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
March 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 March 15, 1999 Syncronys Softcorp filed its eighth Monthly Interim
Statement and Debtor in Possession Operating Report for the period: February
1,1999 through February 28, 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: 8
Debtor For the period From: 1-Feb-99
Chapter 11 Case No: LA98-38413VZ To: 28-Feb-99
CASH ACTIVITY ANALYSIS (Cash Basis Only) General Payroll Tax
Account Account Account
A. Total Receipts per all Prior
Interim Statements $415,680.26 170,837.23 100.00
B. Less: Total Disbursements per all
Prior statements 411,889.51 170,702.11 90.00
C. Beginning Balance (A less B) 3,790.75 135.12 10.00
D. Receipts during Current Period See separate sheet
TOTAL RECEIPTS THIS PERIOD: 331,015.00 21,400.00 0
E. Balance Available (C plus D) 334,805.75 21,535.12 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: 70,373.15 21,447.39 0
G. Ending Balance (E less F) $264,432.60 $87.73 $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: 3/15/99
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
02/01/99 Deposit Digital River & Misc. Sales 740.14
02/02/99 Deposit Secured Loan 10,000.00
02/05/99 Deposit Misc. Sales 85.17
02/09/99 Deposit Secured Loan 10,000.00
02/11/99 Xfer Transfer to Payroll Account 10,700.00
02/16/99 Deposit Secured Loan 30,000.00
02/17/99 Deposit Misc. Sales and Vendor Refunds 109.53
02/22/99 Deposit Secured Loan 100,000.00
02/22/99 Deposit Misc. Sales and Vendor refund 95.16
02/25/99 Xfer Transfer to Payroll Account 10,700.00
02/25/99 Deposit Secured Loan 5,000.00
02/25/99 Deposit Secured Loan 7,000.00
02/25/99 Deposit Secured Loan 8,000.00
02/25/99 Deposit Secured Loan 120,000.00
02/26/99 Deposit Secured Loan 9,985.00
02/26/99 Deposit Secured Loan 30,000.00
Total Receipts this period 331,015.00 21,400.00
Less Transfers between accounts 21,400.00
Net Deposit 331,015.00 0.00
Disbursements
02/01/99 ED ADP Payroll processing Fee 34.75
02/01/99 CK1210 Brian Semler - March Rent 2,481.60
02/02/99 CK1211 Summitt Reprographics -Printing 326.48
02/03/99 CK1212 Nimbus MFG - Inventory Purchase 33.00
02/04/99 CK1213 Carl Kosnar - Consulting 2,000.00
02/05/99 CK1214 GTE California - Phone (ISDN) 436.91
02/11/99 Xfer Transfer to Payroll Account 10,700.00
02/11/99 CK1215 Carl Kosnar - Consulting 2,000.00
02/11/99 CK1216 Eddie Williams - Expense Reimbu. 525.00
02/12/99 ED Payroll Taxes 2,294.35
02/15/99 ED Payroll Net Amount 8,403.59
02/18/99 ED ADP Payroll Processing Fee 34.75
02/15/99 CK1217 Ingram Gore - Consulting 1,100.00
02/15/99 CK1218 VSP - Vision Plan Premium 95.36
02/15/99 CK1219 Smart & Final - Office Supplies 102.14
02/15/99 CK1220 Pacific Alarm - Alarm System 66.61
02/15/99 CK1221 Viking Office Products - Supplies 101.87
02/15/99 CK1222 Labor Ready - Temporary Service 155.36
02/15/99 CK1223 GTE - Phone Bill 1,110.89
02/15/99 CK1224 Frontier Comm. - Phone Bill 773.11
02/15/99 CK1225 Cyberverse - Web Page Hosting 324.80
02/15/99 CK1226 Jeff Brigeford - Expense Reimbu. 29.34
02/15/99 CK1227 Blue Shield - Health Insurance 671.75
02/15/99 CK1228 Blue Shield - Dental Plan 147.26
02/15/99 CK1229 Allstate Maintenance - Cleaning 150.00
02/15/98 CK1230 Alan Hart - Expense Reimbu. 118.00
Page 4 of 10
02/15/99 CK1231 Intuit - Tax Software 113.55
02/17/99 CK1232 Void
02/17/99 CK1233 US Postal Service - Postage 200.00
02/17/99 CK1234 Void 0.00
02/17/99 CK1235 Carl Kosnar - Consulting 4,000.00
02/17/99 CK1236 April Robertson - Consulting 1,000.00
02/17/99 CK1237 Walter Doyle - Advance against
Expenses 5,000.00
02/17/99 CK1238 Levene, Neale, Bender & Rankin
BK Attorney - Retainer 15,000.00
