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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) September 22, 1999
- --------------------------------------------------------------------------------
PSI INDUSTRIES, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 0-29802 59-2736501
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission File (IRS Employer
or incorporation) Number) Identification No.)
1160 B South Rogers Circle, Boca Raton, FL 33487
- --------------------------------------------------------------------------------
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (561) 997-1133
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 2. Disposition of Assets.
- ------- ----------------------
As previously reported by PSI Industries, Inc., on July 29, 1999, the
Company filed in the United States Bankruptcy Court for the Southern District of
Florida, West Palm Beach Division (the "Bankruptcy Court"), Bankruptcy Case No.
99-33737-BKC, a voluntary petition for relief under Chapter 11 of the United
States Bankruptcy Code. On January 10, 2000 an order granting the Company's
motion for authorization to sell assets free and clear of claims, liens,
interests and encumbrances was granted by the Bankruptcy Court.
On February 3, 2000, pursuant to an Asset Purchase Agreement, the
Company sold substantially all of its assets to M Group USA, Inc. ("Buyer") for
$1,178,500 on an as is, where is basis, with no representations or warranties,
either express or implied. The assets include, but are not limited to, the
following: all purchase orders selected by Buyer, in its sole discretion,
relating to the manufacture, sale, distribution, and related activities,
including, but not limited to, the Message Camera and Smile lime camera business
(the "Camera Business"); all goodwill, books, records, machinery, equipment,
assignable leases for personal property and any agreements relating to the
Camera Business.
Item 5. Other Events.
- ------- -------------
In accordance with its Chapter 11 reporting obligations, the Company
filed monthly operating reports for the months ended August, September, October,
November and December 1999 with the Office of the U.S. Trustee and the
Bankruptcy Court.
In accordance with Securities Exchange Act Release No. 9660 (June 30,
1972), Rule 12b- 21 under the Securities Exchange Act of 1934 (the "Exchange
Act"), and the Securities and Exchange Commission's related no-action
correspondence, the Company is herewith filing copies of the Company's
consolidated monthly financial reports (the "Reports") filed with the Court and
the United States Trustee (the "Trustee") in accordance with Bankruptcy Rule
2015 and the Trustee's "Operating Guidelines and Financial Reporting
Requirements" in lieu of quarterly and annual reports under Section 13(a) of the
Exchange Act.
Accordingly, attached to this Current Report as Exhibits 99.1, 99.2,
99.3, 99.4 and 99.5 are copies of the Reports for the Debtor for the month of
August 1999, which was filed with the Court and the Trustee on September 22,
1999, for the month of September 1999, which was filed with the Court and the
Trustee on October 20, 1999, for the month of October 1999, which was filed with
the Court and the Trustee on November 18, 1999, for the month of November 1999,
which was filed with the Court and the Trustee on December 23, 1999 and for the
month of December 1999, which was filed with the Court and the Trustee on
January 26, 2000.
Item 7. Financial Statements and Exhibits.
- ------- ----------------------------------
<TABLE>
<CAPTION>
The following exhibits are filed with this report:
Exhibit No. Title
----------- -----
<S> <C> <C>
99.1 Debtor's Monthly Financial Report for the period July 29, 1999 to
August 31, 1999, which was filed with the Court
on September 23, 1999.
99.2 Debtor's Monthly Financial Report for the period September 1, 1999
to September 30, 1999, which was filed with the Court on October 20,
1999.
99.3 Debtor's Monthly Financial Report for the period October 1, 1999 to
October 31, 1999, which was filed with the Court on November 18,
1999.
99.4 Debtor's Monthly Financial Report for the period November 1, 1999 to
November 30, 1999, which was filed with the Court on December 23,
1999.
99.5 Debtor's Monthly Financial Report for the period December 1, 1999
to December 31, 1999, which was filed with the Court on
January 26, 2000.
</TABLE>
2
<PAGE>
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 hereunto duly authorized.
PSI INDUSTRIES, INC.
By: /s/ Barry Shear
-----------------------------
Barry Shear, Acting President
Dated: February 11, 2000
3
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF FLORIDA
WEST PALM BEACH DIVISION
CASE NO. 99-33737-BKC-SHF
CHAPTER 11
IN RE:
PSI INDUSTRIES, INC.
Debtor
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)
FOR THE PERIOD FROM JULY 29, 1999 TO AUGUST 31, 1999
----------------------------------------------------
COMES NOW the above-named Debtor and files its periodic report in
accordance with the Guidelines established by the United States Trustee and FRBP
2015.
I HEREBY CERTIFY that a true and correct copy of the foregoing and
attached report was furnished by mail this 22nd day of September, 1999, to the
Assistant U.S. Trustee's Office, 51 SW First Avenue, Miami, FL 33130.
KLUGER, PERETZ, KAPLAN & BERLIN, P.A.
Attorneys for Debtor
Miami Center, Seventeenth Floor
201 So. Biscayne Blvd.
Miami, Florida 33131
Telephone: (305) 379-9000
Facsimile: (305) 379-3428
Debtor's Address:
and Phone Number:
By: /s/ Michael D. Seese
------------------------
MICHAEL D. SEESE
PSI INDUSTRIES, INC. Fla. Bar No. 997323
1160 B South Rogers Circle
Boca Raton, FL 33487
561/997-1133
<PAGE>
<TABLE>
<CAPTION>
MONTHLY FINANCIAL REPORT FOR BUSINESS
FOR THE PERIOD BEGINNING JULY 29, 1999 AND ENDING AUGUST 31, 1999
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Date of Petition : JULY 29, 1999
CURRENT MONTH * CUMULATIVE PETITION TO DATE
------------------------- ---------------------------
<S> <C> <C>
1. CASH AT BEGINNING OF PERIOD 0 0
2. RECEIPTS:
A. Cash Sales
Less : Cash Refunds
Net Cash Sales
B. Collection on Post petition A/R 15,130.69 15,130.69
C. Collection on Prepetition A/R 732,318.31 732,318.31
D. Other Receipts (See Attached List) 249,550.61 249,550.61
------------------------- ------------------------
3. TOTAL RECEIPTS 996,999.61 996,999.61
------------------------- ------------------------
4. TOTAL CASH AVAILABLE FOR OPERATIONS (Line1 +Line 3) 996,999.61 996,999.61
5. DISBURSEMENTS
A. U.S.Trustee Quarterly Fees
B. Net Payroll 53,002.08 53,002.08
C. Payroll Taxes Paid 17,145.10 17,145.10
D. Sales and Use Taxes
E. Other Taxes
F. Rent
G. Other Leases (Attachment 3)
H. Telephone
I. Utilities 3,607.64 3,607.64
J. Travel & Entertainment 4,215.71 4,215.71
k. Vehicle Expenses
L. Office Supplies 511.54 511.54
M. Advertising
N. Insurance (Attachment 7) 38,574.21 38,574.21
O. Purchases of Fixed Assets
P. Purchases of Inventory
Q. Manufacturing Supplies
R. Repairs and Maintence 150.00 150.00
S. Payments to Secured Creditors 804,126.00 804,126.00
T. Other Operating Expenses 70,798.37 70,798.37
------------------------- ------------------------
6. TOTAL CASH DISBURSEMENTS 992,130.65 992,130.65
------------------------- ------------------------
7. ENDING CASH BALANCE (Line 4-Line 6) 4,868.96 4,868.96
========================= ========================
</TABLE>
I declare under penalty of perjury that this statement and the
accompanying documents and reports are true and correct to the best of my
knowledge and belief
This 20th day of September, 1999. /s/ Barry Shear
---------------
*Includes 7/29/99 to 7/31/99
<PAGE>
<TABLE>
<CAPTION>
MONTHLY FINANCIAL REPORT FOR BUSINESS
FOR THE PERIOD BEGINNING JULY 29, 1999 AND ENDING AUGUST 31, 1999
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Date of Petition : JULY 29, 1999
OTHER RECEIPTS
<S> <C>
Advances from LaSalle National Bank 192,917.46
Insurance claim refund 2,390.00
Refund from vendors (telephone,suppliers etc) 534.17
Deposits from customers 13,528.98
Cobra payment from former employee 180.00
Refund from Silverman/korenthal & Co retainer 40,000.00
-----------------------
Total 249,550.61
=======================
OTHER OPERATING EXPENSES
Fees and expenses for designated DIP 44,000.00
Mortgage 5,673.00
Equipment rental 6,194.02
Payroll service 214.75
Freight out 8,757.22
Postage 879.57
Product development 133.81
Product packaging 4,721.00
Computer expenses 225.00
=======================
Total 70,798.37
=======================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 1
MONTHLY ACCOUNTS RECEIVABLE AGING AND RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning JULY 29. 1999 and ending AUGUST 31, 1999
ACCOUNTS RECEIVABLE AT PETITION DATE: 4,043,420.00
ACCOUNTS RECEIVABLE RECONCILIATION:
<S> <C>
Beginning of Month Balance 4,043,420.00
PLUS: Current Month New Billings 15,446.00
LESS: Collection During the Month 747,449.00
LESS: Adjustments 3,634.00
-------------------------
End of Month Balance 3,307,783.00
=========================
</TABLE>
<TABLE>
<CAPTION>
AGING:
0-30 DAYS 31-60 DAYS 61-90 DAYS OVER 90 DAYS TOTAL
<S> <C> <C> <C> <C> <C>
(10,297) 519,707 183,464 2,614,909 3,307,783
======================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 2
MONTHLY ACCOUNTS PAYABLE AND SECURED PAYMENTS REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning JULY 29. 1999 and ending AUGUST 31, 1999
Listed below are all invoices or bills incurred and not paid since the filing of
the petition. Amounts owed prior to filing the petition are not included.
Date Incured Days Outstanding Vendor Description Amount
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
08/01/1999 0 First Choice Bldg Maint Repair & Maintenance 291.50
08/16/1999 5 A.S.A.P Pest Control Repair & Maintenance 65.00
08/10/1999 11 Advanced Modular Sys Equipment Rental 159.00
07/30/1999 17 American Freight Freight 233.60
08/11/1999 5 Federal Express Postage 12.75
08/18/1999 0 Federal Express Postage 25.00
07/30/1999 25 Global Financial Press Stationary & Printing 80.56
08/12/1999 4 Evaco Financial Printing Stationary & Printing 300.61
08/30/1999 1 Rob Cohen Product Development 136.00
---------------
1,304.02
===============
ACCOUNTS PAYABLE RECONCILIATION (Post Petition Only):
Opening Balance (total from prior report) 0.00
PLUS: New Indebtedness Incurred This Month 192,661.49
LESS: Amount Paid on Prior Accounts Payable (191,357.47)
---------------
Ending Month Balance 1,304.02
===============
</TABLE>
SECURED: List the status of Payments to Secured Creditors and Lessors
(Post Petition Only)
<TABLE>
<CAPTION>
Total Amount of
Number of Post Petition Post Petition
Secured Creditor/Lessor Date Payment Due Payment Amount Payments Delinquent Payments Delinquent
<S> <C> <C> <C> <C>
LaSalle National Bank N/A 804,126.00 N/A N/A
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 3
INVENTORY AND FIXED ASSETS REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning JULY 29. 1999 and ending AUGUST 31, 1999
<S> <C> <C>
INVENTORY REPORT
INJVENTORY BALANCE AT PETITION DATE: 1,552,250.00
==================
INVENTORY RECONCILITION:
Inventory Balance at Beginning of Month 1,552,250.00
Inventory Purchased During Month
Inventory Used or Sold 78.00
-----------------
Injventory On Hand at Ende of Month 1,552,172.00
=================
METHOD OF COSTING INVENTORY: The lower of cost determined on the average method or market.
FIXED ASSET REPORT
FIXED ASSETS FAIR MARKET VALUE AT PETITION DATE: 1,314,180.00
==================
BRIEF DESCRIPTION: Office/warehouse, office equipment, furnishings,machinery, fixtures, equipment
and supplies used in business.
