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
June 30, 1999
(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 June 15, 1999 Syncronys Softcorp filed its eleventh Monthly Interim
Statement and Debtor in Possession Operating Report for the period: May 1,
1999 through May 31, 1998.
Reports details listed under Item 7 following this item.
Page 2 of 10
Office of the United States Trustee
In re: Debtor in Possession Interim Statement
Syncronys Softcorp Statement Number: 11
Debtor For the period From: 1-May-99
Chapter 11 Case No: LA98-38413VZ To: 31-May-99
CASH ACTIVITY ANALYSIS (Cash Basis Only) General Payroll Tax
Account Account Account
A. Total Receipts per all Prior
Interim Statements $851,376.70 235,037.23 100.00
B. Less: Total Disbursements per all
Prior statements 674,154.25 234,830.21 90.00
C. Beginning Balance (A less B) 177,222.45 207.02 10.00
D. Receipts during Current Period See separate sheet
TOTAL RECEIPTS THIS PERIOD: 830.78 20,700.00 0
E. Balance Available (C plus D) 178,053.23 20,907.02 10.00
F. Less Disbursements during Current Period
(Attach Separate Listing if Necessary)
Date Check No. Payee/Purpose
See separate sheet
TOTAL DISBURSEMENTS THIS PERIOD: 138,915.08 20,871.58 0
G. Ending Balance (E less F) $39,138.15 $35.44 $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 - BK Attorney Client Trust Account American Bus. Bank
Account # 1205080 Amount as of May 31, 1999: $67,759.65
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: 6/15/99
Walter D. Doyle 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
05/11/99 Deposit Misc. Sales & Deposit Refund 237.55
05/13/99 Xfer Transfer to Payroll Account 10,700.00
05/20/99 Deposit Misc. Sales 29.99
05/27/99 Xfer Transfer to Payroll Account 10,000.00
05/27/99 Deposit Misc. Sales 563.24
Total Receipts this period 830.78 20,700.00 0.00
Less Transfers between accounts 0.00 20,700.00 0.00
Net Deposit 830.78 0.00 0.00
Disbursements
05/02/99 CK1319 Stream International -
Admin.Claim-settlement in full 25,000.00
05/03/99 CK1320 Brian Semler - Rent - May 1999 2,481.60
05/03/99 CK1321 US Treasury - FUTA Tax 77.44
05/04/99 CK1322 DTC - Subscription 1,700.00
05/04/99 CK1323 Secretary of State - Annual fee 85.00
05/05/99 ED ADP Payroll Processing Fee 34.75
05/05/99 CK1324 IOS Capital - Copier Lease 213.43
05/05/99 CK1325 Southwestern Bell - Phone 131.61
05/07/99 CK1326 The Taurus Group - Expense
Reimbursement 5,000.00
05/10/99 CK1327 Carl Kosnar - Consulting 4,000.00
05/11/99 CK1328 The Money Show - Marketing 3,000.00
05/11/99 CK1329 Equivest Heritage Group -
Expense Reimbursement 20,000.00
05/12/99 CK1330 BK Attorney Trust Account 50,000.00
05/13/99 Xfer Transfer to Payroll Account 10,700.00
05/15/99 CK1331 Ingram Gore - Consulting 1,100.00
05/15/99 ED Payroll Taxes 2,186.86
05/15/99 ED Payroll Net Amount 8,443.58
05/17/99 CK1332 State Fund - Worker's Comp.
