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Previous: COLONIAL PROPERTIES TRUST, 8-K, 1999-02-18 |
Next: EPOCH PHARMACEUTICALS INC, 8-A12G, 1999-02-18 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------
FORM 8 - K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) January, 1999
-------------
MENLO ACQUISITION CORP. FDBA FOCUS SURGERY, INC.
-----------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
DELAWARE 0-22136 77-0332937
------------------------------- ----------- -------------------
(State or other (Commission (IRS Employer
jurisdiction 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 January
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: February 18, 1999 By: /s/ RICHARD J. REDETT
-------------------------------------------
Name: Richard J. Redett
Title: President and Chief Executive Officer
<PAGE>
Exhibit No 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 January, 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) $70,754 $70,739 $502,204
------- ------- ----------
Total Assets (Market Value) $70,754 $70,739 $2,152,204
------- ------- ----------
Current Liabilities $82,500 $61,500
------- ------- ----------
Total Liabilities $82,500 $61,500 $831,829
------- ------- ----------
</TABLE>
<TABLE>
<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 $15 $34 $1,536,947
------- ------- ----------
b. Total Disbursements $0 $33,134 $1,485,767
------- ------- ----------
c. Excess (Deficiency) of Receipts Over Disbursements (a - b) $15 ($33,100) 51,180
------- ------- ----------
----------
d. Cash Balance Beginning of Month $70,739 $103,839
------- -------
e. Cash Balance End of Month (c + d) $70,754 $70,739
------- -------
------- -------
</TABLE>
<TABLE>
<CAPTION>
4. POST-PETITION LIABILITIES & RECEIVABLES RECEIVABLES LIABILITIES
----------- -----------
<S> <C> <C>
Balance at End of Previous Month $67,500
----------- -----------
Balance at End of Current Month $0 $82,500
----------- -----------
</TABLE>
<TABLE>
<CAPTION>
5. PAST DUE POST-PETITION LIABILITIES
<S> <C>
Balance at End of Previous Month (over 30 days)
-----------
Balance at End of Current Month (over 30 days) $0
-----------
</TABLE>
<TABLE>
<CAPTION>
YES NO
--- --
<S> <C> <C>
6. Are all federal, state, and local taxes current? (if no, attach
schedule of unpaid items) X
----------- ----------
7. Have any payments been made to pre-petition creditors, other than
payments in the normal course to secured creditors or lessors? (if yes,
attach listing including date of payment, amount of payment and name of
payee) X
----------- ----------
8. Have any payments been made to officers, insiders, shareholders,
relatives? (if yes, attach listing including date of payment, amount and
reason for payment, and name of payee) X
----------- ----------
9. Have any payments been made to professionals? (if yes, attach listing
including date of payment, amount of payment and name of payee) X
----------- ----------
10. If you answered yes to line 7,8, or 9, were all such payments approved
by the court? X
----------- ----------
11. Is the estate insured for replacement cost of assets and for general
liability? N/A
----------- ----------
12. Are U.S. Trustee quarterly fees current? X
----------- ----------
</TABLE>
I declare under penalty of perjury that I have reviewed the above
summary and attached financial statements, and after making reasonable
inquiry believe that these documents are correct.
Date: February 10, 1998 Richard J. Redett
----------------- ------------------------------------------
Responsible Individual
<PAGE>
BALANCE SHEET
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED JANUARY, 1999
-------------
($ ____________)
ASSETS
<TABLE>
<CAPTION>
FROM SCHEDULES MARKET VALUE
-------------- ------------
<S> <C> <C>
CURRENT ASSETS
1 Cash and cash equivalents - unrestricted $70,754
----------------
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 $70,754
----------------
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 $70,754
----------------
----------------
</TABLE>
NOTE:
Indicate the method used to estimate the market value of assets
(e.g., appraisals; familiarity with comparable market prices, etc.)
