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Previous: 13A COMMERCIAL MORTGAGE SECURITIES FUND INC, N-18F1, 1999-08-27 |
Next: ARTISAN FUNDS INC, N-30D, 1999-08-27 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
---------------
FORM 8 - K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) JULY 31, 1999
TAL WIRELESS NETWORKS, INC.
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
DELAWARE 0-26110 13-3768554
- ------------------------------------------------------------------------------
(State or other jurisdiction or incorporation) (Commission IRS Employer
File Number) Identification No.)
113 TYNAN WAY, PORTOLA VALLEY, CA 94028
- ------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (650) 529-0730
--------------------------
- ------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 3. Bankruptcy or Receivership
On October 6, 1997, the Registrant filed a voluntary petition for
protection under Chapter 11 of the Federal Bankruptcy Laws in the United
States Bankruptcy Court, Northern District of California, San Jose Division
pursuant to which the Registrant's existing directors will continue in
possession but subject to the supervision and orders of the Bankruptcy Court.
The Company plans to liquidate assets and review the claims of its
various creditors. It is unclear at this time whether there will be any funds
available for distribution to shareholders. Once this information has been
determined, the Company may file a Plan of Reorganization with the Bankruptcy
Court.
Item 7. Financial Statements and Exhibits
Exhibit No. Description
99.19 Summary of Financial Status of the Registrant
for the month ended July 31, 1999, as filed
with the United States Bankruptcy Court,
Northern District of California, San Jose
Division.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
TAL WIRELESS NETWORKS, INC.
---------------------------
(Registrant)
Date August 31, 1999
By: /s/ RICHARD J. REDETT
------------------------
Name: Richard J. Redett
Title: Director
<PAGE>
EXHIBIT 99.19
<PAGE>
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF CALIFORNIA
IN RE: TAL WIRELESS NETWORKS, INC. CASE NO: 97-58435 MM
CHAPTER 11
MONTHLY OPERATING REPORT
(GENERAL BUSINESS CASE)
SUMMARY OF FINANCIAL STATUS
MONTH ENDED July, 1999
1. Debtor in possession hereby submits this Monthly Operating Report on the
Accrual Basis of accounting (or if checked here ___ the Office of the
U.S. Trustee or the Court has approved the Cash Basis of Accounting for
the Debtor). Dollars reported in ($ _____).
<TABLE>
<CAPTION>
END OF END OF AS OF
CURRENT PRIOR PETITION
2. ASSET/LIABILITY SUMMARY MONTH MONTH FILING
------- ------- --------
<S> <C> <C> <C>
Current Assets (Market Value) $110,306 $111,197 $245,867
----------- ---------- ----------
Total Assets (Market Value) $3,110,306 $3,111,197 $5,665,985
----------- ---------- ----------
Current Liabilities $237,800 $230,230 $0
----------- ---------- ----------
Total Liabilities $5,604,835 $5,597,265 $5,467,035
----------- ---------- ----------
PETITION
CURRENT PRIOR DATE TO
3. STATEMENT OF CASH RECEIPTS & DISBURSEMENTS FOR MONTH MONTH MONTH MONTH END
--------- ------- ------------
a. Total Receipts $0 $0 $257,213
--------- ------- ------------
b. Total Disbursements $891 $432
--------- ------- ------------
c. Excess (Deficiency) of Receipts Over Disbursements (a - b) ($891) ($432) $93,825
--------- ------- ------------
d. Cash Balance Beginning of Month $111,197 $111,629
--------- ------- ------------
e. Cash Balance End of Month (c + d) $110,306 $111,197
========= ======== ============
4. POST-PETITION LIABILITIES & RECEIVABLES
RECEIVABLES LIABILITIES
----------- -----------
Balance at End of Previous Month $0 $230,230
----------- -----------
Balance at End of Current Month $0 $237,800
----------- -----------
5. PAST DUE POST-PETITION LIABILITIES
Balance at End of Previous Month (over 30 days) $0
----------- -----------
Balance at End of Current Month (over 30 days) $0
-----------
YES NO
--- ---
6. Are all federal, state, and local taxes current? (if no, attach schedule X
of unpaid items) -------------- -----------
7. Have any payments been made to pre-petition creditors, other than
payments in the normal course to secured creditors or lessors? (if yes,
attach listing including date of payment, amount of payment and name of payee) X
8. Have any payments been made to officers, insiders, shareholders, relatives? -------------- -----------
(if yes, attach listing including date of X
payment, amount and reason for payment, and name of payee) -------------- -----------
9. Have any payments been made to professionals? (if yes, attach listing X
including date of payment, amount of payment and name of payee) -------------- -----------
10. If you answered yes to line 7,8, or 9, were all such payments #N/A
approved by the court? -------------- -----------
11. Is the estate insured for replacement cost of assets and for general N/A
liability? -------------- -----------
12. Are U.S. Trustee quarterly fees current? X
-------------- -----------
I declare under penalty of perjury that I have reviewed the above summary
and attached financial statements, and after making reasonable inquiry
believe that these documents are correct.
