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Previous: INFORMATION MANAGEMENT ASSOCIATES INC, 8-K, 2001-01-09 |
Next: FRANKLIN STRATEGIC SERIES, N-30D, 2001-01-09 |
Exhibit 99.1
--------------------------------------------------------------------------------
CASE NAME: INFORMATION MANAGEMENT ASSOCIATES, INC.
--------------------------------------------------------------------------------
CASE NUMBER: 00-33268 ACCRUAL BASIS
--------------------------------------------------------------------------------
JUDGE: Lorraine Murphy Weil
--------------------------------------------------------------------------------
UNITED STATES BANKRUPTCY COURT
DISTRICT OF CONNECTICUT
NEW HAVEN DIVISION
MONTHLY OPERATING REP0RT
MONTH ENDING - NOVEMBER, 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 12/21/00
---------------------------------------- -----------------------------
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 12/21/00
---------------------------------------- -----------------------------
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 September 30, 2000 October 31, 2000 November 30, 2000
------------- ------------------ ---------------- -----------------
<S> <C> <C> <C> <C>
1 UNRESTRICTED CASH $ 745,751 $ 456,377 $ 231,179 $ 275,327
2 RESTRICTED CASH 414,160 420,831 312,197 261,230
------------- ------------- ------------- ------------
3 TOTAL CASH 1,159,911 877,208 543,376 536,557
4 ACCOUNTS RECEIVABLE(NET) 659,117 809,405 1,176,138 1,306,870
5 INVENTORY 44,647 44,647 38,486 32,327
6 NOTES RECEIVABLE - - - -
7 PREPAID EXPENSES 362,117 295,634 298,699 291,312
8 OTHER 9,645,433 9,480,673 9,375,076 9,139,603
------------- ------------- ------------- ------------
9 TOTAL CURRENT ASSETS 11,871,224 11,507,567 11,431,775 11,306,669
------------- ------------- ------------- ------------
10 PROPERTY, PLANT & EQUIPMENT 10,084,459 10,089,949 10,093,194 6,404,370
11 LESS:ACCUMLATED DEPRECIATION (8,463,070) (8,624,309) (8,702,998) (5,242,032)
------------- ------------- ------------- ------------
12 NET PROPERTY , PLANT & EQUIPMENT 1,621,389 1,465,640 1,390,196 1,162,338
13 DUE FROM INSIDERS
14 OTHER ASSETS-NET OF AMORTIZATION 2,520,898 2,480,593 2,468,320 2,415,557
15 OTHER 182,666 143,695 141,290 121,033
------------- ------------- ------------- ------------
16 TOTAL ASSETS $ 16,196,176 $ 15,597,495 $ 15,431,581 $ 15,005,597
============= ============= ============= ============
LIABILITIES & STOCKHOLDERS' EQUITY
POSTPETITION LIABILITIES
17 ACCOUNTS PAYABLE $ - $ 217,437 $ 291,605 $ 310,388
18 TAXES PAYABLE - - - -
19 NOTES PAYABLE - - - -
20 PROFESSIONAL FEES - - - -
21 SECURED DEBT - - - -
22 OTHER - - - -
- - - -
------------- ------------- ------------- ------------
23 TOTAL POST PETITION LIABILTIES - 217,437 291,605 310,388
------------- ------------- ------------- ------------
PREPETITION LIABILITIES
24 SECURED DEBT 133,261 102,151 102,151 99,107
TAXES PAYABLE 305,905 239,135 234,848 261,966
25 PRIORITY DEBT - - - -
26 UNSECURED DEBT 3,470,818 3,470,818 3,487,929 3,492,755
DEFERRED REVENUES 3,440,007 2,701,332 2,270,147 2,007,452
27 OTHER 945,206 610,287 674,366 683,212
------------- ------------- ------------- ------------
28 TOTAL PREPETITION LIABILTIES 8,295,197 7,123,723 6,769,441 6,544,492
------------- ------------- ------------- ------------
29 TOTAL LIABILITIES 8,295,197 7,341,160 7,061,046 6,854,880
------------- ------------- ------------- ------------
EQUITY
30 PREPETITION OWNER'S EQUITY 7,900,980 7,900,980 7,900,980 7,900,980
31 POSTPETITION CUMULATIVE PROFIT(LOSS) - 616,070 723,949 770,783
FOREIGN EXCHANGE RATE TRANSLATION ADJUSTMENT (260,715) (254,394) (521,046)
32 DIRECT CHARGES TO EQUITY - - - -
- - - -
33 TOTAL EQUITY 7,900,980 8,256,335 8,370,535 8,150,717
------------- ------------- ------------- ------------
34 TOTAL LIABILITIES & OWNERS EQUITY $ 16,196,177 $ 15,597,495 $ 15,431,581 $ 15,005,597
============= ============= ============= ============
</TABLE>
Page 1
<PAGE>
NAME: INFORMATION MANAGEMENT ASSOCIATES, INC.
