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Previous: INFORMATION MANAGEMENT ASSOCIATES INC, 8-K, 2000-09-20 |
Next: ATMEL CORP, S-3/A, 2000-09-20 |
Exhibit 99.1
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CASE NAME: INFORMATION MANAGEMENT ASSOCIATES, INC.
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CASE NUMBER: 00-33268 ACCRUAL BASIS
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JUDGE: Lorraine Murphy Weil
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UNITED STATES BANKRUPTCY COURT
DISRICT OF CONNECTICUT
NEW HAVEN DIVISION
MONTHLY OPERATING REP0RT
MONTH ENDING - AUGUST, 2000
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE
UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING
REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-6) AND THE ACCOMPANYING
ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT
AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY), IS
BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
RESPONSIBLE PARTY:
/s/ Michael P. McGroarty Chief Operating Officer
---------------------------------------- -----------------------------
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
Michael P. McGroarty 9/14/00
---------------------------------------- -----------------------------
PRINTED NAME OF RESPONSIBLE PARTY DATE
PREPARER:
Senior Vice President
/s/ Sheldon A. Paul Finance and Administration
---------------------------------------- -----------------------------
ORIGINAL SIGNATURE OF PREPARER TITLE
Sheldon A. Paul 9/14/00
---------------------------------------- -----------------------------
PRINTED NAME OF PREPARER DATE
<PAGE>
NAME : INFORMATION MANAGEMENT ASSOCIATES, INC.
CASE NUMBER :00-33268
<TABLE>
<CAPTION>
COMPARATIVE BALANCE SHEET
Schedule
Amount
------
ASSETS July 24, 2000 July 31, 2000 August 31, 2000
------------- ------------- ---------------
<S> <C> <C> <C>
1 UNRESTRICTED CASH $745,751 $960,212 $612,061
2 RESTRICTED CASH 414,160 414,160 414,160
-----------------------------------------------------
3 TOTAL CASH 1,159,911 1,374,372 1,026,221
-----------------------------------------------------
4 ACCOUNTS RECEIVABLE(NET) 659,117 717,824 946,711
5 INVENTORY 44,647 44,647 44,647
6 NOTES RECEIVABLE - - -
7 PREPAID EXPENSES 362,117 362,117 352,493
8 OTHER 9,645,433 9,645,433 9,739,833
-----------------------------------------------------
9 TOTAL CURRENT ASSETS 11,871,224 12,144,391 12,109,905
-----------------------------------------------------
10 PROPERTY, PLANT&EQUIPMENT 10,084,459 10,084,459 10,089,949
11 LESS:ACCUMLATED DEPRECIATION (8,463,070) (8,463,070) (8,544,712)
-----------------------------------------------------
12 NET PROPERTY , PLANT & EQUIPMENT 1,621,389 1,621,389 1,545,237
13 DUE FROM INSIDERS
14 OTHER ASSETS-NET OF AMORTIZATION 2,520,898 2,520,898 2,482,436
15 OTHER 182,666 182,666 164,705
-----------------------------------------------------
16 TOTAL ASSETS $16,196,176 $16,469,344 $16,302,283
=====================================================
=====================================================
LIABILITIES & STOCKHOLDERS' EQUITY
=====================================================
POSTPETITION LIABILITIES
17 ACCOUNTS PAYABLE $- $96,665 $305,570
18 TAXES PAYABLE - - -
19 NOTES PAYABLE - - -
20 PROFESSIONAL FEES - - -
21 SECURED DEBT - - -
22 OTHER - - -
-----------------------------------------------------
23 TOTAL POST PETITION LIABILTIES - 96,665 305,570
-----------------------------------------------------
PREPETITION LIABILITIES
24 SECURED DEBT 133,261 133,261 103,062
TAXES PAYABLE 305,905 301,610 301,610
25 PRIORITY DEBT - - -
26 UNSECURED DEBT 3,470,818 3,470,818 3,470,818
DEFERRED MAINTENANCE REVENUES 3,440,007 3,440,007 3,003,853
27 OTHER 945,206 946,344 802,722
28 TOTAL PREPETITION LIABILTIES 8,295,197 8,292,040 7,682,065
-----------------------------------------------------
29 TOTAL LIABILITIES 8,295,197 8,388,705 7,987,635
-----------------------------------------------------
EQUITY
30 PREPETITION OWNER'S EQUITY 7,900,980 7,900,980 7,900,980
31 POSTPETITION CUMULATIVE PROFIT(LOSS) - 179,659 413,668
32 DIRECT CHARGES TO EQUITY - - -
-----------------------------------------------------
33 TOTAL EQUITY 7,900,980 8,080,639 8,314,648
-----------------------------------------------------
34 TOTAL LIABILITIES & OWNERS EQUITY $16,196,177 $16,469,344 $16,302,283
=====================================================
</TABLE>
<PAGE>
NAME : INFORMATION MANAGEMENT ASSOCIATES, INC.