02/22/99 CK1239 Daniel Taylor - Consulting 5,000.00
02/24/99 CK1240 Blue Shield - Group Insurance 671.75
02/24/99 CK1241 City of LA Muni. Services-Power 437.62
02/24/99 CK1242 Cybervese - Web Page Hosting 324.80
02/24/99 CK1243 DHL - Courier Service 68.39
02/24/99 CK1244 GTE - Phone Bill 1,032.07
02/24/99 CK1245 GTE - ISDN Line 552.19
02/24/99 CK1246 IOS Capital - Copier Lease 446.56
02/24/99 CK1247 Pacific Alarm - Alarm Service 35.00
02/24/99 CK1248 Kelly Services - Temp Service 1,308.56
02/24/99 CK1249 Pitney Bowes - Postage Meter
Lease 170.19
02/24/99 CK1250 Pitney Bowes - Postage Meter -
Relocation to new office 75.00
02/24/99 CK1251 Smart & Final - Office Supplies 302.03
02/24/99 CK1252 Southwestern Bell - Phone Bill 126.55
02/24/99 CK1253 Viking Office Products - Supplies 151.82
02/25/99 Xfer Transfer to Payroll Account 10,700.00
02/25/99 CK1254 City Clerk - City of Los Angeles
Business Taxes - Renewal (1999) 110.86
02/26/99 ED Payroll Taxes 2,275.20
02/28/99 ED Payroll Net Amount 8,404.75
Total Disbursement this period $70,373.15 21,447.39 0.0
Less transfers between accounts 21,400.00 0.00 0.0
Net Disbursements this period 48,973.15 21,447.39 0.0
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: 8
Debtor For the period From: 1-Feb-99
Chapter 11 Case No: LA98-38413VZ To: 28-Feb-99
1. Profit and Loss Statement (Accrual Basis only)
A. Related to Business Operations:
Gross Sales $23,501
Less: Sales Returns and Discounts 0
Net Sales 23,501
Less: Cost of Goods Sold:
Beginning Inventory at Cost 21,210
Add: Purchases 33
Less: Ending Inventory at Cost 21,210
Cost of Goods Sold 33
Gross Profit 23,468
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 842
Payroll Taxes 1,628
Real Estate Taxes 0
Federal and State Income Tax 0
Total Taxes 1,628
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) 297
Depreciation and Amortization 465
Repairs and Maintenance 150
Advertising 0
Supplies, Office Expenses, copies, etc.) 472
Bad Debts 0
Miscellaneous Operating Expenses: 15,091 (see attached sheet)
Total Operating Expenses 41,177
Net Gain/Loss from Business Operations (17,709)
B. Not Related to Business Operations:
Income:
Interest income 2
Other Non-Operating Revenue -Refunds 13,089
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 13,091
Expenses Not Related to Business Operations:
Legal and Professional Fees - Legal, BK Attorney 7,261
Other Non-Operating Expenses (Specify) 0
Total Non-Operating Expenses 0
NET INCOME/LOSS FOR PERIOD $(11,879)
Page 6 of 10
Syncronys Softcorp February 1999 Misc. Operating Expenses
Bank Charges 89
Business License 111
Consultants - G&A 9,000
Consultants - M&S 2,200
Copier & Postage meter lease 223
Corporate Fees 0
Courier 68
Dues and Subscriptions 0
Misc. Marketing Expenses 0
Misc. R&D 0
Payroll Service - fees 70
Postage 131
Press releases 525
Telephone 678
Temporary personnel 1,119
Web Site & Internet 877
Total Misc. Operating Expenses $15,091
Page 7 of 10
Debtor in Possession Operating Report No: 8 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 $3,301 $ 0
Overdue 31 - 60 Days 0 0
Overdue 61 - 90 Days 0 2,155
Overdue 91 - 120 Days 0 0
Overdue Over 121 Days 0 0
TOTAL $3,301 $ 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 $213.43 4/09/99
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 2/15/99 $1,752
Taxes 2/28/99 1,752 0
State Payroll & Withholding 2/15/99 543
Taxes 2/28/99 523 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: 8 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 $16,298
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: 3/15/99
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: March 30, 1999 By: /S/ Walter D. Doyle
Walter D. Doyle
President/CEO
Page 10 of 10
