASE NAME: The Tape Company ACCRUAL BASIS-5
Tapebargains.com, Inc.
- ------------------------------------
- ------------------------------------ 02/13/95, RWD, 2/96
CASE NUMBER: 03-34762-HDH-11
- ------------------------------------
The debtor in possession must complete the reconciliation below for each bank
account, including all general, payroll and tax accounts, as well as all savings
and investment accounts, money market accounts, certificates of deposit,
government obligations, etc. Accounts with restricted funds should be identified
by placing an asterisk next to the account number. Attach additional sheets if
necessary.
MONTH: May 2003
----------------
BANK RECONCILIATIONS Account #1 Account #2 Account #3
- -------------------------------------------------------------------------------------------------------------------
A. BANK: Note(A)
- -------------------------------------------------------------------------------------------------------------------
B. ACCOUNT NUMBER: See Listing Below TOTAL
- -------------------------------------------------------------------------------------------------------------------
C. PURPOSE (TYPE): Operating/Dep
===================================================================================================================
1. BALANCE PER BANK STATEMENT 315,430.94 0.00 315,430.94
- -------------------------------------------------------------------------------------------------------------------
2. ADD: TOTAL DEPOSITS NOT CREDITED 80,698.31 80,698.31
- -------------------------------------------------------------------------------------------------------------------
3. SUBTRACT: OUTSTANDING CHECKS 785,548.96 785,548.96
- -------------------------------------------------------------------------------------------------------------------
4. OTHER RECONCILING ITEMS 735,247.89 0.00 735,247.89
- -------------------------------------------------------------------------------------------------------------------
5. MONTH END BALANCE PER BOOKS 345,828.18 0.00 345,828.18
- -------------------------------------------------------------------------------------------------------------------
6. NUMBER OF LAST CHECK WRITTEN 85692
===================================================================================================================
INVESTMENT ACCOUNTS
- -------------------------------------------------------------------------------------------------------------------
DATE OF TYPE OF PURCHASE CURRENT
BANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PRICE VALUE
- -------------------------------------------------------------------------------------------------------------------
7. Bank One #0005330007003 12/16/2002 C.D. 36,000.00 40,728.72
- -------------------------------------------------------------------------------------------------------------------
8.
- -------------------------------------------------------------------------------------------------------------------
9.
- -------------------------------------------------------------------------------------------------------------------
10.
- -------------------------------------------------------------------------------------------------------------------
11. TOTAL INVESTMENTS $36,000 $40,729
===================================================================================================================
CASH
- -------------------------------------------------------------------------------------------------------------------
12. CURRENCY ON HAND $2,100
===================================================================================================================
Petty Cash
===================================================================================================================
13. TOTAL CASH - END OF MONTH $388,657
===================================================================================================================
Note A
- -------
All of the following bank accounts are included in a single general ledger
account.
Daisytek performs a consolidated bank account reconciliation.
Listing of Bank Accounts: Purpose (Type) Balance per Bank Statement
Bank One #1091198 Operating 31,250.00
Bank of America #3299788176 Disbursement 94,829.64
Chase #740-5006179-65 Depository 184,526.90
Wells Fargo #045-5477414 Depository 4,824.00
-------------
Total Balance All Accounts 315,430.94
Monthly Operating Report
- -----------------------------------
CASE NAME: The Tape Company ACCRUAL BASIS-6
Tapebargains.com, Inc.
- ------------------------------------
- ------------------------------------ 02/13/95, RWD, 2/96
CASE NUMBER: 03-34762-HDH-11
- ------------------------------------
MONTH: May 2003
---------------
==========================================
PAYMENTS TO INSIDERS AND PROFESSIONALS
==========================================
OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS
(AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) AND TO
PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION
PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR
ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.
================================================================================
INSIDERS
================================================================================
TYPE OF AMOUNT TOTAL PAID
NAME PAYMENT PAID TO DATE
- --------------------------------------------------------------------------------
1. See Daisytek, Incorporated
- --------------------------------------------------------------------------------
2.
- --------------------------------------------------------------------------------
3.
- --------------------------------------------------------------------------------
4.
- --------------------------------------------------------------------------------
5.
