|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: HAYES CORP, 10-Q, 1998-08-18 |
Next: ENVIRONMENTAL PRODUCTS & TECHNOLOGIES CORP, SB-2/A, 1998-08-18 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934.
Date of Report (Date of earliest event reported) August 19, 1998
2CONNECT EXPRESS, INC.
--------------------------------------
(Exact name of registrant as specified in its charter)
FLORIDA
-------------------------------------
(State or other jurisdiction of
incorporation or organization)
000-22251 65-0674664
- ------------- ------------------
(Commission (I.R.S. Employer
file number) Identification No.)
3500 Gateway Drive, Suite 101, Pompano Beach, FL 33069
- ------------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (954) 797-7960
- --------------------------------------------------------------------------------
NOT APPLICABLE
-------------------------
(Former name, former address and former fiscal year, if changed since
last report)
<PAGE> 2
Item 5. OTHER EVENTS
On August 17, 1998, 2Connect Express, Inc. filed with the United States
Bankruptcy Court the Debtor's Monthly Financial Report (Business) for the period
from July 5, 1998 to August 1, 1998. A copy of this report is filed as
Exhibit 99.A hereto.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
Exhibit 99.A Debtor's Monthly Financial Report (Business) For The
Period From July 5, 1998 to August 1, 1998, filed
with the United States Bankruptcy Court.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
2CONNECT EXPRESS, INC.
------------------------------------
(Registrant)
Date: August 19, 1998 /s/ THOMAS H. HICKS
- ---------------------- ------------------------------------
Thomas H. Hicks, President and Chief
Executive Officer (Interim)
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Description Sequentially Numbered Page
- -------------- ----------- --------------------------
<S> <C> <C>
99.A Debtor's Monthly Financial Report 5
for the period from July 5, 1998
to August 1, 1998
</TABLE>
<PAGE> 1
Exhibit 99.A
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF FLORIDA
FT LAUDERDALE DIVISION
IN RE: CASE NUMBER: 98-20169-BKC-RBR
JUDGE: Raymond B. Ray
DEBTOR. CHAPTER 11
DEBTOR'S MONTHLY FINANCIAL REPORT (BUSINESS)
FOR THE PERIOD
FROM July 5, 1998 TO August 1, 1998 (8-1-98 is fiscal month end per books)
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.
Paul J. Battista, Esq.
Attorney for Debtor
Debtor's Address and Phone Number: Attorney's Address and Phone Number:
2CONNECT EXPRESS, INC Kelley, Drye & Warren, LLP
3500 Gateway Drive 201 S. Biscayne Blvd.
Suite 101 2400 Miami Center
Pompano Beach, FL 33069 Miami, FL 33131
(954) 971-3555 (305) 372-2400
1 of 19
<PAGE> 2
MONTHLY FINANCIAL REPORT FOR BUSINESS
For the Period Beginning July 5, 1998 and Ending August 1, 1998 (fiscal
month per books)
Name of Debtor: 2CONNECT EXPRESS, INC. Case Number: 98-20169-BKC-RBR
Date of Petition: January 12, 1998
<TABLE>
<CAPTION>
------------- ----------------
CUMULATIVE
CURRENT MONTH PETITION TO DATE
------------- ----------------
<S> <C> <C>
1. Cash at Beginning of Period $ 744,609.00 $ 106,714.48
------------ --------------
2. Receipts:
A. Cash and Credit Card Sales 131.37 1,018,953.66
Less: Cash and Credit Card Refunds -- (1,333.83)
------------ ---------------
Net Cash and Credit Card Sales 131.37 1,017,619.83
------------ --------------
B. Collection in Post-petition A/R 5,290.82 308,296.67
C. Collection on Pre-petition A/R 21,520.93 317,653.45
D. Other Receipts (Schedule 2A) 16,018.96 93,574.14
E. Deposits From Account Sweeps 420,846.98 3,330,792.69
F. Less Disbursement Sweeps (420,846.98) (3,329,950.10)
G. Auction sales-held in bankurptcy atty trust account 576.02 345,532.35
------------ --------------
3. Total Receipts 43,538.10 2,083,519.03
------------ --------------
4. Total Cash Available for Operations(1+3) 788,147.10 2,190,233.51
------------ --------------
5. Disbursements:
A. U.S. Trustee Quarterly Fees 3,750.00 8,750.00
B. Net Payroll 19,557.76 410,565.00
C. Payroll Taxes Paid 5,149.63 150,254.25
D. Sales and Use Taxes 876.14 47,744.46
E. Other Taxes -- --
F. Rent 13,054.52 158,730.04
G. Other Leases (attachment 3) -- 33,302.96
H. Telephone 759.67 32,831.24
I. Utilities 1,055.05 16,770.81
J. Travel and Entertainment -- 29,030.99
K. Vehicle Expenses -- --
L. Office Supplies -- 5,320.61
M. Advertising -- 22,796.89
N. Insurance (attachment 7) 1,144.38 43,106.90
O. Purchases of Fixed Assets -- --
P. Purchases of Inventory 2,016.79 114,812.77
Q. Manufacturing Supplies -- --
R. Repairs and Maintenance -- 1,604.19
S. Payments to Secured Creditors -- 281,499.96
T. Other Operating Expenses(Schedule 2B) 5,033.71 97,362.99
------------ --------------
6. Total Cash Disbursements 52,397.65 1,454,484.06
------------ --------------
7. Ending Cash Balance (4-6) $ 735,749.45 $ 735,749.45
============ ==============
</TABLE>
I declare under penalty of perjury that this statement and the accompanying
documents and reports are true and correct to the best of my knowledge and
belief.
