TAL WIRELESS NETWORKS INC
8-K, 2000-04-24
COMMUNICATIONS SERVICES, NEC
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<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON D.C. 20549


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


                                   FORM 8 - K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE

                       SECURITIES AND EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported)     MARCH 31, 2000



                          TAL WIRELESS NETWORKS, INC.
- -------------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)


     DELAWARE                    0-26110                    13-3768554
- -------------------------------------------------------------------------------
 (State or other               (Commission                IRS Employer
 jurisdiction or                File Number)           Identification No.)
 incorporation)

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 March 31, 2000, 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: April 24, 2000
                                       By:     /s/ RICHARD J. REDETT
                                          -------------------------------------
                                          Name:  Richard J. Redett
                                          Title:    Director

<PAGE>

                                                               Exhibit  99.19

                                   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                   March, 2000
                        -------------------------

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)                                                $121,186           $121,863            $245,867
                                                                          ------------------  -----------------   -----------------
      Total Assets (Market Value)                                                $3,121,186         $3,121,863          $5,665,985
                                                                          ------------------  -----------------   -----------------
      Current Liabilities                                                          $347,974           $329,314                  $0
                                                                          ------------------  -----------------   -----------------
      Total Liabilities                                                          $5,715,009         $5,696,349          $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            $285,557
                                                                          ------------------  -----------------   -----------------
      b. Total Disbursements                                                           $677               $659            $180,852
                                                                          ------------------  -----------------   -----------------
      c. Excess (Deficiency) of Receipts Over Disbursements (a - b)                   ($677)             ($659)           $104,705
                                                                          ------------------  -----------------   =================
      d. Cash Balance Beginning of Month                                           $121,863           $122,522
                                                                          ------------------  -----------------
      e. Cash Balance End of Month (c + d)                                         $121,186          $ 121,863
                                                                          ==================  =================

4.  POST-PETITION LIABILITIES & RECEIVABLES                                  RECEIVABLES                            LIABILITIES
                                                                             -----------                            -----------
      Balance at End of Previous Month                                                   $0                               $329,314
                                                                          ------------------                      -----------------
      Balance at End of Current Month                                                    $0                               $347,974
                                                                          ------------------                      -----------------

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
    of unpaid items)                                                                     X
                                                                                         -----------------   -----------------
7.  Have any payments been made to pre-petition creditors, other than payments
    in the normal course to secured creditors or lessors? (if yes, attach
    listing including date of payment, amount of payment and name of payee)                                  X
                                                                                         -----------------   -----------------
8.  Have any payments been made to officers, insiders, shareholders,
    relatives? (if yes, attach listing including date of payment, amount and
    reason for payment, and name of payee)                                                                   X
                                                                                         -----------------   -----------------
9.  Have any payments been made to professionals? (if yes, attach listing
    including date of payment, amount of payment and name of payee)                                          X
                                                                                         -----------------   -----------------
10. If you answered yes to line 7,8, or 9, were all such payments approved by
    the court?                                                                           N/A
                                                                                         -----------------   -----------------
11. Is the estate insured for replacement cost of assets and for general liability?      N/A
                                                                                         -----------------   -----------------
12. Are U.S. Trustee quarterly fees current?                                             X
                                                                                         -----------------   -----------------

    I declare under penalty of perjury that I have reviewed the above summary
    and attached financial statements, and after making reasonable inquiry
    believe that these documents are correct.

    Date:  April 17, 2000                                        Richard J Redett
           -------------------------                            ----------------------------------------------------------
                                                                                   Responsible Individual
</TABLE>

<PAGE>

                                                    BALANCE SHEET
                                              (GENERAL BUSINESS CASE)

                                  FOR THE MONTH ENDED           March, 2000
                                                               ----------------

                                                  ($         )
                                                     --------

         ASSETS

<TABLE>
<CAPTION>
                                                                            FROM SCHEDULES                 MARKET VALUE
                                                                            --------------                 ------------
<S>                                                                       <C>                        <C>
         CURRENT ASSETS
 1            Cash and cash equivalents - unrestricted                                                           $121,186
                                                                                                   -----------------------
 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                                                                           $121,186
                                                                                                   -----------------------


         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                                                                                 $3,121,186
                                                                                                   =======================



      NOTE:
              Indicate the method used to estimate the market value of assets
              (e.g., appraisals; familiarity with comparable market prices,
              etc.) and the date the value was determined.
                                                          --------------------------------------------------------------------

