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Previous: AGRIBIOTECH INC, 8-K, 2000-04-21 |
Next: AGRIBIOTECH INC, 8-K, 2000-04-21 |
================================================================================
UNITED STATES
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) April 21, 2000
AgriBioTech, Inc.
(Exact name of issuer as specified in its charter)
Nevada 0-19352 85-0325742
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
120 Corporate Park Drive, Henderson, Nevada (89014)
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702)566-2440
================================================================================
<PAGE>
Item 5. Other Events
On March 29, 2000, the Registrant , George W. Hill & Co., Inc., filed
its Monthly Operating Report for the period ended February 29, 2000
with the U.S. Bankruptcy Court for the Southern District of Nevada. A
copy of the Monthly Operating Report is being filed as an exhibit
hereto. The original February Monthly Operating Report and Exhibits
A-3 can be seen at the website of the Nevada Bankruptcy Court at
www.nvb.uscourts.gov under case number 00-10533lbr in document number
811 using the RACER case search system.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99.1 Monthly Operating Report of George W. Hill & Co., Inc. for the
period ended February 29, 2000, as filed with the U.S. Bankruptcy
Court for the Southern District of Nevada.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereto duly authorized.
Date: April 21, 2000
AGRIBIOTECH, INC.
By: /s/ William A. Brandt, Jr.
----------------
William A. Brandt, Jr.
Responsible Natural Person
UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEVADA
In re: George W. Hill & Co., Inc Case No. 00-10537lbr
CHAPTER 11
MONTHLY OPERATING REPORT
(General Business Case)
SUMMARY OF FINANCIAL STATUS
MONTH ENDED: Feb-00 PETITION DATE: 01/25/00
1. Debtor in possession (or trustee) hereby submits this Monthly Operating
Report on the Accrual Basis of accounting (or if checked here the Office
of the U.S. Trustee or the Court has approved the Cash Basis of
Accounting for the Debtor).
Dollars reported in $1
<TABLE>
<CAPTION>
2. Asset and Liability Structure End of Current Month End of Prior Month As of Petition Filing
-------------------- ------------------ ---------------------
<S> <C> <C> <C>
a. Current Assets $3,624,336 $0
b. Total Assets $5,230,248 $0 $5,107,114
c. Current Liabilities $148,313 $0
d. Total Liabilities $2,803,912 $0 $3,030,022
3. Statement of Cash Receipts & Disbursements for Month Current Month Prior Month Cumulative
(Case to Date)
a. Total Receipts $470,749 $0 $470,749
b. Total Disbursements $470,749 $0 $470,749
c. Excess (Deficiency) of Receipts Over Disbursements (a - b) $0 $0 $0
d. Cash Balance Beginning of Month $405,598 $0 $405,598
e. Cash Balance End of Month (c + d) $405,598 $0 $405,598
Current Month Prior Month Cumulative
(Case to Date)
4. Profit/(Loss) from the Statement of Operations ($18,368) $0 ($18,368)
5. Account Receivables (Pre and Post Petition) $1,612,335 $0
6. Post-Petition Liabilities $148,313 $0
7. Past Due Post-Petition Account Payables (over 30 days) $0 $0
</TABLE>
<TABLE>
<CAPTION>
At the end of this reporting month: Yes No
--- --
<S> <C> <C>
8. Have any payments been made on pre-petition debt, other than payments in X (See Exhibit A-3)
the normal course to secured creditors or lessors? (if yes, attach listing
including date of payment, amount of payment and name of payee)
9. Have any payments been made to professionals? (if yes, attach listing X
including date of payment, amount of payment and name of payee)
10. If the answer is yes to 8 or 9, were all such payments approved by the X
court?
11. Have any payments been made to officers, insiders, shareholders, relatives? X
(if yes, attach listing including date of payment, amount and reason for
payment, and name of payee)
12. Is the estate insured for replacement cost of assets and for general X
liability?
13. Are a plan and disclosure statement on file? X
14. Was there any post-petition borrowing during this reporting period? X
15. Check if paid: Post-petition taxes X ; U.S. Trustee Quarterly fees ;Check
if filing is current for: Post-petition tax reporting and tax returns: .
(Attach explanation, if post-petition taxes or U.S. Trustee Quarterly Fees
are not paid current or if post-petition tax reporting and tax return
filings are not current.)
</TABLE>
I declare under penalty of perjury I have reviewed the above summary and
attached financial statements, and after making reasonable inquiry believe these
documents are correct.