and the date the value was determined. _____________________________
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
<PAGE>
LIABILITIES AND EQUITY
(GENERAL BUSINESS CASE)
($ ____________)
<TABLE>
<CAPTION>
LIABILITIES
POST-PETITION
FROM SCHEDULES
CURRENT LIABILITIES
<S> <C> <C> <C>
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 $16,500
----------------
38 ______________________________________
----------------
39 ______________________________________
----------------
40 TOTAL CURRENT LIABILITIES $82,500
----------------
41 LONG-TERM DEBT, NET OF CURRENT PORTION
----------------
42 TOTAL POST-PETITION LIABILITIES $82,500
----------------
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 $82,500
----------------
EQUITY (DEFICIT)
48 ______________________________________
----------------
49 ______________________________________
----------------
50 ______________________________________
----------------
51 ______________________________________
----------------
52 Market value adjustment
----------------
53 TOTAL EQUITY (DEFICIT) ($11,746)
----------------
54 TOTAL LIABILITIES AND EQUITY (DEFICIT) $70,754
----------------
----------------
</TABLE>
<PAGE>
SCHEDULES
(GENERAL BUSINESS CASE)
($ ____________)
<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>
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 -
--------------- Inventory End of Month
Finished goods -----------------
--------------- Shrinkage
-----------------
--------------- Personal Use
Other - -----------------
---------------
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 Indicate by a checkmark method
inventory system? of inventory valuation used.
Yes No
---- ----
How often do you take a complete Valuation methods -
physical inventory? FIFO cost
---------------
Weekly LIFO cost
-------- ---------------
Monthly Lower of cost or
-------- market
Quarterly ---------------
-------- Retail method
Semi-annually ---------------
--------
Annually
--------
Other -
Date of last physical Explain
inventory was 12/31/94 ________________________
--------- ________________________
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 January, 1999
$________
<TABLE>
<CAPTION>
CURRENT MONTH
- --------------------------------- CUMULATIVE NEXT MONTH
ACTUAL FORECAST VARIANCE (CASE TO DATE) FORECAST
------ -------- -------- -------------- --------
<C> <C> <C> <S> <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
- --------- --------- --------- -------------- ------------
($1,500) ($1,500) 20 Other Administrative $52,383
- --------- --------- --------- -------------- ------------
$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 ____________________________________
- --------- --------- --------- -------------- ------------
($1,500) $0 ($1,500) 31 TOTAL EXPENSES $272,531 $0
- --------- --------- --------- -------------- ------------
($1,500) $0 ($1,500) 32 SUBTOTAL ($246,966) $0
- --------- --------- --------- -------------- ------------
REORGANIZATION ITEMS
$0 33 Professional Fees $326,086
- --------- --------- --------- -------------- ------------
$0 34 Provisions for Rejected Executory Contracts
- --------- --------- --------- -------------- ------------
Interest Earned on Accumulated Cash
$15 ($15) 35 Resulting from Chp 11 Case $31,467
- --------- --------- --------- -------------- ------------
$0 36 Gain or (Loss) from Sale of Equipment ($450,000)
- --------- --------- --------- -------------- ------------
($13,500) ($13,500) 37 Miscellaneous $62,447
- --------- --------- --------- -------------- ------------
$0 38 Settlements $682,500
- --------- --------- --------- -------------- ------------
($13,485) $0 ($13,485) 39 TOTAL REORGANIZATION ITEMS $1,489,566 $0
- --------- --------- --------- -------------- ------------
($14,985) $0 ($14,985) 40 NET PROFIT (LOSS) BEFORE FEDERAL & STATE TAXES ($1,736,532) $0
- --------- --------- --------- -------------- ------------
$0 41 Federal & State Income Taxes
- --------- --------- --------- -------------- ------------
($14,985) $0 ($14,985) 42 NET PROFIT (LOSS) ($1,736,532) $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 JANUARY, 1999
-------------
<TABLE>
<S> <C>
CASH BALANCE BEGINNING OF MONTH $70,739
-------------
CASH RECEIPTS (1) $15
-------------
CASH DISBURSEMENTS (1) $0
-------------
EXCESS (DEFICIENCY) OF RECEIPTS OVER DISBURSEMENTS $15
-------------
CASH BALANCE END OF MONTH $70,754
-------------
-------------
</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 $61,408 $8,564 $782
------------------ ---------------- -------------
TOTAL FUNDS ON HAND FOR ALL ACCOUNTS $70,754
------------------
------------------
</TABLE>
(1) Excluding bank transfers between your accounts.
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