Insurance Premium 632.97
05/17/99 CK1333 Allstate Maintenance - Cleaning 150.00
05/17/99 CK1334 Blue Shield - Group Insurance 73.63
05/17/99 CK1335 Blue Shield - Group Insurance 671.75
05/17/99 CK1336 Budgetel Comm.- Phone Maintenance 132.50
05/17/99 CK1337 City of LA - Power 225.81
05/17/99 CK1338 Cyberverse - Web Page Hosting 344.80
05/17/99 CK1339 GTE - ISDN Line 325.55
05/17/99 CK1340 Kelly Services - Temp. Service 1,070.64
05/17/99 CK1341 Pacific Alarm - Alarm Service 35.00
05/17/99 CK1342 Southwestern Bell - Phone 172.00
05/17/99 CK1343 Viking Office Products - office
Supplies 225.99
Page 4 of 10
05/17/99 CK1344 VSP - Group Insurance 95.36
05/19/99 ED ADP Payroll Processing Fee 34.75
05/20/99 CK1345 US Postal Service - Postage 100.00
05/25/99 CK1346 FedEx - Overnight Package 70.00
05/27/99 Xfer Transfer to Payroll Account 10,000.00
05/29/99 ED Payroll Taxes 1,269.25
05/31/99 ED Payroll net Amount 8,902.39
05/31/99 CK1347 Ingram Gore - Consulting 1,100.00
Total Disbursement this period $138,915.08 20,871.58 0.00
Less transfers between accounts 70,700.00 0.00 0.00
Net Disbursements this period 68,215.08 20,871.58 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: 11
Debtor For the period From: 1-May-99
Chapter 11 Case No: LA98-38413VZ To: 31-May-99
1. Profit and Loss Statement (Accrual Basis only)
A. Related to Business Operations:
Gross Sales $ 683
Less: Sales Returns and Discounts 0
Net Sales 683
Less: Cost of Goods Sold:
Beginning Inventory at Cost 0
Add: Purchases
Less: Ending Inventory at Cost 0
Cost of Goods Sold 0
Gross Profit 683
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 745
Payroll Taxes 1,130
Real Estate Taxes 0
Federal and State Income Tax 0
Total Taxes 1,130
Rent and Lease Exp(Real & Personal Prop) 2,704
Interest Expense (Mortgage, Loan, etc.) 0
Insurance 633
Automobile Expense 0
Utilities (Gas, Elect, Water, Phone) 231
Depreciation and Amortization 465
Repairs and Maintenance 150
Advertising 3,000
Supplies, Office Expenses, copies, etc.) 237
Bad Debts 0
Miscellaneous Operating Expenses: 13,205 (see attached sheet)
Total Operating Expenses 42,250
Net Gain/Loss from Business Operations (41,567)
B. Not Related to Business Operations:
Income:
Interest income 101
Other Non-Operating Revenue -Misc. 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 101
Expenses Not Related to Business Operations:
Legal and Professional Fees - Legal, BK Attorney 7,000
Other Non-Operating Expenses (Specify) 0
Total Non-Operating Expenses 7,000
NET INCOME/LOSS FOR PERIOD $ (48,466)
Page 6 of 10
Syncronys Softcorp May 1999 Misc. Operating Expenses
Alarm Service 35
Bank Charges 0
Business License 0
Consultants - G&A 4,000
Consultants - M&S 2,200
Corporate Fees 85
Courier 79
Dues and Subscriptions 1,700
Misc. office Expenses 0
Payroll Service - fees 70
Postage 505
Press releases 0
Printing 1,323
Telephone 1,378
Temporary personnel 1,160
Web Site & Internet 670
Total Misc. Operating Expenses $13,205
Page 7 of 10
Debtor in Possession Operating Report No: 11 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 $4,073 $ 0
Overdue 31 - 60 Days 0 0
Overdue 61 - 90 Days 0 0
Overdue 91 - 120 Days 0 0
Overdue Over 121 Days 0 0
TOTAL $4,073 $ 0
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 6/09/99
Brian Semler mo $2,481.60 6/01/99
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 5/15/99 $1,752
Taxes 5/31/99 834 0
State Payroll & Withholding 5/15/99 435
Taxes 5/31/99 435 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 10/20/99
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: 11 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 $45,871
8. Narrative Report of Significant Events and Events out of the Ordinary Course
of Business: (Attach separate sheet if necessary)
On May 12, 1999 Syncronys Softcorp filed its first Amended Disclosure Statement
and Plan of Reorganization.
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
March 31, 1999 249,357 1,250 04/29/99 1,250 1317 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: 6/15/99
Walter D. Doyle 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: June 30, 1999 By: /S/ Walter D. Doyle
Walter D. Doyle
President/CEO
Page 10 of 10
