8-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2002

WORLD ACCESS, INC.
(Exact Name of Registrant as Specified in Charter)

Delaware	0-29782	58-2398004
(State of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

945 E. Paces Ferry Road, Suite 2200
Atlanta, Georgia 30326
(Address of principal executive offices, including zip code)

(404) 231-2025
(Registrant’s telephone number, including area code)

TABLE OF CONTENTS

	Item 3. Bankruptcy or Receivership.
	Item 7. Financial Statements and Exhibits
SIGNATURE
EX-99.1 Monthly Operating Reports of World Access
EX-99.2 Monthly Operating Reports of WA Telcom
EX-99.3 Monthly Operating Reports of World Access
EX-99.4 Monthly Operating Reports of FaciliCom
EX-99.5 Monthly Operating Reports of WorldxChange

Item 3. Bankruptcy or Receivership.

     On April 24, 2001, World Access, Inc. filed voluntary petitions for Chapter 11 relief in the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division (the “Court”), on behalf of itself and certain of its U.S. subsidiaries, including FaciliCom International, L.L.C., WA Telcom Products Co., Inc., World Access Telecommunications Group, Inc. and WorldxChange Communications, Inc. (collectively, the “Subsidiaries”).

     Copies of the Monthly Operating Reports for World Access and each of the Subsidiaries for the months of January 2002, February 2002 and March 2002 are attached to this Report as Exhibits 99.1 through 99.5. The financial information in these reports is unaudited and has not been reviewed by an independent accountant.

Item 7. Financial Statements and Exhibits

(c)  Exhibits.

Exhibit
Number	Description
99.1	Monthly Operating Reports of World Access, Inc.
99.2	Monthly Operating Reports of WA Telcom Products Co., Inc.
99.3	Monthly Operating Reports of World Access Telecommunications Group.
99.4	Monthly Operating Reports of FaciliCom International, L.L.C.
99.5	Monthly Operating Reports of WorldxChange Communications.

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the undersigned hereunto duly authorized.

		WORLD ACCESS, INC
Date: August 5, 2002	By:	/s/ Henry C. Lyon
		Henry C. Lyon Vice President and Chief Accounting Officer

EX-99.1 3 g77047exv99w1.txt EX-99.1 MONTHLY OPERATING REPORTS OF WORLD ACCESS EXHIBIT 99.1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: January 31, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $27,550,400.98 Add/(Subtract) Reconciliation Errors $ (102,242.94) -------------- Adjusted beginning balance in all accounts $27,448,158.04 RECEIPTS: 1. Receipts from Operations $ -- 2. Other Receipts $ 84,801.81 Other receipts (Received on behalf of Affiliates) $ 182,220.26 -------------- TOTAL RECEIPTS $ 267,022.07 DISBURSEMENTS 3. Net Payroll a. Officers $ 50,873.24 b. Others $ 110,681.43 4. Taxes a. Federal Income Taxes $ 47,467.95 b. FICA Withholdings $ 18,310.89 c. Employee's withholdings $ -- d. Employer's FICA $ 18,310.88 e. Federal Unemployment Taxes $ 821.55 f. State Income Tax $ 8,680.03 g. State Employee withholdings $ 509.27 h. All other state taxes $ 3,710.62 5. Necessary Expenses a. Rent or mortgage payment(s) $ -- b. Utilities $ 12,974.70 c. Insurance $ 2,639.00 d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses Professional and Bankruptcy Court Related Fees and Expenses $ 671,636.16 Employee Expenses $ 11,437.11 Office Supplies & Expenses $ 3,406.76 Other $ 4,087.00 -------------- TOTAL DISBURSEMENTS $ 965,546.59 Add: Disbursements made on behalf of Parent or Affiliates $ 212,180.95 -------------- ADJUSTED TOTAL DISBURSEMENTS $ 1,177,727.54 -------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (910,705.47) NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group $ -- NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C $ -- NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc. $ -- NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange $ -- -------------- NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD $ -- -------------- ENDING BALANCE IN Bank of America - Master 03751046297 $ 300,691.82 ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ (129,764.42) ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 83,699.01 ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 101,588.24 ENDING BALANCE IN Bank of America - Unemp. Benefit 03751255062 $ 9,800.57 ENDING BALANCE IN Bank of America - Flex Spending 03751039615 $ 2,131.71 ENDING BALANCE IN Bank of America - Money Market 851018 $19,712,268.04 ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,118,641.69 ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95 ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 71.96 ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00 -------------- ENDING BALANCE IN ALL ACCOUNTS $26,537,452.57 ============== OPERATING REPORT Page 1 IN THE UNITED STATES COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: January 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Master Account Account Number: 03751046297

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 1/16/2002 Radiant Telecom (FCI Receivable) $125,000.00 1/16/2002 Texcom USA (FCI Receivable) $ 8,500.00 1/16/2002 Aprize Satellite (Cobra) $ 493.84 1/16/2002 GA Dept. of Revenue (WXC Refund) $ 497.00 1/16/2002 Martha Hernandez (Cobra) $ 223.07 1/16/2002 Daniel Menken (Cobra) $ 664.14 1/16/2002 Utility.com (FCI Receivable) $ 15,464.64 1/16/2002 State of Maryland (2000 Refund) $ 37,715.87 1/16/2002 GA Dept. of Revenue (2000 Refund) $ 730.00 1/16/2002 Stancorp Financial Group (WXC Dividend) $ 12.08 1/16/2002 Metlife (Interest Disbursement) $ 2.00 1/16/2002 American Express (Deposit refund) $ 200.00 1/16/2002 U.S. Treasury (Cherry Comm. Refund) $ 15,876.29 1/16/2002 Europa Telecommunications (FCI Receivable) $ 16,870.25 ----------- Total $222,249.18 Less: Receipts from or on behalf of Parent or Affiliates Facilicom International, LLC 1/16/2002 Radiant Telecom (FCI Receivable) $125,000.00 1/16/2002 Texcom USA (FCI Receivable) $ 8,500.00 1/16/2002 Utility.com (FCI Receivable) $ 15,464.64 1/16/2002 U.S. Treasury (Cherry Comm. - FCI) $ 15,876.29 1/16/2002 Europa Telecommunications (FCI Receivable) $ 16,870.25 Worldxchange 1/16/2002 GA Dept. of Revenue (WXC Refund) $ 497.00 1/16/2002 Stancorp Financial Group (WXC Dividend) $ 12.08 ----------- 182,220.26 ----------- Total WAXS Receipts 40,028.92 ===========

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: January 31, 2002 Bank: Wells Fargo Location: Minneapolis, MN Account Name: Restricted Cash Account Number: 699-3295970

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 1/31/2002 Interest Received $ 0.01 ------ Total WAXS Receipts $ 0.01 ======

OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: January 31, 2002 Bank: Bank of America (Nations Funds) Location: Charlotte, NC Account Name: Money Market Account Number: 851018

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 1/31/2002 Interest Received - Strat Cash Fund $ 33,549.65 1/31/2002 Interest Received - Money Market Fund $ 2,170.82 ----------- Total WAXS Receipts $ 35,720.47 ===========

OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: January 31, 2002 Bank: Deutsche Bank Alex. Brown Location: Baltimore, MD Account Name: Investment Account Account Number: 206-19648

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 1/31/2001 Interest Received $ 9,052.41 ---------- Total WAXS Receipts $ 9,052.41 ==========

OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Master Account Account Number: 03751046297

DATE DISBURSED DESCRIPTION AMOUNT - -------------- ----------- ------ 1/2/2002 Mike Mies (Wire payroll - check lost) $5,193.96 1/3/2002 Bank Fee $ 30.00 1/7/2002 Ascom Hasler (Postage) $ 500.00 1/28/2002 Ascom Hasler (Postage) $ 500.00 --------- Total WAXS Disbursements $6,223.96 =========

OPERATING REPORT Page 6 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 1/4/2002 34785 CT Corporation (Registration Fees - FL/NY) $ 1,059.50 1/4/2002 34786 Debra Dawn, ESQ. (Filing Fee Reimbursal) $ 2,508.61 1/4/2002 34787 Mark Warner (Contract Tax) $ 1,105.00 1/5/2002 34788 North Atl. Realty (WATP Rent) $ 30,412.76 1/11/2002 34789 Vanguard Archives (Primetec Storage) $ 33.00 1/11/2002 34790 San Diego Gas & Electric (Utilities) $ 403.60 1/11/2002 34791 Central Parking (Atl. Parking Deck) $ 385.00 1/11/2002 34792 Continental Stock & Transfer (Office Exp) $ 872.49 1/11/2002 34793 Debra Dawn, ESQ. (Filing Fee Reimbursal) $ 3,386.87 1/11/2002 34794 Federal Express (Shipping) $ 109.84 1/11/2002 34795 Gardner Carlton & Douglas (Prof. Fees) $ 13,255.34 1/11/2002 34796 Bob Holloway (Expense Reimbursement) $ 1,584.14 1/11/2002 34797 Katten Muchin & Zavis (Prof. Fees) $240,830.43 1/11/2002 34798 MCI Worldcom (Telephone) $ 2,286.32 1/11/2002 34799 MCI Worldcom (Telephone) $ 3,343.85 1/11/2002 34800 Mike Mies (Expense Reimbursement) $ 270.32 1/11/2002 34801 Milbank Tweed Hadley & McCloy (Prof. Fees) $ 31,533.22 1/11/2002 34802 Poorman-Douglas (Mailings - Prof. Fees) $ 28,552.96 1/11/2002 34803 PriceWaterhouse Coopers (Prof. Fees) $ 57,887.09 1/11/2002 34804 Kamran Saeed (Contract IT) $ 450.00 1/11/2002 34805 Velocity Express (Shipping) $ 15.44 1/11/2002 34806 Winstead Sechrest & Minick (Prof. Fees) $ 1,688.13 1/11/2002 34807 Pacific Bell (Telephone) $ 1,307.81 1/11/2002 34808 South Coast Building Svc (Cleaning Service) $ 462.00 1/14/2002 34809 City Treasurer (Alarm Permit) $ 95.00 1/14/2002 34810 Latham & Wadkins (Prof. Fees) $ 22,846.50 1/18/2002 34811 Airborne Express (Shipping) $ 34.78 1/18/2002 34812 Atlanta Journal Constitution (Newspaper Sub.) $ 72.69 1/18/2002 34813 Debra Dawn, ESQ. (Filing Fee Reimbursal) $ 1,814.56 1/18/2002 34814 Delaware Sec. Of State (Annual Franchise Fee) $ 107.50 1/18/2002 34815 Federal Express (Shipping) $ 247.98 1/18/2002 34816 GE Capital (Copier Lease) $ 575.72 1/18/2002 34817 MCI Worldcom (Telephone) $ 777.05 1/18/2002 34818 Nextel Communications (Telephone) $ 2,375.33 1/18/2002 34819 Kamran Saeed (Contract IT) $ 450.00 1/18/2002 34820 Sean Moore (Contract IT) $ 425.00 1/25/2002 34821 Vanguard Archives (Primetec Storage) $ 641.48 1/25/2002 34822 COS Financial (FCI - Fax Lease) $ 140.64 1/25/2002 34823 Coleman Technologies (Internet Access) $ 150.00 1/25/2002 34824 Debra Dawn, ESQ. (Filing Fee Reimbursal) $ 754.74 1/25/2002 34825 Federal Express (Shipping) $ 202.63 1/25/2002 34826 IBM Corporation (Help Desk Fees) $ 15,275.81 1/25/2002 34827 Judco Mgmt (FCI - JD Edwards Access) $ 8,625.00 1/25/2002 34828 Liberty Mutual (Insurance) $ 2,639.00 1/25/2002 34829 Henry Lyon (Expense Reimbursements) $ 732.87 1/25/2002 34830 MCI Worldcom (Telephone) $ 503.71 1/25/2002 34831 Kamran Saeed (Contract IT) $ 450.00

OPERATING REPORT Page 7 Page 1 of 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 1/25/2002 34832 BellSouth (Telephone) $ 1,977.03 1/29/2002 34834 Katten Muchin & Zavis (Prof. Fees) $276,730.62 1/28/2002 34833 New Jersey Dept. of Revenue (WXC Tax) $ 51,788.79 1/31/2002 34835 City of Alameda (WXC Tax) $ 130.51 1/31/2002 34836 City of Alameda (WXC Tax) $ 125.51 1/31/2002 34837 City of Albany (WXC Tax) $ 35.17 1/31/2002 34838 City of Alhambra (WXC Tax) $ 140.73 1/31/2002 34839 City of Arcadia (WXC Tax) $ 62.91 1/31/2002 34840 Arizona Dept. of Revenue (WXC Tax) $ 665.99 1/31/2002 34841 City of Arvada (WXC Tax) $ 137.41 1/31/2002 34842 City of Baldwin (WXC Tax) $ 25.35 1/31/2002 34843 City of Bellflo (WXC Tax) $ 26.44 1/31/2002 34844 City of Berkeley (WXC Tax) $ 316.78 1/31/2002 34845 City of Boulder (WXC Tax) $ 18.76 1/31/2002 34846 City of Calabas (WXC Tax) $ 27.16 1/31/2002 34847 City of Chico (WXC Tax) $ 5.14 1/31/2002 34848 City of Chula Vista (WXC Tax) $ 12.04 1/31/2002 34849 City of Claremo (WXC Tax) $ 44.28 1/31/2002 34850 Colorado Dept of Revenue (WXC Tax) $ 618.36 1/31/2002 34851 City of Commerce (WXC Tax) $ 5.17 1/31/2002 34853 City of Santa Clara (WXC Tax) $ 44.19 1/31/2002 34854 County of Santa Clara (WXC Tax) $ 13.26 1/31/2002 34855 City of Clulver (WXC Tax) $ 159.53 1/31/2002 34856 City of Cuperti (WXC Tax) $ 34.04 1/31/2002 34857 City of Dali City (WXC Tax) $ 208.74 1/31/2002 34858 City of Denver (WXC Tax) $ 58.68 1/31/2002 34859 City of El Cerr (WXC Tax) $ 115.83 1/31/2002 34860 City of El Mont (WXC Tax) $ 39.94 1/31/2002 34861 City of Emeryvillage (WXC Tax) $ 17.42 1/31/2002 34862 City of Fairfield (WXC Tax) $ 19.60 1/31/2002 34863 City of Flagstaff (WXC Tax) $ 8.03 1/31/2002 34864 City of Fontana (WXC Tax) $ 22.66 1/31/2002 34865 City of Glendale (WXC Tax) $ 73.10 1/31/2002 34866 City of Grand Junction (WXC Tax) $ 33.22 1/31/2002 34867 City of Greeley (WXC Tax) $ 32.49 1/31/2002 34868 City of Hawthorne (WXC Tax) $ 41.70 1/31/2002 34869 City of Hermosa (WXC Tax) $ 41.59 1/31/2002 34870 City of Hunting (WXC Tax) $ 60.92 1/31/2002 34871 City of Inglewood (WXC Tax) $ 153.12 1/31/2002 34872 Kansas Dept. of Revenue (WXC Tax) $ 2,676.34 1/31/2002 34873 City of Lafayette (WXC Tax) $ 63.25 1/31/2002 34874 City of La Habr (WXC Tax) $ 10.69 1/31/2002 34875 City of Lawndale (WXC Tax) $ 23.51 1/31/2002 34876 City of Littleton (WXC Tax) $ 9.26 1/31/2002 34877 City of Long Beach (WXC Tax) $ 436.41 1/31/2002 34878 City of Los Alamos (WXC Tax) $ 7.26 1/31/2002 34879 City of Los Angeles (WXC Tax) $ 9,382.70 1/31/2002 34880 County of Los Angeles (WXC Tax) $ 481.57

OPERATING REPORT Page 7 Page 2 of 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 1/31/2002 34881 City of Loveland (WXC Tax) $ 20.92 1/31/2002 34882 City of Malibu (WXC Tax) $ 17.48 1/31/2002 34883 Commonwealth of Kentucky (WXC Tax) $ 18,618.72 1/31/2002 34884 City of Mesa (WXC Tax) $ 7.07 1/31/2002 34885 State of Michigan (WXC Tax) $ 5,852.52 1/31/2002 34886 Minnesota Dept. of Revenue (WXC Tax) $ 1,556.61 1/31/2002 34887 State of Mississippi (WXC Tax) $ 1,022.51 1/31/2002 34888 City of Montreal (WXC Tax) $ 38.16 1/31/2002 34890 City of Santa M (WXC Tax) $ 379.60 1/31/2002 34891 City of Mountai (WXC Tax) $ 19.58 1/31/2002 34892 State of New Hampshire (WXC Tax) $ 2,055.79 1/31/2002 34893 City of Northgl (WXC Tax) $ 48.80 1/31/2002 34894 City of Norwalk (WXC Tax) $ 67.67 1/31/2002 34895 City of Oakland (WXC Tax) $ 653.04 1/31/2002 34896 State of Ohio (WXC Tax) $ 10,003.37 1/31/2002 34897 City of Palo Alto (WXC Tax) $ 23.11 1/31/2002 34898 City of Paramount (WXC Tax) $ 6.33 1/31/2002 34899 City of Pasadena (WXC Tax) $ 318.74 1/31/2002 34900 PA Department of Revenue (WXC Tax) $ 11,000.89 1/31/2002 34901 City of Phoenix (WXC Tax) $ 78.70 1/31/2002 34902 City of Pomona (WXC Tax) $ 88.16 1/31/2002 34903 City of Prescot (WXC Tax) $ 7.85 1/31/2002 34904 City of Pueblo (WXC Tax) $ 24.88 1/31/2002 34905 City of Redondo (WXC Tax) $ 81.29 1/31/2002 34906 City of Redmond (WXC Tax) $ 14.27 1/31/2002 34907 State of Rhode Island (WXC Tax) $ 1,403.67 1/31/2002 34908 City of Richmond (WXC Tax) $ 311.13 1/31/2002 34909 City of Riverside (WXC Tax) $ 19.81 1/31/2002 34910 City of Santa R (WXC Tax) $ 6.56 1/31/2002 34911 City of San Bernadino (WXC Tax) $ 17.56 1/31/2002 34912 City of San Bue (WXC Tax) $ 8.04 1/31/2002 34913 City of Sacramento (WXC Tax) $ 495.17 1/31/2002 34914 County of Sacramento (WXC Tax) $ 281.85 1/31/2002 34915 City/Cnty of San (WXC Tax) $ 95.97 1/31/2002 34916 City of San Mar (WXC Tax) $ 8.43 1/31/2002 34917 City of San Lea (WXC Tax) $ 51.07 1/31/2002 34918 City of Santa B (WXC Tax) $ 10.61 1/31/2002 34919 City of Seal Be (WXC Tax) $ 8.74 1/31/2002 34920 City of Stanton (WXC Tax) $ 12.57 1/31/2002 34921 City of Stockton (WXC Tax) $ 133.86 1/31/2002 34922 City of Sunnyville (WXC Tax) $ 16.02 1/31/2002 34923 Tennessee Dept. of Revenue (WXC Tax) $ 5,272.54 1/31/2002 34924 Comptroller of Texas (WXC Tax) $ 3,823.67 1/31/2002 34925 State Treasurer (WXC Tax) $ 20,308.12 1/31/2002 34926 City of Torrance (WXC Tax) $ 143.51 1/31/2002 34927 City of Tucson (WXC Tax) $ 39.10 1/31/2002 34928 Utah State Tax (WXC Tax) $ 687.70 1/31/2002 34929 City of Vallejo (WXC Tax) $ 48.98

OPERATING REPORT Page 7 Page 3 of 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 1/31/2002 34930 State of Vermont (WXC Tax) $ 636.24 1/31/2002 34931 City of Westminster (WXC Tax) $ 18.34 1/31/2002 34932 City of Woodland (WXC Tax) $ 5.54 ----------- Total $916,715.77 Less: Disbursements made to or on behalf of Parent or Affiliates. WA Telecom Products Co., Inc. 1/5/2002 34788 North Atl. Realty (WATP Rent) $ 30,412.76 1/18/2002 34816 GE Capital (Copier Lease) $ 575.72 Facilicom 1/25/2002 34822 COS Financial (FCI - Fax Lease) $ 140.64 1/25/2002 34827 Judco Mgmt (FCI - JD Edwards Access) $ 8,625.00 World Access Telecommunication Group, Inc. 1/11/2002 34789 Vanguard Archives (Primetec Storage) $ 33.00 1/11/2002 34806 Winstead Sechrest & Minick (Prof. Fees) $ 1,688.13 1/25/2002 34821 Vanguard Archives (Primetec Storage) $ 641.48 WorldxChange 1/11/2002 34808 South Coast Building Svc (Cleaning Service) $ 462.00 1/25/2002 34826 IBM Corporation (Help Desk Fees) $ 15,275.81 1/31/2002 34833 - 34932 WXC Tax Checks $154,326.41 ----------- Total Affiliate Payments $212,180.95 ----------- Total WAXS Disbursements $704,534.82 ===========

OPERATING REPORT Page 7 Page 4 of 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Payroll Account Account Number: 03299944407

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 1/3/2002 Multiple Payroll Checks $ 47,965.32 1/17/2002 Multiple Payroll Checks $ 44,338.86 1/31/2002 Multiple Payroll Checks $ 64,056.53 ----------- Total WAXS Disbursements $156,360.71 ===========

OPERATING REPORT Page 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Payroll Account Account Number: 0751301149

DATE DISBURSED DESCRIPTION AMOUNT - -------------- ----------- ------ 1/3/2002 ADP - Payroll Tax Withholdings $34,297.12 1/17/2002 ADP - Payroll Tax Withholdings $25,280.39 1/31/2002 ADP - Payroll Tax Withholdings $38,233.68 1/31/2002 ADP - Payroll Processing Fees $ 605.91 ---------- Total WAXS Disbursements $98,417.10 ==========

OPERATING REPORT Page 9 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENTS LISTING For the Month Ending: January 31, 2002 Bank: Wells Fargo Location: Minneapolis, MN Account Name: Restricted Cash Account Number: 699-3295970

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 1/31/2002 Bank Fee $10.00 ------ Total WAXS Disbursements $10.00 ======

OPERATING REPORT Page 10 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS For the Month Ending: January 31, 2002

STATEMENT OF INVENTORY - ---------------------- Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- ----------- Ending inventory $ -- ===========

PAYROLL INFORMATION STATEMENT - ----------------------------- Gross payroll for this period $259,365.86 Payroll taxes due but unpaid $ --

STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS

DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT - ----------------------- -------------- --------------- ------------------- ------------------- Xerox Corporation Monthly $ 1,247.84 8 $ 9,982.72

OPERATING REPORT Page 11 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS For the Month Ending: January 31, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL --------- ------------ ----- Beginning of month balance $ -- $11,970,519.24 $11,970,519.24 Add: sales on account $ -- $ -- $ -- expenses paid for affiliate $ -- $ 212,180.95 $ 212,180.95 cash advanced to affiliate $ -- $ -- $ -- Less: collections $ -- $ -- $ -- ---- -------------- -------------- End of month balance $ -- $12,182,700.19 $12,182,700.19 ==== ============== ==============

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ -- $ -- $ --

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)

3RD PARTY INTERCOMPANY TOTAL ------------- -------------- -------------- Beginning of month balance $1,571,200.98 $16,520,549.32 $18,091,750.30 Add: sales on account $1,199,393.87 $ -- $ 1,199,393.87 Cash received on behalf of Affiliate $ -- $ 182,220.26 $ 182,220.26 Cash received from Affiliate $ -- $ -- $ -- Less: payments $ (965,546.59) $ -- $ (965,546.59) ------------- -------------- -------------- End of month balance $1,805,048.26 $16,702,769.58 $18,507,817.84 ============= ============== ==============

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $876,629.59 $248,812.13 $154,082.83 $525,523.71 $1,805,048.26

OPERATING REPORT Page 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS For the Month Ending: January 31, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes [X] No [ ] 2. FICA withholdings Yes [X] No [ ] 3. Employee's withholdings Yes [X] No [ ] 4. Employer's FICA Yes [X] No [ ] 5. Federal unemployment taxes Yes [X] No [ ] 6. State income tax Yes [X] No [ ] 7. State employee withholdings Yes [X] No [ ] 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. OPERATING REPORT Page 13 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /s/ Henry C. Lyon ---------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 14 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: February 28, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $26,537,452.57 RECEIPTS: 1. Receipts from Operations 2. Other Receipts $ 43,900.26 Other receipts (Received on behalf of Affiliates) $ 5,046.65 -------------- TOTAL RECEIPTS $ 48,946.91 DISBURSEMENTS 3. Net Payroll a. Officers $ 96,591.31 b. Others $ 180,359.75 4. Taxes a. Federal Income Taxes $ 94,314.65 b. FICA Withholdings $ 29,140.27 c. Employee's withholdings $ 230.91 d. Employer's FICA $ 29,140.30 e. Federal Unemployment Taxes $ 118.87 f. State Income Tax $ 16,545.22 g. State Employee withholdings $ 574.15 h. All other state taxes $ 532.70 5. Necessary Expenses a. Rent or mortgage payment(s) $ 10,938.00 b. Utilities $ 13,022.12 c. Insurance $ 82,815.52 d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses Professional and Bankruptcy Court Related Fees and Expenses $ 262,556.27 Employee Expenses $ 36,602.99 Office Supplies & Expenses $ 33,389.33 Other $ 15,154.39 -------------- TOTAL DISBURSEMENTS $ 902,026.75 Add: Disbursements made on behalf of Parent or Affiliates $ 278,306.00 -------------- ADJUSTED TOTAL DISBURSEMENTS $ 1,180,332.75 -------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $(1,131,385.84) NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group $ -- NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C $ -- NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc. $ -- NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange $ -- -------------- NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD $ -- -------------- ENDING BALANCE IN Bank of America - Master 03751046297 $ 265,602.38 ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ (194,403.26) ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 1,747.95 ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 90,115.80 ENDING BALANCE IN Bank of America - Unemp. Benefit 03751255062 $ 9,800.57 ENDING BALANCE IN Bank of America - Flex Spending 03751039615 $ 2,131.71 ENDING BALANCE IN Bank of America - Money Market 851018 $18,765,898.21 ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,126,787.45 ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95 ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 61.97 ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00 -------------- ENDING BALANCE IN ALL ACCOUNTS $25,406,066.73 ============== OPERATING REPORT Page 1 IN THE UNITED STATES COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Master Account Account Number: 03751046297

