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Previous: QUEST HEALTH CARE FUND VII LP, NT 10-Q, 1997-08-15 |
Next: TGC INDUSTRIES INC, SC 13D, 1997-08-15 |
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
Date of Report (Date of earliest event reported): August 15, 1997
MID-AMERICAN WASTE SYSTEMS, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 1-10727 31-1161917
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1006 Walnut Street, Canal Winchester, Ohio 43110
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (614) 833-9155
N/A
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
Attached hereto is a summary of the monthly
operating report (the "Monthly Operating Report") filed
by Mid-American Waste Systems, Inc. (the "Company") with
the United States Bankruptcy Court for the District of
Delaware and the United States trustee for the month
ending May 31, 1997 and the month ending June 30, 1997
pursuant to section 704(8) of the United States
Bankruptcy Code.
Item 7. Financial Statements, Pro Forma Financial
Information, and Exhibits.
(c) Exhibits
99.1 Summary of Monthly Operating Report
for the month ending May 31, 1997.
99.2 Summary of Monthly Operating Report
for the month ending June 30, 1997.
Signatures
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Company has duly caused this
report to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: August 15, 1997
MID-AMERICAN WASTE SYSTEMS, INC.
By: /s/ Donald H. Barry
_____________________________
Donald H. Barry
Chief Financial Officer
EXHIBIT INDEX
Exhibits
99.1 Summary of Monthly Operating Report for
the month ending May 31, 1997.
99.2 Summary of Monthly Operating Report for
the month ending June 30, 1997.
Exhibit 99.1
Balance Sheet
April 30, 1997 May 31, 1997
-------------- ------------
Assets
Cash 158,884,202 158,956,494
Accounts Receivable (net) 877,420 --
Inventory -- --
Notes Receivable 9,215,747 5,010,677
Prepaid Expenses -- --
Other -- --
--
Total Current Assets 168,977,369 163,967,171
Property, Plant, and Equipment -- --
Less Accumulated Depreciation -- --
Net Property, Plant, and Equipment -- --
Due from Affiliates and Insiders -- --
Intangibles -- --
Other 36,172,389 35,081,788
Total Assets 205,149,758 199,048,958
Post-petition Liabilities
Accounts Payable 510,850 334,793
Taxes Payable -- --
Notes Payable -- --
Professional Fees -- --
Secured Debt -- --
Due to Affiliates and Insiders -- --
Other 51,874,910 51,840,997
Total Post-petition Liabilities 52,385,760 52,175,790
Pre-petition Liabilities
Secured Debt 2,888,280 3,328,078
Priority Debt -- --
Unsecured Debt 245,770,956 245,474,891
Other -- --
Total Pre-petition Liabilities 248,659,236 248,802,969
Total Liabilities 301,044,996 300,978,759
Owners Pre-petition Equity -191,603,142 -190,603,142
Post-petition Cumulative Profit (Loss) 95,707,904 89,673,342
Total Equity (Deficit) -95,895,238 -101,929,801
Total Liabilities and Owners Equity 205,149,758 199,048,958
Income Statement
Month Ended
April 30, 1997 May 31, 1997
-------------- ------------
Total Revenues -- --
Revenue Reductions -- --
Net Revenues -- --
Officer/Insider Compensation
Wages/Salaries 535,917 35,917
Payroll Taxes 8,341 1,191
Rent and Lease Expense -- --
Insurance -- --
Depreciation/Depletion/Amortization -- --
General and Administrative 515,153 827,830
Other -- --
Total Operating Expenses 1,059,411 864,939
Operating Income -1,059,411 -864,939
Other Income 94,701,050 1,450,845
Interest Expense -533,037 -2,186,134
Net Other Income and Expense 94,168,013 -735,290
Net Profit (Loss) 93,108,602 -1,600,228
Exhibit 99.2
Balance Sheet
<TABLE>
<CAPTION>
April 30, 1997 May 31, 1997 June 30, 1997
-------------- ------------ -------------
<S> <C> <C> <C>
Assets
Cash 158,884,202 158,956,494 161,055,577
Accounts Receivable (net) 877,420 -- --
Inventory -- -- --
Notes Receivable 9,215,747 5,010,677 7,743,967
Prepaid Expenses -- -- --
Other -- -- --
-- --
Total Current Assets 168,977,369 163,967,171 168,799,545
Property, Plant, and Equipment -- -- --
Less Accumulated Depreciation -- -- --
Net Property, Plant, and Equipment -- -- --
Due from Affiliates and Insiders -- -- --
Intangibles -- -- --
Other 36,172,389 35,081,788 32,830,245
Total Assets 205,149,758 199,048,958 201,629,790
Post-petition Liabilities
Accounts Payable 510,850 334,793 408,861
Taxes Payable -- -- --
Notes Payable -- -- --
Professional Fees -- -- --
Secured Debt -- -- --
Due to Affiliates and Insiders -- -- --
Other -- 2,186,134 2,698,134
Total Post-petition Liabilities 510,850 2,520,927 3,106,995
Pre-petition Liabilities
Secured Debt 2,888,280 3,328,078 3,328,078
Priority Debt -- -- --
Unsecured Debt 245,770,956 245,474,891 245,324,465
Other 51,874,910 49,654,863 51,087,806
Total Pre-petition Liabilities 300,534,146 298,457,832 299,740,349
Total Liabilities 301,044,996 300,978,759 302,847,344
Owners Pre-petition Equity -191,603,142 -190,603,142 -191,603,142
Post-petition Cumulative 95,707,904 89,673,342 90,385,588
Profit (Loss)
Total Equity (Deficit) -95,895,238 -101,929,801 -101,217,554
Total Liabilities and Owners 205,149,758 199,048,958 201,629,790
Equity
</TABLE>
Income Statement
<TABLE>
<CAPTION>
Month Ended
April 30, 1997 May 31, 1997 June 30, 1997
-------------- ------------ -------------
<S> <C> <C> <C>
Total Revenues -- -- --
Revenue Reductions -- -- --
Net Revenues -- -- --
Officer/Insider Compensation
Wages/Salaries 535,917 35,917 171,834
Payroll Taxes 8,341 1,191 678
Rent and Lease Expense -- -- --
Insurance -- -- --
Depreciation/Depletion/Amortization -- -- --
General and Administrative 515,153 827,830 1,437,004
Other -- -- --
Total Operating Expenses 1,059,411 864,939 1,609,516
Operating Income -1,059,411 -864,939 -1,609,516
Other Income 94,701,050 1,450,845 2,833,763
Interest Expense -533,037 -2,186,134 -512,000
Net Other Income and Expense 94,168,013 -735,290 2,321,763
Net Profit (Loss) 93,108,602 -1,600,228 712,246
</TABLE>
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