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

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

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

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

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

<PAGE>

                                                   LIABILITIES AND EQUITY
                                                  (GENERAL BUSINESS CASE)

                                                       ($         )
                                                          --------



<TABLE>
<CAPTION>
         LIABILITIES                                                           FROM SCHEDULES

            POST-PETITION                                                      --------------
<S>     <C>                                                                 <C>                      <C>
                 CURRENT LIABILITIES
27                Salaries and wages
                                                                                                         -----------------------
28                Payroll taxes
                                                                                                         -----------------------
29                Real and personal property taxes
                                                                                                         -----------------------
30                Income taxes
                                                                                                         -----------------------
31                Notes payable (short term)
                                                                                                         -----------------------
32                Accounts payable (trade)                                         A
                                                                                                         -----------------------
33                Real property lease arrearage
                                                                                                         -----------------------
34                Personal property lease arrearage
                                                                                                         -----------------------
35                Accrued professional fees                                                                            $322,974
                                                                                                         -----------------------
36                Current portion of long-term debt (due within 12 months)
                                                                                                         -----------------------
37                Other:
                                    -------------------------------------------                          -----------------------
38                   Unearned Deposit for legal fees                                                                    $25,000
                     ----------------------------------------------------------                          -----------------------
39
                     ----------------------------------------------------------                          -----------------------

40                TOTAL CURRENT LIABILITIES                                                                            $347,974
                                                                                                         -----------------------

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

42                TOTAL POST-PETITION LIABILITIES                                                                      $347,974
                                                                                                         -----------------------

         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                                                                                  $5,715,009
                                                                                                         -----------------------

      EQUITY (DEFICIT)

48                   Preferred Stock                                                                                    $80,000
                     ----------------------------------------------------------                          -----------------------
49                   Common Stock                                                                                       $28,846
                     ----------------------------------------------------------                          -----------------------
50                   Additional Paid-In Capital                                                                     $18,461,441
                     ----------------------------------------------------------                          -----------------------
51                   Accumulated Deficit                                                                           ($21,129,367)
                     ----------------------------------------------------------                          -----------------------
52            Market value adjustment                                                                                  ($34,743)
                                                                                                         -----------------------
53                TOTAL EQUITY (DEFICIT)                                                                            ($2,593,823)
                                                                                                         -----------------------


54                TOTAL LIABILITIES AND EQUITY (DEFICIT)                                                             $3,121,186
                                                                                                         =======================
</TABLE>

<PAGE>

                                                        SCHEDULES
                                                   (GENERAL BUSINESS CASE)
                                                       ($         )
                                                          --------

                                                         SCHEDULE A
                                              ACCOUNTS RECEIVABLE(NET)/PAYABLE

<TABLE>
<CAPTION>
                                                                    ACCOUNTS          ACCOUNTS PAYABLE
Receivables and Payables Ageings                                   RECEIVABLE         [POST PETITION]           POST PETITION DEBT
                                                                   ----------         ---------------           ------------------
<S>                                                             <C>                 <C>                      <C>
   0 -30 Days
                                                                 ----------------    -------------------  ---
   31-60 Days
                                                                 ----------------    -------------------
   61-90 Days                                                                                                                   $0
                                                                 ----------------    -------------------     ---------------------
   91+ Days
                                                                 ----------------    -------------------  ---
   Total accounts receivable/payable                                          $0                     $0
                                                                 ----------------    ===================
   Allowance for doubtful accounts
                                                                 ----------------
   Accounts receivable (net)                                                  $0
                                                                 ================
</TABLE>

                                                         SCHEDULE B
                                               INVENTORY/COST OF GOODS SOLD

<TABLE>
<CAPTION>
TYPES AND AMOUNT OF INVENTORY(IES)                            COST OF GOODS SOLD
- ----------------------------------                            ------------------
<S>                               <C>                      <C>                                     <C>
                                         INVENTORY(IES)       Inventory Beginning of Month
                                           BALANCE AT                                                   -----------------------
                                          END OF MONTH        Add -
                                          ------------
Retail/Restaurants -                                                  Net purchases
                                                                                                        -----------------------
   Product for resale                                                 Direct labor
                                      ---------------------                                             -----------------------
                                                                      Manufacturing overhead
                                                                                                        -----------------------
Distribution -                                                        Freight in
                                                                                                        -----------------------
   Product for resale                                                 Other:
                                      ---------------------