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 2/8/2002 GA Department of Revenue (WAXS Inc. Tax Refund) $ 190.00 2/8/2002 Bank of America (WXC) $ 46.65 2/8/2002 Gerald Ricks (WACC Receivable) $ 5,000.00 2/8/2002 Daniel Menken (Cobra) $ 664.14 2/8/2002 Margaret Hibbeler (Cobra) $ 446.14 2/8/2002 J. Smith Lanier (Insurance Premium Adjustment Refund) $ 3,869.00 2/8/2002 Martha Hernandez (Cobra) $ 223.07 2/8/2002 Aprize Satellite (Linda Jacobsen Cobra) $ 493.84 ---------- Total $10,932.84 Less: Receipts from or on behalf of Parent or Affiliates WA Telecom Products Co., Inc. 2/8/2002 Gerald Ricks (WACC Receivable) $ 5,000.00 Worldxchange 2/8/2002 Bank of America (WXC) $ 46.65 ---------- 5,046.65 ---------- Total WAXS Receipts 5,886.19 ==========

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: February 28, 2002 Bank: Wells Fargo Location: Minneapolis, MN Account Name: Restricted Cash Account Number: 699-3295970

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 2/28/2002 Interest Received $ 0.01 ------ Total WAXS Receipts $ 0.01 ======

OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: February 28, 2002 Bank: Bank of America (Nations Funds) Location: Charlotte, NC Account Name: Money Market Account Number: 851018

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 2/28/2002 Interest Received - Strat Cash Fund $29,131.12 2/28/2002 Interest Received - Money Market Fund $ 737.18 ---------- Total WAXS Receipts $29,868.30 ==========

OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: February 28, 2002 Bank: Deutsche Bank Alex. Brown Location: Baltimore, MD Account Name: Investment Account Account Number: 206-19648

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 2/28/2002 Interest Received $8,145.76 --------- Total WAXS Receipts $8,145.76 =========

OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Master Account Account Number: 03751046297

DATE DISBURSED DESCRIPTION AMOUNT - -------------- ----------- ------ 2/5/2002 Bank Fee $ 30.00 2/11/2002 Merrill Lynch (401k Wire) $ 230.91 2/14/2002 Tele-FlexTechnologies (FCI Billing System $ 42,000.00 2/27/2002 American Express Tax & Business Svcs. (Retainer) $100,000.00 ----------- Total WAXS Disbursements $142,260.91 =========== Less: Disbursements made to or on behalf of Parent or Affiliates. Facilicom 2/14/2002 Tele-FlexTechnologies (FCI Billing System $ 42,000.00 ----------- Total Affiliate Payments $ 42,000.00 ----------- Total WAXS Disbursements $100,260.91 ===========

OPERATING REPORT Page 6 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 2/4/2002 34935 CITY OF AVONDALE $ 0.18 2/4/2002 34936 CITY OF BELL $ 0.06 2/4/2002 34937 CITY OF BRAWLEY $ 1.06 2/4/2002 34938 CITY OF BRECKEN $ 1.58 2/4/2002 34939 CITY OF BURBANK $ 191.91 2/4/2002 34940 CITY OF CANON C $ 2.32 2/4/2002 34941 CITY OF CERES $ 0.91 2/4/2002 34942 CITY OF CHANDLER $ 3.17 2/4/2002 34943 CITY OF COMPTON $ 0.89 2/4/2002 34944 CITY OF COVINA $ 54.03 2/4/2002 34945 CITY OF CUDAHY $ 1.47 2/4/2002 34946 CITY OF DELTA $ 1.06 2/4/2002 34947 CITY OF DURANGO $ 3.47 2/4/2002 34948 CITY OF EASH PA $ 2.81 2/4/2002 34949 CITY OF EL SEGU $ 0.23 2/4/2002 34950 CITY OF GLENDALE $ 1.16 2/4/2002 34951 CITY OF LA PALM $ 1.42 2/4/2002 34952 CITY OF MARINA $ 4.38 2/4/2002 34953 CITY OF MONTCLA $ 20.87 2/4/2002 34954 CITY OF MONTERE $ 1.80 2/4/2002 34955 CITY OF NOGALES $ 0.75 2/4/2002 34956 CITY OF ORANGE $ 0.24 2/4/2002 34957 CITY OF PICO RI $ 2.82 2/4/2002 34958 CITY OF PLACENT $ 1.86 2/4/2002 34959 CITY OF PORTERVILLE $ 1.20 2/4/2002 34960 CITY OF RANCHO $ 0.10 2/4/2002 34961 CITY OF RIDGWAY $ 0.56 2/4/2002 34962 CITY OF SALINAS $ 1.82 2/4/2002 34963 CITY OF SAN LUI $ 3.24 2/4/2002 34964 CITY OF SCOTTSD $ 4.59 2/4/2002 34965 CITY OF SEASIDE $ 3.26 2/4/2002 34966 CITY OF SILVERT $ 0.49 2/4/2002 34967 CITY OF SOLEDAD $ 1.01 2/4/2002 34968 CITY OF STEAMBOAT $ 0.72 2/4/2002 34969 CITY OF TEMPE $ 3.45 2/4/2002 34970 CITY OF WATSONVILLE $ 0.88 2/4/2002 34971 CITY OF WHITTIE $ 35.03 2/4/2002 34972 STATE OF WISCONSIN $ 6,300.88 2/6/2002 34973 CITY OF ABERDEE $ 11.78 2/6/2002 34974 CITY OF ALGONA $ 0.96 2/6/2002 34975 CITY OF ANACORT $ 12.40 2/6/2002 34976 CITY OF ARLINGTON $ 10.03 2/6/2002 34977 CITY OF AUBURN $ 30.77 2/6/2002 34978 CITY OF BAINBRIDGE $ 12.67 2/6/2002 34979 CITY OF BELLEVUE $ 197.54 2/6/2002 34980 CITY OF BELLING $ 65.39 2/6/2002 34981 CITY OF BLACK D $ 4.04 2/6/2002 34982 CITY OF BLAINE $ 8.60 2/6/2002 34983 CITY OF BONNEY $ 4.16 2/6/2002 34984 CITY OF BOTHELL $ 180.67

OPERATING REPORT Page 7 Page 1 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 2/6/2002 34985 CITY OF BREMERT $ 26.19 2/6/2002 34986 CITY OF BREWSTER $ 18.24 2/6/2002 34987 CITY OF BUCKLEY $ 8.46 2/6/2002 34988 CITY OF BURLING $ 3.96 2/6/2002 34989 CITY OF CASHMER $ 0.84 2/6/2002 34990 CITY OF CASTLE $ 0.03 2/6/2002 34991 CITY OF CENTRAL $ 11.52 2/6/2002 34992 CITY OF CHEHALI $ 1.85 2/6/2002 34993 CITY OF CHELAN $ 7.36 2/6/2002 34994 CITY OF CLARKSTON $ 0.23 2/6/2002 34995 CITY OF CLE ELU $ 2.16 2/6/2002 34996 CITY OF CLYDE H $ 1.65 2/6/2002 34997 CITY OF COLFAX $ 17.22 2/6/2002 34998 CITY OF COLLEGE $ 0.26 2/6/2002 34999 CITY OF COLVILLE $ 7.34 2/6/2002 35000 CITY OF CONCRET $ 3.28 2/6/2002 35001 CITY OF COULEE $ 6.19 2/6/2002 35002 CITY OF COUPEVILLE $ 4.73 2/6/2002 35003 CITY OF DEER PA $ 5.74 2/6/2002 35004 CITY OF DES MOINES $ 16.60 2/6/2002 35005 CITY OF DUVALL $ 7.01 2/6/2002 35006 CITY OF EDMONDS $ 21.02 2/6/2002 35007 CITY OF ELECTRI $ 0.51 2/6/2002 35008 CITY OF ENTIAT $ 0.95 2/6/2002 35009 CITY OF ENUMCLA $ 11.58 2/6/2002 35010 CITY OF EPHRATA $ 25.14 2/6/2002 35011 CITY OF EVERETT $ 117.23 2/6/2002 35012 CITY OF EVERSON $ 3.15 2/6/2002 35013 CITY OF FEDERAL $ 42.98 2/6/2002 35014 CITY OF FERNDALE $ 9.74 2/6/2002 35015 CITY OF FIRCRES $ 0.08 2/6/2002 35016 CITY OF LAKE FO $ 3.63 2/6/2002 35017 CITY OF GEORGE $ 0.38 2/6/2002 35018 CITY OF GOLD BA $ 1.05 2/6/2002 35019 CITY OF GRANITE $ 1.00 2/6/2002 35020 CITY OF GRAND C $ 6.41 2/6/2002 35021 CITY OF OAK HAR $ 14.00 2/6/2002 35022 CITY OF HOQUIAM $ 13.06 2/6/2002 35023 CITY OF ISSAQUA $ 8.99 2/6/2002 35024 CITY OF KELSO $ 13.80 2/6/2002 35025 CITY OF KENNEWI $ 45.25 2/6/2002 35026 CITY OF KENMORE $ 88.44 2/6/2002 35027 CITY OF KENT $ 47.86 2/6/2002 35028 CITY OF KIRKLAND $ 47.44 2/6/2002 35029 CITY OF LACEY $ 32.30 2/6/2002 35030 CITY OF LAKEWOOD $ 36.62 2/6/2002 35031 CITY OF LAKE ST $ 6.14 2/6/2002 35032 CITY OF LEAVENW $ 4.92 2/6/2002 35033 CITY OF LONGVIEW $ 22.03 2/6/2002 35034 CITY OF LYNDEN $ 9.56 2/6/2002 35035 CITY OF MAPLE V $ 3.44

OPERATING REPORT Page 7 Page 2 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 2/6/2002 35036 CITY OF MARYSVILLE $ 17.70 2/6/2002 35037 CITY OF MERCER $ 9.21 2/6/2002 35038 CITY OF MILTON $ 3.58 2/6/2002 35039 CITY OF MONROE $ 10.34 2/6/2002 35040 CITY OF MOSES L $ 15.41 2/6/2002 35041 CITY OF MOUNTLA $ 12.08 2/6/2002 35042 CITY OF MOUNT V $ 44.87 2/6/2002 35043 CITY OF MUKILTE $ 25.90 2/6/2002 35044 CITY OF NORTHPO $ 0.35 2/6/2002 35045 CITY OF NORMAND $ 1.22 2/6/2002 35046 CITY OF OKANOGA $ 0.80 2/6/2002 35047 CITY OF OLYMPIA $ 45.31 2/6/2002 35048 CITY OF OMAK $ 33.55 2/6/2002 35049 CITY OF OROVILLE $ 5.24 2/6/2002 35050 CITY OF OTHELLO $ 34.39 2/6/2002 35051 CITY OF PASCO $ 46.45 2/6/2002 35052 CITY OF POMEROY $ 2.29 2/6/2002 35054 CITY OF PORT OR $ 1.39 2/6/2002 35055 CITY OF PORT TO $ 0.03 2/6/2002 35056 CITY OF PUYALLU $ 9.74 2/6/2002 35057 CITY OF QUINCY $ 7.18 2/6/2002 35058 CITY OF REDMOND $ 42.63 2/6/2002 35059 CITY OF RENTON $ 32.24 2/6/2002 35060 CITY OF RICHLAND $ 30.66 2/6/2002 35061 CITY OF SEATTLE $ 211.47 2/6/2002 35062 CITY OF SEDRO W $ 10.65 2/6/2002 35063 CITY OF SEQUIM $ 0.61 2/6/2002 35064 CITY OF SHELTON $ 3.02 2/6/2002 35065 CITY OF SHORELINE $ 156.74 2/6/2002 35066 CITY OF SNOHOMI $ 19.87 2/6/2002 35067 CITY OF SOAP LA $ 1.24 2/6/2002 35068 CITY OF SPOKANE $ 120.09 2/6/2002 35069 CIT OF STANWOOD $ 11.31 2/6/2002 35070 CITY OF STEILAC $ 2.36 2/6/2002 35071 CITY OF SULTAN $ 1.96 2/6/2002 35072 CITY OF TACOMA $ 108.07 2/6/2002 35073 CITY OF TEKOA $ 0.42 2/6/2002 35074 CITY OF TONASKE $ 0.55 2/6/2002 35075 CITY OF TUMWATE $ 3.33 2/6/2002 35076 CITY OF UNION G $ 4.33 2/6/2002 35077 CITY OF UNIVERS $ 13.90 2/6/2002 35078 CITY OF VANCOUVER $ 69.10 2/6/2002 35079 CITY OF WALLA W $ 12.10 2/6/2002 35080 CITY OF WARDEN $ 28.41 2/6/2002 35081 CITY OF WASHOUG $ 1.41 2/6/2002 35082 CITY OF WATERVILLE $ 1.41 2/6/2002 35083 CITY OF WENATCH $ 32.58 2/6/2002 35084 CITY OF WESTPORT $ 4.29 2/6/2002 35085 CITY OF WEST RI $ 2.08 2/6/2002 35086 CITY OF WINLOCK $ 0.50 2/6/2002 35087 CITY OF WOODWAY $ 3.47

OPERATING REPORT Page 7 Page 3 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 2/6/2002 35088 CITY OF WOODINV $ 6.67 2/6/2002 35089 CITY OF YAKIMA $ 48.68 2/6/2002 35090 CITY OF PORT AN $ 15.97 2/6/2002 35091 CITY OF SANTA A $ 124.27 2/6/2002 35092 ARKANSAS DEPT O $ 1,776.68 2/6/2002 35093 CITY OF ASPEN $ 3.20 2/6/2002 35094 CITY OF AURORA $ 11.37 2/6/2002 35095 CITY OF AVON $ 0.32 2/6/2002 35096 CITY OF FORT CO $ 27.04 2/6/2002 35097 CITY OF GLENDALE $ 1.81 2/6/2002 35099 CITY OF GOLDEN $ 12.73 2/6/2002 35100 CHICAGO DEPT OF $ 7,907.05 2/6/2002 35101 INDIANA DEPT OF $ 1,299.27 2/6/2002 35102 CITY OF LAKEWOOD $ 12.82 2/6/2002 35103 CITY OF LONGMON $ 3.23 2/6/2002 35104 CITY OF MONTROSE $ 5.40 2/6/2002 35106 STATE OF NEW MEXICO $ 1,769.91 2/6/2002 35107 NYS SALES TAX P $ 2,381.77 2/6/2002 35108 CITY OF RIFLE $ 0.88 2/6/2002 35109 CITY OF SAN JOS $ 94.64 2/6/2002 35110 SNOWMASS VILLAGE $ 0.18 2/6/2002 35111 CITY OF THORNTON $ 195.81 2/6/2002 35112 CITY OF VAIL $ 12.59 2/6/2002 35113 GREENWOOD VILLAGE $ 1.55 2/6/2002 35114 STATE OF WASHINGTON $ 24,466.57 2/6/2002 35115 CITY OF WESTMINSTER $ 204.49 2/6/2002 35116 CITY OF WHEATRI $ 26.49 2/6/2002 35117 CITY OF WINTER $ 1.44 2/6/2002 35118 CITY OF GLENWOOD $ 4.26 2/11/2002 35119 VILLAGE OF ADDI $ 14.75 2/11/2002 35120 ALGONQUIN VILLAGE $ 24.80 2/11/2002 35121 ALSIP VILLAGE $ 2.88 2/11/2002 35122 CITY OF ALTON $ 15.15 2/11/2002 35123 ANTIOCH VILLAGE $ 2.10 2/11/2002 35124 ARLINGTON HEIGHTS $ 19.90 2/1/2002 35125 RANDY STEIN $ 7,500.00 2/1/2002 35126 AIRBORNE EXPRESS $ 17.48 2/1/2002 35127 APTO SOLUTIONS $ 6,569.93 2/1/2002 35128 BELLSOUTH $ 456.52 2/1/2002 35129 CONTINENTAL STOCK TRANSFER $ 1,098.89 2/1/2002 35130 DEBRA DAWN $ 1,506.00 2/1/2002 35131 FEDERAL EXPRESS $ 266.38 2/1/2002 35132 MCI WORLDCOM $ 3,343.85 2/1/2002 35133 MILBANK, TWEED HADLEY & MCCLOY $ 30,309.66 2/1/2002 35134 NORTH ATLANTA REALTY $ 29,137.76 2/1/2002 35136 KAMRAN SAEED $ 450.00 2/1/2002 35137 MARK WARNER $ 1,105.00 2/1/2002 35139 PACIFIC BELL $ 1,474.51 2/1/2002 35140 NOWALSKY, BRONSTON & GOTHARD $ 1,520.45 2/5/2002 35141 MARK WARNER $ 19,413.00 2/6/2002 35142 STREETERVILLE $ 42,749.40

OPERATING REPORT Page 7 Page 4 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 2/8/2002 35143 VERIZON $ 916.92 2/8/2002 35144 ASCOM HASLER LE $ 173.34 2/8/2002 35145 CENTRAL PARKING $ 275.00 2/8/2002 35146 CT CORPORATION $ 275.00 2/8/2002 35147 DEBRA DAWN $ 1,136.29 2/8/2002 35148 ERNST & YOUNG LLP $ 66,212.91 2/8/2002 35149 FEDERAL EXPRESS $ 307.84 2/8/2002 35150 GE CAPITAL $ 575.72 2/8/2002 35151 NEXTEL COMMUNICATIONS $ 790.49 2/8/2002 35152 POORMAN - DOUGLAS $ 14,024.09 2/8/2002 35153 PRICEWATERHOUSE $ 35,536.51 2/8/2002 35154 KAMRAN SAEED $ 450.00 2/8/2002 35155 MDC - MARK II $ 10,938.00 2/11/2002 35156 CITY OF AURORA $ 304.40 2/11/2002 35157 VILLAGE OF BARR $ 2.31 2/11/2002 35158 BARTLETT VILLAGE $ 6.06 2/11/2002 35159 BARTOONVILLE VILLAGE $ 0.18 2/11/2002 35160 CITY OF BATAVIA $ 5.53 2/11/2002 35161 VILLAGE OF BEAC $ 0.04 2/11/2002 35162 BEDFORD PARK VILLAGE $ 0.07 2/11/2002 35163 BEECHER VILLAGE $ 0.55 2/11/2002 35164 CITY OF BELLEVI $ 2.10 2/11/2002 35165 BELLWOOD VILLAGE $ 5.88 2/11/2002 35166 CITY OF BELVIDE $ 22.80 2/11/2002 35167 VILLAGE OF BENS $ 52.89 2/11/2002 35168 CITY OF BERWYN $ 11.71 2/11/2002 35169 CITY OF BERKELEY $ 7.18 2/11/2002 35170 VILLAGE OF BETH $ 2.24 2/11/2002 35171 CITY OF BLUE IS $ 1.26 2/11/2002 35172 BOLINGBROOK VILLAGE $ 20.27 2/11/2002 35173 CITY OF BRAIDWOOD $ 5.62 2/11/2002 35174 CITY OF BRIDGEV $ 6.20 2/11/2002 35175 VILLAGE OF BROA $ 26.41 2/11/2002 35176 VILLAGE OF BROO $ 89.32 2/11/2002 35177 VILLAGE OF BUFF $ 83.62 2/11/2002 35178 CITY OF BURBANK $ 74.78 2/11/2002 35179 CITY OF BURR RIDGE $ 21.84 2/11/2002 35180 CAHOKIA VILLAGE $ 0.11 2/11/2002 35181 CALUMET CITY $ 14.46 2/11/2002 35182 CITY OF CALUMET $ 3.04 2/11/2002 35183 VILLAGE OF CAMA $ 5.80 2/11/2002 35184 CARPENTERSVILLE $ 6.46 2/11/2002 35185 VILLAGE OF CARO $ 169.43 2/11/2002 35186 CARY VILLAGE $ 0.28 2/11/2002 35187 CASEYVILLE VILLAGE $ 0.01 2/11/2002 35188 CENTREVILLE VILLAGE $ 3.31 2/11/2002 35189 CITY OF CHAMPAIGN $ 203.12 2/11/2002 35190 CHICAGO HEIGHTS $ 0.71 2/11/2002 35191 CITY OF CHILLIC $ 1.73 2/11/2002 35192 CHICAGO RIDGE V $ 3.43 2/11/2002 35193 CITY OF CICERO $ 244.62

OPERATING REPORT Page 7 Page 5 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 2/11/2002 35194 CLARENDON HILLS $ 20.56 2/11/2002 35195 COAL CITY $ 7.77 2/11/2002 35196 COAL VALLEY VILLAGE $ 0.53 2/11/2002 35197 COLONA CITY $ 1.06 2/11/2002 35198 VILLAGE OF CORT $ 0.58 2/11/2002 35199 CITY OF COUNTRY $ 14.21 2/11/2002 35200 COUNTRYSIDE CITY $ 3.80 2/11/2002 35201 CREST HILL CITY $ 2.20 2/11/2002 35202 CRYSTAL LAKE CITY $ 3.20 2/11/2002 35203 CITY OF DANVILLE $ 2.08 2/11/2002 35204 DARIEN CITY $ 13.07 2/11/2002 35205 DEERFIELD VILLAGE $ 5.07 2/11/2002 35206 VILLAGE OF DEKA $ 59.81 2/11/2002 35207 CITY OF DES PLA $ 24.28 2/11/2002 35208 DIXMOOR VILLAGE $ 0.45 2/11/2002 35209 CITY OF DOLTON $ 0.65 2/11/2002 35210 VILLAGE OF DOWN $ 49.55 2/11/2002 35211 CITY OF DUNLAP $ 0.25 2/11/2002 35212 CITY OF DURAND $ 0.08 2/11/2002 35213 DWIGHT VILLAGE $ 0.88 2/11/2002 35214 CITY OF EAST AL $ 3.35 2/11/2002 35215 EAST DUNDEE VILLAGE $ 1.07 2/11/2002 35216 CITY OF EAST MO $ 13.16 2/11/2002 35217 CITY OF EAST PE $ 2.06 2/11/2002 35218 CITY OF EAST ST $ 1.28 2/11/2002 35219 E HAZEL CREST VILLAGE $ 3.01 2/11/2002 35220 CITY OF ELGIN $ 23.99 2/11/2002 35221 ELK GROVE VILLAGE $ 70.33 2/11/2002 35222 CITY OF ELMHURST $ 101.02 2/11/2002 35223 VILLAGE OF ELMWOOD $ 169.35 2/11/2002 35224 ELWOOD VILLAGE $ 0.14 2/11/2002 35225 CITY OF EVANSTON $ 300.23 2/11/2002 35226 CITY OF EVERGREEN $ 16.48 2/11/2002 35227 FLOSSMOOR VILLAGE $ 40.15 2/11/2002 35228 CITY OF FORD HE $ 0.88 2/11/2002 35229 FOREST PARK VILLAGE $ 71.15 2/11/2002 35230 FOX LAKE VILLAGE $ 1.64 2/11/2002 35231 VILLAGE OF FOX $ 2.64 2/11/2002 35232 VILLAGE OF FRAN $ 6.11 2/11/2002 35233 VILLAGE OF FRAN $ 37.37 2/11/2002 35234 CITY OF GALENA $ 2.43 2/11/2002 35235 CITY OF GENEVA $ 9.95 2/11/2002 35236 CITY OF GENOA $ 0.04 2/11/2002 35237 CITY OF GIBSON $ 1.96 2/11/2002 35238 GLEN CARBON VILLAGE $ 6.11 2/11/2002 35239 VILLAGE OF GLEN $ 89.14 2/11/2002 35240 VILLAGE OF GLEN $ 23.08 2/11/2002 35241 GLENDALE HEIGHTS $ 139.43 2/11/2002 35242 GLENWOOD VILLAGE $ 1.67 2/11/2002 35243 VILLAGE OF GODL $ 0.36 2/11/2002 35244 GODGREY VILLAGE $ 2.37

