FOCUS SURGERY INC
8-K, 1998-05-26
ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS
Previous: SFX BROADCASTING INC, 10-Q/A, 1998-05-26
Next: FLAG INVESTORS MARYLAND INTERMEDIATE TAX FREE FUND INC/, N-30D, 1998-05-26



<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)    April 30, 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 of      (Commission File     (IRS Employer
             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        (650) 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 Registrant made a cash distribution to unsecured creditors in 
February 1998.  It is unclear at this time whether any funds will be 
available for distribution to the shareholders. The Registrant plans to file 
a Plan of Reorganization and Disclosure Statement with the bankruptcy court 
in the near future.

Item 7. Financial Statements and Exhibits

<TABLE>
<CAPTION>
 Exhibit No.                             Description
<S>                                      <C>
 99.27                                   Summary of Financial Status of the
                                         Registrant for the month ended April
                                         1998, as required by the United States
                                         Bankruptcy Court, Northern District of
                                         California, Oakland Division.
</TABLE>

<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:  May 26, 1998             By:      /s/ RICHARD J. REDETT
                                     --------------------------------------
                                Name:   Richard J. Redett
                                Title:  President and Chief Executive Officer

<PAGE>





<PAGE>

                                                                   Exhibit 99.27

<PAGE>

                        UNITED STATES BANKRUPTCY COURT
                        NORTHERN DISTRICT OF CALIFORNIA




IN RE: MENLO ACQUISITION CORP.             CASE NO.     96-41107-N
   FDBA FOCUS SURGERY, INC.                             ----------
                                           CHAPTER 11
                                           MONTHLY OPERATING REPORT
                                           (GENERAL BUSINESS CASE)



                       SUMMARY OF FINANCIAL STATUS

MONTH ENDED      April, 1998
             ------------------


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
2.   ASSET/LIABILITY SUMMARY                                               MONTH             MONTH                FILING
                                                                           -----             -----                ------
<S>                                                                      <C>                <C>                <C>
       Current Assets (Market Value)                                      $238,719          $238,540             $502,204 
                                                                         ---------          --------           -----------
       Total Assets (Market Value)                                        $238,719          $238,540           $2,152,204 
                                                                         ---------          --------           -----------
       Current Liabilities                                                $101,512          $101,644 
                                                                         ---------          --------           -----------
       Total Liabilities                                                  $388,730          $121,644             $831,829 
                                                                         ---------          --------           -----------
<CAPTION>
                                                                                                                PETITION
                                                                            CURRENT           PRIOR              DATE TO
3.   STATEMENT OF CASH RECEIPTS & DISBURSEMENTS FOR MONTH                    MONTH            MONTH             MONTH END
                                                                             -----            -----             ---------
<S>  <C>                                                                 <C>                <C>                <C>
       a.  Total Receipts                                                     $250              $613           $1,510,694 
                                                                         ---------          --------           -----------
       b.  Total Disbursements                                                 $71            $2,150           $1,291,548 
                                                                         ---------          --------           -----------
       c.  Excess (Deficiency) of Receipts Over Disbursements (a - b)         $179           ($1,537)            $219,146 
                                                                         ---------          --------           -----------
       d.  Cash Balance Beginning of Month                                $238,540          $240,077           -----------
                                                                         ---------          -------- 
       e.  Cash Balance End of Month (c + d)                              $238,719          $238,540 
                                                                         ---------          -------- 
                                                                         ---------          --------
<CAPTION>

4.   POST-PETITION LIABILITIES & RECEIVABLES                             RECEIVABLES                           LIABILITIES
                                                                         -----------                           -----------
<S>                                                                      <C>                                   <C>
       Balance at End of Previous Month                                  ---------                             -----------
       Balance at End of Current Month                                          $0                               $101,512 
                                                                         ---------                             -----------
5.   PAST DUE POST-PETITION LIABILITIES
       Balance at End of Previous Month (over 30 days)                   --------- 
       Balance at End of Current Month (over 30 days)                           $0 
                                                                         ---------
<CAPTION>
                                                                                                      YES             NO
                                                                                                      ---             --
<S>                                                                                               <C>             <C>
6.   Are all federal, state, and local taxes current? (if no, attach schedule of unpaid           X
     items)                                                                                       ------------    ------------