This 15th day of August, 1998. Signed: /s/ Thomas H. Hicks
-------------------------------------
Thomas H. Hicks, CEO, CFO
Page 2 of 19
<PAGE> 3
Schedule 2A
Monthly Financial Report for Business
For the Period Beginning July 5, 1998 and Ending August 1, 1998
(fiscal month per books)
Other Receipts Detail
<TABLE>
<CAPTION>
ACCOUNT DATE CHECK # RECEIVED FROM PURPOSE DEPOSIT
- ------- ---- ------- ------------- ------- -------
<S> <C> <C> <C> <C> <C>
op 7/6/98 Deposit First Union Interest Interest 151.61
op 7/6/98 Deposit Jennifer Cullen Cobra 105.03
op 7/6/98 Deposit MobileCom Commission Income, not in AR 2,443.00
op 7/7/98 Deposit First Union Interest Interest 51.43
op 7/8/98 Deposit First Union Interest Interest 50.35
op 7/9/98 Deposit First Union Interest Interest 48.98
op 7/10/98 Deposit Bobby Allison Store Expense Reimbursement 10,722.60
op 7/10/98 Deposit First Union Interest Interest 48.96
op 7/10/98 Deposit James Pacey Cobra 210.30
op 7/13/98 Deposit First Union Interest Interest 144.06
op 7/14/98 Deposit First Union Interest Interest 49.63
op 7/15/98 Deposit First Union Interest Interest 48.95
op 7/16/98 Deposit First Union Interest Interest 51.59
op 7/17/98 Deposit First Union Interest Interest 50.05
op 7/20/98 Deposit First Union Interest Interest 146.19
op 7/20/98 Deposit Jason Hersh Cobra 210.00
op 7/21/98 Deposit First Union Interest Interest 51.88
op 7/22/98 Deposit First Union Interest Interest 52.00
op 7/23/98 Deposit Bobby Allison Inventory Transferred to BAC 243.16
op 7/23/98 Deposit First Union Interest Interest 51.63
op 7/24/98 Deposit First Union Interest Interest 51.96
op 7/27/98 Deposit First Union Interest Interest 153.00
op 7/27/98 Deposit Steve Epstein Cobra 677.92
op 7/28/98 Deposit First Union Interest Interest 50.81
op 7/29/98 Deposit First Union Interest Interest 51.22
op 7/30/98 Deposit First Union Interest Interest 51.72
op 7/31/98 Deposit First Union Interest Interest 50.93
-----------
$ 16,018.96
===========
Page 3 of 19
</TABLE>
<PAGE> 4
Schedule 2B
Monthly Financial Report for Business
For the Period Beginning July 5, 1998 and Ending August 1, 1998 (fiscal
month per books)
Other Operating Expenses Detail
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
ACCOUNT DATE CHECK # PAYEE PURPOSE WITHDRAWL
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
op 7/5/98 012847 Void Check Void Check (64.00)
- - 7/5/98 Debit Balance Adj. Reconcile Balance 0.20
op 7/6/98 012931 Thomas H. Hicks Employee Expenses 1,057.23
op 7/6/98 012935 CGI-Ft. Lauderdale Freight 86.80
op 7/6/98 Debit Novus Monthly Settlement Credit Card Processing 10.49
pay 7/9/98 Debit ADP Fees Payroll Processing 54.59
op 7/10/98 Debit Commercial Bank Charges Bank Fees 592.22
op 7/13/98 012941 Claude Sordelet Reimbursement for overwithheld Ins 122.50
op 7/13/98 012942 American Stock Transfer Co. Transfer Agent 500.00
op 7/13/98 012944 Telecheck Check Processing Fees 252.43
op 7/13/98 012945 CGI-Ft. Lauderdale Freight 8.70
op 7/13/98 012948 U.S. Postmaster Postage 32.00
op 7/14/98 012950 Cartridge Crafter, Inc. Supplies-toner 63.55
op 7/16/98 012951 Thomas H. Hicks Postage/Printing 105.61
op 7/16/98 012954 CGI-Ft. Lauderdale Freight 50.25
op 7/16/98 012957 Fredrica Blank Court Authorized Customer Refund 37.79
op 7/16/98 012958 Jefory Burke Court Authorized Customer Refund 127.19
op 7/16/98 012959 Marcus Ellner Court Authorized Customer Refund 129.99
op 7/16/98 012960 Gabriel Escaloua/Maria Luga Court Authorized Customer Refund 169.59
op 7/16/98 012961 Jerry Khouly Court Authorized Customer Refund 127.79
op 7/16/98 012962 Diana Mercogliano Court Authorized Customer Refund 160.79
op 7/16/98 012963 Arlene J. Sperling Court Authorized Customer Refund 171.00
op 7/16/98 012964 Gary Vuong Court Authorized Customer Refund 105.99
pay 7/17/98 Debit ADP Fees Payroll Processing 31.00
op 7/22/98 Debit Bank Error Bank Error-(see below ) 2,535.80
pay 7/24/98 Debit ADP Fees Payroll Processing 54.00
op 7/27/98 012966 Bowne of Atlanta SEC filing fees-Printer 727.16
op 7/27/98 012970 CGI-Ft. Lauderdale Freight 67.90
op 7/27/98 012973 Sun Sentinel Classified Ad 219.25
