MENLO ACQUISITION CORP
8-K, 1999-03-18
ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS
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<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)                 February, 1999
                                                               ----------------

                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               (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 February 1999, 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:  March 18, 1999         By:          /s/ RICHARD J. REDETT
                                     ------------------------------------------
                              Name:   Richard J. Redett
                              Title:  President and Chief Executive Officer



<PAGE>


Exhibit No 99.27


                         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      February, 1999
            -------------------------

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)                                                       $3,114        $70,754       $502,204
                                                                                       -------------  -------------  -------------
         Total Assets (Market Value)                                                         $3,114        $70,754     $2,152,204
                                                                                       -------------  -------------  -------------
         Current Liabilities                                                                $16,200        $82,500
                                                                                       -------------  -------------  -------------
         Total Liabilities                                                                  $16,200        $82,500       $831,829
                                                                                       -------------  -------------  -------------
<CAPTION>

                                                                                                                        PETITION
                                                                                          CURRENT         PRIOR         DATE TO
3.     STATEMENT OF CASH RECEIPTS & DISBURSEMENTS FOR MONTH                                MONTH          MONTH        MONTH END
                                                                                           -----          -----        ---------
<S>                                                                                    <C>            <C>            <C>

         a.  Total Receipts                                                                     $17            $15     $1,536,964
                                                                                       -------------  -------------  -------------
         b.  Total Disbursements                                                            $67,659             $0     $1,553,426
                                                                                       -------------  -------------  -------------
         c.  Excess (Deficiency) of Receipts Over Disbursements (a - b)                    ($67,642)           $15         -16462
                                                                                       -------------  -------------  -------------
         d.  Cash Balance Beginning of Month                                                $70,756        $70,739   -------------
                                                                                       -------------  -------------
         e.  Cash Balance End of Month (c + d)                                               $3,114        $70,754
                                                                                       -------------  -------------
                                                                                       -------------  -------------
<CAPTION>

4.     POST-PETITION LIABILITIES & RECEIVABLES                                          RECEIVABLES                   LIABILITIES
                                                                                        -----------                   -----------
<S>                                                                                    <C>                           <C>

         Balance at End of Previous Month                                                                                 $82,500
                                                                                       -------------                 -------------
         Balance at End of Current Month                                                         $0                       $16,200
                                                                                       -------------                 -------------

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
                                                                                                         ---                 --
<CAPTION>
<S>                                                                                                   <C>            <C>
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 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?                                                                                         X
                                                                                                      -------------  -------------
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:  March 10, 1999                              Richard J. Redett
       ---------------              -------------------------------------------
                                                Responsible Individual

<PAGE>


                                  BALANCE SHEET
                             (GENERAL BUSINESS CASE)

                       FOR THE MONTH ENDED February, 1999
                                          -----------------

                                      ($        )
                                        --------

         ASSETS
<TABLE>
<CAPTION>
                                                                                          FROM SCHEDULES          MARKET VALUE
         CURRENT ASSETS                                                                   --------------          ------------
<S>                                                                                       <C>                  <C>
 1            Cash and cash equivalents - unrestricted                                                                   $3,114
                                                                                                               -----------------
 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                                                                                   $3,114
                                                                                                               -----------------


         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                                                                                           $3,114
                                                                                                               -----------------
                                                                                                               -----------------


      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.
                                                 -------------------------------------------------------------------------------

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

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

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

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

              ------------------------------------------------------------------------------------------------------------------
</TABLE>


<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                                                                             $14,200
                                                                                                               -----------------
36                Current portion of long-term debt (due within 12 months)
                                                                                                               -----------------
37                Other:             Other general accruals                                                              $2,000
                                     ------------------------------------------------                          -----------------
38
                      ---------------------------------------------------------------                          -----------------
39
                      ---------------------------------------------------------------                          -----------------

40                TOTAL CURRENT LIABILITIES                                                                             $16,200
                                                                                                               -----------------

41            LONG-TERM DEBT, NET OF CURRENT PORTION
                                                                                                               -----------------

42                TOTAL POST-PETITION LIABILITIES                                                                       $16,200
                                                                                                               -----------------

         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                                                                                     $16,200
                                                                                                               -----------------

      EQUITY (DEFICIT)

48
                      ---------------------------------------------------------------                          -----------------
49
                      ---------------------------------------------------------------                          -----------------
50
                      ---------------------------------------------------------------                          -----------------
51
                      ---------------------------------------------------------------                          -----------------
52            Market value adjustment
                                                                                                               -----------------
53                TOTAL EQUITY (DEFICIT)                                                                               ($13,086)
                                                                                                               -----------------


54                TOTAL LIABILITIES AND EQUITY (DEFICIT)                                                                 $3,114
                                                                                                               -----------------
                                                                                                               -----------------
</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
- ----------------------------------                                     ------------------
<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
                                              ----------------------
                                              ----------------------

<CAPTION>

METHOD OF INVENTORY CONTROL                                            INVENTORY VALUATION METHODS
<S>                                           <C>                      <C>                                          <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
                                                                                        --------------------     ----------------
                                                                                        --------------------     ----------------

<CAPTION>
                                                                   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
                                                                                        --------------------     ----------------
                                                                                        --------------------     ----------------

<CAPTION>

                                                                   SCHEDULE E
                                                            PRE-PETITION LIABILITIES
                                                                                              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.