Date: March 29, 2000
Bradley Sharp, DSI for William A. Brandt Jr., Responsible Person
<PAGE>
STATEMENT OF OPERATIONS
(General Business Case)
For the Month Ended 02/29/00
<TABLE>
<CAPTION>
Current Month
Cumulative Next Month
Actual Forecast Variance (Case to Date) Forecast
------ -------- -------- -------------- --------
<C> <C> <C> <S> <C> <C>
Revenues:
$836,614 $0 $836,614 1 Gross Sales $836,614 $475,000
$2,265 $0 ($2,265) 2 less: Sales Returns & Allowances $2,265 $4,750
$834,349 $0 $834,349 3 Net Sales $834,349 $470,250
$720,639 $0 ($720,639) 4 less: Cost of Goods Sold (Schedule B) $720,639 $362,093
$113,710 $0 $113,710 5 Gross Profit $113,710 $108,158
$3,326 $0 $3,326 6 Interest $3,326 $2,000
$0 $0 7 Other Income: Vendor Rebates $0 $0
$0 $0 8 $0 $0
$0 $0 9 $0 $0
$117,036 $0 $117,036 10 Total Revenues $117,036 $110,158
Expenses:
$0 11 Compensation to Owner(s)/Officer(s)
$87,503 ($87,503) 12 Salaries $87,503 $65,000
$0 13 Commissions
$0 14 Contract Labor
Rent/Lease:
$0 15 Personal Property
$2,731 ($2,731) 16 Real Property $2,731 $2,800
$0 17 Insurance
$0 18 Management Fees
$6,301 ($6,301) 19 Depreciation $6,301 $6,300
Taxes:
$8,823 ($8,823) 20 Employer Payroll Taxes $8,823 $6,500
$0 21 Real Property Taxes
$0 22 Other Taxes
$0 23 Other Selling
$0 24 Other Administrative
$0 25 Interest
$21,163 ($21,163) 26 Other Expenses: Amortization $21,163 $21,000
$6,623 ($6,623) 27 Employee Benefits $6,623 $5,200
$2,260 ($2,260) 28 Misc $2,260 $2,000
$0 29
$0 30
$0 31
$0 32
$0 33
$0 34
$135,404 $0 ($135,404) 35 Total Expenses $135,404 $108,800
($18,368) $0 ($18,368) 36 Subtotal ($18,368) $1,358
Reorganization Items:
$0 37 Professional Fees
$0 38 Provisions for Rejected Executory Contracts
$0 39 Interest Earned on Accumulated Cash from
Resulting Chp 11 Case
$0 40 Gain or (Loss) from Sale of Equipment
$0 41 U.S. Trustee Quarterly Fees
$0 42 405598
$0 $0 $0 43 Total Reorganization Items $0 $0
($18,368) $0 ($18,368) 44 Net Profit (Loss) Before Federal & State Taxes ($18,368) $1,358
$0 45 Federal & State Income Taxes
($18,368) $0 ($18,368) 46 Net Profit (Loss) ($18,368) $1,358
=========== == ========== ========= ========
Attach an Explanation of Variance to Statement of Operations (For variances
greater than +/- 10% only):
</TABLE>
<PAGE>
BALANCE SHEET
(General Business Case)
For the Month Ended 02/29/00
<TABLE>
<CAPTION>
Assets
From Schedules Market Value
-------------- ------------
<S> <C> <C>
Current Assets
1 Cash and cash equivalents - unrestricted $405,598
2 Cash and cash equivalents - restricted $0
3 Accounts receivable (net) A $1,612,335
4 Inventory B $1,605,100
5 Prepaid expenses $1,303
6 Professional retainers $0
7 Other: $0
8
9 Total Current Assets $3,624,336
Property and Equipment (Net Book Value)
10 Real property C $1,417,926
11 Machinery and equipment D $54,780
12 Furniture and fixtures D $58,940
13 Office equipment D $0
14 Leasehold improvements D $0
15 Vehicles D $74,266
16 Other: D $0
17 D
18 D
19 D
20 D
21 Total Property and Equipment $1,605,912
Other Assets
22 Loans to shareholders $0
23 Loans to affiliates $0
24
25 Goodwill/Intangibles (Net of Amortization, $4,952,458) Unknown
26
27
28 Total Other Assets $0
29 Total Assets $5,230,248
============
NOTE:
Indicate the method used to estimate the market value of
assets (e.g., appraisals; familiarity with comparable market
prices, etc.) and the date the value was determined.
Liabilities and Equity
(General Business Case)
Liabilities From Schedules
Post-Petition 405598 405598
Current Liabilities
30 Salaries and wages $0
31 Payroll taxes $0
32 Real and personal property taxes $0
33 Income taxes $0
34 Sales taxes $7,575
35 Notes payable (short-term) $0
36 Accounts payable (trade) A $140,738
37 Real property lease arrearage $0
38 Personal property lease arrearage $0
39 Accrued professional fees $0
40 Current portion of long-term post-petition debt(due within 12 months) $0
41 Other $0
42
43
44 Total Current Liabilities $148,313
45 Long-Term Post-Petition Debt, Net of Current Portion $0
46 Total Post-Petition Liabilities $148,313
Pre-Petition Liabilities (allowed amount)
47 Secured claims F $548,406
48 Priority unsecured claims F $4,364
49 General unsecured claims F $1,147,816
50 Intercompany Payable $955,013
50 Total Pre-Petition Liabilities $2,655,599
51 Total Liabilities $2,803.912
Equity (Deficit)
52 Retained Earnings/(Deficit) at time of filing ($1,244,736)
53 Capital Stock $0
54 Additional paid-in capital $5,493,150
55 Cumulative profit/(loss) since filing of case ($18,368)
56 Post-petition contributions/(distributions) or (draws) $0
57
58 Market value adjustment ($1,803,710)
59 Total Equity (Deficit) $2,426,336
60 Total Liabilities and Equity (Deficit) $5,230,248
============
</TABLE>
<PAGE>
SCHEDULES TO THE BALANCE SHEET
(General Business Case)
Schedule A
Accounts Receivable and (Net) Payable
<TABLE>
<CAPTION>
Receivables and Payables Agings Accounts Receivable Accounts Payable Past Due
[Pre and Post Petition] [Post Petition] Post Petition Debt
----------------------- --------------- ------------------
<S> <C> <C> <C>
0 -30 Days $1,320,318 $140,738
31-60 Days $87,646 $0
61-90 Days $126,779 $0 $0
91+ Days $277,307 $0
Total accounts receivable/payable $1,812,050 $140,738
==========
Allowance for doubtful accounts $0
Accounts receivable (net) $1,812,050
===========
</TABLE>
Schedule B
Inventory/Cost of Goods Sold
<TABLE>
<CAPTION>
Types and Amount of Inventory(ies) Cost of Goods Sold
- ---------------------------------- ------------------
<S> <C> <C> <C>
Inventory(ies) Inventory Beginning of Month $2,364,184
Balance at
End of Month
Add -
Retail/Restaurants - Net purchase $61,555
Product for resale $0 Direct labor $0
Manufacturing overhead $0
Distribution - Freight in $0
Products for resale $1,705,100 Other: $0
Manufacturer -
Raw Materials $0
Work-in-progress $0 Less -
Finished goods $0 Inventory End of Month $1,705,100
Shrinkage $0
Other - Explain $0 Personal Use $0
Cost of Goods Sold $720,639
===========
TOTAL $1,705,100
===========
</TABLE>
<TABLE>
Method of Inventory Control Inventory Valuation Methods
<S> <C>
Do you have a functioning perpetual inventory system? Indicate by a checkmark method of inventory used.
