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Previous: SCUDDER GNMA FUND, N-30D, 1997-12-01 |
Next: CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2, SC 14D1/A, 1997-12-01 |
<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): NOVEMBER 20, 1997
STREAMLOGIC CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 95-3093858
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
COMMISSION FILE NUMBER: 0-12046
8450 CENTRAL AVENUE
NEWARK, CALIFORNIA 94560
(Address of principal executive offices and zip code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (510) 608-4000
7015 GATEWAY BOULEVARD
NEWARK, CALIFORNIA 94560
(Former name or former address, if changed since last report)
================================================================================
<PAGE> 2
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
On June 26, 1997, StreamLogic Corporation (the "Company") filed a
voluntary petition in the United States Bankruptcy Court for the Northern
District of California, San Francisco Division, seeking protection under Chapter
11 of the United States Bankruptcy Code. The Company will continue to operate as
a debtor-in-possession, with its existing directors and officers, subject to the
supervision and orders of the bankruptcy court. As of the date of this report,
no plan of reorganization has been filed by the Company and no trustee has been
appointed.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibits
99.1 Monthly Operating Report for the Month of October 1997, as filed with
the United States Bankruptcy Court for the Northern District of
California, San Francisco Division.
2
<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 hereunto duly authorized.
STREAMLOGIC CORPORATION
(Registrant)
Date: November 26, 1997 By /s/ Michael O. Preletz
--------------------------------------
Michael O. Preletz
Chief Executive Officer
3
<PAGE> 4
Exhibit Index
99.1 Monthly Operating Report for the Month of October 1997, as filed with
the United States Bankruptcy Court for the Northern District of
California, San Francisco Division.
4
<PAGE> 1
EXHIBIT 99.1
Monthly Operating Report for the Month of October 1997,
as filed with the United States Bankruptcy Court
for the Northern District of California, San Francisco Division.
<PAGE> 2
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF CALIFORNIA
In re: Stream Logic Corporation Case No. 97-32984 DM
CHAPTER 11
MONTHLY OPERATING REPORT
(General Business Case)
SUMMARY OF FINANCIAL STATUS
MONTH ENDED October 31, 1997
------------------
<TABLE>
<S> <C> <C> <C>
1. Debtor in possession (or trustee) hereby submits this Monthly Operating Report on the Accrual Basis of accounting (or
here ___ the Office of the U.S. Trustee or the Court has approved the Cash Basis of Accounting for the Debtor). Doll
in ($ _____).
End of End of As of
Current Prior Petition
2. Asset/Liability Summary Month Month Filing
----------- ----------- -----------
Current Assets (Market Value) $3,492,487 $2,553,965 $18,388,407 *
----------- ----------- -----------
Total Assets (Market Value) $8,502,707 $7,884,465 $22,312,581 *
----------- ----------- -----------
Current Liabilities $453,750 $290,018 $0
----------- ----------- -----------
Total Liabilities $29,312,987 $29,149,255 $28,859,237
----------- ----------- -----------
Petition
Current Prior Date to
3. Statement of Cash Receipts & Disbursements for Month Month Month Month End
----------- ----------- -----------
a. Total Receipts $1,705,288 $723,000 $4,408,310
----------- ----------- -----------
b. Total Disbursements $676,008 $849,837 $3,636,788
----------- ----------- -----------
c. Excess (Deficiency) of Receipts Over Disbursements (a - b) $1,029,280 ($126,837) $771,522
----------- ----------- -----------
d. Cash Balance Beginning of Month $136,959 $263,796
----------- -----------
e. Cash Balance End of Month (c + d) $1,166,239 $136,959
----------- -----------
4. Post-petition Liabilities & Receivables Receivables Liabilities
----------- -----------
Balance at End of Previous Month $1,074,651 $290,018
----------- -----------
Balance at End of Current Month $1,214,421 $453,750
----------- -----------
5. Past Due Post-Petition Liabilities
Balance at End of Previous Month (over 30 days) $0
-----------
Balance at End of Current Month (over 30 days) $0
-----------
Yes No
----------- -----------
6. Are all federal, state, and local taxes current? (if no, attach schedule of unpaid items) Unknown **
----------- -----------
7. Have any payments been made to pre-petition creditors, other than payments in the normal
course to secured creditors or lessors? (if yes, attach listing including date of payment,
amount of payment and name of payee) x ***
----------- -----------
8. Have any payments been made to officers, insiders, shareholders, relatives? (if yes,
attach listing including date of payment, amount and reason for payment, and name of
payee) [Excludes salaries to officers] x
----------- -----------
9. Have any payments been made to professionals? (if yes, attach listing including date of
payment, amount of payment and name of payee) x
----------- -----------
10. If you answered yes to line 7,8, or 9, were all such payments approved by the court? x
----------- -----------
11. Is the estate insured for replacement cost of assets and for general liability? x
----------- -----------
12. Are U.S. Trustee quarterly fees current? x
----------- -----------
I declare under penalty of perjury that I have reviewed the above summary and attached financial statements, and after making
reasonable inquiry believe that these documents are correct.