- --------------------------------------------------------------------------------
6. TOTAL PAYMENTS
TO INSIDERS $0 $0
================================================================================
=================================================================================================================
PROFESSIONALS
=================================================================================================================
DATE OF COURT TOTAL
ORDER AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED
NAME PAYMENT APPROVED PAID TO DATE & UNPAID*
- -----------------------------------------------------------------------------------------------------------------
1. See Daisytek, Incorporated
- -----------------------------------------------------------------------------------------------------------------
2.
- -----------------------------------------------------------------------------------------------------------------
3.
- -----------------------------------------------------------------------------------------------------------------
4.
- -----------------------------------------------------------------------------------------------------------------
5.
- -----------------------------------------------------------------------------------------------------------------
6. TOTAL PAYMENTS
TO PROFESSIONALS $0 $0 $0 $0
=================================================================================================================
* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED
================================================================================
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION
PAYMENTS
================================================================================
SCHEDULED AMOUNTS
MONTHLY PAID TOTAL
PAYMENTS DURING UNPAID
=================================================================================================================
NAME OF CREDITOR DUE MONTH POSTPETITION
- -----------------------------------------------------------------------------------------------------------------
1 West Lake Farms #2 27,780 27,780 0
2 Cornell Park TCI 2,600 2,600 0
3 Jerome G. Timlim 5,639 5,639 0
4 The Henderson "TPH" 3,333 3,333 0
5 Eden Park "TMI" 3,266 3,266 0
6 1525-45 Capital Drive 3,455 3,455 0
7 Samson Management 11,667 11,667 0
8 William Sands 8,000 8,000
9 Richard Schoenberg 7,800 7,800 0
10 Albert Sweet Occidental 1,440 1,440 0
11 Yett Management 1,700 1,700 0
12 William Sands 6,200 6,200
13 PARKING CORP. 370 370 0
-------------------------------------------------------
TOTAL 83,250 69,050 14,200
==================================================================================================================
Note: The rent payments made in May were for the June 1, 2003 to June 30, 2003
timeframe. The May stub period rents were paid in June 2003.
Monthly Operating Report
- ------------------------------------
CASE NAME: The Tape Company ACCRUAL BASIS-7
Tapebargains.com, Inc.
- ------------------------------------
- ------------------------------------ 02/13/95, RWD, 2/96
CASE NUMBER: 03-34762-HDH-11
- ------------------------------------
MONTH: May 2003
----------------
QUESTIONNAIRE
==============================================================================================================
YES NO
1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF
BUSINESS THIS REPORTING PERIOD? X
- --------------------------------------------------------------------------------------------------------------
2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN
POSSESSION ACCOUNT? X
- --------------------------------------------------------------------------------------------------------------
3. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM
RELATED PARTIES? X
- --------------------------------------------------------------------------------------------------------------
4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING
PERIOD? X
- --------------------------------------------------------------------------------------------------------------
5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? X
- --------------------------------------------------------------------------------------------------------------
6. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? X
- --------------------------------------------------------------------------------------------------------------
7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? X
- --------------------------------------------------------------------------------------------------------------
8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X
- --------------------------------------------------------------------------------------------------------------
9. ARE ANY OTHER POSTPETITION TAXES PAST DUE? X
- --------------------------------------------------------------------------------------------------------------
10. ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT?
- --------------------------------------------------------------------------------------------------------------
11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? X
- --------------------------------------------------------------------------------------------------------------
12. ARE ANY WAGE PAYMENTS PAST DUE? X
- --------------------------------------------------------------------------------------------------------------
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED
EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
See Attachments for MOR-7 Question 4 and 11
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
INSURANCE
==============================================================================================================
YES NO
1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE
COVERAGES IN EFFECT? X
- --------------------------------------------------------------------------------------------------------------
2. ARE ALL PREMIUM PAYMENTS PAID CURRENT? X
- --------------------------------------------------------------------------------------------------------------
3. PLEASE ITEMIZE POLICIES BELOW.
==============================================================================================================
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE
BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN
EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INSTALLMENT PAYMENTS
- --------------------------------------------------------------------------------
TYPE OF PAYMENT AMOUNT
POLICY CARRIER PERIOD COVERED & FREQUENCY
- --------------------------------------------------------------------------------
See Daisytek, Incorporated
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
- ---------------------------------------
CASE NAME: The Tape Company
Tapebargains.com, Inc.