FIXED ASSET RECONCILIATION:
Fixed Asset Value at Beginning of Month 1,314,180.00
LESS: Depreciation Expense 11,032.00
PLUS: New Purchases 0
--------------------
Ending Monthly Balance 1,303,148.00
====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 4
MONTHLY BANK ACCOUNT RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning JULY 29. 1999 and ending AUGUST 31, 1999
NAME OF BANK: La Salle National Bank
ACCOUNT NAME: PSI Industries, Inc.DIP- Operating Account
ACCOUNT NUMBER: 5800228008
PURPOSE OF ACCOUNT: Operating Account
<S> <C>
Beginning Balance 0.00
Total Deposits Made 192,917.46
Total Amount of Checks and Wire Transfers Written 191,357.47
Service Charges 1,559.99
--------------------
Closing Balance (0.00)
====================
Number of First Check Written this Period 30001
Number of Last Check Written this Period 30080
Number of Wire Transfers this Period 5
--------------------
Total Number of Checks and Wire Transfers Written this Period 85
====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 4
MONTHLY BANK ACCOUNT RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning JULY 29. 1999 and ending AUGUST 31, 1999
NAME OF BANK: Republic Security Bank
ACCOUNT NAME: PSI Industries, Inc. DIP Payroll Account
ACCOUNT NUMBER: 0123000602
PURPOSE OF ACCOUNT: Payroll Account
<S> <C>
Beginning Balance 0
Total Deposits Made 89,801.92
Total Amount of Payroll Checks Written 53,002.08
Total Amount of Payroll Taxes Paid * 17,145.10
Service Charges
--------------------
Closing Balance 19,654.74
====================
Number of First Manual Check Written this Period 1001
Number of Last Manual Check Written this Period 1046
Number of First Computer Generated Check Written this Period 30000
Number of Last Computer Generated Check Written this Period 30061
--------------------
Total Number of Checks Written this Period 108
====================
</TABLE>
* Payroll taxes are paid directly by Payroll Service Bureau out of checking
account
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 5
CHECK REGISTER-PAYROLL ACCOUNT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning JULY 29. 1999 and ending AUGUST 31, 1999
NAME OF BANK: Republic Security Bank
ACCOUNT NAME: PSI Industries, Inc. DIP Payroll Account
ACCOUNT NUMBER:0123000602
PURPOSE OF ACCOUNT: Payroll Account
Date Check Number Payee Purpose Amopunt
<S> <C> <C> <C> <C> <C> <C>
08/05/1999 1001 Michael Allen Pay Check 472.26
08/05/1999 1002 Lili Giacobbe Pay Check 498.20
08/05/1999 1003 Rosy Perez Pay Check 480.89
08/05/1999 1004 Ben Cohen Pay Check 2,540.16
08/05/1999 1005 Diane Kael Pay Check 429.40
08/05/1999 1006 Diane Kael Pay Check 429.40
08/05/1999 1007 George Efurt Pay Check 1,417.11
08/06/1999 1008 Ben Cohen Pay Check 4,367.03
08/06/1999 1009 George Efurt Pay Check 993.60
08/06/1999 1010 Allan Zindofsky Pay Check 876.39
08/06/1999 1011 Nancy Baker Pay Check 756.34
08/06/1999 1012 Mary Ellen Carter Pay Check 147.07
08/06/1999 1013 Rob Cohen Pay Check 730.59
1014 Void
08/06/1999 1015 Diane Zwack Pay Check 591.77
08/06/1999 1016 Lilian Sholkoff Pay Check 303.58
08/06/1999 1017 Lili Giacobbe Pay Check 498.20
08/06/1999 1018 Brian Faber Pay Check 561.04
08/06/1999 1019 Clerk of the Court Garnishment 93.60
08/06/1999 1020 Diane Kael Pay Check 429.46
08/06/1999 1021 Rose Graham Pay Check 511.68
08/06/1999 1022 Rosy Perez Pay Check 511.34
08/06/1999 1023 Lorne Robinson Pay Check 369.23
08/06/1999 1024 Michael Caruso Pay Check 338.30
08/06/1999 1025 Michael Allen Pay Check 472.26
08/06/1999 1026 Stephnie Baggs Pay Check 310.33
08/06/1999 1027 Saphira Cherenfant Pay Check 407.25
08/06/1999 1028 Justin Faber Pay Check 413.72
08/06/1999 1029 Paul Coppenrath Pay Check 621.54
08/06/1999 1030 Roger Fern Pay Check 143.78
08/06/1999 1031 Bryan Suppo Pay Check 97.66
08/06/1999 1032 Samuel Glatzer Pay Check 128.70
08/06/1999 1033 Michael Wood Pay Check 94.20
08/06/1999 1034 Patrick McCarthy Pay Check 249.30
1035 Void
08/06/1999 1036 Emily Harris Pay Check 611.26
08/06/1999 1037 Martin Epstein Pay Check 1,201.40
08/06/1999 1038 Gerald Blechner Pay Check 1,065.79
08/06/1999 1039 John Walsh Pay Check 258.59
08/06/1999 1040 Camilo Torres Pay Check 385.19
08/12/1999 1041 Sam Glatzer Pay Check 299.04
08/13/1999 1042 Michael Caruso Pay Check 275.94
08/13/1999 1043 Lilian Sholkoff Pay Check 305.58
08/17/1999 1044 Sam Napolitan Pay Check 401.88
08/20/1999 1045 Mary Ellen Carter Pay Check 237.96
08/20/1999 1046 Clerk of the Court Garnishment 93.60
<PAGE>
CHECK REGISTER-PAYROLL ACCOUNT
Date Check Number Payee Purpose Amopunt
08/13/1999 30000 Ben Cohen Pay Check 2,540.16
08/13/1999 30001 Martin Epstein Pay Check 1,201.40
08/13/1999 30002 Nancy Baker Pay Check 756.34
08/13/1999 30003 Mary Ellen Carter Pay Check 78.50
08/13/1999 30004 Rob Cohen Pay Check 730.59
08/13/1999 30005 Lawrence Rein Pay Check 121.91
08/13/1999 30006 Diane Zwack Pay Check 591.77
08/13/1999 30007 Lilian Sholkoff Pay Check 303.58
08/13/1999 30008 Lili Giacobbe Pay Check 498.20
08/13/1999 30009 Brian Faber Pay Check 561.04
08/13/1999 30010 Clerk of the Court Garnishment 93.60
08/13/1999 30011 Diane Kael Pay Check 429.46
08/13/1999 30012 Emily Cohen Pay Check 609.26
08/13/1999 30013 Rose Graham Pay Check 475.07
08/13/1999 30014 Rosy Perez Pay Check 480.89
08/13/1999 30015 Michael Caruso Pay Check 307.13
08/13/1999 30016 Michael Allen Pay Check 472.26
08/13/1999 30017 Saphira Cherenfant Pay Check 145.08
08/13/1999 30018 Paul Coppenrath Pay Check 621.54
08/13/1999 30019 Justin Faber Pay Check 123.87
08/13/1999 30020 Roger Fern Pay Check 115.84
08/13/1999 30021 Patrick McCarthy Pay Check 165.77
08/13/1999 30022 Bryan Suppo Pay Check 118.44
08/20/1999 30023 Ben Cohen Pay Check 2,450.16
08/20/1999 30024 Martin Epstein Pay Check 1,201.40
08/20/1999 30025 Nancy Baker Pay Check 756.34
08/20/1999 30026 Mary Ellen Carter Pay Check 162.54
08/20/1999 30027 Rob Cohen Pay Check 730.59
08/20/1999 30028 Diane Zwack Pay Check 591.77
08/20/1999 30029 Lilian Sholkoff Pay Check 303.58
08/20/1999 30030 Lili Giacobbe Pay Check 300.55
08/20/1999 30031 Brian Faber Pay Check 561.04
08/20/1999 30032 Clerk of the Court Garnishment 93.60
08/20/1999 30033 Diane Kael Pay Check 429.46
08/20/1999 30034 Emily Cohen Pay Check 609.26
08/20/1999 30035 Rose Graham Pay Check 475.07
08/20/1999 30036 Rosy Perez Pay Check 480.89
08/20/1999 30037 Michael Caruso Pay Check 223.99
08/20/1999 30038 Michael Allen Pay Check 472.26
08/20/1999 30039 Saphira Cherenfant Pay Check 139.26
08/20/1999 30040 Paul Copperrath Pay Check 621.54
08/20/1999 30041 Roger Fern Pay Check 153.64
08/20/1999 30042 Bryan Suppo Pay Check 114.29
08/27/1999 30043 Ben Cohen Pay Check 2,540.16
08/27/1999 30044 Martin Epstein Pay Check 1,201.40
08/27/1999 30045 Nancy Baker Pay Check 756.34
08/27/1999 30046 Mary Ellen Carter Pay Check 174.15
08/27/1999 30047 Rob Cohen Pay Check 730.59
08/27/1999 30048 Diane Zwack Pay Check 591.77
08/27/1999 30049 Lilian Sholkoff Pay Check 303.58
08/27/1999 30050 Brian Faber Pay Check 561.04
08/27/1999 30051 Clerk of the Court Garnishment 93.60
08/27/1999 30052 Diane Kael Pay Check 429.46
08/27/1999 30053 Emily Cohen Pay Check 609.26
08/27/1999 30054 Rose Graham Pay Check 161.09
08/27/1999 30055 Rosy Perez Pay Check 480.89
08/27/1999 30056 Michael Caruso Pay Check 307.13
08/27/1999 30057 Michael Allen Pay Check 472.26
08/27/1999 30058 Paul Coppenrath Pay Check 621.54
08/27/1999 30059 Roger Fern Pay Check 147.07
08/27/1999 30060 Patrick Peterson Pay Check 139.34
08/27/1999 30061 Bryan Suppo Pay Check 114.29
-----------------------
Total 53,002.08
=======================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 5
CHECK REGISTER-OPERATING ACCOUNT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning JULY 29. 1999 and ending AUGUST 31, 1999
NAME OF BANK: La Salle National Bank
ACCOUNT NAME: PSI Industries, Inc.DIP- Operating Account
ACCOUNT NUMBER: 5800228008
PURPOSE OF ACCOUNT: Operating Account
Date Check Number Payee Purpose Amount
<S> <C> <C> <C> <C> <C>
08/05/1999 30001 Silverman/Korenthal & Co Fees & expenses for DIP 11,000.00
30002 Void 0.00
30003 Void 0.00
30004 Void 0.00
30005 Void 0.00
30006 Void 0.00
30007 Void 0.00
08/12/1999 30008 Aetna U.S. Healthcare Health Insurance 2,910.17
08/12/1999 30009 HIP Health Plan of Florida Health Insurance 3,131.47
08/12/1999 30010 Protective Dental Care Dental Insurance 194.09
08/12/1999 30011 Florida Power & Light Utilities 3,010.00
08/12/1999 30012 Mellon United National Bank Mortgage 5,673.00
08/12/1999 30013 Canon Financial Services, Inc Equipment Rental 2,503.51
08/12/1999 30014 Primepay of Greater Orlando Payroll Service 118.40
08/12/1999 30015 DHL Worldwide Express Freight Out 3,054.10
08/13/1999 30016 U.S. Postmaster Postage 75.15
08/13/1999 30017 Multi Image Group Product Packaging 204.00
08/13/1999 30018 AFCO Insurance 9,916.41
30019 Void 0.00
08/13/1999 30020 AFCO Insurance 4,884.55
08/16/1999 30021 Nations Banc Leasing & Equip Equipment Rental 2,405.11
08/17/1999 30022 Walgreens Product Development 27.15
08/17/1999 30023 U.S. Postmaster Postage 181.36
08/17/1999 30024 Jefferson-Pilot Insurance Disability Insurance 384.75
08/17/1999 30025 Crystal Image Graphics Product Packaging 855.00
08/17/1999 30026 Nancy Baker Travel & Entertainment 2,302.65
08/17/1999 30027 Silverman/Korenthal & Co Fees & expenses for DIP 11,000.00
08/17/1999 30028 DHL Worldwide Express Freight Out 1,166.00
<PAGE>
CHECK REGISTER-OPERATING ACCOUNT
Date Check Number Payee Purpose Amount
08/18/1999 30029 Primepay of Greater Orlando Payroll Service 48.95
08/18/1999 30030 Crystal Image Graphics Product Packaging 1,421.00
08/19/1999 30031 DHL Worldwide Express Freight 1,166.00
08/19/1999 30032 Crystal Image Graphics Product Packaging 409.00
08/23/1999 30033 U.S. Postmaster Postage 84.81
08/23/1999 30034 Walgreens Product Development 26.14
08/23/1999 30035 Nancy Baker Office Supplies 14.31
08/23/1999 30036 DHL Worldwide Express Freight Out 1,166.00
30037 Void 0.00
30038 Void 0.00
08/24/1999 30039 Postage By Phone Postage 300.00
08/24/1999 30040 Crystal Image Graphics Product Packaging 355.00
30041 Void 0.00
30042 Void 0.00
08/24/1999 30043 Ben Cohen Travel & Entertainment 1,913.06
08/25/1999 30044 Federal Express Postage 13.50
30045 Void 0.00
30046 Void 0.00
08/25/1999 30047 Primepay of Greater Orlando Payroll Service 47.40
08/26/1999 30048 Federal Express Postage 13.50
08/26/1999 30049 Aetna U.S. Healthcare Health Insurance 2,910.17
30050 Void 0.00
08/26/1999 30051 Browning Ferris Industries Utilities 597.64
08/26/1999 30052 Jefferson-Pilot Insurance Disability Insurance 351.92
08/26/1999 30053 A.S.A.P. Pest Control Repairs & Maintenance 150.00
08/26/1999 30054 Western Atlanta Forms Stationary & Printing 497.23
08/26/1999 30055 Pinnacle Solutions, Ltd Computer Expense 225.00
08/26/1999 30056 Silverman/Korenthal & Co Fees & expenses for DIP 11,000.00
08/26/1999 30057 Federal Express Postage 55.50
08/26/1999 30058 AFCO Insurance 9,444.20
08/26/1999 30059 Danka Business Systems Equipment Rental 644.48
08/26/1999 30060 Mellon First United Leasing Equipment Rental 302.26
08/26/1999 30061 Xerox Corporation Equipment Rental 338.66
08/26/1999 30062 Crystal Image Graphics Product Packaging 672.00
08/27/1999 30063 Federal Express Postage 128.75
08/27/1999 30064 Health Plan of Florida Health Insurance 4,446.48
08/30/1999 30065 Federal Express Postage 13.50
08/30/1999 30066 DHL Worldwide Express Freight Out 1,166.00
30067 Void 0.00
30068 Void 0.00
30069 Void 0.00
30070 Void 0.00
30071 Void 0.00
30072 Void 0.00
30073 Void 0.00
08/30/1999 30074 Rob Cohen Product Development 68.00
08/30/1999 30075 Walgreens Product Development 12.52
08/30/1999 30076 Federal Express Postage 13.50
08/30/1999 30077 DHL Worldwide Express Freight Out 801.70
08/30/1999 30078 Silverman/Korenthal & Co Fees & expenses for DIP 11,000.00
08/30/1999 30079 Kruse Graphics Product Packaging 805.00
30080 Void 0.00
08/04/1999 Wire Transfer Republic National Bank Payroll 27,500.00
08/12/1999 Wire Transfer Republic National Bank Payroll 16,000.00
08/18/1999 Wire Transfer CF Motor Freight Freight Out 237.42
08/18/1999 Wire Transfer Republic National Bank Payroll 16,000.00
08/26/1999 Wire Transfer Republic National Bank Payroll 14,000.00
----------------
TOTAL 191,357.47
================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 6
MONTHLY TAX REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning JULY 29. 1999 and ending AUGUST 31, 1999
TAXES PAID DURING THE MONTH
Date Description Amount
<S> <C> <C> <C> <C>
08/06/1999 Payroll Taxes 6,360.22
08/13/1999 Payroll Taxes 3,749.80
08/20/1999 Payroll Taxes 3,592.16
08/27/1999 Payroll Taxes 3,442.92
---------------------
Total 17,145.10
=====================
</TABLE>
All payroll tax deposits are made and funded by a Payroll Service Bureau.
The Payroll Service Bureau is Prime Pay, 841 Douglas Avenue, Suite 101,
Altamonte Springs, Fl 32714
TAXES OWED AND DUE
All payroll tax deposits are made and funded by a Payroll Service Bureau.
The Payroll Service Bureau is Prime Pay, 841 Douglas Avenue, Suite 101,
Altamonte Springs, Fl 32714
<PAGE>
ATTACHMENT 7
SUMMARY OF OFFICER OR OWNER COMPENSATION
SUMMARY OF PERSONNEL AND INSURANCE COVERAGES
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning JULY 29. 1999 and ending AUGUST 31, 1999
Name of Officer or Owner Title Amount Paid
Ben Cohen President 16,975.00
Marty Epstein CFO 6,153.84
<TABLE>
<CAPTION>
PERSONNEL REPORT
Full Time Part Time
<S> <C> <C>
Number of employees at beginning of period 26 4
Number hired during the period 1
Number terminated or resigned during period 12 1
--------------------------------------------------
Number of employees on payroll at end of period 15 3
==================================================
</TABLE>
<TABLE>
<CAPTION>
CONFIRMATION OF INSURANCE
Carrier Agent & Phone Number Policy No Coverage Type Expiration Date Date Premiun Due
<S> <C> <C> <C> <C> <C>
Reliance Insurance Seitlin - 305-513-5989 BIND351191 Umbrella 05/04/2000 4th of ea. month
Fireman's Fund Seitlin - 305-513-5989 W 15 WZP 80796171 Worker's Comp 01/01/2000 Paid until audit
Gulf Insurance Co Seitlin - 305-513-5989 GA0431539 Dir. & Officers Lia 12/22/1999 22nd of ea. Mo.
Reliance Insurance Seitlin - 305-513-5989 BIND351192 Property/Gen Lia 05/04/2000 4th of ea. month
General Accident Seitlin - 305-513-5989 CZC443258 Ocean Cargo 05/04/2000 4th of ea. month
Aetna U.S.Health MBS Benefit Planning 954-489-0849 262606-058-00000 Health Insurance Perpetual 1st of ea. Month
Health Plan of Fl. MBS Benefit Planning 954-489-0849 2605217 000 Health Insurance Perpetual 1st of ea. Month
Health Plan of Fl. MBS Benefit Planning 954-489-0849 2605217 001 Health Insurance Perpetual 1st of ea. Month
Jefferson Pilot MBS Benefit Planning 954-489-0849 55335 Disability Perpetual 1st of ea. Month
Protective Dental Care MBS Benefit Planning 954-489-0849 218866 Dental Insurance Perpetual 10th of ea Month
</TABLE>
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF FLORIDA
WEST PALM BEACH DIVISION
CASE NO. 99-33737-BKC-SHF
CHAPTER 11
IN RE:
PSI INDUSTRIES, INC.
Debtor
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)
FOR THE PERIOD FROM SEPTEMBER 1, 1999 TO SEPTEMBER 30, 1999
-----------------------------------------------------------
COMES NOW the above-named Debtor and files its periodic report in
accordance with the Guidelines established by the United States Trustee and FRBP
2015.
I HEREBY CERTIFY that a true and correct copy of the foregoing and
attached report was furnished by mail this 20 day of October, 1999, to the
Assistant U.S. Trustee's Office, 51 SW First Avenue, Miami, FL 33130.
KLUGER, PERETZ, KAPLAN & BERLIN, P.A.
Attorneys for Debtor
Miami Center, Seventeenth Floor
201 So. Biscayne Blvd.
Miami, Florida 33131
Telephone: (305) 379-9000
Facsimile: (305) 379-3428
Debtor's Address:
and Phone Number:
By: /s/ Michael D. Seese
------------------------
MICHAEL D. SEESE
PSI INDUSTRIES, INC. Fla. Bar No. 997323
1160 B South Rogers Circle
Boca Raton, FL 33487
561/997-1133
<PAGE>
<TABLE>
<CAPTION>
MONTHLY FINANCIAL REPORT FOR BUSINESS
FOR THE PERIOD BEGIN9ING SEPTEMBER 1, 1999 AND ENDING SEPTEMBER 30, 1999
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Date of Petition : JULY 29, 1999
CURRENT MONTH CUMULATIVE PETITION TO DATE
--------------------- --------------------------
<S> <C> <C>
1. CASH AT BEGINNING OF PERIOD 13,387.32 Note 1 0
2. RECEIPTS:
A. Cash Sales
Less : Cash Refunds
Net Cash Sales
B. Collection on Post petition A/R 281,469.90 296,600.59
C. Collection on Prepetition A/R 184,019.10 916,337.41
D. Other Receipts (See Attached List) 190,870.55 456,723.08
----------------- -----------------------
3. TOTAL RECEIPTS 656,359.55 1,669,661.08
----------------- -----------------------
4. TOTAL CASH AVAILABLE FOR OPERATIONS (Line1 +Line 3) 669,746.87 1,669,661.08
5. DISBURSEMENTS
A. U.S.Trustee Quarterly Fees
B. Net Payroll 40,933.59 100,203.09 Note 2
C. Payroll Taxes Paid 10,956.62 28,101.72
D. Sales and Use Taxes
E. Other Taxes
F. Rent
G. Other Leases (Attachment 3)
H. Telephone 4,408.60 4,408.60
I. Utilities 2,053.46 5,661.10
J. Travel & Entertainment 410.50 4,626.21
k. Vehicle Expenses
L. Office Supplies 752.34 1,263.88
M. Advertising
N. Insurance (Attachment 7) 19,328.70 57,902.91
O. Purchases of Fixed Assets
P. Purchases of Inventory
Q. Manufacturing Supplies
R. Repairs and Maintence 3,868.22 4,018.22
S. Payments to Secured Creditors 474,367.98 1,284,166.98
T. Other Operating Expenses 85,169.75 151,811.26
----------------- -----------------------
6. TOTAL CASH DISBURSEMENTS 642,249.76 1,642,163.97
----------------- -----------------------
7. ENDING CASH BALANCE (Line 4-Line 6) 27,497.11 27,497.11
================= =======================
</TABLE>
I declare under penalty of perjury that this statement and the
accompanying documents and reports are true and correct to the best of my
knowledge and belief
This 18th day of October, 1999. /s/ Barry Shear
---------------
Note 1. Cash at the beginning of the period was increased by $8,518.36 due to a
transfer from pre petition payroll account to the post petition payroll account
not being recorded , bank service charges not being recorded and an error in the
addition of payroll checks written in August 1999:
Note 2. Cumulative petition to date net payroll was increased by $6,267.42 due
to an error in the addition of payroll checks written in August 1999.