Date: November 18, 1997 [SIG]
----- ----------------- -----------------------------------------------
Responsible person
*Valuation in Bankruptcy schedules based on historical book values as maintained by prior management.
**Post petition payroll related taxes paid currently. Federal, State and local prior period tax returns were not filed; related
tax liabilities are unknown.
***Approximately $20K in misc prepetition checks cleared post petition.
</TABLE>
<PAGE> 3
BALANCE SHEET
(General Business Case)
For the Month Ended October 31,1997
($ )
<TABLE>
<CAPTION>
Assets
From Schedules Market Value
-------------- ------------
<S> <C> <C> <C>
Current Assets
1 Cash and cash equivalents - unrestricted $1,166,239
------------
2 Cash and cash equivalents - restricted $536,155
------------
3 Accounts receivable (net) A $1,214,421
------------
4 Inventory (net) B $493,672
------------
5 Prepaid expenses $0
------------
6 Other Property insurance deposit $20,000
------------
7 Prepaid rent/deposit $62,000
------------
8 Total Current Assets $3,492,487
------------
Property and Equipment (Market Value)
------------
9 Real property C $3,500,000
------------
10 Machinery and equipment D $150,000
------------
11 Furniture and fixtures D $25,000
------------
12 Office equipment D $50,000
------------
13 Leasehold improvements D $0
------------
14 Vehicles D $2,500
------------
15 Other: D
------------
16 D
------------
17 D
------------
18 D
------------
19 D
------------
20 Total Property and Equipment $3,727,500
------------
Other Assets
21 Concentric Stock 128,272 shares $1,282,720
------------
22
------------
23
------------
24
------------
25 Total Other Assets $1,282,720
------------
26 Total Assets $8,502,707
============
</TABLE>
NOTE:
Indicate the method used to estimate the market value of assets (e.g.,
appraisals; familiarity with comparable the date the value was
determined.
Inventory valued at historical cost less a $6.5 million reserve
for decreased market value, pending further review of actual
market value
Market Value of equipment based on management estimate pending
outside appraisal/auctions.
Accounts receivable are net of a substantial reserve due to
managements experience with the collections.