- ---------------------------------------
- ---------------------------------------
CASE NUMBER: 03-34762-HDH-11
- ---------------------------------------
MOR 7
Question 4
- ---------------------------------------------------------------------------------------------------------
Sum of AMT$
- ---------------------------------------------------------------------------------------------------------
CO VENDOR# VENDOR NAME Total
- ---------------------------------------------------------------------------------------------------------
032 22615399 ABSOPURE WATER "TDE" ($24.62)
--------------------------------------------------------------------------------------------------
22637037 AMERITECH "TTC" ($1,754.70)
--------------------------------------------------------------------------------------------------
10033130 AT&T ($3,874.80)
--------------------------------------------------------------------------------------------------
10487490 AT&T ($7.70)
--------------------------------------------------------------------------------------------------
22726013 AT&T "TTC" ($662.84)
--------------------------------------------------------------------------------------------------
22714661 AT&T ONENET ($222.98)
--------------------------------------------------------------------------------------------------
24655589 AT&T WIRELESS "SS" ($264.92)
--------------------------------------------------------------------------------------------------
28037913 AT&T WIRELESS AURORA ($1,548.72)
--------------------------------------------------------------------------------------------------
22601501 AT&T WIRELESS"TTC" ($313.71)
--------------------------------------------------------------------------------------------------
24817592 B.J. HARDY ($98.84)
--------------------------------------------------------------------------------------------------
22655366 BELL SOUTH ($205.72)
--------------------------------------------------------------------------------------------------
22601270 BELLSOUTH "TAT" ($916.53)
--------------------------------------------------------------------------------------------------
28055855 BOURGEOIS, MARTIN J. ($2,081.19)
--------------------------------------------------------------------------------------------------
22616922 BRIAN MOSSEY ($308.92)
--------------------------------------------------------------------------------------------------
21738733 BRINKS HOME "TDA" ($121.04)
--------------------------------------------------------------------------------------------------
14967095 BUSQUETS, ALEX ($155.00)
--------------------------------------------------------------------------------------------------
28015626 CHERYL JOHNSON ($165.50)
--------------------------------------------------------------------------------------------------
22606425 CINCINNATI BELL"TCI" ($1,223.91)
--------------------------------------------------------------------------------------------------
22637070 CINERGY "TCI" ($1,850.20)
--------------------------------------------------------------------------------------------------
28076939 CITY OF DULUTH ($60.29)
--------------------------------------------------------------------------------------------------
28003262 CITY WATER ($96.14)
--------------------------------------------------------------------------------------------------
21740201 CON EDISON A/C #436015165500051 ($1,185.29)
--------------------------------------------------------------------------------------------------
22615997 DAVE MELHANDO ($68.74)
--------------------------------------------------------------------------------------------------
28017517 DSL.NET ($361.64)
--------------------------------------------------------------------------------------------------
11773121 FREEMAN, DAVID ($170.23)
--------------------------------------------------------------------------------------------------
22609335 GAIL WORKMAN ($189.03)
--------------------------------------------------------------------------------------------------
26985928 JENNIFER FRYC ($2,464.49)
--------------------------------------------------------------------------------------------------
22644827 JIM HYPES ($1,409.77)
--------------------------------------------------------------------------------------------------
15005120 JIMENEZ,JORGE ($107.58)
--------------------------------------------------------------------------------------------------
14856766 JORGE A. JIMENZ. ($107.58)
--------------------------------------------------------------------------------------------------
28096614 JUHLINE, V MICHEAL ($401.90)
--------------------------------------------------------------------------------------------------
24788681 LAURA DOMINQUEZ ($188.26)
--------------------------------------------------------------------------------------------------
22667594LOS ANGELES DWP "SSS" ($3,194.46)
--------------------------------------------------------------------------------------------------
24783396 MARTIN J. BOURGEOIS ($328.86)
--------------------------------------------------------------------------------------------------
22601448 MCI "TTC" ($2,149.31)
--------------------------------------------------------------------------------------------------