CASE NUMBER: 00-33268
<TABLE>
<CAPTION>
SCHEDULES FOR COMPARATIVE BALANCE SHEET
Schedule
Amount Month Month Month
July 24, 2000 September 30, 2000 October 31, 2000 November 30, 2000
------------- ------------------ ---------------- -----------------
<S> <C> <C> <C> <C>
#8 OTHER ASSETS
------------
DUE FROM SUBSIDIARY-FRANCE $ (340,671) $ (297,224) $ (294,065) $ (289,328)
DUE FROM SUBSIDIARY-AUSTRALIA 374,203 366,274 246,947 156,001
DUE FROM SUBSIDIARY-UNITED KINGDOM 9,249,494 9,099,024 9,109,596 8,960,332
DUE FROM SUBSIDIARY-GERMANY 362,407 312,599 312,598 312,598
-------------------------------------------------------------------
$ 9,645,433 $ 9,480,673 $ 9,375,076 $ 9,139,603
===================================================================
#14 OTHER ASSETS-NET OF AMORTIZATION
--------------------------------
GOODWILL $ 168,322 $ 163,030 $ 160,385 $ 157,740
PURCHASED RESEARCH & DEVELOPMENT 308,937 231,703 193,086 154,468
DEPOSITS 81,576 123,797 152,786 141,286
INVESTMENT IN IMA, UK LTD. 233,000 233,000 233,000 233,000
INVESTMENT IN MITSUCON TECNOLOGIA SA 1,729,063 1,729,063 1,729,063 1,729,063
-------------------------------------------------------------------
$ 2,520,898 $ 2,480,593 $ 2,468,320 $ 2,415,557
===================================================================
#15 OTHER-ASSETS
------------
NOTE RECEIVABLE-MITSUCON TECHNOLOGIA SA $ 182,666 $ 143,695 $ 141,290 $ 121,033
===================================================================
PREPETITION TAXES PAYABLE
-------------------------
GENERAL INCOME TAX RESERVE $ 167,188 $ 104,713 $ 100,370 $ 100,370
GENERAL SALES TAX RESERVE 146,165 146,165 145,131 145,131
STATE SALES TAXES PAYABLE (7,448) (11,743) (10,653) 16,465
-------------------------------------------------------------------
$ 305,905 $ 239,135 $ 234,848 $ 261,966
===================================================================
#27 OTHER LIABILITIES
-----------------
ACCRUED COMPENSATION $ 383,853 $ 308,937 $ 334,457 $ 296,203
ACCRUED EXPENSES 172,748 (98,970) (56,273) (1,581)
ACCRUED RENT 251,590 263,320 259,182 251,590
ACCRUED INTEREST 137,015 137,000 137,000 137,000
-------------------------------------------------------------------
$ 945,206 $ 610,287 $ 674,366 $ 683,212
===================================================================
</TABLE>
Page 2
<PAGE>
NAME: INFORMATION MANAGEMENT ASSOCIATES, INC.
