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
October 30, 1998
(Date of report)
SYNCRONYS SOFTCORP
(Exact name of registrant as specified in its charter)
Nevada 0-25736
(State or other jurisdiction of incorporation) (Commission file number)
33-0653223
(I.R.S. Employer Identification No.)
3958 Ince Boulevard
Culver City, California 90232
(Address of principal executive offices and zip code)
(310) 842-9203
(Registrant telephone number)
This Form 8-K consists of 9 pages
Page 1 of 9
Item 5. Other Events.
On October 15, 1998 Syncronys Softcorp filed its third Monthly Interim
Statement and Debtor in Possession Operating Report for the period: September
1, 1998 through September 30, 1998. Reports details listed under Item 7
following this item.
Page 2 of
Item 7. Financial Statements and Exhibits.
Office of the United States Trustee
In re: Debtor in Possession Interim Statement
Syncronys Softcorp Statement Number: 3
Debtor For the period From: 1-Sep-98
Chapter 11 Case No: LA98-38413VZ To: 30-Sep-98
CASH ACTIVITY ANALYSIS (Cash Basis Only) General Payroll Tax
Account Account Account
A. Total Receipts per all Prior
Interim Statements $173,732.60 79,100.00 100.00
B. Less: Total Disbursements per all
Prior statements 160,912.63 78,482.40 0
C. Beginning Balance (A less B) 12,819.97 617.60 100.00
D. Receipts during Current Period See separate sheet
TOTAL RECEIPTS THIS PERIOD: 8,932.53 16,500.00 0
E. Balance Available (C plus D) 21,752.50 17,117.60 100.00
F. Less Disbursements during Current Period
(Attach Separate Listing if Necessary)
Date Check No. Payee/Purpose
See separate sheet
TOTAL DISBURSEMENTS THIS PERIOD: 22,377.13 16,195.67 0
G. Ending Balance (E less F) $-624.63 $921.93 $100.00
H. (1) General Account:
(a) Depository Name and Location: B of A Customized Accounting Services #1581
345 Montgomery St., San Francisco, CA 94101
(b) Account Number: 15811 07930
(2) Payroll Account:
(a) Depository Name and Location: B of A Customized Accounting Services #1581
345 Montgomery St., San Francisco, CA 94101
(b) Account Number: 15817 07932
(3) Tax Account:
(a) Depository Name and Location: B of A Customized Accounting Services #1581
345 Montgomery St., San Francisco, CA 94101
(c) Account Number: 15817 07937
I. Other monies on hand (specify type and location) (i.e. Cert. Of Deposit)
$1,010 - CD, Bank of America 9453 Culver Bl. Culver City, CA 90232
I, Alan Hart, declare under penalty of perjury that the information contained in
the above Debtor in Possession Interim Statement is true and complete to the
best of my knowledge.
