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Previous: TAL WIRELESS NETWORKS INC, 8-K, 2000-06-06 |
Next: SHIRE PHARMACEUTICALS GROUP PLC, S-3, 2000-06-06 |
<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 April, 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) $119,905 $121,186 $245,867
----------------- ------------------ -----------------
Total Assets (Market Value) $3,119,905 $3,121,186 $5,665,985
----------------- ------------------ -----------------
Current Liabilities $362,048 $347,974 $0
----------------- ------------------ -----------------
Total Liabilities $5,729,083 $5,715,009 $5,467,035
----------------- ------------------ -----------------
</TABLE>
<TABLE>
<CAPTION>
PETITION
CURRENT PRIOR DATE TO
3. STATEMENT OF CASH RECEIPTS & DISBURSEMENTS FOR MONTH MONTH MONTH MONTH END
----- ----- ---------
<S> <C> <C> <C>
a. Total Receipts $0 $0 $285,557
----------------- ------------------ -----------------
b. Total Disbursements $1,281 $677 $182,133
----------------- ------------------ -----------------
c. Excess (Deficiency) of Receipts Over Disbursements (a - b) ($1,281) ($677) $103,424
----------------- ------------------ =================
d. Cash Balance Beginning of Month $121,186 $121,863
----------------- ------------------
e. Cash Balance End of Month (c + d) $119,905 $ 121,186
================= ==================
</TABLE>
<TABLE>
<CAPTION>
4. POST-PETITION LIABILITIES & RECEIVABLES RECEIVABLES LIABILITIES
----------- -----------
<S> <C> <C>
Balance at End of Previous Month $0 $347,974
----------------- -----------------
Balance at End of Current Month $0 $362,048
----------------- -----------------
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) $0
-----------------
</TABLE>
<TABLE>
<CAPTION>
YES NO
--- --
<S> <C> <C>
6. Are all federal, state, and local taxes current? (if no, attach
schedule of unpaid items) X
------------------ -----------------
7. Have any payments been made to pre-petition creditors, other than
payments in the normal course to secured creditors or lessors? (if
yes, attach listing including date of payment, amount of payment and name
of payee) X
------------------ -----------------
8. Have any payments been made to officers, insiders, shareholders, relatives?
(if yes, attach listing including date of payment, amount and reason for
payment, and name of payee) X
------------------ -----------------
9. Have any payments been made to professionals? (if yes, attach listing
including date of payment, amount of payment and name of payee) X
------------------ -----------------
10. If you answered yes to line 7, 8, or 9, were all such payments
approved by the court? #N/A
------------------ -----------------
11. Is the estate insured for replacement cost of assets and for general
liability? N/A
------------------ -----------------
12. Are U.S. Trustee quarterly fees current? X
------------------ -----------------
</TABLE>
I declare under penalty of perjury that I have reviewed the above summary
and attached financial statements, and after making reasonable inquiry
believe that these documents are correct.
Date: May 27, 2000 Richard J Redett
------------- ---------------------------------------------
Responsible Individual
Effective 1/1/95
<PAGE>
BALANCE SHEET
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED April, 2000
---------------
($_______)
ASSETS
<TABLE>
<CAPTION>
FROM SCHEDULES MARKET VALUE
-------------- ------------
<S> <C> <C>
CURRENT ASSETS
1 Cash and cash equivalents - unrestricted $119,905
------------------------
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 $119,905
------------------------
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 $3,119,905
========================
</TABLE>
NOTE:
Indicate the method used to estimate the market value of assets (e.g.,
appraisals; familiarity with comparable market prices, etc.) and
the date the value was determined.
-------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Effective 1/1/95
<PAGE>
LIABILITIES AND EQUITY
(GENERAL BUSINESS CASE)
($_________)
<TABLE>
<CAPTION>
LIABILITIES FROM SCHEDULES
POST-PETITION --------------
<S> <C> <C>
CURRENT LIABILITIES
27 Salaries and wages
------------------------
28 Payroll taxes
------------------------
29 Real and personal property taxes
------------------------
30 Income taxes
------------------------
31 Notes payable (short term)
------------------------
32 Accounts payable (trade) A
------------------------
33 Real property lease arrearage
------------------------
34 Personal property lease arrearage
------------------------
35 Accrued professional fees $337,048
------------------------
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 $362,048
------------------------
41 LONG-TERM DEBT, NET OF CURRENT PORTION
------------------------
42 TOTAL POST-PETITION LIABILITIES $362,048
------------------------
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 $5,729,083
------------------------
EQUITY (DEFICIT)
48 Preferred Stock $80,000
--------------------------------------------------------------- ------------------------
49 Common Stock $28,846
--------------------------------------------------------------- ------------------------
50 Additional Paid-In Capital $18,461,441
--------------------------------------------------------------- ------------------------
51 Accumulated Deficit ($21,144,722)
--------------------------------------------------------------- ------------------------
52 Market value adjustment ($34,743)
------------------------
53 TOTAL EQUITY (DEFICIT) ($2,609,178)
------------------------
54 TOTAL LIABILITIES AND EQUITY (DEFICIT) $3,119,905
========================
</TABLE>
Effective 1/1/95
<PAGE>
SCHEDULES
(GENERAL BUSINESS CASE)
($________)
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 -
-------------------- Inventory End of Month
Finished goods ------------------------
-------------------- 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 Indicate by a checkmark method of inventory
inventory system? valuation used.
