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Previous: GABELLI GLOBAL SERIES FUNDS INC, N-30D, 1998-03-09 |
Next: NATIONWIDE LIFE & ANNUITY VA SEPARATE ACCOUNT C, N-30D, 1998-03-09 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________
FORM 8 - K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) JANUARY 31, 1998
------------------
MENLO ACQUISITION CORP. FDBA FOCUS SURGERY, INC.
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
DELAWARE 0-22136 77-0332937
- ------------------------------------------------------------------------------
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
113 TYNAN WAY, PORTOLA VALLEY, CA 94028
- ------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (415) 529-0730
--------------------
N/A
- ------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 3. Bankruptcy or Receivership
On February 9, 1996, the Registrant filed for protection under Chapter 11
of the federal bankruptcy laws in the United States Bankruptcy Court, Northern
District of California, Oakland division pursuant to which the Registrant's
existing directors and officers will continue in possession but subject to the
supervision and orders of the bankruptcy court.
The Company is currently reviewing the claims of its various creditors. It
is unclear at this time whether there will be any funds available for
distribution to shareholders. Once this information has been determined, the
Company may file a plan of reorganization with the bankruptcy court.
Item 7. Financial Statements and Exhibits
Exhibit No. Description
99.25 Summary of Financial Status of the Registrant
for the month ended January 1998, as filed
with the United States Bankruptcy Court,
Northern District of California, Oakland
division.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Menlo Acquisition Corp. FDBA Focus Surgery, Inc.
------------------------------------------------
(Registrant)
Date: March 12, 1998 By: /s/ RICK REDETT
-------------------------------------------
Name: Rick Redett
Title: President and Chief Executive Officer
<PAGE>
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF CALIFORNIA
In re: MENLO ACQUISITION CORP. Case No. 96-41107-N
FDBA FOCUS SURGERY, INC., Debtor. ------------
Employer's Tax Identification CHAPTER 11
No.: 77-0332937 MONTHLY OPERATING REPORT
(General Business Case)
SUMMARY OF FINANCIAL STATUS
MONTH ENDED Jan-98
---------------
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 ($ _____).
<TABLE>
<CAPTION>
End of End of As of
Current Prior Petition
Month Month Filing
----- ----- -----
<S> <C> <C> <C>
2. Asset/Liability Summary
Current Assets (Market Value) $504,816 $506,862 $502,204
----------- ----------- -----------
Total Assets (Market Value) $504,816 $506,862 $2,152,204
----------- ----------- -----------
Current Liabilities $104,994 $126,654
----------- ----------- -----------
Total Liabilities $392,212 $476,654 $831,829
----------- ----------- -----------
Petition
Current Prior Date to
Month Month Month End
----- ----- ---------
3. Statement of Cash Receipts & Disbursements for Month
a. Total Receipts $271 $1,344 $1,507,207
----------- ----------- -----------
b. Total Disbursements $2,317 $525 $1,021,964
----------- ----------- -----------
c. Excess (Deficiency) of Receipts Over Disbursements (a - b) ($2,046) $819 $485,243
----------- ----------- -----------
d. Cash Balance Beginning of Month $506,862 $506,043
----------- -----------
e. Cash Balance End of Month (c + d) $504,816 $506,862
----------- -----------
----------- -----------
Receivables Liabilities
----------- -----------
4. Post-petition Liabilities & Receivables
Balance at End of Previous Month $126,654
----------- -----------
Balance at End of Current Month $104,994
----------- -----------
5. Past Due Post-Petition Liabilities
Balance at End of Previous Month (over 30 days) $24,240
----------- -----------
Balance at End of Current Month (over 30 days) $0
----------- -----------
Yes No
--- --
6. Are all federal, state, and local taxes current? (if no,
attach schedule of unpaid items) X
----------- -----------
7. Have any payments been made to pre-petition creditors, other
than payments in the normal course to secured creditors or
lessors? (if yes, attach listing including date of payment,
amount of payment and reason for payment, and name of payee) X
----------- -----------
8. Have any payments been made to officers, insiders, shareholders,
relatives? (if yes, attach listing including date of
payment, amount and reason for payment, and name of payee) X
----------- -----------
9. Have any payments been made to professionals? (if yes, attach
listing including date of payment, amount of payment
and name of payee) X
----------- -----------
10. If you answered yes to line 7,8, or 9, were all such payments
approved by the court?
----------- -----------
11. Is the estate insured for replacement cost of assets and for
general liability? X
----------- -----------
12. Are U.S. Trustee quarterly fees current? X
----------- -----------
</TABLE>
I declare under penalty of perjury that I have reviewed the above summary and
attached financial statements, and after making reasonable inquiry believe
that these documents are correct.