CASE NUMBER: 00-33268
<TABLE>
<CAPTION>
INCOME STATEMENT Month Month Month
September 30, 2000 October 31, 2000 November 30, 2000
------------------ ---------------- -----------------
<S> <C> <C> <C>
1 GROSS REVENUES $ 964,481 $ 1,003,220 $ 1,021,697
ROYALTY REVENUE FROM FOREIGN SUBSIDIARIES - 28,654 20,925
2 LESS:RETURNS AND ALLOWANCES - - -
---------- ----------- -----------
3 NET REVENUE 964,481 1,031,874 1,042,622
---------- ----------- -----------
COST OF GOODS SOLD:
4 MATERIAL - - -
5 DIRECT LABOR - - -
6 DIRECT OVERHEAD- 3RD PARTY COSTS 6,080 28,378 21,184
---------- ----------- -----------
7 TOTAL COST OF GOODS SOLD 6,080 28,378 21,184
---------- ----------- -----------
8 GROSS PROFIT 958,401 1,003,496 1,021,438
---------- ----------- -----------
OPERATING EXPENSES:
9 OFFICER/INSIDER COMPENSATION 139,051 195,461 121,501
10 SELLING AND MARKETING 87,716 47,740 75,982
11 GENERAL AND ADMINISTRATIVE 413,894 586,274 523,158
12 RENT AND LEASE - - -
13 OTHER - - -
---------- ----------- -----------
14 TOTAL OPERATING EXPENSE 640,661 829,475 720,641
---------- ----------- -----------
15 INCOME BEFORE NON-OPERATING INCOME AND EXPENSE 317,740 174,021 300,797
---------- ----------- -----------
OTHER INCOME AND EXPENSE:
16 NON OPERATING INCOME - INTEREST/OTHER (8,393) (59,407) (2,162)
17 NON OPERATING EXPENSE - - -
18 INTEREST EXPENSE 2,873 590 2,165
19 DEPRECIATION EXPENSE 65,673 64,966 62,640
20 AMORTIZATION 55,186 54,993 54,895
21 OTHER (See #1-Questionaire Explanations) - - 136,425
---------- ----------- -----------
22 NET OTHER INCOME AND EXPENSE 115,339 61,142 253,963
REORGANIZATION EXPENSE:
23 PROFESSIONAL FEES - - -
24 US TRUSTEE FEES - 5,000 -
25 OTHER - - -
---------- ----------- -----------
26 TOTAL REORGANIZATION EXPENSE - 5,000 -
---------- ----------- -----------
27 INCOME TAX - - -
---------- ----------- -----------
28 NET PROFIT $ 202,401 $ 107,879 $ 46,834
========== =========== ===========
</TABLE>
Page 3
<PAGE>
NAME: INFORMATION MANAGEMENT ASSOCIATES, INC.
CASE NUMBER: 00-33268
<TABLE>
<CAPTION>
CASH RECEIPTS AND DISBURSEMENTS Month Month Month
September 30, 2000 October 31, 2000 November 30, 2000
------------------ ---------------- -----------------
<S> <C> <C> <C>
1 CASH-BEGINNING OF MONTH $ 1,026,221 $ 877,208 $ 543,375
----------------- --------------- --------------
RECEIPTS FROM OPERATIONS
2 CASH SALES - - -
COLLECTION OF ACCOUNTS RECEIVABLE
3 PREPETITION 371,815 9,175 87,243
4 POST PETITION 510,680 362,048 672,607
----------------- --------------- --------------
5 TOTAL OPERATING RECEIPTS 882,495 371,223 759,850
----------------- --------------- --------------
NON-OPERATING RECEIPTS
6 LOANS AND ADVANCES
7 SALE OF ASSETS - - 15,461
8 OTHER 10,294 173,971 1,412
----------------- --------------- --------------
9 TOTAL NON OPERATING RECEIPTS 10,294 173,971 16,873
----------------- --------------- --------------
10 TOTAL RECEIPTS 892,789 545,194 776,723
----------------- --------------- --------------
11 TOTAL CASH AVAILABLE 1,919,010 1,422,402 1,320,099
----------------- --------------- --------------
OPERATING DISBURSEMENTS
12 NET PAYROLL 384,177 399,086 329,955
13 PAYROLL TAXES PAID 184,487 158,071 196,718
14 SALES, USE & OTHER TAXES PAID 31,215 3,628 270
15 SECURED/RENTAL/LEASES 70,908 41,533 37,738
16 UTILITIES 56,953 50,071 72,674
17 INSURANCE 44,300 36,108 33,962
18 INVENTORY PURCHASES - - -
19 VEHICLE EXPENSES - - -
20 TRAVEL 159,760 101,024 63,388
