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Previous: BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC, 8-K, 1999-01-25 |
Next: HIGH INCOME OPPORTUNITY FUND INC, DEF 14A, 1999-01-25 |
<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) December 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 (IRS Employer
of incorporation) File 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 NO. 3. BANKRUPTCY OR RECEIVERSHIP
On February 9, 1996, the Registrant filed a petition for relief
under Chapter 11 of the United States Bankruptcy Code for the Northern
District of California, Oakland Division. On August 12, 1996, the Registrant
with Bankruptcy Court approval sold substantially all of its assets to Takai
Hospital Supply, Inc. and thereafter changed its name to Menlo Acquisition
Corporation. On October 28, 1998 the Registrant's Plan or Reorganization was
confirmed.
ITEM NO. 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit No. 99.27
Description
Summary of Financial Status of the Registrant
for the month ended December 1998, as required by
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: January 22, 1998 By: /s/ RICHARD J. REDETT
--------------------------------------
Name: Richard J. 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. | ----------
|
| CHAPTER 11
| MONTHLY OPERATING REPORT
| (GENERAL BUSINESS CASE)
|
- -----------------------------------------------
SUMMARY OF FINANCIAL STATUS
MONTH ENDED December, 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) $70,739 $103,839 $502,204
----------------- ----------------- -----------------
Total Assets (Market Value) $70,739 $103,839 $2,152,204
----------------- ----------------- -----------------
Current Liabilities $67,500 $61,500
----------------- ----------------- -----------------
Total Liabilities $67,500 $61,500 $831,829
----------------- ----------------- -----------------
PETITION
CURRENT PRIOR DATE TO
3. STATEMENT OF CASH RECEIPTS & DISBURSEMENTS FOR MONTH MONTH MONTH MONTH END
----------------- ----------------- -----------------
<S> <C> <C> <C>
a. Total Receipts $34 $77 $1,536,932
----------------- ----------------- -----------------
b. Total Disbursements $33,134 $9,771 $1,485,767
----------------- ----------------- -----------------
c. Excess (Deficiency) of Receipts Over Disbursements (a - b) ($33,100) ($9,694) 51165
----------------- ----------------- -----------------
d. Cash Balance Beginning of Month $103,839 $113,533 -----------------
----------------- -----------------
e. Cash Balance End of Month (c + d) $70,739 $103,839
----------------- -----------------
----------------- -----------------
4. POST-PETITION LIABILITIES & RECEIVABLES RECEIVABLES LIABILITIES
----------------- -----------------
Balance at End of Previous Month $61,500
----------------- -----------------
Balance at End of Current Month $0 $67,500
----------------- -----------------
5. PAST DUE POST-PETITION LIABILITIES
Balance at End of Previous Month (over 30 days)
-----------------
Balance at End of Current Month (over 30 days) $0
-----------------
YES NO
----------------- -----------------
6. Are all federal, state, and local taxes current? (if no, attach
schedule of unpaid items) X
----------------- -----------------
7. Have any payments been made to pre-petition creditors, other than
payments in the normal course to secured creditors or lessors?
(if yes, attach listing including date of payment, amount of
paymentand name of payee) X
----------------- -----------------
8. Have any payments been made to officers, insiders, shareholders,
relatives? (if yes, attach listing including date of
payment, amount and reason for payment, and name of payee) X
----------------- -----------------
9. Have any payments been made to professionals? (if yes, attach
listing including date of payment, amount of payment and name
of payee) X
----------------- -----------------
10. If you answered yes to line 7,8, or 9, were all such payments
approved by the court? N/A
----------------- -----------------
11. Is the estate insured for replacement cost of assets and for
general liability? N/A
----------------- -----------------
12. Are U.S. Trustee quarterly fees current? X
----------------- -----------------
</TABLE>
I declare under penalty of perjury that I have reviewed the above
summary and attached financial statements, and after making
reasonable inquiry believe that these documents are correct.