OPERATING REPORT Page 7 Page 6 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 2/11/2002 35245 GOLF VILLAGE $ 1.07 2/11/2002 35246 GRANITE CITY $ 2.53 2/11/2002 35247 GRAYSLAKE VILLAGE $ 5.14 2/11/2002 35248 CITY OF GREENVILLE $ 0.50 2/11/2002 35249 GURNEE VILLAGE $ 13.61 2/11/2002 35250 HAINESVILLE VILLAGE $ 1.32 2/11/2002 35251 HAMPSHIRE VILLAGE $ 1.03 2/11/2002 35252 HANOVER TOWNSHIP $ 13.78 2/11/2002 35253 CITY OF HARVARD $ 4.74 2/11/2002 35254 HARWOOD HEIGHTS $ 42.43 2/11/2002 35255 CITY OF HARVEY $ 5.39 2/11/2002 35256 HAWTHORN WOODS $ 0.73 2/11/2002 35257 VILLAGE OF HAZEL $ 11.04 2/11/2002 35258 CITY OF HEBRON $ 0.27 2/11/2002 35259 CITY OF HICKORY $ 87.98 2/11/2002 35260 HIGHWOOD CITY $ 4.05 2/11/2002 35261 CITY OF HIGHLAND $ 1.25 2/11/2002 35262 HIGHLAND CITY $ 1.57 2/11/2002 35263 VILLAGE OF HILL $ 18.23 2/11/2002 35264 HINSDALE VILLAGE $ 15.18 2/11/2002 35265 VILLAGE OF HINK $ 0.20 2/11/2002 35266 HODGKINS VILLAGE $ 0.85 2/11/2002 35267 HOFFMAN ESTATES $ 235.35 2/11/2002 35268 HOMEWOOD VILLAGE $ 4.63 2/11/2002 35269 HOPEDALE VILLAGE $ 0.78 2/11/2002 35270 HUNTLEY VILLAGE $ 0.32 2/11/2002 35271 INDIAN HEAD VILLAGE $ 3.65 2/11/2002 35272 ISLAND LAKE VILLAGE $ 4.65 2/11/2002 35273 ITASCA VILLAGE $ 0.08 2/11/2002 35274 CITY OF JOLIET $ 128.22 2/11/2002 35275 VILLAGE OF JUST $ 11.77 2/11/2002 35276 CITY OF KANKAKE $ 22.95 2/11/2002 35277 CITY OF KEWANEE $ 0.93 2/11/2002 35278 LA GRANGE PARK $ 26.09 2/11/2002 35279 CITY OF LAKEWOOD $ 0.42 2/11/2002 35280 LAKE IN THE HILLS $ 2.62 2/11/2002 35281 LAKE BARRINGTON $ 1.57 2/11/2002 35282 VILLAGE OF LAKE $ 6.80 2/11/2002 35283 CITY OF LAKE FO $ 41.49 2/11/2002 35284 LAKE VILLA VILLAGE $ 1.57 2/11/2002 35285 CITY OF LANSING $ 5.36 2/11/2002 35286 CITY OF LA SALLE $ 0.68 2/11/2002 35287 CITY OF LEBANON $ 3.67 2/11/2002 35288 LELAND VILLAGE $ 15.22 2/11/2002 35289 CITY OF LEMONT $ 9.60 2/11/2002 35290 LEWISTON TOWNSHIP $ 0.03 2/11/2002 35291 CITY OF LIBERTY $ 5.74 2/11/2002 35292 CITY OF LINCOLN $ 0.58 2/11/2002 35293 LINDENHURST VILLAGE $ 0.49 2/11/2002 35294 LINCOLNWOOD VILLAGE $ 65.93 2/11/2002 35295 LISLE VILLAGE $ 19.47

OPERATING REPORT Page 7 Page 7 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 2/11/2002 35296 CITY OF LOCKPOR $ 3.01 2/11/2002 35297 LODA VILLAGE $ 0.80 2/11/2002 35298 LOMBARD VILLAGE $ 172.50 2/11/2002 35299 LONG GROVE VILLAGE $ 0.85 2/11/2002 35300 LOVES PARK CITY $ 6.85 2/11/2002 35301 LYNWOOD VILLAGE $ 2.34 2/11/2002 35302 VILLAGE OF LYON $ 57.13 2/11/2002 35303 LAKE ZURICH VILLAGE $ 0.91 2/11/2002 35304 MACHESNEY PARK $ 0.97 2/11/2002 35305 VILLAGE OF MACK $ 4.43 2/11/2002 35306 CITY OF MADISON $ 4.28 2/11/2002 35307 MANHATTAN VILLAGE $ 0.10 2/11/2002 35308 MANTENO VILLAGE $ 0.56 2/11/2002 35309 CITY OF MAPLE P $ 0.92 2/11/2002 35310 CITY OF MARENGO $ 0.09 2/11/2002 35311 MASCOUTAH CITY $ 0.22 2/11/2002 35312 CITY OF MAYWOOD $ 0.13 2/11/2002 35313 CITY OF MELROSE $ 3.06 2/11/2002 35314 CITY OF MIDL $ 10.18 2/11/2002 35315 CITY OF MOLINE $ 16.00 2/11/2002 35316 MONEE VILLAGE $ 0.44 2/11/2002 35317 CITY OF MONTGOMERY $ 0.63 2/11/2002 35318 VILLAGE OF MORT $ 51.13 2/11/2002 35319 VILLAGE OF MOUN $ 1.87 2/11/2002 35320 VILLAGE OF MT. P $ 208.99 2/11/2002 35321 CITY OF MT VERN $ 0.65 2/11/2002 35322 CITY OF NAPERVILLE $ 71.47 2/11/2002 35323 CITY OF NASHVILLE $ 0.44 2/11/2002 35324 NEW LENOX VILLAGE $ 0.46 2/11/2002 35325 VILLAGE OF NILE $ 112.54 2/11/2002 35326 NORTH AURORA VILLAGE $ 5.63 2/11/2002 35327 CITY OF NORTH C $ 9.90 2/11/2002 35328 NORTHLAKE CITY $ 6.30 2/11/2002 35329 NORTH RIVERSIDE $ 2.37 2/11/2002 35330 OAK BROOK VILLAGE $ 13.88 2/11/2002 35331 OAK FOREST CITY $ 2.09 2/11/2002 35332 OAK LAWN $ 21.48 2/11/2002 35333 THE VILLAGE OF $ 143.32 2/11/2002 35334 OAKBROOK TERRACE $ 3.21 2/11/2002 35335 CITY OF O'FALLO $ 6.27 2/11/2002 35336 OLYMPIA FIELDS $ 2.96 2/11/2002 35337 CITY OF OREGON $ 0.13 2/11/2002 35338 ORLAND HILLS VILLAGE $ 1.05 2/11/2002 35339 ORLAND PARK VILLAGE $ 7.34 2/11/2002 35340 OSWEGO VILLAGE $ 3.58 2/11/2002 35341 PALATINE VILLAGE $ 54.98 2/11/2002 35342 CITY OF PALOS H $ 19.76 2/11/2002 35343 CITY OF PALOS H $ 2.76 2/11/2002 35344 VILLAGE OF PARK $ 10.93 2/11/2002 35345 CITY OF PARK RI $ 30.46 2/11/2002 35346 CITY OF PEORIA $ 37.31

OPERATING REPORT Page 7 Page 8 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 2/11/2002 35347 CITY OF PONTOON $ 0.03 2/11/2002 35348 POSEN VILLAGE $ 0.11 2/11/2002 35349 VILLAGE OF PRIN $ 4.00 2/11/2002 35350 CITY OF PROSPECT $ 23.90 2/11/2002 35351 VILLAGE OF RANT $ 1.15 2/11/2002 35352 VILLAGE OF RICH $ 22.30 2/11/2002 35353 VILLAGE OF RIVE $ 5.08 2/11/2002 35354 VILLAGE OF RIVE $ 46.04 2/11/2002 35355 VILLAGE OF RIVE $ 21.52 2/11/2002 35356 ROBBINS VILLAGE $ 0.29 2/11/2002 35357 CITY OF ROCK IS $ 4.41 2/11/2002 35358 CITY OF ROCKFORD $ 5.48 2/11/2002 35359 CITY OF ROCHELLE $ 1.89 2/11/2002 35360 CITY OF ROLLING $ 1.40 2/11/2002 35361 ROSCOE VILLAGE $ 0.50 2/11/2002 35362 VILLAGE OF ROSE $ 26.81 2/11/2002 35363 VILLAGE OF ROSE $ 26.01 2/11/2002 35364 CITY OF SALEM $ 0.20 2/11/2002 35365 CITY OF SANDWICH $ 7.61 2/11/2002 35366 SAUK VILLAGE $ 0.89 2/11/2002 35367 VILLAGE OF SCHI $ 31.30 2/11/2002 35368 VILLAGE OF SCHA $ 84.97 2/11/2002 35369 SHELDON VILLAGE $ 0.65 2/11/2002 35370 SHOREWOOD VILLAGE $ 0.17 2/11/2002 35371 CITY OF SILVIS $ 0.51 2/11/2002 35372 SKOKIE VILLAGE $ 10.93 2/11/2002 35373 SLEEPY HOLLOW VILLAGE $ 0.15 2/11/2002 35374 CITY OF SOUTH B $ 0.29 2/11/2002 35375 SOUTH ELGIN VILLAGE $ 0.24 2/11/2002 35376 SOUTH HOLLAND $ 0.07 2/11/2002 35377 VILLAGE OF STRE $ 51.40 2/11/2002 35378 SUGAR GROVE VILLAGE $ 0.34 2/11/2002 35379 SUMMIT VILLAGE $ 1.09 2/11/2002 35380 CITY OF URBANA $ 169.66 2/11/2002 35381 CITY OF VENICE $ 1.11 2/11/2002 35382 VILLA PARK VILLAGE $ 19.56 2/11/2002 35383 CITY OF WARRENV $ 10.56 2/11/2002 35384 CITY OF WAUKEGA $ 64.32 2/11/2002 35385 VILLAGE OF WEST $ 15.14 2/11/2002 35386 VILLAGE OF WEST $ 48.84 2/11/2002 35387 CITY OF WHEATON $ 59.20 2/11/2002 35388 VILLAGE OF WHEE $ 115.20 2/11/2002 35389 WILMETTE VILLAGE $ 22.40 2/11/2002 35390 VILLAGE OF WOOD $ 113.82 2/11/2002 35391 CITY OF WOODSTOCK $ 10.10 2/11/2002 35392 CITY OF WOOD DA $ 11.01 2/13/2002 35393 LAMBERTH, BONAP $ 11,310.71 2/14/2002 35394 CITY OF ALAMEDA $ 37.50 2/14/2002 35395 CITY OF ALAMEDA $ 66.99 2/14/2002 35396 CITY OF ALBANY $ 1.29 2/14/2002 35397 CITY OF ALHAMBRA $ 107.89

OPERATING REPORT Page 7 Page 9 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 2/14/2002 35398 CITY OF ARCADIA $ 28.02 2/14/2002 35399 CITY OF ARVADA $ 112.70 2/14/2002 35400 CITY OF BALDWIN $ 11.70 2/14/2002 35401 CITY OF BELL $ 0.26 2/14/2002 35402 CITY OF BELLFLOWER $ 4.33 2/14/2002 35403 CITY OF BERKELEY $ 77.64 2/14/2002 35404 CITY OF BRAWLEY $ 0.33 2/14/2002 35405 CITY OF BURBANK $ 42.66 2/14/2002 35406 CITY OF CALABAS $ 8.77 2/14/2002 35407 CITY OF CERES $ 2.72 2/14/2002 35408 CITY OF CHICO $ 1.86 2/14/2002 35409 CITY OF CHULA V $ 4.42 2/14/2002 35410 CITY OF CLAREMO $ 17.93 2/14/2002 35411 CITY OF COVINA $ 38.59 2/14/2002 35412 CITY OF CUDAHY $ 0.73 2/14/2002 35413 CITY OF CULVER $ 29.53 2/14/2002 35414 CITY OF CUPERTI $ 18.66 2/14/2002 35415 CITY OF DALY CI $ 106.20 2/14/2002 35416 CITY OF EAST PA $ 1.36 2/14/2002 35417 CITY OF EL CERR $ 56.94 2/14/2002 35418 CITY OF EL MONT $ 8.83 2/14/2002 35419 CITY OF EL SEGU $ 0.05 2/14/2002 35420 CITY OF EMERYVILLE $ 9.26 2/14/2002 35421 CITY OF FONTANA $ 14.77 2/14/2002 35422 CITY OF GLENDALE $ 1.22 2/14/2002 35423 CITY OF HAWTHORNE $ 18.75 2/14/2002 35424 CITY OF HERMOSA $ 9.33 2/14/2002 35425 CITY OF HUNTING $ 54.69 2/14/2002 35426 CHICAGO DEPT OF $ 11,243.63 2/14/2002 35427 INDIANA DEPT OF $ 509.11 2/14/2002 35428 CITY OF INGLEWOOD $ 19.77 2/14/2002 35429 KANSAS DEPT OF $ 3,070.36 2/14/2002 35430 CITY OF LA HABR $ 14.32 2/14/2002 35431 CITY OF LAWNDALE $ 7.47 2/14/2002 35432 CITY OF LINDSAY $ 0.09 2/14/2002 35433 CITY OF LONG BEACH $ 165.84 2/14/2002 35434 CITY OF LOS ALA $ 2.28 2/14/2002 35435 CITY OF LOS ANGELES $ 3,518.21 2/14/2002 35436 CITY OF LOS ANGELES $ 222.40 2/14/2002 35437 CITY OF MALIBU $ 8.85 2/14/2002 35438 COMMONWEALTH OF $ 9,774.66 2/14/2002 35439 CITY OF MONTCLA $ 15.12 2/14/2002 35440 CITY OF MONTERE $ 0.12 2/14/2002 35441 CITY OF MOUNTAI $ 2.54 2/14/2002 35442 STATE OF NEW MEXICO $ 1,710.17 2/14/2002 35443 CITY OF NORWALK $ 34.81 2/14/2002 35444 NYS SALES TAX P $ 335.12 2/14/2002 35445 CITY OF OAKLAND $ 374.63 2/14/2002 35446 STATE OF OHIO, $ 4,253.66 2/14/2002 35447 OKLAHOMA HIGH C $ 7,676.00 2/14/2002 35448 CITY OF PALM SPRINGS $ 3.90

OPERATING REPORT Page 7 Page 10 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 2/14/2002 35449 CITY OF PARAMOU $ 6.98 2/14/2002 35450 CITY OF PASADENA $ 164.03 2/14/2002 35451 PA DEPT OF REVENUE $ 4,837.93 2/14/2002 35452 CITY OF PICO RI $ 1.76 2/14/2002 35453 CITY OF PLACENT $ 0.53 2/14/2002 35454 CITY OF POMONA $ 8.48 2/14/2002 35455 CITY OF PORTERVILLE $ 1.12 2/14/2002 35456 CITY OF REDONDO $ 38.49 2/14/2002 35457 CITY OF REDWOOD $ 2.04 2/14/2002 35458 STATE OF RHODE ISLAND $ 703.36 2/14/2002 35459 CITY OF RICHMOND $ 156.13 2/14/2002 35460 CITY OF RIVERSIDE $ 6.41 2/14/2002 35461 CITY OF SANTA R $ 3.39 2/14/2002 35462 CITY OF SAN BUE $ 2.17 2/14/2002 35463 CITY OF SACRAMENTO $ 186.35 2/14/2002 35464 CNTY OF SACRAMENTO $ 103.06 2/14/2002 35465 CNTY OF SANTA C $ 2.75 2/14/2002 35466 CITY/CNTY OF SA $ 20.45 2/14/2002 35467 CITY OF SAN JOS $ 28.79 2/14/2002 35468 CITY OF SAN LUI $ 1.77 2/14/2002 35469 CITY OF SANTA M $ 161.63 2/14/2002 35470 CITY OF SAN LEA $ 22.02 2/14/2002 35471 CITY OF SANTA B $ 2.21 2/14/2002 35472 CITY OF SAN MAR $ 2.79 2/14/2002 35473 CITY OF SANTA A $ 2.28 2/14/2002 35474 CITY OF SANTA C $ 18.79 2/14/2002 35475 CITY OF SEASIDE $ 0.54 2/14/2002 35476 CITY OF SEATTLE $ 445.63 2/14/2002 35477 CITY OF SOLEDAD $ 0.22 2/14/2002 35478 CITY OF SPOKANE $ 35.82 2/14/2002 35479 CITY OF STANTON $ 8.99 2/14/2002 35480 CITY OF SUNNYVILLE $ 2.96 2/14/2002 35481 CITY OF TACOMOA $ 63.63 2/14/2002 35482 TENNESSEE DEPT $ 2,279.71 2/14/2002 35483 CITY OF TORRANCE $ 88.65 2/14/2002 35484 UTAH STATE TAX $ 687.24 2/14/2002 35485 CITY OF VALLEJO $ 33.78 2/14/2002 35486 CITY OF VANCOUVER $ 15.11 2/14/2002 35487 STATE OF VERMONT $ 438.92 2/14/2002 35488 CITY OF WESTMINSTER $ 17.83 2/14/2002 35489 CITY OF WHITTIE $ 4.39 2/14/2002 35490 STATE OF WISCONSIN $ 2,210.66 2/14/2002 35491 FLORIDA DEPT OF $ 18,035.18 2/14/2002 35492 PATRICK AELVOET $ 1,222.32 2/14/2002 35493 BELLSOUTH $ 2,170.17 2/14/2002 35494 DEBRA DAWN $ 2,346.82 2/14/2002 35495 FEDERAL EXPRESS $ 325.15 2/14/2002 35496 MCI WORLDCOM $ 3,119.17 2/14/2002 35497 CARL SONNE $ 1,536.11 2/14/2002 35498 UNITED HEALTHCARE $ 71,699.57 2/14/2002 35499 WINSTEAD SECHREST & MINICK $ 7,006.47

OPERATING REPORT Page 7 Page 11 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 2/15/2002 35500 MCI WORLDCOM $ 143.11 2/15/2002 35501 KAMRAN SAEED $ 450.00 2/22/2002 35502 METROPOLITAN LIFE $ 9,636.94 2/22/2002 35503 KAMRAN SAEED $ 450.00 2/22/2002 35504 ADP INVESTOR CO $ 65.50 2/22/2002 35505 PATRICK AELVOET $ 802.65 2/22/2002 35506 AIRBORNE EXPRESS $ 14.11 2/22/2002 35507 BELLSOUTH $ 338.35 2/22/2002 35509 FEDERAL EXPRESS $ 285.92 2/22/2002 35510 H. PETER GANT $ 363.43 2/22/2002 35511 GILLIS DELANEY $ 1,063.19 2/22/2002 35512 ROBERT HOLLOWAY $ 1,123.56 2/22/2002 35513 JUDCO MANAGEMENT $ 8,625.00 2/22/2002 35514 HENRY LYON $ 1,379.44 2/22/2002 35515 MCI WORLDCOM $ 37.43 2/22/2002 35516 MERRILL LYNCH PIERCE FENNER SMITH $ 6,715.00 2/22/2002 35517 MERRILL CORPORATION $ 32,132.45 2/22/2002 35518 NEXTEL COMMUNICATIONS $ 823.07 2/22/2002 35519 NOWALSKY, BRONSTON & GOTHARD $ 2,578.75 2/22/2002 35520 CARL SONNE $ 126.63 2/22/2002 35521 STATE COMPENSATION NETWORK $ 1,479.01 2/22/2002 35522 MARK WARNER $ 1,360.46 2/22/2002 35523 SAN DIEGO GAS & ELECTRIC $ 325.45 2/22/2002 35524 APOLLO CONSULTING $ 7,000.00 2/26/2002 35525 APTO SOLUTIONS $ 2,819.10 Total $589,638.34 Less: Disbursements made to or on behalf of Parent or Affiliates. WA Telecom Products Co., Inc. 2/1/2002 35134 NORTH ATLANTA REALTY $ 29,137.76 2/8/2002 35144 ASCOM HASLER LEASING $ 173.34 2/8/2002 35150 GE CAPITAL $ 575.72 Facilicom 2/1/2002 35125 RANDY STEIN $ 7,500.00 2/1/2002 35127 APTO SOLUTIONS $ 6,569.93 2/6/2002 35142 STREETERVILLE $ 42,749.40 2/8/2002 35143 VERIZON $ 916.92 2/22/2002 35513 JUDCO MANAGEMENT $ 8,625.00 2/26/2002 35525 APTO SOLUTIONS $ 2,819.10 World Access Telecommunication Group, Inc. 2/14/2002 35499 WINSTEAD SECHREST & MINICK $ 7,006.47 WorldxChange 2/1/2002 34935-35124 WXC Tax Checks $ 49,740.75 2/11/2002 35156-35391 WXC Tax Checks $ 5,777.66 2/14/2002 35394-35491 WXC Tax Checks $ 74,713.95 ----------- Total Affiliate Payments $236,306.00 ----------- Total WAXS Disbursements $353,332.34 ===========

OPERATING REPORT Page 7 Page 12 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Payroll Account Account Number: 03299944407

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 2/14/2002 Multiple Payroll Checks $195,628.86 2/28/2002 Multiple Payroll Checks $ 81,322.20 ----------- Total WAXS Disbursements $276,951.06 ===========

OPERATING REPORT Page 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Payroll Account Account Number: 0751301149

DATE DISBURSED DESCRIPTION AMOUNT - -------------- ----------- ------ 2/13/2002 ADP - Payroll Tax Withholdings $135,528.64 2/26/2002 ADP - 4Q 2000 Payroll Tax Correction $ 3,088.98 2/26/2002 ADP - Payroll Tax Withholdings $ 31,748.54 2/28/2002 ADP - Payroll Processing Fees $ 1,106.28 ----------- Total WAXS Disbursements $171,472.44 ===========

OPERATING REPORT Page 9 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENTS LISTING For the Month Ending: February 28, 2002 Bank: Wells Fargo Location: Minneapolis, MN Account Name: Restricted Cash Account Number: 699-3295970

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 2/28/2002 Bank Fee $ 10.00 ------- Total WAXS Disbursements $ 10.00 =======

OPERATING REPORT Page 10 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS For the Month Ending: February 28, 2002

STATEMENT OF INVENTORY Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- ----------- Ending inventory $ -- =========== PAYROLL INFORMATION STATEMENT Gross payroll for this period $447,548.13 Payroll taxes due but unpaid $ --

STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS

DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT - ----------------------- -------------- --------------- ------------------- ------------------- Xerox Corporation Monthly $ 1,247.84 9 $ 11,230.56

OPERATING REPORT Page 11 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS For the Month Ending: February 28, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL --------- ------------ ----- Beginning of month balance $ -- $12,182,700.19 $12,182,700.19 Add: sales on account $ -- $ -- $ -- expenses paid for affiliate $ -- $ 278,306.00 $ 278,306.00 cash advanced to affiliate $ -- $ -- $ -- Less: collections $ -- $ -- $ -- ---- -------------- -------------- End of month balance $ -- $12,461,006.19 $12,461,006.19 ==== ============== ==============

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ -- $ -- $ --

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)

3RD PARTY INTERCOMPANY TOTAL --------- ------------ ----- Beginning of month balance $1,805,048.26 $16,702,769.58 $18,507,817.84 Add: sales on account $1,706,564.45 $ -- $ 1,706,564.45 Cash received on behalf of Affiliate $ -- $ 5,046.65 $ 5,046.65 Cash received from Affiliate $ -- $ -- $ -- Less: payments $ (902,026.75) $ -- $ (902,026.75) ------------- -------------- -------------- End of month balance $2,609,585.96 $16,707,816.23 $19,317,402.19 ============= ============== ==============

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $1,057,230.66 $623,936.63 $248,812.13 $679,606.54 $2,609,585.96

OPERATING REPORT Page 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS For the Month Ending: February 28, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes [X] No [ ] 2. FICA withholdings Yes [X] No [ ] 3. Employee's withholdings Yes [X] No [ ] 4. Employer's FICA Yes [X] No [ ] 5. Federal unemployment taxes Yes [X] No [ ] 6. State income tax Yes [X] No [ ] 7. State employee withholdings Yes [X] No [ ] 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. OPERATING REPORT Page 13 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /s/ Henry C. Lyon ---------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 14 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: March 31, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $25,406,066.73 RECEIPTS: 1. Receipts from Operations 2. Other Receipts $ 61,221.23 Other receipts (Received on behalf of Affiliates) $ 55,000.00 -------------- TOTAL RECEIPTS $ 116,221.23 DISBURSEMENTS 3. Net Payroll a. Officers $ 35,631.37 b. Others $ 40,876.41 4. Taxes a. Federal Income Taxes $ 21,840.29 b. FICA Withholdings $ 6,887.79 c. Employee's withholdings $ 153.94 d. Employer's FICA $ 6,887.79 e. Federal Unemployment Taxes $ 9.98 f. State Income Tax $ 5,053.91 g. State Employee withholdings $ 142.78 h. All other state taxes $ 79.71 5. Necessary Expenses a. Rent or mortgage payment(s) $ -- b. Utilities $ 18,391.00 c. Insurance $ 30,950.45 d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses Professional and Bankruptcy Court Related Fees and Expenses $ 721,635.34 Employee Expenses $ 16,314.37 Office Supplies & Expenses $ 32,380.14 Other $ 20,604.87 -------------- TOTAL DISBURSEMENTS $ 957,840.14 Add: Disbursements made on behalf of Parent or Affiliates $ 73,496.82 -------------- ADJUSTED TOTAL DISBURSEMENTS $ 1,031,336.96 -------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (915,115.73) NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group $ -- NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C $ (181,711.18) NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc. $ -- NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange $ (555.73) -------------- NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD $ (182,266.91) -------------- ENDING BALANCE IN Bank of America - Master 03751046297 $ (6,043.21) ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ (39,548.74) ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 25,240.17 ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 48,526.04 ENDING BALANCE IN Bank of America - Unemp. Benefit 03751255062 $ 9,800.57 ENDING BALANCE IN Bank of America - Flex Spending 03751039615 $ 2,131.71 ENDING BALANCE IN Bank of America - Money Market 851018 $17,796,582.20 ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,133,619.42 ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95 ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 51.98 ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00 -------------- ENDING BALANCE IN ALL ACCOUNTS $24,308,684.09 ============== OPERATING REPORT Page 1 IN THE UNITED STATES COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: March 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Master Account Account Number: 03751046297