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                        X
     of payment, amount of payment and name of payee)                                             ------------    ------------

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                         X
     payee)                                                                                       ------------    ------------

9.   Have any payments been made to professionals?  (if yes, attach listing including date                        X            
     of payment, amount of payment and name of payee)                                             ------------    ------------ 

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:   May 26 , 1998                           Richard J. Redett
           -------------------            -------------------------------------
                                                   Responsible Individual

<PAGE>

                               BALANCE SHEET
                          (GENERAL BUSINESS CASE)
                      FOR THE MONTH ENDED  APRIL, 1998
                             ($ _____________ )

        ASSETS

<TABLE>
<CAPTION>
                                                                  FROM SCHEDULES    MARKET VALUE
          CURRENT ASSETS                                          --------------    ------------
<S>       <C>                                                     <C>             <C>
 1            Cash and cash equivalents - unrestricted                                   $238,719 
                                                                                  ---------------
 2            Cash and cash equivalents - restricted
                                                                                  ---------------
 3            Accounts receivable (net)                                 A                      $0 
                                                                                  ---------------
 4            Inventory                                                 B                      $0 
                                                                                  ---------------
 5            Prepaid expenses
                                                                                  ---------------
 6            Other:
                    ----------------------------------                            ---------------
 7
              ----------------------------------------                            ---------------
 8                  TOTAL CURRENT ASSETS                                                 $238,719 
                                                                                  ---------------


     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
              ----------------------------------------                            ---------------
22            
              ----------------------------------------                            ---------------
23
              ----------------------------------------                            ---------------
24
              ----------------------------------------                            ---------------
25                  TOTAL OTHER ASSETS                                                         $0 
                                                                                  ---------------
26                  TOTAL ASSETS                                                         $238,719 
                                                                                  ---------------
                                                                                  ---------------
</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.
                                                                     ----------
                                                                               
                ---------------------------------------------------------------

                ---------------------------------------------------------------

                ---------------------------------------------------------------

                ---------------------------------------------------------------

                ---------------------------------------------------------------


<PAGE>

                               LIABILITIES AND EQUITY
                              (GENERAL BUSINESS CASE)
                                          
                                      ($________)
                                          

<TABLE>
<CAPTION>

     LIABILITIES                                              FROM SCHEDULES
       POST-PETITION                                          --------------
<S>                                                           <C>                 <C>

          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                                                 $100,012
                                                                                  --------------
36            Current portion of long-term debt 
              (due within 12 months)
                                                                                  --------------
37            Other:   Other general accruals                                             $1,500
                      -----------------------------                               --------------

38         ----------------------------------------                               --------------

39         ----------------------------------------                               --------------

40         TOTAL CURRENT LIABILITIES                                                    $101,512
                                                                                  --------------
41       LONG-TERM DEBT, NET OF CURRENT PORTION
                                                                                  --------------

42         TOTAL POST-PETITION LIABILITIES                                             $101,512
                                                                                  --------------
       PRE-PETITION LIABILITIES (ALLOWED AMOUNT)
43            Secured claims                                            E                     $0
                                                                                  --------------
44            Priority unsecured claims                                 E                $20,000
                                                                                  --------------
45            General unsecured claims                                  E               $267,218
                                                                                  --------------

46            TOTAL PRE-PETITION LIABILITIES                                            $287,218
                                                                                  --------------
47            TOTAL LIABILITIES                                                         $388,730
                                                                                  --------------

     EQUITY (DEFICIT)
48
           ----------------------------------------                               --------------
49
           ----------------------------------------                               --------------
50
           ----------------------------------------                               --------------
51
           ----------------------------------------                               --------------
52     Market value adjustment
                                                                                  --------------
53         TOTAL EQUITY (DEFICIT)                                                             $0
                                                                                  --------------

54         TOTAL LIABILITIES AND EQUITY (DEFICIT)                                       $388,730
                                                                                  --------------
                                                                                  --------------
</TABLE>

<PAGE>

                                     SCHEDULES
                              (GENERAL BUSINESS CASE)
                                     ($______)
                                          
                                     SCHEDULE A
                          ACCOUNTS RECEIVABLE(Net)/PAYABLE

<TABLE>
<CAPTION>
                                                     ACCOUNTS       ACCOUNTS PAYABLE            PAST DUE
     Receivables and Payables Ageings               RECEIVABLE       [POST PETITION]       POST PETITION DEBT
                                                    ----------      ----------------       ------------------
<S>                                                 <C>             <C>                    <C>