                                                                      ------------------------          -----------------------
Manufacturer -
                                                                      ------------------------          -----------------------
   Raw materials
                                      ---------------------
   Work-in-progress                                           Less -
                                      ---------------------
   Finished goods                                                     Inventory End of Month
                                      ---------------------                                             -----------------------
                                                                      Shrinkage
                                                                                                        -----------------------
Other -                                                               Personal Use
                                      ---------------------                                             -----------------------
   Explain
            -----------------------
                                                              Cost of Goods Sold                                          $0
   --------------------------------                                                                     =======================

        TOTAL                                           $0
                                      =====================
</TABLE>

<TABLE>
<CAPTION>
METHOD OF INVENTORY CONTROL                                          INVENTORY VALUATION METHODS
- ---------------------------                                          ---------------------------
<S>                                                                 <C>
Do you have a functioning perpetual inventory system?                Indicate by a checkmark method of inventory valuation used.
                       Yes             No
                           ---            ---
How often do you take a complete physical inventory?                 Valuation methods -
                                                                             FIFO cost
                                                                                                     -------------------
   Weekly                                                                    LIFO cost
                           ---                                                                       -------------------
   Monthly                                                                   Lower of cost or
                           ---
   Quarterly                                                                     market
                           ---                                                                       -------------------
   Semi-annually                                                             Retail method
                           ---                                                                       -------------------
   Annually
                           ---
                                                                             Other -
                                                                                                     -------------------
Date of last physical inventory was          Unknown                             Explain
                                             ---------------------

                                                                                 ----------------------------------------------
Date of next physical inventory is           N/A
                                             ---------------------               ----------------------------------------------
</TABLE>

<PAGE>


                                                                 SCHEDULE C
                                                                REAL PROPERTY
<TABLE>
<CAPTION>
DESCRIPTION                                                                           COST                    MARKET VALUE
- -----------                                                                           ----                    ------------
<S>                                                                            <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
                                                                                ===================       =======================


                                                         SCHEDULE E
                                                  PRE-PETITION LIABILITIES
                                                                                      CLAIMED                     ALLOWED
LIST TOTAL CLAIMS FOR EACH CLASSIFICATION -                                           AMOUNT                    AMOUNT (b)
- -------------------------------------------                                           ------                    ----------
   Secured claims  (a)
                                                                                -------------------       -----------------------
   Priority claims other than taxes
                                                                                -------------------       -----------------------
   Priority tax claims                                                                    $101,776
                                                                                -------------------       -----------------------
   General unsecured claims                                                             $5,265,259
                                                                                -------------------       -----------------------

   (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.
</TABLE>

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

<PAGE>

                                              STATEMENT OF OPERATIONS
                                              (GENERAL BUSINESS CASE)

                                  FOR THE MONTH ENDED         March, 2000
                                                          ---------------------
                                             $
                                                ---------------
<TABLE>
<CAPTION>
             CURRENT MONTH                                                                            CUMULATIVE     NEXT MONTH
- -------------------------------------                                                               (CASE TO DATE)   FORECAST
  ACTUAL       FORECAST     VARIANCE                                                                --------------   --------
  ------       -------      --------
<S>           <C>         <C>          <C>                                                         <C>              <C>
                                             REVENUES
                                  $0       1  Gross Sales                                                 $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                                               $4,340
- ----------    ---------    ----------         ---------------------------------------------------    ------------    ---------
                                  $0       9  Insurance Settlement                                      $130,000
- ----------    ---------    ----------         ---------------------------------------------------    ------------    ---------

       $0           $0            $0      10      TOTAL REVENUES                                         $73,161           $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                                              $2,303
- ----------    ---------    ----------                                                                ------------    ---------
                                  $0      19  Other Selling
- ----------    ---------    ----------                                                                ------------    ---------
                                  $0      20  Other Administrative                                        $2,587
- ----------    ---------    ----------                                                                ------------    ---------
                                  $0      21  Write-off Investment Subs                                 $112,618
- ----------    ---------    ----------                                                                ------------    ---------
                                          22  Other Expenses:
                                  $0      23  Storage Rental                                              $6,045
- ----------    ---------    ----------         ---------------------------------------------------    ------------    ---------
                                  $0      24  Accounting                                                  $1,510
- ----------    ---------    ----------         ---------------------------------------------------    ------------    ---------
                                  $0      25  Press Release                                                 $725
- ----------    ---------    ----------         ---------------------------------------------------    ------------    ---------
                                  $0      26  Telecommunications                                          $5,015
- ----------    ---------    ----------         ---------------------------------------------------    ------------    ---------
     $677                      ($677)     27  SEC Reporting                                              $11,703
- ----------    ---------    ----------         ---------------------------------------------------    ------------    ---------
                                  $0      28  Litigation Costs                                            $1,193
- ----------    ---------    ----------         ---------------------------------------------------    ------------    ---------
                                  $0      29  Write-off of Accounts Receivable                           $55,156
- ----------    ---------    ----------         ---------------------------------------------------    ------------    ---------
                                  $0      30  Writedown of Notes Receivable                           $2,000,000
- ----------    ---------    ----------         ---------------------------------------------------    ------------    ---------