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 3/6/2002 Daniel Menken (Cobra) $ 664.14 3/6/2002 Martha Hernandez (Cobra) $ 223.07 3/6/2002 NC Dept. of Revenue (Corp. Tax Refund) $11,233.02 3/6/2002 Margaret Hibbeler (Cobra) $ 223.07 3/6/2002 Lamberth, Bonapfel Cifelli & Stokes (Refund on overpmt) $ 39.76 3/6/2002 Gerald Ricks (WATP Receipt) $ 5,000.00 3/6/2002 Maya Telecom (WATP Receipt) $50,000.00 3/18/2002 FCI Denmark (Payment on Interco. Payable) $11,322.00 3/29/2002 Bank Error $ 0.20 ---------- Total $78,705.26 Less: Receipts from or on behalf of Parent or Affiliates WA Telecom Products Co., Inc. 3/6/2002 Gerald Ricks (WATP Receipt) $ 5,000.00 3/6/2002 Maya Telecom (WATP Receipt) $50,000.00 ---------- 55,000.00 ---------- Total WAXS Receipts $23,705.26 ==========

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: March 31, 2002 Bank: Wells Fargo Location: Minneapolis, MN Account Name: Restricted Cash Account Number: 699-3295970

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 3/29/2002 Interest Received $ 0.01 ------ Total WAXS Receipts $ 0.01 ======

OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: March 31, 2002 Bank: Bank of America (Nations Funds) Location: Charlotte, NC Account Name: Money Market Account Number: 851018

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 3/29/2002 Interest Received - Strat Cash Fund $30,683.99 ---------- Total WAXS Receipts $30,683.99 ==========

OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: March 31, 2002 Bank: Deutsche Bank Alex. Brown Location: Baltimore, MD Account Name: Investment Account Account Number: 206-19648

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 3/26/2002 Interest Received $6,831.97 --------- Total WAXS Receipts $6,831.97 =========

OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: March 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Master Account Account Number: 03751046297

DATE DISBURSED DESCRIPTION AMOUNT - -------------- ----------- ------ 3/5/2002 Bank Fee $ 30.00 3/8/2002 WXC (Xfer Stancorp Financial Interest Pmt) $ 12.08 3/8/2002 WXC (Xfer GA Dept. of Revenue Refund) $ 497.00 3/8/2002 FCI (Xfer Texcom Collection) $ 8,500.00 3/8/2002 FCI (Xfer Utility.com Collection) $ 15,464.64 3/8/2002 FCI (Xfer Cherry Refund for US Treasury) $ 15,876.29 3/8/2002 FCI (Xfer Europa Telcom Collection) $ 16,870.25 3/8/2002 FCI (Xfer Radiant Telecom Collection) $ 125,000.00 3/21/2002 WXC (Xfer BofA Interest Pmt) $ 46.65 3/28/2002 Merrill Lynch (401k Wire) $ 153.94 3/28/2002 Systems Union (Software License) $ 17,900.00 ------------ Total WAXS Disbursements $ 200,350.85 ============ Less: Disbursements made to or on behalf of Parent or Affiliates. Facilicom 3/8/2002 FCI (Xfer Texcom Collection) $ 8,500.00 3/8/2002 FCI (Xfer Utility.com Collection) $ 15,464.64 3/8/2002 FCI (Xfer Cherry Refund for US Treasury) $ 15,876.29 3/8/2002 FCI (Xfer Europa Telcom Collection) $ 16,870.25 3/8/2002 FCI (Xfer Radiant Telecom Collection) $ 125,000.00 WorldxChange 3/8/2002 WXC (Xfer Stancorp Financial Receipt) $ 12.08 3/8/2002 WXC (Xfer GA Dept. of Revenue Refund) $ 497.00 3/21/2002 WXC (Xfer BofA Interest Pmt) $ 46.65 ------------ Total Affiliate Payments $ 182,266.91 ------------ Total WAXS Disbursements $ 18,083.94 ============

OPERATING REPORT Page 6 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: March 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 3/1/2002 35526 Vanguard Archives $ 641.48 3/1/2002 35527 BellSouth $ 2,223.37 3/1/2002 35528 CLS Security Systems $ 77.85 3/1/2002 35529 Federal Express $ 354.28 3/1/2002 35531 Royal Cup Coffee $ 111.41 3/1/2002 35533 Secretary of State $ 15.00 3/1/2002 35534 Secretary of State $ 15.00 3/1/2002 35535 Secretary of State $ 15.00 3/1/2002 35536 Pacific Bell $ 347.40 3/1/2002 35537 Gardner, Carton & Douglas $ 29,050.67 3/1/2002 35538 Christian Grant $ 57.33 3/1/2002 35539 Henry Lyon $ 467.80 3/1/2002 35541 Kamran Saeed $ 450.00 3/1/2002 35542 U.S. Trustee $ 13,000.00 3/1/2002 35542 U.S. Trustee $ 250.00 3/1/2002 35542 U.S. Trustee $ 10,250.00 3/1/2002 35542 U.S. Trustee $ 12,500.00 3/1/2002 35542 U.S. Trustee $ (9,000.00) 3/1/2002 35545 Heather Harris $ 26.31 3/1/2002 35546 Debra Dawn $ 1,602.30 3/1/2002 35544 Mark Warner $ 595.00 3/4/2002 35547 Debra Dawn $ 1,657.38 3/8/2002 35548 BellSouth $ 456.72 3/8/2002 35549 Central Parking $ 385.00 3/8/2002 35550 Continental Stock Transfer & Trust $ 1,338.29 3/8/2002 35551 Debra Dawn $ 1,465.53 3/8/2002 35552 Federal Express $ 342.93 3/8/2002 35553 Heather Harris $ 33.71 3/8/2002 35554 MCI Worldcom $ 1,931.27 3/8/2002 35556 Nextel Communcations $ 822.08 3/8/2002 35557 Price Waterhouse Coopers $ 46,690.46 3/8/2002 35558 Kamran Saeed $ 450.00 3/8/2002 35559 United Healthcare $ 26,359.97 3/8/2002 35560 Mark Warner $ 595.00 3/11/2002 35561 Arizona Dept. of Revenue $ 50.00 3/11/2002 35562 Utah State Tax $ 2,700.00 3/11/2002 35563 South Carolina Dept. of Revenue $ 411.00 3/11/2002 35564 Alabama Dept. of Revenue $ 110.00 3/11/2002 35565 Commissioner of Connecticut $ 250.00 3/11/2002 35566 State of Louisiana $ 10.00 3/11/2002 35567 Massachussetts Dept. of Revenue $ 456.00

OPERATING REPORT Page 7 Page 1 of 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: March 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 3/11/2002 35568 Montana Dept. of Revenue $ 50.00 3/11/2002 35569 Wisconsin Dept. of Revenue $ 25.00 3/11/2002 35570 D.C. Treasurer $ 100.00 3/11/2002 35571 Georgia Income Tax Division $ 10.00 3/11/2002 35572 State of New Jersey $ 180.00 3/11/2002 35573 New York State Commission $ 2,281.00 3/11/2002 35574 Georgia Income Tax Division $ 10.00 3/11/2002 35575 Georgia Income Tax Division $ 10.00 3/15/2002 35576 Apto Solutions $ 8,520.00 3/15/2002 35576 Apto Solutions $ 7,096.89 3/15/2002 35577 Cadwalader, Wickersham & Taft $104,643.92 3/15/2002 35578 Virginia Cook $ 549.79 3/15/2002 35579 Debra Dawn $ 1,076.75 3/15/2002 35580 Ernst & Young $145,652.04 3/15/2002 35581 Federal Express $ 528.22 3/15/2002 35582 Gardner, Carton & Douglas $ 6,252.42 3/15/2002 35583 GE Capital $ 575.72 3/15/2002 35584 Katten Muchin & Zavis $288,785.13 3/15/2002 35585 Metropolitan Life $ 3,418.12 3/15/2002 35586 Kamran Saeed $ 450.00 3/15/2002 35587 State Compensation Board $ 1,172.36 3/15/2002 35588 Velocity Express $ 11.77 3/15/2002 35589 Winstead Sechrest & Minick $ 11,416.49 3/15/2002 35590 Pacific Bell $ 1,378.51 3/15/2002 35591 San Diego Gas & Electric $ 385.38 3/22/2002 35592 Apolllo Consulting $ 1,959.00 3/22/2002 35593 Bowne of Atlanta $ 10,186.00 3/22/2002 35594 Tod Chmar $ 627.50 3/22/2002 35595 Debra Dawn $ 2,006.54 3/22/2002 35597 Federal Express $ 423.68 3/22/2002 35598 Judco Management $ 8,625.00 3/22/2002 35599 Lamberth Bonapfel Cifelli & Stokes $ 12,558.65 3/22/2002 35600 Long Aldridge & Norman $ 49,732.40 3/22/2002 35601 MCI Worldcom $ 3,717.34 3/22/2002 35603 MCI Worldcom $ 37.42 3/22/2002 35604 MCI Worldcom $ 83.67 3/22/2002 35605 MCI Worldcom $ 181.39 3/22/2002 35606 Nextel Communcations $ 806.67 3/22/2002 35607 Poorman-Douglas Corporation $ 15,987.45 3/22/2002 35608 Kamran Saeed $ 450.00 3/22/2002 35609 Mark Warner $ 510.00

OPERATING REPORT Page 7 Page 2 of 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: March 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 3/28/2002 35612 Vanguard Archives $ 641.48 3/28/2002 35613 Administrative Resource Group $ 2,744.57 3/28/2002 35614 ADP Investor Communications $ 102.47 3/28/2002 35615 BellSouth $ 474.02 3/28/2002 35616 BellSouth $ 2,192.35 3/28/2002 35617 Coleman Technologies $ 100.00 3/28/2002 35618 Continental Stock Transfer & Trust $ 804.21 3/28/2002 35619 Copytec, Inc. $ 5,838.52 3/28/2002 35620 Debra Dawn $ 380.00 3/28/2002 35621 Federal Express $ 1,486.53 3/28/2002 35622 Indiana Dept. of Revenue $ 288.00 3/28/2002 35623 Lex Solutions Corp. $ 3,713.30 3/28/2002 35624 MCI Worldcom $ 3,353.41 3/28/2002 35625 Nowalsky Bronston & Gothard $ 762.20 3/28/2002 35626 Kamran Saeed $ 450.00 3/28/2002 35627 Carl Sonne $ 298.90 3/28/2002 35628 Mark Warner $ 340.00 ----------- Total $895,145.48 Less: Disbursements made to or on behalf of Parent or Affiliates. WA Telecom Products Co., Inc. 3/1/2002 35534 Secretary of State $ 15.00 3/1/2002 35540 North Atlanta Realty $ 29,137.76 3/1/2002 35542 U.S. Trustee $ 250.00 3/11/2002 35575 Georgia Income Tax Division $ 10.00 3/15/2002 35583 GE Capital $ 575.72 Facilicom 3/1/2002 35542 U.S. Trustee $ 12,500.00 3/15/2002 35576 Apto Solutions $ 7,096.89 3/22/2002 35598 Judco Management $ 8,625.00 World Access Telecommunication Group, Inc. 3/1/2002 35526 Vanguard Archives $ 641.48 3/1/2002 35535 Secretary of State $ 15.00 3/1/2002 35542 U.S. Trustee $ (9,000.00) 3/11/2002 35574 Georgia Income Tax Division $ 10.00 3/15/2002 35589 Winstead Sechrest & Minick $ 11,416.49 3/28/2002 35612 Vanguard Archives $ 641.48

OPERATING REPORT Page 7 Page 3 of 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: March 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ WorldxChange 3/1/2002 35542 U.S. Trustee $ 10,250.00 3/11/2002 35563 South Carolina Dept. of Revenue $ 411.00 3/11/2002 35564 Alabama Dept. of Revenue $ 110.00 3/11/2002 35565 Commissioner of Connecticut $ 250.00 3/11/2002 35566 State of Louisiana $ 10.00 3/11/2002 35567 Massachussetts Dept. of Revenue $ 456.00 3/11/2002 35568 Montana Dept. of Revenue $ 50.00 3/11/2002 35569 Wisconsin Dept. of Revenue $ 25.00 ------------ Total Affiliate Payments $ 73,496.82 ------------ Total WAXS Disbursements $ 821,648.66 ============

OPERATING REPORT Page 7 Page 4 of 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: March 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Payroll Account Account Number: 03299944407

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 3/14/2002 Multiple Payroll Checks $38,623.64 3/28/2002 Multiple Payroll Checks $37,884.14 ---------- Total WAXS Disbursements $76,507.78 ==========

OPERATING REPORT Page 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: March 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Payroll Account Account Number: 0751301149

DATE DISBURSED DESCRIPTION AMOUNT - -------------- ----------- ------ 3/13/2002 ADP - Payroll Tax Withholdings $20,885.04 3/29/2002 ADP - Payroll Tax Withholdings $20,017.21 3/22/2002 ADP - Payroll Processing Fees $ 687.51 ---------- Total WAXS Disbursements $41,589.76 ==========

OPERATING REPORT Page 9 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENTS LISTING For the Month Ending: March 31, 2002 Bank: Wells Fargo Location: Minneapolis, MN Account Name: Restricted Cash Account Number: 699-3295970

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 3/29/2002 Bank Fee $10.00 ------ Total WAXS Disbursements $10.00 ======

OPERATING REPORT Page 10 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS For the Month Ending: March 31, 2002 STATEMENT OF INVENTORY Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- ----------- Ending inventory $ -- =========== PAYROLL INFORMATION STATEMENT Gross payroll for this period $117,563.97 Payroll taxes due but unpaid $ -- STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS

DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT - ----------------------- -------------- --------------- ------------------- ------------------- Xerox Corporation Monthly $1,247.84 10 $12,478.40

OPERATING REPORT Page 11 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS For the Month Ending: March 31, 2002

STATEMENT OF AGED RECEIVABLES ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL ------------- -------------- -------------- Beginning of month balance $ -- $12,461,006.19 $12,461,006.19 Add: sales on account $ -- $ -- $ -- expenses paid for affiliate $ -- $ 73,496.82 $ 73,496.82 cash advanced to affiliate $ -- $ -- $ -- Less: collections $ -- $ -- $ -- ------------- -------------- -------------- End of month balance $ -- $12,534,503.01 $12,534,503.01 ============= ============== ==============

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ - $ -- $ --

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION) 3RD PARTY INTERCOMPANY TOTAL ------------- -------------- -------------- Beginning of month balance $2,609,585.96 $16,707,816.23 $19,317,402.19 Add: sales on account $1,212,304.73 $ -- $ 1,212,304.73 Cash received on behalf of Affiliate $ -- $ 55,000.00 $ 55,000.00 Cash received from Affiliate $ -- $ -- $ -- Less: payments $ (957,840.14) $ (182,266.91) $(1,140,107.05) ------------- -------------- -------------- End of month balance $2,864,050.55 $16,580,549.32 $19,444,599.87 ============= ============== ==============

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - ---------- ----------- ----------- ------------ ------------------ $998,261.74 $313,433.51 $623,936.63 $928,418.67 $2,864,050.55

OPERATING REPORT Page 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS For the Month Ending: March 31, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes [X] No [ ] 2. FICA withholdings Yes [X] No [ ] 3. Employee's withholdings Yes [X] No [ ] 4. Employer's FICA Yes [X] No [ ] 5. Federal unemployment taxes Yes [X] No [ ] 6. State income tax Yes [X] No [ ] 7. State employee withholdings Yes [X] No [ ] 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. OPERATING REPORT Page 13 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /s/ Henry C. Lyon ---------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 14 EX-99.2 4 g77047exv99w2.txt EX-99.2 MONTHLY OPERATING REPORTS OF WA TELCOM EXHIBIT 99.2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: January 31, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $9,800,963.97 RECEIPTS: 1. Receipts from Operations $ -- Receipts from Operations (Received by Parent) $ -- 2. Other Receipts $ 17,364.34 Other receipts (Received by Parent or Affiliates) $ -- ------------- TOTAL RECEIPTS $ 17,364.34 Less: Receipts received by Parent or Affiliates $ -- ------------- ADJUSTED TOTAL RECEIPTS $ 17,364.34 DISBURSEMENTS 3. Net Payroll a. Officers $ -- b. Others $ -- 4. Taxes a. Federal Income Taxes $ -- b. FICA Withholdings $ -- c. Employee's withholdings $ -- d. Employer's FICA $ -- e. Federal Unemployment Taxes $ -- f. State Income Tax $ -- g. State Employee withholdings $ -- h. All other state taxes $ -- 5. Necessary Expenses a. Rent or mortgage payment(s) $ 30,412.76 b. Utilities $ -- c. Insurance $ -- d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses Office Supplies & Expenses $ 575.72 Other $ -- ------------- TOTAL DISBURSEMENTS $ 30,988.48 Less: Disbursements made by Parent or Affiliates $ (30,988.48) ------------- ADJUSTED TOTAL DISBURSEMENTS $ -- ------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 17,364.34 NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ -- ------------- ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130 $9,818,328.31 ------------- ENDING BALANCE IN ALL ACCOUNTS $9,818,328.31 ============= OPERATING REPORT Page 1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS RECEIPTS LISTING For the Month Ending: January 31, 2002 Bank: Deutsche Bank Alex. Brown Location: Baltimore, MD Account Name: Investment Account Account Number: 206-21130

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ---------- 1/31/2002 Interest Received $17,364.34 ---------- Total WATP Receipts $17,364.34 ==========

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS For the Month Ending: January 31, 2002

STATEMENT OF INVENTORY Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- ---- Ending inventory $ -- ==== PAYROLL INFORMATION STATEMENT Gross payroll for this period $ -- Payroll taxes due but unpaid $ --

STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS

DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT ----------------------- -------------- --------------- ------------------- ------------------ North Atlanta Realty Monthly $28,021.13 -- $ -- GE Capital (Copier Lease) Monthly $ 575.72 -- $ -- Toshiba Easy Lease (Fax) Monthly $ 84.41 6 $ 506.46 Toshiba Easy Lease (Fax) Monthly $ 35.11 6 $ 210.66 GE Capital (Copier/Fax Lease) Monthly $ 612.83 6 $3,676.98 Ascom/Hasler (Postage Meter) Quarterly $ 181.15 -- $ -- Ascom/Hasler (Postage Meter) Quarterly $ 719.04 1 $ 719.04 Imperial Business Credit (Postage Meter) Quarterly $ 497.83 1 $ 497.83

OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS For the Month Ending: January 31, 2002

STATEMENT OF AGED RECEIVABLES ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL -------------- -------------- -------------- Beginning of month balance $13,784,926.62 $15,068,212.06 $28,853,138.68 Add: sales on account $ -- $ -- $ -- expenses paid for affiliate $ -- $ -- $ -- cash advanced to affiliate $ -- $ -- $ -- Less: collections $ -- $ -- $ -- -------------- -------------- -------------- End of month balance $13,784,926.62 $15,068,212.06 $28,853,138.68 ============== ============== ==============

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- -------------- ------------------ $ -- $ -- $ -- $13,784,926.62 $13,784,926.62

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION) 3RD PARTY INTERCOMPANY TOTAL ---------- ------------ ----------- Beginning of month balance $ 37,455.99 $260,400.67 $297,856.66 Add: sales on account $ 29,886.82 $ -- $ 29,886.82 Cash received on behalf of Affiliate $ -- $ -- $ -- Cash received from Affiliate $ -- $ -- $ -- Less: payments $(30,988.48) $ 30,988.48 $ -- ----------- ----------- ----------- End of month balance $ 36,354.33 $291,389.15 $327,743.48 =========== =========== ===========

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - ---------- ---------- ---------- ------------ ------------------ $30,784.49 $754.35 $754.35 $4,061.14 $36,354.33

OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS For the Month Ending: January 31, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes [X] No [ ] 2. FICA withholdings Yes [X] No [ ] 3. Employee's withholdings Yes [X] No [ ] 4. Employer's FICA Yes [X] No [ ] 5. Federal unemployment taxes Yes [X] No [ ] 6. State income tax Yes [X] No [ ] 7. State employee withholdings Yes [X] No [ ] 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /s/ Henry C. Lyon ---------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 6 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: February 28, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $9,818,328.31 RECEIPTS: 1. Receipts from Operations $ -- Receipts from Operations (Received by Parent) $ 5,000.00 2. Other Receipts $ 15,625.15 Other receipts (Received by Parent or Affiliates) $ -- ------------- TOTAL RECEIPTS $ 20,625.15 Less: Receipts received by Parent or Affiliates $ (5,000.00) ------------- ADJUSTED TOTAL RECEIPTS $ 15,625.15 DISBURSEMENTS 3. Net Payroll a. Officers $ -- b. Others $ -- 4. Taxes a. Federal Income Taxes $ -- b. FICA Withholdings $ -- c. Employee's withholdings $ -- d. Employer's FICA $ -- e. Federal Unemployment Taxes $ -- f. State Income Tax $ -- g. State Employee withholdings $ -- h. All other state taxes $ -- 5. Necessary Expenses a. Rent or mortgage payment(s) $ 29,137.76 b. Utilities $ -- c. Insurance $ -- d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses Office Supplies & Expenses $ 749.06 Other $ -- ------------- TOTAL DISBURSEMENTS $ 29,886.82 Less: Disbursements made by Parent or Affiliates $ (29,886.82) ------------- ADJUSTED TOTAL DISBURSEMENTS $ -- ------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 15,625.15 NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ -- ------------- ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130 $9,833,953.46 ------------- ENDING BALANCE IN ALL ACCOUNTS $9,833,953.46 ============= OPERATING REPORT Page 1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS RECEIPTS LISTING For the Month Ending: February 28, 2002 Bank: Deutsche Bank Alex. Brown Location: Baltimore, MD Account Name: Investment Account Account Number: 206-21130

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ---------- 2/28/2002 Interest Received $15,625.15 ---------- Total WATP Receipts $15,625.15 ==========

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS For the Month Ending: February 28, 2002 STATEMENT OF INVENTORY Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- ---- Ending inventory $ -- ==== PAYROLL INFORMATION STATEMENT Gross payroll for this period $ -- Payroll taxes due but unpaid $ -- STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS

DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT ----------------------- -------------- --------------- ------------------- ------------------- OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS For the Month Ending: February 28, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL -------------- -------------- -------------- Beginning of month balance $13,784,926.62 $15,068,212.06 $28,853,138.68 Add: sales on account $ -- $ -- $ -- expenses paid for affiliate $ -- $ -- $ -- cash advanced to affiliate $ -- $ -- $ -- Less: collections $ (5,000.00) $ 5,000.00 $ -- -------------- -------------- -------------- End of month balance $13,779,926.62 $15,073,212.06 $28,853,138.68 ============== ============== ==============

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- -------------- ------------------ $ -- $ -- $ -- $13,779,926.62 $13,779,926.62

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)

3RD PARTY INTERCOMPANY TOTAL ---------- ------------ ----------- Beginning of month balance $ 36,354.33 $291,389.15 $327,743.48 Add: sales on account $ 29,713.48 $ -- $ 29,713.48 Cash received on behalf of Affiliate $ -- $ -- $ -- Cash received from Affiliate $ -- $ -- $ -- Less: payments $(29,886.82) $ 29,886.82 $ -- ----------- ----------- ----------- End of month balance $ 36,180.99 $321,275.97 $357,456.96 =========== =========== ===========

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - ---------- ---------- ---------- ------------ ------------------ $29,137.76 $754.35 $754.35 $5,534.53 $36,180.99

OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS For the Month Ending: February 28, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes [X] No [ ] 2. FICA withholdings Yes [X] No [ ] 3. Employee's withholdings Yes [X] No [ ] 4. Employer's FICA Yes [X] No [ ] 5. Federal unemployment taxes Yes [X] No [ ] 6. State income tax Yes [X] No [ ] 7. State employee withholdings Yes [X] No [ ] 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /s/ Henry C. Lyon ---------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 6 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: March 31, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 9,833,953.46 RECEIPTS: 1. Receipts from Operations $ -- Receipts from Operations (Received by Parent) $ 5,000.00 2. Other Receipts $ 13,104.90 Other receipts (Received by Parent or Affiliates) $ 50,000.00 --------------- TOTAL RECEIPTS $ 68,104.90 Less: Receipts received by Parent or Affiliates $ (55,000.00) --------------- ADJUSTED TOTAL RECEIPTS $ 13,104.90 DISBURSEMENTS 3. Net Payroll a. Officers $ -- b. Others $ -- 4. Taxes a. Federal Income Taxes $ -- b. FICA Withholdings $ -- c. Employee's withholdings $ -- d. Employer's FICA $ -- e. Federal Unemployment Taxes $ -- f. State Income Tax $ -- g. State Employee withholdings $ -- h. All other state taxes $ -- 5. Necessary Expenses a. Rent or mortgage payment(s) $ 29,137.76 b. Utilities $ -- c. Insurance $ -- d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses Office Supplies & Expenses $ 575.72 Other $ 275.00 --------------- TOTAL DISBURSEMENTS $ 29,988.48 Less: Disbursements made by Parent or Affiliates $ (29,988.48) --------------- ADJUSTED TOTAL DISBURSEMENTS $ -- --------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 13,104.90 NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ -- --------------- ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130 $ 9,847,058.36 --------------- ENDING BALANCE IN ALL ACCOUNTS $ 9,847,058.36 =============== OPERATING REPORT Page 1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS RECEIPTS LISTING For the Month Ending: March 31, 2002 Bank: Deutsche Bank Alex. Brown Location: Baltimore, MD Account Name: Investment Account Account Number: 206-21130