<PAGE>
<TABLE>
<CAPTION>
MONTHLY FINANCIAL REPORT FOR BUSINESS
FOR THE PERIOD BEGINNING SEPTEMBER 1, 1999 AND ENDING SEPTEMBER 30, 1999
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Date of Petition : JULY 29, 1999
CURRENT MONTH CUMULATIVE PETITION TO DATE
----------------------- ------------------------------
OTHER RECEIPTS
<S> <C> <C>
Advances from LaSalle National Bank 187,664.57 380,582.03
Insurance claim refund 2,390.00
Refund from vendors (telephone,suppliers etc) 48.48 582.65
Transfer from pre petition payroll account 16,301.92 Note 3
Deposits from customers 3,157.50 16,686.48
Cobra payment from former employee 180.00
Refund from Silverman/Korenthal & Co retainer 40,000.00
-------------------- --------------------------
Total 190,870.55 456,723.08
==================== ==========================
OTHER OPERATING EXPENSES
Fees and expenses for designated DIP 38,000.00 82,000.00
Expense reimbursment 2,090.02 2,090.02
Equipment rental 3,668.07 9,862.09
Payroll service 338.40 553.15
Deposits to vendors 10,000.00 10,000.00
Freight out 4,532.87 13,290.09
Postage 1,020.70 1,900.27
Product development 336.66 470.47
Product packaging 589.50 5,310.50
Computer expenses 781.25 1,006.25
Customer refunds (post petition) 21,222.50 21,222.50
Security and protection 175.00 175.00
Packaging supplies 124.80 124.80
Bank service charges 2,289.98 3,806.12 Note 4
-------------------- --------------------------
Total 85,169.75 151,811.26
==================== ==========================
</TABLE>
Note 3. Cumulative petition to date other receipts was increased by
$16,301.92 due to a transfer of funds from pre pettition payroll account
to the post petition payroll account not being recorded.
Note 4. Cumulative petition to date bank service charges was increased by
$1,516.14 due to August bank service charges not being recorded.
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 1
MONTHLY ACCOUNTS RECEIVABLE AGING AND RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning SEPTEMBER 1, 1999 and ending SEPTEMBER 30, 1999
ACCOUNTS RECEIVABLE AT PETITION DATE: 4,043,420.00
ACCOUNTS RECEIVABLE RECONCILIATION:
<S> <C>
Beginning of Month Balance 3,307,783.00
PLUS: Current Month New Billings 317,414.00
LESS: Collection During the Month (465,489.00)
LESS: Adjustments (18,333.00)
------------------------------
End of Month Balance 3,141,375.00
==============================
</TABLE>
<TABLE>
<CAPTION>
AGING:
0-30 DAYS 31-60 DAYS 61-90 DAYS OVER 90 DAYS TOTAL
<S> <C> <C> <C> <C> <C>
28,229 (7,388) 360,099 2,760,435 3,141,375
===========================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 2
MONTHLY ACCOUNTS PAYABLE AND SECURED PAYMENTS REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning September 1, 1999 and ending September 31, 1999
Listed below are all invoices or bills incurred and not paid since the filing of
the petition. Amounts owed prior to filing the petition are not included.
Date Incured Days Outstanding Vendor Description Amount
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
09/24/1999 0 Florida Power & Light Utilities 1,472.14
09/01/1999 10 Canon Financial Svcs Equipment Rental 2,287.69
08/11/1999 35 Federal Express Postage 12.75
08/18/1999 28 Federal Express Postage 25.00
08/25/1999 21 Federal Express Postage 37.22
08/25/1999 21 Federal Express Postage 14.00
09/01/1999 15 Federal Express Postage 33.75
09/09/1999 6 Federal Express Postage 103.66
09/15/1999 0 Federal Express Postage 63.41
09/23/1999 0 Federal Express Postage 70.09
08/28/1999 22 UPS Postage & Freight 178.48
09/18/1999 2 UPS Postage & Freight 187.70
08/21/1999 30 UPS Postage & Freight 333.75
09/22/1999 0 Cybergate Computer Expense 107.70
09/24/1999 0 Saxon Business Sys. Equipment Rental 175.14
------------------
5,102.48
==================
ACCOUNTS PAYABLE RECONCILIATION (Post Petition Only):
Opening Balance (total from prior report) 1,304.02
PLUS: New Indebtedness Incurred This Month 189,173.05
LESS: Amount Paid on Prior Accounts Payable (185,374.59)
-------------------
Ending Month Balance 5,102.48
===================
</TABLE>
<TABLE>
<CAPTION>
SECURED: List the status of Payments to Secured Creditors and Lessors (Post Petition Only)
Number of Post Total Amount of
Petition Payments Post Petition
Secured Creditor/Lessor Date Payment Due Payment Amount Delinquent Payments Delinquent
<S> <C> <C> <C> <C>
LaSalle National Bank N/A 468,694.98 N/A N/A
Mellon United National Bank 09/16/1999 5,673.00 N/A N/A
-------------------------
Total 474,367.98
=========================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 3
INVENTORY AND FIXED ASSETS REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning September 1, 1999 and ending September 30, 1999
INVENTORY REPORT
<S> <C>
INVENTORY BALANCE AT PETITION DATE: 1,552,250.00
=================
INVENTORY RECONCILITION:
Inventory Balance at Beginning of Month 1,552,172.00
Inventory Purchased During Month 0
Inventory Used, Sold or Adjusted (738,939.00)
-----------------
Injventory On Hand at End of Month 813,233.00
=================
METHOD OF COSTING INVENTORY: The lower of cost determined on the average method or market.
FIXED ASSET REPORT
FIXED ASSETS FAIR MARKET VALUE AT PETITION DATE: 1,314,180.00
=================
BRIEF DESCRIPTION: Office/warehouse, office equipment, furnishings,machinery, fixtures, equipment
and supplies used in business.
FIXED ASSET RECONCILIATION:
Fixed Asset Value at Beginning of Month 1,303,148.00
LESS: Depreciation Expense (11,032.00)
PLUS: New Purchases 0
-----------------
Ending Monthly Balance 1,292,116.00
=================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 4
MONTHLY BANK ACCOUNT RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning September 1, 1999 and ending September 30, 1999
NAME OF BANK: La Salle National Bank
ACCOUNT NAME: PSI Industries, Inc.DIP- Operating Account
ACCOUNT NUMBER: 5800228008
PURPOSE OF ACCOUNT: Operating Account
<S> <C>
Beginning Balance 0.00
Total Deposits Made 187,664.57
Total Amount of Checks and Wire Transfers Written (185,374.59)
Service Charges (2,289.98)
-----------------
Closing Balance 0.00
=================
Number of First Check Written this Period 30081
Number of Last Check Written this Period 30173
Number of Wire Transfers this Period 6
-----------------
Total Number of Checks and Wire Transfers Written this Period 99
=================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 4
MONTHLY BANK ACCOUNT RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning SEPTEMBER 1, 1999 and ending SEPTEMBER 30, 1999
NAME OF BANK: Republic Security Bank
ACCOUNT NAME: PSI Industries, Inc. DIP Payroll Account
ACCOUNT NUMBER: 0123000602
PURPOSE OF ACCOUNT: Payroll Account
<S> <C>
Beginning Balance ** 13,387.32
Total Deposits Made 66,000.00
Total Amount of Payroll Checks Written (40,933.59)
Total Amount of Payroll Taxes Paid * (10,956.62)
Service Charges
---------------------------
Closing Balance 27,497.11
===========================
Number of First Manual Check Written this Period 1047
Number of Last Manual Check Written this Period 1049
Number of First Computer Generated Check Written this Period 30062
Number of Last Computer Generated Check Written this Period 30130
---------------------------
Total Number of Checks Written this Period 72
===========================
</TABLE>
* Payroll taxes are paid directly by Payroll Service Bureau out of checking
account ** Beginning balance was reduced by $6,267.42 due to an error in the
addition of the payroll checks written in the prior month.
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 5
CHECK REGISTER-OPERATING ACCOUNT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning SEPTEMBER 1, 1999 and ending SEPTEMBER 30, 1999
NAME OF BANK: La Salle National Bank
ACCOUNT NAME: PSI Industries, Inc.DIP- Operating Account
ACCOUNT NUMBER: 5800228008
PURPOSE OF ACCOUNT: Operating Account
Date Check Number Payee Purpose Amount
<S> <C> <C> <C> <C> <C>
09/01/1999 30081 Federal Express Postage 27.50
09/01/1999 30082 Walgreens Product Development 52.48
09/01/1999 30083 Rob Cohen Product Development 170.00
09/02/1999 30084 Federal Express Postage 26.25
09/02/1999 30085 Primepay of Greater Orlando Payroll Service 62.90
09/02/1999 30086 Michael Allen Office Supplies 1.60
09/02/1999 30087 Void 0.00
09/02/1999 30088 Walgreens Product Development 46.44
09/03/1999 30089 Federal Express Postage 43.00
09/03/1999 30090 Halsey & Griffith Repair & Maintenance 243.12
09/03/1999 30091 First Choice Bldg. Maint, Inc. Repair & Maintenance 291.50
09/03/1999 30092 Federal Express Postage 13.50
09/03/1999 30093 Void 0.00
09/03/1999 30094 Michael Allen Product Packaging 127.50
09/07/1999 30095 Walgreens Product Development 39.50
09/07/1999 30096 Federal Express Postage 13.50
09/08/1999 30097 Michael Allen Product Packaging 102.00
09/08/1999 30098 Federal Express Postage 13.50
09/08/1999 30099 Walgreens Product Development 28.24
09/08/1999 30100 Primepay of Greater Orlando Payroll Service 62.90
09/09/1999 30101 Ben Cohen Expense Reimbursment 1,084.78
09/09/1999 30102 Silverman/Korenthal Fees & Expenses-DIP 11,000.00
09/09/1999 30103 RPS Deposit 10,000.00
09/09/1999 30104 Federal Express Postage 68.50
09/09/1999 30105 RPS Freight Out 98.52
09/09/1999 30106 Microsmart of Florida Computer Expense 209.35
09/09/1999 30107 Federal Express Postage 103.00
09/10/1999 30108 Federal Express Postage 26.50
09/13/1999 30109 Microsmart of Florida Computer Expense 26.50
09/15/1999 30110 Silverman/Korenthal Fees & Expenses-DIP 11,000.00
09/15/1999 30111 Mellon United National Bank Mortgage 5,673.00
09/15/1999 30112 A Plus Air Conditioning Repair & Maintenance 45.00
09/16/1999 30113 Federal Express Postage 84.50
09/16/1999 30114 A Plus Air Conditioning Repair & Maintenance 196.10
09/16/1999 30115 Primepay of Greater Orlando Payroll Service 73.75
09/17/1999 30116 Federal Express Postage 39.50
09/17/1999 30117 Ben Cohen Expense Reimbursment 1,005.24
09/17/1999 30118 Bell South Telephone 2,024.71
09/20/1999 30119 Federal Express Postage 65.50
09/21/1999 30120 Federal Express Postage 13.50
09/21/1999 30121 DHL Worldwide Freight Out 1,310.50
09/21/1999 30122 Cybergate, Inc. Computer Expense 107.70
09/21/1999 30123 RSL Com USA Telephone 2,383.89
<PAGE>
CHECK REGISTER-OPERATING ACCOUNT
Date Check Number Payee Purpose Amount
09/22/1999 30124 Federal Express Postage 13.50
09/22/1999 30125 Protective Dental Care Dental Insurance 143.00
09/22/1999 30126 Browning-Ferris Industries Utilities 597.84
09/22/1999 30127 Primepay of Greater Orlando Payroll Service 82.15
09/22/1999 30128 Nations Banc Leasing Equipment Rental 2,525.37
09/22/1999 30129 ASAP Pest Control Repair & Maintenance 65.00
09/22/1999 30130 Pinnacle Solutions, Inc. Computer Expense 225.00
09/22/1999 30131 Silverman/Korenthal Fees & Expenses-DIP 10,000.00
09/22/1999 30132 Advanced Modular Systems Equipment Rental 159.00
09/22/1999 30133 Harbinger Corp. Computer Expense 30.00
09/22/1999 30134 American Freightways Freight Out 233.60
09/22/1999 30135 Federal Express Postage 20.25
09/22/1999 30136 Global Financial Press Stationary & Printing 80.56
09/22/1999 30137 Evaco Financial Printers Stationary & Printing 300.61
09/22/1999 30138 Xerox Corporation Equipment Rental 730.36
09/22/1999 30139 UPS Postage 37.50
09/22/1999 30140 Zephyrhills Office Supplies 118.34
09/22/1999 30141 Finance Dept/City of Boca Security 43.00
09/22/1999 30142 Mary Ellen Carter Travel & Entertainmnt. 70.00
09/22/1999 30143 Experian Business Information Stationary & Printing 41.75
09/22/1999 30144 1160 Building Condo Assoc Repair & Maintenance 3,027.50
09/22/1999 30145 Cybergate, Inc. Computer Expense 182.70
09/22/1999 30146 The Mouse Pad Product Packaging 360.00
09/24/1999 30147 Federal Express Postage 65.25
09/24/1999 30148 Federal Express Postage 27.25
09/24/1999 30149 Federal Express Postage 13.50
09/27/1999 30150 Federal Express Postage 24.50
09/28/1999 30151 Aetna US Healthcare Health Insurance 2,910.17
09/28/1999 30152 FPL Utilities 1,455.62
09/28/1999 30153 AFCO Insurance 9,444.20
09/28/1999 30154 Jefferson Pilot Disability Insurance 261.04
09/28/1999 30155 Advanced Modular Systems Equipment Rental 95.40
09/28/1999 30156 Blonder, Inc. Customer Refund Post Petition 10,000.00
09/28/1999 30157 Saxon Business Systems Equipment Rental 157.94
09/28/1999 30158 Gene C. Rosenberg Security 132.00
09/28/1999 30159 Office Depot Office Supplies 209.48
09/28/1999 30160 Silverman/Korenthal Fees & Expenses-DIP 6,000.00
09/28/1999 30161 Riverside Paper Company Packing Supplies 124.80
09/28/1999 30162 Federal Express Postage 194.70
09/28/1999 30163 DHL Worldwide Freight Out 136.40
09/29/1999 30164 Federal Express Postage 19.00
09/29/1999 30165 Void
09/29/1999 30166 Walter Cribbins Company Customer Refund Post Petition 8,065.00
09/29/1999 30167 ETC Travel Customer Refund Post Petition 812.50
09/29/1999 30168 Eerie World Entertainment Customer Refund Post Petition 2,345.00
09/29/1999 30169 Primepay of Greater Orlando Payroll Service 56.70
09/29/1999 30170 AFCO Insurance 4,651.96
09/30/1999 30171 Federal Express Postage 67.00
09/30/1999 30172 Ultimate Escape Travel & Entertainmnt 340.50
09/30/1999 30173 Health Plan of Florida Health Insurance 1,918.33
09/02/1999 Wire Transfer Republic Security Bank Payroll 14,500.00
09/09/1999 Wire Transfer Republic Security Bank Payroll 14,500.00
09/13/1999 Wire Transfer Republic Security Bank Payroll 13,000.00
09/23/1999 Wire Transfer Republic Security Bank Payroll 13,000.00
09/24/1999 Wire Transfer RPS, Inc. Freight Out 2,753.85
09/30/1999 Wire Transfer Republic Security Bank Payroll 11,000.00
--------------------
TOTAL 185,374.59
====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 5