op 7/28/98 012974 Simon Louis Post-petition Refund 31.70
op 8/1/98 Deposit Bank Error Correction in Transit Bank Error Correction-(see above) (2,535.80)
----------
$ 5,033.71
==========
</TABLE>
Page 4 of 19
<PAGE> 5
ATTACHMENT #1
MONTHLY ACCOUNTS RECEIVABLE AGING AND RECONCILIATION
Name of Debtor: 2CONNECT EXPRESS, INC. Case Number: 98-20169-BKC-RBR
For the Period Beginning July 5, 1998 and Ending August 1, 1998 (fiscal month
per books)
Accounts Receivable at Petition Date: $ 375,266.67
Accounts Receivable Reconciliation (Include all accounts receivable,
pre-petition and post-petition, including charge card sales which have not been
received):
Beginning of Month Balance: $ 271,441.93
Plus: Current Month New Billings: 5,198.70
Less: Collections During Month (26,811.75)
Accounts Written off
------------
End of Month Balance: $ 249,828.88
============
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 >90 days Total
-----------------------------------------------------
SEE ATTACHED DETAIL
Page 5 of 19
<PAGE> 6
Attachment #1
2CONNECT EXPRESS, INC.
TRADE RECEIVABLES
AS OF 08-01-98
<TABLE>
<CAPTION>
TOTAL 1 TO 30 31 TO 60 61 TO 90 OVER 90
----- ------- -------- -------- -------
<S> <C> <C> <C> <C> <C>
A/R - Commission
Bell South Local-Commission 1,217.50 1,217.50
Bobby Allison Cellular ATT Commissions 4,585.75 3,896.25 689.50
Nextel-Commission 2,060.00 2,060.00
-------------------------------------------------------------------------
Subtotal 7,863.25 2,060.00 3,896.25 0.00 1,907.00
-------------------------------------------------------------------------
A/R - In-House
Beepers to Go 8,662.00 2,960.00 5,702.00
School Board of Dade County 3,093.43 240.00 2,853.43
GMAC Mortgage 440.96 440.96
Ingram Retail Services 1,145.27 1,145.27
-------------------------------------------------------------------------
Subtotal 13,341.66 2,960.00 - 5,942.00 4,439.66
-------------------------------------------------------------------------
A/R - Activation
Bell South Mobility - Activation -
Sprint - Activation 17,419.17 17,419.17
-------------------------------------------------------------------------
Subtotal 17,419.17 0.00 0.00 0.00 17,419.17
-------------------------------------------------------------------------
A/R - Coop Advertising
Cell Star -Coop 13,127.00 13,127.00
Ericcson-Coop 600.08 600.08
Lucent Tech-Coop 176.00 176.00
Panasonic-Coop 292.00 292.00
Recoton-Coop 281.00 281.00
Smart Talk-Coop 640.00 640.00
Uniden-Coop 417.00 417.00
Vtech Coop Adv 7,255.00 7,255.00
-------------------------------------------------------------------------
Subtotal 22,788.08 0.00 0.00 0.00 22,788.08
-------------------------------------------------------------------------
A/R- Market Development
Psion NSA 2,500.00 2,500.00
-------------------------------------------------------------------------
Subtotal 2,500.00 0.00 0.00 0.00 2,500.00
-------------------------------------------------------------------------
A/R - Rebate
Recoton Rebate 144.00 144.00
CellStar Rebate 2,971.00 2,971.00
-------------------------------------------------------------------------
Subtotal 3,115.00 - - - 3,115.00
-------------------------------------------------------------------------
A/R - Residuals
Bell South Mobility Residuals -
-------------------------------------------------------------------------
Subtotal - 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------
A/R - Bobby Allison Cellular Systems of Florida, Inc.
B Allison Cellular Systems of Florida, Inc. 182,801.72 7,801.72(1) 175,000.00
-------------------------------------------------------------------------
Subtotal 182,801.72 0.00 7,801.72 0.00 175,000.00
-------------------------------------------------------------------------
GRAND TOTAL ACCOUNTS RECEIVABLE $ 249,828.88 $ 5,020.00 $ 11,697.97 $ 5,942.00 $227,168.91
=========================================================================
</TABLE>
Note - Collection Letters mailed to all outstanding Accounts Receivable and
turned over to legal counsel for final duns letter.
(1) Rent due August 1, 1998 and AT&T Commissions due August 8, 1998.