CASE NUMBER :00-33268
<TABLE>
<CAPTION>
SCHEDULES FOR COMPARATIVE BALANCE SHEET
Schedule
Amount Month Month
July 24, 2000 July 31, 2000 August 31, 2000
------------- ------------- ---------------
<S> <C> <C> <C>
#8 OTHER ASSETS
-- ------------
DUE FROM SUBSIDIARY-FRANCE $(340,671) $(340,671) $(340,671)
DUE FROM SUBSIDIARY-AUSTRALIA 374,203 374,203 374,203
DUE FROM SUBSIDIARY-UNITED KINGDOM 9,249,494 9,249,494 9,343,897
DUE FROM SUBSIDIARY-GERMANY 362,407 362,407 362,405
------------------------------------------------------
$9,645,433 $9,645,433 $9,739,833
------------------------------------------------------
#14 OTHER ASSETS-NET OF AMORTIZATION
--- --------------------------------
GOODWILL $168,322 $168,322 $165,676
PURCHASED RESEARCH & DEVELOPMENT 308,937 308,937 270,321
DEPOSITS 81,576 81,576 84,376
INVESTMENT IN IMA, UK LTD. 233,000 233,000 233,000
INVESTMENT IN MITSUCON TECNOLOGIA SA 1,729,063 1,729,063 1,729,063
------------------------------------------------------
$2,520,898 $2,520,898 $2,482,436
------------------------------------------------------
#15 OTHER-ASSETS
--- ------------
NOTE RECEIVABLE-MITSUCON TECHNOLOGIA SA $182,666 $182,666 $164,705
======================================================
PREPETITION TAXES PAYABLE
-------------------------
GENERAL INCOME TAX RESERVE $167,188 $167,188 $167,188
GENERAL SALES TAX RESERVE 146,165 146,165 146,165
STATE SALES TAXES PAYABLE (7,448) (11,743) (11,743)
------------------------------------------------------
$305,905 $301,610 $301,610
------------------------------------------------------
#27 OTHER LIABILITIES
--- -----------------
ACCRUED COMPENSATION $383,853 $383,853 $291,378
ACCRUED EXPENSES 172,748 173,886 99,652
ACCRUED RENT 251,590 251,590 274,677
ACCRUED INTEREST 137,015 137,015 137,015
------------------------------------------------------
$945,206 $946,344 $802,722
------------------------------------------------------
</TABLE>
<PAGE>
NAME : INFORMATION MANAGEMENT ASSOCIATES, INC.
