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
January 29, 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 January 15, 1999 Syncronys Softcorp filed its sixth Monthly Interim
Statement and Debtor in Possession Operating Report for the period: December
1, 1998 through December 31, 1998. 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: 6
Debtor For the period From: 1-Dec-98
Chapter 11 Case No: LA98-38413VZ To: 31-Dec-98
CASH ACTIVITY ANALYSIS (Cash Basis Only) General Payroll Tax
Account Account Account
A. Total Receipts per all Prior
Interim Statements $349,372.87 117,900.00 100.00
B. Less: Total Disbursements per all
Prior statements 352,738.82 117,839.06 0
C. Beginning Balance (A less B) (3,365.95) 60.94 100.00
D. Receipts during Current Period See separate sheet
TOTAL RECEIPTS THIS PERIOD: 34,616.33 12,600.00 0
E. Balance Available (C plus D) 31,250.38 12,660.94 100.00
F. Less Disbursements during Current Period
(Attach Separate Listing if Necessary)
Date Check No. Payee/Purpose
See separate sheet
TOTAL DISBURSEMENTS THIS PERIOD: 23,601.40 21,474.40 0
G. Ending Balance (E less F) $7,648.98 $(8,813.46) $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)
$1,015 - 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: 1/15/1999 /s/Walter D. Doyle /s/Alan Hart
President / CEO Accountant
Syncronys Softcorp Syncronys Softcorp
Debtor in Possession Debtor in Possession
Page 3 of 10
December 1, 1998 Through December 31, 1998 - Interim Statement
Bank Accounts
Date Type Description General Payroll Tax
Receipts
12/03/98 Deposit Secured Loan 10,000.00
12/07/98 Deposit Misc. Sales 85.73
12/09/98 Deposit Disgital River & Misc. Sales 775.37
12/11/98 Deposit Secured Loan 15,000.00
12/11/98 Xfer Transfer to Payroll Account 1,400.00
12/14/98 Xfer Transfer to Payroll Account 9,000.00
12/16/98 Reverse Void O/S CK1002 from July 1998 50.00
12/16/98 Deposit IRS Refund - Payroll Taxes 577.12
12/23/98 Deposit Misc. Sales 99.82
12/28/98 Deposit Disgital River On Line Sales 828.29
12/31/98 Deposit Secured Loan 7,200.00
12/31/98 Deposit Secured Loan 2,200.00
Total Receipts this period 34,616.33 12,600.00
Less Transfers between accounts 10,400.00
Net Deposit 34,616.33 2,200.00
Disbursements
12/02/98 DR ADP Payroll Service Fee 36.50
12/03/98 CK1160 City of LA - Alarm Permit 31.00
12/03/98 CK1161 City of LA - Business License 110.86
12/04/98 CK1162 Dori Calderon - Last ck (net) 279.85
12/08/98 CK1163 Blue Shield - Health Insurance 92.34
12/08/98 CK1164 Budgetel Comm. Phone installer 906.58
12/08/98 CK1165 Frontier Comm. - Phone service 1,156.43
12/08/98 CK1166 Poster Compliance Service
Employer Posters - Office 34.35
12/08/98 CK1167 Smart & Final - A/P 408.89
12/08/98 CK1168 Southwestern Bell - Phone 130.58
12/08/98 CK1169 Viking Office Products -Office
Supplies 22.97
12/08/98 CK1170 NCH - Nevada Resident Agent fee 97.00
12/08/98 CK1171 Network Solutions - Internet
domain fees 70.00
12/09/98 CK1172 Jeff Bridgeford - Expense reimb. 132.37
12/11/98 Xfer Transfer to payroll account 1,400.00
12/14/98 Xfer Transfer to payroll account 9,000.00
12/14/98 Payroll Payroll Taxes 1,289.63
12/15/98 Payroll Payroll Net Amount 8,937.51
12/15/98 ED ADP Payroll Service Fee 36.50
12/15/98 CK1173 Ingram Gore - consulting 1,100.00
12/16/98 CK1174 Carl Kosnar - consulting 1,500.00
12/17/98 CK1175 Alan Hart - Bonus 1,500.00
12/17/98 CK1176 Jeff Bridgeford - Bonus 1,000.00
12/17/98 CK1177 Marlene Burke - Bonus 250.00
12/17/98 CK1178 Ingram Gore - Bonus 500.00
12/18/98 CK1179 EDD - Payroll Taxes 76.19