<PAGE> 4
Liabilities and Equity
(General Business Case)
($ )
<TABLE>
<CAPTION>
Liabilities From Schedules
----------- --------------
<S> <C> <C>
Post-Petition
Current Liabilities
27 Salaries and wages
--------------
28 Payroll taxes
--------------
29 Real and personal property taxes unknown
--------------
30 Income taxes unknown
--------------
31 Notes payable (short term)
--------------
32 Accounts payable (trade) A $50,000
--------------
33 Real property lease arrearage
--------------
34 Personal property lease arrearage
--------------
35 Accrued professional fees $369,620
--------------
36 Current portion of long-term debt
(due within 12 months) $0
--------------
37 Other: Warranty Post Petition $34,130
--------------
38
--------------
39
--------------
40 Total Current Liabilities $453,750
--------------
41 Long-Term Debt, Net of Current Portion
--------------
42 Total Post-Petition Liabilities $453,750
--------------
Pre-Petition Liabilities (allowed amount)
43 Secured claims E $245,738
--------------
44 Priority unsecured claims E unknown
--------------
45 General unsecured claims E $28,613,499
--------------
46 Total Pre-Petition Liabilities $28,859,237
--------------
47 Total Liabilities $29,312,987
--------------
Equity (Deficit)
48
--------------
49
--------------
50
--------------
51
--------------
52 Market value adjustment ($20,810,280)
--------------
53 Total Equity (Deficit) ($20,810,280)
--------------
54 Total Liabilities and Equity (Deficit) $8,502,707
==============
</TABLE>
<PAGE> 5
Schedules
(General Business Case)
($ )
Schedule A
Accounts Receivable(Net)/Payable
<TABLE>
<CAPTION>
Accounts Accounts Payable Past Due
Receivables and Payables Ageings Receivable [Post Petition] Post Petition Deb
---------- --------------- -----------------
<S> <C> <C> <C>
0 -30 Days $809,175 $50,000
---------- ---------------
31-60 Days $530,368 $0
---------- ---------------
61-90 Days $184,878 $0
---------- --------------- -----------------
91+ Days $0
---------- ---------------
Total accounts receivable/payable $1,524,421 $50,000
---------- ---------------
Allowance for doubtful accounts $310,000
----------
Accounts receivable (net) $1,214,421
==========
</TABLE>
Schedule B
Inventory/Cost of Goods Sold
<TABLE>
<S> <C> <C> <C>
Types and Amount of Inventory(ies) Cost of Goods Sold
$7,235,099
Inventory(ies) Inventory Beginning of Month -------------
Balance at
End of Month Add -
Retail/Restaurants - Net purchases $273,000
-------------
Product for resale Direct labor $6,250
------------------ -------------
Manufacturing overhead $25,000
-------------
Distribution - Freight in
Product for resale Other:
------------------
---------------------- -------------
---------------------- -------------
Manufacturer -
Raw materials
------------------ -------------
Work-in-progress $6,453,672 Less -
------------------ -------------
Finished goods Inventory End of Month $6,953,672
------------------ -------------
Shrinkage $0
-------------
Other - ($5,960,000) Personal Use
------------------ -------------
ExplainProvision for lower
market value than cost Cost of Goods Sold $585,677
=============
TOTAL $493,672
==================
</TABLE>
<TABLE>
<CAPTION>
Method of Inventory Control Inventory Valuation Methods
--------------------------- ---------------------------
<S> <C>
Do you have a functioning perpetual inventory system? Indicate by a checkmark method of inventory valuation used.
Yes [ ] No [x]
How often do you take a complete physical inventory? Valuation methods -
FIFO cost x
--------------
Weekly LIFO cost
---- --------------
Monthly Lower of cost or
---- --------------
Quarterly market
---- --------------
Semi-annually Retail method
---- --------------
Annually x
---- --------------
Other -
Date of last physical inventory was April 1997 Explain
-------------- --------------
Date of next physical inventory is unknown ----------------------------------------------
-------------- ----------------------------------------------
</TABLE>
<PAGE> 6
Schedule C
Real Property
<TABLE>
<CAPTION>
Description Cost Market Value
----------- ----------- ------------
<S> <C> <C>
Land, Building and Improvements $ 7,560,000 $ 3,500,000
----------- -----------
----------- -----------
----------- -----------
----------- -----------
Total $ 7,560,000 $ 3,500,000
=========== ===========
Schedule D
Other Depreciable Assets
Description Cost Market Value
----------- ----------- ------------
Machinery & Equipment -
Manufacturing Equipment $ 9,016,000 $ 100,000
----------- -----------
Tooling $ 2,248,000 $ 25,000
----------- -----------
Leased Equipment $ 884,000 $ 25,000
----------- -----------
----------- -----------
Total $12,148,000 $ 150,000
=========== ===========
Furniture & Fixtures -
Miscelleneous items $ 789,000 $ 25,000
----------- -----------
----------- -----------
----------- -----------
----------- -----------
Total $ 789,000 $ 25,000
=========== ===========
Office Equipment -
Equipment $ 39,000 $ 0
----------- -----------
Software $ 422,000 $ 0
----------- -----------
Computer Hardware $ 5,889,000 $ 50,000
----------- -----------
Total $ 6,350,000 $ 50,000
=========== ===========
Leasehold Improvements -
Various locations $ 58,000 $ 0
----------- -----------
----------- -----------
----------- -----------
----------- -----------
Total $ 58,000 $ 0
=========== ===========
Vehicles -
1988 Chevrolet Van $ 15,000 $ 2,500
----------- -----------
----------- -----------
----------- -----------
----------- -----------
Total $ 15,000 $ 2,500
=========== ===========
Schedule E
Pre-Petition Liabilities
Claimed Allowed
List Total Claims For Each Classification - Amount Amount (b)
----------- -----------
Secured claims (a) $ 245,738 $ 245,738
----------- -----------
Priority claims other than taxes unknown
----------- -----------
Priority tax claims unknown
----------- -----------
General unsecured claims $28,613,499 $28,613,499
----------- -----------
</TABLE>
(a) List total amount of claims even if under secured.