CHECK REGISTER-PAYROLL ACCOUNT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning SEPTEMBER 1,1999 and ending SEPTEMBER 30, 1999
NAME OF BANK: Republic Security Bank
ACCOUNT NAME: PSI Industries, Inc. DIP Payroll Account
ACCOUNT NUMBER:0123000602
PURPOSE OF ACCOUNT: Payroll Account
Date Check Number Payee Purpose Amount
<S> <C> <C> <C> <C> <C> <C>
09/10/1999 1047 Diane Zwack Replacemnet 499.53
09/17/1999 1048 Michael Caruso Payroll 244.78
09/20/1999 1049 Patrick Peterson Replacemnet 237.96
09/03/1999 30062 Ben Cohen Pay check 2,540.16
09/03/1999 30063 Martin Epstein Pay check 1,420.77
09/03/1999 30064 Nancy Baker Pay check 756.34
09/03/1999 30065 Mary Ellen Carter Pay check 123.87
09/03/1999 30066 Rob Cohen Pay check 730.59
09/03/1999 30067 Diane Zwack Pay check 591.77
09/03/1999 30068 Lilian Sholkoff Pay check 303.58
09/03/1999 30069 Brian Faber Pay check 561.04
09/03/1999 30070 Clerk of the Court Garnishment 93.60
09/03/1999 30071 Diane Kael Pay check 429.46
09/03/1999 30072 Emily Cohen Pay check 609.26
09/03/1999 30073 Rose Graham Pay check 475.07
09/03/1999 30074 Rosy Perez Pay check 480.89
09/03/1999 30075 Michael Caruso Pay check 307.13
09/03/1999 30076 Michael Alllen Pay check 472.26
09/03/1999 30077 Paul Coppenrath Pay check 621.54
09/03/1999 30078 Roger Fern Pay check 110.91
09/03/1999 30079 Patrick Peterson Pay check 324.98
09/03/1999 30080 Bryan Suppo Pay check 74.81
09/10/1999 30081 Ben Cohen Pay check 2,540.16
09/10/1999 30082 Martin Epstein Pay check 1,420.77
09/10/1999 30083 Nancy Baker Pay check 756.34
09/10/1999 30084 Mary Ellen Carter Pay check 170.28
09/10/1999 30085 Rob Cohen Pay check 730.59
09/10/1999 30086 Void
09/10/1999 30087 Lilian Sholkoff Pay check 303.58
09/10/1999 30088 Brian Faber Pay check 453.26
09/10/1999 30089 Clerk of the Court Garnishment 93.60
09/10/1999 30090 Diane Kael Pay check 167.07
09/10/1999 30091 Emily Cohen Pay check 609.26
09/10/1999 30092 Rose Graham Pay check 475.07
09/10/1999 30093 Rosy Perez Pay check 480.89
09/10/1999 30094 Michael Caruso Pay check 286.35
09/10/1999 30095 Michael Alllen Pay check 472.26
09/10/1999 30096 Paul Coppenrath Pay check 621.54
09/10/1999 30097 Roger Fern Pay check 163.51
09/10/1999 30098 Patrick Peterson Pay check 297.91
09/10/1999 30099 Bryan Suppo Pay check 239.31
<PAGE>
Date Check Number Payee Purpose Amount
09/17/1999 30100 Martin Epstein Pay check 1,420.77
09/17/1999 30101 Nancy Baker Pay check 756.34
09/17/1999 30102 Rob Cohen Pay check 319.67
09/17/1999 30103 Lilian Sholkoff Pay check 303.58
09/17/1999 30104 Brian Faber Pay check 561.04
09/17/1999 30105 Clerk of the Court Garnishment 93.60
09/17/1999 30106 Diane Kael Pay check 167.07
09/17/1999 30107 Emily Cohen Pay check 609.26
09/17/1999 30108 Rose Graham Pay check 475.07
09/17/1999 30109 Rosy Perez Pay check 480.89
09/17/1999 30110 Michael Alllen Pay check 472.26
09/17/1999 30111 Paul Coppenrath Pay check 621.54
09/17/1999 30112 Roger Fern Pay check 147.07
09/17/1999 30113 Void
09/17/1999 30114 Bryan Suppo Pay check 60.25
09/17/1999 30115 Ben Cohen Pay check 2,500.00
09/24/1999 30116 Martin Epstein Pay check 1,800.00
09/24/1999 30117 Nancy Baker Pay check 756.34
09/24/1999 30118 Lilian Sholkoff Pay check 303.58
09/24/1999 30119 Brian Faber Pay check 561.04
09/24/1999 30120 Clerk of the Court Garnishment 93.60
09/24/1999 30121 Diane Kael Pay check 429.46
09/24/1999 30122 Emily Cohen Pay check 609.26
09/24/1999 30123 Rose Graham Pay check 475.07
09/24/1999 30124 Rosy Perez Pay check 480.89
09/24/1999 30125 Michael Alllen Pay check 472.26
09/24/1999 30126 James Anthony Pay check 205.47
09/24/1999 30127 Paul Coppenrath Pay check 621.54
09/24/1999 30128 Roger Fern Pay check 147.07
09/24/1999 30129 Bryan Suppo Pay check 197.55
09/24/1999 30130 Ben Cohen Pay check 2,500.00
-----------------------
Total 40,933.59
=======================
</TABLE>
<PAGE>
ATTACHMENT 6
MONTHLY TAX REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning September 1, 1999 and ending September 30, 1999
<TABLE>
<CAPTION>
TAXES PAID DURING THE MONTH
Date Description Amount
<S> <C> <C> <C> <C>
09/03/1999 Payroll Taxes 3,342.66
09/10/1999 Payroll Taxes 3,420.71
09/17/1999 Payroll Taxes 1,750.27
09/24/1999 Payroll Taxes 2,442.98
---------------------
Total 10,956.62
=====================
</TABLE>
All payroll tax deposits are made and funded by a Payroll Service Bureau.
The Payroll Service Bureau is Prime Pay, 841 Douglas Avenue, Suite 101,
Altamonte Springs, Fl 32714
TAXES OWED AND DUE
All payroll tax deposits are made and funded by a Payroll Service Bureau.
The Payroll Service Bureau is Prime Pay, 841 Douglas Avenue, Suite 101,
Altamonte Springs, Fl 32714
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 7
SUMMARY OF OFFICER OR OWNER COMPENSATION
SUMMARY OF PERSONNEL AND INSURANCE COVERAGES
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning SEPTEMBER 1, 1999 and ending SEPTEMBER 30, 1999
Name of Officer or Owner Title Amount Paid
Marty Epstein CFO 6,153.84
PERSONNEL REPORT
Full Time Part Time
Number of employees at beginning of period 15 3
Number hired during the period
Number terminated or resigned during period 1 1
----------------------------------
Number of employees on payroll at end of period 14 2
==================================
CONFIRMATION OF INSURANCE
Carrier Agent & Phone Number Policy No Coverage Type Expiration Date Date Premiun Due
<S> <C> <C> <C> <C> <C>
Reliance Insurance Seitlin - 305-513-5989 BIND351191 Umbrella 05/04/2000 4th of ea. month
Fireman's Fund Seitlin - 305-513-5989 W 15 WZP 80796171 Worker's Comp 01/01/2000 Paid until audit
Gulf Insurance Co Seitlin - 305-513-5989 GA0431539 Dir. & Officers Lia 12/22/1999 22nd of ea. Mo.
Reliance Insurance Seitlin - 305-513-5989 BIND351192 Property/Gen Lia 05/04/2000 4th of ea. month
General Accident Seitlin - 305-513-5989 CZC443258 Ocean Cargo 05/04/2000 4th of ea. month
Aetna U.S.Health MBS Benefit Planning 954-489-0849 262606-058-00000 Health Insurance Perpetual 1st of ea. Month
Health Plan of Fl. MBS Benefit Planning 954-489-0849 2605217 000 Health Insurance Perpetual 1st of ea. Month
Health Plan of Fl. MBS Benefit Planning 954-489-0849 2605217 001 Health Insurance Perpetual 1st of ea. Month
Jefferson Pilot MBS Benefit Planning 954-489-0849 55335 Disability Perpetual 1st of ea. Month
Protective Dental Care MBS Benefit Planning 954-489-0849 218866 Dental Insurance Perpetual 10th of ea Month
</TABLE>
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF FLORIDA
WEST PALM BEACH DIVISION
CASE NO. 99-33737-BKC-SHF
CHAPTER 11
IN RE:
PSI INDUSTRIES, INC.
Debtor
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)
FOR THE PERIOD FROM OCTOBER 1, 1999 TO OCTOBER 31, 1999
-------------------------------------------------------
COMES NOW the above-named Debtor and files its periodic report in
accordance with the Guidelines established by the United States Trustee and FRBP
2015.
I HEREBY CERTIFY that a true and correct copy of the foregoing and
attached report was furnished by mail this 18 day of November, 1999, to the
Assistant U.S. Trustee's Office, 51 SW First Avenue, Miami, FL 33130.
KLUGER, PERETZ, KAPLAN & BERLIN, P.A.
Attorneys for Debtor
Miami Center, Seventeenth Floor
201 So. Biscayne Blvd.
Miami, Florida 33131
Telephone: (305) 379-9000
Facsimile: (305) 379-3428
Debtor's Address:
and Phone Number:
By: /s/ Michael D. Seese
------------------------
MICHAEL D. SEESE
PSI INDUSTRIES, INC. Fla. Bar No. 997323
1160 B South Rogers Circle
Boca Raton, FL 33487
561/997-1133
<PAGE>
<TABLE>
<CAPTION>
MONTHLY FINANCIAL REPORT FOR BUSINESS
FOR THE PERIOD BEGINNING OCTOBER 1, 1999 AND ENDING OCTOBER 31, 1999
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Date of Petition : JULY 29, 1999
CURRENT MONTH CUMULATIVE PETITION TO DATE
------------------------ ------------------------------
<S> <C> <C>
1. CASH AT BEGINNING OF PERIOD 27,497.11 0.00
2. RECEIPTS:
A. Cash Sales
Less : Cash Refunds
Net Cash Sales
B. Collection on Post petition A/R 54,678.77 351,279.36
C. Collection on Prepetition A/R 182,967.23 1,099,304.64
D. Other Receipts (See Attached List) 162,091.96 618,815.04
------------------------ ------------------------------
3. TOTAL RECEIPTS 399,737.96 2,069,399.04
------------------------ ------------------------------
4. TOTAL CASH AVAILABLE FOR OPERATIONS (Line1 +Line 3) 427,235.07 2,069,399.04
5. DISBURSEMENTS
A. U.S.Trustee Quarterly Fees 5,000.00 5,000.00
B. Net Payroll 29,441.60 129,644.69
C. Payroll Taxes Paid 5,351.66 33,453.38
D. Sales and Use Taxes
E. Other Taxes
F. Rent
G. Other Leases (Attachment 3)
H. Telephone 3,754.91 8,163.51
I. Utilities 1,472.14 7,133.24
J. Travel & Entertainment 4,626.21
k. Vehicle Expenses
L. Office Supplies 1,086.06 2,349.94
M. Advertising
N. Insurance (Attachment 7) 6,501.96 64,404.87
O. Purchases of Fixed Assets
P. Purchases of Inventory
Q. Manufacturing Supplies
R. Repairs and Maintence 1,195.03 5,213.25
S. Payments to Secured Creditors 243,319.00 1,527,485.98
T. Other Operating Expenses 115,108.86 266,920.12
------------------------ ------------------------------
6. TOTAL CASH DISBURSEMENTS 412,231.22 2,054,395.19
------------------------ ------------------------------
7. ENDING CASH BALANCE (Line 4-Line 6) 15,003.85 15,003.85
======================== ==============================
</TABLE>
I declare under penalty of perjury that this statement and the
accompanying documents and reports are true and correct to the best of my
knowledge and belief
This 16th day of November, 1999. /s/ Barry Shear
---------------
<PAGE>
<TABLE>
<CAPTION>
MONTHLY FINANCIAL REPORT FOR BUSINESS
FOR THE PERIOD BEGINNING OCTOBER 1, 1999 AND ENDING OCTOBER 31, 1999
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Date of Petition : JULY 29, 1999
CURRENT MONTH CUMULATIVE PETITION TO DATE
------------------------------ ----------------------------
OTHER RECEIPTS
<S> <C> <C>
Advances from LaSalle National Bank 162,091.96 542,673.99
Insurance claim refund 2,390.00
Refund from vendors (telephone,suppliers etc) 582.65
Transfer from pre petition payroll account 16,301.92
Deposits from customers 16,686.48
Cobra payment from former employee 180.00
Refund from Silverman/Korenthal & Co retainer 40,000.00
------------------------------ --------------------------
Total 162,091.96 618,815.04
============================== ==========================
OTHER OPERATING EXPENSES
Fees and expenses for Acting President 24,000.00 106,000.00
Expense reimbursment 2,090.02
Equipment rental 3,399.62 13,261.71
Payroll service 194.25 747.40
Deposits to vendors 10,000.00
Freight out 11,632.84 24,922.93
Postage 1,561.08 3,461.35
Product development 470.47
Product packaging 5,310.50
Computer expenses 558.35 1,564.60
Customer refunds (post petition) 21,222.50
Security and protection 43.00 218.00
Apprasial fee 1,000.00 1,000.00
Royalties post petition 71,221.50 71,221.50
Occupational license 110.00 110.00
Temporary help 187.20 187.20
Packaging supplies 124.80
Bank service charges 1,201.02 3,806.12
------------------------------ --------------------------
Total 115,108.86 265,719.10
============================== ==========================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 1
MONTHLY ACCOUNTS RECEIVABLE AGING AND RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning OCTOBER 1, 1999 and ending OCTOBER 31, 1999
ACCOUNTS RECEIVABLE AT PETITION DATE: 4,043,420.00
ACCOUNTS RECEIVABLE RECONCILIATION:
<S> <C> <C>
Beginning of Month Balance 3,141,375.00
PLUS: Current Month New Billings 58,687.00
LESS: Collection During the Month (237,646.00)
LESS: Adjustments
------------------------------
End of Month Balance 2,962,416.00
==============================
AGING:
0-30 DAYS 31-60 DAYS 61-90 DAYS OVER 90 DAYS TOTAL
49,179 (18,821) (6,448) 2,938,506 2,962,416
===========================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 2
MONTHLY ACCOUNTS PAYABLE AND SECURED PAYMENTS REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning OCTOBER 1, 1999 and ending OCTOBER 31, 1999
Listed below are all invoices or bills incurred and not paid since the filing of
the petition. Amounts owed prior to filing the petition are not included.
Date Incured Days Outstanding Vendor Description Amount
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
09/01/1999 40 Canon Financial Svc Equipment Rental 2,287.69
10/18/1999 0 AFCO Insurance 9,444.20
10/27/1999 0 Fuji Royalty Tax Withheld 7,913.50
10/25/1999 0 Microsmart Computer Expense 47.50
0 Cybergate Computer Expense 107.70
------------
19,800.59
============
ACCOUNTS PAYABLE RECONCILIATION (Post Petition Only):
Opening Balance (total from prior report) 5,102.48
PLUS: New Indebtedness Incurred This Month 175,589.02
LESS: Amount Paid on Prior Accounts Payable (160,890.91)
------------
Ending Month Balance 19,800.59
============
</TABLE>
<TABLE>
<CAPTION>
SECURED: List the status of Payments to Secured Creditors and Lessors (Post
Petition Only)
Number of Post Total Amount of
Petition Payments Post Petition
Secured Creditor/Lessor Date Payment Due Payment Amount Deliquent Payments Delinquent
<S> <C> <C> <C> <C>
LaSalle National Bank N/A 237,646.00 N/A N/A
Mellon United National Bank 10/16/1999 5,673.00 N/A N/A
--------------------
Total 243,319.00
====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 3
INVENTORY AND FIXED ASSETS REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning OCTOBER 1, 1999 and ending OCTOBER 31, 1999
INVENTORY REPORT
<S> <C>
INVENTORY BALANCE AT PETITION DATE: 1,552,250.00
====================
INVENTORY RECONCILITION:
Inventory Balance at Beginning of Month 813,233.00
Inventory Purchased During Month 0
Inventory Used, Sold or Adjusted 3,189.00
-----------------
Injventory On Hand at End of Month 816,422.00
=================
METHOD OF COSTING INVENTORY: The lower of cost determined on the average method or market.