     $677           $0         ($677)     31      TOTAL EXPENSES                                      $2,198,855           $0
- ----------    ---------    ----------                                                                ------------    ---------

    ($677)          $0         ($677)     32 SUBTOTAL                                                ($2,125,694)          $0
- ----------    ---------    ----------                                                                -------------   ---------

                                             REORGANIZATION ITEMS
  $18,660                   ($18,660)     33  Professional Fees                                         $440,300
- ----------    ---------    ----------                                                                ------------    ---------
                                  $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
- ----------    ---------    ----------                                                                ------------    ---------
                                  $0      37  US Trustee Fees                                             $3,250
- ----------    ---------    ----------         ---------------------------------------------------    ------------    ---------
                                  $0      38  Loss from Sale of Investments                             $220,000
- ----------    ---------    ----------         ---------------------------------------------------    ------------    ---------

  $18,660           $0      ($18,660)     39      TOTAL REORGANIZATION ITEMS                            $658,958           $0
- ----------    ---------    ----------                                                                ------------    ---------

 ($19,337)          $0      ($19,337)     40  NET PROFIT (LOSS) BEFORE FEDERAL & STATE TAXES         ($2,784,652)          $0
- ---------    ---------    ----------                                                                 ------------    ---------
                                  $0      41  Federal & State Income Taxes
- ----------    ---------    ----------                                                                ------------    ---------

 ($19,337)          $0      ($19,337)     42  NET PROFIT (LOSS)                                       ($2,784,652)         $0
==========    =========    ==========                                                                =============   =========

EXPLANATION OF VARIANCE TO STATEMENT OF OPERATIONS
(FOR VARIANCES GREATER THAN +/- 10% ONLY)


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


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


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


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


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

<PAGE>

                           SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS
                                       (GENERAL BUSINESS CASE)

                              FOR THE MONTH ENDED      March, 2000
                                                  ----------------------



<TABLE>
<S>                                                                                                        <C>
CASH BALANCE BEGINNING OF MONTH                                                                                          $121,863
                                                                                                            ----------------------

CASH RECEIPTS  (1)                                                                                                             $0
                                                                                                            ----------------------

CASH DISBURSEMENTS  (1)                                                                                                      $677
                                                                                                            ----------------------

EXCESS (DEFICIENCY) OF RECEIPTS OVER DISBURSEMENTS                                                                          ($677)
                                                                                                            ----------------------

CASH BALANCE END OF MONTH                                                                                                $121,186
                                                                                                            ======================
</TABLE>


<TABLE>
<CAPTION>
RECAPITULATION OF FUNDS HELD AT END OF MONTH
- --------------------------------------------
                                                               ACCOUNT 1                ACCOUNT 2                 ACCOUNT 3
                                                               ---------                ---------                 ---------
<S>                                                     <C>                       <C>                      <C>
BANK                                                     Wells Fargo               Mallesons Stephen        Murray & Murray
                                                         ----------------------    ---------------------    ----------------------
ACCOUNT TYPE                                             Checking                  Trust Account            Trust Account
                                                         ----------------------    ---------------------    ----------------------
ACCOUNT NO.                                              0114-458243
                                                         ----------------------    ---------------------    ----------------------
ACCOUNT PURPOSE                                          General                   Litigation Trust         Deposit Trust
                                                         ----------------------    ---------------------    ----------------------

BALANCE, END OF MONTH                                                  $70,013                  $26,173                   $25,000
                                                         ----------------------    ---------------------    ----------------------

TOTAL FUNDS ON HAND FOR ALL ACCOUNTS                                  $121,186
                                                         ======================
</TABLE>


(1) Excluding bank transfers between your accounts.


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