(b) Estimated amount of claim to be allowed after compromise or
litigation. As an example, you are a defendant in a lawsuit allegin
of $10,000,000 and a proof of claim is filed in that amount. You
believe that you can settle the case for a claim of $3,000,000
Schedule E reporting purposes you should list $10,000,000 as the
Claimed Amount and $3,000,000 as the Allowed Amount.
Schedule F
Rental Income Information
Not Applicable to General Business Cases.
<PAGE> 7
STATEMENT OF OPERATIONS
(General Business Case)
For the Month Ended 10/31/97
$_______________
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Current Month
- ------------------------------------------- Cumulative Next Month
Actual Forecast Variance (Case to Date) Forecast
- ----------- ---------- ----------- ------------ ----------
Revenues
$979,128 $795,000 $184,128 1 Gross Sales $3,573,642 $600,000
- ----------- ---------- ----------- ------------ ----------
($160,000) ($50,000) ($110,000) 2 less: Sales Returns & Allowances ($160,000) $0
- ----------- ---------- ----------- ------------ ----------
$819,128 $745,000 $74,128 3 Net Sales $3,413,642 $600,000
- ----------- ---------- ----------- ------------ ----------
$585,677 $532,675 $53,002 4 less: Cost of Goods Sold (Schedule 'B') $2,560,021 $429,000
- ----------- ---------- ----------- ------------ ----------
$233,451 $212,325 $21,126 5 Gross Profit $853,621 $171,000
- ----------- ---------- ----------- ------------ ----------
$0 6 Interest
- ----------- ---------- ----------- ------------ ----------
7 Other Income:
$0 8
- ----------- ---------- ----------- ------------------------------------------------ ------------ ----------
$0 9
- ----------- ---------- ----------- ------------------------------------------------ ------------ ----------
$233,451 $212,325 $21,126 10 Total Revenues $853,621 $171,000
- ----------- ---------- ----------- ------------ ----------
Expenses
$48,075 $38,500 ($9,575) 11 Compensation to Owner(s)/Officer(s) $191,995 $32,276
- ----------- ---------- ----------- ------------ ----------
$188,915 $183,000 ($5,915) 12 Salaries/Commissions $756,837 $146,224
- ----------- ---------- ----------- ------------ ----------
$0 13 Management Fees
- ----------- ---------- ----------- ------------ ----------
$25,000 $25,000 $0 14 Depreciation $100,000 $5,000
- ----------- ---------- ----------- ------------ ----------
$0 15 Taxes:
- ----------- ---------- ----------- ------------ ----------
$15,760 $16,500 $740 16 Employer Payroll Taxes $62,029 $16,500
- ----------- ---------- ----------- ------------ ----------
$0 17 Real Property Taxes
- ----------- ---------- ----------- ------------ ----------
$0 18 Other Taxes
- ----------- ---------- ----------- ------------ ----------
$0 19 Other Selling
- ----------- ---------- ----------- ------------ ----------
$124,250 $127,500 $3,250 20 Other Administrative $517,951 $100,000
- ----------- ---------- ----------- ------------ ----------
$0 $0 $0 21 Interest $0 $0
- ----------- ---------- ----------- ------------ ----------
22 Other Expenses:
- ----------- ---------- ----------- ------------ ----------
23 Misc
- ----------- ---------- ----------- ------------------------------------------------ ------------ ----------
$0 24
- ----------- ---------- ----------- ------------------------------------------------ ------------ ----------
$0 25
- ----------- ---------- ----------- ------------------------------------------------ ------------ ----------
$0 26
- ----------- ---------- ----------- ------------------------------------------------ ------------ ----------
$0 27
- ----------- ---------- ----------- ------------------------------------------------ ------------ ----------
$0 28
- ----------- ---------- ----------- ------------------------------------------------ ------------ ----------
$0 29
- ----------- ---------- ----------- ------------------------------------------------ ------------ ----------