Page 6 of 19
<PAGE> 7
ATTACHMENT #2
MONTHLY ACCOUNTS PAYABLE AND SECURED PAYMENTS REPORT
Name of Debtor: 2CONNECT EXPRESS, INC. Case Number: 98-20169-BKC-RBR
For the Period Beginning July 5, 1998 and Ending August 1, 1998 (fiscal month
per books)
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
- --------------------------------------------------------------------------------
SEE ATTACHED SCHEDULE: "PERIOD CUTOFF AGED AP -
HISTORICAL DETAIL AGED BY DUE DATE"
ACCOUNTS PAYABLE RECONCILIATION (Post Petition Only):
Opening Balance (total from prior report) $ 164,740.14
Plus: New Indebtedness Incurred This Month 47,182.92
Less: Amount Paid on Total Accounts Payable 25,981.63
------------
Ending Month Balance $ 185,941.43
============
SECURED: List status of payments to Secured Creditors and Lessors
(Post-Petition Only):
- --------------------------------------------------------------------------------
Secured Date Number of Post Total Amount of
Creditor/ Payment Payment Petition Payments Post-petition
Lessor Due Amount Delinquent Payments Delinquent
- --------------------------------------------------------------------------------
NONE
Page 7 of 19
<PAGE> 8
2Connect Express, Inc.
Period Cutoff Aged AP (03.681. - Historical Detail Aged by Due Date
Period: 06-99 Aging Date: 08/01/98
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Vendor
Vendor/ Name/ Status/ Disc Due Pay
Doc Type Ref Nbr Inv Nbr Inv Date Doc Status Date Date Date Current
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
4000RENAIS Renaissance Partners, LC
CK 012965 005052 C (70.60)
VO 005075 080398 8/3/98 A 8/3/98 8/3/98 8/3/98 277.70
Vendor Total 207.10
4000STORAL Stor All
CK 012975 005066 C (118.72)
Vendor Total (118.72)
4001CORALC Coral CS/Ltd. Associates
CK 012976 005065 C (7,376.31)
Vendor Total (7,376.31)
5000BOWNE Bowne of Atlanta
VO 005049 1-98060351-0 7/14/98 A 7/24/98 8/13/98 7/24/98 390.08
VO 005050 1-98060352-0 7/14/98 A 7/24/98 8/13/98 7/24/98 491.84
Vendor Total 881.92
5000NEXTEL Nextel
VO 005074 5191-8 7/28/98 A 7/28/98 8/12/98 8/12/98 12.86
Vendor Total 12.86
5000TELECH Telecheck
VO 005076 H803295305 7/31/98 A 7/31/98 7/31/98 7/31/98 -
Vendor Total -
5500FPL Florida Power & Light
VO 005054 71563-09556 7/20/98 A 7/20/98 8/10/98 8/10/98 409.98
Vendor Total 409.98
5C000CGI CGI-Ft. Lauderdale
VO 005064 389402 7/22/98 A 7/22/98 8/6/98 8/6/98 106.50
Vendor Total 106.50
6500EMPLOY Employer's Health Insurance
CK 012971 005060 C (93.77)
Vendor Total (93.77)
6500FORTIS Fortis Life Insurance
CK 012972 005061 C (13.29)
Vendor Total (13.29)
6500HUMANA Humana Health Insurance
CK 012977 005067 C (1,037.32)
Vendor Total (1,037.32)
6500KAHNCA Kahn Carlin
VO 004827 050198 5/1/98 H 5/1/98 5/1/98 5/1/98 -
VO 004963 053198 5/31/98 H 5/31/98 5/31/98 5/31/98 -
VO 005027 060198 6/1/98 H 6/1/98 6/1/98 6/1/98 -
Vendor Total -
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
Vendor/ Name/ Days Past Due
Doc Type Ref Nbr Inv Nbr 1 To 30 31 To 60 61 To 90 Over 90 Balance
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
4000RENAIS Renaissance Partners, LC
CK 012965 005052 (70.60)
VO 005075 080398 - - - - 277.70
- - - - 207.10
4000STORAL Stor All
CK 012975 005066 (118.72)
- - - - (118.72)
4001CORALC Coral CS/Ltd. Associates
CK 012976 005065 (7,376.31)
- - - - (7,376.31)
5000BOWNE Bowne of Atlanta
VO 005049 1-98060351-0 - - - - 390.08
VO 005050 1-98060352-0 - - - - 491.84
- - - - 881.92
5000NEXTEL Nextel
VO 005074 5191-8 - - - - 12.86
- - - - 12.86
5000TELECH Telecheck
VO 005076 H803295305 112.71 - - - 112.71
112.71 - - - 112.71
5500FPL Florida Power & Light
VO 005054 71563-09556 - - - - 409.98
- - - - 409.98
5C000CGI CGI-Ft. Lauderdale
VO 005064 389402 - - - - 106.50
- - - - 106.50
6500EMPLOY Employer's Health Insurance
CK 012971 005060 (93.77)
- - - - (93.77)
6500FORTIS Fortis Life Insurance
CK 012972 005061 (13.29)
- - - - (13.29)
6500HUMANA Humana Health Insurance
CK 012977 005067 (1,037.32)
- - - - (1,037.32)
6500KAHNCA Kahn Carlin
VO 004827 050198 - - - 4,666.62 4,666.62
VO 004963 053198 - - 11,324.76 - 11,324.76
VO 005027 060198 - - 2,677.00 - 2,677.00
- - 14,001.76 4,666.62 18,668.38
</TABLE>
Page 8 of 19
<PAGE> 9
2Connect Express, Inc.