CASE NUMBER :00-33268
<TABLE>
<CAPTION>
INCOME STATEMENT 7 Days Ending Month
July 31, 2000 August 31, 2000
------------- ---------------
<S> <C> <C>
1 GROSS REVENUES $265,729 $1,036,119
ROYALTY REVENUE FROM FOREIGN SUBSIDIARIES 84,754
2 LESS:RETURNS AND ALLOWANCES - -
--------------------------------------
3 NET REVENUE 265,729 1,120,873
--------------------------------------
COST OF GOODS SOLD:
4 MATERIAL - -
5 DIRECTLABOR - -
6 DIRECT OVERHEAD- 3RD PARTY COSTS 4,760 31,206
--------------------------------------
7 TOTAL COST OF GOODS SOLD 4,760 31,206
--------------------------------------
8 GROSS PROFIT 260,969 1,089,667
--------------------------------------
OPERATING EXPENSES:
9 OFFICER/INSIDER COMPENSATION - 152,369
10 SELLING AND MARKETING 44,058 97,509
11 GENERAL AND ADMINISTRATIVE 37,251 464,985
12 RENT AND LEASE - 19,096
13 OTHER - -
--------------------------------------
14 TOTAL OPERATING EXPENSE 81,309 733,959
--------------------------------------
15 INCOME BEFORE NON-OPERATING INCOME AND EXPENSE 179,660 355,708
--------------------------------------
OTHER INCOME INCOME AND EXPENSE:
16 NON OPERATING INCOME - INTEREST - (3,622)
17 NON OPERATING EXPENSE - -
18 INTEREST EXPENSE - 2,417
19 DEPRECIATION EXPENSE - 67,341
20 AMORTIZATION - 55,564
21 OTHER - -
--------------------------------------
22 NET OTHER INCOME AND EXPENSE 179,660 121,699
REORGANIZATION EXPENSE:
23 PROFESSIONAL FEES - -
24 US TRUSTEE FEES - -
25 OTHER - -
--------------------------------------
26 TOTAL REORGANIZATION EXPENSE - -
--------------------------------------
27 INCOME TAX - -
--------------------------------------
28 NET PROFIT $179,660 $234,009
======================================
</TABLE>
<PAGE>
NAME : INFORMATION MANAGEMENT ASSOCIATES, INC.
CASE NUMBER :00-33268
<TABLE>
<CAPTION>
CASH RECEIPTS AND DISBURSEMENTS 7 Days Ending Month
July 31, 2000 August 31, 2000
------------- ---------------
<S> <C> <C>
1 CASH-BEGINNING OF MONTH $1,159,911 $1,374,372
------------------------------------
RECEIPTS FROM OPERATIONS
2 CASH SALES - -
COLLECTION OF ACCOUNTS RECEIVABLE
3 PREPETITION 207,021 503,785
4 POST PETITION - -
------------------------------------
5 TOTAL OPERATING RECEIPTS 207,021 503,785
------------------------------------
NON-OPERATING RECEIPTS
6 LOANS AND ADVANCES -
7 SALE OF ASSETS -
8 OTHER 19,679 14,411
------------------------------------
9 TOTAL NON OPERATING RECEIPTS 19,679 14,411
------------------------------------
10 TOTAL RECEIPTS 226,700 518,196
------------------------------------
11 TOTAL CASH AVAILABLE 226,700 518,196
------------------------------------
OPERATING DISBURSEMENTS
12 NET PAYROLL 5,097 371,302
13 PAYROLL TAXES PAID - 190,576
14 SALES, USE & OTHER TAXES PAID - 4,345
15 SECURED/RENTAL/LEASES - 33,542
16 UTILITIES - 14,741
17 INSURANCE 5,064 85,719
18 INVENTORY PURCHASES - -
19 VEHICLE EXPENSES - -
20 TRAVEL - 127,416
21 ENTERTAINMENT - -
22 REPAIRS AND MAINTENANCE - 653
23 SUPPLIES - 209
24 ADVERTISING - 4,117
25 OTHER 2,078 33,727
------------------------------------
26 TOTAL OPERATING DISBURSEMENTS 12,239 866,347
------------------------------------
TOTAL REORGANIZATION EXPENSE
27 PROFESSIONAL FEES - -
28 US TRUSTEE FEES - -
29 OTHER - -
------------------------------------
30 TOTAL REORGANIZATION EXPENSE - -
------------------------------------
31 TOTAL DISBURSEMENTS 12,239 866,347
------------------------------------
32 NET CASH FLOW 214,461 (348,151)
------------------------------------
33 CASH - END OF MONTH $1,374,372 $1,026,221
====================================
</TABLE>
<PAGE>
NAME : INFORMATION MANAGEMENT ASSOCIATES, INC.