Dated: 10/15/1998 /s/Alan Hart
Accountant
Syncronys Softcorp
Debtor in Possession
Page 3 of 9
September 1, 1998 Through September 30, 1998 - Interim Statement
Bank Accounts
Date Type Description General Payroll Tax
Receipts
9/01/98 Deposit Misc. checks 152.04
9/03/98 Deposit On Line Sales 8/1/98 - 8/31/98 1,582.40
9/15/98 Deposit SoftKat A/R collection 5,651.90
9/16/98 Deposit ABCC A/R collection 1,071.75
9/17/98 Deposit On Line Sales - Visa / MC 474.44
9/18/98 Deposit Secured Loan 16,500.00
Total Receipts this period 8,932.53 16,500.00
Disbursements
9/1/98 CK1053 S&J Maintenance -
Office Cleaning 250.00
9/4/98 CK1060 Walter Doyle - Advance 5,200.00
against expenses
9/9/98 CK1056 Corporate Planners -
Resident agent fees 344.80
9/9/98 CK1059 Walter Doyle - Advance 1,200.00
against expenses
9/10/98 CK1054 Walter Doyle - Advance 3,500.00
against expenses
9/10/98 ED Paychex Invoice -Aug/Sept 347.45
9/11/98 ED Paychex 401k invoice 107.00
9/15/98 CK1066 Cash - Misc. exp. 300.00
9/15/98 CK1067 Disclosure Incorporated -
Software license & freight 26.33
9/15/98 CK1071 Frontier Communication -
Telephone Bill 1,378.73
9/15/98 CK1072 Pacific Bell - Phone bill 431.18
9/16/98 CK1062 Ingram Gore 1,100.00
9/23/98 ED Aug 15, 1998 Payroll
Employee Direct Deposits 12,662.08
9/22/98 ED Aug 15, 1998 Payroll Taxes 3,079.14
9/25/98 CK1064 Walter Doyle - Advance 4,500.00
against expenses
9/25/98 CK1065 Walter Doyle - Advance 850.00
against expenses
9/30/98 CK1068 Blue Cross of CA -
Employee Health Insurance 416.44
9/30/98 CK1069 Blue Shield of CA -
Employee Dental plan 2,369.12
9/30/98 CK1076 IOS Capital - Equip. Lease 388.47
9/30/98 CK1077 UNUM Life Insurance -
Employee life insurance plan 35.16
9/30/98 CK1078 Vision Service Plan
Employee vision plan 86.90
Total Disbursements this period $22,377.13 $16,195.67 0
Page 4 of 9
Office of the United States Trustee
In re: Debtor in Possession Operating Report Page 1 of 3
Syncronys Softcorp Report Number: 3
Debtor For the period From: 1-Sep-98
Chapter 11 Case No: LA98-38413VZ To: 30-Sep-98
1. Profit and Loss Statement (Accrual Basis only)
A. Related to Business Operations:
Gross Sales $ 9,893
Less: Sales Returns and Discounts 0
Net Sales 9,893
Less: Cost of Goods Sold:
Beginning Inventory at Cost 26,321
Add: Purchases -4,611
Less: Ending Inventory at Cost 21,710
Cost of Goods Sold 4,611
Gross Profit 5,282
Other Operating Revenues: 0
Less: Operating Expenses:
Officer Compensation 0
Salaries and Wages - Other Employees 30,167
Total Salaries and Wages 30,167
Employee Benefits and Pensions 150
Payroll Taxes 1,316
Real Estate Taxes 185
Federal and State Income Tax 0
Total Taxes 1,501
Rent and Lease Exp(Real & Personal Prop)10,540
Interest Expense (Mortgage, Loan, etc.) 0
Insurance 146
Automobile Expense 0
Utilities (Gas, Elect, Water, Phone) 1,310
Depreciation and Amortization 465
Repairs and Maintenance 401
Advertising 495
Supplies, Office Expenses, copies, etc.) 273
Bad Debts 0
Miscellaneous Operating Expenses: 57,645 (see attached sheet)
Total Operating Expenses 103,093
Net Gain/Loss from Business Operations (97,811)
B. Not Related to Business Operations:
Income:
Interest income 8
Other Non-Operating Revenue (Specify) 0
Gross Proceeds on Sale of Assets 0
Less: Original Cost of Assets plus
Expenses of Sale 0
Net Gain/Loss on Sale of Assets 0
Total Non-Operating Income 8
Expenses Not Related to Business Operations:
Legal and Professional Fees (Specify) 0
Other Non-Operating Expenses (Specify) 0
Total Non-Operating Expenses 0
NET INCOME/LOSS FOR PERIOD $(97,803)