12/18/98 CK1180 US Treasury - Payroll Taxes 223.28
Page 4 of 10
12/21/98 CK1181 Bob's Cleaning Service - Office 185.00
12/21/98 CK1182 Cyberverse - Internet Service 374.80
12/21/98 CK1183 GTE California - Phone service 472.60
12/21/98 CK1184 IOS Capital - Copier Lease 223.28
12/21/98 CK1185 Kelly Services - A/P temp serv. 1,070.64
12/21/98 CK1186 Vision Service Plan - Vision Ins. 64.60
12/28/98 ED Bank Account Analysis Fee 74.00
12/30/98 ED ADP Payroll Service Fee 38.25
12/31/98 CK1187 Ingram Gore - consulting 1,100.00
12/31/98 Payroll Payroll Taxes 2,198.49
12/31/98 Payroll Payroll Net Amount 8,937.52
Total Disbursement this period $23,601.40 21,474.40
Less transfers between accounts 10,400.00
Net Disbursements this period 13,201.40 21,474.40 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: 6
Debtor For the period From: 1-Dec-98
Chapter 11 Case No: LA98-38413VZ To: 31-Dec-98
1. Profit and Loss Statement (Accrual Basis only)
A. Related to Business Operations:
Gross Sales $ 2,839
Less: Sales Returns and Discounts 0
Net Sales 2,839
Less: Cost of Goods Sold:
Beginning Inventory at Cost 21,710
Add: Purchases
Less: Ending Inventory at Cost 21,210
Cost of Goods Sold 500
Gross Profit 2,339
Other Operating Revenues: 0
Less: Operating Expenses:
Officer Compensation 0
Salaries and Wages - Other Employees 25,362
Total Salaries and Wages 25,362
Employee Benefits and Pensions 381
Payroll Taxes 493
Real Estate Taxes 0
Federal and State Income Tax 0
Total Taxes 493
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) 220
Depreciation and Amortization 465
Repairs and Maintenance 56
Advertising 0
Supplies, Office Expenses, copies, etc.) 458
Bad Debts 0
Miscellaneous Operating Expenses: 10,215 (see attached sheet)
Total Operating Expenses 40,132
Net Gain/Loss from Business Operations (37,793)
B. Not Related to Business Operations:
Income:
Interest income 0
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 0
Expenses Not Related to Business Operations:
Legal and Professional Fees - Legal, BK Attorney 0
Other Non-Operating Expenses (Specify) 0
Total Non-Operating Expenses 0
NET INCOME/LOSS FOR PERIOD $(37,793)
Page 6 of 10
Syncronys Softcorp December 1998 Misc. Operating Expenses
Bank Charges 74
Consultants - G&A 1,500
Consultants - M&S 2,700
Copier & Postage meter lease 393
Corporate Fees 97
Courier 169
Dues and Subscriptions 0
Misc. Marketing Expenses 0
Misc. R&D 0
Moving expense 185
Payroll Service - fees 111
Postage 0
Technical Support 0
Telephone 2,636
Temporary personnel 1,796
Web Site & Internet 554
Total Misc. Operating Expenses $10,215
Page 7 of 10
Debtor in Possession Operating Report No: 6 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 $9,332 $ 500
Overdue 31 - 60 Days 185 4,287
Overdue 61 - 90 Days 155 4,979
Overdue 91 - 120 Days 0 0
Overdue Over 121 Days 0 0
TOTAL $9,672 $ 9,766
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 1/31/99
4. Tax Liability:
Gross Payroll Expense for Period: $25,362
Gross Sales for Period Subject to Sales Tax: $ 0
Date Paid Amount Paid Post Petition
Taxes Owed
Federal Payroll & Withholding 12/14/98 $ 848
Taxes 12/30/98 $1,621 0
State Payroll & Withholding 12/14/98 442
Taxes 12/30/98 577 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: 6 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 $13,671
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 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: 1/15/1999 /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: January 29, 1998 By: /S/ Walter D. Doyle
Walter D. Doyle
President/CEO
Page 10 of 10