Date: January 13, 1998 Richard J. Redett
------------------ -----------------------------
Responsible Individual
<PAGE>
BALANCE SHEET
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED December, 1998
------------------
($ )
---------
ASSETS
<TABLE>
<CAPTION>
FROM SCHEDULES MARKET VALUE
----------------------- -----------------
<S> <C> <C> <C>
CURRENT ASSETS
1 Cash and cash equivalents - unrestricted $70,739
-----------------
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 $70,739
-----------------
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 $70,739
-----------------
-----------------
</TABLE>
NOTE: Indicate the method used to estimate the market value of assets
(e.g., appraisals; familiarity with comparable market prices,
etc.) and the date the value was determined.
-------------------
---------------------------------------------------------------
---------------------------------------------------------------
---------------------------------------------------------------
---------------------------------------------------------------
---------------------------------------------------------------
<PAGE>
LIABILITIES AND EQUITY
(GENERAL BUSINESS CASE)
($ )
---------
LIABILITIES
POST-PETITION
<TABLE>
<CAPTION>
FROM SCHEDULES
--------------
<S> <C> <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 $66,000
-----------------------
36 Current portion of long-term debt (due within 12 months)
-----------------------
37 Other: Other general accruals $1,500
------------------------------------------------ -----------------------
38
---------------------------------------------------------------- -----------------------
39
---------------------------------------------------------------- -----------------------
40 TOTAL CURRENT LIABILITIES $67,500
-----------------------
41 LONG-TERM DEBT, NET OF CURRENT PORTION
-----------------------
42 TOTAL POST-PETITION LIABILITIES $67,500
-----------------------
PRE-PETITION LIABILITIES (ALLOWED AMOUNT)
43 Secured claims E $0
-----------------------
44 Priority unsecured claims E
-----------------------
45 General unsecured claims E
-----------------------
46 TOTAL PRE-PETITION LIABILITIES $0
-----------------------
47 TOTAL LIABILITIES $67,500
-----------------------
EQUITY (DEFICIT)
48
---------------------------------------------------------------- -----------------------
49
---------------------------------------------------------------- -----------------------
50
---------------------------------------------------------------- -----------------------
51
---------------------------------------------------------------- -----------------------
52 Market value adjustment
-----------------------
53 TOTAL EQUITY (DEFICIT) $3,239
-----------------------
54 TOTAL LIABILITIES AND EQUITY (DEFICIT) $70,739
-----------------------
-----------------------
</TABLE>
<PAGE>
SCHEDULES
(GENERAL BUSINESS CASE)
($ )
---------
<TABLE>
<CAPTION>
SCHEDULE A
ACCOUNTS RECEIVABLE(NET)/PAYABLE
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>
<TABLE>
<CAPTION>
SCHEDULE B
INVENTORY/COST OF GOODS SOLD
TYPES AND AMOUNT OF INVENTORY(IES) COST OF GOODS SOLD
---------------------------------- ------------------
INVENTORY(IES)
BALANCE AT
END OF MONTH
---------------------
<S> <C> <C> <C>
Inventory Beginning 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
----
Quarterly market
---- --------------------
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>
<TABLE>
<CAPTION>
SCHEDULE C
REAL PROPERTY
DESCRIPTION COST MARKET VALUE
----------- ---- ------------
<S> <C> <C>
-------------------------------------------------------------- ---------------- ------------------
-------------------------------------------------------------- ---------------- ------------------
-------------------------------------------------------------- ---------------- ------------------
-------------------------------------------------------------- ---------------- ------------------
TOTAL $0 $0
---------------- ------------------
---------------- ------------------
SCHEDULE D
OTHER DEPRECIABLE ASSETS
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
---------------- ------------------
---------------- ------------------
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
---------------- ------------------