22605967 MCI WORLDCOM"TTC" ($504.80)
--------------------------------------------------------------------------------------------------
24797819 MID AMERICAN ENERGY CO ($3,085.84)
--------------------------------------------------------------------------------------------------
24653989 MN DEPT OF REVENUE ($44,461.02)
--------------------------------------------------------------------------------------------------
50195323 NEIL SARNA ($148.00)
--------------------------------------------------------------------------------------------------
22730362 NEOPOST ($783.25)
--------------------------------------------------------------------------------------------------
22610871 NEXTEL "TTC" ($165.36)
--------------------------------------------------------------------------------------------------
28068883 NICHOLE ALEXANDER ($177.24)
--------------------------------------------------------------------------------------------------
22637088 NICOR "TTC" ($2,251.33)
--------------------------------------------------------------------------------------------------
22678277 PACIFIC BELL "SS" ($4,057.90)
--------------------------------------------------------------------------------------------------
15245887 PATEY, HEATHER A. ($661.95)
--------------------------------------------------------------------------------------------------
22601667 PECO ENERGY "TPH" ($87.84)
--------------------------------------------------------------------------------------------------
24699688 ROBB TAYLOR ($4,812.53)
--------------------------------------------------------------------------------------------------
50444463 SARA BORDEN ($1,106.92)
--------------------------------------------------------------------------------------------------
28118588 SBC BILL PAYMENT CENTER ($74.00)
--------------------------------------------------------------------------------------------------
28118596 SBC BILL PYMT CHICAGO ($4,343.84)
--------------------------------------------------------------------------------------------------
28052671 SBC -TCH ($217.34)
--------------------------------------------------------------------------------------------------
28095494 SPRINT ($117.74)
--------------------------------------------------------------------------------------------------
24666202 SPRINT PCS ($204.65)
--------------------------------------------------------------------------------------------------
28073674 TAYLOR GRADY ($1,459.61)
--------------------------------------------------------------------------------------------------
28126713 TCF BANK ($807.45)
--------------------------------------------------------------------------------------------------
28125796 TRASATT DAN ($128.06)
--------------------------------------------------------------------------------------------------
28020353 TRASSATT, DANIEL ($266.79)
--------------------------------------------------------------------------------------------------
21738602 TXU ELECTRIC "TDA" ($669.85)
--------------------------------------------------------------------------------------------------
22661301 TXU GAS "TDA" ($599.11)
--------------------------------------------------------------------------------------------------
22607938 VERIZON (BELL ATLANTIC) ($1,748.78)
--------------------------------------------------------------------------------------------------
22714389 VERIZON NORTHWEST/GTE ($648.02)
--------------------------------------------------------------------------------------------------
24770261 VERIZON WIRE CAROL STREAM ($63.19)
--------------------------------------------------------------------------------------------------
22601253 VERIZON WIRELESS ($115.38)
--------------------------------------------------------------------------------------------------
28045606 VERIZON WIRELESS ($209.49)
--------------------------------------------------------------------------------------------------
24802534 VERIZON WIRELESS DALLAS ($978.88)
--------------------------------------------------------------------------------------------------
22677733 VERIZON WIRELESS MESSAGING ($35.00)
--------------------------------------------------------------------------------------------------
28124363 VERIZON WIRELESS SSN ($47.21)
--------------------------------------------------------------------------------------------------
14893559 VERIZON/BELL ATLANTIC ($1,049.79)
--------------------------------------------------------------------------------------------------
15261511 VERIZON/BELL ATLANTIC ($850.86)
--------------------------------------------------------------------------------------------------
28115344 WHITE, DAN ($35.96)
--------------------------------------------------------------------------------------------------
24715131 WORLDCOM ($8,837.04)
--------------------------------------------------------------------------------------------------
22615911 XCEL ENERGY ($170.43)
- ---------------------------------------------------------------------------------------------------------
032 Total ($114,267.86)
------------------
Question 11
- ---------------------------------------
CASE NAME: The Tape Company
Tapebargains.com, Inc.