Page 5 of 9
Syncronys Softcorp September 1998 Misc. Operating Expenses
Bank Charges 0.00
Consultants - G&A 25,000.00
Copier & Postage meter Lease 412.06
Corporate Fees 344.80
Courier 243.95
Dues and Subscriptions 0.00
Misc. Marketing Expenses 36.90
Misc. Office Expense 682.47
Misc. R&D 119.04
Payroll Service 347.45
Postage 0.00
Technical Support 4,618.58
Telephone 2,671.38
Temporary personnel 1,070.64
Web Site & Internet 897.30
Consultants - M&S 21,200.00
Total Misc. Operating Expenses $57,644.57
Page 6 of 9
Debtor in Possession Operating Report No: 3 Page 2 of 3
2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition
accounts payable):
Accounts Payable Accounts Receivable
Current Under 30 Days $82,997 $ 15,353
Overdue 31 - 60 Days 2,733 0
Overdue 61 - 90 Days 0 0
Overdue 91 - 120 Days 0 0
Overdue Over 121 Days 0 0
TOTAL $85,730 $ 15,353
3. Statement of Status of Payments to Secured Creditors and Lessors:
Creditor/Lessor Freq. Of Payments Amount of Next Post-Petition
Per Contract/Lease Each Payment Payment Payments Not Made
(i.e. mo., qtr.) Due Number Amount
IOS Capital mo $213.43 10/31/98
Pitney Bowes qtr 145.18 10/30/98
4. Tax Liability:
Gross Payroll Expense for Period: $30,167
Gross Sales for Period Subject to Sales Tax: $ 0
Date Paid Amount Paid Post Petition
Taxes Owed
Federal Payroll & Withholding
Taxes 9/23/98 $2,371 $ 2,371
State Payroll & Withholding
Taxes 9/23/98 708 708
State Sales & use Tax N/A N/A N/A
Real Property taxes N/A N/A N/A
5. Insurance Coverage: Carrier/ Amount of Policy Premium
Agent Coverage Exp Date Paid Through Date
Worker's Compensation ABD $1,000,000 10/20/98 7/15/98
Liability ABD 10,000,000 10/20/98 10/20/98
Fire & Extended Coverage ABD 1,000,000 10/20/98 10/20/98
Property ABD 200,000 10/20/98 10/20/98
Theft ABD 200,000 10/20/98 10/20/98
Life (Beneficiary): N/A
Vehicle ABD 30,000 10/20/98 10/20/98
Other (Specify):
D&O Excess ABD 2,500,000 10/27/98 9/18/98
D&O ABD 2,500,000 10/27/98 9/18/98
Page 7 of 9
Debtor in Possession Operating Report No: 3 Page 3 of 3
Questions:
A. Has the Debtor in Possession provided compensation to any officers,
directors, shareholders, or other principals without the approval of the
Office of the United States Trustee?
: yes Explain:
X : No
B. Has the Debtor in Possession, subsequent to the filing of the petition, made
any payments on its pre-petition unsecured debt, except as has been
authorized by the Court?
: yes Explain:
X : No
7. Statement of Unpaid Professional Fees (Post Petition Amounts Only)
Name of Professional State Type of Total Post
Professional Petition Amount
(Attorney/Accountant, etc.) Unpaid
Levene, Neale, Bender & Rankin BK Attorney $6,844.01
8. Narrative Report of Significant Events and Events out of the Ordinary Course
of Business: (Attach separate sheet if necessary)
N/A
9. Quarterly Fees; (This fee must be paid to the United States Trustee every
calendar quarter)
Quarterly Period Total Distribution Quarterly Date Amount Check Quarterly Fee
Ending for Quarter Fee Paid Paid No. Still Owing
Sept. 30, 1998 $198,968 $1,250 $1,250
I, Alan Hart, declare under penalty of perjury that the information contained
in the above Debtor in Possession Operating Report is true and complete to the
best of my knowledge.
Dated: 10/15/98 /s/Alan Hart
Accountant
Syncronys Softcorp
Debtor in Possession
Page 8 of 9
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.
SYNCRONYS SOFTCORP
(Registrant)
Date: October 30, 1998 By: /S/ Walter D. Doyle
Walter D. Doyle
President/CEO
Page 9 of 9