CASE NUMBER :00-33268
<TABLE>
<CAPTION>
ACCOUNTS RECEIVABLE AGING: Month Month
July 31, 2000 August 31, 2000
<S> <C> <C>
1 0-30 DAYS $57,125 $301,413
2 31-60 DAYS 701,632 547,641
3 61-90 DAYS 73,534 345,678
4 91+ DAYS 4,898,403 3,764,610
-------------------------------------
5 TOTAL ACCOUNTS RECEIVABLE 5,730,694 4,959,342
OTHER ACCOUNTS RECEIVABLE 1,417,897 1,747,343
6 AMOUNT CONSIDERED UNCOLLECTABLE (6,430,768) (5,759,974)
-------------------------------------
7 ACCOUNTS RECEIVABLE(NET) $717,824 $946,711
=====================================
=====================================
</TABLE>
<TABLE>
<CAPTION>
AGING OF POST PETITION TAXES AND PAYABLES:
TAXES PAYABLE: 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL
--------- ----------- ----------- --------- -----
<S> <C> <C> <C> <C> <C>
1 FEDERAL $- $- $- $- $-
2 STATE - - - - -
3 LOCAL - - - - -
4 OTHER - - - - -
--------------------------------------------------------------------------
5 TOTAL TAXES PAYABLE $- $- $- $- $-
==========================================================================
6 ACCOUNTS PAYABLE: $119,328 $186,098 $144 $- $305,570
==========================================================================
</TABLE>
<TABLE>
<CAPTION>
STATUS OF POSTPETITION TAXES:
FEDERAL BEGIN TAX AMOUNT W/H OR AMOUNT PAID ENDING TAX
-------
LIABILITY ACCRUED LIABILITY
<S> <C> <C> <C> <C>
1 WITHHOLDING $- $109,110 $109,110 $-
2 FICA EMPLOYEE - $28,838 $28,838 -
3 FICA EMPLOYER - $28,838 $28,838 -
4 UNEMPLOYMENT - $(14) $(14) -
5 INCOME - $- $- -
6 OTHER - $- $- -
----------------------------------------------------------------------
7 TOTAL FEDERAL TAXES - $166,772 $166,772 -
----------------------------------------------------------------------
STATE AND LOCAL
---------------
8 WITHHOLDING - 23,447 23,447 -
9 SALES 4,295 - 4,295 -
10 EXCISE - - - -
11 UNEMPLOYMENT - (30) (30) -
12 REAL PROPERTY - - - -
13 PERSONAL PROPERTY 46,170 - - 46,170
14 OTHER - 387 387 -
----------------------------------------------------------------------
15 TOTAL STATE AND LOCAL 50,465 23,804 28,099 46,170
----------------------------------------------------------------------
16 TOTAL TAXES $50,465 $190,576 $194,871 $46,170
=======================================================================
</TABLE>
<PAGE>
NAME : INFORMATION MANAGEMENT ASSOCIATES, INC.
CASE NUMBER :00-33268
<TABLE>
<CAPTION>
BANK RECONCILIATIONS: MONTH: August-00
ACCOUNT #1 ACCOUNT #2 ACCOUNT #3 ACCOUNT #4
---------- ---------- ---------- ----------
A BANK PEOPLES BANK PEOPLES BANK PEOPLES BANK PEOPLES BANK
B ACCOUNT NUMBER: 048-7035708 064-7002287 048-7040507 064-7002279
C PURPOSE(TYPE) IMA CUSTODIAL IMA DIP OPERATING IMA OPERATING IMA PAYROLL
ACCOUNT ACCOUNT # 1 ACCOUNT # 2 ACCOUNT # 1
-----------------------------------------
<S> <C> <C> <C> <C>
1 BALANCE PER BANK STATEMENT $- $485,839 $169,173 $-
2 ADD:TOTAL DEPOSITS NOT CREDITED - - - -
3 SUBTRACT:OUTSTANDING CHECKS - (37,346) (4,690) (25,005)
4 OTHER RECONCILING ITEMS - - - 18,470
------------------------------------------------
5 MONTH END BALANCE PER BOOKS $- $448,493 $164,483 $(6,536)
================================================
DIFFERENCE - - -
6 NUMBER OF LAST WRITTEN CHECK 032661 033003 35702
ACCOUNT #5 ACCOUNT #6 ACCOUNT #7
---------- ---------- ----------
A BANK PEOPLES BANK PEOPLES BANK ALEX BROWN
B ACCOUNT NUMBER: 048-7040515 048-7040523 24836526 *
C PURPOSE(TYPE) IMA DIP PAYROLL IMA DIP TAX IMA RESTRICTED
ACCOUNT # 2 ACCOUNT ACCOUNT
-----------------------------------------
1 BALANCE PER BANK STATEMENT $- $5,620 $414,160
2 ADD:TOTAL DEPOSITS NOT CREDITED - - -
3 SUBTRACT:OUTSTANDING CHECKS - - -
4 OTHER RECONCILING ITEMS - - -
---------------------------------------------
5 MONTH END BALANCE PER BOOKS $- $5,620 $414,160
=============================================
DIFFERENCE - - -
6 NUMBER OF LAST WRITTEN CHECK N/A 1005 N/A
</TABLE>
<TABLE>
<CAPTION>
INVESTMENT ACCOUNTS:
BANK ACCOUNT NAME & NUMBER DATE OF TYPE OF PURCHASE PRICE CURRENT VALUE
PURCHASE INVESTMENT
<S> <C> <C> <C> <C>
7 None $- $-
8 None - -
9 None - -
10 None - -
-------------------------------
11 TOTAL INVESTMENT $- $-
===============================
CASH:
12 CURRENCY ON HAND None
13 TOTAL CASH - END OF MONTH $1,026,221
==============
</TABLE>
<PAGE>
NAME : INFORMATION MANAGEMENT ASSOCIATES, INC.
CASE NUMBER :00-33268
<TABLE>
<CAPTION>
PAYMENTS TO INSIDERS AND PROFESSIONALS: MONTH August-00
INSIDERS
NAME TYPE OF PAYMENT AMOUNT PAID - AMOUNT PAID- AMOUNT PAID-
TRAVEL PAYROLL COMMISSIONS
-----------------------------------------------
<S> <C> <C> <C> <C>
1 PAUL SCHMIDT $- -
2 TOM HILL - -
3 DAVID CALLARD - -
4 DON MILLER - -
5 PAUL FREDERICK 5,847 15,417
6 MIKE MCGROARTY 3,073 13,334
7 SHELDON PAUL 1,219 12,500
8 KEN BOIN 3,430 10,417
9 ROGER BEARD - 14,733
10 ROB CHASE - 16,500
11 MARIO FERRAIRO - -
12 JIM ANDERSON - 19,562 24,906
-----------------------------------------------
13 TOTAL PAYMENT TO INSIDERS $13,568 $102,462 $24,906
===============================================
===============================================
===============================================
===============================================
NAME OTHER TOTAL PAID
EXECUTORY TO DATE
PAYMENTS
-------------------------------
1 PAUL SCHMIDT $-
2 TOM HILL -
3 DAVID CALLARD -
4 DON MILLER -
5 PAUL FREDERICK 12,500 33,763
6 MIKE MCGROARTY 12,500 28,907
7 SHELDON PAUL 13,719
8 KEN BOIN 13,846
9 ROGER BEARD 14,733
10 ROB CHASE 16,500
11 MARIO FERRAIRO -
12 JIM ANDERSON 44,468
-------------------------------
13 TOTAL PAYMENT TO INSIDERS $25,000 $165,937
===============================
===============================
===============================
===============================
</TABLE>
<TABLE>
<CAPTION>
PROFESSIONALS
NAME DATE OF COURT AMOUNT APPROVED AMOUNT PAID TOTAL PAID TO TOTAL
AUTHORIZING PAYMENT DATE INCURRED
& UNPAID
<S> <C> <C> <C> <C> <C>
1 NONE - - -
2 - - -
3 - - -
4 - - -
5 - - -
--------------------------------------------
6 TOTAL PAYMENT TO PROFESSIONALS $- $- $-
============================================
============================================
============================================
============================================
</TABLE>
<TABLE>
<CAPTION>
POSTPETITION STATUS OF SECURED NOTES,LEASES
PAYABLE AND ADEQUATE PROTECTION PAYMENTS
NAME OF CREDITOR SCHEDULE AMOUNTS PAID TOTAL UNPAID DATE PAID
MONTHLY DURING THE POSTPETITION
PAYMENT DUE MONTH
<S> <C> <C> <C> <C>
1 IRVINE INDUSTRIAL COMPANY(ASSIGNED TO T-TECH $- $- $-
LABS, INC)
2 CROWN POINTE LLC 11,819 11,819 -
3 EOP OPERATING L.P.(ASSIGNED TO SABA SYSTEMS) -
4 FINOVA LOAN ADMINISTRATION 1,295 - 1,295
5 AMERILEASE CORPORTATION 4,037 - 4,037 09/08/2000
6 INTEL FINANCIAL SERVICES 4,619 4,619 -
7 IOS CAPITAL 4,595 - 4,595 09/08/2000
8 LUCENT TECHNOLOGIES 19,865 - 19,865 09/01/2000
9 VIDEO & SOUND SERVICES(ASSIGNED TO SABA SYSTEMS)
10 IBM CORPORATION 1,574 1,574 -
11 T-TECH HOLDING CO. 11,967 11,967 -
-----------------------------------------------
12 TOTAL $59,770 $29,978 $29,792
===============================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
CASE NAME: INFORMATION MANAGEMENT ASSOCIATES, INC. CASE NUMBER: 00-33268 ACCRUAL BASIS
-----------------------------------------------------------------------------------------------------------------------------------
---------------------
QUESTIONNAIRE
-----------------------------------------------------------------------------------------------------------------------------------
YES NO
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? X
-----------------------------------------------------------------------------------------------------------------------------------
2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSESSION ACCOUNT? X
-----------------------------------------------------------------------------------------------------------------------------------