21 ENTERTAINMENT - - -
22 REPAIRS AND MAINTENANCE 16 - -
23 SUPPLIES 1,313 - -
24 ADVERTISING 778 - -
25 OTHER 107,895 84,506 48,837
----------------- --------------- --------------
26 TOTAL OPERATING DISBURSEMENTS 1,041,802 874,027 783,542
----------------- --------------- --------------
TOTAL REORGANIZATION EXPENSE
27 PROFESSIONAL FEES - - -
28 US TRUSTEE FEES - 5,000 -
29 OTHER - - -
----------------- --------------- --------------
30 TOTAL REORGANIZATION EXPENSE - 5,000 -
----------------- --------------- --------------
31 TOTAL DISBURSEMENTS 1,041,802 879,027 783,542
----------------- --------------- --------------
32 NET CASH FLOW (149,013) (333,833) (6,819)
----------------- --------------- --------------
33 CASH - END OF MONTH $ 877,208 $ 543,375 $ 536,557
================= =============== ==============
</TABLE>
Page 4
<PAGE>
NAME: INFORMATION MANAGEMENT ASSOCIATES, INC.
CASE NUMBER: 00-33268
<TABLE>
<CAPTION>
ACCOUNTS RECEIVABLE AGING: Month Month Month
September 30, 2000 October 31, 2000 November 30, 2000
------------------ ---------------- -----------------
<S> <C> <C> <C>
1 0-30 DAYS $ 659,095 $ 246,637 $ 594,873
2 31-60 DAYS 322,308 955,824 374,119
3 61-90 DAYS 280,147 291,605 560,904
4 91+ DAYS 2,304,559 2,379,948 2,432,540
------------------ ---------------- -----------------
5 TOTAL ACCOUNTS RECEIVABLE 3,566,109 3,874,014 3,962,436
OTHER ACCOUNTS RECEIVABLE 853,696 862,524 860,504
6 AMOUNT CONSIDERED UNCOLLECTABLE (3,610,400) (3,560,400) (3,516,070)
------------------ ---------------- -----------------
7 ACCOUNTS RECEIVABLE(NET) $ 809,405 $ 1,176,138 $ 1,306,870
================== ================ =================
AGING OF POST PETITION TAXES AND PAYABLES:
TAXES PAYABLE: 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL
--------- ---------- ---------- -------- -----
1 FEDERAL $ - $ - $ - $ - $ -
2 STATE - - - - -
3 LOCAL - - - - -
4 OTHER - - - - -
------------- ------------- ------------- ------------- -------------
5 TOTAL TAXES PAYABLE $ - $ - $ - $ - $ -
============= ============= ============= ============= =============
TOTAL
-----
6 ACCOUNTS PAYABLE: $ 221,444 $ 64,375 $ 25,208 $ (639) $ 310,388
============= ============= ============= ============= =============
STATUS OF POSTPETITION TAXES:
BEGIN TAX AMOUNT W/H OR
FEDERAL LIABILITY ACCRUED AMOUNT PAID ENDING TAX LIABILITY
------- ---------------------------------------------------------------------------------
1 WITHHOLDING $ - $ 122,121 $ 122,121 $ -
2 FICA EMPLOYEE - $ 23,412 $ 23,412 -
3 FICA EMPLOYER - $ 23,412 $ 23,412 -
4 UNEMPLOYMENT - $ 103 $ 103 -
5 INCOME - $ - $ - -
6 OTHER - $ - $ - -
-------------- ---------------- ---------------- ----------------
7 TOTAL FEDERAL TAXES - $ 169,048 $ 169,048 -
-------------- ---------------- ---------------- ----------------
STATE AND LOCAL
---------------
8 WITHHOLDING - 27,034 27,034 -
9 SALES (10,653) 27,388 270 16,465
10 EXCISE - - - -
11 UNEMPLOYMENT - 326 326 -
12 REAL PROPERTY - - - -
13 PERSONAL PROPERTY 15,587 - - 15,587
14 OTHER - 310 310 -
-------------- ---------------- ---------------- ----------------
15 TOTAL STATE AND LOCAL 4,934 55,058 27,940 32,052
-------------- ---------------- ---------------- ----------------
16 TOTAL TAXES $ 4,934 $ 224,106 $ 196,988 $ 32,052
============== ================ ================ ================
</TABLE>
Page 5
<PAGE>
NAME: INFORMATION MANAGEMENT ASSOCIATES, INC.