Period Cutoff Aged AP (03.681. - Historical Detail Aged by Due Date
Period: 06-99 Aging Date: 08/01/98
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Vendor
Vendor/ Name/ Status/ Disc Due Pay
Doc Type Ref Nbr Inv Nbr Inv Date Doc Status Date Date Date Current
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
6500KEMPER Kemper Insurance Companies
AD 004970 3BG0159400 6/15/98 A 6/15/98 6/15/98 -
AD 005028 060198 6/1/98 A 6/1/98 6/1/98 -
AD 005030 061998 6/19/98 A 6/19/98 6/19/98 -
AD 005031 062998 6/29/98 A 6/29/98 6/29/98 -
AD 005032 062198 6/21/98 A 6/21/98 6/21/98 -
Vendor Total -
7000BOBBYA Bobby Allison Cellular
VO 004998 061598 6/15/98 H 6/15/98 6/15/98 6/15/98 -
VO 004999 061798 6/17/98 H 6/17/98 6/17/98 6/17/98 -
Vendor Total -
7000CELLST CellStar
AD 004968 Wire Transfer 6/15/98 A 6/15/98 6/15/98 -
Vendor Total -
7000DIRECT Direct Wireless
VO 005063 6195 7/17/98 A 7/17/98 7/17/98 7/17/98 -
Vendor Total -
7000PRIMEC PrimeCo
AD 004995 29838 6/1/98 A 6/1/98 6/1/98 -
Vendor Total -
7000SPRINT Sprint PCS
VO 004489 030598 3/5/98 H 3/5/98 3/5/98 3/5/98 -
VO 004708 WBE-028087 1/29/97 H 1/29/97 2/28/97 2/28/97 -
Vendor Total -
7200ICANEC ICanect
VO 004183 013198 1/31/98 A 1/31/98 3/2/98 3/2/98 -
Vendor Total -
90003COM 3Com Credit Corporation
VO 004578 00008985 4/1/98 H 4/1/98 4/1/98 4/1/98 -
Vendor Total -
9000BAKERM Baker & McKenzie
VO 004973 50104273 6/1/98 H 6/1/98 7/1/98 7/1/98 -
Vendor Total -
9000COLLDA Coll Davidson Carter
VO 004969 060898 6/8/98 H 6/8/98 6/8/98 6/8/98 -
Vendor Total -
9000KELLEY Kelley Drye & Warren, LLP
VO 004858 1302933 5/15/98 H 5/15/98 5/15/98 5/15/98 -
VO 005026 1307186 7/6/08 H 7/6/98 7/6/98 7/6/98 -
VO 005040 070198 7/1/98 H 7/1/98 7/1/98 7/1/98 -
Vendor Total -
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
Vendor/ Name/ Days Past Due
Doc Type Ref Nbr Inv Nbr 1 To 30 31 To 60 61 To 90 Over 90 Balance
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6500KEMPER Kemper Insurance Companies
AD 004970 3BG0159400 - (2,187.00) - - (2,187.00)
AD 005028 060198 - - (2,677.00) - (2,677.00)
AD 005030 061998 - (2,641.00) - - (2,641.00)
AD 005031 062998 - (611.00) - - (611.00)
AD 005032 062198 - (9,139.00) - - (9,139.00)
- (14,580.00) (2,677.00) - (17,255.00)
7000BOBBYA Bobby Allison Cellular
VO 004998 061598 - 980.90 - - 980.90
VO 004999 061798 - 310.00 - - 310.00
- 1,290.90 - - 1,290.90
7000CELLST CellStar
AD 004968 Wire Transfer - (779.08) - - (779.08)
- (779.08) - - (779.08)
7000DIRECT Direct Wireless
VO 005063 6195 8.95 - - - 8.95
8.95 - - - 8.95
7000PRIMEC PrimeCo
AD 004995 29838 - - (74.50) - (74.50)
- - (74.50) - (74.50)
7000SPRINT Sprint PCS
VO 004489 030598 - - - 342.00 342.00
VO 004708 WBE-028087 - - - 684.00 684.00
- - - 1,026.00 1,026.00
7200ICANEC ICanect
VO 004183 013198 - - - 269.34 269.34
- - - 269.34 269.34
90003COM 3Com Credit Corporation
VO 004578 00008985 - - - 208.00 208.00
- - - 208.00 208.00
9000BAKERM Baker & McKenzie
VO 004973 50104273 - 13,403.85 - - 13,403.85
- 13,403.85 - - 13,403.85
9000COLLDA Coll Davidson Carter
VO 004969 060898 - 17,236.96 - - 17,236.96
- 17,236.96 - - 17,236.96
9000KELLEY Kelley Drye & Warren, LLP
VO 004858 1302933 - - 101,842.14 - 101,842.14
VO 005026 1307186 28,327.44 - - - 28,327.44
VO 005040 070198 - 21,876.39 - - 21,876.39
28,327.44 21,876.39 101,842.14 - 152,045.97
</TABLE>
Page 9 of 19
<PAGE> 10
2Connect Express, Inc.