</TABLE>
Date: August 20, 1999 /s/ Richard J Redett
----------------- ------------------------------
Richard J Redett
Responsible Individual
<PAGE>
BALANCE SHEET
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED July, 1999
----------
($ )
------
<TABLE>
<CAPTION>
ASSETS
FROM SCHEDULES MARKET VALUE
CURRENT ASSETS -------------- ------------
<S> <C> <C>
Cash and cash equivalents - unrestricted $110,306
------------
2 Cash and cash equivalents - restricted $0
------------
3 Accounts receivable (net) A $0
------------
4 Inventory B $0
------------
5 Prepaid expenses $0
6 Other: ________________________________________ ------------
7 ________________________________________________ ------------
8 TOTAL CURRENT ASSETS ------------
$110,306
------------
PROPERTY AND EQUIPMENT (MARKET VALUE)
9 Real property C $0
------------
10 Machinery and equipment D $0
------------
11 Furniture and fixtures D $0
------------
12 Office equipment D $0
------------
13 Leasehold improvements D $0
------------
14 Vehicles D $0
------------
15 Other: ___________________________ D ------------
16 __________________________________ D ------------
17 __________________________________ D ------------
18 __________________________________ D ------------
19 __________________________________ D ------------
20 TOTAL PROPERTY AND EQUIPMENT $0
------------
OTHER ASSETS
21 Notes receivable-net of allowances $3,000,000
------------------------------------------------------ ------------
22 Investment-NST $0
------------------------------------------------------ ------------
23 Investment-subs $0
------------------------------------------------------ ------------
24 Accounts receivable-intercompany net of allowances $0
------------------------------------------------------ ------------
25 TOTAL OTHER ASSETS $3,000,000
------------
26 TOTAL ASSETS $3,110,306
============
</TABLE>
NOTE:
Indicate the method used to estimate the market value of assets
(e.g., appraisals; familiarity with comparable market prices, etc.)