CASE NUMBER: 00-33268
<TABLE>
<CAPTION>
BANK RECONCILIATIONS: MONTH: November-00
ACCOUNT #1 ACCOUNT #2 ACCOUNT #3 ACCOUNT #4 ACCOUNT #5 ACCOUNT #6
---------- ---------- ---------- ---------- ---------- ----------
A BANK PEOPLES BANK PEOPLES BANK PEOPLES BANK PEOPLES BANK PEOPLES BANK PEOPLES BANK
B ACCOUNT NUMBER: 048-7035708 064-7002287 048-7040507 064-7002279 048-7040515 048-7040523
IMA DIP
C PURPOSE(TYPE) IMA CUSTODIAL IMA OPERATING OPERATING IMA PAYROLL IMA DIP PAYROLL IMA DIP TAX
ACCOUNT ACCOUNT # 1 ACCOUNT # 2 ACCOUNT # 1 ACCOUNT # 2 ACCOUNT
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 BALANCE PER BANK STATEMENT $ - $ 26,474 $ 284,098 $ - $ - $ 1,722
2 ADD:TOTAL DEPOSITS NOT CREDITED - - - - - -
3 SUBTRACT:OUTSTANDING CHECKS - (1,974) (9,902) (14,539) (17,572) -
4 OTHER RECONCILING ITEMS - - - 1,030 (10) -
----------- ------------ ------------ ----------- -------------- ------------
5 MONTH END BALANCE PER BOOKS $ - $ 24,500 $ 274,196 $ (13,509) $ (17,582) $ 1,722
============ ============ =========== ============== ============
DIFFERENCE
6 NUMBER OF LAST WRITTEN CHECK 032661 033559 035702 035786 1009
ACCOUNT #7
----------
A BANK ALEX BROWN
B ACCOUNT NUMBER: 24836526*
C PURPOSE(TYPE) IMA RESTRICTED
ACCOUNT
-----------------------------------------------
1 BALANCE PER BANK STATEMENT $ 267,230
2 ADD:TOTAL DEPOSITS NOT CREDITED -
3 SUBTRACT:OUTSTANDING CHECKS -
4 OTHER RECONCILING ITEMS -
--------------
5 MONTH END BALANCE PER BOOKS $ 267,230
==============
DIFFERENCE -
6 NUMBER OF LAST WRITTEN CHECK N/A
</TABLE>
INVESTMENT ACCOUNTS:
DATE OF TYPE OF PURCHASE CURRENT
BANK ACCOUNT NAME & NUMBER PURCHASE INVESTMENT PRICE VALUE
------------------------------------------
7 None $ - $ -
8 None - -
9 None - -
10 None - -
---------- --------
11 TOTAL INVESTMENT $ - $ -
========== ========
CASH:
12 CURRENCY ON HAND None
13 TOTAL CASH - END OF MONTH $ 536,557
===========
Page 6
<PAGE>
NAME: INFORMATION MANAGEMENT ASSOCIATES, INC.
