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
February 25, 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.)
13465 Beach Avenue
Marina del Rey, CA 90292
(Address of principal executive offices and zip code)
(310) 823-9513
(Registrant telephone number)
This Form 8-K consists of 10 pages
Page 1 of 10
Item 5. Other Events.
On February 10, 1999 Syncronys Softcorp filed its seventh Monthly Interim
Statement and Debtor in Possession Operating Report for the period: January 1,
1999 through January 31, 1999. Reports details listed under Item 7 following
this item.
Page 2 of 10
Item 7. Financial Statements and Exhibits.
Office of the United States Trustee
In re: Debtor in Possession Interim Statement
Syncronys Softcorp Statement Number: 7
Debtor For the period From: 1-Jan-99
Chapter 11 Case No: LA98-38413VZ To: 31-Jan-99
CASH ACTIVITY ANALYSIS (Cash Basis Only) General Payroll Tax
Account Account Account
A. Total Receipts per all Prior
Interim Statements $383,989.20 130,500.00 100.00
B. Less: Total Disbursements per all
Prior statements 376.340.22 139,313.46 0
C. Beginning Balance (A less B) 7,648.98 (8,813.46) 100.00
D. Receipts during Current Period See separate sheet
TOTAL RECEIPTS THIS PERIOD: 31,691.06 40,337.23 0
E. Balance Available (C plus D) 39,340.04 31,523.77 100.00
F. Less Disbursements during Current Period
(Attach Separate Listing if Necessary)
Date Check No. Payee/Purpose
See separate sheet
TOTAL DISBURSEMENTS THIS PERIOD: 35,549.29 31,388.65 90.00
G. Ending Balance (E less F) $3,790.75 $135.12 $10.00
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 - None
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: 2/10/99
/s/Walter D. Doyle /s/Alan Hart
President / CEO Accountant
Syncronys Softcorp Syncronys Softcorp
Debtor in Possession Debtor in Possession
Page 3 of 10
Bank Accounts
Date Type Description General Payroll Tax
Receipts
01/04/99 Xfer Transfer to Payroll Account 8,800.00
01/04/99 Xfer Transfer to Payroll Account 90.00
01/04/99 Deposit A/R Collections & Misc. Sales 1,179.61
01/05/99 Deposit A/R Collections & Misc. Sales 2,041.44
01/06/99 Deposit Secured Loan 1,000.00
01/12/99 Deposit Redemption of CD 1,023.07
01/13/99 Deposit A/R Collections 5,747.23
01/14/99 Deposit Secured Loan 2,600.00
01/15/99 Deposit Misc. Sales 14.94
01/20/99 Deposit Secured Loan 12,400.00
01/21/99 Xfer Transfer to General Account 9,700.00
01/21/99 Deposit A/R Collections 16,732.00
01/27/99 Xfer Transfer to Payroll Account 10,700.00
Total Receipts this period 31,691.06 40,337.23
Less Transfers between accounts 9,700.00 19,590.00
Net Deposit 21,991.06 20,747.23
Disbursements
01/04/99 Xfer Transfer to Payroll Account 8,800.00
01/04/99 Xfer Transfer to Payroll Account 90.00
01/05/99 CK1188 Void
01/05/99 CK1189 Brian Semler - January Rent 2,481.60
01/06/99 CK1190 Carl Kosnar - Consulting 2,000.00
01/06/99 CK1191 Carl Kosnar - Consulting 2,000.00
01/07/99 CK1192 Southwestern Bell - Phone Bill 130.58
01/07/99 CK1193 Southwestern Bell - Phone Bill 130.58
01/13/99 DR ADP Payroll Service Fee-W2 Forms 6.00
01/14/99 ED Payroll Taxes for Jan, 15, 1999 2,557.82
01/15/99 CK1194 Void
01/15/99 CK1195 Gore - Consulting 1,100.00
01/15/99 Payroll Payroll net Amount 8,392.13
01/15/99 ED ADP Payroll Service Fee 34.75
01/20/99 CK1196 Frontier Communications 1,038.03
01/21/99 Xfer Transfer to General Account 9,700.00
01/21/99 CK1197 Kelly Serv.-A/P - Temp. Serv. 1,249.08
01/21/99 CK1198 Pacific Alarm - A/P - Alam Serv 150.00
01/21/99 CK1199 Blue Shield - Health Insurance 553.36
01/21/99 CK1200 Allstate Maint. - Office Cleaning 56.00
01/21/99 CK1201 Cyberverse - A/P - Internet Serv. 324.80
01/21/99 CK1202 City of LA Municipal Serv- Power 313.00
01/22/99 CK1203 Staples - Inventory (Paper) 5.08
01/25/99 CK1204 Cash - Nimbus MFG - Inventory 507.00
01/25/99 ED Bank Analysis Fee for Dec. 1998 137.74
01/27/99 Xfer Transfer to Payroll Account 10,700.00
Page 4 of 10
01/29/99 CK1205 Office of US Trustee - Qtr Fees 1,250.00
01/29/99 ED Payroll Taxes for Jan. 31, 1999 2,305.81
01/31/99 Payroll Payroll net Amount 8,392.14