          0 -30 Days
                                                    ----------      ----------------    _   
          31-60 Days                                                                     |
                                                    ----------      ----------------     |  
          61-90 Days                                                                     |             $0
                                                    ----------      ----------------     | ------------------
          91+ Days                                                                      _|
                                                    ----------      ----------------       
          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>                   <C>                                <C>

                                           INVENTORY(IES)        Inventory Beginning of Month
                                             BALANCE AT                                             -------------------
                                            END OF MONTH                      
                                            ------------         Add - 
     Retail/Restaurants -                                             Net purchases                 
                                        --------------------                                        -------------------
          Product for resale                                          Direct labor 
                                                                                                    -------------------
                                                                      Manufacturing overhead
                                                                                                    -------------------
     Distribution -                                                   Freight in
                                                                                                    -------------------
          Product for resale                                          Other:
                                        --------------------                                        -------------------
     Manufacturer -                                                  -----------------------

                                                                     -----------------------

          Raw materials                                                        
                                        --------------------        
          Work-in-progress                                       Less -  
                                        --------------------                                      
          Finished goods                                              Inventory End of Month
                                        --------------------                                        -------------------
                                                                      Shrinkage
                                                                                                    -------------------
     Other -                                                          Personal Use
                                        --------------------                                        -------------------

          Explain                                                Cost of Goods Sold                                  $0
                 ---------------------                                                              -------------------
          ----------------------------                                                              -------------------
              TOTAL                                       $0
                                        --------------------
                                        --------------------
</TABLE>

<TABLE>
<CAPTION>
     METHOD OF INVENTORY CONTROL                                 INVENTORY VALUATION METHODS
     ---------------------------                                 ---------------------------
     <S>                                                         <C>
     Do you have a functioning perpetual inventory system?       Indicate by a checkmark method of inventory valuation used.
                      Yes_______  No________
     How often do you take a complete physical inventory?        Valuation methods -  

                                                                     FIFO cost
                                                                                              --------------------
          Weekly                                                     LIFO cost
                          ----                                                                --------------------
          Monthly                                                    Lower of cost or
                          ----                                         market
          Quarterly                                                                           --------------------
                          ----                                               
          Semi-annually                                              Retail method
                          ----                                                                --------------------
          Annually                                                   Other -
                          ----                                                                --------------------
       
     Date of last physical inventory was          12/31/94               Explain
                                           ---------------               -----------------------------------------
                                                                         -----------------------------------------
     Date of next physical inventory is                N/A
                                           ---------------
</TABLE>
<PAGE>
                                     SCHEDULE C
                                   REAL PROPERTY
                                          
<TABLE>
<CAPTION>
     DESCRIPTION                                                    COST                     MARKET VALUE
     -----------                                                    ----                     ------------
<S>                                                                 <C>                      <C>
- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------
       TOTAL                                                               $0                              $0
                                                               --------------             -------------------
                                                               --------------             -------------------
</TABLE>
                                     SCHEDULE D
                              OTHER DEPRECIABLE ASSETS
<TABLE>
<CAPTION>
DESCRIPTION                                                         COST                     MARKET VALUE
- -----------                                                         ----                     ------------
<S>                                                            <C>                        <C>

MACHINERY & EQUIPMENT -  

- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------
       TOTAL                                                               $0                              $0
                                                               --------------             -------------------
                                                               --------------             -------------------

FURNITURE & FIXTURES -  
- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------
       TOTAL                                                               $0                              $0
                                                               --------------             -------------------
                                                               --------------             -------------------

OFFICE EQUIPMENT -  
- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------
       TOTAL                                                               $0                              $0
                                                               --------------             -------------------
                                                               --------------             -------------------

LEASEHOLD IMPROVEMENTS -  
- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------
       TOTAL                                                               $0                              $0
                                                               --------------             -------------------
                                                               --------------             -------------------

VEHICLES -  
- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------

- ---------------------------------------------------------      --------------             -------------------
       TOTAL                                                               $0                              $0
                                                               --------------             -------------------
                                                               --------------             -------------------
</TABLE>