and the date the value was determined. ___________________________
___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
<PAGE>
LIABILITIES AND EQUITY
(GENERAL BUSINESS CASE)
($ )
---------
<TABLE>
<CAPTION>
LIABILITIES FROM SCHEDULES
--------------
POST-PETITION
CURRENT LIABILITIES
<S> <C> <C>
27 Salaries and wages ------------------
28 Payroll taxes ------------------
29 Real and personal property taxes ------------------
30 Income taxes ------------------
31 Notes payable (short term) ------------------
32 Accounts payable (trade) A ------------------
33 Real property lease arrearage
34 Personal property lease arrearage ------------------
35 Accrued professional fees $237,800
------------------
36 Current portion of long-term debt (due within 12 months) ------------------
37 Other: _______________________________________ ------------------
38 ________________________________________________________ ------------------
39 ________________________________________________________
40 TOTAL CURRENT LIABILITIES $237,800
------------------
41 LONG-TERM DEBT, NET OF CURRENT PORTION ------------------
42 TOTAL POST-PETITION LIABILITIES $237,800
PRE-PETITION LIABILITIES (ALLOWED AMOUNT)
43 Secured claims E
------------------
44 Priority unsecured claims E $101,776
-------------------
45 General unsecured claims E $5,265,259
------------------
46 TOTAL PRE-PETITION LIABILITIES $5,367,035
------------------
47 TOTAL LIABILITIES $5,604,835
------------------
EQUITY (DEFICIT)
48 Preferred Stock $80,000
------------------
49 Common Stock $28,846
------------------
50 Additional Paid-In Capital $18,461,441
------------------
51 Accumulated Deficit ($21,030,073)
------------------
52 Market value adjustment ($34,743)
------------------
53 TOTAL EQUITY (DEFICIT) ($2,494,529)
------------------
54 TOTAL LIABILITIES AND EQUITY (DEFICIT) $3,110,306
==================
</TABLE>
<PAGE>
SCHEDULES
(GENERAL BUSINESS CASE)
($ )
---------
SCHEDULE A
ACCOUNTS RECEIVABLE(NET)/PAYABLE
<TABLE>
<CAPTION>
ACCOUNTS ACCOUNTS PAYABLE PAST DUE
Receivables and Payables Ageings RECEIVABLE [POST PETITION] POST PETITION DEBT
----------- ---------------- ------------------
<S> <C> <C>
0 -30 Days ----------------- -----------------
31-60 Days ----------------- -----------------
61-90 Days $0
----------------- ----------------- ------------------
91+ Days
----------------- -----------------
Total accounts receivable/payable $0 $0
----------------- =================
Allowance for doubtful accounts
Accounts receivable (net) $0
=================
</TABLE>
SCHEDULE B
INVENTORY/COST OF GOODS SOLD
<TABLE>
<CAPTION>
TYPES AND AMOUNT OF INVENTORY(IES) COST OF GOODS SOLD
- --------------------------------- ------------------
<S> <C> <C> <C>
INVENTORY(IES) Inventory Beginning of Month --------------------
BALANCE AT
END OF MONTH Add -
-------------
Retail/Restaurants - Net purchases -------------------
Product for resale ---------------- Direct labor -------------------
Manufacturing overhead -------------------
Distribution - Freight in -------------------
Product for resale ---------------- Other:
Manufacturer -
Raw materials ----------------
Work-in-progress ---------------- Less -
Finished goods ---------------- Inventory End of Month -------------------
---------------- Shrinkage -------------------
Other - Personal Use -------------------
Explain_________________________
___________________________________ Cost of Goods Sold $0
===================
TOTAL $0
==================
</TABLE>
<TABLE>
METHOD OF INVENTORY CONTROL INVENTORY VALUATION METHODS
- --------------------------- ---------------------------
<S> <C>
Do you have a functioning perpetual inventory system? Indicate by a checkmark method of inventory valuation used.
Yes ______ No_______
How often do you take a complete physical inventory? Valuation methods -
FIFO cost -------------------
Weekly _____ LIFO cost -------------------
Monthly _____ Lower of cost or
Quarterly _____ market -------------------
Semi-annually _____ Retail method -------------------
Annually _____
Other -
Date of last physical inventory was Unknown Explain -------------------
----------------
Date of next physical inventory is N/A ------------------------------------------------
---------------- ------------------------------------------------
</TABLE>
<PAGE>
SCHEDULE C
REAL PROPERTY
<TABLE>
<CAPTION>
DESCRIPTION COST MARKET VALUE
- ----------- ---- ------------
<C> <C> <C>
None
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
TOTAL $0 $0
======================= ======================
SCHEDULE D
OTHER DEPRECIABLE ASSETS
DESCRIPTION COST MARKET VALUE
- ----------- ---- ------------
MACHINERY & EQUIPMENT -
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
TOTAL $0 $0
======================= ======================
FURNITURE & FIXTURES -
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
TOTAL $0 $0
======================= ======================
OFFICE EQUIPMENT -
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
TOTAL $0 $0
======================= ======================
LEASEHOLD IMPROVEMENTS -
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
TOTAL $0 $0
======================= ======================
VEHICLES -
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
- ------------------------------------------ ----------------------- ----------------------
TOTAL $0 $0
======================= ======================
</TABLE>
SCHEDULE E
PRE-PETITION LIABILITIES
<TABLE>
<CAPTION>
CLAIMED ALLOWED
LIST TOTAL CLAIMS FOR EACH CLASSIFICATION AMOUNT AMOUNT (B)
- ----------------------------------------- ------ ----------
<S> <C> <C>
Secured claims (a) ----------------------- ------------------------
Priority claims other than taxes
----------------------- ------------------------
Priority tax claims $101,776
----------------------- ------------------------
General unsecured claims $5,265,259
----------------------- ------------------------
</TABLE>
(a) List total amount of claims even if under secured.