Period Cutoff Aged AP (03.681. - Historical Detail Aged by Due Date
Period: 06-99 Aging Date: 08/01/98
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Vendor
Vendor/ Name/ Status/ Disc Due Pay
Doc Type Ref Nbr Inv Nbr Inv Date Doc Status Date Date Date Current
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
9000KPMG KPMG Peat Marwick
VO 004357 01821 2/17/98 H 2/17/98 3/19/98 3/19/98 -
Vendor Total -
Report Total (7,021.05)
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
Vendor/ Name/ Days Past Due
Doc Type Ref Nbr Inv Nbr 1 To 30 31 To 60 61 To 90 Over 90 Balance
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
9000KPMG KPMG Peat Marwick
VO 004357 01821 - - - 6,800.00 6,800.00
- - - 6,800.00 6,800.00
28,449.10 38,451.02 113,092.40 12,969.96 185,941.43
</TABLE>
Note 1 - Negative balances are due to invoices paid in advance of the calendar
month the expense is recorded.
Page 10 of 19
<PAGE> 11
ATTACHMENT #3
INVENTORY AND FIXED ASSETS REPORT
- --------------------------------------------------------------------------------
Name of Debtor: 2CONNECT EXPRESS, INC. Case Number: 98-20169-BKC-RBR
For the Period Beginning July 5, 1998 and Ending August 1, 1998 (fiscal month
per books)
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
INVENTORY REPORT
- --------------------------------------------------------------------------------
Inventory Balance at Petition Date: $ 2,191,354
===========
Inventory Reconciliation:
Inventory Balance at Beginning of Month (Period) $ 7,229
Inventory Purchased During Month (Period) 2,017
Inventory Used or Sold: (2,197)
Less Inventory liquidations via court approved auctions
Less Inventory writedowns to liquidation values
-----------
Inventory On-Hand at End of Month (Period) $ 7,049
===========
Method of Costing: Last Cost
- --------------------------------------------------------------------------------
FIXED ASSET REPORT
- --------------------------------------------------------------------------------
Fixed Assets Fair Market Value at Petition Date: $ 2,038,164 NBV
===========
(includes Property, Plant and Equipment)
Fixed Assets Reconciliation:
Fixed Asset Book Value at Beginning of Month (Period): $ 1,394,132
Less: Adjustment to books recording anticipated sale to BAC (1,386,632) See Note A
Less: Depreciation Expense for Period: -
Plus: New Purchases/Additions: -
-----------
Ending Month (Period) Balance per books: $ 7,500
===========
</TABLE>
Note A - Adjustment to reflect the book value of remaining assets after
recording the sale of assets to Bobby Allison Cellular Systems of
Florida, Inc., which is included in Accounts Receivable.
Page 11 of 19
<PAGE> 12
ATTACHMENT #4
MONTHLY BANK ACCOUNT RECONCILIATION
Name of Debtor: 2CONNECT EXPRESS, INC. Case Number: 98-20169-BKC-RBR
For the Period Beginning July 5, 1998 and Ending August 1, 1998 (fiscal month
per books)
Separate sheet is required for each bank account, including all savings and
investment accounts (I.e., certificates of deposits, money market accounts,
stocks and bonds, etc.)
NAME OF BANK: First Union National Bank BRANCH: Commercial Banking Broward
ACCOUNT NAME: 2Connect Express, Inc. DIP Operating Account
ACCOUNT NUMBER: 2090002563870
PURPOSE OF ACCOUNT: Post Petition Operating Account
<TABLE>
<S> <C> <C>
Beginning Balance $ 399,653.00
Total of Deposits Made 42,962.08
Amount of Deposits from Account Sweeps (See Note Below) 420,846.98
Amount of Receipts from Account Sweeps (See Note Below) (420,846.98)
Amount of Cash funding Payroll Account (24,846.98)
Total Amount of Checks Written (27,550.67)
------------
Closing Balance $ 390,217.43
============
Number of 1st Check Written This Period: 012931
Number of Last Check Written This Period: 012977
--------
Total Number of Checks Written or voided This Period: 46
========
</TABLE>
Note - Daily "Sweep" transfers are made from store depository sub-accounts
(zero balance accounts) to concentration account.
INVESTMENT ACCOUNTS
- --------------------------------------------------------------------------------
Type of Negotiable Face Purchase Date of
Instrument Value Price Purchase
- --------------------------------------------------------------------------------
None
Page 12 of 19
<PAGE> 13
ATTACHMENT #4
MONTHLY BANK ACCOUNT RECONCILIATION
Name of Debtor: 2CONNECT EXPRESS, INC. Case Number: 98-20169-BKC-RBR
For the Period Beginning July 5, 1998 and Ending August 1, 1998 (fiscal month
per books)
Separate sheet is required for each bank account, including all savings and
investment accounts (I.e., certificates of deposits, money market accounts,
stocks and bonds, etc.)
NAME OF BANK: First Union National Bank BRANCH: Commercial Banking Broward
ACCOUNT NAME: 2Connect Express, Inc. DIP Payroll Account
ACCOUNT NUMBER: 2090002563883
PURPOSE OF ACCOUNT: Post Petition Payroll Account
<TABLE>
<S> <C> <C>
Beginning Balance (0.33)
Total of Deposits Made 24,846.98
Total Amount of Checks Written (24,846.98)
Service Charges --
-----------
Closing Balance (0.33) Since this is a Zero Balance account,
=========== negative balances represent
outstanding checks.