FIXED ASSET REPORT
FIXED ASSETS FAIR MARKET VALUE AT PETITION DATE: 1,314,180.00
====================
BRIEF DESCRIPTION: Office/warehouse, office equipment, furnishings,machinery, fixtures, equipment
and supplies used in business.
FIXED ASSET RECONCILIATION:
Fixed Asset Value at Beginning of Month 1,292,116.00
LESS: Depreciation Expense (11,032.00)
PLUS: New Purchases 0
--------------------
Ending Monthly Balance 1,281,084.00
====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 4
MONTHLY BANK ACCOUNT RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning OCTOBER 1, 1999 and ending OCTOBER 31, 1999
NAME OF BANK: Republic Security Bank
ACCOUNT NAME: PSI Industries, Inc. DIP Payroll Account
ACCOUNT NUMBER: 0123000602
PURPOSE OF ACCOUNT: Payroll Account
<S> <C>
Beginning Balance 27,497.11
Total Deposits Made 22,300.00
Total Amount of Payroll Checks Written (29,441.60)
Total Amount of Payroll Taxes Paid * (5,351.66)
Service Charges
---------------------
Closing Balance 15,003.85
=====================
Number of First Manual Check Written this Period 1050
Number of Last Manual Check Written this Period 1053
Number of First Computer Generated Check Written this Period 30131
Number of Last Computer Generated Check Written this Period 30182
---------------------
Total Number of Checks Written this Period 56
=====================
</TABLE>
* Payroll taxes are paid directly by Payroll Service Bureau out of checking
account
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 4
MONTHLY BANK ACCOUNT RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning OCTOBER 1, 1999 and ending OCTOBER 31, 1999
NAME OF BANK: La Salle National Bank
ACCOUNT NAME: PSI Industries, Inc.DIP- Operating Account
ACCOUNT NUMBER: 5800228008
PURPOSE OF ACCOUNT: Operating Account
<S> <C>
Beginning Balance 0.00
Total Deposits Made 162,091.96
Total Amount of Checks and Wire Transfers Written (160,890.94)
Service Charges (1,201.02)
---------------
Closing Balance (0.00)
===============
Number of First Check Written this Period 30174
Number of Last Check Written this Period 30258
Number of Wire Transfers this Period 10
---------------
Total Number of Checks and Wire Transfers Written this Period 95
================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 5
CHECK REGISTER-OPERATING ACCOUNT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning OCTOBER 1, 1999 and ending OCTOBER 31, 1999
NAME OF BANK: La Salle National Bank
ACCOUNT NAME: PSI Industries, Inc.DIP- Operating Account
ACCOUNT NUMBER: 5800228008
PURPOSE OF ACCOUNT: Operating Account
Date Check Number Payee Purpose Amount
<S> <C> <C> <C> <C> <C>
10/01/1999 30174 Federal Express Postage 13.50
10/04/1999 30175 Federal Express Postage 13.50
10/04/1999 30176 Postage by Phone Postage 200.00
10/04/1999 30177 Anderson Lock & Key Repair & Maintenance 85.10
10/05/1999 30178 Federal Express Postage 13.50
10/05/1999 30179 Norman Levy Associates Appraisel Fee 1,000.00
10/07/1999 30180 Ace Hardware Repair & Maintenance 13.93
10/06/1999 30181 Federal Express Postage 13.50
10/06/1999 30182 Silverman Consulting Fees & Expenses for DIP 6,000.00
10/06/1999 30183 Federal Express Postage 289.79
10/06/1999 30184 United Parcel Service Freight & Postage 699.93
10/06/1999 30185 Cybergate Computer Exp 107.70
10/06/1999 30186 Saxon Business Sys. Equipment Rental 175.14
10/06/1999 30187 Microsmart of Florida Computer Exp 75.00
10/06/1999 30188 Protective Dental Care Dental Insurance 103.47
10/06/1999 30189 First Choice Bldg. Maintenance, Inc. Repair & Maintenance 291.50
10/06/1999 30190 Danka Business Systems Office Supplies 380.99
10/06/1999 30191 A.S.A.P. Pest Control Repair & Maintenance 65.00
10/06/1999 30192 Mellon First United Leasing Equipment Rental 302.26
10/06/1999 30193 American Freightways Freight 165.58
10/06/1999 30194 RSL Com USA Telephone 1,986.81
10/06/1999 30195 R&L Carriers Freight 111.29
10/08/1999 30196 Federal Express Postage 41.75
10/07/1999 30197 Eastman Kodak Office Supplies 114.00
10/08/1999 30198 Federal Express Postage 41.00
10/11/1999 30199 A Plus Air Conditioning Repair & Maintenance 318.00
10/13/1999 30200 Federal Express Postage 13.50
10/13/1999 30201 Federal Express Postage 13.50
10/13/1999 30202 Mellon United National Bank Mortgage 5,673.00
10/13/1999 30203 Primepay of Greater Orlando Payroll Service 50.50
10/13/1999 30204 Federal Express Postage 18.25
10/13/1999 30205 AFCO Insurance 4,651.96
10/13/1999 30206 Pinnacle Solutions Computer Exp 225.00
10/13/1999 30207 Federal Express Postage 70.09
10/13/1999 30208 Silverman Consulting Fees & Expenses for DIP 6,000.00
10/18/1999 30209 Federal Express Postage 29.50
10/19/1999 30210 Federal Express Postage 82.95
10/18/1999 30211 U.S. Trustee Trustee Fees 5,000.00
10/20/1999 30212 Federal Express Postage 36.75
10/20/1999 30213 Office Depot Office Supplies 57.87
10/20/1999 30214 Silverman Consulting Fees & Expenses for DIP 6,000.00
10/20/1999 30215 Florida Power & Light Utilities 1,472.14
10/20/1999 30216 Jefferson Pilot Insurance Disability Insurance 135.20
<PAGE>
CHECK REGISTER-OPERATING ACCOUNT
Date Check Number Payee Purpose Amount
10/20/1999 30217 A.S.A.P. Pest Control Repair & Maintenance 65.00
10/20/1999 30218 Bell South Telephone 1,768.10
10/20/1999 30219 United Parcel Service Postage 61.00
10/20/1999 30220 Office Depot Office Supplies 279.93
10/20/1999 30221 City of Boca Raton, Finance Dept. Security 43.00
10/20/1999 30222 Primepay of Greater Orlando Payroll Service 94.80
10/21/1999 30223 Federal Express Postage 36.00
10/22/1999 30224 Federal Express Postage 13.50
10/22/1999 30225 Diane Kael Office Supplies 18.75
10/22/1999 30226 A Plus Air Conditioning Service Repair & Maintenance 65.00
10/25/1999 30227 Federal Express Postage 13.50
10/25/1999 30228 Void
10/25/1999 30229 Void
10/25/1999 30230 Void
10/25/1999 30231 Void
10/25/1999 30232 Void
10/25/1999 30233 Void
10/25/1999 30234 Riverside Paper Co Office Supplies 114.18
10/26/1999 30235 Federal Express Postage 26.75
10/28/1999 30236 Federal Express Postage 53.25
10/29/1999 30237 Federal Express Postage 30.50
10/27/1999 30238 Void
10/27/1999 30239 Void
10/27/1999 30240 Void
10/27/1999 30241 Void
10/27/1999 30242 Void
10/27/1999 30243 Void
10/27/1999 30244 Silverman Consulting Fees & Expense DIP 6,000.00
10/27/1999 30245 Primepay of Greater Orlando Payroll Service 48.95
10/28/1999 30246 Federal Express Postage 27.50
10/29/1999 30247 Aetna U.S. Healthcare Health Insurance 1,611.33
10/29/1999 30248 First Choice Bldg. Maintenance Repair & Maintenance 291.50
10/29/1999 30249 Nations Banc Leasing & Equip Equipment Rental 2,405.11
10/29/1999 30250 Mellon First United Leasing Equipment Rental 302.26
10/29/1999 30251 Harbinger Corp Computer Expense 55.65
10/29/1999 30252 Microsmart of Florida Computer Expense 95.00
10/29/1999 30253 United Parcel Service Postage 74.75
10/29/1999 30254 Zephyrhills Office Supplies 120.34
10/29/1999 30255 City of Boca Raton, Finance Dept. Occupational License 110.00
10/29/1999 30256 Pitney Bowes Equipment Rental 214.85
10/29/1999 30257 Void 0.00
10/29/1999 30258 Interim Personnel Temporary Help 187.20
10/01/1999 Wire Transfer RPS Freight Out 3,342.64
10/07/1999 Wire Transfer Republic Security Bank Payroll 8,500.00
10/08/1999 Wire Transfer RPS Freight Out 878.25
10/14/1999 Wire Transfer Republic Security Bank Payroll 6,300.00
10/20/1999 Wire Transfer Dan Transport Freight Out 5,250.76
10/20/1999 Wire Transfer RPS Freight Out 931.20
10/21/1999 Wire Transfer Republic Security Bank Payroll 3,500.00
10/27/1999 Wire Transfer Fuji Photo Film Co. Royalties Post Petition 71,221.50
10/28/1999 Wire Transfer RPS Freight Out 586.44
10/28/1999 Wire Transfer Republic Security Bank Payroll 4,000.00
-----------------
TOTAL 160,890.94
=================
<PAGE>
ATTACHMENT 5
CHECK REGISTER-PAYROLL ACCOUNT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning OCTOBER 1,1999 and ending OCTOBER 31, 1999
NAME OF BANK: Republic Security Bank
ACCOUNT NAME: PSI Industries, Inc. DIP Payroll Account
ACCOUNT NUMBER:0123000602
PURPOSE OF ACCOUNT: Payroll Account
Date Check Number Payee Purpose Amount
10/22/1999 1050 Michael Allen Paycheck 429.62
10/22/1999 1051 Lilian Sholkoff Paycheck 375.00
10/22/1999 1052 Mary Harris Paycheck 68.00
10/29/1999 1053 Lilian Sholkoff Paycheck 375.00
10/01/1999 30131 Martin Epstein Paycheck 1,420.77
10/01/1999 30132 Nancy Baker Paycheck 479.51
10/01/1999 30133 Lilian Sholkoff Paycheck 305.64
10/01/1999 30134 Brian Faber Paycheck 561.04
10/01/1999 30135 Clerk of the Court Garnishment 93.60
10/01/1999 30136 Diane Kael Paycheck 429.46
10/01/1999 30137 Emily Cohen Paycheck 609.26
10/01/1999 30138 Rose Graham Paycheck 475.07
10/01/1999 30139 Rosy Perez Paycheck 480.89
10/01/1999 30140 Michael Allen Paycheck 472.26
10/01/1999 30141 James Anthony Paycheck 327.84
10/01/1999 30142 Paul Coppenrath Paycheck 383.54
10/01/1999 30143 Roger Fern Paycheck 74.57
10/01/1999 30144 Bryan Suppo Paycheck 132.98
10/01/1999 30145 Ben Cohen Paycheck 2,500.00
10/08/1999 30146 Martin Epstein Paycheck 1,420.77
10/08/1999 30147 Brian Faber Paycheck 561.04
10/08/1999 30148 Clerk of the Court Garnishment 93.60
10/08/1999 30149 Diane Kael Paycheck 429.46
10/08/1999 30150 Emily Cohen Paycheck 609.26
10/08/1999 30151 Rose Graham Paycheck 377.46
10/08/1999 30152 Rosy Perez Paycheck 480.89
10/08/1999 30153 Michael Allen Paycheck 472.26
10/08/1999 30154 James Anthony Paycheck 267.46
10/08/1999 30155 Commons Pleas Garnishment 65.00
10/08/1999 30156 Ben Cohen Paycheck 2,500.00
10/15/1999 30157 Martin Epstein Paycheck 1,420.77
10/15/1999 30158 Brian Faber Paycheck 561.04
10/15/1999 30159 Clerk of the Court Garnishment 93.60
10/15/1999 30160 Diane Kael Paycheck 429.46
10/15/1999 30161 Emily Cohen Paycheck 378.29
10/15/1999 30162 Rosy Perez Paycheck 480.89
10/15/1999 30163 Rosy Perez Paycheck 480.89
10/15/1999 30164 Michael Allen Paycheck 472.26
10/15/1999 30165 James Anthony Paycheck 276.70
10/15/1999 30166 Commons Pleas Garnishment 65.00
10/15/1999 30167 Ben Cohen Paycheck 1,500.00
<PAGE>
Date Check Number Payee Purpose Amount
10/22/1999 30168 Martin Epstein Paycheck 1,420.77
10/22/1999 30169 Brian Faber Paycheck 561.04
10/22/1999 30170 SDU, Fl. Garnishment 93.60
10/22/1999 30171 Diane Kael Paycheck 429.46
10/22/1999 30172 Void
10/22/1999 30173 James Anthony Paycheck 288.23
10/22/1999 30174 SCDU, Pa. Garnishment 65.00
10/29/1999 30175 Martin Epstein Paycheck 1,420.77
10/29/1999 30176 Brian Faber Paycheck 561.04
10/29/1999 30177 SDU, Fl. Garnishment 93.60
10/29/1999 30178 Diane Kael Paycheck 429.46
10/29/1999 30179 Rosy Perez Paycheck 298.51
10/29/1999 30180 Michael Allen Paycheck 130.63
10/29/1999 30181 James Anthony Paycheck 154.34
10/29/1999 30182 SCDU, Pa. Garnishment 65.00
-----------------------
Total 29,441.60
=======================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 6
MONTHLY TAX REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning OCTOBER 1, 1999 and ending OCTOBER 31, 1999
TAXES PAID DURING THE MONTH
Date Description Amount
<S> <C> <C> <C> <C>
10/01/1999 Payroll Taxes 1,558.56
10/08/1999 Payroll Taxes 1,204.70
10/15/1999 Payroll Taxes 1,202.59
10/22/1999 Payroll Taxes 580.42
10/29/1999 Payroll Taxes 805.39
---------------------
Total 5,351.66
=====================
</TABLE>
All payroll tax deposits are made and funded by a Payroll Service Bureau.
The Payroll Service Bureau is Prime Pay, 841 Douglas Avenue, Suite 101,
Altamonte Springs, Fl 32714
TAXES OWED AND DUE
All payroll tax deposits are made and funded by a Payroll Service Bureau.
The Payroll Service Bureau is Prime Pay, 841 Douglas Avenue, Suite 101,
Altamonte Springs, Fl 32714
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 7
SUMMARY OF OFFICER OR OWNER COMPENSATION
SUMMARY OF PERSONNEL AND INSURANCE COVERAGES
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning OCTOBER 1, 1999 and ending OCTOBER 31, 1999
Name of Officer or Owner Title Amount Paid
Marty Epstein CFO 7,103.85
PERSONNEL REPORT
Full Time Part Time
<S> <C> <C>
Number of employees at beginning of period 14 2
Number hired during the period
Number terminated or resigned during period 8 2
---------------------------------------------------------
Number of employees on payroll at end of period 6 0
=========================================================
CONFIRMATION OF INSURANCE
Carrier Agent & Phone Number Policy No Coverage Type Expiration Date Date Premiun Due
Reliance Insurance Seitlin - 305-513-5989 BIND351191 Umbrella 05/04/2000 4th of ea. month
Fireman's Fund Seitlin - 305-513-5989 W 15 WZP 80796171 Worker's Comp 01/01/2000 Paid until audit
Gulf Insurance Co Seitlin - 305-513-5989 GA0431539 Dir. & Officers Lia 12/22/1999 22nd of ea. Mo.
Reliance Insurance Seitlin - 305-513-5989 BIND351192 Property/Gen Lia 05/04/2000 4th of ea. month
General Accident Seitlin - 305-513-5989 CZC443258 Ocean Cargo 05/04/2000 4th of ea. month
Aetna U.S.Health MBS Benefit Planning 954-489-0849 262606-058-00000 Health Insurance Perpetual 1st of ea. Month
Health Plan of Fl. MBS Benefit Planning 954-489-0849 2605217 000 Health Insurance Perpetual 1st of ea. Month
Health Plan of Fl. MBS Benefit Planning 954-489-0849 2605217 001 Health Insurance Perpetual 1st of ea. Month
Jefferson Pilot MBS Benefit Planning 954-489-0849 55335 Disability Perpetual 1st of ea. Month
Protective Dental Care MBS Benefit Planning 954-489-0849 218866 Dental Insurance Perpetual 10th of ea Month
</TABLE>
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF FLORIDA
WEST PALM BEACH DIVISION
CASE NO. 99-33737-BKC-SHF
CHAPTER 11
IN RE:
PSI INDUSTRIES, INC.