3. ARE ANY POSTPETITION RECEIVABLES (ACCOUNT, NOTES, OR LOANS) DUE FROM RELATED PARTIES? X
-----------------------------------------------------------------------------------------------------------------------------------
4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIBILITIES THIS REPORTING PERIOD? X
-----------------------------------------------------------------------------------------------------------------------------------
5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? X
-----------------------------------------------------------------------------------------------------------------------------------
6. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? X
-----------------------------------------------------------------------------------------------------------------------------------
7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? X
-----------------------------------------------------------------------------------------------------------------------------------
8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X
-----------------------------------------------------------------------------------------------------------------------------------
9. ARE ANY OTHER POSTPETITION TAXES PAST DUE? X
-----------------------------------------------------------------------------------------------------------------------------------
10. ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? X
-----------------------------------------------------------------------------------------------------------------------------------
11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? X
-----------------------------------------------------------------------------------------------------------------------------------
12. ARE ANY WAGE PAYMENTS PAST DUE? X
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES" PROVIDE A DETAILED
EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------
INSURANCE
-----------------------------------------------------------------------------------------------------------------------------------
YES NO
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? X
-----------------------------------------------------------------------------------------------------------------------------------
2. ARE ALL PREMIUM PAYMENTS PAID IN EFFECT? X
-----------------------------------------------------------------------------------------------------------------------------------
3. PLEASE ITEMIZE BELOW.
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO" OR IF ANY POLICIES HAVE BEEN
CANCELED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION
BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
INSTALLMENT PAYMENTS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PAYMENT AMOUNT
TYPE OF POLICY CARRIER PERIOD COVERED & FREQUENCY
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE>
CASE NAME: Information Management Associates, Inc.
CASE NUMBER: 00-33268
Questionnaire Explanations:
#2 -
There are two accounts that remain open that are not Debtor in Possession
("DIP") Accounts. The Payroll DIP account was activated with our payroll
service in early September 2000. The non-DIP Payroll account should be
closed after the transition is complete by the end of September 2000. The
company's non-DIP Operating account should be closed by the end of
September 2000 also. Many domestic and foreign customers wire funds into
this account. We have informed all customers of this change and the
transition of receipt by electronic funds transfers to the new DIP
Operating account should be completed within the planned timeframe.
#8 -
Property taxes were owing to the city of Shelton and Orange County,
California, at the end of August 2000. The post-petition amounts due these
taxing authorities should be paid during September 2000.
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