Number of 1st Check Written This Period: 1943
Number of Last Check Written This Period: 1953
-------
Total Number of Checks Written This Period: 10
=======
</TABLE>
INVESTMENT ACCOUNTS
- -------------------------------------------------------------------------------
Type of Negotiable Face Purchase Date of
Instrument Value Price Purchase
- -------------------------------------------------------------------------------
NONE
page 13 of 19
<PAGE> 14
ATTACHMENT #5
CHECK REGISTER
Name of Debtor: 2CONNECT EXPRESS, INC. Case Number: 98-20169-BKC-RBR
For the Period Beginning July 5, 1998 and Ending August 1, 1998 (fiscal month
per books)
Name of Bank: First Union National Bank Branch: Commercial Banking Broward
Account Name: 2Connect Express, Inc. DIP Operating Account
Account Number: 2090002563870
Purpose of Account: Primary Operating Account
Account for all check numbers, including voided, lost, stopped payment, etc.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
Date Ck # Payee Purpose Amount
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7/1/98 Debit Balance Adj. Reconciling Adjustment $ 0.20
7/1/98 012847 Void Void Check (64.00)
7/6/98 012931 Thomas H. Hicks Employee Expenses 1,057.23
7/6/98 012932 Renaissance Partners, LC Rent 1,550.24
7/6/98 012933 BellSouth Telephone 340.00
7/6/98 012934 Florida Power & Light Utilities 429.55
7/6/98 012935 CGI-Ft. Lauderdale Freight 86.80
7/6/98 012936 U.S. Postmaster Postage --
7/6/98 012937 SED International, Inc. Inventory 599.00
7/6/98 012938 Brightpoint Inventory 1,182.40
7/6/98 012939 Direct Wireless Inventory 46.95
7/6/98 Debit Novus Monthly Settlement Credit Card Processing Fees 10.49
7/9/98 012940 Direct Wireless Inventory 17.45
7/10/98 Debit Commercial Bank Charges Bank Fees 592.22
7/13/98 012941 Claude Sordelet Insurance Reimbursement 122.50
7/13/98 012942 American Stock Transfer Co. Transfer Agent 500.00
7/13/98 012943 Nextel Telephone 17.96
7/13/98 012944 Telecheck Check Processing Fees 252.43
7/13/98 012945 CGI-Ft. Lauderdale Freight 8.70
7/13/98 012946 Void Void Check --
7/13/98 012947 Florida Department of Revenue Sales Tax 876.14
7/13/98 012948 U.S. Postmaster Postage 32.00
7/14/98 012949 Void Void Check --
7/14/98 012950 Cartridge Crafter, Inc. Toner 63.55
7/16/98 012951 Thomas H. Hicks Postage/Printing 105.61
7/16/98 012952 Stor All Rent 19.25
7/16/98 012953 BellSouth Telephone 262.75
7/16/98 012954 CGI-Ft. Lauderdale Freight 50.25
7/16/98 012955 Bobby Allison Cellular Inventory 170.99
7/16/98 012956 United States Trustee Trustee Fee 3,750.00
7/16/98 012957 Fredrica Blank Court Authorized Refund 37.79
7/16/98 012958 Jefory Burke Court Authorized Refund 127.19
7/16/98 012959 Marcus Ellner Court Authorized Refund 129.99
7/16/98 012960 Gabriel Escaloua/Maria Luga Court Authorized Refund 169.59
7/16/98 012961 Jerry Khouly Court Authorized Refund 127.79
7/16/98 012962 Diana Mercogliano Court Authorized Refund 160.79
7/16/98 012963 Arlene J. Sperling Court Authorized Refund 171.00
7/16/98 012964 Gary Vuong Court Authorized Refund 105.99
</TABLE>
Page 14 of 19
<PAGE> 15
<TABLE>
<S> <C> <C> <C> <C>
7/27/98 012965 Renaissance Partners, LC Utilities 604.50
7/27/98 012966 Bowne of Atlanta Printing 727.16
7/27/98 012967 Hancock Moving & Storage Rent 3,990.00
7/27/98 012968 Coral Springs Improvement Dist Utilities 21.00
7/27/98 012969 Trescom International Telephone 138.96
7/27/98 012970 CGI-Ft. Lauderdale Freight 67.90
7/27/98 012971 Employer's Health Insurance Insurance 93.77
7/27/98 012972 Fortis Life Insurance Insurance 13.29
7/27/98 012973 Sun Sentinel Classified Ad 219.25
7/28/98 012974 Simon Louis Post-petition Refund 31.70
7/28/98 012975 Stor All Rent 118.72
7/28/98 012976 Coral CS/Ltd. Associates Rent 7,376.31
7/28/98 012977 Humana Health Insurance Insurance 1,037.32
===========
$ 27,550.67
===========
</TABLE>
Page 15 of 19
<PAGE> 16
ATTACHMENT #5
CHECK REGISTER
Name of Debtor: 2CONNECT EXPRESS, INC. Case Number: 98-20169-BKC-RBR
For the Period Beginning July 5, 1998 and Ending August 1, 1998 (fiscal month
per books)
Name of Bank: First Union National Bank Branch: Commercial Banking Broward
Account Name: 2Connect Express, Inc. DIP Payroll Account
Account Number: 2090002563883
Purpose of Account: Payroll Account
Account for all check numbers, including voided, lost, stopped payment, etc.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------
Date Ck # Payee Purpose Amount
- ----------------------------------------------------------------------------------------
7/9/98 1943 Hicks, Thomas Net Pay 5,410.46
7/9/98 1944 Bolden, Maria Net Pay 937.42
7/9/98 1945 Chalfant, Christopher Net Pay 1,701.29
7/9/98 1946 Kinsey, Jeanine Net Pay 800.47