Debtor
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)
FOR THE PERIOD FROM NOVEMBER 1, 1999 TO NOVEMBER 30, 1999
---------------------------------------------------------
COMES NOW the above-named Debtor and files its periodic report in
accordance with the Guidelines established by the United States Trustee and FRBP
2015.
I HEREBY CERTIFY that a true and correct copy of the foregoing and
attached report was furnished by mail this 22 day of December, 1999, to the
Assistant U.S. Trustee's Office, 51 SW First Avenue, Miami, FL 33130.
KLUGER, PERETZ, KAPLAN & BERLIN, P.A.
Attorneys for Debtor
Miami Center, Seventeenth Floor
201 So. Biscayne Blvd.
Miami, Florida 33131
Telephone: (305) 379-9000
Facsimile: (305) 379-3428
Debtor's Address:
and Phone Number:
By: /s/ Michael D. Seese
------------------------
MICHAEL D. SEESE
PSI INDUSTRIES, INC. Fla. Bar No. 997323
1160 B South Rogers Circle
Boca Raton, FL 33487
561/997-1133
<PAGE>
<TABLE>
<CAPTION>
MONTHLY FINANCIAL REPORT FOR BUSINESS
FOR THE PERIOD BEGINNING NOVEMBER 1, 1999 AND ENDING NOVEMBER 30, 1999
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Date of Petition : JULY 29, 1999
CURRENT MONTH CUMULATIVE PETITION TO DATE
----------------------- ----------------------------
<S> <C> <C>
1. CASH AT BEGINNING OF PERIOD 15,003.85 0.00
2. RECEIPTS:
A. Cash Sales
Less : Cash Refunds
Net Cash Sales
B. Collection on Post petition A/R 81,107.18 432,386.54
C. Collection on Prepetition A/R 261,672.10 1,360,976.74
D. Other Receipts (See Attached List) 95,061.05 713,876.09
----------------------- -----------------------
3. TOTAL RECEIPTS 437,840.33 2,507,239.37
----------------------- -----------------------
4. TOTAL CASH AVAILABLE FOR OPERATIONS (Line1 +Line 3) 452,844.18 2,507,239.37
5. DISBURSEMENTS
A. U.S.Trustee Quarterly Fees 5,000.00
B. Net Payroll 14,378.97 144,023.66
C. Payroll Taxes Paid 4,604.77 38,058.15
D. Sales and Use Taxes
E. Other Taxes
F. Rent
G. Other Leases (Attachment 3)
H. Telephone 3,328.79 11,492.30
I. Utilities 2,108.10 9,241.34
J. Travel & Entertainment 4,626.21
k. Vehicle Expenses
L. Office Supplies 227.24 2,577.18
M. Advertising
N. Insurance (Attachment 7) 12,248.72 76,653.59
O. Purchases of Fixed Assets
P. Purchases of Inventory
Q. Manufacturing Supplies
R. Repairs and Maintence 356.50 5,569.75
S. Payments to Secured Creditors 348,893.23 1,876,379.21
T. Other Operating Expenses 53,508.86 320,428.98
----------------------- -----------------------
6. TOTAL CASH DISBURSEMENTS 439,655.18 2,494,050.37
----------------------- -----------------------
7. ENDING CASH BALANCE (Line 4-Line 6) 13,189.00 13,189.00
======================= =======================
</TABLE>
I declare under penalty of perjury that this statement and the
accompanying documents and reports are true and correct to the best of my
knowledge and belief
This 20th day of December, 1999. /s/ Barry Shear
---------------
<PAGE>
<TABLE>
<CAPTION>
MONTHLY FINANCIAL REPORT FOR BUSINESS
FOR THE PERIOD BEGINNING NOVEMBER 1, 1999 AND ENDING NOVEMBER 30, 1999
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Date of Petition : JULY 29, 1999
CURRENT MONTH CUMULATIVE PETITION TO DATE
------------------------- -------------------------------
OTHER RECEIPTS
<S> <C> <C>
Advances from LaSalle National Bank 94,404.25 637,078.24
Insurance claim refund 2,390.00
Refund from vendors (telephone,suppliers etc) 126.99 709.64
Transfer from pre petition payroll account 16,301.92
Deposits from customers 16,686.48
Cobra payment from former employee 529.81 709.81
Refund from Silverman/Korenthal & Co retainer 40,000.00
------------------------- -------------------
Total 95,061.05 713,876.09
========================= ===================
OTHER OPERATING EXPENSES
Fees and expenses for Acting President 24,000.00 130,000.00
Expense reimbursment 2,090.02
Equipment rental 3,593.64 16,855.35
Payroll service 191.85 939.25
Deposits to vendors 10,000.00
Freight out 1,310.15 26,233.08
Postage 913.20 4,374.55
Product development 470.47
Product packaging 5,310.50
Computer expenses 410.20 1,974.80
Customer refunds (post petition) 3,978.00 25,200.50
Security and protection 218.00
Apprasial fee 1,000.00
Royalties post petition 71,221.50
Occupational license 165.00 275.00
Temporary help 187.20
Collection fees 11,014.03 11,014.03
Commissions-Post petition 7,852.77 7,852.77
Packaging supplies 124.80
Bank service charges 80.02 3,886.14
------------------------- -------------------
Total 53,508.86 319,227.96
========================= ===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 1
MONTHLY ACCOUNTS RECEIVABLE AGING AND RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning NOVEMBER 1, 1999 and ending NOVEMBER 30, 1999
ACCOUNTS RECEIVABLE AT PETITION DATE: 4,043,420.00
ACCOUNTS RECEIVABLE RECONCILIATION:
<S> <C>
Beginning of Month Balance 2,962,416.00
PLUS: Current Month New Billings 86,106.73
LESS: Collection During the Month (342,779.28)
LESS: Adjustments (100,107.45)
-----------------------------------
End of Month Balance 2,605,636.00
===================================
AGING:
0-30 DAYS 31-60 DAYS 61-90 DAYS OVER 90 DAYS TOTAL
86,266 36,523 (60,836) 2,543,683 2,605,636
==================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 2
MONTHLY ACCOUNTS PAYABLE AND SECURED PAYMENTS REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning NOVEMBER 1, 1999 and ending NOVEMBER 30, 1999
Listed below are all invoices or bills incurred and not paid since the filing of
the petition. Amounts owed prior to filing the petition are not included.
Date Incured Days Outstanding Vendor Description Amount
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
09/01/1999 70 Canon Financial Svc Equipment Rental 2,287.69
10/18/1999 0 AFCO Insurance 9,444.20
10/27/1999 0 Fuji Royalty Tax Withheld 7,913.50
11/20/1999 0 Bank of America Equipment Rental 2,405.11
11/22/1999 5 Buerk & Assoc. Commissions-Post Petition 32.40
11/22/1999 5 Felco Marketing Commissions-Post Petition 632.87
11/22/1999 5 Firestone & Assoc. Commissions-Post Petition 54.00
11/22/1999 5 Howard Gardiner Commissions-Post Petition 121.50
11/22/1999 5 Leon Omansky Commissions-Post Petition 32.40
11/22/1999 5 Mark Williams & Co Commissions-Post Petition 183.60
11/22/1999 5 Pankow & Assoc. Commissions-Post Petition 28.80
11/22/1999 5 Peak Sales Commissions-Post Petition 54.00
11/22/1999 5 Sel Polsky & Assoc Commissions-Post Petition 166.50
11/22/1999 5 Splash Van-Dow, Inc Commissions-Post Petition 564.96
11/22/1999 5 The Urban Mark Commissions-Post Petition 43.20
11/23/1999 0 Florida Power & Light Utilities 1,106.60
11/18/1999 0 Depository Trust Co Subscription 70.00
11/16/1999 0 Health Plan of Florida Health Insurance 1,022.61
11/13/1999 0 RPS Freight Out 18.17
11/17/1999 0 Bell South Telephone 1,710.00
11/20/1999 0 United Parcel Service Postage 2.00
11/08/1999 0 Wayne Glass Co. Commissions-Post Petition (18.06)
11/24/1999 0 Saxon Business Sys Equipment Rental 198.16
11/01/1999 0 Palm Beach Co. Tax Personal Prop Tax 1,898.03
11/08/1999 0 Alan Close Marketing Commissions-Post Petition (0.62)
11/22/1999 5 Malay, Gillen & Bryant Commissions-Post Petition 23.40
11/22/1999 5 Century Sales Commissions-Post Petition 152.64
11/15/1999 0 Cybergate Computer Expense 71.80
-------------
30,219.46
=============
ACCOUNTS PAYABLE RECONCILIATION (Post Petition Only):
Opening Balance (total from prior report) 19,800.59
PLUS: New Indebtedness Incurred This Month 104,774.21
LESS: Amount Paid on Prior Accounts Payable (94,355.34)
--------------
Ending Month Balance 30,219.46
==============
</TABLE>
<TABLE>
<CAPTION>
SECURED: List the status of Payments to Secured Creditors and Lessors
(Post Petition Only)
Number of Post Total Amount of
Petition Payments Post Petition
Secured Creditor/Lessor Date Payment Due Payment Amount Delinquent Payments Delinquent
<S> <C> <C> <C> <C>
LaSalle National Bank N/A 343,436.08 N/A N/A
Mellon United National Bank 11/16/1999 5,457.15 N/A N/A
----------------------
Total 348,893.23
======================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 3
INVENTORY AND FIXED ASSETS REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning NOVEMBER 1, 1999 and ending NOVEMBER 30, 1999
INVENTORY REPORT
<S> <C>
INVENTORY BALANCE AT PETITION DATE: 1,552,250.00
===================
INVENTORY RECONCILITION:
Inventory Balance at Beginning of Month 816,422.00
Inventory Purchased During Month 0
Inventory Used, Sold or Adjusted (205,941.00)
-----------------
Injventory On Hand at End of Month 610,481.00
=================
METHOD OF COSTING INVENTORY: The lower of cost determined on the average method or market.
FIXED ASSET REPORT
FIXED ASSETS FAIR MARKET VALUE AT PETITION DATE: 1,314,180.00
===================
BRIEF DESCRIPTION: Office/warehouse, office equipment, furnishings,machinery, fixtures, equipment
and supplies used in business.
FIXED ASSET RECONCILIATION:
Fixed Asset Value at Beginning of Month 1,281,084.00
LESS: Depreciation Expense (11,032.00)
PLUS: New Purchases 0
-------------------
Ending Monthly Balance 1,270,052.00
===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 4
MONTHLY BANK ACCOUNT RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning NOVEMBER 1, 1999 and ending NOVEMBER 30, 1999
NAME OF BANK: La Salle National Bank
ACCOUNT NAME: PSI Industries, Inc.DIP- Operating Account
ACCOUNT NUMBER: 5800228008
PURPOSE OF ACCOUNT: Operating Account
<S> <C>
Beginning Balance 0.00
Total Deposits Made 94,404.25
Total Amount of Checks and Wire Transfers Written (94,355.34)
Service Charges (48.91)
----------------
Closing Balance 0.00
================
Number of First Check Written this Period 30259
Number of Last Check Written this Period 30340
Number of Wire Transfers this Period 7
----------------
Total Number of Checks and Wire Transfers Written this Period 89
================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 4
MONTHLY BANK ACCOUNT RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning NOVEMBER 1, 1999 and ending NOVEMBER 30, 1999
NAME OF BANK: Republic Security Bank
ACCOUNT NAME: PSI Industries, Inc. DIP Payroll Account
ACCOUNT NUMBER: 0123000602
PURPOSE OF ACCOUNT: Payroll Account
<S> <C>
Beginning Balance 15,003.85
Total Deposits Made 17,200.00
Total Amount of Payroll Checks Written (14,378.97)
Total Amount of Payroll Taxes Paid * (4,604.77)
Service Charges (31.11)
------------------
Closing Balance 13,189.00
==================
Number of First Manual Check Written this Period 1054
Number of Last Manual Check Written this Period 1059
Number of First Computer Generated Check Written this Period 30183
Number of Last Computer Generated Check Written this Period 30213
------------------
Total Number of Checks Written this Period 37
==================
</TABLE>
* Payroll taxes are paid directly by Payroll Service Bureau out of checking
account
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 5
CHECK REGISTER-OPERATING ACCOUNT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning NOVEMBER 1, 1999 and ending NOVEMBER 30, 1999
NAME OF BANK: La Salle National Bank
ACCOUNT NAME: PSI Industries, Inc.DIP- Operating Account
ACCOUNT NUMBER: 5800228008
PURPOSE OF ACCOUNT: Operating Account
Date Check Number Payee Purpose Amount
<S> <C> <C> <C> <C> <C>
11/01/1999 30259 Federal Express Postage 13.50
11/01/1999 30260 Office Depot Office Supplies 117.84
11/02/1999 30261 Federal Express Postage 13.50
11/02/1999 30262 Atlas Pearlman Trop & Borkson, et al Permits & Fees 165.00
11/03/1999 30263 Federal Express Postage 26.00
11/04/1999 30264 Federal Express Postage 13.50
11/03/1999 30265 Void
11/03/1999 30266 Void
11/03/1999 30267 Void
11/03/1999 30268 Void
11/03/1999 30269 Void
11/03/1999 30270 AFCO General Insurance 9,444.20
11/03/1999 30271 Bank of America (Nationsbanc) Equipment Rental 2,405.11
11/03/1999 30272 Silverman Consulting Fees & Expenses for Acting President 6,000.00
11/03/1999 30273 Xerox Equipment Rental 338.66
11/03/1999 30274 Health Plan of Florida Health Insurance 1,022.61
11/03/1999 30275 Microsmart of Florida Computer Expenses 47.50
11/03/1999 30276 United Parcel Svc Postage 61.00
11/03/1999 30277 RSL Com USA Telephone 1,560.24
11/03/1999 30278 Primepay of Greater Orlando Payroll Service 55.85
11/05/1999 30279 Federal Express Postage 75.00
11/08/1999 30280 Federal Express Postage 13.50
11/09/1999 30281 Federal Express Postage 24.50
11/10/1999 30282 Federal Express Postage 40.25
11/10/1999 30283 Florida Power & Light Utilities 1,373.13
11/10/1999 30284 Mellon United National Bank Mortgage 5,457.15
11/10/1999 30285 Browning-Ferris Industries Utilities 448.39
11/10/1999 30286 Primepay of Greater Orlando Payroll Service 45.85
11/10/1999 30287 Pinnacle Solutions Computer Expenses 225.00
11/10/1999 30288 Silverman Consulting Fees & Expenses for Acting President 6,000.00
11/10/1999 30289 United Parcel Svc Postage 183.00
11/10/1999 30290 Zephyrhills Office Supplies 45.84
11/10/1999 30291 Cybergate Computer Expenses 107.70
11/12/1999 30292 Federal Express Postage 13.50
11/12/1999 30293 Federal Express Postage 13.50
11/15/1999 30294 Federal Express Postage 13.50
11/15/1999 30295 Browning-Ferris Industries Utilities 286.58
11/15/1999 30296 Buerk & Associates Commissions-Post Petition 223.15
11/15/1999 30297 Felco Marketing Commissions-Post Petition 1,421.98
11/15/1999 30298 Firestone Associates Commissions-Post Petition 1,313.25
11/15/1999 30299 Howard Gardiner Commissions-Post Petition 104.25
11/15/1999 30300 LD Ideals Commissions-Post Petition 43.20
11/15/1999 30301 Leon Omansky Sales Commissions-Post Petition 119.70
<PAGE>
CHECK REGISTER-OPERATING ACCOUNT
Date Check Number Payee Purpose Amount
11/15/1999 30302 Mark Williams & Co Commissions-Post Petition 908.99
11/15/1999 30303 Old Colony Marketing Commissions-Post Petition 86.40
11/15/1999 30304 Pankow Associates Commissions-Post Petition 1,123.13
11/15/1999 30305 Peak Sales Commissions-Post Petition 90.00
11/15/1999 30306 Sel Polsky & Assoc. Commissions-Post Petition 336.77