- ---------------------------------------
- ---------------------------------------
CASE NUMBER: 03-34762-HDH-11
- ---------------------------------------
MOR 7
Question 11
Jurisdiction Amount Date Paid Entity Tax Type Description
------------ ------ --------- ------ -------- -----------
The Tape Company
- ----------------
CA 240,528.40 05/14/2003 Tape Co Sales Tax Prior Period Catch-up
IL 21,941.22 05/14/2003 Tape Co Sales Tax Prior Period Catch-up
FL 19,387.63 05/14/2003 Tape Co Sales Tax Prior Period Catch-up
MN 18,605.89 05/14/2003 Tape Co Sales Tax Prior Period Catch-up
OH 13,410.41 05/14/2003 Tape Co Sales Tax Prior Period Catch-up
NY 9,145.73 05/14/2003 Tape Co Sales Tax Prior Period Catch-up
MI 6,831.17 05/14/2003 Tape Co Sales Tax Prior Period Catch-up
WA 5,319.02 05/14/2003 Tape Co Sales Tax Prior Period Catch-up
MI 4,990.17 05/14/2003 Tape Co Sales Tax April 2003 Return
GA 4,928.78 05/14/2003 Tape Co Sales Tax Prior Period Catch-up
TX 3,000.00 05/14/2003 Tape Co. Franchise Tax 2003 (based on 2002 income)
PA 2,822.35 05/14/2003 Tape Co Sales Tax Prior Period Catch-up
NJ 909.47 05/14/2003 Tape Co Sales Tax Prior Period Catch-up
Duluth, MN 51.16 05/14/2003 Tape Co Sales Tax Prior Period Catch-up
MN 25,845.13 05/20/2003 Tape Co Sales Tax April 2003 and Prior Periods
IL 16,243.38 05/20/2003 Tape Co Sales Tax April 2003 Return
NY 10,502.20 05/20/2003 Tape Co Sales Tax April 2003 Return
TX 4,599.76 05/20/2003 Tape Co Sales Tax April 2003 Return
GA 4,465.18 05/20/2003 Tape Co Sales Tax April 2003 Return
OH 3,110.78 05/20/2003 Tape Co Sales Tax April 2003 Return
WA 3,020.75 05/20/2003 Tape Co Sales Tax April 2003 Return
PA 2,071.52 05/20/2003 Tape Co Sales Tax April 2003 Return
FL 1,212.89 05/20/2003 Tape Co Sales Tax April 2003 Return
NJ 367.85 05/20/2003 Tape Co Sales Tax April 2003 Return
Duluth, MN 9.13 05/20/2003 Tape Co Sales Tax April 2003 Return
CA 43,956.10 05/23/2003 Tape Co Sales Tax April 2003 Return
----------
467,276.07
==========
Jurisdiction Payee Name Address City State Zip
- ------------ ---------- ------- ---- ----- ---
The Tape Company
- ----------------
CA State Board of Equalization, State of CA PO Box 942879 Sacramento CA 94279-7072
IL Illinois Department of Revenue PO Box 19045 Springfield IL 62794-9045
FL Florida Department of Revenue 5050 W. Tennessee Street Tallahassee FL 32399-0125
MN Minnesota Department of Revenue PO Box 64622 St. Paul MN 55164-0622
OH Treasurer of State, State of Ohio PO Box 16561 Columbus OH 43266-0061
NY New York State Sales Tax PO Box 1205 New York NY 10116-1205
MI State of Michigan, Dept. of Treasury Dept. 77802 Detroit MI 48277-0802
WA Washington State Department of Revenue PO Box 34054 Seattle WA 98124-1054
MI State of Michigan, Dept. of Treasury Dept. 77802 Detroit MI 48277-0802
GA Georgia Department of Revenue PO Box 105296 Atlanta GA 30348-5296
TX Comptroller of Public Accounts Austin TX 78774-0100
PA PA Department of Revenue Dept. 280437 Harrisburg PA 17128-0437
NJ Sales and Use Tax, State of New Jersey PO Box 999 Trenton NJ 08646-0999
Duluth, MN City of Duluth PO Box 229 Duluth MN 55801
MN Minnesota Department of Revenue PO Box 64622 St. Paul MN 55164-0622
IL Illinois Department of Revenue PO Box 19045 Springfield IL 62794-9045
NY New York State Sales Tax PO Box 1205 New York NY 10116-1205
TX Comptroller of Public Accounts Austin TX 78774-0100
GA Georgia Department of Revenue PO Box 105296 Atlanta GA 30348-5296
OH Treasurer of State, State of Ohio PO Box 16561 Columbus H 43266-0061
WA Washington State Department of Revenue PO Box 34054 Seattle WA 98124-1054
PA PA Department of Revenue Dept. 280437 Harrisburg PA 17128-0437
FL Florida Department of Revenue 5050 W. Tennessee Street Tallahassee FL 32399-0125
NJ Sales and Use Tax, State of New Jersey PO Box 999 Trenton NJ 08646-0999
Duluth, MN City of Duluth PO Box 229 uluth MN 55801
CA State Board of Equalization, State of CA PO Box 942879 Sacramento CA 94279-7072