(b) Estimated amount of claim to be allowed after compromise or
litigation. As an example, you are a defendant in a lawsuit
alleging damage of $10,000,000 and a proof of claim is
filed in that amount. You believe that you can settle the
case for a claim of $3,000,000. For Schedule E reporting
purposes you should list $10,000,000 as the Claimed Amount
and $3,000,000 as the Allowed Amount.
<PAGE>
STATEMENT OF OPERATIONS
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED July, 1999
$_________
<TABLE>
<CAPTION>
CURRENT MONTH
- ----------------------------------------- CUMULATIVE NEXT MONTH
ACTUAL FORECAST VARIANCE (CASE TO DATE) FORECAST
------ -------- -------- -------------- --------
<S> <C> <C> <C> <C> <C>
REVENUES
$0 1 Gross Sales $7,000
- ---------- ---------- ---------- -------------- ----------
$0 2 less: Sales Returns & Allowances
- ---------- ---------- ---------- -------------- ----------
$0 3 Net Sales $7,000 $0
- ---------- ---------- ---------- -------------- ----------
$0 4 less: Cost of Goods Sold (Schedule 'B') $68,271
- ---------- ---------- ---------- -------------- ----------
$0 5 Gross Profit ($61,271) $0
- ---------- ---------- ---------- -------------- ----------
$0 6 Interest $92
- ---------- ---------- ---------- -------------- ----------
7 Other Income:
$0 8 Miscellaneous $996
- ---------- ---------- ---------- -------------------------------------------- -------------- ----------
$0 9 Insurance Settlement $130,000
- ---------- ---------- ---------- -------------------------------------------- -------------- ----------
$0 $0 $0 10 TOTAL REVENUES $69,817 $0
- ---------- ---------- ---------- -------------- ----------
EXPENSES
$0 11 Compensation to Owner(s)/Officer(s)
- ---------- ---------- ---------- -------------- ----------
$0 12 Salaries/Commissions
- ---------- ---------- ---------- -------------- ----------
$0 13 Management Fees
- ---------- ---------- ---------- -------------- ----------
$0 14 Depreciation
- ---------- ---------- ---------- -------------- ----------
$0 15 Taxes:
- ---------- ---------- ---------- -------------- ----------
$0 16 Employer Payroll Taxes
- ---------- ---------- ---------- -------------- ----------
$0 17 Real Property Taxes
- ---------- ---------- ---------- -------------- ----------
$0 18 Other Taxes
- ---------- ---------- ---------- -------------- ----------
$0 19 Other Selling
- ---------- ---------- ---------- -------------- ----------
$195 ($195) 20 Other Administrative $2,057
- ---------- ---------- ---------- -------------- ----------
$0 21 Write-off Investment Subs $112,618
- ---------- ---------- ---------- -------------- ----------
22 Other Expenses:
$0 23 Storage Rental $5,220
- ---------- ---------- ---------- -------------------------------------------- -------------- ----------
$0 24 Accounting $1,510
- ---------- ---------- ---------- -------------------------------------------- -------------- ----------
$0 25 Press Release $725
- ---------- ---------- ---------- -------------------------------------------- -------------- ----------
$0 26 Telecommunications $5,015
- ---------- ---------- ---------- -------------------------------------------- -------------- ----------
$446 ($446) 27 SEC Reporting $8,217
- ---------- ---------- ---------- -------------------------------------------- -------------- ----------