11/15/1999 30307 Splash-Van Dow, Inc. Commissions-Post Petition 1,460.35
11/15/1999 30308 The Urban Mark Commissions-Post Petition 118.80
11/15/1999 30309 Silverman Consulting Fees & Expenses for Acting President 6,000.00
11/15/1999 30310 Postage by Phone Postage 200.00
11/15/1999 30311 Bell South Telephone 1,768.55
11/15/1999 30312 Saxon Business Systems Equipment Rental 208.95
11/15/1999 30313 Direction Dynamics Commissions-Post Petition 170.10
11/15/1999 30314 Tim Bailey & Associates Commissions-Post Petition 201.60
11/15/1999 30315 Performance Sales & Mktg Commissions-Post Petition 52.80
11/15/1999 30316 Jones & Co. Commissions-Post Petition 64.80
11/15/1999 30317 Malay, Gillen & Bryant, Inc. Commissions-Post Petition 13.50
11/15/1999 30318 Commercial Recovery Collection Fees 11,014.03
11/23/1999 30319 Federal Express Postage 23.75
11/23/1999 30320 Office Depot Office Supplies 63.56
11/23/1999 30321 Primepay of Greater Orlando Payroll Service 45.85
11/23/1999 30322 VOID
11/23/1999 30323 Federal Express Postage 29.25
11/23/1999 30324 Federal Express Postage 27.75
11/23/1999 30325 Federal Express Postage 13.50
11/23/1999 30326 Federal Express Postage 13.50
11/23/1999 30327 Aetna U.S. Healthcare Health Insurance 1,611.33
11/23/1999 30328 Protective Life Insurance Dental Insurance 55.09
11/23/1999 30329 First Choice Building Maint. Repair & Maintenance 291.50
11/23/1999 30330 Primepay of Greater Orlando Payroll Service 44.30
11/23/1999 30331 Jefferson Pilot Insurance Disability Insurance 115.49
11/23/1999 30332 A.S.A.P. Pest Control Repair & Maintenance 65.00
11/23/1999 30333 Silverman Consulting Fees & Expenses for Acting President 6,000.00
11/23/1999 30334 Mellon First United Leasing Equipment Rental 302.26
11/23/1999 30335 Xerox Corp. Equipment Rental 338.66
11/23/1999 30336 United Parcel Service Postage 55.25
11/23/1999 30337 Harbinger Corp. Computer Expenses 30.00
11/23/1999 30338 Joseph H. Stomel & Sons Customer Refund 3,978.00
11/24/1999 30339 Federal Express Postage 13.50
11/30/1999 30340 Federal Express Postage 32.45
11/04/1999 Wire Transfer Republic Security Bank Payroll 4,500.00
11/04/1999 Wire Transfer RPS, Inc. Freight Out 142.21
11/10/1999 Wire Transfer Republic Security Bank Payroll 4,500.00
11/16/1999 Wire Transfer RPS, Inc. Freight Out 658.03
11/18/1999 Wire Transfer Republic Security Bank Payroll 4,200.00
11/19/1999 Wire Transfer RPS, Inc. Freight Out 509.91
11/23/1999 Wire Transfer Republic Security Bank Payroll 4,000.00
-------------------
TOTAL 94,355.34
===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 5
CHECK REGISTER-PAYROLL ACCOUNT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning NOVEMBER 1,1999 and ending NOVEMBER 30, 1999
NAME OF BANK: Republic Security Bank
ACCOUNT NAME: PSI Industries, Inc. DIP Payroll Account
ACCOUNT NUMBER:0123000602
PURPOSE OF ACCOUNT: Payroll Account
Date Check Number Payee Purpose Amount
<S> <C> <C> <C> <C> <C> <C>
11/05/1999 1054 Lilian Sholkoff Paycheck 375.00
11/05/1999 1055 Lili Giaccobbe Paycheck 45.00
11/05/1999 1056 Michael Caruso Paycheck 250.00
11/08/1999 1057 Lilian Sholkoff Paycheck 75.00
11/12/1999 1058 Lilian Sholkoff Paycheck 150.00
11/29/1999 1059 Martin Epstein Paycheck 120.00
11/05/1999 30183 Martin Epstein Paycheck 1,120.77
11/05/1999 30184 Brian Faber Paycheck 561.04
11/05/1999 30185 SDU, Fl Garnishment 93.60
11/05/1999 30186 Diane Kael Paycheck 429.46
11/05/1999 30187 Rosy Perez Paycheck 480.89
11/05/1999 30188 Michael Allen Paycheck 472.26
11/05/1999 30189 James Anthony Paycheck 290.55
11/05/1999 30190 SCDU, Pa Garnishment 65.00
11/12/1999 30191 Martin Epstein Paycheck 1,120.77
11/12/1999 30192 Brian Faber Paycheck 561.04
11/12/1999 30193 SDU, Fl Garnishment 93.60
11/12/1999 30194 Diane Kael Paycheck 429.46
11/12/1999 30195 Rosy Perez Paycheck 480.89
11/12/1999 30196 Michael Allen Paycheck 472.26
11/12/1999 30197 James Anthony Paycheck 299.78
11/12/1999 30198 SCDU, Pa Garnishment 65.00
11/19/1999 30199 Martin Epstein Paycheck 1,220.77
11/19/1999 30200 Brian Faber Paycheck 453.26
11/19/1999 30201 SDU, Fl Garnishment 93.60
11/19/1999 30202 Diane Kael Paycheck 429.46
11/19/1999 30203 Rosy Perez Paycheck 480.89
11/19/1999 30204 Michael Allen Paycheck 254.77
11/19/1999 30205 James Anthony Paycheck 272.08
11/19/1999 30206 SCDU, Pa Garnishment 65.00
11/24/1999 30207 Martin Epstein Paycheck 1,220.77
11/24/1999 30208 Brian Faber Paycheck 453.26
11/24/1999 30209 SDU, Fl Garnishment 93.60
11/24/1999 30210 Diane Kael Paycheck 429.46
11/24/1999 30211 Rosy Perez Paycheck 480.89
11/24/1999 30212 James Anthony Paycheck 314.79
11/24/1999 30213 SCDU, Pa Garnishment 65.00
-----------------------
Total 14,378.97
=======================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 6
MONTHLY TAX REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning NOVEMBER 1, 1999 and ending NOVEMBER 30, 1999
TAXES PAID DURING THE MONTH
Date Description Amount
<S> <C> <C> <C>
11/05/1999 Payroll Taxes 1,211.50
11/12/1999 Payroll Taxes 1,213.53
11/19/1999 Payroll Taxes 1,124.26
11/24/1999 Payroll Taxes 1,055.48
---------------------
Total 4,604.77
=====================
</TABLE>
All payroll tax deposits are made and funded by a Payroll Service Bureau.
The Payroll Service Bureau is Prime Pay, 841 Douglas Avenue, Suite 101,
Altamonte Springs, Fl 32714
TAXES OWED AND DUE
All payroll tax deposits are made and funded by a Payroll Service Bureau.
The Payroll Service Bureau is Prime Pay, 841 Douglas Avenue, Suite 101,
Altamonte Springs, Fl 32714
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 7
SUMMARY OF OFFICER OR OWNER COMPENSATION
SUMMARY OF PERSONNEL AND INSURANCE COVERAGES
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning NOVEMBER 1, 1999 and ending NOVEMBER 30, 1999
Name of Officer or Owner Title Amount Paid
Marty Epstein CFO 4,803.08
PERSONNEL REPORT
Full Time Part Time
<S> <C> <C>
Number of employees at beginning of period 6 0
Number hired during the period
Number terminated or resigned during period 1
---------------------------------
Number of employees on payroll at end of period 5 0
=================================
CONFIRMATION OF INSURANCE
Carrier Agent & Phone Number Policy No Coverage Type Expiration Date Date Premiun Due
Reliance Insurance Seitlin - 305-513-5989 BIND351191 Umbrella 05/04/2000 4th of ea. month
Fireman's Fund Seitlin - 305-513-5989 W 15 WZP 80796171 Worker's Comp 01/01/2000 Paid until audit
Gulf Insurance Co Seitlin - 305-513-5989 GA0431539 Dir. & Officers Lia 12/22/1999 22nd of ea. Mo.
Reliance Insurance Seitlin - 305-513-5989 BIND351192 Property/Gen Lia 05/04/2000 4th of ea. month
General Accident Seitlin - 305-513-5989 CZC443258 Ocean Cargo 05/04/2000 4th of ea. month
Aetna U.S.Health MBS Benefit Planning 954-489-0849 262606-058-00000 Health Insurance Perpetual 1st of ea. Month
Health Plan of Fl. MBS Benefit Planning 954-489-0849 2605217 000 Health Insurance Perpetual 1st of ea. Month
Health Plan of Fl. MBS Benefit Planning 954-489-0849 2605217 001 Health Insurance Perpetual 1st of ea. Month
Jefferson Pilot MBS Benefit Planning 954-489-0849 55335 Disability Perpetual 1st of ea. Month
Protective Dental Care MBS Benefit Planning 954-489-0849 218866 Dental Insurance Perpetual 10th of ea Month
</TABLE>
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF FLORIDA
WEST PALM BEACH DIVISION
CASE NO. 99-33737-BKC-SHF
CHAPTER 11
IN RE:
PSI INDUSTRIES, INC.
Debtor
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)
FOR THE PERIOD FROM DECEMBER 1, 1999 TO DECEMBER 31, 1999
---------------------------------------------------------
COMES NOW the above-named Debtor and files its periodic report in
accordance with the Guidelines established by the United States Trustee and FRBP
2015.
I HEREBY CERTIFY that a true and correct copy of the foregoing and
attached report was furnished by mail this 26 day of January, 2000, to the
Assistant U.S. Trustee's Office, 51 SW First Avenue, Miami, FL 33130.
KLUGER, PERETZ, KAPLAN & BERLIN, P.A.
Attorneys for Debtor
Miami Center, Seventeenth Floor
201 So. Biscayne Blvd.
Miami, Florida 33131
Telephone: (305) 379-9000
Facsimile: (305) 379-3428
Debtor's Address:
and Phone Number:
By: /s/ Michael D. Seese
------------------------
MICHAEL D. SEESE
PSI INDUSTRIES, INC. Fla. Bar No. 997323
1160 B South Rogers Circle
Boca Raton, FL 33487
561/997-1133
<PAGE>
<TABLE>
<CAPTION>
MONTHLY FINANCIAL REPORT FOR BUSINESS
FOR THE PERIOD BEGINNING DECEMBER 1, 1999 AND ENDING DECEMBER 31, 1999
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Date of Petition : JULY 29, 1999
CURRENT MONTH CUMULATIVE PETITION TO DATE
--------------------- ----------------------------
<S> <C> <C>
1. CASH AT BEGINNING OF PERIOD 13,189.00 0.00
2. RECEIPTS:
A. Cash Sales
Less : Cash Refunds
Net Cash Sales
B. Collection on Post petition A/R 66,310.44 498,696.98
C. Collection on Prepetition A/R 47,531.73 1,408,508.47
D. Other Receipts (See Attached List) 129,261.64 843,137.73
--------------------- ------------------
3. TOTAL RECEIPTS 243,103.81 2,750,343.18
--------------------- ------------------
4. TOTAL CASH AVAILABLE FOR OPERATIONS (Line1 +Line 3) 256,292.81 2,750,343.18
5. DISBURSEMENTS
A. U.S.Trustee Quarterly Fees 5,000.00
B. Net Payroll 20,058.77 164,082.43
C. Payroll Taxes Paid 4,604.99 42,663.14
D. Sales and Use Taxes
E. Other Taxes 1,917.81 1,917.81
F. Rent
G. Other Leases (Attachment 3)
H. Telephone 2,910.11 14,402.41
I. Utilities 1,347.38 10,588.72
J. Travel & Entertainment 4,626.21
k. Vehicle Expenses
L. Office Supplies 592.29 3,169.47
M. Advertising
N. Insurance (Attachment 7) 13,155.84 89,809.43
O. Purchases of Fixed Assets
P. Purchases of Inventory
Q. Manufacturing Supplies
R. Repairs and Maintence 336.50 5,906.25
S. Payments to Secured Creditors 119,818.74 1,996,197.95
T. Other Operating Expenses 83,038.14 403,467.12
--------------------- ------------------
6. TOTAL CASH DISBURSEMENTS 247,780.57 2,741,830.94
--------------------- ------------------
7. ENDING CASH BALANCE (Line 4-Line 6) 8,512.24 8,512.24
===================== ==================
</TABLE>
I declare under penalty of perjury that this statement and the
accompanying documents and reports are true and correct to the best of my
knowledge and belief
This 25th day of January, 2000. /s/ Barry Shear
---------------
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 1
MONTHLY ACCOUNTS RECEIVABLE AGING AND RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning DECEMBER 1, 1999 and ending DECEMBER 31, 1999
ACCOUNTS RECEIVABLE AT PETITION DATE: 4,043,420.00
ACCOUNTS RECEIVABLE RECONCILIATION:
<S> <C>
Beginning of Month Balance 2,605,636.00
PLUS: Current Month New Billings 59,916.17
LESS: Collection During the Month (113,842.17)
LESS: Adjustments
-------------------------------------
End of Month Balance 2,551,710.00
=====================================
</TABLE>
<TABLE>
<CAPTION>
AGING:
0-30 DAYS 31-60 DAYS 61-90 DAYS OVER 90 DAYS TOTAL
<S> <C> <C> <C> <C> <C>
30,244 (138,435) 167,553 2,492,348 2,551,710
========================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 2
MONTHLY ACCOUNTS PAYABLE AND SECURED PAYMENTS REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning DECEMBER 1, 1999 and ending DECEMBER 31,1999
Listed below are all invoices or bills incurred and not paid since the filing of
the petition. Amounts owed prior to filing the petition are not included.
Date Incured Days Outstanding Vendor Description Amount
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
09/01/1999 100 Canon Financial Svc Equipment Rental 2,287.69
12/27/1999 0 Florida Power & Light Utilities 922.55
11/20/1999 30 Bank of America Personal Property tax 2,258.46
12/15/1999 0 Bank of America Equipment Rental 2,405.11
12/07/1999 0 Pankow Associates Commissions - Post Petition (0.82)
12/07/1999 0 Sel Polsky Assoc Commissions - Post Petition (2.77)
12/01/1999 0 Mellon First United Equipment Rental 302.26
12/20/1999 5 Xerox Corp Equipment Rental 255.32
12/18/1999 2 United Parcel Serv Freight Out 2.00
12/22/1999 0 City of Boca Raton Security and Protection 43.00
12/21/1999 0 1160 Building Condo Maintenance & Repair 3,027.50
11/29/1999 5 Cybergate Computer Expenses 53.85
11/08/1999 0 Wayne Glass Co Commissions - Post Petition (18.06)
11/08/1999 0 Alan Close Mktg Commissions - Post Petition (0.62)
12/08/1999 0 Kluger,Peretz,Kaplan Legal Fees 20,000.00
12/09/1999 7 Yellow Freight Freight Out 914.54
-------------
32,450.01
=============
ACCOUNTS PAYABLE RECONCILIATION (Post Petition Only):
Opening Balance (total from prior report) 30,219.46
PLUS: New Indebtedness Incurred This Month 130,938.00
LESS: Amount Paid on Prior Accounts Payable (128,707.45)
-------------
Ending Month Balance 32,450.01
=============
</TABLE>
<TABLE>
<CAPTION>
SECURED: List the status of Payments to Secured Creditors and Lessors
(Post Petition Only)
Number of Post Total Amount of
Petition Payments Post Petition Payments
Secured Creditor/Lessor Date Payment Due Payment Amount Delinquent Delinquent
<S> <C> <C> <C> <C>
LaSalle National Bank N/A 114,361.59 N/A N/A
Mellon United National Bank 12/16/1999 5,457.15 N/A N/A
-------------
Total 119,818.74
=============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 3
INVENTORY AND FIXED ASSETS REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning DECEMBER 1, 1999 and ending DECEMBER 31, 1999
INVENTORY REPORT
<S> <C> <C>
INVENTORY BALANCE AT PETITION DATE: 1,552,250.00
===================
INVENTORY RECONCILITION:
Inventory Balance at Beginning of Month 610,481.00
Inventory Purchased During Month 0
Inventory Used, Sold or Adjusted (22,852.00)
--------------
Injventory On Hand at End of Month 587,629.00
==============
METHOD OF COSTING INVENTORY: The lower of cost determined on the average method or market.
FIXED ASSET REPORT
FIXED ASSETS FAIR MARKET VALUE AT PETITION DATE: 1,314,180.00
===================
BRIEF DESCRIPTION: Office/warehouse, office equipment, furnishings,machinery, fixtures, equipment
and supplies used in business.