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ 3/26/2002 Interest Received $ 13,104.90 ----------- Total WATP Receipts $ 13,104.90 ===========

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS For the Month Ending: March 31, 2002

STATEMENT OF INVENTORY Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- -------- Ending inventory $ -- ======== PAYROLL INFORMATION STATEMENT Gross payroll for this period $ -- Payroll taxes due but unpaid $ --

STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS

DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT ----------------------- -------------- --------------- ------------------- ------------------- North Atlanta Realty Monthly $28,021.13 -- $ -- GE Capital (Copier Lease) Monthly $ 575.72 -- $ -- Toshiba Easy Lease (Fax) Monthly $ 84.41 6 $ 506.46 Toshiba Easy Lease (Fax) Monthly $ 35.11 6 $ 210.66 GE Capital (Copier/Fax Lease) Monthly $ 612.83 6 $3,676.98 Ascom/Hasler (Postage Meter) Quarterly $ 181.15 -- $ -- Ascom/Hasler (Postage Meter) Quarterly $ 719.04 1 $ 719.04 Imperial Business Credit (Postage Meter) Quarterly $ 497.83 1 $ 497.83

OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS For the Month Ending: March 31, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL -------------- -------------- -------------- Beginning of month balance $13,779,926.62 $15,073,212.06 $28,853,138.68 Add: sales on account $ -- $ -- $ -- expenses paid for affiliate $ -- $ -- $ -- cash advanced to affiliate $ -- $ -- $ -- Less: collections $ (5,000.00) $ 55,000.00 $ 50,000.00 -------------- -------------- -------------- End of month balance $13,774,926.62 $15,128,212.06 $28,903,138.68 ============== ============== ==============

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ -- $13,774,926.62 $13,774,926.62

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)

3RD PARTY INTERCOMPANY TOTAL -------------- -------------- -------------- Beginning of month balance $ 36,180.99 $ 321,275.97 $ 357,456.96 Add: sales on account $ 850.72 $ -- $ 850.72 Cash received on behalf of Affiliate $ -- $ -- $ -- Cash received from Affiliate $ -- $ -- $ -- Less: payments $ (29,988.48) $ 29,988.48 $ -- -------------- -------------- -------------- End of month balance $ 7,043.23 $ 351,264.45 $ 358,307.68 ============== ============== ==============

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ 754.35 $ 6,288.88 $ 7,043.23

OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS For the Month Ending: March 31, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes (X) No ( ) 2. FICA withholdings Yes (X) No ( ) 3. Employee's withholdings Yes (X) No ( ) 4. Employer's FICA Yes (X) No ( ) 5. Federal unemployment taxes Yes (X) No ( ) 6. State income tax Yes (X) No ( ) 7. State employee withholdings Yes (X) No ( ) 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /S/ Henry C. Lyon -------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 6 EX-99.3 5 g77047exv99w3.txt EX-99.3 MONTHLY OPERATING REPORTS OF WORLD ACCESS EXHIBIT 99.3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: January 31, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $5,849,337.26 Add/(Subtract) Reconciliation Errors $ (24,084.69) ------------- Adjusted beginning balance in all accounts $5,825,252.57 RECEIPTS: 1. Receipts from Operations $ -- 2. Other Receipts $ -- ------------- TOTAL RECEIPTS $ -- DISBURSEMENTS 3. Net Payroll a. Officers $ -- b. Others $ -- 4. Taxes a. Federal Income Taxes $ -- b. FICA Withholdings $ -- c. Employee's withholdings $ -- d. Employer's FICA $ -- e. Federal Unemployment Taxes $ -- f. State Income Tax $ -- g. State Employee withholdings $ -- h. All other state taxes $ -- 5. Necessary Expenses (Paid by Parent or Affiliate) a. Rent or mortgage payment(s) b. Utilities $ -- c. Insurance $ -- d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses Professional fees $ 1,688.13 Record Storage Fees $ 674.48 Disputed withdrawals by Greg Sommers $ 38,817.87 ------------- TOTAL DISBURSEMENTS $ 41,180.48 Less: Disbursements paid by Parent or Affiliates $ (2,362.61) ------------- ADJUSTED TOTAL DISBURSEMENTS $ 38,817.87 ------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (38,817.87) NET INTERCOMPANY SWEEP TRANSFERS - FCI $ -- ------------- ENDING BALANCE IN Bank of America 3751607047 $5,002,854.44 ENDING BALANCE IN Bank of America 3751567556 $ 503,175.73 ENDING BALANCE IN Bank of America 2591500124 $ 280,404.53 ------------- ------------- ENDING BALANCE IN ALL ACCOUNTS $5,786,434.70 ============= OPERATING REPORT Page 1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Merrill Lynch Location: Dallas, TX Account Name: WCMA Account Account Number: 586-07431

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ------- 01/01/02 Transfer Withdrawal by Greg Somers $383.40 ------- Total $383.40 =======

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Merrill Lynch Location: Dallas, TX Account Name: WCMA Account Account Number: 586-07403

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- --------- 01/01/02 Transfer Withdrawal by Greg Somers $4,876.15 --------- Total $4,876.15 =========

OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Southwest Bank of Texas Location: Houston, TX Account Name: Checking Account Account Number: 119997

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- --------- 01/01/02 Transfer Withdrawal by Greg Somers $1,365.58 --------- Total $1,365.58 =========

OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Bank of the West Location: Irving, TX Account Name: Commercial Account Account Number: 26625

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- --------- 01/01/02 Transfer Withdrawal by Greg Somers $1,067.05 --------- Total $1,067.05 =========

OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Bank of the West Location: Account Name: Tax Account Account Number: 23234

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ---------- 01/01/02 Transfer Withdrawal by Greg Somers $31,050.76 ---------- Total $31,050.76 ==========

OPERATING REPORT Page 6 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Bank of the West Location: Irving, TX Account Name: LEC Account Account Number: 26633

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ------ 01/01/02 Transfer Withdrawal by Greg Somers $39.06 ------ Total $39.06 ======

OPERATING REPORT Page 7 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Bank of the West Location: Irving, TX Account Name: Mexico Bills Account Number: 26740

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ------ 01/01/02 Transfer Withdrawal by Greg Somers $35.87 ------ Total $35.87 ======

OPERATING REPORT Page 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS For the Month Ending: January 31, 2002 STATEMENT OF INVENTORY Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- ---- Ending inventory $ -- ==== PAYROLL INFORMATION STATEMENT Gross payroll for this period $ -- Payroll taxes due but unpaid $ -- STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS

DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT ----------------------- -------------- ---------------- -------------------- ------------------- Waterton Printers Square Monthly $12,784.41 0 $ -- One Wilshire Arcade Monthly $24,965.68 1 $24,965.68

OPERATING REPORT Page 9 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS For the Month Ending: January 31, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL ------------------------------------------------------------- Beginning of month balance $100,092,296.70 $ 119,099.49 $100,211,396.19 Add: other $ 38,817.87 $ -- $ 38,817.87 Add: customer credits $ -- $ -- $ -- Add: intercompany activity $ -- $ -- Less: collections $ -- $ -- $ -- Less: offsets $ -- $ -- $ -- Less: application of customer deposits $ -- $ -- ------------------------------------------------------------- End of month balance $100,131,114.57 $ 119,099.49 $100,250,214.06 =============================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total ---------- ---------- ---------- --------------- ------------------ $38,817.87 $ -- $ -- $100,092,296.70 $100,131,114.57

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)

3RD PARTY INTERCOMPANY TOTAL ------------------------------------------------------- Beginning of month balance $ 534,436.18 $7,635,082.77 $8,169,518.95 Add: sales on account** $ 41,180.48 $ -- $ 41,180.48 Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (2,362.61) $ 2,362.61 $ -- Net cash advanced by Parent or Affiliate $ -- $ -- $ -- Credit extended by Parent or Affiliate $ -- $ -- $ -- Amounts collected on behalf of Affiliate $ -- $ -- $ -- Less: payments $ (38,817.87) $ -- $ (38,817.87) ------------------------------------------------------- End of month balance $ 534,436.18 $7,637,445.38 $8,171,881.56 =======================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ -- $534,436.18 $534,436.18

**The post-petition accounts payable balances accrued for above are subject to customary audit and review, which could result in changes to the balances recorded. If upon such audit and review amounts invoiced by vendors are disputed, such disputed amounts are not reflected in the accounts payable balances reflected above. As of January 31, the Debtor has been invoiced cumulative post-petition disputed amounts OPERATING REPORT Page 10 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS For the Month Ending: January 31, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes (X) No ( ) 2. FICA withholdings Yes (X) No ( ) 3. Employee's withholdings Yes (X) No ( ) 4. Employer's FICA Yes (X) No ( ) 5. Federal unemployment taxes Yes (X) No ( ) 6. State income tax Yes (X) No ( ) 7. State employee withholdings Yes (X) No ( ) 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. OPERATING REPORT Page 11 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /s/ Henry C. Lyon ----------------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: February 28, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 5,786,434.70 RECEIPTS: 1. Receipts from Operations $ -- 2. Other Receipts $ -- --------------- TOTAL RECEIPTS $ -- DISBURSEMENTS 3. Net Payroll a. Officers $ -- b. Others $ -- 4. Taxes a. Federal Income Taxes $ -- b. FICA Withholdings $ -- c. Employee's withholdings $ -- d. Employer's FICA $ -- e. Federal Unemployment Taxes $ -- f. State Income Tax $ -- g. State Employee withholdings $ -- h. All other state taxes $ -- 5. Necessary Expenses (Paid by Parent or Affiliate) a. Rent or mortgage payment(s) b. Utilities $ -- c. Insurance $ -- d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses Professional fees $ 7,006.47 Record Storage Fees $ -- --------------- TOTAL DISBURSEMENTS $ 7,006.47 Less: Disbursements paid by Parent or Affiliates $ (7,006.47) --------------- ADJUSTED TOTAL DISBURSEMENTS $ -- --------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ -- NET INTERCOMPANY SWEEP TRANSFERS - FCI $ -- --------------- ENDING BALANCE IN Bank of America 3751607047 $ 5,002,854.44 ENDING BALANCE IN Bank of America 3751567556 $ 503,175.73 ENDING BALANCE IN Bank of America 2591500124 $ 280,404.53 --------------- ENDING BALANCE IN ALL ACCOUNTS $ 5,786,434.70 =============== OPERATING REPORT Page 1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS For the Month Ending: February 28, 2002 STATEMENT OF INVENTORY Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- ----- Ending inventory $ -- ===== PAYROLL INFORMATION STATEMENT Gross payroll for this period $ -- Payroll taxes due but unpaid $ -- STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS

DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT ----------------------- -------------- ---------------- -------------------- ------------------- Waterton Printers Square Monthly $ 12,784.41 0 $ -- One Wilshire Arcade Monthly $ 24,965.68 1 $ 24,965.68

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS For the Month Ending: February 28, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL --------------------------------------------------------------------- Beginning of month balance $ 100,131,114.57 $ 119,099.49 $ 100,250,214.06 Add: sales on account $ -- $ -- $ -- Add: customer credits $ -- $ -- $ -- Add: intercompany activity $ -- $ -- $ -- Less: collections $ -- $ -- $ -- Less: offsets $ -- $ -- $ -- Less: application of customer deposits $ -- $ -- $ -- --------------------------------------------------------------------- End of month balance $ 100,131,114.57 $ 119,099.49 $ 100,250,214.06 =====================================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ -- $ 38,817.87 $ -- $ 100,092,296.70 $ 100,131,114.57

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)

3RD PARTY INTERCOMPANY TOTAL ------------------------------------------------------------ Beginning of month balance $ 534,436.18 $ 7,637,445.38 $ 8,171,881.56 Add: sales on account** $ 7,006.47 $ -- $ 7,006.47 Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (7,006.47) $ 7,006.47 $ -- Net cash advanced by Parent or Affiliate $ -- $ -- $ -- Credit extended by Parent or Affiliate $ -- $ -- $ -- Amounts collected on behalf of Affiliate $ -- $ -- $ -- Less: payments $ -- $ -- $ -- ------------------------------------------------------------ End of month balance $ 534,436.18 $ 7,644,451.85 $ 8,178,888.03 ============================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ -- $ 534,436.18 $ 534,436.18

** The post-petition accounts payable balances accrued for above are subject to customary audit and review, which could result in changes to the balances recorded. If upon such audit and review amounts invoiced by vendors are disputed, such disputed amounts are not reflected in the accounts payable balances reflected above. As of February 28, the Debtor has been invoiced cumulative post-petition disputed amounts totalling $4,759,294. OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS For the Month Ending: February 28, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes (X) No ( ) 2. FICA withholdings Yes (X) No ( ) 3. Employee's withholdings Yes (X) No ( ) 4. Employer's FICA Yes (X) No ( ) 5. Federal unemployment taxes Yes (X) No ( ) 6. State income tax Yes (X) No ( ) 7. State employee withholdings Yes (X) No ( ) 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /s/ Henry C. Lyon ------------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: March 31, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 5,786,434.70 RECEIPTS: 1. Receipts from Operations $ -- 2. Other Receipts $ -- -------------- TOTAL RECEIPTS $ -- DISBURSEMENTS 3. Net Payroll a. Officers $ -- b. Others $ -- 4. Taxes a. Federal Income Taxes $ -- b. FICA Withholdings $ -- c. Employee's withholdings $ -- d. Employer's FICA $ -- e. Federal Unemployment Taxes $ -- f. State Income Tax $ -- g. State Employee withholdings $ -- h. All other state taxes $ -- 5. Necessary Expenses (Paid by Parent or Affiliate) a. Rent or mortgage payment(s) b. Utilities $ -- c. Insurance $ -- d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses U.S. Trustee Fees $ (9,000.00) Regulatory filing fees & expenses $ 25.00 Professional fees $ 11,416.49 Record Storage Fees $ 1,282.96 -------------- TOTAL DISBURSEMENTS $ 3,724.45 Less: Disbursements paid by Parent or Affiliates $ (3,724.45) -------------- ADJUSTED TOTAL DISBURSEMENTS $ -- -------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ -- NET INTERCOMPANY SWEEP TRANSFERS - FCI $ -- -------------- ENDING BALANCE IN Bank of America 3751607047 $ 5,002,854.44 ENDING BALANCE IN Bank of America 3751567556 $ 503,175.73 ENDING BALANCE IN Bank of America 2591500124 $ 280,404.53 -------------- ENDING BALANCE IN ALL ACCOUNTS $ 5,786,434.70 ============== OPERATING REPORT Page 1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS For the Month Ending: March 31, 2002 STATEMENT OF INVENTORY Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- ---- Ending inventory $ -- ==== PAYROLL INFORMATION STATEMENT Gross payroll for this period $ -- Payroll taxes due but unpaid $ -- STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS

DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT - ----------------------- -------------- --------------- -------------------- ------------------- Waterton Printers Square Monthly $ 12,784.41 0 $ -- One Wilshire Arcade Monthly $ 24,965.68 1 $ 24,965.68

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS For the Month Ending: March 31, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL ---------------------------------------------------------------- Beginning of month balance $ 100,131,114.57 $ 119,099.49 $ 100,250,214.06 Add: sales on account $ -- $ -- $ -- Add: customer credits $ -- $ -- $ -- Add: intercompany activity $ -- $ -- Less: collections $ -- $ -- $ -- Less: offsets $ -- $ -- $ -- Less: application of customer deposits $ -- $ -- ---------------------------------------------------------------- End of month balance $ 100,131,114.57 $ 119,099.49 $ 100,250,214.06 ================================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ 38,817.87 $ 100,092,296.70 $ 100,131,114.57

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)

3RD PARTY INTERCOMPANY TOTAL ------------------------------------------------------------ Beginning of month balance $ 534,436.18 $ 7,644,451.85 $ 8,178,888.03 Add: sales on account** $ 3,724.45 $ -- $ 3,724.45 Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (3,724.45) $ 3,724.45 $ -- Net cash advanced by Parent or Affiliate $ -- $ -- $ -- Credit extended by Parent or Affiliate $ -- $ -- $ -- Amounts collected on behalf of Affiliate $ -- $ -- $ -- Less: payments $ -- $ -- $ -- ------------------------------------------------------------ End of month balance $ 534,436.18 $ 7,648,176.30 $ 8,182,612.48 ============================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ -- $ 534,436.18 $ 534,436.18

** The post-petition accounts payable balances accrued for above are subject to customary audit and review, which could result in changes to the balances recorded. If upon such audit and review amounts invoiced by vendors are disputed, such disputed amounts are not reflected in the accounts payable balances reflected above. As of March 31, the Debtor has been invoiced cumulative post-petition disputed amounts totalling $4,759,294. OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access Telecommunications Group CASE NUMBER: 01-14645-SPS For the Month Ending: March 31, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes (X) No ( ) 2. FICA withholdings Yes (X) No ( ) 3. Employee's withholdings Yes (X) No ( ) 4. Employer's FICA Yes (X) No ( ) 5. Federal unemployment taxes Yes (X) No ( ) 6. State income tax Yes (X) No ( ) 7. State employee withholdings Yes (X) No ( ) 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /s/ Henry C. Lyon -------------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 5 EX-99.4 6 g77047exv99w4.txt EX-99.4 MONTHLY OPERATING REPORTS OF FACILICOM EXHIBIT 99.4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: January 31, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 5,631,674.53 RECEIPTS: 1. Receipts from Operations $ (45,000.00) Receipts from Operations (Received by Parent or Affiliate) $ 165,834.89 2. Other Receipts $ -- Other Receipts (Received by Parent or Affiliate) $ 15,876.29 --------------- TOTAL RECEIPTS $ 136,711.18 Less: Receipts received by Parent or Affiliate $ (181,711.18) --------------- ADJUSTED RECEIPTS $ (45,000.00) DISBURSEMENTS 3. Net Payroll a. Officers $ -- b. Others $ -- 4. Taxes a. Federal Income Taxes $ -- b. FICA Withholdings $ -- c. Employee's withholdings $ -- d. Employer's FICA $ -- e. Federal Unemployment Taxes $ -- f. State Income Tax $ -- g. State Employee withholdings $ -- h. All other state taxes 5. Necessary Expenses (Paid by Parent or Affiliate) a. Rent or mortgage payment(s) $ -- b. Utilities $ -- c. Insurance $ -- d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses Refund of deposit on cancelled equipment sale $ 10,000.00 Bank fees $ 15.00 Other $ 140.64 Computer Access/Hosting Services $ 8,625.00 --------------- TOTAL DISBURSEMENTS $ 18,780.64 Less: Disbursements paid by Parent/Affiliate $ (8,765.64) --------------- ADJUSTED DISBURSEMENTS $ 10,015.00 NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (55,015.00) NET INTERCOMPANY SWEEP TRANSFERS - WATG --------------- ENDING BALANCE IN Citibank $ 8,432.90 ENDING BALANCE IN BofA-Atlanta GA $ 4,184,624.52 ENDING BALANCE IN BofA-Dallas TX $ 1,383,602.11 --------------- ENDING BALANCE IN ALL ACCOUNTS $ 5,576,659.53 =============== OPERATING REPORT Page 1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS RECEIPTS LISTING For the Month Ending: January 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: BofA-Dallas, TX Account Number: 3751469007

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------------ Receipts from Operations: 01/11/02 Unilink (Returned check) $ (45,000.00) ------------ $ (45,000.00) ============

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Account Number: 3751469007

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ -------------------------------------------- ------------ 01/11/02 Service charge for returned deposit 15.00 01/16/02 Telpro (Refund of deposit on equipment sale) 10,000.00 ------------ Total $ 10,015.00 ============

OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS For the Month Ending: January 31, 2002 STATEMENT OF INVENTORY Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- ----- Ending inventory $ -- ===== PAYROLL INFORMATION STATEMENT Gross payroll for this period $ -- Payroll taxes due but unpaid $ -- STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS

DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT ----------------------- -------------- ---------------- -------------------- ------------------- TMR, Inc Monthly $ 40,174.00 0 $ -- New World Tower Partners Monthly $ 12,651.40 0 $ -- Quinby Building Inc Monthly $ 10,087.82 2 $ 20,175.64 111 Eight Ave, LLC Monthly $ 42,485.59 0 $ -- Descalso Howard Monthly $ 8,585.00 0 $ -- One Wilshire Arcade Monthly $ 7,938.44 1 $ 7,938.44 Hatfield Philips Monthly $ 5,371.63 0 $ --

OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS For the Month Ending: January 31, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL --------------------------------------------------------------- Beginning of month balance $ 103,941,082.35 $ 7,015,176.24 $ 110,956,258.59 Add: sales on account $ -- $ -- $ -- Add: customer credits $ -- $ -- $ -- Add: intercompany activity $ -- $ -- $ -- Less: collections $ (120,834.89) $ 181,711.18 $ 60,876.29 Less: offsets $ -- $ -- $ -- Less: application of customer deposits $ -- $ -- $ -- --------------------------------------------------------------- End of month balance $ 103,820,247.46 $ 7,196,887.42 $ 111,017,134.88 ===============================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ---------------- ------------------ $ -- $ -- $ -- $ 103,820,247.46 $ 103,820,247.46

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)

3RD PARTY INTERCOMPANY TOTAL --------------------------------------------------------- Beginning of month balance $ 5,528,045.86 $ 4,626,458.72 $ 10,154,504.58 Add: sales on account** $ 18,780.64 $ -- $ 18,780.64 Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (8,765.64) $ 8,765.64 $ -- Net cash advanced by Parent or Affiliate $ -- $ -- $ -- Credit extended by Parent or Affiliate $ -- $ -- $ -- Amounts collected on behalf of Affiliate $ -- $ -- $ -- Less: payments $ (10,015.00) $ -- $ (10,015.00) --------------------------------------------------------- End of month balance $ 5,528,045.86 $ 4,635,224.36 $ 10,163,270.22 =========================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ---------------- ------------------ $ -- $ -- $ -- $ 5,528,045.86 $ 5,528,045.86

**The post-petition accounts payable balances accrued for above are subject to customary audit and review, which could result in changes to the balances recorded. If upon such audit and review amounts invoiced by vendors are disputed, such disputed amounts are not reflected in the accounts payable balances reflected above. As of January 31, the Debtor has been invoiced cumulative post-petition disputed amounts totalling $2,663,816. OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS For the Month Ending: January 31, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes (X) No ( ) 2. FICA withholdings Yes (X) No ( ) 3. Employee's withholdings Yes (X) No ( ) 4. Employer's FICA Yes (X) No ( ) 5. Federal unemployment taxes Yes (X) No ( ) 6. State income tax Yes (X) No ( ) 7. State employee withholdings Yes (X) No ( ) 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. OPERATING REPORT Page 6 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /s/ Henry C. Lyon ----------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 7 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: February 28, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 5,576,659.53 RECEIPTS: 1. Receipts from Operations $ 193,270.39 2. Other Receipts $ 66,739.75 Other Receipts (Received by Parent or Affiliate) $ -- --------------- TOTAL RECEIPTS $ 260,010.14 Less: Receipts received by Parent or Affiliate $ -- --------------- ADJUSTED RECEIPTS $ 260,010.14 DISBURSEMENTS 3. Net Payroll a. Officers $ -- b. Others $ -- 4. Taxes a. Federal Income Taxes $ -- b. FICA Withholdings $ -- c. Employee's withholdings $ -- d. Employer's FICA $ -- e. Federal Unemployment Taxes $ -- f. State Income Tax $ -- g. State Employee withholdings $ -- h. All other state taxes 5. Necessary Expenses (Paid by Parent or Affiliate) a. Rent or mortgage payment(s) $ -- b. Utilities $ -- c. Insurance $ -- d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses Telephone $ 916.92 Expenses associated with equipment sales $ 59,638.43 Computer Access/Hosting Services $ 50,625.00 --------------- TOTAL DISBURSEMENTS $ 111,180.35 Less: Disbursements paid by Parent/Affiliate $ (111,180.35) --------------- ADJUSTED DISBURSEMENTS $ -- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 260,010.14 NET INTERCOMPANY SWEEP TRANSFERS - WATG --------------- ENDING BALANCE IN Citibank $ 8,432.90 ENDING BALANCE IN BofA-Atlanta GA $ 4,399,634.66 ENDING BALANCE IN BofA-Dallas TX $ 1,428,602.11 --------------- ENDING BALANCE IN ALL ACCOUNTS $ 5,836,669.67 =============== OPERATING REPORT Page 1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS RECEIPTS LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Atlanta, GA Account Name: BofA-Atlanta GA Account Number: 329979536

DATE RECEIVED DESCRIPTION AMOUNT - ------------------------- --------------------- ------------ Receipts from Operations: 2/8/2002 Interactive Media $ 755.91 2/8/2002 Americatel 11,178.45 2/8/2002 Europa Telecom 11,336.03 2/8/2002 Radiant Telecom 125,000.00 ------------ $ 148,270.39 ============ Other Receipts: 2/8/2002 U.S. Treasury $ 88.20 2/8/2002 Citibank - Interest 101.48 2/8/2002 U.S. Treasury 157.27 2/8/2002 Tammy Korn 192.00 2/8/2002 Michael Breen 660.00 2/8/2002 UCN Liquidating Trust 1,024.60 2/8/2002 Herbert Klatt 3,050.00 2/8/2002 Apto Solutions 3,466.20 2/8/2002 Optimus Solutions 9,800.00 2/27/2002 Mid-Hudson 48,200.00 ------------ $ 66,739.75 ============

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS RECEIPTS LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: BofA-Dallas, TX Account Number: 3751469007

DATE RECEIVED DESCRIPTION AMOUNT - -------------------------- ----------- ------------ Receipts from Operations: 01/11/02 Unilink $ 45,000.00 ------------ $ 45,000.00 ============

OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS For the Month Ending: February 28, 2002 STATEMENT OF INVENTORY Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- ----- Ending inventory $ -- ===== PAYROLL INFORMATION STATEMENT Gross payroll for this period $ -- Payroll taxes due but unpaid $ -- STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS

DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT ----------------------- -------------- ---------------- -------------------- ------------------- TMR, Inc Monthly $ 40,174.00 0 $ -- New World Tower Partners Monthly $ 12,651.40 0 $ -- Quinby Building Inc Monthly $ 10,087.82 2 $ 20,175.64 111 Eight Ave, LLC Monthly $ 42,485.59 0 $ -- Descalso Howard Monthly $ 8,585.00 0 $ -- One Wilshire Arcade Monthly $ 7,938.44 1 $ 7,938.44 Hatfield Philips Monthly $ 5,371.63 0 $ --

OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS For the Month Ending: February 28, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL --------------------------------------------------------------- Beginning of month balance $ 103,820,247.46 $ 7,196,887.42 $ 111,017,134.88 Add: sales on account $ -- $ -- $ -- Add: customer credits $ -- $ -- $ -- Add: intercompany activity $ -- $ -- $ -- Less: collections $ (193,270.39) $ -- $ (193,270.39) Less: offsets $ -- $ -- $ -- Less: application of customer deposits $ -- $ -- $ -- --------------------------------------------------------------- End of month balance $ 103,626,977.07 $ 7,196,887.42 $ 110,823,864.49 ===============================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ---------------- ------------------ $ -- $ -- $ -- $ 103,626,977.07 $ 103,626,977.07

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)

3RD PARTY INTERCOMPANY TOTAL ----------------------------------------------------------- Beginning of month balance $ 5,528,045.86 $ 4,635,224.36 $ 10,163,270.22 Add: sales on account** $ 111,180.35 $ -- $ 111,180.35 Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (111,180.35) $ 111,180.35 $ -- Net cash advanced by Parent or Affiliate $ -- $ -- $ -- Credit extended by Parent or Affiliate $ -- $ -- $ -- Amounts collected on behalf of Affiliate $ -- $ -- $ -- Less: payments $ -- $ -- $ -- ----------------------------------------------------------- End of month balance $ 5,528,045.86 $ 4,746,404.71 $ 10,274,450.57 ===========================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ---------------- ------------------- $ -- $ -- $ -- $ 5,528,045.86 $ 5,528,045.86

**The post-petition accounts payable balances accrued for above are subject to customary audit and review, which could result in changes to the balances recorded. If upon such audit and review amounts invoiced by vendors are disputed, such disputed amounts are not reflected in the accounts payable balances reflected above. As of February 28, the Debtor has been invoiced cumulative post-petition disputed amounts totalling $2,663,816. OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS For the Month Ending: February 28, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes (X) No ( ) 2. FICA withholdings Yes (X) No ( ) 3. Employee's withholdings Yes (X) No ( ) 4. Employer's FICA Yes (X) No ( ) 5. Federal unemployment taxes Yes (X) No ( ) 6. State income tax Yes (X) No ( ) 7. State employee withholdings Yes (X) No ( ) 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. OPERATING REPORT Page 6 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /s/ Henry C. Lyon ---------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 7 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: March 31, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 5,836,669.67 RECEIPTS: 1. Receipts from Operations $ 273,280.20 2. Other Receipts $ 114,670.56 Other Receipts (Received by Parent or Affiliate) $ -- -------------- TOTAL RECEIPTS $ 387,950.76 Less: Receipts received by Parent or Affiliate $ -- -------------- ADJUSTED RECEIPTS $ 387,950.76 DISBURSEMENTS 3. Net Payroll a. Officers $ -- b. Others $ -- 4. Taxes a. Federal Income Taxes $ -- b. FICA Withholdings $ -- c. Employee's withholdings $ -- d. Employer's FICA $ -- e. Federal Unemployment Taxes $ -- f. State Income Tax $ -- g. State Employee withholdings $ -- h. All other state taxes 5. Necessary Expenses (Paid by Parent or Affiliate) a. Rent or mortgage payment(s) $ -- b. Utilities $ -- c. Insurance $ -- d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses U.S. Trustee Fees $ 12,500.00 Expenses associated with equipment sales $ 7,096.89 Computer Access/Hosting Services $ 8,625.00 -------------- TOTAL DISBURSEMENTS $ 28,221.89 Less: Disbursements paid by Parent/Affiliate $ (28,221.89) -------------- ADJUSTED DISBURSEMENTS $ -- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 387,950.76 NET INTERCOMPANY SWEEP TRANSFERS - WATG $ 181,711.18 -------------- ENDING BALANCE IN Citibank $ 8,432.90 ENDING BALANCE IN BofA-Atlanta GA $ 4,838,016.40 ENDING BALANCE IN BofA-Dallas TX $ 1,559,882.31 -------------- ENDING BALANCE IN ALL ACCOUNTS $ 6,406,331.61 ============== OPERATING REPORT Page 1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS RECEIPTS LISTING For the Month Ending: March 31, 2002 Bank: Bank of America Location: Atlanta, GA Account Name: BofA-Atlanta GA Account Number: 329979536

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ Receipts from Operations: 3/8/2002 Texcom $ 17,000.00 3/8/2002 Radiant Telecom 125,000.00 ------------ $ 142,000.00 ============ Other Receipts: 3/6/2002 Apto Solutions $ 1,050.00 3/6/2002 Apto Solutions 1,125.00 3/6/2002 Southwest Tel-Supply 1,300.00 3/6/2002 Somera Communications 2,825.00 3/6/2002 Mid-Hudson 3,500.00 3/6/2002 Gordon Murphey 10,000.00 3/6/2002 Telexpress 14,050.00 3/6/2002 Correx Networks 15,400.00 3/21/2002 FCI Sweden sale proceeds 65,420.56 ------------ $ 114,670.56 ============

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS RECEIPTS LISTING For the Month Ending: March 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: BofA-Dallas, TX Account Number: 3751469007

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ Receipts from Operations: 3/26/2002 Tricom USA $ 131,280.20 ------------ $ 131,280.20 ============

OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS For the Month Ending: March 31, 2002 STATEMENT OF INVENTORY Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- -------- Ending inventory $ -- ======== PAYROLL INFORMATION STATEMENT Gross payroll for this period $ -- Payroll taxes due but unpaid $ -- STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS

DATE REGULAR AMOUNT OF NUMBER OF AMOUNT OF NAME OF CREDITOR/LESSOR PAYMENT IS DUE REGULAR PAYMENT PAYMENTS DELINQUENT PAYMENTS DELINQUENT ----------------------- -------------- --------------- ------------------- ------------------- TMR, Inc Monthly $ 40,174.00 0 $ -- New World Tower Partners Monthly $ 12,651.40 0 $ -- Quinby Building Inc Monthly $ 10,087.82 2 $20,175.64 111 Eight Ave, LLC Monthly $ 42,485.59 0 $ -- Descalso Howard Monthly $ 8,585.00 0 $ -- One Wilshire Arcade Monthly $ 7,938.44 1 $ 7,938.44 Hatfield Philips Monthly $ 5,371.63 0 $ --

OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS For the Month Ending: March 31, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL --------------- --------------- --------------- Beginning of month balance $103,626,977.07 $ 7,196,887.42 $110,823,864.49 Add: sales on account $ -- $ -- $ -- Add: customer credits $ -- $ -- $ -- Add: intercompany activity $ -- $ -- $ -- Less: collections $ (273,280.20) $ (181,711.18) $ (454,991.38) Less: offsets $ -- $ -- $ -- Less: application of customer deposits $ -- $ -- $ -- --------------- --------------- --------------- End of month balance $103,353,696.87 $ 7,015,176.24 $110,368,873.11 =============== =============== ===============

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ -- $103,353,696.87 $103,353,696.87

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)

3RD PARTY INTERCOMPANY TOTAL --------------- --------------- --------------- Beginning of month balance $ 5,528,045.86 $ 4,746,404.71 $ 10,274,450.57 Add: sales on account** $ 28,221.89 $ -- $ 28,221.89 Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (28,221.89) $ 28,221.89 $ -- Net cash advanced by Parent or Affiliate $ -- $ -- $ -- Credit extended by Parent or Affiliate $ -- $ -- $ -- Amounts collected on behalf of Affiliate $ -- $ -- $ -- Less: payments $ -- $ -- $ -- --------------- --------------- --------------- End of month balance $ 5,528,045.86 $ 4,774,626.60 $ 10,302,672.46 =============== =============== ===============

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ -- $5,528,045.86 $5,528,045.86

**The post-petition accounts payable balances accrued for above are subject to customary audit and review, which could result in changes to the balances recorded. If upon such audit and review amounts invoiced by vendors are disputed, such disputed amounts are not reflected in the accounts payable balances reflected above. As of March 31, the Debtor has been invoiced cumulative post-petition disputed amounts totalling $2,663,816. OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: Facilicom International, L.L.C. CASE NUMBER: 01-14643-SPS For the Month Ending: March 31, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes (X) No ( ) 2. FICA withholdings Yes (X) No ( ) 3. Employee's withholdings Yes (X) No ( ) 4. Employer's FICA Yes (X) No ( ) 5. Federal unemployment taxes Yes (X) No ( ) 6. State income tax Yes (X) No ( ) 7. State employee withholdings Yes (X) No ( ) 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. OPERATING REPORT Page 6 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /S/ Henry C. Lyon -------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 7 EX-99.5 7 g77047exv99w5.txt EX-99.5 MONTHLY OPERATING REPORTS OF WORLDXCHANGE EXHIBIT 99.5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: January 31, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 2,882,826.53 Add/(Subtract) Reconciliation Errors $ (1,206.66) --------------- Adjusted beginning balance in all accounts $ 2,881,619.87 RECEIPTS: 1. Receipts from Operations $ -- 2. Other Receipts $ 509.08 --------------- TOTAL RECEIPTS $ 509.08 Less: Receipts received by Parent/Affiliates $ (509.08) --------------- ADJUSTED TOTAL RECEIPTS $ -- DISBURSEMENTS 3. Net Payroll a. Officers $ -- b. Others $ -- 4. Taxes a. Federal Income Taxes $ -- b. FICA Withholdings $ -- c. Employee's withholdings $ -- d. Employer's FICA $ -- e. Federal Unemployment Taxes $ -- f. State Income Tax $ -- g. State Employee withholdings $ -- h. All other state taxes $ 154,326.41 5. Necessary Expenses (Paid by Parent or Affiliate) a. Rent or mortgage payment(s) $ -- b. Utilities $ -- c. Insurance $ -- d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses Clearing of previously voided checks $ 126.60 IBM Help Desk Fees $ 15,275.81 Building cleaning expenses upon vacating space $ 462.00 Credit card chargebacks $ 209.50 --------------- TOTAL DISBURSEMENTS $ 170,400.32 Less: Disbursements by Parent or Affiliate $ (170,064.22) --------------- ADJUSTED TOTAL DISBURSEMENTS $ 336.10 --------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (336.10) NET INTERCOMPANY SWEEP TRANSFERS - WAXS $ -- --------------- ENDING BALANCE IN WxC/WAXS $ 111,960.75 ENDING BALANCE IN B of A Checking $ 2,769,323.02 --------------- ENDING BALANCE $ 2,881,283.77 =============== OPERATING REPORT Page 1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Bank of America Location: Atlanta, GA Account Name: Checking Account Number: 3299991275

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- -------- Clearing of previously voided checks $ 126.60 -------- Total $ 126.60 ========

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS DISBURSEMENT LISTING For the Month Ending: January 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Checking Account Number: 3751565312

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------------------- -------- 01/04/02 EFT Credit card chargebacks $ 40.00 01/04/02 EFT Credit card chargebacks 47.50 01/04/02 EFT Credit card chargebacks 60.00 01/04/02 EFT Credit card chargebacks 62.00 -------- Total $ 209.50 ========

OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS For the Month Ending: January 31, 2002 STATEMENT OF INVENTORY Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- ---- Ending inventory $ -- ==== PAYROLL INFORMATION STATEMENT Gross payroll for this period $ -- Payroll taxes due but unpaid $ -- STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS**

Date regular Amount of Number of Amount of Name of Creditor/Lessor payment is due regular payment Payments Delinquent Payments Delinquent Imperial Premium Finance Monthly 8,798.52 -- -- Storage West Self Storage Monthly 209.00 See Note 1 27.87 Storage West Self Storage Monthly 99.00 See Note 1 13.20 Associated Storage Monthly 2,149.98 See Note 1 286.66 Bay 602 Corporation Monthly 9,817.39 See Note 1 1,308.99 Reynolds Family Properties Monthly 4,448.00 See Note 1 593.07 Reynolds Family Properties Monthly 23,792.49 See Note 1 3,172.33 Doral Plaza Associates Monthly 9,660.00 See Note 1 1,288.00 Colonial Parking Monthly 378.00 See Note 1 50.40 23223 Bryan St. Limited Partnership Monthly 16,941.16 See Note 1 2,258.82 Central Parking Systems Monthly 700.00 See Note 1 93.33 Currie Samuelson Monthly 1,200.00 See Note 1 160.00 Currie Samuelson Monthly 34,516.00 See Note 1 4,602.13 Downtown Properties Monthly 10,850.00 See Note 1 1,446.67 Hudson Telegraph Monthly 12,206.25 See Note 1 1,627.50 Okada International Monthly 2,601.03 See Note 1 346.80 One Wilshire Arcade Imp. Monthly 6,147.03 See Note 1 819.60 Rockrose Development Monthly 2,848.25 See Note 1 379.77 Scripps Ranch Landscape Monthly 1,000.00 See Note 1 133.33 Pacific Guardian Center Monthly 4,707.32 See Note 1 627.64 Wells Fargo Financial Leasing Co. Monthly 279.88 -- -- Newcourt Leasing Monthly 1,871.90 -- -- Greater San Diego Air Monthly 2,246.00 See Note 1 299.47 Finova Loan Admin. Inc Monthly 11,825.07 See Note 1 1,576.68 CIT Group Monthly 8,117.96 -- -- Dana Commercial Credit Monthly 14,734.93 See Note 1 1,964.66 Danka Financial Services Monthly 16,705.50 -- -- Danka Financial Services Monthly 378.16 See Note 2 428.58 Data Sales Co., Inc Monthly 58,663.13 See Note 1 7,821.75 IBM Corporation Monthly 56,452.32 -- -- Advanta Leasing Services Monthly 1,374.62 -- -- Premier Computer Sales Monthly 7,151.17 See Note 1 953.49 Siemens Credit LTD Monthly 45,360.11 See Note 2 51,408.12 Telogy, Inc. Monthly 6,482.29 See Note 1 864.31 Telecommunications Finance Group Monthly 1,013,115.84 See Note 2 1,148,197.95 Union Bank of CA., N.A. Monthly 61,133.27 See Note 1 8,151.10

Note 1: Debtor may be liable for prorated obligation from June 1, 2001 through June 4, 2001 in the event I-Link does not assume contract. Note 2: Debtor has not paid the monthly payment for May 2001. In addition, Debtor may be liable for prorated obligation from June 1, 2001 through June 4, 2001 in the event I-Link does not assume contract. OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS For the Month Ending: January 31, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL ------------------------------------------------------- Beginning of month balance $ -- $ 2,402,758.04 $ 2,402,758.04 Add: Receipts by parent/affiliates $ -- $ 509.08 $ 509.08 Add: customer credits $ -- $ -- $ -- Add: intercompany activity $ -- $ -- $ -- Less: collections $ -- $ -- $ -- Less: offsets $ -- $ -- $ -- Less: application of customer deposits $ -- $ -- $ -- Less: sale of receivables to I-Link $ -- $ -- $ -- ------------------------------------------------------- End of month balance $ -- $ 2,403,267.12 $ 2,403,267.12 =======================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ -- $ -- $ --

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)**

3RD PARTY INTERCOMPANY TOTAL ------------------------------------------------------------ Beginning of month balance $ 8,988,741.01 $ 5,929,849.24 $ 14,918,590.25 Add: sales on account** $ 16,073.91 $ -- $ 16,073.91 Add: collections on behalf of I-Link $ -- $ -- $ -- Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (170,064.22) $ 170,064.22 $ -- Net cash advanced by Parent $ -- $ -- $ -- Credit extended by Parent or Affiliate $ -- $ -- $ -- Amounts collected by Parent $ -- $ -- $ -- Less: Invoicing to I-Link $ -- $ -- $ -- Less: remittances to I-Link $ -- $ -- $ -- Less: payments $ (336.10) $ -- $ (336.10) ------------------------------------------------------------ End of month balance $ 8,834,414.60 $ 6,099,913.46 $ 14,934,328.06 ============================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ -- $ 8,834,414.60 $ 8,834,414.60

** The post-petition accounts payable balances accrued for above are subject to customary audit and review, which could result in changes to the balances recorded. If upon such audit and review amounts invoiced by vendors are disputed, such disputed amounts are not reflected in the accounts payable balances reflected above. As of January 31, the Debtor has been invoiced cumulative post-petition disputed amounts totalling $1,804,912. OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS For the Month Ending: January 31, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes (X) No ( ) 2. FICA withholdings Yes (X) No ( ) 3. Employee's withholdings Yes (X) No ( ) 4. Employer's FICA Yes (X) No ( ) 5. Federal unemployment taxes Yes (X) No ( ) 6. State income tax Yes (X) No ( ) 7. State employee withholdings Yes (X) No ( ) 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. See also the Attachment to Tax Questionnaire following. OPERATING REPORT Page 6 Case Name: WorldxChange Communications, Inc. Case Number 01-14637-SPS Attachment to Tax Questionnaire Statement Regarding Excise and Other Flow Through Taxes As established in the past, the debtors remit excise tax and other flow through taxes on a billed basis. The result of this is that the debtor remits the taxes before they are collected. As the debtors are in bankruptcy, they are no longer able to remit the taxes in this manner. For the taxes and returns for the period ending 5/31/2001 and the quarter ended 6/30/2001, the debtors have not filed the returns nor remitted the taxes for the following reasons: 1-The accounts receivable as of 5/31/2001, which includes the associated taxes, were purchased by I-Link incorporated on or about 6/4/2001. 2-As a result of the purchase, the debtors will never collect the taxes associated with the receivables. 3-Without the money collected from #2 above, the debtors are not able to remit the taxes. It is the Debtors position that the purchaser is responsible for such obligations. IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /s/ Henry C. Lyon ------------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 7 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: February 28, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 2,881,283.77 RECEIPTS: 1. Receipts from Operations $ -- 2. Other Receipts $ 46.65 --------------- TOTAL RECEIPTS $ 46.65 Less: Receipts received by Parent/Affiliates $ (46.65) --------------- ADJUSTED TOTAL RECEIPTS $ -- DISBURSEMENTS 3. Net Payroll a. Officers $ -- b. Others $ -- 4. Taxes a. Federal Income Taxes $ -- b. FICA Withholdings $ -- c. Employee's withholdings $ -- d. Employer's FICA $ -- e. Federal Unemployment Taxes $ -- f. State Income Tax $ -- g. State Employee withholdings $ -- h. All other state taxes $ 130,232.36 5. Necessary Expenses (Paid by Parent or Affiliate) a. Rent or mortgage payment(s) $ -- b. Utilities $ -- c. Insurance $ -- d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses Clearing of previously voided checks $ 58.06 IBM Lease $ -- Credit card chargebacks $ 209.50 --------------- TOTAL DISBURSEMENTS $ 130,499.92 Less: Disbursements by Parent or Affiliate $ (130,232.36) --------------- ADJUSTED TOTAL DISBURSEMENTS $ 267.56 --------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (267.56) NET INTERCOMPANY SWEEP TRANSFERS - WAXS $ -- --------------- ENDING BALANCE IN WxC/WAXS $ 111,751.25 ENDING BALANCE IN B of A Checking $ 2,769,264.96 --------------- ENDING BALANCE $ 2,881,016.21 =============== OPERATING REPORT Page 1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Atlanta, GA Account Name: Checking Account Number: 3299991275

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------- Clearing of previously voided checks $ 58.06 ------- Total $ 58.06 =======

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS DISBURSEMENT LISTING For the Month Ending: February 28, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Checking Account Number: 3751565312

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------------------- ------- 02/04/02 EFT Credit card chargebacks $ 40.00 02/04/02 EFT Credit card chargebacks 47.50 02/04/02 EFT Credit card chargebacks 60.00 02/04/02 EFT Credit card chargebacks 62.00 -------- Total $ 209.50 ========

OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS For the Month Ending: February 28, 2002 STATEMENT OF INVENTORY Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- ---- Ending inventory $ -- ==== PAYROLL INFORMATION STATEMENT Gross payroll for this period $ -- Payroll taxes due but unpaid $ -- STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS**

Date regular Amount of Number of Amount of Name of Creditor/Lessor payment is due regular payment Payments Delinquent Payments Delinquent Imperial Premium Finance Monthly 8,798.52 -- -- Storage West Self Storage Monthly 209.00 See Note 1 27.87 Storage West Self Storage Monthly 99.00 See Note 1 13.20 Associated Storage Monthly 2,149.98 See Note 1 286.66 Bay 602 Corporation Monthly 9,817.39 See Note 1 1,308.99 Reynolds Family Properties Monthly 4,448.00 See Note 1 593.07 Reynolds Family Properties Monthly 23,792.49 See Note 1 3,172.33 Doral Plaza Associates Monthly 9,660.00 See Note 1 1,288.00 Colonial Parking Monthly 378.00 See Note 1 50.40 23223 Bryan St. Limited Partnership Monthly 16,941.16 See Note 1 2,258.82 Central Parking Systems Monthly 700.00 See Note 1 93.33 Currie Samuelson Monthly 1,200.00 See Note 1 160.00 Currie Samuelson Monthly 34,516.00 See Note 1 4,602.13 Downtown Properties Monthly 10,850.00 See Note 1 1,446.67 Hudson Telegraph Monthly 12,206.25 See Note 1 1,627.50 Okada International Monthly 2,601.03 See Note 1 346.80 One Wilshire Arcade Imp. Monthly 6,147.03 See Note 1 819.60 Rockrose Development Monthly 2,848.25 See Note 1 379.77 Scripps Ranch Landscape Monthly 1,000.00 See Note 1 133.33 Pacific Guardian Center Monthly 4,707.32 See Note 1 627.64 Wells Fargo Financial Leasing Co. Monthly 279.88 -- -- Newcourt Leasing Monthly 1,871.90 -- -- Greater San Diego Air Monthly 2,246.00 See Note 1 299.47 Finova Loan Admin. Inc Monthly 11,825.07 See Note 1 1,576.68 CIT Group Monthly 8,117.96 -- -- Dana Commercial Credit Monthly 14,734.93 See Note 1 1,964.66 Danka Financial Services Monthly 16,705.50 -- -- Danka Financial Services Monthly 378.16 See Note 2 428.58 Data Sales Co., Inc Monthly 58,663.13 See Note 1 7,821.75 IBM Corporation Monthly 56,452.32 -- -- Advanta Leasing Services Monthly 1,374.62 -- -- Premier Computer Sales Monthly 7,151.17 See Note 1 953.49 Siemens Credit LTD Monthly 45,360.11 See Note 2 51,408.12 Telogy, Inc. Monthly 6,482.29 See Note 1 864.31 Telecommunications Finance Group Monthly 1,013,115.84 See Note 2 1,148,197.95 Union Bank of CA., N.A. Monthly 61,133.27 See Note 1 8,151.10

Note 1: Debtor may be liable for prorated obligation from June 1, 2001 through June 4, 2001 in the event I-Link does not assume contract. Note 2: Debtor has not paid the monthly payment for May 2001. In addition, Debtor may be liable for prorated obligation from June 1, 2001 through June 4, 2001 in the event I-Link does not assume contract. OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS For the Month Ending: February 28, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL -------------------------------------------------------------- Beginning of month balance $ -- $ 2,403,267.12 $ 2,403,267.12 Add: Receipts by parent/affiliates $ -- $ 46.65 $ 46.65 Add: customer credits $ -- $ -- $ -- Add: intercompany activity $ -- $ -- $ -- Less: collections $ -- $ -- $ -- Less: offsets $ -- $ -- $ -- Less: application of customer deposits $ -- $ -- $ -- Less: sale of receivables to I-Link $ -- $ -- $ -- -------------------------------------------------------------- End of month balance $ -- $ 2,403,313.77 $ 2,403,313.77 ==============================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ -- $ -- $ --

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)**

3RD PARTY INTERCOMPANY TOTAL ---------------------------------------------------------------- Beginning of month balance $ 8,834,414.60 $ 6,099,913.46 $ 14,934,328.06 Add: sales on account** $ 267.56 $ -- $ 267.56 Add: collections on behalf of I-Link $ -- $ -- $ -- Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (130,232.36) $ 130,232.36 $ -- Net cash advanced by Parent $ -- $ -- $ -- Credit extended by Parent or Affiliate $ -- $ -- $ -- Amounts collected by Parent $ -- $ -- $ -- Less: Invoicing to I-Link $ -- $ -- $ -- Less: remittances to I-Link $ -- $ -- $ -- Less: payments $ (267.56) $ -- $ (267.56) ---------------------------------------------------------------- End of month balance $ 8,704,182.24 $ 6,230,145.82 $ 14,934,328.06 ================================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ -- $ 8,704,182.24 $ 8,704,182.24

** The post-petition accounts payable balances accrued for above are subject to customary audit and review, which could result in changes to the balances recorded. If upon such audit and review amounts invoiced by vendors are disputed, such disputed amounts are not reflected in the accounts payable balances reflected above. As of February 28, the Debtor has been invoiced cumulative post-petition disputed amounts totalling $1,804,912. OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS For the Month Ending: February 28, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes (X) No ( ) 2. FICA withholdings Yes (X) No ( ) 3. Employee's withholdings Yes (X) No ( ) 4. Employer's FICA Yes (X) No ( ) 5. Federal unemployment taxes Yes (X) No ( ) 6. State income tax Yes (X) No ( ) 7. State employee withholdings Yes (X) No ( ) 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. See also the Attachment to Tax Questionnaire following. OPERATING REPORT Page 6 Case Name: WorldxChange Communications, Inc. Case Number 01-14637-SPS Attachment to Tax Questionnaire Statement Regarding Excise and Other Flow Through Taxes As established in the past, the debtors remit excise tax and other flow through taxes on a billed basis. The result of this is that the debtor remits the taxes before they are collected. As the debtors are in bankruptcy, they are no longer able to remit the taxes in this manner. For the taxes and returns for the period ending 5/31/2001 and the quarter ended 6/30/2001, the debtors have not filed the returns nor remitted the taxes for the following reasons: 1-The accounts receivable as of 5/31/2001, which includes the associated taxes, were purchased by I-Link incorporated on or about 6/4/2001. 2-As a result of the purchase, the debtors will never collect the taxes associated with the receivables. 3-Without the money collected from #2 above, the debtors are not able to remit the taxes. It is the Debtors position that the purchaser is responsible for such obligations. IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /s/ Henry C. Lyon ------------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 7 EXHIBIT 99.5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: March 31, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 2,881,016.21 RECEIPTS: 1. Receipts from Operations $ -- 2. Other Receipts $ 556.02 --------------- TOTAL RECEIPTS $ 556.02 DISBURSEMENTS 3. Net Payroll a. Officers $ -- b. Others $ -- 4. Taxes a. Federal Income Taxes $ -- b. FICA Withholdings $ -- c. Employee's withholdings $ -- d. Employer's FICA $ -- e. Federal Unemployment Taxes $ -- f. State Income Tax $ -- g. State Employee withholdings $ -- h. All other state taxes $ 1,312.00 5. Necessary Expenses (Paid by Parent or Affiliate) a. Rent or mortgage payment(s) $ -- b. Utilities $ -- c. Insurance $ -- d. Merchandise bought for manufacture or sell $ -- e. Other necessary expenses Clearing of previously voided checks $ 79.00 U.S. Trustee Fees $ 10,250.00 Credit card chargebacks $ 209.50 --------------- TOTAL DISBURSEMENTS $ 11,850.50 Less: Disbursements by Parent or Affiliate $ (11,562.00) --------------- ADJUSTED TOTAL DISBURSEMENTS $ 288.50 --------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 267.52 NET INTERCOMPANY SWEEP TRANSFERS - WAXS $ 555.73 --------------- ENDING BALANCE IN WxC/WAXS $ 111,541.75 ENDING BALANCE IN B of A Checking $ 2,770,297.71 --------------- ENDING BALANCE $ 2,881,839.46 =============== OPERATING REPORT Page 1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS RECEIPTS LISTING For the Month Ending: March 31, 2002 Bank: Bank of America Location: Atlanta, GA Account Name: Checking Account Number: 3299991275

DATE RECEIVED DESCRIPTION AMOUNT ------------- -------------------------------- -------- 03/08/02 KY Dept. of Revenue - Tax Refund 556.02 -------- Total $ 556.02 ========

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS DISBURSEMENT LISTING For the Month Ending: March 31, 2002 Bank: Bank of America Location: Atlanta, GA Account Name: Checking Account Number: 3299991275

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ------ Clearing of previously voided checks $ 79.00 ------- Total $ 79.00 =======

OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS DISBURSEMENT LISTING For the Month Ending: March 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Checking Account Number: 3751565312

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------------------- ------- 03/04/02 EFT Credit card chargebacks $ 40.00 03/04/02 EFT Credit card chargebacks 47.50 03/04/02 EFT Credit card chargebacks 60.00 03/04/02 EFT Credit card chargebacks 62.00 -------- Total $ 209.50 ========

OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS For the Month Ending: March 31, 2002 STATEMENT OF INVENTORY Beginning Inventory $ -- Add: purchases $ -- Less: goods sold $ -- ----- Ending inventory $ -- ===== PAYROLL INFORMATION STATEMENT Gross payroll for this period $ -- Payroll taxes due but unpaid $ -- STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS**

Date regular Amount of Number of Amount of Name of Creditor/Lessor payment is due regular payment Payments Delinquent Payments Delinquent Imperial Premium Finance Monthly 8,798.52 -- -- Storage West Self Storage Monthly 209.00 See Note 1 27.87 Storage West Self Storage Monthly 99.00 See Note 1 13.20 Associated Storage Monthly 2,149.98 See Note 1 286.66 Bay 602 Corporation Monthly 9,817.39 See Note 1 1,308.99 Reynolds Family Properties Monthly 4,448.00 See Note 1 593.07 Reynolds Family Properties Monthly 23,792.49 See Note 1 3,172.33 Doral Plaza Associates Monthly 9,660.00 See Note 1 1,288.00 Colonial Parking Monthly 378.00 See Note 1 50.40 23223 Bryan St. Limited Partnership Monthly 16,941.16 See Note 1 2,258.82 Central Parking Systems Monthly 700.00 See Note 1 93.33 Currie Samuelson Monthly 1,200.00 See Note 1 160.00 Currie Samuelson Monthly 34,516.00 See Note 1 4,602.13 Downtown Properties Monthly 10,850.00 See Note 1 1,446.67 Hudson Telegraph Monthly 12,206.25 See Note 1 1,627.50 Okada International Monthly 2,601.03 See Note 1 346.80 One Wilshire Arcade Imp Monthly 6,147.03 See Note 1 819.60 Rockrose Development Monthly 2,848.25 See Note 1 379.77 Scripps Ranch Landscape Monthly 1,000.00 See Note 1 133.33 Pacific Guardian Center Monthly 4,707.32 See Note 1 627.64 Wells Fargo Financial Leasing Co. Monthly 279.88 -- -- Newcourt Leasing Monthly 1,871.90 -- -- Greater San Diego Air Monthly 2,246.00 See Note 1 299.47 Finova Loan Admin. Inc Monthly 11,825.07 See Note 1 1,576.68 CIT Group Monthly 8,117.96 -- -- Dana Commercial Credit Monthly 14,734.93 See Note 1 1,964.66 Danka Financial Services Monthly 16,705.50 -- -- Danka Financial Services Monthly 378.16 See Note 2 428.58 Data Sales Co., Inc Monthly 58,663.13 See Note 1 7,821.75 IBM Corporation Monthly 56,452.32 -- -- Advanta Leasing Services Monthly 1,374.62 -- -- Premier Computer Sales Monthly 7,151.17 See Note 1 953.49 Siemens Credit LTD Monthly 45,360.11 See Note 2 51,408.12 Telogy, Inc. Monthly 6,482.29 See Note 1 864.31 Telecommunications Finance Group Monthly 1,013,115.84 See Note 2 1,148,197.95 Union Bank of CA., N.A Monthly 61,133.27 See Note 1 8,151.10

Note 1: Debtor may be liable for prorated obligation from June 1, 2001 through June 4, 2001 in the event I-Link does not assume contract. Note 2: Debtor has not paid the monthly payment for May 2001. In addition, Debtor may be liable for prorated obligation from June 1, 2001 through June 4, 2001 in the event I-Link does not assume contract. OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS For the Month Ending: March 31, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL --------------------------------------------------- Beginning of month balance $ -- $2,403,313.77 $2,403,313.77 Add: Receipts by parent/affiliates $ -- $ (555.73) $ (555.73) Add: customer credits $ -- $ -- $ -- Add: intercompany activity $ -- $ -- $ -- Less: collections $ -- $ -- $ -- Less: offsets $ -- $ -- $ -- Less: application of customer deposits $ -- $ -- $ -- Less: sale of receivables to I-Link $ -- $ -- $ -- --------------------------------------------------- End of month balance $ -- $2,402,758.04 $2,402,758.04 ===================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ -- $ -- $ -- $ -- $ --

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)**

3RD PARTY INTERCOMPANY TOTAL ----------------------------------------------------------- Beginning of month balance $ 8,704,182.24 $ 6,230,145.82 $14,934,328.06 Add: sales on account** $ 10,538.50 $ -- $ 10,538.50 Add: collections on behalf of I-Link $ -- $ -- $ -- Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (11,562.00) $ 11,562.00 $ -- Net cash advanced by Parent $ -- $ -- $ -- Credit extended by Parent or Affiliate $ -- $ -- $ -- Amounts collected by Parent $ -- $ -- $ -- Less: Invoicing to I-Link $ -- $ -- $ -- Less: remittances to I-Link $ -- $ -- $ -- Less: payments $ (288.50) $ -- $ (288.50) ----------------------------------------------------------- End of month balance $ 8,702,870.24 $ 6,241,707.82 $14,944,578.06 ===========================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- --------------- ------------------ $ -- $ -- $ -- $ 8,702,870.24 $ 8,702,870.24

**The post-petition accounts payable balances accrued for above are subject to customary audit and review, which could result in changes to the balances recorded. If upon such audit and review amounts invoiced by vendors are disputed, such disputed amounts are not reflected in the accounts payable balances reflected above. As of March 31, the Debtor has been invoiced cumulative post-petition disputed amounts totalling $1,804,912. OPERATING REPORT Page 6 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WorldxChange Communications CASE NUMBER: 01-14637-SPS For the Month Ending: March 31, 2002 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes (X) No ( ) 2. FICA withholdings Yes (X) No ( ) 3. Employee's withholdings Yes (X) No ( ) 4. Employer's FICA Yes (X) No ( ) 5. Federal unemployment taxes Yes (X) No ( ) 6. State income tax Yes (X) No ( ) 7. State employee withholdings Yes (X) No ( ) 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. See also the Attachment to Tax Questionnaire following. OPERATING REPORT Page 7 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. /s/ Henry C. Lyon ---------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 8 -----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

                                                                  EXHIBIT 99.1


                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                     For the Month Ending: January 31, 2002


                                                                                 
BEGINNING BALANCE IN ALL ACCOUNTS                                                   $27,550,400.98
     Add/(Subtract) Reconciliation Errors                                           $  (102,242.94)
                                                                                    --------------
Adjusted beginning balance in all accounts                                          $27,448,158.04

RECEIPTS:
     1. Receipts from Operations                                                    $           --
     2. Other Receipts                                                              $    84,801.81
         Other receipts (Received on behalf of Affiliates)                          $   182,220.26
                                                                                    --------------

TOTAL RECEIPTS                                                                      $   267,022.07

DISBURSEMENTS
     3. Net Payroll
         a. Officers                                                                $    50,873.24
         b. Others                                                                  $   110,681.43
     4. Taxes
         a. Federal Income Taxes                                                    $    47,467.95
         b. FICA Withholdings                                                       $    18,310.89
         c. Employee's withholdings                                                 $           --
         d. Employer's FICA                                                         $    18,310.88
         e. Federal Unemployment Taxes                                              $       821.55
         f. State Income Tax                                                        $     8,680.03
         g. State Employee withholdings                                             $       509.27
         h. All other state taxes                                                   $     3,710.62

     5. Necessary Expenses
         a. Rent or mortgage payment(s)                                             $           --
         b. Utilities                                                               $    12,974.70
         c. Insurance                                                               $     2,639.00
         d. Merchandise bought for manufacture or sell                              $           --
         e. Other necessary expenses
            Professional and Bankruptcy Court Related Fees and Expenses             $   671,636.16
            Employee Expenses                                                       $    11,437.11
            Office Supplies & Expenses                                              $     3,406.76
            Other                                                                   $     4,087.00
                                                                                    --------------

TOTAL DISBURSEMENTS                                                                 $   965,546.59
Add:  Disbursements made on behalf of Parent or Affiliates                          $   212,180.95
                                                                                    --------------
ADJUSTED TOTAL DISBURSEMENTS                                                        $ 1,177,727.54
                                                                                    --------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                 $  (910,705.47)

NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group                      $           --
NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C                  $           --
NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc.                   $           --
NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange                                    $           --
                                                                                    --------------
NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD                                  $           --
                                                                                    --------------

ENDING BALANCE IN Bank of America - Master  03751046297                             $   300,691.82
ENDING BALANCE IN Bank of America - Disbursement  03299976144                       $  (129,764.42)
ENDING BALANCE IN Bank of America - Payroll  03299944407                            $    83,699.01
ENDING BALANCE IN Bank of America - Payroll Taxes  03751301149                      $   101,588.24
ENDING BALANCE IN Bank of America - Unemp. Benefit  03751255062                     $     9,800.57
ENDING BALANCE IN Bank of America - Flex Spending  03751039615                      $     2,131.71
ENDING BALANCE IN Bank of America - Money Market  851018                            $19,712,268.04
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648                           $ 5,118,641.69
ENDING BALANCE IN Bank of America - Restricted Cash                                 $ 1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash  699-3295970                        $        71.96
ENDING BALANCE IN Chase Manhattan Bank - FISC  719-1-362214                         $     4,990.00
                                                                                    --------------
ENDING BALANCE IN ALL ACCOUNTS                                                      $26,537,452.57
                                                                                    ==============




                            OPERATING REPORT Page 1



                           IN THE UNITED STATES COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                                RECEIPTS LISTING

                     For the Month Ending: January 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Master Account
Account Number:  03751046297




DATE RECEIVED                                      DESCRIPTION                                         AMOUNT
- -------------                                      -----------                                         ------

                                                                                               
  1/16/2002         Radiant Telecom (FCI Receivable)                                                    $125,000.00
  1/16/2002         Texcom USA (FCI Receivable)                                                         $  8,500.00
  1/16/2002         Aprize Satellite (Cobra)                                                            $    493.84
  1/16/2002         GA Dept. of Revenue (WXC Refund)                                                    $    497.00
  1/16/2002         Martha Hernandez (Cobra)                                                            $    223.07
  1/16/2002         Daniel Menken (Cobra)                                                               $    664.14
  1/16/2002         Utility.com (FCI Receivable)                                                        $ 15,464.64
  1/16/2002         State of Maryland (2000 Refund)                                                     $ 37,715.87
  1/16/2002         GA Dept. of Revenue (2000 Refund)                                                   $    730.00
  1/16/2002         Stancorp Financial Group (WXC Dividend)                                             $     12.08
  1/16/2002         Metlife (Interest Disbursement)                                                     $      2.00
  1/16/2002         American Express (Deposit refund)                                                   $    200.00
  1/16/2002         U.S. Treasury (Cherry Comm. Refund)                                                 $ 15,876.29
  1/16/2002         Europa Telecommunications (FCI Receivable)                                          $ 16,870.25
                                                                                                        -----------
                                                                                              Total     $222,249.18

Less:  Receipts from or on behalf of Parent or Affiliates

Facilicom International, LLC
  1/16/2002         Radiant Telecom (FCI Receivable)                                                    $125,000.00
  1/16/2002         Texcom USA (FCI Receivable)                                                         $  8,500.00
  1/16/2002         Utility.com (FCI Receivable)                                                        $ 15,464.64
  1/16/2002         U.S. Treasury (Cherry Comm. - FCI)                                                  $ 15,876.29
  1/16/2002         Europa Telecommunications (FCI Receivable)                                          $ 16,870.25

Worldxchange
  1/16/2002         GA Dept. of Revenue (WXC Refund)                                                    $    497.00
  1/16/2002         Stancorp Financial Group (WXC Dividend)                                             $     12.08
                                                                                                        -----------
                                                                                                         182,220.26

                                                                                                        -----------
                                                                                Total WAXS Receipts       40,028.92
                                                                                                        ===========



                            OPERATING REPORT Page 2



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                                RECEIPTS LISTING

                     For the Month Ending: January 31, 2002

Bank:  Wells Fargo
Location:  Minneapolis, MN
Account Name:  Restricted Cash
Account Number:  699-3295970




DATE RECEIVED                   DESCRIPTION                                                AMOUNT
- -------------                   -----------                                                ------
                                                                                  
  1/31/2002                Interest Received                                               $ 0.01
                                                                                           ------
                                                                   Total WAXS Receipts     $ 0.01
                                                                                           ======



                            OPERATING REPORT Page 3



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                                RECEIPTS LISTING

                     For the Month Ending: January 31, 2002

Bank:  Bank of America (Nations Funds)
Location:  Charlotte, NC
Account Name:  Money Market
Account Number:  851018




DATE RECEIVED                     DESCRIPTION                                                        AMOUNT
- -------------                     -----------                                                        ------
                                                                                          
  1/31/2002         Interest Received - Strat Cash Fund                                            $ 33,549.65
  1/31/2002         Interest Received - Money Market Fund                                          $  2,170.82
                                                                                                   -----------
                                                                           Total WAXS Receipts     $ 35,720.47
                                                                                                   ===========



                            OPERATING REPORT Page 4



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                                RECEIPTS LISTING

                     For the Month Ending: January 31, 2002

Bank:  Deutsche Bank Alex. Brown
Location:  Baltimore, MD
Account Name:  Investment Account
Account Number:  206-19648




DATE RECEIVED                    DESCRIPTION                                                     AMOUNT
- -------------                    -----------                                                     ------
                                                                                      
  1/31/2001                   Interest Received                                                $ 9,052.41
                                                                                               ----------
                                                                    Total WAXS Receipts        $ 9,052.41
                                                                                               ==========



                            OPERATING REPORT Page 5



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Master Account
Account Number:  03751046297




DATE DISBURSED                      DESCRIPTION                                                   AMOUNT
- --------------                      -----------                                                   ------

                                                                                        
   1/2/2002             Mike Mies (Wire payroll - check lost)                                    $5,193.96
   1/3/2002             Bank Fee                                                                 $   30.00
   1/7/2002             Ascom Hasler  (Postage)                                                  $  500.00
  1/28/2002             Ascom Hasler  (Postage)                                                  $  500.00
                                                                                                 ---------
                                                                  Total WAXS Disbursements       $6,223.96
                                                                                                 =========



                            OPERATING REPORT Page 6



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED           CHECK NUMBER                            DESCRIPTION                                   AMOUNT
- --------------           ------------                            -----------                                  ------

                                                                                                     
   1/4/2002                 34785          CT Corporation (Registration Fees - FL/NY)                         $  1,059.50
   1/4/2002                 34786          Debra Dawn, ESQ. (Filing Fee Reimbursal)                           $  2,508.61
   1/4/2002                 34787          Mark Warner (Contract Tax)                                         $  1,105.00
   1/5/2002                 34788          North Atl. Realty (WATP Rent)                                      $ 30,412.76
  1/11/2002                 34789          Vanguard Archives (Primetec Storage)                               $     33.00
  1/11/2002                 34790          San Diego Gas & Electric (Utilities)                               $    403.60
  1/11/2002                 34791          Central Parking (Atl. Parking Deck)                                $    385.00
  1/11/2002                 34792          Continental Stock & Transfer (Office Exp)                          $    872.49
  1/11/2002                 34793          Debra Dawn, ESQ. (Filing Fee Reimbursal)                           $  3,386.87
  1/11/2002                 34794          Federal Express (Shipping)                                         $    109.84
  1/11/2002                 34795          Gardner Carlton & Douglas (Prof. Fees)                             $ 13,255.34
  1/11/2002                 34796          Bob Holloway (Expense Reimbursement)                               $  1,584.14
  1/11/2002                 34797          Katten Muchin & Zavis (Prof. Fees)                                 $240,830.43
  1/11/2002                 34798          MCI Worldcom (Telephone)                                           $  2,286.32
  1/11/2002                 34799          MCI Worldcom (Telephone)                                           $  3,343.85
  1/11/2002                 34800          Mike Mies (Expense Reimbursement)                                  $    270.32
  1/11/2002                 34801          Milbank Tweed Hadley & McCloy (Prof. Fees)                         $ 31,533.22
  1/11/2002                 34802          Poorman-Douglas (Mailings - Prof. Fees)                            $ 28,552.96
  1/11/2002                 34803          PriceWaterhouse Coopers (Prof. Fees)                               $ 57,887.09
  1/11/2002                 34804          Kamran Saeed (Contract IT)                                         $    450.00
  1/11/2002                 34805          Velocity Express (Shipping)                                        $     15.44
  1/11/2002                 34806          Winstead Sechrest & Minick (Prof. Fees)                            $  1,688.13
  1/11/2002                 34807          Pacific Bell (Telephone)                                           $  1,307.81
  1/11/2002                 34808          South Coast Building Svc (Cleaning Service)                        $    462.00
  1/14/2002                 34809          City Treasurer (Alarm Permit)                                      $     95.00
  1/14/2002                 34810          Latham & Wadkins (Prof. Fees)                                      $ 22,846.50
  1/18/2002                 34811          Airborne Express (Shipping)                                        $     34.78
  1/18/2002                 34812          Atlanta Journal Constitution (Newspaper Sub.)                      $     72.69
  1/18/2002                 34813          Debra Dawn, ESQ. (Filing Fee Reimbursal)                           $  1,814.56
  1/18/2002                 34814          Delaware Sec. Of State (Annual Franchise Fee)                      $    107.50
  1/18/2002                 34815          Federal Express (Shipping)                                         $    247.98
  1/18/2002                 34816          GE Capital (Copier Lease)                                          $    575.72
  1/18/2002                 34817          MCI Worldcom (Telephone)                                           $    777.05
  1/18/2002                 34818          Nextel Communications (Telephone)                                  $  2,375.33
  1/18/2002                 34819          Kamran Saeed (Contract IT)                                         $    450.00
  1/18/2002                 34820          Sean Moore (Contract IT)                                           $    425.00
  1/25/2002                 34821          Vanguard Archives (Primetec Storage)                               $    641.48
  1/25/2002                 34822          COS Financial (FCI - Fax Lease)                                    $    140.64
  1/25/2002                 34823          Coleman Technologies (Internet Access)                             $    150.00
  1/25/2002                 34824          Debra Dawn, ESQ. (Filing Fee Reimbursal)                           $    754.74
  1/25/2002                 34825          Federal Express (Shipping)                                         $    202.63
  1/25/2002                 34826          IBM Corporation (Help Desk Fees)                                   $ 15,275.81
  1/25/2002                 34827          Judco Mgmt (FCI - JD Edwards Access)                               $  8,625.00
  1/25/2002                 34828          Liberty Mutual (Insurance)                                         $  2,639.00
  1/25/2002                 34829          Henry Lyon (Expense Reimbursements)                                $    732.87
  1/25/2002                 34830          MCI Worldcom (Telephone)                                           $    503.71
  1/25/2002                 34831          Kamran Saeed (Contract IT)                                         $    450.00



                            OPERATING REPORT Page 7                 Page 1 of 4



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED           CHECK NUMBER                            DESCRIPTION                                   AMOUNT
- --------------           ------------                            -----------                                  ------