Yes No
---- ---
How often do you take a complete physical Valuation methods -
inventory?
FIFO cost
--------------------
Weekly LIFO cost
---- --------------------
Monthly Lower of cost or
---- market
Quarterly
---- --------------------
Semi-annually Retail method
---- --------------------
Annually
----
Other -
--------------------
Date of last physical inventory was Unknown Explain
----------------------
-----------------------------------------------
Date of next physical inventory is N/A
---------------------- -----------------------------------------------
</TABLE>
Effective 1/1/95
<PAGE>
SCHEDULE C
REAL PROPERTY
<TABLE>
<CAPTION>
DESCRIPTION COST MARKET VALUE
----------- ---- ------------
<S> <C> <C>
None
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
TOTAL $0 $0
==================== ========================
</TABLE>
<TABLE>
<CAPTION>
SCHEDULE D
OTHER DEPRECIABLE ASSETS
DESCRIPTION COST MARKET VALUE
----------- ---- ------------
<S> <C> <C>
MACHINERY & EQUIPMENT -
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
TOTAL $0 $0
==================== ========================
FURNITURE & FIXTURES -
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
TOTAL $0 $0
==================== ========================
OFFICE EQUIPMENT -
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
TOTAL $0 $0
==================== ========================
LEASEHOLD IMPROVEMENTS -
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
TOTAL $0 $0
==================== ========================
VEHICLES -
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
------------------------------------------------------------------------ -------------------- ------------------------
TOTAL $0 $0
==================== ========================
</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.
SCHEDULE F
Effective 1/1/95
<PAGE>
STATEMENT OF OPERATIONS
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED April, 2000
----------------
$__________
<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 $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
--------------- ----------- ----------- ------------- ----------
$231 ($231) 18 Other Taxes $2,534
--------------- ----------- ----------- ------------- ----------
$0 19 Other Selling
--------------- ----------- ----------- ------------- ----------
$461 ($461) 20 Other Administrative $3,048
--------------- ----------- ----------- ------------- ----------
$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
--------------- ----------- ----------- ------------------------------------------ ------------- ----------
$339 ($339) 27 SEC Reporting $12,042
--------------- ----------- ----------- ------------------------------------------ ------------- ----------
$0 28 Litigation Costs $1,193
--------------- ----------- ----------- ------------------------------------------ ------------- ----------
$0 29 Write-off of Accounts Receivable $55,156
--------------- ----------- ----------- ------------------------------------------ ------------- ----------
$0 30 Writedown of Notes Receivable $2,000,000
--------------- ----------- ----------- ------------------------------------------ ------------- ----------
$1,031 $0 ($1,031) 31 TOTAL EXPENSES $2,199,886 $0
--------------- ----------- ----------- ------------- ----------
($1,031) $0 ($1,031) 32 SUBTOTAL ($2,126,725) $0
--------------- ----------- ----------- ------------- ----------
REORGANIZATION ITEMS
$14,072 ($14,072) 33 Professional Fees $454,372
--------------- ----------- ----------- ------------- ----------
$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 $3,500
--------------- ----------- ----------- ------------------------------------------ ------------- ----------
$0 38 Loss from Sale of Investments $220,000
--------------- ----------- ----------- ------------------------------------------ ------------- ----------
$14,322 $0 ($14,322) 39 TOTAL REORGANIZATION ITEMS $673,280 $0
--------------- ----------- ----------- ------------- ----------
($15,353) $0 ($15,353) 40 NET PROFIT (LOSS) BEFORE FEDERAL & STATE TAXES ($2,800,005) $0
--------------- ----------- ----------- ------------- ----------
$0 41 Federal & State Income Taxes
--------------- ----------- ----------- ------------- ----------
($15,353) $0 ($15,353) 42 NET PROFIT (LOSS) ($2,800,005) $0
=============== =========== =========== ============= ==========
</TABLE>
EXPLANATION OF VARIANCE TO STATEMENT OF OPERATIONS
(FOR VARIANCES GREATER THAN +/- 10% ONLY)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Effective 1/1/95
<PAGE>
SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED April, 2000
---------------------
<TABLE>
<S> <C>
CASH BALANCE BEGINNING OF MONTH $121,186
----------------------
CASH RECEIPTS (1) $0
----------------------
CASH DISBURSEMENTS (1) $1,281
----------------------
EXCESS (DEFICIENCY) OF RECEIPTS OVER DISBURSEMENTS ($1,281)
----------------------
CASH BALANCE END OF MONTH $119,905
======================
</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 Murray & Murray
--------------------- --------------------- ----------------------
ACCOUNT TYPE Checking Trust Account Trust Account
--------------------- --------------------- ----------------------
ACCOUNT NO. 0114-458243
--------------------- --------------------- ----------------------
ACCOUNT PURPOSE General Litigation Trust Deposit Trust
--------------------- --------------------- ----------------------
BALANCE, END OF MONTH $68,732 $26,173 $25,000
--------------------- --------------------- ----------------------
TOTAL FUNDS ON HAND FOR ALL ACCOUNTS $119,905
=====================
</TABLE>
(1) Excluding bank transfers between your accounts.
Effective 1/1/95
|
|