FIXED ASSET RECONCILIATION:
Fixed Asset Value at Beginning of Month 1,270,052.00
LESS: Depreciation Expense (11,032.00)
PLUS: New Purchases 0
-------------------
Ending Monthly Balance 1,259,020.00
===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 4
MONTHLY BANK ACCOUNT RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning DECEMBER 1, 1999 and ending DECEMBER 31, 1999
NAME OF BANK: La Salle National Bank
ACCOUNT NAME: PSI Industries, Inc.DIP- Operating Account
ACCOUNT NUMBER: 5800228008
PURPOSE OF ACCOUNT: Operating Account
<S> <C>
Beginning Balance 0.00
Total Deposits Made 128,742.22
Total Amount of Checks and Wire Transfers Written (128,707.45)
Service Charges (34.77)
-------------------
Closing Balance 0.00
===================
Number of First Check Written this Period 30341
Number of Last Check Written this Period 30432
Number of Wire Transfers this Period 12
-------------------
Total Number of Checks and Wire Transfers Written this Period 104
===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 4
MONTHLY BANK ACCOUNT RECONCILATION
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning DECEMBER 1, 1999 and ending DECEMBER 31, 1999
NAME OF BANK: Republic Security Bank
ACCOUNT NAME: PSI Industries, Inc. DIP Payroll Account
ACCOUNT NUMBER: 0123000602
PURPOSE OF ACCOUNT: Payroll Account
<S> <C>
Beginning Balance 13,189.00
Total Deposits Made 20,000.00
Total Amount of Payroll Checks Written (20,058.77)
Total Amount of Payroll Taxes Paid * (4,604.99)
Service Charges (13.00)
-----------------
Closing Balance 8,512.24
=================
Number of First Manual Check Written this Period 1060
Number of Last Manual Check Written this Period 1068
Number of First Computer Generated Check Written this Period 30214
Number of Last Computer Generated Check Written this Period 30250
-----------------
Total Number of Checks Written this Period 46
=================
</TABLE>
* Payroll taxes are paid directly by Payroll Service Bureau out of checking
account
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 5
CHECK REGISTER-PAYROLL ACCOUNT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning DECEMBER 1,1999 and ending DECEMBER 31, 1999
NAME OF BANK: Republic Security Bank
ACCOUNT NAME: PSI Industries, Inc. DIP Payroll Account
ACCOUNT NUMBER:0123000602
PURPOSE OF ACCOUNT: Payroll Account
Date Check Number Payee Purpose Amount
<S> <C> <C> <C> <C> <C> <C>
12/10/1999 1060 Rose Graham Paycheck 222.00
12/14/1999 1061 Lili Giacobbe Paycheck 90.00
12/17/1999 1062 Justin Faber Paycheck 136.00
12/17/1999 1063 Rose Graham Paycheck 225.00
12/21/1999 1064 Brigitte Faber Paycheck 136.00
12/21/1999 1065 Justin Faber Paycheck 136.00
12/23/1999 1066 Justin Faber Paycheck 178.50
12/23/1999 1067 Brigitte Faber Paycheck 178.50
12/30/1999 1068 Justin Faber Paycheck 246.50
12/03/1999 30214 Martin Epstein Paycheck 1,300.77
12/03/1999 30215 Brian Faber Paycheck 453.56
12/03/1999 30216 SDU, Fl Garnishment 93.60
12/03/1999 30217 Diane Kael Paycheck 429.46
12/03/1999 30218 Rosy Perez Paycheck 480.89
12/03/1999 30219 James Anthony Paycheck 302.10
12/03/1999 30220 SCDU, Pa Garnishment 65.00
12/10/1999 30221 Martin Epstein Paycheck 1,426.48
12/10/1999 30222 Brian Faber Paycheck 453.26
12/10/1999 30223 SDU, Fl Garnishment 93.60
12/10/1999 30224 Diane Kael Paycheck 429.46
12/10/1999 30225 Rosy Perez Paycheck 480.89
12/10/1999 30226 James Anthony Paycheck 304.40
12/10/1999 30227 SCDU, Pa Garnishment 65.00
12/17/1999 30228 Martin Epstein Paycheck 1,316.15
12/17/1999 30229 Martin Epstein Paycheck 1,516.15
12/17/1999 30230 Brian Faber Paycheck 453.26
12/17/1999 30231 Brian Faber Paycheck 548.57
12/17/1999 30232 SDU, Fl Garnishment 93.60
12/17/1999 30233 Diane Kael Paycheck 429.46
12/17/1999 30234 Diane Kael Garnishment 190.50
12/17/1999 30235 Rosy Estevez Paycheck 495.56
12/17/1999 30236 Rosy Estevez Paycheck 116.55
12/17/1999 30237 Void 0.00
12/17/1999 30238 SCDU, Pa Garnishment 65.00
12/17/1999 30239 SCDU, Pa Garnishment 59.85
12/17/1999 30240 SCDU, Pa Garnishment 59.85
12/24/1999 30241 Martin Epstein Paycheck 1,619.38
12/24/1999 30242 Brian Faber Paycheck 584.69
12/24/1999 30243 SDU, Fl Garnishment 93.60
12/24/1999 30244 Diane Kael Paycheck 533.88
12/24/1999 30245 Rosy Estevez Paycheck 612.10
12/30/1999 30246 Martin Epstein Paycheck 1,519.38
12/30/1999 30247 Brian Faber Paycheck 584.69
12/30/1999 30248 SDU, Fl Garnishment 93.60
12/30/1999 30249 Diane Kael Paycheck 533.88
12/30/1999 30250 Rosy Estevez Paycheck 612.10
-----------------------
Total 20,058.77
=======================
<PAGE>
ATTACHMENT 5
CHECK REGISTER-OPERATING ACCOUNT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning DECEMBER 1, 1999 and ending DECEMBER 31, 1999
NAME OF BANK: La Salle National Bank
ACCOUNT NAME: PSI Industries, Inc.DIP- Operating Account
ACCOUNT NUMBER: 5800228008
PURPOSE OF ACCOUNT: Operating Account
Date Check Number Payee Purpose Amount
<S> <C> <C> <C> <C> <C>
12/01/1999 30341 Federal Express Postage 13.50
12/01/1999 30342 AFCO General Insurance 9,444.20
12/01/1999 30343 Buerk & Associates Commissions-Post Petition 32.40
12/01/1999 30344 Felco Marketing Commissions-Post Petition 632.87
12/01/1999 30345 Firestone Associates Commissions-Post Petition 54.00
12/01/1999 30346 Howard Gardiner Commissions-Post Petition 121.50
12/01/1999 30347 Leon Omansky Sales Commissions-Post Petition 32.40
12/01/1999 30348 Mark Williams & Co Commissions-Post Petition 183.60
12/01/1999 30349 Pankow Associates Commissions-Post Petition 28.80
12/01/1999 30350 Peak Sales Commissions-Post Petition 54.00
12/01/1999 30351 Sel Polsky & Associates Commissions-Post Petition 166.50
12/01/1999 30352 Splash- Van Dow Commissions-Post Petition 564.96
12/01/1999 30353 The Urban Mark Commissions-Post Petition 43.20
12/01/1999 30354 Silverman Consulting Fees & Expenses for Acting President 6,000.00
12/01/1999 30355 The Depository Trust Subscriptions 70.00
12/01/1999 30356 Health Plan of Florida Health Insurance 1,022.61
12/01/1999 30357 Bell South Deposit to Vendor 1,710.00
12/01/1999 30358 United Parcel Svc Postage 2.00
12/01/1999 30359 Malay, Gillen & Bryant, Inc. Commissions-Post Petition 23.40
12/01/1999 30360 Century Sales Commissions-Post Petition 152.64
12/02/1999 30361 Primepay of Greater Orlando Payroll Service 103.30
12/02/1999 30362 Marty Epstein Office Supplies 22.30
12/06/1999 30363 Federal Express Postage 13.50
12/06/1999 30364 Federal Express Postage 45.25
12/06/1999 30365 Void
12/07/1999 30366 Void
12/06/1999 30367 Pitney Bowes Equipment Rental 52.88
12/07/1999 30368 Federal Express Postage 35.75
12/07/1999 30369 Florida Power & Light Utilities 1,106.60
12/07/1999 30370 Browning-Ferris Industries Utilities 240.78
12/07/1999 30371 Void
12/07/1999 30372 Pinnacle Solutions Computer Expenses 225.00
12/07/1999 30373 Silverman Consulting Fees & Expenses for Acting President 6,000.00
12/07/1999 30374 Cybergate, Inc. Computer Expenses 71.80
12/07/1999 30375 A Plus Air Conditioning Repairs & Maintenance 45.00
12/07/1999 30376 Tax Collector, Palm Beach Co. Personal Property Taxes 1,917.81
12/07/1999 30377 Bank of America Leasing (Nations Bank) Equipment Rental 2,405.11
12/08/1999 30378 Office Depot Office Supplies 100.65
12/10/1999 30379 Federal Express Postage 13.50
12/09/1999 30380 Primepay of Greater Orlando Payroll Service 44.30
12/13/1999 30381 Federal Express Postage 70.50
<PAGE>
Date Check Number Payee Purpose Amount
12/14/1999 30382 Federal Express Postage 19.00
12/14/1999 30383 Protective Life Insurance Co. Dental Insurance 55.09
12/14/1999 30384 Mellon United National Bank Mortgage 5,457.15
12/14/1999 30385 Primepay of Greater Orlando Payroll Service 159.80
12/14/1999 30386 Silverman Consulting Fees & Expenses for Acting President 6,000.00
12/14/1999 30387 Xerox Corp. Equipment Rental 338.66
12/14/1999 30388 Bell South Telephone 1,729.28
12/14/1999 30389 Zephyrhills Office Supplies 79.84
12/14/1999 30390 RSL Com USA Telephone 1,180.83
12/14/1999 30391 Saxon Business Systems Equipment Rental 198.16
12/14/1999 30392 Rosy Estevez Office Supplies 3.16
12/14/1999 30393 Commercial Recovery Collection Fees 8,396.85
12/14/1999 30394 Marty Epstein Office Supplies 42.85
12/15/1999 30395 LaSalle National Bank Royalties - Post Petition 9,728.10
12/15/1999 30396 Primepay of Greater Orlando Payroll Service 53.60
12/15/1999 30397 Postage by Phone Postage 100.00
12/17/1999 30398 Federal Express Postage 51.00
12/20/1999 30399 Riverside Paper Company Packaging Supplies 99.45
12/20/1999 30400 First Choice Building Maint. Repair & Maintenance 291.50
12/20/1999 30401 Buerk & Associates Commissions - Post Petition 326.86
12/20/1999 30402 Felco Marketing Commissions - Post Petition 171.90
12/20/1999 30403 Firestone Associates Commissions - Post Petition 316.79
12/20/1999 30404 Howard Gardiner Commissions - Post Petition 186.70
12/20/1999 30405 LD Ideals Commissions - Post Petition 43.20
12/20/1999 30406 Leon Omansky Commissions - Post Petition 27.00
12/20/1999 30407 Mark Williams & Co. Commissions - Post Petition 196.20
12/20/1999 30408 Old Colony Marketing Commissions - Post Petition 45.90
12/20/1999 30409 Peak Sales Commissions - Post Petition 5.40
12/20/1999 30410 Splash Van-Dow Commissions - Post Petition 572.67
12/20/1999 30411 The Urban Mark Commissions - Post Petition 32.40
12/20/1999 30412 Silverman Consulting Fees & Expenses for Acting President 6,000.00
12/20/1999 30413 Harbinger Corp. Computer Expenses 30.00
12/20/1999 30414 Evaco Financial Printers Office Supplies 265.64
12/20/1999 30415 RPS, Inc. Freight Out 18.17
12/20/1999 30416 Tax Collector, Palm Beach County Occupational License 123.40
12/20/1999 30417 Direction Dynamics Commissions - Post Petition 10.80
12/20/1999 30418 Vista Photo Commissions - Post Petition 16.20
12/27/1999 30419 Silverman Consulting Fees & Expenses for Acting President 6,000.00
12/21/1999 30420 Federal Express Postage 41.50
12/22/1999 30421 Federal Express Postage 53.95
12/21/1999 30422 U.S. Postmaster Freight Out 22.02
12/22/1999 30423 Aetna U. S. Healthcare Health Insurance 1,611.33
12/22/1999 30424 Primepay of Greater Orlando Payroll Service 41.20
12/22/1999 30425 Yellow Freight Systems Freight Out 590.18
12/27/1999 30426 Federal Express Postage 13.50
12/23/1999 30427 Health Plan of Florida, Inc. Health Insurance 696.27
12/23/1999 30428 Toojay's Office Supplies 60.27
12/23/1999 30429 Brian Faber Office Supplies 17.58
12/28/1999 30430 Primepay of Greater Orlando Payroll Service 41.20
12/28/1999 30431 Health Plan of Florida, Inc. Health Insurance 326.34
12/29/1999 30432 Federal Express Postage 13.50
12/22/1999 Wire Transfer RPS, Inc. Freight Out 329.10
12/02/1999 Wire Transfer RPS, Inc. Freight Out 1,197.08
12/02/1999 Wire Transfer Graphic Communications Product Packaging 4,920.00
12/02/1999 Wire Transfer Republic Security Bank Payroll 4,000.00
12/02/1999 Wire Transfer RPS, Inc. Freight Out 260.39
12/02/1999 Wire Transfer Fuji Photo Film Co Royalties - Post Petition 16,331.40
12/10/1999 Wire Transfer Republic Security Bank Payroll 4,000.00
12/10/1999 Wire Transfer RPS, Inc. Freight Out 313.84
12/15/1999 Wire Transfer Republic Security Bank Payroll 4,000.00
12/17/1999 Wire Transfer RPS, Inc. Freight Out 586.64
12/22/1999 Wire Transfer Republic Security Bank Payroll 4,000.00
12/29/1999 Wire Transfer Republic Security Bank Payroll 4,000.00
------------
TOTAL Total 128,707.45
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 6
MONTHLY TAX REPORT
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning DECEMBER 1, 1999 and ending DECEMBER 31, 1999
TAXES PAID DURING THE MONTH
Date Description Amount
<S> <C> <C> <C> <C>
12/03/1999 Payroll Taxes 852.69
12/10/1999 Payroll Taxes 841.79
12/17/1999 Payroll Taxes 1,141.71
12/24/1999 Payroll Taxes 834.40
12/30/1999 Payroll Taxes 934.40
---------------------
Total 4,604.99
=====================
</TABLE>
All payroll tax deposits are made and funded by a Payroll Service Bureau.
The Payroll Service Bureau is Prime Pay, 841 Douglas Avenue, Suite 101,
Altamonte Springs, Fl 32714
TAXES OWED AND DUE
All payroll tax deposits are made and funded by a Payroll Service Bureau.
The Payroll Service Bureau is Prime Pay, 841 Douglas Avenue, Suite 101,
Altamonte Springs, Fl 32714
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT 7
SUMMARY OF OFFICER OR OWNER COMPENSATION
SUMMARY OF PERSONNEL AND INSURANCE COVERAGES
Name of Debtor: PSI INDUSTRIES, INC. Case Number: 99-33737 BKC-SHF
Reporting Period beginning DECEMBER 1, 1999 and ending DECEMKBER 31, 1999
Name of Officer or Owner Title Amount Paid
Marty Epstein CFO 7,271.83
PERSONNEL REPORT
Full Time Part Time
Number of employees at beginning of period 5 0
Number hired during the period
Number terminated or resigned during period 1
---------------------------------------------
Number of employees on payroll at end of period 4 0
=============================================
CONFIRMATION OF INSURANCE
Carrier Agent & Phone Number Policy No Coverage Type Expiration Date Date Premiun Due
<S> <C> <C> <C> <C> <C>
Reliance Insurance Seitlin - 305-513-5989 BIND351191 Umbrella 05/04/2000 4th of ea. month
Fireman's Fund Seitlin - 305-513-5989 W 15 WZP 80796171 Worker's Comp 01/01/2000 Paid until audit
Gulf Insurance Co Seitlin - 305-513-5989 GA0431539 Dir. & Officers Lia 12/22/1999 22nd of ea. Mo.
Reliance Insurance Seitlin - 305-513-5989 BIND351192 Property/Gen Lia 05/04/2000 4th of ea. month
General Accident Seitlin - 305-513-5989 CZC443258 Ocean Cargo 05/04/2000 4th of ea. month
Aetna U.S.Health MBS Benefit Planning 954-489-0849 262606-058-00000 Health Insurance Perpetual 1st of ea. Month
Health Plan of Fl. MBS Benefit Planning 954-489-0849 2605217 000 Health Insurance Perpetual 1st of ea. Month
Health Plan of Fl. MBS Benefit Planning 954-489-0849 2605217 001 Health Insurance Perpetual 1st of ea. Month
Jefferson Pilot MBS Benefit Planning 954-489-0849 55335 Disability Perpetual 1st of ea. Month
Protective Dental Care MBS Benefit Planning 954-489-0849 218866 Dental Insurance Perpetual 10th of ea Month
</TABLE>
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