01/31/99 CK1206 GTE - Phone Bill 1,239.35
01/31/99 CK1207 IOS Capital - Copier lease 223.28
01/31/99 CK1208 Smart & Final - Office Supplies 59.81
01/31/99 CK1209 Gore - Customer Serv-Consulting 1,100.00
Total Disbursement this period $35,549.29 31,388.65 90.00
Less transfers between accounts 19,500.00 9,700.00 90.00
Net Disbursements this period 16,049.29 21,688.65 0.00
Page 5 of 10
Office of the United States Trustee
In re: Debtor in Possession Operating Report Page 1 of 3
Syncronys Softcorp Report Number: 7
Debtor For the period From: 1-Jan-99
Chapter 11 Case No: LA98-38413VZ To: 31-Jan-99
1. Profit and Loss Statement (Accrual Basis only)
A. Related to Business Operations:
Gross Sales $16,873
Less: Sales Returns and Discounts 0
Net Sales 16,873
Less: Cost of Goods Sold:
Beginning Inventory at Cost 21,210
Add: Purchases 721
Less: Ending Inventory at Cost 21,210
Cost of Goods Sold 721
Gross Profit 16,152
Other Operating Revenues: 0
Less: Operating Expenses:
Officer Compensation 0
Salaries and Wages - Other Employees 19,750
Total Salaries and Wages 19,750
Employee Benefits and Pensions 719
Payroll Taxes 1,898
Real Estate Taxes 0
Federal and State Income Tax 0
Total Taxes 1,898
Rent and Lease Exp(Real & Personal Prop) 2,482
Interest Expense (Mortgage, Loan, etc.) 0
Insurance 0
Automobile Expense 0
Utilities (Gas, Elect, Water, Phone) 472
Depreciation and Amortization 465
Repairs and Maintenance 150
Advertising 0
Supplies, Office Expenses, copies, etc.) 352
Bad Debts 0
Miscellaneous Operating Expenses: 11,603 (see attached sheet)
Total Operating Expenses 37,891
Net Gain/Loss from Business Operations (21,739)
B. Not Related to Business Operations:
Income:
Interest income 8
Other Non-Operating Revenue -Refunds 1,541
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 1,549
Expenses Not Related to Business Operations:
Legal and Professional Fees - Legal, BK Attorney 3,345
Other Non-Operating Expenses (Specify) 0
Total Non-Operating Expenses 0
NET INCOME/LOSS FOR PERIOD $(23,535)
Page 6 of 10
Syncronys Softcorp January 1999 Misc. Operating Expenses
Bank Charges 156
Consultants - G&A 4,000
Consultants - M&S 2,200
Copier & Postage meter lease 223
Corporate Fees 1,250
Courier 82
Dues and Subscriptions 0
Misc. Marketing Expenses 0
Misc. R&D 0
Moving expense 0
Payroll Service - fees 41
Postage 75
Technical Support 0
Telephone 1,922
Temporary personnel 892
Web Site & Internet 762
Total Misc. Operating Expenses $11,603
Page 7 of 10
Debtor in Possession Operating Report No: 7 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 $7,468 $ 0
Overdue 31 - 60 Days 534 2,155
Overdue 61 - 90 Days 0 0
Overdue 91 - 120 Days 0 0
Overdue Over 121 Days 0 0
TOTAL $8,002 $ 2,155
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 $223.28 2/28/99
4. Tax Liability:
Gross Payroll Expense for Period: $19,750
Gross Sales for Period Subject to Sales Tax: $ 0
Date Paid Amount Paid Post Petition
Taxes Owed
Federal Payroll & Withholding 1/15/99 $1,823
Taxes 1/31/99 1,767 0
State Payroll & Withholding 1/15/99 735
Taxes 1/31/99 539 0
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 Paid
Agent Coverage Exp Date Through Date
Worker's Compensation ISU Bob Gabriel $1,000,000 10/20/99 7/15/99
Liability Same 2,000,000 11/20/99 11/20/99
Fire & Extended Coverage Same 50,000 11/20/99 11/20/99
Property Same 50,000 11/20/99 11/20/99
Theft Same 50,000 11/20/99 11/20/99
Life (Beneficiary): N/A
Vehicle N/A
Other (Specify):
Page 8 of 10
Debtor in Possession Operating Report No: 7 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 $16,690
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 10/29/98 $1,250 1117 0
Dec. 31, 1998 204,986 1,250 01/29/99 1,250 1205 0
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: 2/10/99
/s/Walter D. Doyle /s/Alan Hart
President / CEO Accountant
Syncronys Softcorp Syncronys Softcorp
Debtor in Possession Debtor in Possession
Page 9 of 10
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: February 25, 1998 By: /S/ Walter D. Doyle
Walter D. Doyle
President/CEO
Page 10 of 10