7/9/98 1947 Smith, Donald Net Pay 88.88
7/9/98 1948 Silverman, Patricia Net Pay 843.54
7/9/98 Debit ADP Fees Payroll Fees 54.59
7/9/98 Debit ADP Taxes Payroll Taxes 2,571.10
7/17/98 Debit ADP Fees Payroll Fees 31.00
7/24/98 1949 Hicks, Thomas Net Pay 5,318.75
7/24/98 1950 Silverman, Patricia Net Pay 998.42
7/24/98 1951 Bolden, Maria Net Pay 937.42
7/24/98 1952 Chalfant, Christopher Net Pay 1,720.63
7/24/98 1953 Kinsey, Jeanine Net Pay 800.48
7/24/98 Debit ADP Fees Payroll Fees 54.00
7/24/98 Debit ADP Taxes Payroll Taxes 2,578.53
-----------
$ 24,846.98
===========
</TABLE>
Page 16 of 19
<PAGE> 17
ATTACHMENT #6
MONTHLY TAX REPORT
Name of Debtor: 2CONNECT EXPRESS, INC. Case Number: 98-20169-BKC-RBR
For the Period Beginning July 5, 1998 and Ending August 1, 1998 (fiscal month
per books)
TAXES PAID DURING THE MONTH (PERIOD)
Report all post-petition taxes paid directly or
deposited into the tax account.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
Date Bank or Payee Description Amount
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
7/13/98 Florida Department of Revenue Consolidated Sales Tax Return for June, 1998 $ 876.14
7/8/98 IRS and Fla Dept of Rev PR taxes deposited by ADP 2,571.10
7/24/98 IRS and Fla Dept of Rev PR taxes deposited by ADP 2,578.53
---------
$6,025.77
=========
</TABLE>
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 filed:
See Above
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Name of Taxing Date Pmt.
Authority Due Description Amount
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Florida Department of Revenue 8/20/98 Consolidated Sales Tax Return for July, 1998 $ 105.24
========
</TABLE>
Page 17 of 19
<PAGE> 18
ATTACHMENT #7
SUMMARY OF OFFICER OR OWNER COMPENSATION
SUMMARY OF PERSONNEL AND INSURANCE COVERAGES
Name of Debtor: 2Connect Express, Inc. Case Number: 98-20169-BKC-RBR
For the Period Beginning July 5, 1998 and Ending August 1, 1998 (fiscal month
per books)
Report all compensation received during the period. Do not include reimbursement
for expenses incurred for which you have receipts.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Officer or Owner Name Title Amount
Paid
- -------------------------------------------------------------------------------
<S> <C> <C>
Thomas H. Hicks CEO COO and CFO 13,461.54
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------
PERSONNEL REPORT Store Corporate Total
----------------------------------------------
Full Time Part Time Full Time Part Time
-----------------------------------------------------
<S> <C> <C> <C> <C> <C>
Number of Employees at Beginning of Period 1 - 3 - 4
Number Hired during Period - - - - 0
Number Terminated or Resigned during Period 1 - - - 1
-------------------------------------------------------
Number of Employees on payroll at end of Period 0 0 3 0 3
=======================================================
</TABLE>
CONFIRMATION OF INSURANCE
List all policies of insurance in effect, including but not limited to worker's
compensation, liability, fire, theft, comprehensive, vehicle, health and life.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Agent & Policy Type of Expiry Premium
Carrier Phone # Number Coverage Date Due Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Agricultural Excess & Surplus Kahn-Carlin & Company, Inc. NSP2108136 Directors & Officers Liability (See Note) Paid
Roy Fabry
Telephone (954) 767-6066
Reliance Insurance Company Kahn-Carlin & Company, Inc. QB8615829 Commercial Application, 10/9/98 Monthly
Property, General Liability,
Business Auto, Garage & Dealers,
Crime, Umbrella
Kemper-American Motorists Ins. Kahn-Carlin & Company, Inc. 3BG01594400 Workers Compensation 10/9/98 Monthly
CAN Kahn-Carlin & Company, Inc. 0000685C Employment Related Prac Liab 9/11/98 Paid
Humana, Inc. Humana, Inc. Group #133739 Employee Health and Life 9/30/98 Monthly
Stacey Granger
Phone (800) 442-5555
</TABLE>
Directors & Officers Liability Insurance is being funded by Directors and
Officers directly, and not being paid for by the Company.
Page 18 of 19
<PAGE> 19
ATTACHMENT #8
SIGNIFICANT DEVELOPMENTS DURING REPORTING PERIOD
For the Period Beginning July 5, 1998 and Ending August 1, 1998 (fiscal month
per books)
The Company filed an 8-K report with the Security and Exchange Commission on
July 23, 1998 announcing that it had filed a motion with the United States
Bankruptcy Court, Southern District of Florida, to amend its Disclosure
Statement to provide for the extinguishment of all pre-confirmation equity
interests in 2Connect Express, Inc. as of the effective date of the Plan of
Reorganization. An expedited hearing was held on August 5, 1998 which approved
such motion.
Page 19 of 19
|
|