$0 28 Litigation Costs $1,193
- ---------- ---------- ---------- -------------------------------------------- -------------- ----------
$0 29 Write-off of Accounts Receivable $55,156
- ---------- ---------- ---------- -------------------------------------------- -------------- ----------
$0 30 Writedown of Notes Receivable $2,000,000
- ---------- ---------- ---------- -------------------------------------------- -------------- ----------
$641 $0 ($641) 31 TOTAL EXPENSES $2,191,711 $0
- ---------- ---------- ---------- -------------- ----------
($641) $0 ($641) 32 SUBTOTAL ($2,121,894) $0
- ---------- ---------- ---------- -------------- ----------
REORGANIZATION ITEMS
$7,570 ($7,570) 33 Professional Fees $345,876
- ---------- ---------- ---------- -------------- ----------
$0 34 Provisions for Rejected Executory Contracts
- ---------- ---------- ---------- -------------- ----------
Interest Earned on Accumulated Cash
$0 35 Resulting from Chp 11 Case
- ---------- ---------- ---------- -------------- ----------
$0 36 Gain or (Loss) from Sale of Equipment $4,592
- ---------- ---------- ---------- -------------- ----------
$250 ($250) 37 US Trustee Fees $2,750
- ---------- ---------- ---------- -------------------------------------------- -------------- ----------
$0 38 Loss from Sale of Investments $220,000
- ---------- ---------- ---------- -------------------------------------------- -------------- ----------
$7,820 $0 ($7,820) 39 TOTAL REORGANIZATION ITEMS $564,034 $0
- ---------- ---------- ---------- -------------- ----------
($8,461) $0 ($8,461) 40 NET PROFIT (LOSS) BEFORE FEDERAL & STATE TAXES ($2,685,928) $0
- ---------- ---------- ---------- -------------- ----------
$0 41 Federal & State Income Taxes
- ---------- ---------- ---------- -------------- ----------
($8,461) $0 ($8,461) 42 NET PROFIT (LOSS) ($2,685,928) $0
========== ========== ========== ============== ==========
</TABLE>
EXPLANATION OF VARIANCE TO STATEMENT OF OPERATIONS
(FOR VARIANCES GREATER THAN +/- 10% ONLY)
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
<PAGE>
SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED July, 1999
<TABLE>
<S> <C>
CASH BALANCE BEGINNING OF MONTH $111,197
-----------------
CASH RECEIPTS (1) $0
-----------------
CASH DISBURSEMENTS (1) $891
-----------------
EXCESS (DEFICIENCY) OF RECEIPTS OVER DISBURSEMENTS ($891)
-----------------
CASH BALANCE END OF MONTH $110,306
=================
</TABLE>
RECAPITULATION OF FUNDS HELD AT END OF MONTH
- --------------------------------------------
<TABLE>
<CAPTION>
ACCOUNT 1 ACCOUNT 2 ACCOUNT 3
--------- --------- ---------
<S> <C> <C> <C>
BANK Wells Fargo Mallesons Stephen Jaques
------------------ ------------------------- -----------------
ACCOUNT TYPE Checking Trust Account
------------------ ------------------------- -----------------
ACCOUNT NO. 0114-458243
------------------ ------------------------- -----------------
ACCOUNT PURPOSE General Litigation Turst
------------------ ------------------------- -----------------
BALANCE, END OF MONTH $94,071 $16,235
------------------ ------------------------- -----------------
TOTAL FUNDS ON HAND FOR ALL ACCOUNTS $110,306
==================
</TABLE>
(1) Excluding bank transfers between your accounts.
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