<PAGE>




                                   SCHEDULE F
                            RENTAL INCOME INFORMATION
                    Not Applicable to General Business Cases.



<PAGE>


                             STATEMENT OF OPERATIONS
                             (GENERAL BUSINESS CASE)

                        FOR THE MONTH ENDED    February, 1999
                                            ---------------------
                             $
                              ----------------

<TABLE>
<CAPTION>


               CURRENT MONTH                                                                        CUMULATIVE        NEXT 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
- -----------   ----------   ------------                                                           ---------------    -------------
     ($673)                       $673    20       Other Administrative                                  $51,710
- -----------   ----------   ------------                                                           ---------------    -------------
                                    $0    21       Interest
- -----------   ----------   ------------                                                           ---------------    -------------
                                          22       Other Expenses:
                                    $0    23       Writedown Assets                                     $274,406
- -----------   ----------   ------------            -------------------------------------------    ---------------    -------------
                                    $0    24       Reduction of Debt to Settlements                    ($455,184)
- -----------   ----------   ------------            -------------------------------------------    ---------------    -------------
                                    $0    25       Interest Expense Creditors                            $32,066
- -----------   ----------   ------------            -------------------------------------------    ---------------    -------------
                                    $0    26
- -----------   ----------   ------------            -------------------------------------------    ---------------    -------------
                                    $0    27
- -----------   ----------   ------------            -------------------------------------------    ---------------    -------------
                                    $0    28
- -----------   ----------   ------------            -------------------------------------------    ---------------    -------------
                                    $0    29
- -----------   ----------   ------------            -------------------------------------------    ---------------    -------------
                                    $0    30
- -----------   ----------   ------------            -------------------------------------------    ---------------    -------------

     ($673)          $0           $673    31            TOTAL EXPENSES                                  $271,858               $0
- -----------   ----------   ------------                                                           ---------------    -------------

      $673           $0           $673    32 SUBTOTAL                                                  ($246,293)              $0
- -----------   ----------   ------------                                                           ---------------    -------------

                                             REORGANIZATION ITEMS
                                    $0    33       Professional Fees                                    $326,086
- -----------   ----------   ------------                                                           ---------------    -------------
                                    $0    34       Provisions for Rejected Executory Contracts
- -----------   ----------   ------------                                                           ---------------    -------------
                                                   Interest Earned on Accumulated Cash
       $17                        ($17)   35            Resulting from Chp 11 Case                       $31,484
- -----------   ----------   ------------                                                           ---------------    -------------
                                    $0    36       Gain or (Loss) from Sale of Equipment               ($450,000)
- -----------   ----------   ------------                                                           ---------------    -------------
    $2,783                     ($2,783)   37       Miscellaneous                                         $65,230
- -----------   ----------   ------------            -------------------------------------------    ---------------    -------------
                                    $0    38       Settlements                                          $682,500
- -----------   ----------   ------------            -------------------------------------------    ---------------    -------------

    $2,766           $0        ($2,766)   39            TOTAL REORGANIZATION ITEMS                    $1,492,332               $0
- -----------   ----------   ------------                                                           ---------------    -------------

   ($2,093)          $0        ($2,093)   40 NET PROFIT (LOSS) BEFORE FEDERAL & STATE TAXES          ($1,738,625)              $0
- -----------   ----------   ------------                                                           ---------------    -------------
                                    $0    41       Federal & State Income Taxes
- -----------   ----------   ------------                                                           ---------------    -------------

   ($2,093)          $0        ($2,093)   42 NET PROFIT (LOSS)                                       ($1,738,625)              $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    February, 1999
                                          ---------------------




<TABLE>

<S>                                                                                                     <C>

CASH BALANCE BEGINNING OF MONTH                                                                                       $70,756
                                                                                                        ----------------------

CASH RECEIPTS  (1)                                                                                                        $17
                                                                                                        ----------------------

CASH DISBURSEMENTS  (1)                                                                                               $67,659
                                                                                                        ----------------------

EXCESS (DEFICIENCY) OF RECEIPTS OVER DISBURSEMENTS                                                                   ($67,642)
                                                                                                        ----------------------

CASH BALANCE END OF MONTH                                                                                              $3,114
                                                                                                        ----------------------
                                                                                                        ----------------------
</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
                                                      ---------------------    ---------------------    ----------------------

BALANCE, END OF MONTH                                               $2,481                     $633
                                                      ---------------------    ---------------------    ----------------------

TOTAL FUNDS ON HAND FOR ALL ACCOUNTS                                $3,114
                                                      ---------------------
                                                      ---------------------

</TABLE>






(1) Excluding bank transfers between your accounts.


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