                                     SCHEDULE E
                              PRE-PETITION LIABILITIES
<TABLE>
<CAPTION>
                                                                  CLAIMED                       ALLOWED
LIST TOTAL CLAIMS FOR EACH CLASSIFICATION -                        AMOUNT                     AMOUNT  (b)
                                                                   ------                     -----------
<S>                                                            <C>                        <C>
     Secured claims  (a)                                             $115,778
                                                               --------------             -------------------
     Priority claims other than taxes
                                                               --------------             -------------------
     Priority tax claims                                                                              $20,000
                                                               --------------             -------------------
     General unsecured claims                                        $586,534                        $267,218
                                                               --------------             -------------------
</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     APRIL, 1998
                                         ------------------
                               $_______________
<TABLE>
<CAPTION>

          CURRENT MONTH                                                                        
- ----------------------------------                                                               CUMULATIVE         NEXT MONTH
  ACTUAL     FORECAST    VARIANCE                                                              (CASE TO DATE)        FORECAST
  ------     --------    --------                                                              --------------        --------
                                         REVENUES 
<C>         <C>         <C>           <C>     <S>                                              <C>                 <C>
                                $0    1       Gross Sales
- ----------  ----------  ----------                                                               ----------         ----------
                                $0    2       less: Sales Returns & Allowances
- ----------  ----------  ----------                                                               ----------         ----------
        $0          $0          $0    3       Net Sales                                                 $0                 $0 
- ----------  ----------  ----------                                                               ----------         ----------
        $0                      $0    4       less: Cost of Goods Sold      (Schedule 'B')
- ----------  ----------  ----------                                                               ----------         ----------
        $0          $0          $0    5       Gross Profit                                              $0                 $0 
- ----------  ----------  ----------                                                               ----------         ----------
                                $0    6       Interest
- ----------  ----------  ----------                                                               ----------         ----------
                                      7       Other Income:
- ----------  ----------  ----------                                                               ----------         ----------
                                $0    8                                                            $25,565 
- ----------  ----------  ----------            -----------------------------------------          ----------         ----------
                                $0    9 
- ----------  ----------  ----------            -----------------------------------------          ----------         ----------
        $0          $0          $0   10            TOTAL REVENUES                                  $25,565                 $0 
- ----------  ----------  ----------                                                               ----------         ----------



                                       EXPENSES

                                $0   11       Compensation to Owner(s)/Officer(s)
- ----------  ----------  ----------                                                               ----------         ----------
                                $0   12       Salaries/Commissions
- ----------  ----------  ----------                                                               ----------         ----------
                                $0   13       Management Fees
- ----------  ----------  ----------                                                               ----------         ----------
                                $0   14       Depreciation                                        $368,860 
- ----------  ----------  ----------                                                               ----------         ----------
                                $0   15       Taxes:
- ----------  ----------  ----------                                                               ----------         ----------
                                $0   16            Employer Payroll Taxes
- ----------  ----------  ----------                                                               ----------         ----------
                                $0   17            Real Property Taxes
- ----------  ----------  ----------                                                               ----------         ----------
                                $0   18            Other Taxes
- ----------  ----------  ----------                                                               ----------         ----------
                                $0   19       Other Selling
- ----------  ----------  ----------                                                               ----------         ----------
       $71                    ($71)  20       Other Administrative                                 $40,137 
- ----------  ----------  ----------                                                               ----------         ----------
                                $0   21       Interest
- ----------  ----------  ----------                                                               ----------         ----------
                                     22       Other Expenses:
- ----------  ----------  ----------                                                               ----------         ----------
                                $0   23       Writedown Assets                                    $274,406 
- ----------  ----------  ----------            -----------------------------------------          ----------         ----------
                                $0   24       Reduction of Debt to Settlements                   ($455,184)
- ----------  ----------  ----------            -----------------------------------------          ----------         ----------
                                $0   25 
- ----------  ----------  ----------            -----------------------------------------          ----------         ----------
                                $0   26 
- ----------  ----------  ----------            -----------------------------------------          ----------         ----------
                                $0   27 
- ----------  ----------  ----------            -----------------------------------------          ----------         ----------
                                $0   28 
- ----------  ----------  ----------            -----------------------------------------          ----------         ----------
                                $0   29 
- ----------  ----------  ----------            -----------------------------------------          ----------         ----------
                                $0   30 
- ----------  ----------  ----------            -----------------------------------------          ----------         ----------

