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Previous: TESSERACT GROUP INC, 8-K, EX-99.1, 2000-12-20 |
Next: FORTIS WORLDWIDE PORTFOLIOS INC, N-30D, 2000-12-20 |
Exhibit 99.2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF ARIZONA
In re: ) CASE NO. B-00-10939-ECF-RTB
)
SUNRISE EDUCATIONAL SERVICES ) BUSINESS AND INDUSTRY
) MONTHLY OPERATING REPORT
)
) MONTH OF October 6-13, 2000
)
Debtor(s) ) DATE PETITION FILED: October 6, 2000
)
) TAX PAYER ID NO. 4101581297
Nature of Debtor's Business: For Profit Educational Services
DATE DISCLOSURE STATEMENT: FILED Not Yet Filed TO BE FILED To Be Determined
------------- ----------------
DATE PLAN OF REORGANIZATION: FILED Not Yet Filed TO BE FILED To Be Determined
------------- ----------------
I CERTIFY UNDER PENALTY OF PERJURY THAT THE FOLLOWING MONTHLY OPERATING REPORT
AND THE ACCOMPANYING ATTACHMENTS ARE TRUE AND CORRECT TO THE BEST OF MY
KNOWLEDGE.
RESPONSIBLE PARTY:
/s/ Lusican P. Spataro CEO
--------------------------------------- ----------
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
Lucian P. Spataro 12/4/2000
--------------------------------------- ----------
PRINTED NAME OF RESPONSIBLE PARTY DATE
PREPARER:
/s/ Douglass E. Snell Controller
--------------------------------------- ----------
ORIGINAL SIGNATURE OF PREPARER TITLE
Douglass E. Snell 12/4/2000
--------------------------------------- ----------
PRINTED NAME OF PREPARER DATE
PERSON TO CONTACT REGARDING THIS REPORT: Douglass E. Snell
---------------------------------------
PHONE NUMBER: 480-783-4317
---------------------------------------
ADDRESS: 4515 E. Muirwood Dr.
Phoenix, AZ 85048
---------------------------------------
ORIGINAL OF REPORT IS FILED WITH THE COURT,
COPY IS FILED WITH U.S. TRUSTEE'S OFFICE
<PAGE>
SUNRISE EDUCATIONAL SERVICES, INC.
B-00-10939-ECF-RTB MONTH: OCTOBER 6-31
RECEIPTS AND DISBURSEMENTS
BANK ACCOUNTS
AMOUNTS REPORTED SHOULD BE -------------------------------------------
PER THE DEBTOR'S BOOKS, SUNRISE SUNRISE PMTS
not per the bank statement OPERATING MADE BY
#052-978-7889 TESSERACT TOTAL
------------- --------- ------------
ACCOUNT BALANCE -
BEGINNING OF MONTH -- --
RECEIPTS
STUDENT FEES --
CHARTER SCHOOL REVENUE --
ACCOUNTS RECEIVABLE --
LOANS AND ADVANCES --
SALE OF ASSETS --
TRANSFERS IN FROM OTHER ACCOUNTS 268,594.76 625,202.67 893,797.43
OTHER (ATTACH LIST) --
TOTAL RECEIPTS 268,594.76 625,202.67 893,797.43
DISBURSEMENTS
BUSINESS - ORDINARY OPERATIONS 268,594.76 268,594.76
CAPITAL IMPROVEMENTS --
PRE-PETITION DEBT --
TRANSFERS TO OTHER DIP ACCOUNTS --
PAYMENTS MADE FOR SUNRISE EDU. 625,202.67 625,202.67
OTHER (ATTACH LIST) --
REORGANIZATION EXPENSES:
ATTORNEY FEES --
ACCOUNTANT FEES --
OTHER PROFESSIONAL FEES --
U.S. TRUSTEE QUARTERLY FEE --
COURT COSTS --
TOTAL DISBURSEMENTS 268,594.76 625,202.67 893,797.43
ACCOUNT BALANCE -
END OF MONTH -- -- --
THE FOLLOWING SECTION MUST BE FILLED OUT
DISBURSEMENTS FOR CALCULATING QUARTERLY FEES:
TOTAL DISBURSEMENTS FROM ABOVE 893,797.43
LESS: TRANSFERS OUT TO OTHER DIP ACCOUNTS --
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES
TOTAL DISBURSEMENTS FOR CALCULATING QUARTERLY FEES: 893,797.43
<PAGE>
Sunrise Educational Services, Inc.
Statement of Operations
For the Month Ending October 31, 2000
REVENUE
Tuition and Fees Revenue $1,264,357.87
Government Revenue 9,449.22
Food Revenue 3,942.25
Discounts (134,967.02)
Refunds/Returns 128.80
-------------
Total Revenue 1,142,911.12
-------------
OPERATIONAL COSTS
Salaries and Wages 526,097.48
Taxes and Benefits 37,233.07
Classroom Expenses 4,467.62
Food Programs Expense 67,516.61
Transportation Expenses 3,505.00
Maintenance Expense 62,647.73
Insurance Expense 6,397.66
Rent Expense 240,056.87
Security Services Expense 324.00
Personal Property Tax Expense (29.01)
Utilities Expense 16,686.69
-------------
Total Operational Costs 964,903.72
-------------
GENERAL & ADMINISTRATIVE COSTS
Advertising, Mktg, Promo Exp 3,789.51
Bad Debt Expense 7,441.87
Bank Charges/Processing Fees-A 14,692.75
Licenses & Fees Expense 230.50
Office/School Supplies Expense 368.30
Penalties & Late Fees Expense 120.52
Postage and Printing Expense 4.75
Pre-Employment Expense 2,081.00
Telephone Expense 5,563.16
Travel Expense 614.81
Allocated Corporate Overhead 166,822.24
Other Expenses 178.58
-------------
Total General and Administrative Expenses 201,907.99
-------------
Interest Expense (4,877.17)
-------------
Net Interest and Other Income (Expense) (4,877.17)
-------------
Depreciation Expense 40,984.18
-------------
Total Depreciation and Amortization 40,984.18
-------------
REORGANIZATION EXPENSES
Professional Fees Allocated 87,219.93
-------------
Total Reorganization Expenses 87,219.93
-------------
Net Income $ (156,981.87)
=============
<PAGE>
Sunrise Educational Services, Inc.
Balance Sheet
October 31, 2000
ASSETS
Current Assets
Cash and Cash Equivalents $ 15,719.31
Accounts Receivable, net 447,993.28
Prepaid Rent 256,224.90
Other Current Assets 77,839.16
-------------
Total Current Assets 797,776.65
Due From Tesseract 698,708.29
Property and Equipment, net 1,150,984.69
Deposits and Other Assets 150,786.86
-------------
Total Assets $2,798,256.49
=============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payable $ 92,092.89
Payroll and Related Accruals 333,928.49
Deferred Revenue and Tuition Deposits 116,888.06
-------------
Total Current Liabilities 542,909.44
-------------
Pre-Petition Liabilities
Accounts Payable 896,687.09
Other Current Liabilities 79,198.70
Long-Term Debt 248,159.46
-------------
Total Pre-Petition Liabilities 1,224,045.25
-------------
Reserve for Closed Schools 143,661.34
Other Long-Term Obligations 184,260.05
-------------
Total Long-Term Liabilities 327,921.39
-------------
Total Liabilities 2,094,876.08
-------------
Shareholders' Equity
Pre-Petition Shareholders' Equity 860,362.28
Post Petition Retained Deficit (156,981.87)
-------------
Total Shareholders' Equity 703,380.41
-------------
Total Liabilities and Shareholders' Equity $2,798,256.49
=============
<PAGE>
CASE NUMBER: B-00-10939-ECF-RTB
STATUS OF ASSETS
<TABLE>
<CAPTION>
0-30 31-60 60+
ACCOUNTS RECEIVABLE TOTAL DAYS DAYS DAYS
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
TOTAL ACCOUNTS RECEIVABLE 447,994 317,576 72,116 58,301
LESS: AMOUNT CONSIDERED UNCOLLECTIBLE
ACCOUNTS RECEIVABLE (NET) 447,994 317,576 72,116 58,301
SCHEDULED CURRENT
FIXED ASSETS AMOUNT ADDITIONS DELETIONS AMOUNT
---------- ---------- ---------- ----------
REAL PROPERTY
BUILDING IMPROVEMENTS/PLANT 1,020,140 13,467 1,033,607
ACCUMULATED DEPRECIATION (413,993) (15,363) (429,356)
NET BUILDINGS/PLANT 606,147 (1,896) -- 604,251
EQUIPMENT 755,300 755,300
ACCUMULATED DEPRECIATION (511,115) (15,379) (526,494)
NET EQUIPMENT 244,186 (15,379) -- 228,807
AUTOS & VEHICLES 953,839 953,839
ACCUMULATED DEPRECIATION (625,670) (10,243) (635,913)
NET AUTOS & VEHICLES 328,170 (10,243) -- 317,927
</TABLE>
<PAGE>
CASE NUMBER: B-00-10939-ECF-RTB
STATUS OF LIABILITIES
AND SENSITIVE PAYMENTS
POSTPETITION
UNPAID OBLIGATIONS TOTAL 0-30 31-60 61-90 91+
------------------ ------- ------- ------- ------- -------
ACCOUNTS PAYABLE 92,093 92,093
TAXES PAYABLE 43 43
ACCRUED PAYROLL AND BENEFITS 333,885 333,885
PREPAID TUITION 116,888 116,888
SECURED DEBT
OTHER (ATTACH LIST)
------- ------- ------- ------- -------
TOTAL POST-PETITION
LIABILITIES 542,909 542,909 -- -- --
======= ======= ======= ======= =======
PAYMENTS TO INSIDERS AND PROFESSIONALS
INSIDERS
AMOUNT PD TOTAL PD
NAME REASON FOR PAYMENT THIS MONTH TO DATE
---- ------------------ ---------- -------
NONE
-------- -------- -------
TOTAL PAYMENTS TO INSIDERS -- --
======== ======== =======
PROFESSIONALS
DATE OF COURT TOTAL
ORDER AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED
NAME PAYMENT APPROVED PAID TO DATE & UNPAID
---- ------- -------- ---- ------- --------
NONE
<PAGE>
CASE NUMBER: B-00-10939-ECF-RTB
CASE STATUS
QUESTIONNAIRE
YES NO
HAVE ANY FUNDS BEEN DISBURSED FROM ANY All accounts are in
ACCOUNT OTHER THAN A DEBTOR IN POSSESSION process of conversion
ACCOUNT? to DIP designation
ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS,
NOTES, OR LOANS) DUE FROM RELATED PARTIES? NO
ARE ANY WAGE PAYMENTS PAST DUE? NO
ARE ANY U.S. TRUSTEE QUARTERLY FEES
DELINQUENT? NO
CURRENT NUMBER OF EMPLOYEES: 479
INSURANCE
CARRIER AND PERIOD EXPIRATION PAYMENT AMOUNT
TYPE OF POLICY POLICY NUMBER COVERED DATE & FREQUENCY
-------------- ------------- ------- ---- -----------
Gen Liability CLI0018811 3/1/00 3/1/01 39,208.72 /month
Auto Liability BAP0708409 5/1/00 3/1/01 Included above
Excess Liability UMI0000552 3/1/00 3/1/01 Included above
Workers Comp 59WBJB3649 11/30/99 11/30/00 Fully Paid
Gen Liability CLI0018810 3/1/00 3/1/01 Included above
Blanket Contents 59UUNGG2042 5/1/00 3/1/01 Included above
WHAT STEPS HAVE BEEN TAKEN TO REMEDY ANY OF THE PROBLEMS THAT BROUGHT ABOUT THE
CHAPTER 11 FILING?
Purchasing of new schools has ceased, and administrative expenses have been
reduced. Other restructuring measures are being considered.
LIST ANY MATTERS THAT ARE DELAYING THE FILING OF A PLAN OF REORGANIZATION?
<PAGE>
Sunrise Preschools, Inc.
VENDOR CHECK REGISTER REPORT
Payables Management
<TABLE>
<CAPTION>
Ranges: From: To: From: To:
Check Number First Last Check Date 10/6/00 10/31/00
Vendor ID First Last Checkbook ID First Last
Vendor Name First Last
Sorted By: Check Number
* Voided Checks
Check Number Vendor ID Vendor Check Name Check Date Checkbook ID Audit Trail Code Amount
------------ --------- ----------------- ---------- ------------ ---------------- -----------
<S> <C> <C> <C> <C> <C> <C>
100012001 BAFDIA000 DIANE BAFFERTY 10/13/00 OPERATING PMCHK00000001 $24.00
100012002 DAVTAM000 TAMERA DAVIS 10/13/00 OPERATING PMCHK00000001 $49.60
100012003 DELJEN000 JENNIFER DELGADO 10/13/00 OPERATING PMCHK00000001 $28.40
100012004 DEPOFPUSA DEPARTMENT OF PUBLIC SAFETY - 10/13/00 OPERATING PMCHK00000001 $572.00
100012005 DYCNAN000 DYCK, NANCY 10/13/00 OPERATING PMCHK00000001 $35.73
100012006 EVAJEN000 JENNIFER EVANS 10/13/00 OPERATING PMCHK00000001 $83.00
100012007 GREDEB000 DEBBIE GREEN 10/13/00 OPERATING PMCHK00000001 $37.50
100012009 NEWRON000 RONALD NEWMAN 10/13/00 OPERATING PMCHK00000001 $93.00
100012010 OOSPAT000 PATRICIA OOSDYKE 10/13/00 OPERATING PMCHK00000001 $50.00
100012011 YOUFEL000 FELICIA YOUNAN 10/13/00 OPERATING PMCHK00000001 $50.00
100012012 US0FOO000 US FOODSERVICE 10/19/00 OPERATING PMCHK00000002 $7,093.02
100012013 TOOLOR000 LORI TOOLEY 10/19/00 OPERATING PMCHK00000002 $34.72
100012014 TOOLOR000 LORI TOOLEY 10/19/00 OPERATING PMCHK00000002 $64.71
100012015 TOOLOR000 LORI TOOLEY 10/19/00 OPERATING PMCHK00000002 $185.77
100012016 MOBFLE000 MOBIL FLEET 10/20/00 OPERATING PMTRX00000003 $3,500.00
100012018 MOBFLE000 MOBIL FLEET 10/24/00 PMPAY00000001 $0.00
100012020 4DPROP000 4D PROPERTIES 10/30/00 OPERATING PMCHK00000003 $11,772.03
100012021 ANCVIL000 ANCALA VILLAGE SHOPPING CENTER 10/30/00 OPERATING PMCHK00000003 $16,662.34
100012022 BUI70U000 BUILDING 7 UNION HILLS LLC 10/30/00 OPERATING PMCHK00000003 $7,626.51
100012023 DERENT000 DER ENTERPRISES LLP 10/30/00 OPERATING PMCHK00000003 $15,207.19
100012024 DIVINS000 DIVALL INSURED INCOME PROP INC 10/30/00 OPERATING PMCHK00000003 $11,418.38
100012025 JON000001 JONES,EARL 10/30/00 OPERATING PMCHK00000003 $10,821.18
100012026 MCCVEN003 MCCLINTOCK VENTURE LC 10/30/00 OPERATING PMCHK00000003 $13,067.25
100012027 MESDEV000 MESA DEVELOPMENT INC 10/30/00 OPERATING PMCHK00000003 $12,568.84
100012028 PEOINV000 PEORIA INVESTMENTS INC 10/30/00 OPERATING PMCHK00000003 $17,853.87
100012029 PIECOU000 PIERCE COUNTY ESCROW 10/30/00 OPERATING PMCHK00000003 $16,481.08
100012030 SANVIL003 SANTIAGO VILLA (#129) 10/30/00 OPERATING PMCHK00000003 $13,836.33
100012031 SANVIL005 SANTIAGO VILLA (#124) 10/30/00 OPERATING PMCHK00000003 $14,980.76
100012032 SC0WAR000 SC WARNER TEMPE, INC. 10/30/00 OPERATING PMCHK00000003 $12,330.04
100012033 SDMFAM000 SDM FAMILY CORP 10/30/00 OPERATING PMCHK00000003 $13,794.27
100012034 SUNPRE000 SUNRISE PRESCHOOL VI INVESTME 10/30/00 OPERATING PMCHK00000003 $31,319.61
100012035 THEYOU000 THE YOUNG ONES CENTER 10/30/00 OPERATING PMCHK00000003 $6,525.16
100012036 WELFAR002 WELLS FARGO BANK 10/30/00 OPERATING PMCHK00000003 $18,541.69
1001 MOBFLE000 MOBIL FLEET 10/25/00 OPERATING PMPAY00000002 $5,000.00
1002 MONVAL000 MONKS, VALERIE 10/25/00 OPERATING PMPAY00000003 $266.38
1003 US0FOO000 US FOODSERVICE 10/26/00 OPERATING PMPAY00000004 $6,620.40
REMIT000000000000001 MONVAL000 MONKS, VALERIE 10/30/00 PMCHK00000003 $0.00
Total Checks: 37 Total Amount of Checks: $268,594.76
</TABLE>
<PAGE>
SUNRISE EDUCATIONAL SERVICES, INC.
CASH FLOW ANALYSIS
B-00-10939-ECF-RTB
BEGINNING FUNDS AVAILABLE: $ --
------------
Cash In: Telecheck $ 155,631.83
Credit Card Deposit (Preschools) 395,634.62
Regular Deposits (Preschools) 356,926.06
------------
Daily Cash In: $ 908,192.51
============
Cash Out: Preschool A/P $ 268,594.76
Preschool Payroll 475,348.20
Corporate A/P (allocated) 149,854.47
------------
Daily Cash Out: $ 893,797.43
============
Net Cash In/Out: $ 14,395.08
------------
ENDING FUNDS AVAILABLE: $ 14,395.08
============
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