Date: March 2, 1998 /s/ Richard J. Redett
------------------ -------------------------
Responsible Individual
Effective 1/1/95
<PAGE>
BALANCE SHEET
(General Business Case)
For the Month Jan-98
----------
($ )
----------
Assets
<TABLE>
<CAPTION>
From Schedules Market Value
-------------- ------------
<S> <C> <C>
Current Assets
1 Cash and cash equivalents - unrestricted $504,816
-----------------
2 Cash and cash equivalents - restricted
-----------------
3 Accounts receivable (net) A
-----------------
4 Inventory B $0
-----------------
5 Prepaid expenses
-----------------
6 Other: Interest receivable
-------------------------------- -----------------
7
---------------------------------------- -----------------
8 Total Current Assets $504,816
-----------------
Property and Equipment (Market Value)
9 Real property C $0
-----------------
10 Machinery and equipment D $0
-----------------
11 Furniture and fixtures D $0
-----------------
12 Office equipment D $0
-----------------
13 Leasehold improvements D $0
-----------------
14 Vehicles D $0
-----------------
15 Other: D
---------------------------------- -----------------
16 D
--------------------------------------- -----------------
17 D
--------------------------------------- -----------------
18 D
--------------------------------------- -----------------
19 D
--------------------------------------- -----------------
20 Total Property and Equipment $0
-----------------
Other Assets
21 Patents, copyrights, and other
intellectual property $0
--------------------------------------- -----------------
22 All technology sold to Takai Hospital
in July 1996.
--------------------------------------- -----------------
23
--------------------------------------- -----------------
24
--------------------------------------- -----------------
25 Total Other Assets $0
-----------------
26 Total Assets $504,816
-----------------
-----------------
</TABLE>
NOTE:
Indicate the method used to estimate the market value of assets
(e.g., appraisals; familiarity with comparable market prices, etc.)
and the date the value was determined.
----------------------------------
------------------------------------------------------------------------
------------------------------------------------------------------------
------------------------------------------------------------------------
------------------------------------------------------------------------
------------------------------------------------------------------------
------------------------------------------------------------------------
Effective 1/1/95
<PAGE>
Liabilities and Equity
(General Business Case)
($ )
----------
Liabilities
<TABLE>
<CAPTION>
From Schedules
--------------
<S> <C> <C>
Post-Petition
Current Liabilities
27 Salaries and wages
-----------------
28 Payroll taxes
-----------------
29 Real and personal property taxes
-----------------
30 Income taxes
-----------------
31 Notes payable (short term)
-----------------
32 Accounts payable (trade) A $0
-----------------
33 Real property lease arrearage
-----------------
34 Personal property lease arrearage
-----------------
35 Accrued professional fees $84,194
-----------------
36 Current portion of long-term debt (due within 12 months)
-----------------
37 Other: Other accruals $20,800
-------------------------------- -----------------
38
--------------------------------------- -----------------
39
--------------------------------------- -----------------
40 Total Current Liabilities $104,994
-----------------
41 Long-Term Debt, Net of Current Portion
-----------------
42 Total Post-Petition Liabilities $104,994
-----------------
Pre-Petition Liabilities (allowed amount)
43 Secured claims E
-----------------
44 Priority unsecured claims E $0
-----------------
45 General unsecured claims E $287,218
-----------------
46 Total Pre-Petition Liabilities $287,218
-----------------
47 Total Liabilities $392,212
-----------------
Equity (Deficit)
48
--------------------------------------- -----------------
49
--------------------------------------- -----------------
50
--------------------------------------- -----------------
51
--------------------------------------- -----------------
52 Market value adjustment
-----------------
53 Total Equity (Deficit) $113,904
-----------------
54 Total Liabilities and Equity (Deficit) $506,116
-----------------
-----------------
</TABLE>
Effective 1/1/95
<PAGE>
Schedules
(General Business Case)
($ )
--------
Schedule A
Accounts Receivable(Net)/Payable
<TABLE>
<CAPTION>
Accounts Accounts Payable Past Due
Receivable [Post Petition] Post Petition Debt
---------- -------------- ------------------
<S> <C> <C> <C>
Receivables and Payables Ageings
0 -30 Days $0 $0
---------- ---------- ---
31-60 Days $0 -
---------- ---------- -
61-90 Days $0 - $0
---------- ---------- -----------
91+ Days $0 $0 -
---------- ---------- ---
Total accounts receivable/payable $0 $0
---------- ----------
----------
Allowance for doubtful accounts
----------
Accounts receivable (net) $0
----------
----------
</TABLE>
Schedule B
Inventory/Cost of Goods Sold
<TABLE>
<CAPTION>
Types and Amount of Inventory(ies) Cost of Goods Sold
- --------------------------------- ------------------
<S> <C>
Inventory(ies) Inventory Beginning of Month -------------
Balance at
End of Month
------------ Add -
Retail/Restaurants - Net purchases
Product for resale -------------
------------ Direct labor
Distribution - -------------
Product for resale Manufacturing overhead
------------ -------------
Manufacturer - Freight in
Raw materials $0 -------------
------------ Other:
Work-in-progress $0
------------ ------------------------- -------------
Finished goods $0
------------ ------------------------- -------------
Less-
------------
Other - Inventory End of Month
Explain -------------
-------------- Shrinkage
-------------
-------------------- Personal Use
TOTAL $0 -------------
------------ Cost of Goods Sold $0
------------ -------------
-------------
Method of Inventory Control Inventory Valuation Methods
- --------------------------- ---------------------------
Do you have a functioning perpetual Indicate by a checkmark method of inventory
inventory system? valuation used.
Yes X No
---- -----
How often do you take a complete Valuation methods -
physical inventory?
Weekly FIFO cost X
----- -----
Monthly LIFO cost
----- -----
Quarterly Lower of cost or market X
----- -----
Semi-annually Retail method
----- -----
Annually X Other -
----- -----
Date of last physical inventory
was 12/31/94 Explain
-------------
Date of next physical is not scheduled -----------------------------
-------------
-----------------------------
</TABLE>
<PAGE>
Schedule C
Real Property
<TABLE>
<CAPTION>
Description Cost Market Value
- ----------- ---- ------------
<S> <C> <C>
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
Total $0 $0
------------ --------------
------------ --------------
Schedule D
Other Depreciable Assets
Description Cost Market Value
- ----------- ---- ------------
Machinery & Equipment -
See listing attached to original petition filing - $0 $0
- --------------------------------------------------- ------------ --------------
All equipment sold to Takai Hospital in July 1996.
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
Total $0 $0
------------ --------------
------------ --------------
Furniture & Fixtures -
$0
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
Total $0 $0
------------ --------------
------------ --------------
Office Equipment -
See listing attached to original petition filing -
- --------------------------------------------------- ------------ --------------
All equipment sold to Takai Hospital in July 1996.
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
Total $0 $0
------------ --------------
------------ --------------
Leasehold Improvements -
None - the Company does not currently lease facilities $0
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
Total $0 $0
------------ --------------
------------ --------------
Vehicles -
None
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
- --------------------------------------------------- ------------ --------------
Total $0 $0
------------ --------------
------------ --------------
Schedule E
Pre-Petition Liabilities
Claimed Allowed
List Total Claims For Each Classification - Amount Amount (b)
- ------------------------------------------- ------ -----------
Secured claims (a) $115,778
------------ --------------
Priority claims other than taxes $0
------------ --------------
Priority tax claims $0
------------ --------------
General unsecured claims $586,534 $287,218
------------ --------------
</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 E
reporting purposes you should list $10,000,000 as the Claimed Amount
and $3,000,000 as the Allowed Amount.
Schedule F
Rental Income Information
Not Applicable to General Business Cases.
<PAGE>
STATEMENT OF OPERATIONS
(General Business Case)
For the Month Ended Jan-98
-----------
$
--------------
<TABLE>
<CAPTION>
Current Month
- --------------------------------------- Cumulative Next Month
Actual Forecast Variance (Case to Date) Forecast
------ -------- -------- ------------- --------
<S> <C> <C> <C> <C> <C>
Revenues
$0 $0 1 Gross Sales
- --------- --------- --------- ---------- -----------
$0 $0 2 less: Sales Returns & Allowances
- --------- --------- --------- ---------- -----------
$0 $0 $0 3 Net Sales $0
- --------- --------- --------- ---------- -----------
$0 $0 4 less: Cost of Goods Sold (Schedule "B")
- --------- --------- --------- ---------- -----------
$0 $0 $0 5 Gross Profit $0
- --------- --------- --------- ---------- -----------
$0 6 Interest
- --------- --------- --------- ---------- -----------
7 Other Income:
$25,000 $25,000 8 Other income $25,565
- --------- --------- --------- -------------------------------------------- ---------- -----------
$0 9
- --------- --------- --------- -------------------------------------------- ---------- -----------
$25,000 $0 $25,000 10 Total Revenues $25,565 $0
- --------- --------- --------- ---------- -----------
Expenses
$0 11 Compensation to Owner(s)/Officer(s)
- --------- --------- --------- ---------- -----------
$0 12 Salaries/Commissions
- --------- --------- --------- ---------- -----------
$0 13 Management Fees
- --------- --------- --------- ---------- -----------
$0 $0 14 Depreciation $368,860 $0
- --------- --------- --------- ---------- -----------
$0 15 Taxes:
- --------- --------- --------- ---------- -----------
$0 16 Employer Payroll Taxes
- --------- --------- --------- ---------- -----------
$0 17 Real Property Taxes
- --------- --------- --------- ---------- -----------
$0 18 Other Taxes
- --------- --------- --------- ---------- -----------
$0 19 Other Selling
- --------- --------- --------- ---------- -----------
($2,882) $2,882 20 Other Administrative $37,071
- --------- --------- --------- ---------- -----------
$0 21 Interest