CASE NUMBER: 00-33268
<TABLE>
<CAPTION>
PAYMENTS TO INSIDERS AND PROFESSIONALS: MONTH November-00
INSIDERS
------------------------------------------------------------------------------------------------------------------------------
COMPENSATION
------------------------------------------------------
TRAVEL TOTAL PAID TOTAL PAID
NAME REIMBURSEMENTS PAYROLL COMMISSIONS ADVISORY FEES EXECUTORY THIS MONTH TO DATE
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 PAUL SCHMIDT $ - $ - $ - $ - $ - $ - $ 500
2 TOM HILL - - - - - - $ 500
3 DAVID CALLARD - - - - - - $ 500
4 DON MILLER - - - - - - $ 26,000
5 PAUL FREDERICK 3,318 15,417 - - 12,500 31,235 $ 122,010
6 MIKE MCGROARTY 3,886 13,334 - - 12,500 29,720 $ 123,622
7 SHELDON PAUL 178 12,500 - - - 12,678 $ 75,695
8 KEN BOIN 885 10,417 - - - 11,302 $ 46,878
9 ROGER BEARD 441 10,833 - - - 11,274 $ 50,030
10 ROB CHASE 4,997 13,000 - - - 17,997 $ 92,908
11 MARIO FERREIRA 3,524 12,500 8,500 - - 24,524 $ 49,080
12 JIM ANDERSON - - - - - - $ 65,166
----------------------------------------------------------------------------------------------
13 TOTAL PAYMENT TO INSIDERS $ 17,229 $ 88,001 $ 8,500 $ - $ 25,000 $ 138,730 $ 652,889
============== ========== =========== =========== ============ ============ ============
PROFESSIONALS
------------------------------------------------------------------------------------------------------------------------------------
TOTAL
DATE OF COURT TOTAL PAID TO INCURRED &
NAME AUTHORIZING PAYMENT AMOUNT APPROVED AMOUNT PAID DATE UNPAID
1 DelConte, Hyde, Annello & Schuch 10/13/2000 $ 3,750 $ 3,750 $ 3,750 $ 7,500
2 Paul, Hastings, Janofsky & Walker LLP - - - 17,185
3 Reid & Riege, P.C. 12/13/2000 9,036 - - 9,036
4 Zeisler & Zeisler, P.C. - - - 17,808
5 - - - -
----------- ------------- ----------
6 TOTAL PAYMENT TO PROFESSIONALS $ 3,750 $ 3,750 $ 51,529
=========== ============= ==========
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
------------------------------------------------------------------------------------------------------------------------------------
NAME OF CREDITOR SCHEDULED
MONTHLY PAYMENT AMOUNTS PAID DURING TOTAL UNPAID
DUE THE MONTH POSTPETITION
1 IRVINE INDUSTRIAL COMPANY(ASSIGNED TO T-TECH LABS, INC) $ - $ -
2 CROWN POINTE LLC - -
3 EOP OPERATING L.P.(ASSIGNED TO SABA SYSTEMS) - -
4 FINOVA LOAN ADMINISTRATION $1,295 - 1,295
5 BSB LEASING (FORMERLY AMERILEASE) $4,037 - 4,037
6 INTEL FINANCIAL SERVICES $4,619 4,727 -
7 IOS CAPITAL $4,595 3,296 759
9 LUCENT TECHNOLOGIES $16,385 16,385 -
10 VIDEO & SOUND SERVICES(ASSIGNED TO SABA SYSTEMS) -
11 IBM CORPORATION $1,363 1,363 -
12 T-TECH HOLDING CO. $11,967 11,967 11,967
-------------------------------------
TOTAL $ 37,738 $ 18,058
==================== ============
</TABLE>
Page 7
<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 LIABILITIES 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.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
INSTALLMENT PAYMENTS
------------------------------------------------------------------------------------------------------------------------------------
PAYMENT AMOUNT
TYPE OF POLICY CARRIER PERIOD COVERED & FREQUENCY
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
CASE NAME: Information Management Associates, Inc.
CASE NUMBER: 00-33268
Questionnaire Explanations:
#1 - On November 3, 2000, Information Management Associates, Inc. relocated its
corporate headquarters. On October 4, 2000, the United States Bankruptcy
Court issued an order approving the sale of certain office furniture and
equipment. The Company received $15,461 for furniture and equipment having
a book value of $47,016. This resulted in a loss from sale of furniture
and equipment of $31,555.
In addition, as a result of the move, the Company abandoned certain
leasehold improvements with a book value of $104,870. Accordingly, the
total loss associated with the sale of furniture, equipment and abandoned
leasehold improvements is $136,425.
#10 - Certain trade accounts payable are aged beyond stated due dates. This is
a result of either disputes, payments requiring court approval, or other
prudent business considerations. The amounts deemed delinquent are nominal
and should not have an impact on the delivery of services or operation of
the Company.
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