       $71          $0        ($71)  31            TOTAL EXPENSES                                 $228,219                 $0 
- ----------  ----------  ----------                                                               ----------         ----------

      ($71)         $0        ($71)  32  SUBTOTAL                                                ($202,654)                $0 
- ----------  ----------  ----------                                                               ----------         ----------

                                         REORGANIZATION ITEMS

     ($132)                   $132   33       Professional Fees                                   $285,086 
- ----------  ----------  ----------                                                               ----------         ----------
                                $0   34       Provisions for Rejected Executory Contracts
- ----------  ----------  ----------                                                               ----------         ----------
                                              Interest Earned on Accumulated Cash
- ----------  ----------  ----------                                                               ----------         ----------
      $250                   ($250)  35          Resulting from Chp 11 Case                        $30,222 
- ----------  ----------  ----------                                                               ----------         ----------
                                $0   36       Gain or (Loss) from Sale of Equipment              ($450,000)
- ----------  ----------  ----------                                                               ----------         ----------
                                $0   37       Miscellaneous                                        $16,952 
- ----------  ----------  ----------            -----------------------------------------          ----------         ----------
                                $0   38       Settlements                                         $682,500 
- ----------  ----------  ----------            -----------------------------------------          ----------         ----------
     ($382)         $0        $382   39            TOTAL REORGANIZATION ITEMS                   $1,404,316                 $0 
- ----------  ----------  ----------                                                               ----------         ----------
      $311          $0        $311   40  NET PROFIT (Loss) BEFORE FEDERAL & STATE TAXES        ($1,606,970)                $0 
- ----------  ----------  ----------                                                               ----------         ----------
                                $0   41       Federal & State Income Taxes
- ----------  ----------  ----------                                                               ----------         ----------
      $311          $0        $311   42  NET PROFIT (Loss)                                     ($1,606,970)                $0 
- ----------  ----------  ----------                                                               ----------         ----------
- ----------  ----------  ----------                                                               ----------         ----------
</TABLE>

EXPLANATION OF VARIANCE TO STATEMENT OF OPERATIONS
(FOR VARIANCES GREATER THAN +/- 10% ONLY)

- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
<PAGE>

                     SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS
                               (GENERAL BUSINESS CASE)

                        FOR THE MONTH ENDED     April, 1998
                                           ------------------------




<TABLE>
<CAPTION>
<S>                                                                                                                <C>
CASH BALANCE BEGINNING OF MONTH                                                                                            $238,540 
                                                                                                                   ----------------

CASH RECEIPTS  (1)                                                                                                             $250 
                                                                                                                   ----------------
CASH DISBURSEMENTS  (1)                                                                                                         $71 
                                                                                                                   ----------------

EXCESS (DEFICIENCY) OF RECEIPTS OVER DISBURSEMENTS                                                                             $179 
                                                                                                                   ----------------

CASH BALANCE END OF MONTH                                                                                                  $238,719 
                                                                                                                   ----------------
                                                                                                                   ----------------
</TABLE>


RECAPITULATION OF FUNDS HELD AT END OF MONTH

<TABLE>
<CAPTION>
                                                                            ACCOUNT 1            ACCOUNT 2            ACCOUNT 3
                                                                            ---------            ---------            ---------
<S>                                                                   <C>                    <C>                   <C>
BANK                                                                  Silcon Valley Bank     Bank of America
                                                                      ------------------     ----------------       ----------------
ACCOUNT TYPE                                                          Checking               Trust Account M&M
                                                                      ------------------     ----------------       ----------------
ACCOUNT NO.                                                                  3300023699 
                                                                      ------------------     ----------------       ----------------
ACCOUNT PURPOSE                                                       General                General                Distribution
                                                                      ------------------     ----------------       ----------------
BALANCE, END OF MONTH                                                          $117,586             $100,351                $20,782 
                                                                      ------------------     ----------------       ----------------
TOTAL FUNDS ON HAND FOR ALL ACCOUNTS                                           $238,719 
                                                                      ------------------
                                                                      ------------------
                                                                             
</TABLE>


(1)  Excluding bank transfers between your accounts.


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission