SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 19, 2000
THE GREAT TRAIN STORE COMPANY
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
1-13158 75-2539189
(Commission File Number) (I.R.S. Employer Identification No.)
14180 Dallas Parkway, Suite 618, Dallas, Texas 75240
(Address of Principal Executive Offices) (Zip Code)
(972) 392-1599
(Registrant's Telephone Number, Including Area Code)
_____________________
1
<PAGE>
Item 3. Bankruptcy or Receivership.
Since February 28, 2000, The Great Train Store Company (the
"Registrant") is operating under the protection of the United States Bankruptcy
Code as a debtor-in- possession and had been attempting to obtain bridge and
replacement financing and to explore other opportunities for the Registrant.
On May 18, 2000, the United States Bankruptcy Court entered an order
authorizing, among other things, that the Registrant (i) discontinue operations
at and liquidate the inventory located at the going-out-of-business stores, and
(ii) enter into an agency agreement for such liquidation.
Item 5. Other Events
On April 26, 2000, the Registrant filed unaudited monthly operating
reports as of and for the month ended March 29, 2000 with respect to the
Registrant and The Great Train Store Partners, L.P., GTS Limited Partner, Inc.
and GTS Partner, Inc., all direct or indirect subsidiaries of the Registrant
(the "Subsidiaries") with the United States Bankruptcy Court. Attached hereto as
Exhibit 99.1 are such monthly reports as included in the bankruptcy filing
referred to above.
As of May 5, 2000, as required by the Registrant's current lender in
connection with the Registrant's attempts to obtain additional financing, James
H. Levi resigned as Chairman of the Board and Chief Executive Officer of the
Registrant. However, Mr. Levi currently remains as a director of the Registrant.
Subsequently, the Registrant replaced its President with Cheryl Taylor, the
current Chief Financial Officer of the Registrant, and terminated 11 employees
in the Registrant's executive office.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Monthly operating reports of the Registrant and
Subsidiaries as of and for the month ended March 29,
2000, as filed with the United States Bankruptcy Court.
2
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: May 19, 2000
THE GREAT TRAIN STORE COMPANY
By: /s/ Cheryl A. Taylor
----------------------------------
Cheryl A. Taylor
Vice President - Finance &
Administration
3
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: The Great Train Store Company Case No. 00-01301 (RRM)
Debtor Reporting Period: Mar-00
MONTHLY OPERATING REPORT
File report and attachments with Court and submit copy to United States Trustee
within 15 days after order for relief
Certificates of insurance must name United States Trustees as a party to be
notified in the event of policy cancellation. Bank accounts and checks must bear
the name of Debtor, the case number, and the designation "Debtor in Possession"
Examples of acceptable evidence of Debtor in Possession Bank accounts include
voided checks, copy of bank deposit agreement/certificate of authority,
signature card, and/or corporate checking resolution.
Document Explanation
REQUIRED DOCUMENTS Attached Attached
- --------------------------------------------------------------------------------
12-Month Cash Flow Projection (Form IR-1) N/A
- --------------------------------------------------------------------------------
Certificates of Insurance:
- --------------------------------------------------------------------------------
Workers Compensation N/A
- --------------------------------------------------------------------------------
Property N/A
- --------------------------------------------------------------------------------
General Liability N/A
- --------------------------------------------------------------------------------
Vehicle N/A
- --------------------------------------------------------------------------------
Other:________________ N/A
- --------------------------------------------------------------------------------
Evidence of Debtor in Possession Bank Accounts
- --------------------------------------------------------------------------------
Tax Escrow Account N/A
- --------------------------------------------------------------------------------
General Operating Account N/A
- --------------------------------------------------------------------------------
Other: Expense & A/P Trade Account N/A
- --------------------------------------------------------------------------------
Other: Concentration Account N/A
- --------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached documents are true and correct to the best of my knowledge and
belief.
/s/ Cheryl A. Taylor 4/26/00
- -------------------------------------- Date
Signature of Debtor
4/26/00
- -------------------------------------- Date
Signature of Joint Debtor
/s/ Cheryl A. Taylor 4/26/00
- -------------------------------------- Date
Signature of Authorized
Individual*
Cheryl A. Taylor Vice President - Finance & Administration
- -------------------------------------- Title of Authorized Individual
Printed Name of Authorized Individual
* Authorized individual must be an officer, director or shareholder if Debtor is
a corporation; a partner if Debtor is a partnership; a manager if Debtor is a
limited liability company.
<PAGE>
In re: The Great Train Store Company Case No.00-1301 (RRM)
Debtor
CASH FLOW PROJECTIONS FOR THE 12 MONTH PERIOD: ___________________________
through __________________________
<TABLE>
<CAPTION>
Month Month Month Month Month Month Month Month Month Month Month Total
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Cash Beginning
of Month
- ---------------------------------------------------------------------------------------------------------------------------
RECEIPTS
- ---------------------------------------------------------------------------------------------------------------------------
CASH SALES
- ---------------------------------------------------------------------------------------------------------------------------
ACCOUNTS
RECEIVABLE
- ---------------------------------------------------------------------------------------------------------------------------
LOANS AND
ADVANCES
- ---------------------------------------------------------------------------------------------------------------------------
SALE OF
ASSETS
- ---------------------------------------------------------------------------------------------------------------------------
OTHER
(ATTACH LIST)
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL
RECEIPTS
DISBURSEMENTS
- ---------------------------------------------------------------------------------------------------------------------------
NET PAYROLL
- ---------------------------------------------------------------------------------------------------------------------------
PAYROLL TAXES
- ---------------------------------------------------------------------------------------------------------------------------
SALES, USE,
AND OTHER
TAXES
- ---------------------------------------------------------------------------------------------------------------------------
INVENTORY
PURCHASES
- ---------------------------------------------------------------------------------------------------------------------------
SECURED/RENTAL/LE
- ---------------------------------------------------------------------------------------------------------------------------
INSURANCE
- ---------------------------------------------------------------------------------------------------------------------------
ADMINISTRATIVE
& SELLING
- ---------------------------------------------------------------------------------------------------------------------------
OTHER
(ATTACH LIST)
- ---------------------------------------------------------------------------------------------------------------------------
PROFESSIONAL
FEES
- ---------------------------------------------------------------------------------------------------------------------------
U.S. TRUSTEE
FEES
- ---------------------------------------------------------------------------------------------------------------------------
COURT COSTS
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL
DISBURSEMENTS
- ---------------------------------------------------------------------------------------------------------------------------
NET CASH FLOW
(RECEIPTS
LESS
DISBURSEMNTS)
- ---------------------------------------------------------------------------------------------------------------------------
Cash End of
Month
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: The Great Train Store Company Case No. 00-01301 (RRM)
Debtor Reporting Period: Mar-00
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after
end of month
Submit copy of report to any official committee appointed in the case.
REQUIRED DOCUMENTS Form No. Document Explanation
Attached Attached
- --------------------------------------------------------------------------------
Schedule of Cash Receipts
and Disbursements MOR-1 Attached
- --------------------------------------------------------------------------------
Bank Reconciliation (or
copies of Debtor's bank
reconciliations) MOR-1(CONT) Attached
- --------------------------------------------------------------------------------
Copies of bank statements Attached
- --------------------------------------------------------------------------------
Cash disbursements journals N/A
- --------------------------------------------------------------------------------
Statement of Operations MOR-2 Attached
- --------------------------------------------------------------------------------
Balance Sheet MOR-3 Attached
- --------------------------------------------------------------------------------
Status of Postpetition Taxes MOR-4 N/A
- --------------------------------------------------------------------------------
Copies of IRS Form 6123
or payment receipt N/A
- --------------------------------------------------------------------------------
Copies of tax returns filed
during reporting period N/A
- --------------------------------------------------------------------------------
Summary of Unpaid Postpetition
Debts MOR-4 N/A
- --------------------------------------------------------------------------------
Listing of aged accounts payable N/A
- --------------------------------------------------------------------------------
Accounts Receivable Reconciliation
and Aging MOR-5 N/A
- --------------------------------------------------------------------------------
Debtor Questionnaire MOR-5 Included
- --------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached documents are true and correct to the best of my knowledge and
belief.
/s/ Cheryl A. Taylor 4/26/00
- -------------------------------------- Date
Signature of Debtor
4/26/00
- -------------------------------------- Date
Signature of Joint Debtor
/s/ Cheryl A. Taylor 4/26/00
- -------------------------------------- Date
Signature of Authorized
Individual*
Cheryl A. Taylor Vice President - Finance & Administration
- -------------------------------------- Title of Authorized Individual
Printed Name of Authorized Individual
* Authorized individual must be an officer, director or shareholder if Debtor is
a corporation; a partner if Debtor is a partnership; a manager if Debtor is a
limited liability company.
<PAGE>
In re: The Great Train Store Company Case No. 00-01301 (RRM)
Debtor Reporting Period: Mar-00
<TABLE>
<CAPTION>
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
CUMULATIVE FILING TO DATE
- --------------------------------------------------------------------------------------------------------------
Merrill Lynch ACTUAL PROJECTED ACTUAL PROJECTED
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH BEGINNING
OF MONTH 506,643.00 - - - 506,643.00
- ----------------------------------------------------------------------------------------------------------
RECEIPTS
- ----------------------------------------------------------------------------------------------------------
CASH SALES -
- ----------------------------------------------------------------------------------------------------------
ACCOUNTS RECEIVABLE -
- ----------------------------------------------------------------------------------------------------------
LOANS AND ADVANCES -
- ----------------------------------------------------------------------------------------------------------
SALE OF ASSETS -
- ----------------------------------------------------------------------------------------------------------
OTHER (ATTACH LIST) 818.31 818.31
- ----------------------------------------------------------------------------------------------------------
TRANSFERS
(FROM DIP ACCTS) -
- ----------------------------------------------------------------------------------------------------------
-
- ----------------------------------------------------------------------------------------------------------
TOTAL RECEIPTS 818.31 - - - 818.31
- ----------------------------------------------------------------------------------------------------------
DISBURSEMENTS
- ----------------------------------------------------------------------------------------------------------
NET PAYROLL -
- ----------------------------------------------------------------------------------------------------------
PAYROLL TAXES -
- ----------------------------------------------------------------------------------------------------------
SALES, USE &
OTHER TAXES -
- ----------------------------------------------------------------------------------------------------------
INVENTORY PURCHASES -
- ----------------------------------------------------------------------------------------------------------
SECURED/RENTAL/LEASES -
- ----------------------------------------------------------------------------------------------------------
INSURANCE -
- ----------------------------------------------------------------------------------------------------------
ADMINISTRATIVE -
- ----------------------------------------------------------------------------------------------------------
SELLING -
- ----------------------------------------------------------------------------------------------------------
OTHER
(ATTACH LIST) 506,663.00 506,663.00
- ----------------------------------------------------------------------------------------------------------
-
- ----------------------------------------------------------------------------------------------------------
OWNER DRAW* -
- ----------------------------------------------------------------------------------------------------------
TRANSFERS (TO DIP ACCTS) -
- ----------------------------------------------------------------------------------------------------------
-
- ----------------------------------------------------------------------------------------------------------
PROFESSIONAL FEES -
- ----------------------------------------------------------------------------------------------------------
U.S. TRUSTEE QUARTERLY FEES -
- ----------------------------------------------------------------------------------------------------------
COURT COSTS -
- ----------------------------------------------------------------------------------------------------------
TOTAL
DISBURSEMENTS 506,663.00 - - - 506,663.00
- ----------------------------------------------------------------------------------------------------------
NET CASH FLOW (505,844.69) - - - (505,844.69)
(RECEIPTS LESS
DISBURSEMENTS)
- ----------------------------------------------------------------------------------------------------------
CASH - END
OF MONTH 798.31 - - - 798.31
- ----------------------------------------------------------------------------------------------------------
<PAGE>
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY
FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
- ----------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS 506,663.00
- ----------------------------------------------------------------------------------------------------------
LESS: TRANSFERS TO DEBTOR IN POSSESSION -
ACCOUNTS
- ----------------------------------------------------------------------------------------------------------
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE 0
SOURCES (ie. from escrow accounts)
- ----------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS FOR CALCULATING U.S. 506,663.00
TRUSTEE QUARTERLY FEES --------------------------
</TABLE>
<PAGE>
In re: The Great Train Store Company Case No. 00-01301 (RRM)
Debtor Reporting Period: Mar-00
BANK RECONCILIATIONS
Continuation Sheet for MOR-1
A bank reconciliation must be included for each bank account. The debtor's bank
reconciliations may be substituted for this page
Merrill
Lynch
- --------------------------------------------------------------------------------
BALANCE PER BOOKS 504,786.73 - - -
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BANK BALANCE 798.31 - - -
- --------------------------------------------------------------------------------
(+) DEPOSITS IN TRANSIT - -
- --------------------------------------------------------------------------------
(-) OUTSTANDING CHECKS - -
- --------------------------------------------------------------------------------
OTHER 503,988.42 - -
- --------------------------------------------------------------------------------
ADJUSTED BANK BALANCE 504,786.73 - - -
- --------------------------------------------------------------------------------
*Adjusted Bank Balance must -
equal balance per books
- --------------------------------------------------------------------------------
DEPOSITS
IN TRANSIT Date Amount Date Amount Date Amount Date Amount
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
CHECKS
OUTSTANDING Ch# Amount Ch# Amount Ch# Amount Ch# Amount
---------------------------------------------------------------------
List
Attached
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
OTHER: Transfer will be booked in March 2000.
________________________________________________________________________________
________________________________________________________________________________
<PAGE>
In re: The Great Train Store Company Case No: 00-01301 (RRM)
Debtor Reporting Period: March 2000
STATEMENT OF OPERATIONS
(Income Statement)
Cumulative
REVENUES Month Filing to Date
- --------------------------------------------------------------------------------
Gross Revenues - -
- --------------------------------------------------------------------------------
Less: Returns and Allowances - -
- --------------------------------------------------------------------------------
Net Revenue - -
- --------------------------------------------------------------------------------
COST OF GOODS SOLD
- --------------------------------------------------------------------------------
Beginning Inventory - -
- --------------------------------------------------------------------------------
Add: Purchases - -
- --------------------------------------------------------------------------------
Add: Cost of Labor - -
- --------------------------------------------------------------------------------
Add: Other Costs (attach schedule) - -
- --------------------------------------------------------------------------------
Less: Ending Inventory - -
- --------------------------------------------------------------------------------
Cost of Goods Sold - -
- --------------------------------------------------------------------------------
Gross Profit - -
- --------------------------------------------------------------------------------
OPERATING EXPENSES
- --------------------------------------------------------------------------------
Advertising - -
- --------------------------------------------------------------------------------
Auto and Truck Expense -
- --------------------------------------------------------------------------------
Bad Debts -
- --------------------------------------------------------------------------------
Contributions -
- --------------------------------------------------------------------------------
Employee Benefits Program - -
- --------------------------------------------------------------------------------
Insider Compensation* - -
- --------------------------------------------------------------------------------
Insurance - -
- --------------------------------------------------------------------------------
Management Fees/Bonuses
- --------------------------------------------------------------------------------
Office Expense -
- --------------------------------------------------------------------------------
Pension and Profit-Sharing Plans -
- --------------------------------------------------------------------------------
Repairs and Maintenance - -
- --------------------------------------------------------------------------------
Rent and Lease Expense - -
- --------------------------------------------------------------------------------
Salaries/Commissions/Fees - -
- --------------------------------------------------------------------------------
Supplies - -
- --------------------------------------------------------------------------------
Taxes - Payroll - -
- --------------------------------------------------------------------------------
Taxes - Real Estate - -
- --------------------------------------------------------------------------------
Taxes - Other - -
- --------------------------------------------------------------------------------
Travel and Entertainment - -
- --------------------------------------------------------------------------------
Utilities - -
- --------------------------------------------------------------------------------
Other (attach schedule) - -
- --------------------------------------------------------------------------------
Total Operating Expenses
Before Depreciation - -
- --------------------------------------------------------------------------------
Depreciation/Depletion/Amortization - -
- --------------------------------------------------------------------------------
Profit (Loss) Before Other Income & Expenses - -
- --------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES
- --------------------------------------------------------------------------------
Other Income (attach schedule) 140,416.88 140,416.88
- --------------------------------------------------------------------------------
Interest Expense - -
- --------------------------------------------------------------------------------
Other Expense (attach schedule) - -
- --------------------------------------------------------------------------------
<PAGE>
REORGANIZATION ITEMS
- --------------------------------------------------------------------------------
Professional Fees - -
- --------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -
- --------------------------------------------------------------------------------
Interest Earned on Accumulated Cash from
Chapter 11 (see continuation sheet) -
- --------------------------------------------------------------------------------
Gain (Loss) from Sale of Equipment - -
- --------------------------------------------------------------------------------
Other Reorganization Expenses
(attach schedule) - -
- --------------------------------------------------------------------------------
Total Reorganization Expenses - -
- --------------------------------------------------------------------------------
Income Taxes - -
- --------------------------------------------------------------------------------
Net Profit (Loss) 140,416.88 140,416.88
- --------------------------------------------------------------------------------
<PAGE>
In re: The Great Train Store Company Case No: 00-01301 (RRM)
Debtor Reporting Period: March 2000
STATEMENT OF OPERATIONS - continuation sheet
BREAKDOWN OF OTHER ACTIVITY MONTH CUMULATIVE
- --------------------------------------------------------------------------------
Other Costs
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Operational Expenses
- --------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
- -
- -------------------------------------------------------------------------------
Total - -
- -------------------------------------------------------------------------------
Other Income
- -------------------------------------------------------------------------------
Intercompany - License Fee 140,416.88 140,416.88
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Total 140,416.88 140,416.88
- -------------------------------------------------------------------------------
Other Expense
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Other Reorganization Expenses
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<PAGE>
In re: The Great Train Store Company Case No: 00-01301 (RRM)
Debtor Reporting Period: March 2000
BALANCE SHEET
ASSETS BOOK VALUE AT END OF CURRENT BOOK VALUE ON
REPORTING MONTH PETITION DATE
- --------------------------------------------------------------------------------
CURRENT ASSETS
- --------------------------------------------------------------------------------
Unrestricted Cash and Equivalents 798.31 504,651.73
- --------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents
(see continuation sheet)
- --------------------------------------------------------------------------------
Accounts Receivable (Net) - -
- --------------------------------------------------------------------------------
Notes Receivable
- --------------------------------------------------------------------------------
Inventories - -
- --------------------------------------------------------------------------------
Prepaid Expenses
- --------------------------------------------------------------------------------
Professional Retainers - -
- --------------------------------------------------------------------------------
Other Current Assets (attach schedule)
- --------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 798.31 504,651.73
- --------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- --------------------------------------------------------------------------------
Real Property and Improvements - -
- --------------------------------------------------------------------------------
Machinery and Equipment
- --------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment - -
- --------------------------------------------------------------------------------
Leasehold Improvements
- --------------------------------------------------------------------------------
Vehicles
- --------------------------------------------------------------------------------
Less Accumulated Depreciation - -
- --------------------------------------------------------------------------------
TOTAL PROPERTY AND EQUIPMENT - -
- --------------------------------------------------------------------------------
OTHER ASSETS
- --------------------------------------------------------------------------------
Loans to Insiders *
- --------------------------------------------------------------------------------
Other Assets (attach schedule) 20,074,460.64 19,430,190.34
- --------------------------------------------------------------------------------
TOTAL OTHER ASSETS 20,074,460.64 19,430,190.34
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOTAL ASSETS 20,075,258.95 19,934,842.07
- --------------------------------------------------------------------------------
LIABILITIES AND OWNER EQUITY BOOK VALUE AT END OF CURRENT BOOK VALUE ON
REPORTING MONTH PETITION DATE
- --------------------------------------------------------------------------------
LIABILITIES NOT SUBJECT TO
COMPROMISE (Postpetition)
- --------------------------------------------------------------------------------
Merchandise Payable
- --------------------------------------------------------------------------------
Accounts Payable
- --------------------------------------------------------------------------------
Taxes Payable (refer to FORM MOR-4)
- --------------------------------------------------------------------------------
Wages Payable
- --------------------------------------------------------------------------------
Notes Payable
- --------------------------------------------------------------------------------
Rent/Leases - Building/Equipment
- --------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments
- --------------------------------------------------------------------------------
Professional Fees
- --------------------------------------------------------------------------------
Amounts Due to Insiders*
- --------------------------------------------------------------------------------
Other Postpetition Liabilities
(attach schedule) (87,170.00) (87,170.00)
- --------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES (87,170.00) (87,170.00)
- --------------------------------------------------------------------------------
<PAGE>
LIABILITIES SUBJECT TO COMPROMISE
(Pre-Petition)
- --------------------------------------------------------------------------------
Secured Debt
- --------------------------------------------------------------------------------
Priority Debt 2,942,328.00 2,942,328.00
- --------------------------------------------------------------------------------
Unsecured Debt
- --------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES 2,942,328.00 2,942,328.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOTAL LIABILITIES 2,855,158.00 2,855,158.00
- --------------------------------------------------------------------------------
OWNER EQUITY
- --------------------------------------------------------------------------------
Capital Stock 45,212.73 45,212.73
- --------------------------------------------------------------------------------
Additional Paid-In Capital 10,453,405.90 10,453,405.90
- --------------------------------------------------------------------------------
Partners' Capital Account 94,119.00 94,119.00
- --------------------------------------------------------------------------------
Owner's Equity Account
- --------------------------------------------------------------------------------
Retained Earnings - Pre-Petition 6,486,946.44 6,486,946.44
- --------------------------------------------------------------------------------
Retained Earnings - Postpetition 140,416.88
- --------------------------------------------------------------------------------
Adjustments to Owner Equity
(attach schedule)
- --------------------------------------------------------------------------------
NET OWNER EQUITY 17,220,100.95 17,079,684.07
- --------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY 20,075,258.95 19,934,842.07
- --------------------------------------------------------------------------------
<PAGE>
In re: The Great Train Store Company Case No: 00-01301 (RRM)
Debtor Reporting Period: March 2000
Balance Sheet - continuation sheet
Book Value at end of Book Value
Assets Current Reporting Month on Petition Date
- --------------------------------------------------------------------------------
Other Current Assets
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Assets
- --------------------------------------------------------------------------------
Intercompany 9,370,184.44 8,866,331.02
- --------------------------------------------------------------------------------
Intercompany Advances
to TGTS Partners (872,615.09) (872,615.09)
- --------------------------------------------------------------------------------
Intercompany License
Fee Receivable 8,891,006.81 8,750,589.93
- --------------------------------------------------------------------------------
Intercompany Investment
in TGTS Partners 3,823,270.22 3,823,270.22
- --------------------------------------------------------------------------------
Intercompany Investment
in GTS Partner, Inc. (1,137,318.78) (1,137,318.78)
- --------------------------------------------------------------------------------
Other (66.96) (66.96)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
20,074,460.64 19,430,190.34
- --------------------------------------------------------------------------------
Liabilities and Book Value at end of Book Value
Owners Equity Current Reporting Month on Petition Date
- --------------------------------------------------------------------------------
Other Postpetition
Liabilities
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Total - -
- --------------------------------------------------------------------------------
Adjustments to
Owner's Equity
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Postpetition Contributions
(Distributions) (Draws)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
In re: The Great Train Store Company Case No: 00-01301 (RRM)
Debtor Reporting Period: March 2000
STATUS OF POSTPETITION TAXES
Beginning Amount Ending
Tax Withheld or Amount Date Check No. Tax
Liability Accrued Paid Paid or EFT Liability
- --------------------------------------------------------------------------------
Federal
- --------------------------------------------------------------------------------
Withholding - - - -
- --------------------------------------------------------------------------------
FICA-Employee - - - -
- --------------------------------------------------------------------------------
FICA-Employer - - - -
- --------------------------------------------------------------------------------
Unemployment - - - -
- --------------------------------------------------------------------------------
Income - - - -
- --------------------------------------------------------------------------------
Other:
_____________ - - - -
- --------------------------------------------------------------------------------
Total Federal
Taxes - - - -
- --------------------------------------------------------------------------------
State and Local
- --------------------------------------------------------------------------------
Withholding - - - -
- --------------------------------------------------------------------------------
Sales - - - -
- --------------------------------------------------------------------------------
Excise - - - -
- --------------------------------------------------------------------------------
Unemployment - - - -
- --------------------------------------------------------------------------------
Real Property - - - -
- --------------------------------------------------------------------------------
Personal Property - - - -
- --------------------------------------------------------------------------------
Other:
_____________ - - - -
- --------------------------------------------------------------------------------
Total State and
Local Taxes - - - -
- --------------------------------------------------------------------------------
Total Taxes - - - -
- --------------------------------------------------------------------------------
<PAGE>
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable
Number of Days Past Due
Current 0-30 31-60 61-90 Over 90 Total
- --------------------------------------------------------------------------------
Accounts Payable - -
- --------------------------------------------------------------------------------
Wages Payable - -
- --------------------------------------------------------------------------------
Taxes Payable - -
- --------------------------------------------------------------------------------
Rent/Leases-
Building - - -
- --------------------------------------------------------------------------------
Rent/Leases-
Equipment - -
- --------------------------------------------------------------------------------
Secured Debt/
Adequate
Protection
Payments - -
- --------------------------------------------------------------------------------
Professional Fees - -
- --------------------------------------------------------------------------------
Amounts Due to
Insiders* - -
- --------------------------------------------------------------------------------
Other: Interest on
Tandem Warrants - -
- --------------------------------------------------------------------------------
Other:
______________ - -
- --------------------------------------------------------------------------------
Total Postpetition
Debts - - - - - -
- --------------------------------------------------------------------------------
Explain how and when the Debtor intends to pay any past-due postpetition debts
<PAGE>
In Re: The Great Train Store Company Case No: 00-01301 (RRM)
Debtor Reporting Period: March 2000
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation Amount
- --------------------------------------------------------------------------------
Total Accounts Receivable at the
beginning of the reporting period -
- --------------------------------------------------------------------------------
Add: Amounts billed during the period -
- --------------------------------------------------------------------------------
Less: Amounts collected during the period -
- --------------------------------------------------------------------------------
Total Accounts Receivable at the
end of the reporting period -
- --------------------------------------------------------------------------------
Accounts Receivable Aging Amount
- --------------------------------------------------------------------------------
0-30 days old -
- --------------------------------------------------------------------------------
31-60 days old -
- --------------------------------------------------------------------------------
61-90 days old
- --------------------------------------------------------------------------------
Total Accounts Receivable -
- ------------------------------------------------------------------------------
Amount considered uncollectible (Bad Debt)
- ------------------------------------------------------------------------------
Accounts Receivable (Net) -
- ------------------------------------------------------------------------------
<PAGE>
DEBTOR QUESTIONNAIRE
Must be completed each month Yes No
- --------------------------------------------------------------------------------
1. Have any assets been sold or transferred outside the No
normal course of business this reporting period?
If yes, provide an explanation below.
- --------------------------------------------------------------------------------
2. Have any funds been disbursed from any account other No*
than a debtor in possession account this reporting period?
If yes, provide an explanation below.
- --------------------------------------------------------------------------------
3. Have all postpetition tax returns been timely filed? Yes
If no, provide an explanation below.
- --------------------------------------------------------------------------------
4. Are workers compensation, general liability and N/A
other necessary insurance coverages in effect?
If no, provide an explanation below.
- --------------------------------------------------------------------------------
* The court approved the use of already existing bank accounts, so all bank
accounts used were "Debtor in Possession" accounts.
<PAGE>
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: The Great Train Store Partners, L.P. Case No. 00-01302 (RRM)
Debtor Reporting Period: Mar-00
MONTHLY OPERATING REPORT
File report and attachments with Court and submit copy to United States Trustee
within 15 days after order for relief
Certificates of insurance must name United States Trustees as a party to be
notified in the event of policy cancellation. Bank accounts and checks must bear
the name of Debtor, the case number, and the designation "Debtor in Possession"
Examples of acceptable evidence of Debtor in Possession Bank accounts include
voided checks, copy of bank deposit agreement/certificate of authority,
signature card, and/or corporate checking resolution.
Document Explanation
REQUIRED DOCUMENTS Attached Attached
- --------------------------------------------------------------------------------
12-Month Cash Flow Projection (Form IR-1) N/A
- --------------------------------------------------------------------------------
Certificates of Insurance:
- --------------------------------------------------------------------------------
Workers Compensation Included
- --------------------------------------------------------------------------------
Property Included
- --------------------------------------------------------------------------------
General Liability Included
- --------------------------------------------------------------------------------
Vehicle Included
- --------------------------------------------------------------------------------
Other:________________
- --------------------------------------------------------------------------------
Evidence of Debtor in Possession Bank Accounts
- --------------------------------------------------------------------------------
Tax Escrow Account
- --------------------------------------------------------------------------------
General Operating Account Included
- --------------------------------------------------------------------------------
Other: Expense & A/P Trade Account Included
- --------------------------------------------------------------------------------
Other: Concentration Account Included
- --------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached documents are true and correct to the best of my knowledge and
belief.
GTS PARTNER, INC.
By Cheryl A. Taylor, Vice President 4/26/00
- -------------------------------------- Date
Signature of Debtor
4/26/00
- -------------------------------------- Date
Signature of Joint Debtor
/s/ Cheryl A. Taylor 4/26/00
- -------------------------------------- Date
Signature of Authorized
Individual*
Cheryl A. Taylor Vice President - Finance & Administration
- -------------------------------------- Title of Authorized Individual
Printed Name of Authorized Individual
* Authorized individual must be an officer, director or shareholder if Debtor is
a corporation; a partner if Debtor is a partnership; a manager if Debtor is a
limited liability company.
<PAGE>
In re: The Great Train Store Partners, L.P. Case No. 00-01302 (RRM)
Debtor Reporting Period: Mar-00
Explanation:
Debtor has not prepared a 12 month Cash Flow at this time.
<PAGE>
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: The Great Train Store Partners, L.P. Case No. 00-01302 (RRM)
Debtor Reporting Period: Mar-00
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after
end of month
Submit copy of report to any official committee appointed in the case.
REQUIRED DOCUMENTS Form No. Document Explanation
Attached Attached
- --------------------------------------------------------------------------------
Schedule of Cash Receipts
and Disbursements MOR-1 Attached
- --------------------------------------------------------------------------------
Bank Reconciliation (or
copies of Debtor's bank
reconciliations) MOR-1(CONT) Attached
- --------------------------------------------------------------------------------
Copies of bank statements Attached
- --------------------------------------------------------------------------------
Cash disbursements journals Attached
- --------------------------------------------------------------------------------
Statement of Operations MOR-2 Attached
- --------------------------------------------------------------------------------
Balance Sheet MOR-3 Attached
- --------------------------------------------------------------------------------
Status of Postpetition Taxes MOR-4 Attached
- --------------------------------------------------------------------------------
Copies of IRS Form 6123
or payment receipt
- --------------------------------------------------------------------------------
Copies of tax returns filed
during reporting period
- --------------------------------------------------------------------------------
Summary of Unpaid Postpetition
Debts MOR-4 Attached
- --------------------------------------------------------------------------------
Listing of aged accounts payable
- --------------------------------------------------------------------------------
Accounts Receivable Reconciliation
and Aging MOR-5 Attached
- --------------------------------------------------------------------------------
Debtor Questionnaire MOR-5 Attached
- --------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached documents are true and correct to the best of my knowledge and
belief.
GTS PARTNER, INC.
By Cheryl A. Taylor, Vice President 4/26/00
- -------------------------------------- Date
Signature of Debtor
4/26/00
- -------------------------------------- Date
Signature of Joint Debtor
/s/ Cheryl A. Taylor 4/26/00
- -------------------------------------- Date
Signature of Authorized
Individual*
Cheryl A. Taylor Vice President - Finance & Administration
- -------------------------------------- Title of Authorized Individual
Printed Name of Authorized Individual
* Authorized individual must be an officer, director or shareholder if Debtor is
a corporation; a partner if Debtor is a partnership; a manager if Debtor is a
limited liability company.
<PAGE>
In re: The Great Train Store Partners, L.P. Case No. 00-01302 (RRM)
Debtor Reporting Period: Mar-00
<TABLE>
<CAPTION>
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
CUMULATIVE FILING TO DATE
- ---------------------------------------------------------------------------------------------------------------------
OPER. A/P TRADE EXPENSE CONCENTRATION ACTUAL PROJECTED ACTUAL PROJECTED
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH BEGINNING
OF MONTH 9,919.58 9,205.91 39,578.83 270,138.77 328,843.09
- ---------------------------------------------------------------------------------------------------------------------
RECEIPTS
- ---------------------------------------------------------------------------------------------------------------------
CASH SALES 2,585,687.41 2,585,687.41
- ---------------------------------------------------------------------------------------------------------------------
ACCOUNTS RECEIVABLE -
- ---------------------------------------------------------------------------------------------------------------------
LOANS AND
ADVANCES 1,746,151.08 20,210.25 1,180,415.65 2,946,776.98
- ---------------------------------------------------------------------------------------------------------------------
SALE OF ASSETS -
- ---------------------------------------------------------------------------------------------------------------------
OTHER (ATTACH LIST) -
- ---------------------------------------------------------------------------------------------------------------------
TRANSFERS
(FROM DIP ACCTS) -
- ---------------------------------------------------------------------------------------------------------------------
-
- ---------------------------------------------------------------------------------------------------------------------
TOTAL RECEIPTS 1,746,151.08 20,210.25 1,180,415.65 2,585,687.41 5,532,464.39
- ---------------------------------------------------------------------------------------------------------------------
DISBURSEMENTS
- ---------------------------------------------------------------------------------------------------------------------
NET PAYROLL 393,418.53 393,418.53
- ---------------------------------------------------------------------------------------------------------------------
PAYROLL TAXES 161,856.11 161,856.11
- ---------------------------------------------------------------------------------------------------------------------
SALES, USE &
OTHER TAXES -
- ---------------------------------------------------------------------------------------------------------------------
INVENTORY PURCHASES -
- ---------------------------------------------------------------------------------------------------------------------
SECURED/RENTAL/LEASES -
- ---------------------------------------------------------------------------------------------------------------------
INSURANCE -
- ---------------------------------------------------------------------------------------------------------------------
ADMINISTRATIVE -
- ---------------------------------------------------------------------------------------------------------------------
SELLING -
- ---------------------------------------------------------------------------------------------------------------------
OTHER
(ATTACH LIST) 1,193,071.59 23,330.36 1,176,158.94 2,392,560.89
- ---------------------------------------------------------------------------------------------------------------------
-
- ---------------------------------------------------------------------------------------------------------------------
OWNER DRAW* -
- ---------------------------------------------------------------------------------------------------------------------
TRANSFERS (TO DIP ACCTS) 2,768,287.86 2,768,287.86
- ---------------------------------------------------------------------------------------------------------------------
-
- ---------------------------------------------------------------------------------------------------------------------
PROFESSIONAL FEES -
- ---------------------------------------------------------------------------------------------------------------------
U.S. TRUSTEE QUARTERLY FEES -
- ---------------------------------------------------------------------------------------------------------------------
COURT COSTS -
- ---------------------------------------------------------------------------------------------------------------------
TOTAL
DISBURSEMENTS 1,748,346.23 23,330.36 1,176,158.94 2,768,287.86 5,716,123.39
- ---------------------------------------------------------------------------------------------------------------------
NET CASH FLOW
(RECEIPTS LESS
DISBURSEMENTS) (2,195.15) (3,120.11) 4,256.72 (182,600.45) (183,659.00)
- ---------------------------------------------------------------------------------------------------------------------
CASH - END
OF MONTH 7,724.43 6,085.80 43,835.54 87,538.32 145,184.09
- ---------------------------------------------------------------------------------------------------------------------
<PAGE>
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY
FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
- ---------------------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS 5,716,123.39
- ---------------------------------------------------------------------------------------------------------------------
LESS: TRANSFERS TO DEBTOR IN POSSESSION
ACCOUNTS 2,768,287.86
- ---------------------------------------------------------------------------------------------------------------------
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE
SOURCES (ie. from escrow accounts) 0
- ---------------------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS FOR CALCULATING U.S. 2,947,835.53
TRUSTEE QUARTERLY FEES -------------------------------------
</TABLE>
<PAGE>
In re: The Great Train Store Partners, L.P. Case No. 00-01302 (RRM)
Debtor Reporting Period: Mar-00
BANK RECONCILIATIONS
Continuation Sheet for MOR-1
A bank reconciliation must be included for each bank account. The debtor's bank
reconciliations may be substituted for this page
OPERATING A/P TRADE EXPENSE CONCENTRATION
- --------------------------------------------------------------------------------
BALANCE PER BOOKS - - - -
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BANK BALANCE - - - -
- --------------------------------------------------------------------------------
(+) DEPOSITS IN TRANSIT - - - -
- --------------------------------------------------------------------------------
(-) OUTSTANDING CHECKS - - - -
- --------------------------------------------------------------------------------
OTHER - - - -
- --------------------------------------------------------------------------------
ADJUSTED BANK BALANCE - - - -
- --------------------------------------------------------------------------------
*Adjusted Bank Balance must
equal balance per books
- --------------------------------------------------------------------------------
DEPOSITS
IN TRANSIT Date Amount Date Amount Date Amount Date Amount
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
CHECKS
OUTSTANDING Ch# Amount Ch# Amount Ch# Amount Ch# Amount
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
OTHER: Transfer will be booked in March 2000.
________________________________________________________________________________
________________________________________________________________________________
<PAGE>
In re: The Great Train Store Partners, L.P. Case No: 00-01302 (RRM)
Debtor Reporting Period: March 2000
STATEMENT OF OPERATIONS
(Income Statement)
Cumulative
REVENUES Month Filing to Date
- --------------------------------------------------------------------------------
Gross Revenues 2,334,085.81 2,334,085.81
- --------------------------------------------------------------------------------
Less: Returns and Allowances 106,396.45 106,396.45
- --------------------------------------------------------------------------------
Net Revenue 2,227,689.36 2,227,689.36
- --------------------------------------------------------------------------------
COST OF GOODS SOLD
- --------------------------------------------------------------------------------
Beginning Inventory 7,255,148.00 7,255,148.00
- --------------------------------------------------------------------------------
Add: Purchases 766,834.69 766,834.69
- --------------------------------------------------------------------------------
Add: Cost of Labor - -
- --------------------------------------------------------------------------------
Add: Other Costs (attach schedule) 1,270,327.00 1,270,327.00
- --------------------------------------------------------------------------------
Less: Ending Inventory 7,994,967.00 7,994,967.00
- --------------------------------------------------------------------------------
Cost of Goods Sold 1,297,342.69 1,297,342.69
- --------------------------------------------------------------------------------
Gross Profit 930,346.67 930,346.67
- --------------------------------------------------------------------------------
OPERATING EXPENSES
- --------------------------------------------------------------------------------
Advertising 4,844.63 4,844.63
- --------------------------------------------------------------------------------
Auto and Truck Expense -
- --------------------------------------------------------------------------------
Bad Debts -
- --------------------------------------------------------------------------------
Contributions -
- --------------------------------------------------------------------------------
Employee Benefits Program 19,561.06 19,561.06
- --------------------------------------------------------------------------------
Insider Compensation* 35,576.94 35,576.94
- --------------------------------------------------------------------------------
Insurance 14,486.82 14,486.82
- --------------------------------------------------------------------------------
Management Fees/Bonuses
- --------------------------------------------------------------------------------
Office Expense -
- --------------------------------------------------------------------------------
Pension and Profit-Sharing Plans -
- --------------------------------------------------------------------------------
Repairs and Maintenance 1,374.03 1,374.03
- --------------------------------------------------------------------------------
Rent and Lease Expense 396,692.08 396,692.08
- --------------------------------------------------------------------------------
Salaries/Commissions/Fees 606,427.30 606,427.30
- --------------------------------------------------------------------------------
Supplies 18,221.20 18,221.20
- --------------------------------------------------------------------------------
Taxes - Payroll 71,908.36 71,908.36
- --------------------------------------------------------------------------------
Taxes - Real Estate -
- --------------------------------------------------------------------------------
Taxes - Other 5,985.00 5,985.00
- --------------------------------------------------------------------------------
Travel and Entertainment 16,299.42 16,299.42
- --------------------------------------------------------------------------------
Utilities 15,977.38 15,977.38
- --------------------------------------------------------------------------------
Other (attach schedule) 159,822.37 159,822.37
- --------------------------------------------------------------------------------
Total Operating Expenses
Before Depreciation 1,367,176.59 1,367,176.59
- --------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 96,864.17 96,864.17
- --------------------------------------------------------------------------------
Net Profit (Loss) Before Other Income & Expenses (533,694.09) (533,694.09)
- --------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES
- --------------------------------------------------------------------------------
Other Income (attach schedule) 1,795.16 1,795.16
- --------------------------------------------------------------------------------
Interest Expense 102,255.70 102,255.70
- --------------------------------------------------------------------------------
Other Expense (attach schedule) 140,416.88 140,416.88
- --------------------------------------------------------------------------------
<PAGE>
REORGANIZATION ITEMS
- --------------------------------------------------------------------------------
Professional Fees - -
- --------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -
- --------------------------------------------------------------------------------
Interest Earned on Accumulated Cash from
Chapter 11 (see continuation sheet) -
- --------------------------------------------------------------------------------
Gain (Loss) from Sale of Equipment - -
- --------------------------------------------------------------------------------
Other Reorganization Expenses
(attach schedule) - -
- --------------------------------------------------------------------------------
Total Reorganization Expenses - -
- --------------------------------------------------------------------------------
Income Taxes - -
- --------------------------------------------------------------------------------
Net Profit (Loss) (774,571.41) (774,571.51)
- --------------------------------------------------------------------------------
<PAGE>
In re: The Great Train Store Partners, L.P. Case No: 00-01302 (RRM)
Debtor Reporting Period: March 2000
STATEMENT OF OPERATIONS - continuation sheet
BREAKDOWN OF OTHER ACTIVITY MONTH CUMULATIVE
- --------------------------------------------------------------------------------
Other Costs
- --------------------------------------------------------------------------------
Freight 30,523.00 30,523.00
- --------------------------------------------------------------------------------
Cash Discounts (27,353.00) (27,353.00)
- --------------------------------------------------------------------------------
Train Repair 1,291.00 1,291.00
- --------------------------------------------------------------------------------
Inventory Variation 37,562.00 37,562.00
- --------------------------------------------------------------------------------
Change in Prepaid Inventory 387,571.00 387,571.00
- --------------------------------------------------------------------------------
Change in Transfers in transit (18,491.00) (18,491.00)
- --------------------------------------------------------------------------------
Change in Inventory Adjustments 854,931.00 854,931.00
- --------------------------------------------------------------------------------
Change in Accrued Shrink (39,438.00) (39,438.00)
- --------------------------------------------------------------------------------
Change in Def. Allowance (4,753.00) (4,753.00)
- --------------------------------------------------------------------------------
Change in A/P POD 48,394.00 48,394.00
- --------------------------------------------------------------------------------
Total 1,270,237.00 1,270,237.00
- --------------------------------------------------------------------------------
Other Operational Expenses
- --------------------------------------------------------------------------------
Bad Check Expense (515.61) (515.61)
- -------------------------------------------------------------------------------
Credit Card Charges 30,610.80 30,610.80
- -------------------------------------------------------------------------------
Cash Over/Short 3,488.70 3,488.70
- -------------------------------------------------------------------------------
Consulting Fees 7,723.52 7,723.52
- -------------------------------------------------------------------------------
Computer Processing 1,500.00 1,500.00
- -------------------------------------------------------------------------------
Licenses and Permits 595.00 595.00
- -------------------------------------------------------------------------------
Postage 37,673.17 37,673.17
- -------------------------------------------------------------------------------
Satellite Office 3,800.00 3,800.00
- -------------------------------------------------------------------------------
Service Charges 27,029.64 27,029.64
- -------------------------------------------------------------------------------
Wrap and Pack 20,776.70 20,776.70
- -------------------------------------------------------------------------------
Relocation 4,210.07 4,210.07
- -------------------------------------------------------------------------------
Personnel Advertising 2,532.91 2,532.91
- -------------------------------------------------------------------------------
Telephone 10,342.52 10,342.52
- -------------------------------------------------------------------------------
Legal 17,152.44 17,152.44
- -------------------------------------------------------------------------------
Misc. Exp. (7,097.49) (7,097.49)
- -------------------------------------------------------------------------------
Total 159,822.37 159,822.37
- -------------------------------------------------------------------------------
Other Income
- --------------------------------------------------------------------------------
Sales Tax Discount 950.21 950.21
- -------------------------------------------------------------------------------
Interest Income 150.00 150.00
- --------------------------------------------------------------------------------
Other Income 694.95 694.95
- -------------------------------------------------------------------------------
Total 1,795.16 1,795.16
- -------------------------------------------------------------------------------
Other Expense
- -------------------------------------------------------------------------------
Intercompany - License Fee 140,416.88 140,416.88
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Other Reorganization Expenses
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<PAGE>
In re: The Great Train Store Partners, L.P. Case No: 00-01302 (RRM)
Debtor Reporting Period: March 2000
BALANCE SHEET
ASSETS BOOK VALUE AT END OF CURRENT BOOK VALUE ON
REPORTING MONTH PETITION DATE
- --------------------------------------------------------------------------------
CURRENT ASSETS
- --------------------------------------------------------------------------------
Unrestricted Cash and Equivalents (44,469.55) 350,140.77
- --------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents
(see continuation sheet)
- --------------------------------------------------------------------------------
Accounts Receivable (Net) 71,319.32 68,872.67
- --------------------------------------------------------------------------------
Notes Receivable
- --------------------------------------------------------------------------------
Inventories 7,367,130.57 7,210,202.06
- --------------------------------------------------------------------------------
Prepaid Expenses
- --------------------------------------------------------------------------------
Professional Retainers 435,100.00 -
- --------------------------------------------------------------------------------
Other Current Assets (attach schedule)
- --------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 7,829,080.34 7,629,215.50
- --------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- --------------------------------------------------------------------------------
Real Property and Improvements 5,484,908.96 5,484,908.96
- --------------------------------------------------------------------------------
Machinery and Equipment
- --------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment 3,470,431.50 3,459,836.11
- --------------------------------------------------------------------------------
Leasehold Improvements
- --------------------------------------------------------------------------------
Vehicles
- --------------------------------------------------------------------------------
Less Accumulated Depreciation 3,985,604.42 3,890,914.43
- --------------------------------------------------------------------------------
TOTAL PROPERTY AND EQUIPMENT 4,969,736.04 5,053,830.64
- --------------------------------------------------------------------------------
OTHER ASSETS
- --------------------------------------------------------------------------------
Loans to Insiders *
- --------------------------------------------------------------------------------
Other Assets (attach schedule) 551,752.80 579,726.72
- --------------------------------------------------------------------------------
TOTAL OTHER ASSETS 551,752.80 579,726.72
- --------------------------------------------------------------------------------
TOTAL ASSETS 13,350,569.18 13,262,772.86
- --------------------------------------------------------------------------------
LIABILITIES AND OWNER EQUITY BOOK VALUE AT END OF CURRENT BOOK VALUE ON
REPORTING MONTH PETITION DATE
- --------------------------------------------------------------------------------
LIABILITIES NOT SUBJECT TO
COMPROMISE (Postpetition)
- --------------------------------------------------------------------------------
Merchandise Payable 10,326.91
- --------------------------------------------------------------------------------
Accounts Payable 336,758,69 517,821.08
- --------------------------------------------------------------------------------
Taxes Payable (refer to FORM MOR-4) 202,684.10 135,314.56
- --------------------------------------------------------------------------------
Wages Payable 213,827.15 245,761.18
- --------------------------------------------------------------------------------
Notes Payable 301,532.64 312,825.81
- --------------------------------------------------------------------------------
Rent/Leases - Building/Equipment
- --------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments 3,369,444.72 3,642,084.38
- --------------------------------------------------------------------------------
Professional Fees
- --------------------------------------------------------------------------------
Amounts Due to Insiders*
- --------------------------------------------------------------------------------
Other Postpetition Liabilities 18,888,252.98 18,248,391.83
(attach schedule)
- --------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES 23,322,827.19 23,102,198.84
- --------------------------------------------------------------------------------
<PAGE>
LIABILITIES SUBJECT TO COMPROMISE
(Pre-Petition)
- --------------------------------------------------------------------------------
Secured Debt - -
- --------------------------------------------------------------------------------
Priority Debt
- --------------------------------------------------------------------------------
Unsecured Debt 3,578,530.00 2,931,820.57
- --------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES 3,578,530.00 2,931,820.57
- --------------------------------------------------------------------------------
TOTAL LIABILITIES 26,901,357.19 26,034,019.41
- --------------------------------------------------------------------------------
OWNER EQUITY
- --------------------------------------------------------------------------------
Capital Stock
- --------------------------------------------------------------------------------
Additional Paid-In Capital
- --------------------------------------------------------------------------------
Partners' Capital Account (10,812,293.47) (10,807,323.52)
- --------------------------------------------------------------------------------
Owner's Equity Account
- --------------------------------------------------------------------------------
Retained Earnings - Pre-Petition (1,963,923.03) (1,963,923.03)
- --------------------------------------------------------------------------------
Retained Earnings - Postpetition (774,571.51)
- --------------------------------------------------------------------------------
Adjustments to Owner Equity
(attach schedule)
- --------------------------------------------------------------------------------
NET OWNER EQUITY (13,550,788.01) (12,771,246.55)
- --------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY 13,350,569.18 13,262,772.86
- --------------------------------------------------------------------------------
<PAGE>
In re: The Great Train Store Partners, L.P. Case No: 00-01302 (RRM)
Debtor Reporting Period: March 2000
Balance Sheet - continuation sheet
Book Value at end of Book Value
Assets Current Reporting Month on Petition Date
- --------------------------------------------------------------------------------
Other Current Assets
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Assets
- --------------------------------------------------------------------------------
Deposits 28,124.04 28,124.04
- --------------------------------------------------------------------------------
Wrap and Pack 13,400.65 47,610.65
- --------------------------------------------------------------------------------
Prepaid Financing Tandem 130,029.96 135,875.84
- --------------------------------------------------------------------------------
Prepaid Financing Paragon 176,738.66 180,629.05
- --------------------------------------------------------------------------------
Lease Negotiation Costs - Stores 180,038.50 187,487.14
- --------------------------------------------------------------------------------
Insurance 23,420.99
- --------------------------------------------------------------------------------
Total 551,752.80 579,726.72
- --------------------------------------------------------------------------------
Liabilities and Book Value at end of Book Value
Owners Equity Current Reporting Month on Petition Date
- --------------------------------------------------------------------------------
Other Postpetition
Liabilities
- --------------------------------------------------------------------------------
Gift Certificates Issued 146,400.69 158,520.20
- --------------------------------------------------------------------------------
Straight Lined Rent 1,253,342.13 1,247,153.67
- --------------------------------------------------------------------------------
Note Payable - License Fee 8,500,722.81 8,360,305.93
- --------------------------------------------------------------------------------
Intercompany 8,987,787.35 8,483,933.93
- --------------------------------------------------------------------------------
Other (1,521.90)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Total 18,888,252.98 18,248,391.83
- --------------------------------------------------------------------------------
Adjustments to
Owner's Equity
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Postpetition Contributions
(Distributions) (Draws)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
In re: The Great Train Store Partners, L.P. Case No: 00-01302 (RRM)
Debtor Reporting Period: March 2000
STATUS OF POSTPETITION TAXES
Beginning Amount Ending
Tax Withheld or Amount Date Check No. Tax
Liability Accrued Paid Paid or EFT Liability
- --------------------------------------------------------------------------------
Federal
- --------------------------------------------------------------------------------
Withholding - 74,020.99 59,216.79 3/10/00& EFT 14,804.20
3/24/00
- --------------------------------------------------------------------------------
FICA-Employee - 39,503.95 31,603.16 3/10/00& EFT 7,900.79
3/24/00
- --------------------------------------------------------------------------------
FICA-Employer - 39,503.81 31,603.05 3/10/00& EFT 7,900.76
3/24/00
- --------------------------------------------------------------------------------
Unemployment - 3,710.46 2,968.37 3/10/00& EFT 742.09
3/24/00
- --------------------------------------------------------------------------------
Income - - - -
- --------------------------------------------------------------------------------
Other:
_____________ - 9,238.80 7,391.04 3/10/00& EFT 1,847.76
3/24/00
- --------------------------------------------------------------------------------
Total Federal
Taxes - 165,978.01 132,782.41 3/10/00& EFT 33,195.60
3/24/00
- --------------------------------------------------------------------------------
State and Local
- --------------------------------------------------------------------------------
Withholding - 13,567.61 10,854,09 3/10/00& EFT 2,713.52
3/24/00
- --------------------------------------------------------------------------------
Sales 122,245.69 164,455.59 122,245.69 3/10/00& Check* 164,455.59
3/24/00
- --------------------------------------------------------------------------------
Excise - - - -
- --------------------------------------------------------------------------------
Unemployment - 10,629.09 8,503.27 3/10/00& EFT 2,125.82
3/24/00
- --------------------------------------------------------------------------------
Real Property - - - -
- --------------------------------------------------------------------------------
Personal
Property - - - -
- --------------------------------------------------------------------------------
Other:
_____________ - 967.81 774.25 3/10/00& EFT 193.56
3/24/00
- --------------------------------------------------------------------------------
Total State 122,245.69 189,620.10 142,377.30 3/10/00& EFT 169,488.49
and Local Taxes 3/24/00
- --------------------------------------------------------------------------------
Total Taxes 122,245.69 355,598.12 275,159.71 3/10/00& EFT 202,684.10
3/24/00
- --------------------------------------------------------------------------------
<PAGE>
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable
Number of Days Past Due
Current 0-30 31-60 61-90 Over 90 Total
- --------------------------------------------------------------------------------
Accounts Payable - -
- --------------------------------------------------------------------------------
Wages Payable - -
- --------------------------------------------------------------------------------
Taxes Payable - -
- --------------------------------------------------------------------------------
Rent/Leases-
Building - 433,563.03 433,563.03*
- --------------------------------------------------------------------------------
Rent/Leases-
Equipment - -
- --------------------------------------------------------------------------------
Secured Debt/
Adequate
Protection
Payments - -
- --------------------------------------------------------------------------------
Professional Fees - -
- --------------------------------------------------------------------------------
Amounts Due to
Insiders* - -
- --------------------------------------------------------------------------------
Other: Interest on
Tandem Warrants 30,000.00 30,000.00**
- --------------------------------------------------------------------------------
Other:
______________ - -
- --------------------------------------------------------------------------------
Total Postpetition
Debts 30,000.00 433,563.03 - - - 463,563.03
- --------------------------------------------------------------------------------
Explain how and when the Debtor intends to pay any past-due postpetition debts
* In April, all rent was paid by 4/15.
** Tandem interest is paid on 3/1, 6/1, 9/1, and 12/1 in the amount of $90,000.
<PAGE>
In Re: The Great Train Store Partners, L.P. Case No: 00-01302 (RRM)
Debtor Reporting Period: March 2000
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation Amount
- --------------------------------------------------------------------------------
Total Accounts Receivable at the
beginning of the reporting period 68,872.67
- --------------------------------------------------------------------------------
Add: Amounts billed during the period 24,819.86
- --------------------------------------------------------------------------------
Less: Amounts collected during the period (22,373.21)
- --------------------------------------------------------------------------------
Total Accounts Receivable at the
end of the reporting period 71,319.32
- --------------------------------------------------------------------------------
Accounts Receivable Aging Amount
- --------------------------------------------------------------------------------
0-30 days old 22,064.32
- --------------------------------------------------------------------------------
31-60 days old 49,255.00
- --------------------------------------------------------------------------------
61-90 days old
- --------------------------------------------------------------------------------
Total Accounts Receivable 71,319.32
- --------------------------------------------------------------------------------
Amount considered uncollectible (Bad Debt)
- --------------------------------------------------------------------------------
Accounts Receivable (Net) 71,319.32
- --------------------------------------------------------------------------------
<PAGE>
DEBTOR QUESTIONNAIRE
Must be completed each month Yes No
- --------------------------------------------------------------------------------
1. Have any assets been sold or transferred outside the No
normal course of business this reporting period?
If yes, provide an explanation below.
- --------------------------------------------------------------------------------
2. Have any funds been disbursed from any account other No*
than a debtor in possession account this reporting period?
If yes, provide an explanation below.
- --------------------------------------------------------------------------------
3. Have all postpetition tax returns been timely filed? Yes
If no, provide an explanation below.
- --------------------------------------------------------------------------------
4. Are workers compensation, general liability and Yes
other necessary insurance coverages in effect?
If no, provide an explanation below.
- --------------------------------------------------------------------------------
* The court approved the use of already existing bank accounts, so all bank
accounts used were "Debtor in Possession" accounts.
<PAGE>
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: GTS Limited Partner, Inc. Case No. 00-01303 (RRM)
Debtor Reporting Period: Mar-00
MONTHLY OPERATING REPORT
File report and attachments with Court and submit copy to United States Trustee
within 15 days after order for relief
Certificates of insurance must name United States Trustees as a party to be
notified in the event of policy cancellation. Bank accounts and checks must bear
the name of Debtor, the case number, and the designation "Debtor in Possession"
Examples of acceptable evidence of Debtor in Possession Bank accounts include
voided checks, copy of bank deposit agreement/certificate of authority,
signature card, and/or corporate checking resolution.
Document Explanation
REQUIRED DOCUMENTS Attached Attached
- --------------------------------------------------------------------------------
12-Month Cash Flow Projection (Form IR-1) N/A
- --------------------------------------------------------------------------------
Certificates of Insurance:
- --------------------------------------------------------------------------------
Workers Compensation N/A
- --------------------------------------------------------------------------------
Property N/A
- --------------------------------------------------------------------------------
General Liability N/A
- --------------------------------------------------------------------------------
Vehicle N/A
- --------------------------------------------------------------------------------
Other:________________ N/A
- --------------------------------------------------------------------------------
Evidence of Debtor in Possession Bank Accounts
- --------------------------------------------------------------------------------
Tax Escrow Account N/A
- --------------------------------------------------------------------------------
General Operating Account N/A
- --------------------------------------------------------------------------------
Other: Expense & A/P Trade Account N/A
- --------------------------------------------------------------------------------
Other: Concentration Account N/A
- --------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached documents are true and correct to the best of my knowledge and
belief.
/s/ Cheryl A. Taylor 4/26/00
- -------------------------------------- Date
Signature of Debtor
4/26/00
- -------------------------------------- Date
Signature of Joint Debtor
/s/ Cheryl A. Taylor 4/26/00
- -------------------------------------- Date
Signature of Authorized
Individual*
Cheryl A. Taylor Vice President - Finance & Administration
- -------------------------------------- Title of Authorized Individual
Printed Name of Authorized Individual
* Authorized individual must be an officer, director or shareholder if Debtor is
a corporation; a partner if Debtor is a partnership; a manager if Debtor is a
limited liability company.
<PAGE>
In re: GTS Limited Partner, Inc. Case No. 00-01303 (RRM)
Debtor Reporting Period: Mar-00
CASH FLOW PROJECTIONS FOR THE 12 MONTH PERIOD: ___________________________
through __________________________
<TABLE>
<CAPTION>
Month Month Month Month Month Month Month Month Month Month Month Total
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Cash Beginning
of Month
- ---------------------------------------------------------------------------------------------------------------------------
RECEIPTS
- ---------------------------------------------------------------------------------------------------------------------------
CASH SALES
- ---------------------------------------------------------------------------------------------------------------------------
ACCOUNTS
RECEIVABLE
- ---------------------------------------------------------------------------------------------------------------------------
LOANS AND
ADVANCES
- ---------------------------------------------------------------------------------------------------------------------------
SALE OF
ASSETS
- ---------------------------------------------------------------------------------------------------------------------------
OTHER
(ATTACH LIST)
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL
RECEIPTS
DISBURSEMENTS
- ---------------------------------------------------------------------------------------------------------------------------
NET PAYROLL
- ---------------------------------------------------------------------------------------------------------------------------
PAYROLL TAXES
- ---------------------------------------------------------------------------------------------------------------------------
SALES, USE,
AND OTHER
TAXES
- ---------------------------------------------------------------------------------------------------------------------------
INVENTORY
PURCHASES
- ---------------------------------------------------------------------------------------------------------------------------
SECURED/RENTAL/LE
- ---------------------------------------------------------------------------------------------------------------------------
INSURANCE
- ---------------------------------------------------------------------------------------------------------------------------
ADMINISTRATIVE
& SELLING
- ---------------------------------------------------------------------------------------------------------------------------
OTHER
(ATTACH LIST)
- ---------------------------------------------------------------------------------------------------------------------------
PROFESSIONAL
FEES
- ---------------------------------------------------------------------------------------------------------------------------
U.S. TRUSTEE
FEES
- ---------------------------------------------------------------------------------------------------------------------------
COURT COSTS
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL
DISBURSEMENTS
- ---------------------------------------------------------------------------------------------------------------------------
NET CASH FLOW
(RECEIPTS
LESS
DISBURSEMNTS)
- ---------------------------------------------------------------------------------------------------------------------------
Cash End of
Month
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: GTS Limited Partner, Inc. Case No. 00-01303 (RRM)
Debtor Reporting Period: Mar-00
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after
end of month
Submit copy of report to any official committee appointed in the case.
REQUIRED DOCUMENTS Form No. Document Explanation
Attached Attached
- --------------------------------------------------------------------------------
Schedule of Cash Receipts
and Disbursements MOR-1 N/A
- --------------------------------------------------------------------------------
Bank Reconciliation (or
copies of Debtor's bank
reconciliations) MOR-1(CONT) N/A
- --------------------------------------------------------------------------------
Copies of bank statements N/A
- --------------------------------------------------------------------------------
Cash disbursements journals N/A
- --------------------------------------------------------------------------------
Statement of Operations MOR-2 N/A
- --------------------------------------------------------------------------------
Balance Sheet MOR-3 Included
- --------------------------------------------------------------------------------
Status of Postpetition Taxes MOR-4 N/A
- --------------------------------------------------------------------------------
Copies of IRS Form 6123
or payment receipt N/A
- --------------------------------------------------------------------------------
Copies of tax returns filed
during reporting period N/A
- --------------------------------------------------------------------------------
Summary of Unpaid Postpetition
Debts MOR-4 N/A
- --------------------------------------------------------------------------------
Listing of aged accounts payable N/A
- --------------------------------------------------------------------------------
Accounts Receivable Reconciliation
and Aging MOR-5 N/A
- --------------------------------------------------------------------------------
Debtor Questionnaire MOR-5 Included
- --------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached documents are true and correct to the best of my knowledge and
belief.
/s/ Cheryl A. Taylor 4/26/00
- -------------------------------------- Date
Signature of Debtor
4/26/00
- -------------------------------------- Date
Signature of Joint Debtor
/s/ Cheryl A. Taylor 4/26/00
- -------------------------------------- Date
Signature of Authorized
Individual*
Cheryl A. Taylor Vice President - Finance & Administration
- -------------------------------------- Title of Authorized Individual
Printed Name of Authorized Individual
* Authorized individual must be an officer, director or shareholder if Debtor is
a corporation; a partner if Debtor is a partnership; a manager if Debtor is a
limited liability company.
<PAGE>
In re: GTS Limited Partner, Inc. Case No. 00-01303 (RRM)
Debtor Reporting Period: Mar-00
<TABLE>
<CAPTION>
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
CUMULATIVE FILING TO DATE
- --------------------------------------------------------------------------------------------------------------
OPER. A/P TRADE EXPENSE CONCENTRATION ACTUAL PROJECTED ACTUAL PROJECTED
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH BEGINNING
OF MONTH - - - - -
- ----------------------------------------------------------------------------------------------------------
RECEIPTS
- ----------------------------------------------------------------------------------------------------------
CASH SALES -
- ----------------------------------------------------------------------------------------------------------
ACCOUNTS RECEIVABLE -
- ----------------------------------------------------------------------------------------------------------
LOANS AND ADVANCES -
- ----------------------------------------------------------------------------------------------------------
SALE OF ASSETS -
- ----------------------------------------------------------------------------------------------------------
OTHER (ATTACH LIST)
- ----------------------------------------------------------------------------------------------------------
TRANSFERS
(FROM DIP ACCTS) -
- ----------------------------------------------------------------------------------------------------------
-
- ----------------------------------------------------------------------------------------------------------
TOTAL RECEIPTS - - - - -
- ----------------------------------------------------------------------------------------------------------
DISBURSEMENTS
- ----------------------------------------------------------------------------------------------------------
NET PAYROLL -
- ----------------------------------------------------------------------------------------------------------
PAYROLL TAXES -
- ----------------------------------------------------------------------------------------------------------
SALES, USE &
OTHER TAXES -
- ----------------------------------------------------------------------------------------------------------
INVENTORY PURCHASES -
- ----------------------------------------------------------------------------------------------------------
SECURED/RENTAL/LEASES -
- ----------------------------------------------------------------------------------------------------------
INSURANCE -
- ----------------------------------------------------------------------------------------------------------
ADMINISTRATIVE -
- ----------------------------------------------------------------------------------------------------------
SELLING -
- ----------------------------------------------------------------------------------------------------------
OTHER
(ATTACH LIST)
- ----------------------------------------------------------------------------------------------------------
-
- ----------------------------------------------------------------------------------------------------------
OWNER DRAW* -
- ----------------------------------------------------------------------------------------------------------
TRANSFERS (TO DIP ACCTS) -
- ----------------------------------------------------------------------------------------------------------
-
- ----------------------------------------------------------------------------------------------------------
PROFESSIONAL FEES -
- ----------------------------------------------------------------------------------------------------------
U.S. TRUSTEE QUARTERLY FEES -
- ----------------------------------------------------------------------------------------------------------
COURT COSTS -
- ----------------------------------------------------------------------------------------------------------
TOTAL
DISBURSEMENTS - - - - -
- ----------------------------------------------------------------------------------------------------------
NET CASH FLOW - - - - -
(RECEIPTS LESS
DISBURSEMENTS)
- ----------------------------------------------------------------------------------------------------------
CASH - END
OF MONTH - - - - -
- ----------------------------------------------------------------------------------------------------------
<PAGE>
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY
FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
- ----------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS -
- ----------------------------------------------------------------------------------------------------------
LESS: TRANSFERS TO DEBTOR IN POSSESSION -
ACCOUNTS
- ----------------------------------------------------------------------------------------------------------
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE -
SOURCES (ie. from escrow accounts)
- ----------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS FOR CALCULATING U.S. -
TRUSTEE QUARTERLY FEES --------------------------
</TABLE>
<PAGE>
In re: GTS Limited Partner, Inc. Case No. 00-01303 (RRM)
Debtor Reporting Period: Mar-00
BANK RECONCILIATIONS
Continuation Sheet for MOR-1
A bank reconciliation must be included for each bank account. The debtor's bank
reconciliations may be substituted for this page
OPERATING A/P TRADE EXPENSE CONCENTRATION
- --------------------------------------------------------------------------------
BALANCE PER BOOKS - - - -
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BANK BALANCE
- --------------------------------------------------------------------------------
(+) DEPOSITS IN TRANSIT
- --------------------------------------------------------------------------------
(-) OUTSTANDING CHECKS
- --------------------------------------------------------------------------------
OTHER
- --------------------------------------------------------------------------------
ADJUSTED BANK BALANCE - - - -
- --------------------------------------------------------------------------------
*Adjusted Bank Balance must
equal balance per books
- --------------------------------------------------------------------------------
DEPOSITS
IN TRANSIT Date Amount Date Amount Date Amount Date Amount
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
CHECKS
OUTSTANDING Ch# Amount Ch# Amount Ch# Amount Ch# Amount
---------------------------------------------------------------------
List
Attached
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
OTHER: Transfer will be booked in March 2000.
________________________________________________________________________________
________________________________________________________________________________
<PAGE>
In re: GTS Limited Partner, Inc. Case No. 00-01303 (RRM)
Debtor Reporting Period: Mar-00
STATEMENT OF OPERATIONS
(Income Statement)
Cumulative
REVENUES Month Filing to Date
- --------------------------------------------------------------------------------
Gross Revenues - -
- --------------------------------------------------------------------------------
Less: Returns and Allowances - -
- --------------------------------------------------------------------------------
Net Revenue - -
- --------------------------------------------------------------------------------
COST OF GOODS SOLD
- --------------------------------------------------------------------------------
Beginning Inventory - -
- --------------------------------------------------------------------------------
Add: Purchases - -
- --------------------------------------------------------------------------------
Add: Cost of Labor - -
- --------------------------------------------------------------------------------
Add: Other Costs (attach schedule) - -
- --------------------------------------------------------------------------------
Less: Ending Inventory - -
- --------------------------------------------------------------------------------
Cost of Goods Sold - -
- --------------------------------------------------------------------------------
Gross Profit - -
- --------------------------------------------------------------------------------
OPERATING EXPENSES
- --------------------------------------------------------------------------------
Advertising - -
- --------------------------------------------------------------------------------
Auto and Truck Expense -
- --------------------------------------------------------------------------------
Bad Debts -
- --------------------------------------------------------------------------------
Contributions -
- --------------------------------------------------------------------------------
Employee Benefits Program - -
- --------------------------------------------------------------------------------
Insider Compensation* - -
- --------------------------------------------------------------------------------
Insurance - -
- --------------------------------------------------------------------------------
Management Fees/Bonuses
- --------------------------------------------------------------------------------
Office Expense -
- --------------------------------------------------------------------------------
Pension and Profit-Sharing Plans -
- --------------------------------------------------------------------------------
Repairs and Maintenance - -
- --------------------------------------------------------------------------------
Rent and Lease Expense - -
- --------------------------------------------------------------------------------
Salaries/Commissions/Fees - -
- --------------------------------------------------------------------------------
Supplies - -
- --------------------------------------------------------------------------------
Taxes - Payroll - -
- --------------------------------------------------------------------------------
Taxes - Real Estate - -
- --------------------------------------------------------------------------------
Taxes - Other - -
- --------------------------------------------------------------------------------
Travel and Entertainment - -
- --------------------------------------------------------------------------------
Utilities - -
- --------------------------------------------------------------------------------
Other (attach schedule) - -
- --------------------------------------------------------------------------------
Total Operating Expenses
Before Depreciation - -
- --------------------------------------------------------------------------------
Depreciation/Depletion/Amortization - -
- --------------------------------------------------------------------------------
Profit (Loss) Before Other Income & Expenses - -
- --------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES
- --------------------------------------------------------------------------------
Other Income (attach schedule) - -
- --------------------------------------------------------------------------------
Interest Expense - -
- --------------------------------------------------------------------------------
Other Expense (attach schedule) - -
- --------------------------------------------------------------------------------
<PAGE>
REORGANIZATION ITEMS
- --------------------------------------------------------------------------------
Professional Fees - -
- --------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -
- --------------------------------------------------------------------------------
Interest Earned on Accumulated Cash from
Chapter 11 (see continuation sheet) -
- --------------------------------------------------------------------------------
Gain (Loss) from Sale of Equipment - -
- --------------------------------------------------------------------------------
Other Reorganization Expenses
(attach schedule) - -
- --------------------------------------------------------------------------------
Total Reorganization Expenses - -
- --------------------------------------------------------------------------------
Income Taxes - -
- --------------------------------------------------------------------------------
Net Profit (Loss) - -
- --------------------------------------------------------------------------------
<PAGE>
In re: GTS Limited Partner, Inc. Case No. 00-01303 (RRM)
Debtor Reporting Period: Mar-00
STATEMENT OF OPERATIONS - continuation sheet
BREAKDOWN OF OTHER ACTIVITY MONTH CUMULATIVE
- --------------------------------------------------------------------------------
Other Costs
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Operational Expenses
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Total - -
- -------------------------------------------------------------------------------
Other Income
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Total - -
- -------------------------------------------------------------------------------
Other Expense
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Other Reorganization Expenses
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<PAGE>
In re: GTS Limited Partner, Inc. Case No. 00-01303 (RRM)
Debtor Reporting Period: Mar-00
BALANCE SHEET
ASSETS BOOK VALUE AT END OF CURRENT BOOK VALUE ON
REPORTING MONTH PETITION DATE
- --------------------------------------------------------------------------------
CURRENT ASSETS
- --------------------------------------------------------------------------------
Unrestricted Cash and Equivalents - -
- --------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents
(see continuation sheet)
- --------------------------------------------------------------------------------
Accounts Receivable (Net) - -
- --------------------------------------------------------------------------------
Notes Receivable
- --------------------------------------------------------------------------------
Inventories - -
- --------------------------------------------------------------------------------
Prepaid Expenses -
- --------------------------------------------------------------------------------
Professional Retainers - -
- --------------------------------------------------------------------------------
Other Current Assets (attach schedule)
- --------------------------------------------------------------------------------
TOTAL CURRENT ASSETS - -
- --------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- --------------------------------------------------------------------------------
Real Property and Improvements - -
- --------------------------------------------------------------------------------
Machinery and Equipment -
- --------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment - -
- --------------------------------------------------------------------------------
Leasehold Improvements
- --------------------------------------------------------------------------------
Vehicles
- --------------------------------------------------------------------------------
Less Accumulated Depreciation - -
- --------------------------------------------------------------------------------
TOTAL PROPERTY AND EQUIPMENT - -
- --------------------------------------------------------------------------------
OTHER ASSETS
- --------------------------------------------------------------------------------
Loans to Insiders *
- --------------------------------------------------------------------------------
Other Assets (attach schedule) (360,265.26) (360,265.26)
- --------------------------------------------------------------------------------
TOTAL OTHER ASSETS (360,265.26) (360,265.26)
- --------------------------------------------------------------------------------
TOTAL ASSETS (360,265.26) (360,265.26)
- --------------------------------------------------------------------------------
LIABILITIES AND OWNER EQUITY BOOK VALUE AT END OF CURRENT BOOK VALUE ON
REPORTING MONTH PETITION DATE
- --------------------------------------------------------------------------------
LIABILITIES NOT SUBJECT TO
COMPROMISE (Postpetition)
- --------------------------------------------------------------------------------
Merchandise Payable -
- --------------------------------------------------------------------------------
Accounts Payable - -
- --------------------------------------------------------------------------------
Taxes Payable (refer to FORM MOR-4) - -
- --------------------------------------------------------------------------------
Wages Payable - -
- --------------------------------------------------------------------------------
Notes Payable - -
- --------------------------------------------------------------------------------
Rent/Leases - Building/Equipment
- --------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -
- --------------------------------------------------------------------------------
Professional Fees
- --------------------------------------------------------------------------------
Amounts Due to Insiders*
- --------------------------------------------------------------------------------
Other Postpetition Liabilities - -
(attach schedule)
- --------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES - -
- --------------------------------------------------------------------------------
<PAGE>
LIABILITIES SUBJECT TO COMPROMISE
(Pre-Petition)
- --------------------------------------------------------------------------------
Secured Debt - -
- --------------------------------------------------------------------------------
Priority Debt
- --------------------------------------------------------------------------------
Unsecured Debt - -
- --------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES - -
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOTAL LIABILITIES - -
- --------------------------------------------------------------------------------
OWNER EQUITY
- --------------------------------------------------------------------------------
Capital Stock 100.00 100.00
- --------------------------------------------------------------------------------
Additional Paid-In Capital
- --------------------------------------------------------------------------------
Partners' Capital Account - -
- --------------------------------------------------------------------------------
Owner's Equity Account - -
- --------------------------------------------------------------------------------
Retained Earnings - Pre-Petition (360,365.26) (360,365.26)
- --------------------------------------------------------------------------------
Retained Earnings - Postpetition -
- --------------------------------------------------------------------------------
Adjustments to Owner Equity
(attach schedule)
- --------------------------------------------------------------------------------
NET OWNER EQUITY (360,265.26) (360,365.26)
- --------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY (360,265.26) (360,365.26)
- --------------------------------------------------------------------------------
<PAGE>
In re: GTS Limited Partner, Inc. Case No. 00-01303 (RRM)
Debtor Reporting Period: Mar-00
Balance Sheet - continuation sheet
Book Value at end of Book Value
Assets Current Reporting Month on Petition Date
- --------------------------------------------------------------------------------
Other Current Assets
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Assets
- --------------------------------------------------------------------------------
Investment in TGTS Partners (360,265.26) (360,265.26)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Total (360,265.26) (360,265.26)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Liabilities and Book Value at end of Book Value
Owners Equity Current Reporting Month on Petition Date
- --------------------------------------------------------------------------------
Other Postpetition
Liabilities
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Total - -
- --------------------------------------------------------------------------------
Adjustments to
Owner's Equity
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Postpetition Contributions
(Distributions) (Draws)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
In re: GTS Limited Partner, Inc. Case No. 00-01303 (RRM)
Debtor Reporting Period: Mar-00
STATUS OF POSTPETITION TAXES
Beginning Amount Ending
Tax Withheld or Amount Date Check No. Tax
Liability Accrued Paid Paid or EFT Liability
- --------------------------------------------------------------------------------
Federal
- --------------------------------------------------------------------------------
Withholding - - - -
- --------------------------------------------------------------------------------
FICA-Employee - - - -
- --------------------------------------------------------------------------------
FICA-Employer - - - -
- --------------------------------------------------------------------------------
Unemployment - - - -
- --------------------------------------------------------------------------------
Income - - - -
- --------------------------------------------------------------------------------
Other:
_____________ - - - -
- --------------------------------------------------------------------------------
Total Federal
Taxes - - - -
- --------------------------------------------------------------------------------
State and Local
- --------------------------------------------------------------------------------
Withholding - - - -
- --------------------------------------------------------------------------------
Sales - - - -
- --------------------------------------------------------------------------------
Excise - - - -
- --------------------------------------------------------------------------------
Unemployment - - - -
- --------------------------------------------------------------------------------
Real Property - - - -
- --------------------------------------------------------------------------------
Personal Property - - - -
- --------------------------------------------------------------------------------
Other:
_____________ - - - -
- --------------------------------------------------------------------------------
Total State and
Local Taxes - - - -
- --------------------------------------------------------------------------------
Total Taxes - - - -
- --------------------------------------------------------------------------------
<PAGE>
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable
Number of Days Past Due
Current 0-30 31-60 61-90 Over 90 Total
- --------------------------------------------------------------------------------
Accounts Payable - -
- --------------------------------------------------------------------------------
Wages Payable - -
- --------------------------------------------------------------------------------
Taxes Payable - -
- --------------------------------------------------------------------------------
Rent/Leases-
Building - - -
- --------------------------------------------------------------------------------
Rent/Leases-
Equipment - -
- --------------------------------------------------------------------------------
Secured Debt/
Adequate
Protection
Payments - -
- --------------------------------------------------------------------------------
Professional Fees - -
- --------------------------------------------------------------------------------
Amounts Due to
Insiders* - -
- --------------------------------------------------------------------------------
Other: Interest on
Tandem Warrants - -
- --------------------------------------------------------------------------------
Other:
______________ - -
- --------------------------------------------------------------------------------
Total Postpetition
Debts - - - - - -
- --------------------------------------------------------------------------------
Explain how and when the Debtor intends to pay any past-due postpetition debts
<PAGE>
In re: GTS Limited Partner, Inc. Case No. 00-01303 (RRM)
Debtor Reporting Period: Mar-00
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation Amount
- --------------------------------------------------------------------------------
Total Accounts Receivable at the
beginning of the reporting period -
- --------------------------------------------------------------------------------
Add: Amounts billed during the period -
- --------------------------------------------------------------------------------
Less: Amounts collected during the period -
- --------------------------------------------------------------------------------
Total Accounts Receivable at the
end of the reporting period -
- --------------------------------------------------------------------------------
Accounts Receivable Aging Amount
- --------------------------------------------------------------------------------
0-30 days old -
- --------------------------------------------------------------------------------
31-60 days old -
- --------------------------------------------------------------------------------
61-90 days old
- --------------------------------------------------------------------------------
Total Accounts Receivable -
- ------------------------------------------------------------------------------
Amount considered uncollectible (Bad Debt)
- ------------------------------------------------------------------------------
Accounts Receivable (Net) -
- ------------------------------------------------------------------------------
<PAGE>
DEBTOR QUESTIONNAIRE
Must be completed each month Yes No
- --------------------------------------------------------------------------------
1. Have any assets been sold or transferred outside the No
normal course of business this reporting period?
If yes, provide an explanation below.
- --------------------------------------------------------------------------------
2. Have any funds been disbursed from any account other N/A
than a debtor in possession account this reporting period?
If yes, provide an explanation below.
- --------------------------------------------------------------------------------
3. Have all postpetition tax returns been timely filed? Yes
If no, provide an explanation below.
- --------------------------------------------------------------------------------
4. Are workers compensation, general liability and N/A
other necessary insurance coverages in effect?
If no, provide an explanation below.
- --------------------------------------------------------------------------------
<PAGE>
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: The GTS Partner, Inc. Case No. 00-01304 (RRM)
Debtor Reporting Period: Mar-00
MONTHLY OPERATING REPORT
File report and attachments with Court and submit copy to United States Trustee
within 15 days after order for relief
Certificates of insurance must name United States Trustees as a party to be
notified in the event of policy cancellation. Bank accounts and checks must bear
the name of Debtor, the case number, and the designation "Debtor in Possession"
Examples of acceptable evidence of Debtor in Possession Bank accounts include
voided checks, copy of bank deposit agreement/certificate of authority,
signature card, and/or corporate checking resolution.
Document Explanation
REQUIRED DOCUMENTS Attached Attached
- --------------------------------------------------------------------------------
12-Month Cash Flow Projection (Form IR-1) N/A
- --------------------------------------------------------------------------------
Certificates of Insurance:
- --------------------------------------------------------------------------------
Workers Compensation N/A
- --------------------------------------------------------------------------------
Property N/A
- --------------------------------------------------------------------------------
General Liability N/A
- --------------------------------------------------------------------------------
Vehicle N/A
- --------------------------------------------------------------------------------
Other:________________ N/A
- --------------------------------------------------------------------------------
Evidence of Debtor in Possession Bank Accounts
- --------------------------------------------------------------------------------
Tax Escrow Account N/A
- --------------------------------------------------------------------------------
General Operating Account N/A
- --------------------------------------------------------------------------------
Other: Expense & A/P Trade Account N/A
- --------------------------------------------------------------------------------
Other: Concentration Account N/A
- --------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached documents are true and correct to the best of my knowledge and
belief.
/s/ Cheryl A. Taylor 4/26/00
- -------------------------------------- Date
Signature of Debtor
4/26/00
- -------------------------------------- Date
Signature of Joint Debtor
/s/ Cheryl A. Taylor 4/26/00
- -------------------------------------- Date
Signature of Authorized
Individual*
Cheryl A. Taylor Vice President - Finance & Administration
- -------------------------------------- Title of Authorized Individual
Printed Name of Authorized Individual
* Authorized individual must be an officer, director or shareholder if Debtor is
a corporation; a partner if Debtor is a partnership; a manager if Debtor is a
limited liability company.
<PAGE>
In re: The GTS Partner, Inc. Case No. 00-01304 (RRM)
Debtor Reporting Period: Mar-00
CASH FLOW PROJECTIONS FOR THE 12 MONTH PERIOD: ___________________________
through __________________________
<TABLE>
<CAPTION>
Month Month Month Month Month Month Month Month Month Month Month Total
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Cash Beginning
of Month
- ---------------------------------------------------------------------------------------------------------------------------
RECEIPTS
- ---------------------------------------------------------------------------------------------------------------------------
CASH SALES
- ---------------------------------------------------------------------------------------------------------------------------
ACCOUNTS
RECEIVABLE
- ---------------------------------------------------------------------------------------------------------------------------
LOANS AND
ADVANCES
- ---------------------------------------------------------------------------------------------------------------------------
SALE OF
ASSETS
- ---------------------------------------------------------------------------------------------------------------------------
OTHER
(ATTACH LIST)
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL
RECEIPTS
DISBURSEMENTS
- ---------------------------------------------------------------------------------------------------------------------------
NET PAYROLL
- ---------------------------------------------------------------------------------------------------------------------------
PAYROLL TAXES
- ---------------------------------------------------------------------------------------------------------------------------
SALES, USE,
AND OTHER
TAXES
- ---------------------------------------------------------------------------------------------------------------------------
INVENTORY
PURCHASES
- ---------------------------------------------------------------------------------------------------------------------------
SECURED/RENTAL/LE
- ---------------------------------------------------------------------------------------------------------------------------
INSURANCE
- ---------------------------------------------------------------------------------------------------------------------------
ADMINISTRATIVE
& SELLING
- ---------------------------------------------------------------------------------------------------------------------------
OTHER
(ATTACH LIST)
- ---------------------------------------------------------------------------------------------------------------------------
PROFESSIONAL
FEES
- ---------------------------------------------------------------------------------------------------------------------------
U.S. TRUSTEE
FEES
- ---------------------------------------------------------------------------------------------------------------------------
COURT COSTS
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL
DISBURSEMENTS
- ---------------------------------------------------------------------------------------------------------------------------
NET CASH FLOW
(RECEIPTS
LESS
DISBURSEMNTS)
- ---------------------------------------------------------------------------------------------------------------------------
Cash End of
Month
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: The GTS Partner, Inc. Case No. 00-01304 (RRM)
Debtor Reporting Period: Mar-00
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after
end of month
Submit copy of report to any official committee appointed in the case.
REQUIRED DOCUMENTS Form No. Document Explanation
Attached Attached
- --------------------------------------------------------------------------------
Schedule of Cash Receipts
and Disbursements MOR-1 N/A
- --------------------------------------------------------------------------------
Bank Reconciliation (or
copies of Debtor's bank
reconciliations) MOR-1(CONT) N/A
- --------------------------------------------------------------------------------
Copies of bank statements N/A
- --------------------------------------------------------------------------------
Cash disbursements journals N/A
- --------------------------------------------------------------------------------
Statement of Operations MOR-2 N/A
- --------------------------------------------------------------------------------
Balance Sheet MOR-3 Attached
- --------------------------------------------------------------------------------
Status of Postpetition Taxes MOR-4 N/A
- --------------------------------------------------------------------------------
Copies of IRS Form 6123
or payment receipt N/A
- --------------------------------------------------------------------------------
Copies of tax returns filed
during reporting period N/A
- --------------------------------------------------------------------------------
Summary of Unpaid Postpetition
Debts MOR-4 N/A
- --------------------------------------------------------------------------------
Listing of aged accounts payable N/A
- --------------------------------------------------------------------------------
Accounts Receivable Reconciliation
and Aging MOR-5 N/A
- --------------------------------------------------------------------------------
Debtor Questionnaire MOR-5 Included
- --------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached documents are true and correct to the best of my knowledge and
belief.
/s/ Cheryl A. Taylor 4/26/00
- -------------------------------------- Date
Signature of Debtor
4/26/00
- -------------------------------------- Date
Signature of Joint Debtor
/s/ Cheryl A. Taylor 4/26/00
- -------------------------------------- Date
Signature of Authorized
Individual*
Cheryl A. Taylor Vice President - Finance & Administration
- -------------------------------------- Title of Authorized Individual
Printed Name of Authorized Individual
* Authorized individual must be an officer, director or shareholder if Debtor is
a corporation; a partner if Debtor is a partnership; a manager if Debtor is a
limited liability company.
<PAGE>
In re: The GTS Partner, Inc. Case No. 00-01304 (RRM)
Debtor Reporting Period: Mar-00
<TABLE>
<CAPTION>
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
CUMULATIVE FILING TO DATE
- --------------------------------------------------------------------------------------------------------------
OPER A/P TRADE EXPENSE CONCENTRATION ACTUAL PROJECTED ACTUAL PROJECTED
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH BEGINNING
OF MONTH - - - - -
- ----------------------------------------------------------------------------------------------------------
RECEIPTS
- ----------------------------------------------------------------------------------------------------------
CASH SALES -
- ----------------------------------------------------------------------------------------------------------
ACCOUNTS RECEIVABLE -
- ----------------------------------------------------------------------------------------------------------
LOANS AND ADVANCES -
- ----------------------------------------------------------------------------------------------------------
SALE OF ASSETS -
- ----------------------------------------------------------------------------------------------------------
OTHER (ATTACH LIST) -
- ----------------------------------------------------------------------------------------------------------
TRANSFERS
(FROM DIP ACCTS) -
- ----------------------------------------------------------------------------------------------------------
-
- ----------------------------------------------------------------------------------------------------------
TOTAL RECEIPTS - - - - -
- ----------------------------------------------------------------------------------------------------------
DISBURSEMENTS
- ----------------------------------------------------------------------------------------------------------
NET PAYROLL -
- ----------------------------------------------------------------------------------------------------------
PAYROLL TAXES -
- ----------------------------------------------------------------------------------------------------------
SALES, USE &
OTHER TAXES -
- ----------------------------------------------------------------------------------------------------------
INVENTORY PURCHASES -
- ----------------------------------------------------------------------------------------------------------
SECURED/RENTAL/LEASES -
- ----------------------------------------------------------------------------------------------------------
INSURANCE -
- ----------------------------------------------------------------------------------------------------------
ADMINISTRATIVE -
- ----------------------------------------------------------------------------------------------------------
SELLING -
- ----------------------------------------------------------------------------------------------------------
OTHER
(ATTACH LIST) -
- ----------------------------------------------------------------------------------------------------------
-
- ----------------------------------------------------------------------------------------------------------
OWNER DRAW* -
- ----------------------------------------------------------------------------------------------------------
TRANSFERS (TO DIP ACCTS) -
- ----------------------------------------------------------------------------------------------------------
-
- ----------------------------------------------------------------------------------------------------------
PROFESSIONAL FEES -
- ----------------------------------------------------------------------------------------------------------
U.S. TRUSTEE QUARTERLY FEES -
- ----------------------------------------------------------------------------------------------------------
COURT COSTS -
- ----------------------------------------------------------------------------------------------------------
TOTAL
DISBURSEMENTS - - - - -
- ----------------------------------------------------------------------------------------------------------
NET CASH FLOW - - - - -
(RECEIPTS LESS
DISBURSEMNTS)
- ----------------------------------------------------------------------------------------------------------
CASH - END
OF MONTH - - - - -
- ----------------------------------------------------------------------------------------------------------
<PAGE>
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY
FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
- ----------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS -
- ----------------------------------------------------------------------------------------------------------
LESS: TRANSFERS TO DEBTOR IN POSSESSION -
ACCOUNTS
- ----------------------------------------------------------------------------------------------------------
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE -
SOURCES (ie. from escrow accounts)
- ----------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS FOR CALCULATING U.S. -
TRUSTEE QUARTERLY FEES --------------------------
</TABLE>
<PAGE>
In re: The GTS Partner, Inc. Case No. 00-01304 (RRM)
Debtor Reporting Period: Mar-00
BANK RECONCILIATIONS
Continuation Sheet for MOR-1
A bank reconciliation must be included for each bank account. The debtor's bank
reconciliations may be substituted for this page
OPERATING A/P TRADE EXPENSE CONCENTRATION
- --------------------------------------------------------------------------------
BALANCE PER BOOKS - - - -
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BANK BALANCE
- --------------------------------------------------------------------------------
(+) DEPOSITS IN TRANSIT
- --------------------------------------------------------------------------------
(-) OUTSTANDING CHECKS
- --------------------------------------------------------------------------------
OTHER
- --------------------------------------------------------------------------------
ADJUSTED BANK BALANCE - - - -
- --------------------------------------------------------------------------------
*Adjusted Bank Balance must
equal balance per books
- --------------------------------------------------------------------------------
DEPOSITS
IN TRANSIT Date Amount Date Amount Date Amount Date Amount
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
----------------------------------------------------------------------
CHECKS
OUTSTANDING Ch# Amount Ch# Amount Ch# Amount Ch# Amount
---------------------------------------------------------------------
List
Attached
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
OTHER: Transfer will be booked in March 2000.
________________________________________________________________________________
________________________________________________________________________________
<PAGE>
In re: The GTS Partner, Inc. Case No. 00-01304 (RRM)
Debtor Reporting Period: Mar-00
STATEMENT OF OPERATIONS
(Income Statement)
Cumulative
REVENUES Month Filing to Date
- --------------------------------------------------------------------------------
Gross Revenues - -
- --------------------------------------------------------------------------------
Less: Returns and Allowances - -
- --------------------------------------------------------------------------------
Net Revenue - -
- --------------------------------------------------------------------------------
COST OF GOODS SOLD
- --------------------------------------------------------------------------------
Beginning Inventory - -
- --------------------------------------------------------------------------------
Add: Purchases - -
- --------------------------------------------------------------------------------
Add: Cost of Labor - -
- --------------------------------------------------------------------------------
Add: Other Costs (attach schedule) - -
- --------------------------------------------------------------------------------
Less: Ending Inventory - -
- --------------------------------------------------------------------------------
Cost of Goods Sold - -
- --------------------------------------------------------------------------------
Gross Profit - -
- --------------------------------------------------------------------------------
OPERATING EXPENSES
- --------------------------------------------------------------------------------
Advertising - -
- --------------------------------------------------------------------------------
Auto and Truck Expense -
- --------------------------------------------------------------------------------
Bad Debts -
- --------------------------------------------------------------------------------
Contributions -
- --------------------------------------------------------------------------------
Employee Benefits Program - -
- --------------------------------------------------------------------------------
Insider Compensation* - -
- --------------------------------------------------------------------------------
Insurance - -
- --------------------------------------------------------------------------------
Management Fees/Bonuses
- --------------------------------------------------------------------------------
Office Expense -
- --------------------------------------------------------------------------------
Pension and Profit-Sharing Plans -
- --------------------------------------------------------------------------------
Repairs and Maintenance - -
- --------------------------------------------------------------------------------
Rent and Lease Expense - -
- --------------------------------------------------------------------------------
Salaries/Commissions/Fees - -
- --------------------------------------------------------------------------------
Supplies - -
- --------------------------------------------------------------------------------
Taxes - Payroll - -
- --------------------------------------------------------------------------------
Taxes - Real Estate - -
- --------------------------------------------------------------------------------
Taxes - Other - -
- --------------------------------------------------------------------------------
Travel and Entertainment - -
- --------------------------------------------------------------------------------
Utilities - -
- --------------------------------------------------------------------------------
Other (attach schedule) - -
- --------------------------------------------------------------------------------
Total Operating Expenses
Before Depreciation - -
- --------------------------------------------------------------------------------
Depreciation/Depletion/Amortization - -
- --------------------------------------------------------------------------------
Profit (Loss) Before Other Income & Expenses - -
- --------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES
- --------------------------------------------------------------------------------
Other Income (attach schedule) - -
- --------------------------------------------------------------------------------
Interest Expense - -
- --------------------------------------------------------------------------------
Other Expense (attach schedule) - -
- --------------------------------------------------------------------------------
<PAGE>
REORGANIZATION ITEMS
- --------------------------------------------------------------------------------
Professional Fees - -
- --------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -
- --------------------------------------------------------------------------------
Interest Earned on Accumulated Cash from
Chapter 11 (see continuation sheet) -
- --------------------------------------------------------------------------------
Gain (Loss) from Sale of Equipment - -
- --------------------------------------------------------------------------------
Other Reorganization Expenses
(attach schedule) - -
- --------------------------------------------------------------------------------
Total Reorganization Expenses - -
- --------------------------------------------------------------------------------
Income Taxes - -
- --------------------------------------------------------------------------------
Net Profit (Loss) - -
- --------------------------------------------------------------------------------
<PAGE>
In re: The GTS Partner, Inc. Case No. 00-01304 (RRM)
Debtor Reporting Period: Mar-00
STATEMENT OF OPERATIONS - continuation sheet
BREAKDOWN OF OTHER ACTIVITY MONTH CUMULATIVE
- --------------------------------------------------------------------------------
Other Costs
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Operational Expenses
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Total - -
- -------------------------------------------------------------------------------
Other Income
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Total - -
- -------------------------------------------------------------------------------
Other Expense
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Other Reorganization Expenses
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<PAGE>
In re: The GTS Partner, Inc. Case No. 00-01304 (RRM)
Debtor Reporting Period: Mar-00
BALANCE SHEET
ASSETS BOOK VALUE AT END OF CURRENT BOOK VALUE ON
REPORTING MONTH PETITION DATE
- --------------------------------------------------------------------------------
CURRENT ASSETS
- --------------------------------------------------------------------------------
Unrestricted Cash and Equivalents 176.00 176.00
- --------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents
(see continuation sheet)
- --------------------------------------------------------------------------------
Accounts Receivable (Net) - -
- --------------------------------------------------------------------------------
Notes Receivable
- --------------------------------------------------------------------------------
Inventories - -
- --------------------------------------------------------------------------------
Prepaid Expenses
- --------------------------------------------------------------------------------
Professional Retainers - -
- --------------------------------------------------------------------------------
Other Current Assets (attach schedule)
- --------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 176.00 176.00
- --------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- --------------------------------------------------------------------------------
Real Property and Improvements - -
- --------------------------------------------------------------------------------
Machinery and Equipment
- --------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment - -
- --------------------------------------------------------------------------------
Leasehold Improvements
- --------------------------------------------------------------------------------
Vehicles
- --------------------------------------------------------------------------------
Less Accumulated Depreciation - -
- --------------------------------------------------------------------------------
TOTAL PROPERTY AND EQUIPMENT - -
- --------------------------------------------------------------------------------
OTHER ASSETS
- --------------------------------------------------------------------------------
Loans to Insiders *
- --------------------------------------------------------------------------------
Other Assets (attach schedule) (1,150,464.06) (1,150,464.06)
- --------------------------------------------------------------------------------
TOTAL OTHER ASSETS (1,150,464.06) (1,150,464.06)
- --------------------------------------------------------------------------------
TOTAL ASSETS (1,150,288.06) (1,150,288.06)
- --------------------------------------------------------------------------------
LIABILITIES AND OWNER EQUITY BOOK VALUE AT END OF CURRENT BOOK VALUE ON
REPORTING MONTH PETITION DATE
- --------------------------------------------------------------------------------
LIABILITIES NOT SUBJECT TO
COMPROMISE (Postpetition)
- --------------------------------------------------------------------------------
Merchandise Payable -
- --------------------------------------------------------------------------------
Accounts Payable -
- --------------------------------------------------------------------------------
Taxes Payable (refer to FORM MOR-4) -
- --------------------------------------------------------------------------------
Wages Payable -
- --------------------------------------------------------------------------------
Notes Payable -
- --------------------------------------------------------------------------------
Rent/Leases - Building/Equipment
- --------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -
- --------------------------------------------------------------------------------
Professional Fees
- --------------------------------------------------------------------------------
Amounts Due to Insiders*
- --------------------------------------------------------------------------------
Other Postpetition Liabilities
(attach schedule) - -
- --------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES - -
- --------------------------------------------------------------------------------
<PAGE>
LIABILITIES SUBJECT TO COMPROMISE
(Pre-Petition)
- --------------------------------------------------------------------------------
Secured Debt - -
- --------------------------------------------------------------------------------
Priority Debt
- --------------------------------------------------------------------------------
Unsecured Debt - -
- --------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES - -
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOTAL LIABILITIES - -
- --------------------------------------------------------------------------------
OWNER EQUITY
- --------------------------------------------------------------------------------
Capital Stock 190.00 190.00
- --------------------------------------------------------------------------------
Additional Paid-In Capital (13,159.28) (13,159.28)
- --------------------------------------------------------------------------------
Partners' Capital Account - -
- --------------------------------------------------------------------------------
Owner's Equity Account - -
- --------------------------------------------------------------------------------
Retained Earnings - Pre-Petition (1,137,318.78) (1,137,318.78)
- --------------------------------------------------------------------------------
Retained Earnings - Postpetition -
- --------------------------------------------------------------------------------
Adjustments to Owner Equity
(attach schedule)
- --------------------------------------------------------------------------------
NET OWNER EQUITY (1,150,288.06) (1,150,288.06)
- --------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY (1,150,288.06) (1,150,288.06)
- --------------------------------------------------------------------------------
<PAGE>
In re: The GTS Partner, Inc. Case No. 00-01304 (RRM)
Debtor Reporting Period: Mar-00
Balance Sheet - continuation sheet
Book Value at end of Book Value
Assets Current Reporting Month on Petition Date
- --------------------------------------------------------------------------------
Other Current Assets
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Assets
- --------------------------------------------------------------------------------
Investment in TGTS Partners (790,098.80) (790.098.80)
- --------------------------------------------------------------------------------
Investment in GTS Ltd.
Ptr. Inc. (360,365.26) (360,365.26)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Total (1,150,464.06) (1,150,464.06)
- --------------------------------------------------------------------------------
Liabilities and Book Value at end of Book Value
Owners Equity Current Reporting Month on Petition Date
- --------------------------------------------------------------------------------
Other Postpetition
Liabilities
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Total - -
- --------------------------------------------------------------------------------
Adjustments to
Owner's Equity
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Postpetition Contributions
(Distributions) (Draws)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
In re: The GTS Partner, Inc. Case No. 00-01304 (RRM)
Debtor Reporting Period: Mar-00
STATUS OF POSTPETITION TAXES
Beginning Amount Ending
Tax Withheld or Amount Date Check No. Tax
Liability Accrued Paid Paid or EFT Liability
- --------------------------------------------------------------------------------
Federal
- --------------------------------------------------------------------------------
Withholding - - - -
- --------------------------------------------------------------------------------
FICA-Employee - - - -
- --------------------------------------------------------------------------------
FICA-Employer - - - -
- --------------------------------------------------------------------------------
Unemployment - - - -
- --------------------------------------------------------------------------------
Income - - - -
- --------------------------------------------------------------------------------
Other:
_____________ - - - -
- --------------------------------------------------------------------------------
Total Federal
Taxes - - - -
- --------------------------------------------------------------------------------
State and Local
- --------------------------------------------------------------------------------
Withholding - - - -
- --------------------------------------------------------------------------------
Sales - - - -
- --------------------------------------------------------------------------------
Excise - - - -
- --------------------------------------------------------------------------------
Unemployment - - - -
- --------------------------------------------------------------------------------
Real Property - - - -
- --------------------------------------------------------------------------------
Personal Property - - - -
- --------------------------------------------------------------------------------
Other:
_____________ - - - -
- --------------------------------------------------------------------------------
Total State and
Local Taxes - - - -
- --------------------------------------------------------------------------------
Total Taxes - - - -
- --------------------------------------------------------------------------------
<PAGE>
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable
Number of Days Past Due
Current 0-30 31-60 61-90 Over 90 Total
- --------------------------------------------------------------------------------
Accounts Payable - -
- --------------------------------------------------------------------------------
Wages Payable - -
- --------------------------------------------------------------------------------
Taxes Payable - -
- --------------------------------------------------------------------------------
Rent/Leases-
Building - - -
- --------------------------------------------------------------------------------
Rent/Leases-
Equipment - -
- --------------------------------------------------------------------------------
Secured Debt/
Adequate
Protection
Payments - -
- --------------------------------------------------------------------------------
Professional Fees - -
- --------------------------------------------------------------------------------
Amounts Due to
Insiders* - -
- --------------------------------------------------------------------------------
Other: Interest on
Tandem Warrants - -
- --------------------------------------------------------------------------------
Other:
______________ - -
- --------------------------------------------------------------------------------
Total Postpetition
Debts - - - - - -
- --------------------------------------------------------------------------------
Explain how and when the Debtor intends to pay any past-due postpetition debts
<PAGE>
In re: The GTS Partner, Inc. Case No. 00-01304 (RRM)
Debtor Reporting Period: Mar-00
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation Amount
- --------------------------------------------------------------------------------
Total Accounts Receivable at the
beginning of the reporting period -
- --------------------------------------------------------------------------------
Add: Amounts billed during the period -
- --------------------------------------------------------------------------------
Less: Amounts collected during the period -
- --------------------------------------------------------------------------------
Total Accounts Receivable at the
end of the reporting period -
- --------------------------------------------------------------------------------
Accounts Receivable Aging Amount
- --------------------------------------------------------------------------------
0-30 days old -
- --------------------------------------------------------------------------------
31-60 days old -
- --------------------------------------------------------------------------------
61-90 days old
- --------------------------------------------------------------------------------
Total Accounts Receivable -
- ------------------------------------------------------------------------------
Amount considered uncollectible (Bad Debt)
- ------------------------------------------------------------------------------
Accounts Receivable (Net) -
- ------------------------------------------------------------------------------
<PAGE>
DEBTOR QUESTIONNAIRE
Must be completed each month Yes No
- --------------------------------------------------------------------------------
1. Have any assets been sold or transferred outside the No
normal course of business this reporting period?
If yes, provide an explanation below.
- --------------------------------------------------------------------------------
2. Have any funds been disbursed from any account other N/A
than a debtor in possession account this reporting period?
If yes, provide an explanation below.
- --------------------------------------------------------------------------------
3. Have all postpetition tax returns been timely filed? Yes
If no, provide an explanation below.
- --------------------------------------------------------------------------------
4. Are workers compensation, general liability and N/A
other necessary insurance coverages in effect?
If no, provide an explanation below.
- --------------------------------------------------------------------------------