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>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED December, 1998
----------------
$
----------------
CUMULATIVE NEXT MONTH
CURRENT MONTH (CASE TO DATE) FORECAST
- -------------------------------------------- ------------ ------------
ACTUAL FORECAST VARIANCE
------ -------- --------
<S> <C> <C> <C> <C> <C>
REVENUES
$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
- ------------ ------------ ------------ ------------ ------------
$1,068 ($1,068) 20 Other Administrative $50,883
- ------------ ------------ ------------ ------------ ------------
$0 21 Interest
- ------------ ------------ ------------ ------------ ------------
22 Other Expenses:
$0 23 Writedown Assets $274,406
- ------------ ------------ ------------ --------------------------------------- ------------ ------------
$0 24 Reduction of Debt to Settlements ($455,184)
- ------------ ------------ ------------ --------------------------------------- ------------ ------------
$32,066 ($32,066) 25 Interest Expense Creditors $32,066
- ------------ ------------ ------------ --------------------------------------- ------------ ------------
$0 26
- ------------ ------------ ------------ --------------------------------------- ------------ ------------
$0 27
- ------------ ------------ ------------ --------------------------------------- ------------ ------------
$0 28
- ------------ ------------ ------------ --------------------------------------- ------------ ------------
$0 29
- ------------ ------------ ------------ --------------------------------------- ------------ ------------
$0 30
- ------------ ------------ ------------ --------------------------------------- ------------ ------------
$33,134 $0 ($33,134) 31 TOTAL EXPENSES $271,031 $0
- ------------ ------------ ------------ ------------ ------------
($33,134) $0 ($33,134) 32 SUBTOTAL ($245,466) $0
- ------------ ------------ ------------ ------------ ------------
REORGANIZATION ITEMS
$6,000 ($6,000) 33 Professional Fees $326,086
- ------------ ------------ ------------ ------------ ------------
$0 34 Provisions for Rejected Executory Contracts
- ------------ ------------ ------------ ------------ ------------
Interest Earned on Accumulated Cash
$34 ($34) 35 Resulting from Chp 11 Case $31,461
- ------------ ------------ ------------ ------------ ------------
$0 36 Gain or (Loss) from Sale of Equipment ($450,000)
- ------------ ------------ ------------ ------------ ------------
$0 37 Miscellaneous $48,947
- ------------ ------------ ------------ --------------------------------------- ------------ ------------
$0 38 Settlements $682,500
- ------------ ------------ ------------ --------------------------------------- ------------ ------------
$5,966 $0 ($5,966) 39 TOTAL REORGANIZATION ITEMS $1,476,072 $0
- ------------ ------------ ------------ ------------ ------------
($39,100) $0 ($39,100) 40 NET PROFIT (LOSS) BEFORE FEDERAL & STATE TAXES ($1,721,538) $0
- ------------ ------------ ------------ ------------ ------------
$0 41 Federal & State Income Taxes
- ------------ ------------ ------------ ------------ ------------
($39,100) $0 ($39,100) 42 NET PROFIT (LOSS) ($1,721,538) $0
- ------------ ------------ ------------ ------------ ------------
- ------------ ------------ ------------ ------------ ------------
</TABLE>
EXPLANATION OF VARIANCE TO STATEMENT OF OPERATIONS
(FOR VARIANCES GREATER THAN +/-10% ONLY)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED December, 1998
------------------
<S> <C>
CASH BALANCE BEGINNING OF MONTH $103,839
---------------------
CASH RECEIPTS (1) $34
---------------------
CASH DISBURSEMENTS (1) $33,134
---------------------
EXCESS (DEFICIENCY) OF RECEIPTS OVER DISBURSEMENTS ($33,100)
---------------------
CASH BALANCE END OF MONTH $70,739
---------------------
---------------------
</TABLE>
<TABLE>
<CAPTION>
RECAPITULATION OF FUNDS HELD AT END OF MONTH
- --------------------------------------------
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 $61,408 $8,549 $782
---------------------- ---------------------- ---------------------
TOTAL FUNDS ON HAND FOR ALL ACCOUNTS $70,739
----------------------
----------------------
</TABLE>
(1) Excluding bank transfers between your accounts.
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