Yes x No
How often do you take a complete physical inventory? Valuation methods -
FIFO cost
Weekly LIFO cost
Monthly Lower of cost or market
Quarterly Retail method
Semi-annually Other x
Annually x Explain
Date of last physical inventory was 11/11/99 0:00 Average Cost
Date of next physical inventory is 12/1/00 0:00
</TABLE>
<PAGE>
Schedule C
Real Property
<TABLE>
<CAPTION>
Description Cost Market Value
---- ------------
<S> <C> <C>
8010 Dixie Highway, Florence, KY $1,417,926
(Net of Depreciation)
Total $1,417,926 $0
========== ==
Schedule D
Other Depreciable Assets
Description Cost Market Value
- ----------- ---- ------------
Machinery & Equipment -
See Schedule $54,780
(Net of Depreciation)
Total $54,780 $0
======= ==
Furniture & Fixtures -
See Schedule $58,940
(Net of Deprciation)
Total $58,940 $0
======= ==
Office Equipment -
See Furniture & Fixtures
Total $0 $0
== ==
Leasehold Improvements -
Total $0 $0
== ==
Vehicles -
See Schedule $74,266
(Net of Depreciation)
Total $74,266 $0
======= ==
</TABLE>
<PAGE>
Schedule E
Aging of Post-Petition Taxes
(As of End of the Current Reporting Period)
<TABLE>
<CAPTION>
Taxes Payable 0-30 Days 31-60 Days 61-90 Days 91+ Days Total
--------- ---------- ---------- -------- -----
<S> <C> <C> <C> <C> <C>
Federal
Income Tax Withholding $0
FICA - Employee $0
FICA - Employer $0
Unemployment (FUTA) $0
Income $0
Other (Attach List) $0
Total Federal Taxes $0 $0 $0 $0 $0
State and Local
Income Tax Withholding $0
Unemployment (UT) $0
Disability Insurance (DI) $0
Empl. Training Tax (ETT) $0
Sales $7,575 $7,575
Excise $0
Real property $0
Personal property $0
Income $0
Other (Attach List) $0
Total State & Local Taxes $7,575 $0 $0 $0 $7,575
Total Taxes $7,575 $0 $0 $0 $7,575
====== == == == ======
</TABLE>
Schedule F
Pre-Petition Liabilities
<TABLE>
<CAPTION>
List Total Claims For Each Classification - Claimed Allowed
- ------------------------------------------- Amount Amount (b)
------ ----------
<S> <C> <C>
Secured claims (a) $548,406
Priority claims other than taxes $0
Priority tax claims $4,364
General unsecured claims $2,477,252
</TABLE>
(a) List total amount of claims even if under secured.
(b) Estimated amount of claim to be allowed after compromise or litigation. As
an example, you are a defendant in a lawsuit alleging damage of $10,000,000
and a proof of claim is filed in that amount. You believe that you can
settle the case for a claim of $3,000,000. For Schedule F reporting
purposes you should list $10,000,000 as the Claimed Amount and $3,000,000
as the Allowed Amount.
Schedule G
Rental Income Information
Not applicable to General Business Cases
<PAGE>
Schedule H
Recapitulation of Funds Held at End of Month
<TABLE>
<CAPTION>
Account 1
---------
<S> <C> <C> <C> <C>
Bank Bank of Kentucky
Account Type Unrestricted
Account No. 141283
Account Purpose General
Balance, End of Month $405,598
Total Funds on Hand for all Accounts $405,598
Attach copies of the month end bank statement(s), reconciliation(s), and the
check register(s) to the Monthly Operating Report.
</TABLE>
<PAGE>
Statement of Cash Receipts and Disbursements
Increase/(Decrease) in Cash and Cash Equivalents
For the Month Ended 02/29/00
<TABLE>
<CAPTION>
Actual Cumulative
Current Month (Case to Date)
------------- --------------
<S> <C> <C>
Cash Receipts
1 Rent/Leases Collected $0 $0
2 Cash Received from Sales $470,749 $470,749
3 Interest Received $0 $0
4 Borrowings $0 $0
5 Funds from Shareholders, Partners, or Other Insiders $0 $0
6 Capital Contributions $0 $0
7
8
9
10
11 $0
12 Total Cash Receipts $470,749 $470,749
Cash Disbursements
13 Payments for Inventory $0 $0
14 Selling $0 $0
15 Administrative $0 $0
16 Capital Expenditures $0 $0
17 Principal Payments on Debt $0 $0
18 Interest Paid $0 $0
Rent/Lease:
19 Personal Property $0 $0
20 Real Property $0 $0
Amount Paid to Owners(s)/Officer(s)
21 Salaries $87,503 $87,503
22 Draws $0 $0
23 Commissions/Royalties $0 $0
24 Expense Reimbursements $0 $0
25 Other $0 $0
26 Salaries/Commissions (less employee withholding) $0 $0
27 Management Fees $0 $0
Taxes:
28 Employee Withholding $0 $0
29 Employer Payroll Taxes $8,823 $8,823
30 Real Property Taxes $0 $0
31 Other Taxes $0 $0
32 Other Cash Outflows:
33 ABT Intercompany $374,423 $374,423
34
35
36
37
38 Total Cash Disbursements: $470,749 $470,749
39 Net Increase (Decrease) in Cash $0 $0
40 Cash Balance, Beginning of Period $405,598 $405,598
41 Cash Balance, End of Period $405,598 $405,598
======== ========
</TABLE>
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