$0 30
- ----------- ---------- ----------- ------------------------------------------------ ------------ ----------
$402,000 $390,500 ($11,500) 31 Total Expenses $1,628,812 $300,000
- ----------- ---------- ----------- ------------ ----------
($168,549) ($178,175) $9,626 32 Subtotal ($775,191) ($129,000)
- ----------- ---------- ----------- ------------ ----------
Reorganization Items
$0 $0 $0 33 Professional Fees $0 $0
- ----------- ---------- ----------- ------------ ----------
$0 34 Provisions for Rejected Executory Contracts
- ----------- ---------- ----------- ------------ ----------
Interest Earned on Accumulated Cash
$2,214 ($2,214) 35 Resulting from Chp 11 Case $2,214 $2,250
- ----------- ---------- ----------- ------------ ----------
$0 36 Gain or (Loss) from Sale of Equipment
- ----------- ---------- ----------- ------------ ----------
$0 37
- ----------- ---------- ----------- ------------------------------------------------ ------------ ----------
$0 38
- ----------- ---------- ----------- ------------------------------------------------ ------------ ----------
($2,214) $0 $2,214 39 Total Reorganization Items ($2,214) ($2,250)
- ----------- ---------- ----------- ------------ ----------
($166,335) ($178,175) $11,840 40 Net Profit (Loss) Before Federal & State Taxes ($772,977) ($126,750)
- ----------- ---------- ----------- ------------ ----------
$0 41 Federal & State Income Taxes
- ----------- ---------- ----------- ------------ ----------
($166,335) ($178,175) $11,840 42 Net Profit (Loss) ($772,977) ($126,750)
- ----------- ---------- ----------- ------------ ----------
Explanation of Variance to Statement of Operations
(For variances greater than +/- 10% only)
Line 1 Revenue Revenue higher than forecast due to ramping up of main distributor.
Line 2 Returns and Allowances Returns and allowances being higher than forecast relates to increased shipments to distributor.
Line 11/12 Compensation Higher than forecast due to October being a 5 week month vs flat monthly rate used in forecast.
Line 33 Professional Fees Operation results exclude any professional fees accrued for the cost of bankruptcy.
Line 34 Interest Earned Interest on Estate Investment accounts
</TABLE>
<PAGE> 8
Effective 1/1/95
SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS
(General Business Case)
For the Month Ended October 31, 1997
<TABLE>
<S> <C>
Cash Balance Beginning of Month $136,959
------------
Cash Receipts (1) $1,705,288 (2)
------------
Cash Disbursements (1) $676,008
------------
Excess (Deficiency) of Receipts Over Disbursements $1,029,280
------------
Cash Balance End of Month $1,166,239
============
</TABLE>
Recapitulation of Funds Held at End of Month
- --------------------------------------------
<TABLE>
<CAPTION>
Account 1 Account 2 Account 3 Account 4
-------------- --------------- ---------------- ------------------
<S> <C> <C> <C> <C>
Bank Wells Fargo Bank of America Bank of America Bank of America
-------------- --------------- ---------------- ------------------
Account Type Checking Investment #1 Investment #2 Checking
-------------- --------------- ---------------- ------------------
-------------- --------------- ---------------- ------------------
Account No. 4091-390302 15810-21069 15810-21073 15814-14194
-------------- --------------- ---------------- ------------------
Account Purpose Main operating Estate Proceeds (Estate Proceeds (operating account
-------------- --------------- ---------------- ------------------
Balance, End of Month $42,519 $1,018,193 $50,084 $55,443
-------------- --------------- ---------------- ------------------
Total Funds on Hand for all Accounts $1,166,239
==============
</TABLE>
(1) Excluding bank transfers between your accounts.
(2) Includes proceeds from sale of assets. Investment acct #1 for Farrington
Ltd and Investment acct #2 for PTG deposit.
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