- --------- --------- --------- ---------- -----------
22 Other Expenses:
$0 23 Writedown of receivables and other $274,406
- --------- --------- --------- -------------------------------------------- ---------- -----------
($415,184) $415,184 24 Reduction of payables to settlement amount
- --------- --------- --------- -------------------------------------------- ---------- -----------
$0 25
- --------- --------- --------- -------------------------------------------- ---------- -----------
$0 26
- --------- --------- --------- -------------------------------------------- ---------- -----------
$0 27
- --------- --------- --------- -------------------------------------------- ---------- -----------
$0 28
- --------- --------- --------- -------------------------------------------- ---------- -----------
$0 29
- --------- --------- --------- -------------------------------------------- ---------- -----------
$0 30
- --------- --------- --------- -------------------------------------------- ---------- -----------
($418,066) $0 $418,066 31 Total Expenses $680,337 $0
- --------- --------- --------- ---------- -----------
$443,066 $0 $443,066 32 Subtotal ($654,772) $0
- --------- --------- --------- ---------- -----------
Reorganization Items
$8,539 $4,000 ($4,539) 33 Professional Fees $269,267 $4,000
- --------- --------- --------- ---------- -----------
$0 34 Provisions for Rejected Executory Contracts
- --------- --------- --------- ---------- -----------
Interest Earned on Accumulated Cash
- --------- --------- --------- ---------- -----------
($1,571) ($1,650) ($79) 35 Resulting from Chp 11 Case (28,034) ($1,500)
- --------- --------- --------- ---------- -----------
$0 36 Loss from Sale of Equipment, Inventory and Patents $450,000
- --------- --------- --------- ---------- -----------
$0 37 Miscellaneous $16,952
- --------- --------- --------- -------------------------------------------- ---------- -----------
$20,000 $20,000 $0 38 Settlements $682,500
- --------- --------- --------- -------------------------------------------- ---------- -----------
$26,968 $22,350 ($4,618) 39 Total Reorganization Items $1,390,685 $2,500
- --------- --------- --------- ---------- -----------
$416,098 ($22,350) $438,448 40 Net Profit (Loss) Before Federal & State Taxes ($2,045,457) ($2,500)
- --------- --------- --------- ---------- -----------
$0 41 Federal & State Income Taxes
- --------- --------- --------- ---------- -----------
$416,098 ($22,350) $438,448 42 Net Profit (Loss) ($2,045,457) ($2,500)
- --------- --------- --------- ---------- -----------
- --------- --------- --------- ---------- -----------
</TABLE>
Explanation of Variance to Statement of Operations
(For variances greater than +/- 10% only)
Determination of amounts to be paid to creditors was made. Amounts due were
adjusted down to equal amounts to be distributed.
----------------------------
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Effective 1/1/95
<PAGE>
SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS
(General Business Case)
For the Month Ended Jan-98
-------------------
<TABLE>
<S> <C>
Cash Balance Beginning of Month $506,862
------------
------------
Cash Receipts (1) $271
------------
Cash Disbursements (1) $2,317
------------
Excess (Deficiency) of Receipts Over Disbursements ($2,046)
------------
Cash Balance End of Month $504,816
------------
------------
</TABLE>
Recapitulation of Funds Held at End of Month
- ---------------------------------------------
<TABLE>
<CAPTION>
Account 1 Account 2 Account 3
--------- --------- ---------
<S> <C> <C> <C>
Bank Silicon Valley Bank Merrill Lynch Trust acct -
--------------------- -------------- ---------------
Account Type Checking Checking Murray & Murray
--------------------- -------------- ---------------
Account No. 3300023699 233-07K66
--------------------- -------------- ---------------
Account Purpose General operating acct. Investment
--------------------- -------------- ---------------
Balance, End of Month $7,255 $71 $385,612
--------------------- -------------- ---------------
Account 4 Account 5 Account 6
--------- --------- ---------
Bank Silicon Valley Bank
--------------------- -------------- ---------------
Account Type Checking
--------------------- -------------- ---------------
Account No. 3300023699
--------------------- -------------- ---------------
Account Purpose Money market
--------------------- -------------- ---------------
Balance, End of Month $111,878
--------------------- -------------- ---------------
Total Funds on Hand for all Accounts $504,816
---------------------
---------------------
</TABLE>
Effective 1/1/95
(1) Excluding bank transfers between your accounts.
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