                                                                                                     
  1/25/2002                 34832          BellSouth (Telephone)                                              $  1,977.03
  1/29/2002                 34834          Katten Muchin & Zavis (Prof. Fees)                                 $276,730.62
  1/28/2002                 34833          New Jersey Dept. of Revenue (WXC Tax)                              $ 51,788.79
  1/31/2002                 34835          City of Alameda (WXC Tax)                                          $    130.51
  1/31/2002                 34836          City of Alameda (WXC Tax)                                          $    125.51
  1/31/2002                 34837          City of Albany (WXC Tax)                                           $     35.17
  1/31/2002                 34838          City of Alhambra (WXC Tax)                                         $    140.73
  1/31/2002                 34839          City of Arcadia (WXC Tax)                                          $     62.91
  1/31/2002                 34840          Arizona Dept. of Revenue (WXC Tax)                                 $    665.99
  1/31/2002                 34841          City of Arvada (WXC Tax)                                           $    137.41
  1/31/2002                 34842          City of Baldwin (WXC Tax)                                          $     25.35
  1/31/2002                 34843          City of Bellflo (WXC Tax)                                          $     26.44
  1/31/2002                 34844          City of Berkeley (WXC Tax)                                         $    316.78
  1/31/2002                 34845          City of Boulder (WXC Tax)                                          $     18.76
  1/31/2002                 34846          City of Calabas (WXC Tax)                                          $     27.16
  1/31/2002                 34847          City of Chico (WXC Tax)                                            $      5.14
  1/31/2002                 34848          City of Chula Vista (WXC Tax)                                      $     12.04
  1/31/2002                 34849          City of Claremo (WXC Tax)                                          $     44.28
  1/31/2002                 34850          Colorado Dept of Revenue (WXC Tax)                                 $    618.36
  1/31/2002                 34851          City of Commerce (WXC Tax)                                         $      5.17
  1/31/2002                 34853          City of Santa Clara (WXC Tax)                                      $     44.19
  1/31/2002                 34854          County of Santa Clara (WXC Tax)                                    $     13.26
  1/31/2002                 34855          City of Clulver (WXC Tax)                                          $    159.53
  1/31/2002                 34856          City of Cuperti (WXC Tax)                                          $     34.04
  1/31/2002                 34857          City of Dali City (WXC Tax)                                        $    208.74
  1/31/2002                 34858          City of Denver (WXC Tax)                                           $     58.68
  1/31/2002                 34859          City of El Cerr (WXC Tax)                                          $    115.83
  1/31/2002                 34860          City of El Mont (WXC Tax)                                          $     39.94
  1/31/2002                 34861          City of Emeryvillage (WXC Tax)                                     $     17.42
  1/31/2002                 34862          City of Fairfield (WXC Tax)                                        $     19.60
  1/31/2002                 34863          City of Flagstaff (WXC Tax)                                        $      8.03
  1/31/2002                 34864          City of Fontana (WXC Tax)                                          $     22.66
  1/31/2002                 34865          City of Glendale (WXC Tax)                                         $     73.10
  1/31/2002                 34866          City of Grand Junction (WXC Tax)                                   $     33.22
  1/31/2002                 34867          City of Greeley (WXC Tax)                                          $     32.49
  1/31/2002                 34868          City of Hawthorne (WXC Tax)                                        $     41.70
  1/31/2002                 34869          City of Hermosa (WXC Tax)                                          $     41.59
  1/31/2002                 34870          City of Hunting (WXC Tax)                                          $     60.92
  1/31/2002                 34871          City of Inglewood (WXC Tax)                                        $    153.12
  1/31/2002                 34872          Kansas Dept. of Revenue (WXC Tax)                                  $  2,676.34
  1/31/2002                 34873          City of Lafayette (WXC Tax)                                        $     63.25
  1/31/2002                 34874          City of La Habr (WXC Tax)                                          $     10.69
  1/31/2002                 34875          City of Lawndale (WXC Tax)                                         $     23.51
  1/31/2002                 34876          City of Littleton (WXC Tax)                                        $      9.26
  1/31/2002                 34877          City of Long Beach (WXC Tax)                                       $    436.41
  1/31/2002                 34878          City of Los Alamos (WXC Tax)                                       $      7.26
  1/31/2002                 34879          City of Los Angeles (WXC Tax)                                      $  9,382.70
  1/31/2002                 34880          County of Los Angeles (WXC Tax)                                    $    481.57



                            OPERATING REPORT Page 7                 Page 2 of 4



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED           CHECK NUMBER                            DESCRIPTION                                   AMOUNT
- --------------           ------------                            -----------                                  ------

                                                                                                     
  1/31/2002                 34881          City of Loveland (WXC Tax)                                         $     20.92
  1/31/2002                 34882          City of Malibu (WXC Tax)                                           $     17.48
  1/31/2002                 34883          Commonwealth of Kentucky (WXC Tax)                                 $ 18,618.72
  1/31/2002                 34884          City of Mesa (WXC Tax)                                             $      7.07
  1/31/2002                 34885          State of Michigan (WXC Tax)                                        $  5,852.52
  1/31/2002                 34886          Minnesota Dept. of Revenue (WXC Tax)                               $  1,556.61
  1/31/2002                 34887          State of Mississippi (WXC Tax)                                     $  1,022.51
  1/31/2002                 34888          City of Montreal (WXC Tax)                                         $     38.16
  1/31/2002                 34890          City of Santa M (WXC Tax)                                          $    379.60
  1/31/2002                 34891          City of Mountai (WXC Tax)                                          $     19.58
  1/31/2002                 34892          State of New Hampshire (WXC Tax)                                   $  2,055.79
  1/31/2002                 34893          City of Northgl (WXC Tax)                                          $     48.80
  1/31/2002                 34894          City of Norwalk (WXC Tax)                                          $     67.67
  1/31/2002                 34895          City of Oakland (WXC Tax)                                          $    653.04
  1/31/2002                 34896          State of Ohio (WXC Tax)                                            $ 10,003.37
  1/31/2002                 34897          City of Palo Alto (WXC Tax)                                        $     23.11
  1/31/2002                 34898          City of Paramount (WXC Tax)                                        $      6.33
  1/31/2002                 34899          City of Pasadena (WXC Tax)                                         $    318.74
  1/31/2002                 34900          PA Department of Revenue (WXC Tax)                                 $ 11,000.89
  1/31/2002                 34901          City of Phoenix (WXC Tax)                                          $     78.70
  1/31/2002                 34902          City of Pomona (WXC Tax)                                           $     88.16
  1/31/2002                 34903          City of Prescot (WXC Tax)                                          $      7.85
  1/31/2002                 34904          City of Pueblo (WXC Tax)                                           $     24.88
  1/31/2002                 34905          City of Redondo (WXC Tax)                                          $     81.29
  1/31/2002                 34906          City of Redmond (WXC Tax)                                          $     14.27
  1/31/2002                 34907          State of Rhode Island (WXC Tax)                                    $  1,403.67
  1/31/2002                 34908          City of Richmond (WXC Tax)                                         $    311.13
  1/31/2002                 34909          City of Riverside (WXC Tax)                                        $     19.81
  1/31/2002                 34910          City of Santa R (WXC Tax)                                          $      6.56
  1/31/2002                 34911          City of San Bernadino (WXC Tax)                                    $     17.56
  1/31/2002                 34912          City of San Bue (WXC Tax)                                          $      8.04
  1/31/2002                 34913          City of Sacramento (WXC Tax)                                       $    495.17
  1/31/2002                 34914          County of Sacramento (WXC Tax)                                     $    281.85
  1/31/2002                 34915          City/Cnty of San (WXC Tax)                                         $     95.97
  1/31/2002                 34916          City of San Mar (WXC Tax)                                          $      8.43
  1/31/2002                 34917          City of San Lea (WXC Tax)                                          $     51.07
  1/31/2002                 34918          City of Santa B (WXC Tax)                                          $     10.61
  1/31/2002                 34919          City of Seal Be (WXC Tax)                                          $      8.74
  1/31/2002                 34920          City of Stanton (WXC Tax)                                          $     12.57
  1/31/2002                 34921          City of Stockton (WXC Tax)                                         $    133.86
  1/31/2002                 34922          City of Sunnyville (WXC Tax)                                       $     16.02
  1/31/2002                 34923          Tennessee Dept. of Revenue (WXC Tax)                               $  5,272.54
  1/31/2002                 34924          Comptroller of Texas (WXC Tax)                                     $  3,823.67
  1/31/2002                 34925          State Treasurer (WXC Tax)                                          $ 20,308.12
  1/31/2002                 34926          City of Torrance (WXC Tax)                                         $    143.51
  1/31/2002                 34927          City of Tucson (WXC Tax)                                           $     39.10
  1/31/2002                 34928          Utah State Tax (WXC Tax)                                           $    687.70
  1/31/2002                 34929          City of Vallejo (WXC Tax)                                          $     48.98



                            OPERATING REPORT Page 7                 Page 3 of 4



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED           CHECK NUMBER                            DESCRIPTION                                   AMOUNT
- --------------           ------------                            -----------                                  ------

                                                                                                     
  1/31/2002                 34930          State of Vermont (WXC Tax)                                         $    636.24
  1/31/2002                 34931          City of Westminster (WXC Tax)                                      $     18.34
  1/31/2002                 34932          City of Woodland (WXC Tax)                                         $      5.54
                                                                                                              -----------
                                                                                                  Total       $916,715.77


Less:  Disbursements made to or on behalf of Parent or Affiliates.

WA Telecom Products Co., Inc.
  1/5/2002                  34788          North Atl. Realty (WATP Rent)                                      $ 30,412.76
  1/18/2002                 34816          GE Capital (Copier Lease)                                          $    575.72
Facilicom
  1/25/2002                 34822          COS Financial (FCI - Fax Lease)                                    $    140.64
  1/25/2002                 34827          Judco Mgmt (FCI - JD Edwards Access)                               $  8,625.00
World Access Telecommunication Group, Inc.
  1/11/2002                 34789          Vanguard Archives (Primetec Storage)                               $     33.00
  1/11/2002                 34806          Winstead Sechrest & Minick (Prof. Fees)                            $  1,688.13
  1/25/2002                 34821          Vanguard Archives (Primetec Storage)                               $    641.48
WorldxChange
  1/11/2002                 34808          South Coast Building Svc (Cleaning Service)                        $    462.00
  1/25/2002                 34826          IBM Corporation (Help Desk Fees)                                   $ 15,275.81
  1/31/2002             34833 - 34932      WXC Tax Checks                                                     $154,326.41
                                                                                                              -----------
                                                                               Total Affiliate Payments       $212,180.95
                                                                                                              -----------
                                                                               Total WAXS Disbursements       $704,534.82
                                                                                                              ===========



                            OPERATING REPORT Page 7                 Page 4 of 4



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Payroll Account
Account Number:  03299944407




DATE DISBURSED              CHECK NUMBER           DESCRIPTION                                               AMOUNT
- --------------              ------------           -----------                                               ------

                                                                                               
   1/3/2002                   Multiple            Payroll Checks                                          $ 47,965.32
  1/17/2002                   Multiple            Payroll Checks                                          $ 44,338.86
  1/31/2002                   Multiple            Payroll Checks                                          $ 64,056.53
                                                                                                          -----------
                                                                       Total WAXS Disbursements           $156,360.71
                                                                                                          ===========



                            OPERATING REPORT Page 8


                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Payroll Account
Account Number:  0751301149




DATE DISBURSED                 DESCRIPTION                                                 AMOUNT
- --------------                 -----------                                                 ------

                                                                               
   1/3/2002          ADP - Payroll Tax Withholdings                                     $34,297.12
   1/17/2002         ADP - Payroll Tax Withholdings                                     $25,280.39
   1/31/2002         ADP - Payroll Tax Withholdings                                     $38,233.68
   1/31/2002         ADP - Payroll Processing Fees                                      $   605.91
                                                                                        ----------
                                                        Total WAXS Disbursements        $98,417.10
                                                                                        ==========



                            OPERATING REPORT Page 9



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                             DISBURSEMENTS LISTING

                     For the Month Ending: January 31, 2002

Bank:  Wells Fargo
Location:  Minneapolis, MN
Account Name:  Restricted Cash
Account Number:  699-3295970




DATE RECEIVED                  DESCRIPTION                                             AMOUNT
- -------------                  -----------                                             ------

                                                                              
  1/31/2002                      Bank Fee                                              $10.00
                                                                                       ------
                                                          Total WAXS Disbursements     $10.00
                                                                                       ======



                            OPERATING REPORT Page 10



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                     For the Month Ending: January 31, 2002




STATEMENT OF INVENTORY
- ----------------------

                                            
    Beginning Inventory                        $        --
    Add: purchases                             $        --
    Less: goods sold                           $        --
                                               -----------
    Ending inventory                           $        --
                                               ===========


PAYROLL INFORMATION STATEMENT
- -----------------------------

                                            
    Gross payroll for this period              $259,365.86
    Payroll taxes due but unpaid               $        --



              STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS




                                  DATE REGULAR               AMOUNT OF              NUMBER OF                AMOUNT OF
NAME OF CREDITOR/LESSOR          PAYMENT IS DUE          REGULAR PAYMENT       PAYMENTS DELINQUENT     PAYMENTS DELINQUENT
- -----------------------          --------------          ---------------       -------------------     -------------------

                                                                                           
Xerox Corporation                  Monthly                 $ 1,247.84                  8                   $ 9,982.72



                           OPERATING REPORT Page 11



                     IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                     For the Month Ending: January 31, 2002

STATEMENT OF AGED RECEIVABLES




ACCOUNTS RECEIVABLE                              3RD PARTY        INTERCOMPANY            TOTAL
                                                 ---------        ------------            -----
                                                                              
      Beginning of month balance                   $ --           $11,970,519.24       $11,970,519.24
      Add: sales on account                        $ --           $           --       $           --
              expenses paid for affiliate          $ --           $   212,180.95       $   212,180.95
              cash advanced to affiliate           $ --           $           --       $           --
      Less: collections                            $ --           $           --       $           --
                                                   ----           --------------       --------------
      End of month balance                         $ --           $12,182,700.19       $12,182,700.19
                                                   ====           ==============       ==============





0-30 Days            31-60 Days              61-90 Days            Over 90 Days          End of Month Total
- ---------            ----------              ----------            ------------          ------------------
                                                                              
 $ --                  $ --                    $ --                   $ --                    $ --



STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)




                                                 3RD PARTY        INTERCOMPANY            TOTAL
                                               -------------     --------------      --------------
                                                                              
      Beginning of month balance               $1,571,200.98     $16,520,549.32      $18,091,750.30
      Add: sales on account                    $1,199,393.87     $           --      $ 1,199,393.87
              Cash received on behalf
                of Affiliate                   $          --     $   182,220.26      $   182,220.26
              Cash received from Affiliate     $          --     $           --      $           --
      Less: payments                           $ (965,546.59)    $           --      $  (965,546.59)
                                               -------------     --------------      --------------
      End of month balance                     $1,805,048.26     $16,702,769.58      $18,507,817.84
                                               =============     ==============      ==============





 0-30 Days           31-60 Days              61-90 Days            Over 90 Days          End of Month Total
 ---------           ----------              ----------            ------------          ------------------
                                                                             
$876,629.59         $248,812.13             $154,082.83             $525,523.71            $1,805,048.26



                           OPERATING REPORT Page 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                     For the Month Ending: January 31, 2002

                               TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

         1. Federal income taxes                Yes [X]            No [ ]

         2. FICA withholdings                   Yes [X]            No [ ]

         3. Employee's withholdings             Yes [X]            No [ ]

         4. Employer's FICA                     Yes [X]            No [ ]

         5. Federal unemployment taxes          Yes [X]            No [ ]

         6. State income tax                    Yes [X]            No [ ]

         7. State employee withholdings         Yes [X]            No [ ]

         8. All other state taxes                    See Note Below


         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:

The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                           OPERATING REPORT Page 13



                     IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.


                                             /s/ Henry C. Lyon
                                             ----------------------------------
                                             For the Debtor In Possession

                                             Henry C. Lyon
                                             Designated Officer


                           OPERATING REPORT Page 14

                       IN THE UNITED STATES BANKRUPTCY COURT
                        FOR THE NORTHER DISTRICT OF ILLINOIS
                                  EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                  SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                      For the Month Ending: February 28, 2002


                                                                                 
BEGINNING BALANCE IN ALL ACCOUNTS                                                   $26,537,452.57

RECEIPTS:
     1. Receipts from Operations
     2. Other Receipts                                                              $    43,900.26
         Other receipts (Received on behalf of Affiliates)                          $     5,046.65
                                                                                    --------------

TOTAL RECEIPTS                                                                      $    48,946.91

DISBURSEMENTS
     3. Net Payroll
         a. Officers                                                                $    96,591.31
         b. Others                                                                  $   180,359.75
     4. Taxes
         a. Federal Income Taxes                                                    $    94,314.65
         b. FICA Withholdings                                                       $    29,140.27
         c. Employee's withholdings                                                 $       230.91
         d. Employer's FICA                                                         $    29,140.30
         e. Federal Unemployment Taxes                                              $       118.87
         f. State Income Tax                                                        $    16,545.22
         g. State Employee withholdings                                             $       574.15
         h. All other state taxes                                                   $       532.70

     5. Necessary Expenses
         a. Rent or mortgage payment(s)                                             $    10,938.00
         b. Utilities                                                               $    13,022.12
         c. Insurance                                                               $    82,815.52
         d. Merchandise bought for manufacture or sell                              $           --
         e. Other necessary expenses
             Professional and Bankruptcy Court Related Fees and Expenses            $   262,556.27
             Employee Expenses                                                      $    36,602.99
             Office Supplies & Expenses                                             $    33,389.33
             Other                                                                  $    15,154.39
                                                                                    --------------

TOTAL DISBURSEMENTS                                                                 $   902,026.75
Add:  Disbursements made on behalf of Parent or Affiliates                          $   278,306.00
                                                                                    --------------
ADJUSTED TOTAL DISBURSEMENTS                                                        $ 1,180,332.75
                                                                                    --------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                 $(1,131,385.84)

NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group                      $           --
NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C                  $           --
NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc.                   $           --
NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange                                    $           --
                                                                                    --------------
NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD                                  $           --
                                                                                    --------------

ENDING BALANCE IN Bank of America - Master  03751046297                             $   265,602.38
ENDING BALANCE IN Bank of America - Disbursement  03299976144                       $  (194,403.26)
ENDING BALANCE IN Bank of America - Payroll  03299944407                            $     1,747.95
ENDING BALANCE IN Bank of America - Payroll Taxes  03751301149                      $    90,115.80
ENDING BALANCE IN Bank of America - Unemp. Benefit  03751255062                     $     9,800.57
ENDING BALANCE IN Bank of America - Flex Spending  03751039615                      $     2,131.71
ENDING BALANCE IN Bank of America - Money Market  851018                            $18,765,898.21
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648                           $ 5,126,787.45
ENDING BALANCE IN Bank of America - Restricted Cash                                 $ 1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash  699-3295970                        $        61.97
ENDING BALANCE IN Chase Manhattan Bank - FISC  719-1-362214                         $     4,990.00
                                                                                    --------------
ENDING BALANCE IN ALL ACCOUNTS                                                      $25,406,066.73
                                                                                    ==============




                            OPERATING REPORT Page 1



                           IN THE UNITED STATES COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                                RECEIPTS LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Master Account
Account Number:  03751046297




DATE RECEIVED                             DESCRIPTION                                                    AMOUNT
- -------------                             -----------                                                    ------

                                                                                               
   2/8/2002         GA Department of Revenue (WAXS Inc. Tax Refund)                                     $   190.00
   2/8/2002         Bank of America (WXC)                                                               $    46.65
   2/8/2002         Gerald Ricks (WACC Receivable)                                                      $ 5,000.00
   2/8/2002         Daniel Menken (Cobra)                                                               $   664.14
   2/8/2002         Margaret Hibbeler (Cobra)                                                           $   446.14
   2/8/2002         J. Smith Lanier (Insurance Premium Adjustment Refund)                               $ 3,869.00
   2/8/2002         Martha Hernandez (Cobra)                                                            $   223.07
   2/8/2002         Aprize Satellite (Linda Jacobsen Cobra)                                             $   493.84
                                                                                                        ----------
                                                                                          Total         $10,932.84

Less:  Receipts from or on behalf of Parent or Affiliates

WA Telecom Products Co., Inc.
   2/8/2002         Gerald Ricks (WACC Receivable)                                                      $ 5,000.00

Worldxchange
   2/8/2002         Bank of America (WXC)                                                               $    46.65
                                                                                                        ----------
                                                                                                          5,046.65

                                                                                                        ----------
                                                                            Total WAXS Receipts           5,886.19
                                                                                                        ==========



                            OPERATING REPORT Page 2



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                                RECEIPTS LISTING

                    For the Month Ending: February 28, 2002

Bank:  Wells Fargo
Location:  Minneapolis, MN
Account Name:  Restricted Cash
Account Number:  699-3295970




DATE RECEIVED                  DESCRIPTION                                         AMOUNT
- -------------                  -----------                                         ------
                                                                          
  2/28/2002                 Interest Received                                       $ 0.01
                                                                                    ------
                                                          Total WAXS Receipts       $ 0.01
                                                                                    ======



                            OPERATING REPORT Page 3



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                                RECEIPTS LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America (Nations Funds)
Location:  Charlotte, NC
Account Name:  Money Market
Account Number:  851018




DATE RECEIVED                         DESCRIPTION                                            AMOUNT
- -------------                         -----------                                            ------
                                                                                   
  2/28/2002         Interest Received - Strat Cash Fund                                     $29,131.12
  2/28/2002         Interest Received - Money Market Fund                                   $   737.18
                                                                                            ----------
                                                                   Total WAXS Receipts      $29,868.30
                                                                                            ==========



                            OPERATING REPORT Page 4



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                                RECEIPTS LISTING

                    For the Month Ending: February 28, 2002

Bank:  Deutsche Bank Alex. Brown
Location:  Baltimore, MD
Account Name:  Investment Account
Account Number:  206-19648




DATE RECEIVED                    DESCRIPTION                                         AMOUNT
- -------------                    -----------                                         ------
                                                                           
  2/28/2002                  Interest Received                                      $8,145.76
                                                                                    ---------
                                                            Total WAXS Receipts     $8,145.76
                                                                                    =========



                            OPERATING REPORT Page 5



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Master Account
Account Number:  03751046297




DATE DISBURSED                     DESCRIPTION                                                      AMOUNT
- --------------                     -----------                                                      ------

                                                                                         
   2/5/2002       Bank Fee                                                                        $     30.00
  2/11/2002       Merrill Lynch (401k Wire)                                                       $    230.91
  2/14/2002       Tele-FlexTechnologies (FCI Billing System                                       $ 42,000.00
  2/27/2002       American Express Tax & Business Svcs. (Retainer)                                $100,000.00
                                                                                                  -----------
                                                                        Total WAXS Disbursements  $142,260.91
                                                                                                  ===========

Less:  Disbursements made to or on behalf of Parent or Affiliates.

Facilicom
  2/14/2002       Tele-FlexTechnologies (FCI Billing System                                       $ 42,000.00
                                                                                                  -----------
                                                                        Total Affiliate Payments  $ 42,000.00
                                                                                                  -----------
                                                                        Total WAXS Disbursements  $100,260.91
                                                                                                  ===========



                            OPERATING REPORT Page 6



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED         CHECK NUMBER          DESCRIPTION                                            AMOUNT
- --------------         ------------          -----------                                            ------

                                                                                          
     2/4/2002            34935            CITY OF AVONDALE                                         $      0.18
     2/4/2002            34936            CITY OF BELL                                             $      0.06
     2/4/2002            34937            CITY OF BRAWLEY                                          $      1.06
     2/4/2002            34938            CITY OF BRECKEN                                          $      1.58
     2/4/2002            34939            CITY OF BURBANK                                          $    191.91
     2/4/2002            34940            CITY OF CANON C                                          $      2.32
     2/4/2002            34941            CITY OF CERES                                            $      0.91
     2/4/2002            34942            CITY OF CHANDLER                                         $      3.17
     2/4/2002            34943            CITY OF COMPTON                                          $      0.89
     2/4/2002            34944            CITY OF COVINA                                           $     54.03
     2/4/2002            34945            CITY OF CUDAHY                                           $      1.47
     2/4/2002            34946            CITY OF DELTA                                            $      1.06
     2/4/2002            34947            CITY OF DURANGO                                          $      3.47
     2/4/2002            34948            CITY OF EASH PA                                          $      2.81
     2/4/2002            34949            CITY OF EL SEGU                                          $      0.23
     2/4/2002            34950            CITY OF GLENDALE                                         $      1.16
     2/4/2002            34951            CITY OF LA PALM                                          $      1.42
     2/4/2002            34952            CITY OF MARINA                                           $      4.38
     2/4/2002            34953            CITY OF MONTCLA                                          $     20.87
     2/4/2002            34954            CITY OF MONTERE                                          $      1.80
     2/4/2002            34955            CITY OF NOGALES                                          $      0.75
     2/4/2002            34956            CITY OF ORANGE                                           $      0.24
     2/4/2002            34957            CITY OF PICO RI                                          $      2.82
     2/4/2002            34958            CITY OF PLACENT                                          $      1.86
     2/4/2002            34959            CITY OF PORTERVILLE                                      $      1.20
     2/4/2002            34960            CITY OF RANCHO                                           $      0.10
     2/4/2002            34961            CITY OF RIDGWAY                                          $      0.56
     2/4/2002            34962            CITY OF SALINAS                                          $      1.82
     2/4/2002            34963            CITY OF SAN LUI                                          $      3.24
     2/4/2002            34964            CITY OF SCOTTSD                                          $      4.59
     2/4/2002            34965            CITY OF SEASIDE                                          $      3.26
     2/4/2002            34966            CITY OF SILVERT                                          $      0.49
     2/4/2002            34967            CITY OF SOLEDAD                                          $      1.01
     2/4/2002            34968            CITY OF STEAMBOAT                                        $      0.72
     2/4/2002            34969            CITY OF TEMPE                                            $      3.45
     2/4/2002            34970            CITY OF WATSONVILLE                                      $      0.88
     2/4/2002            34971            CITY OF WHITTIE                                          $     35.03
     2/4/2002            34972            STATE OF WISCONSIN                                       $  6,300.88
     2/6/2002            34973            CITY OF ABERDEE                                          $     11.78
     2/6/2002            34974            CITY OF ALGONA                                           $      0.96
     2/6/2002            34975            CITY OF ANACORT                                          $     12.40
     2/6/2002            34976            CITY OF ARLINGTON                                        $     10.03
     2/6/2002            34977            CITY OF AUBURN                                           $     30.77
     2/6/2002            34978            CITY OF BAINBRIDGE                                       $     12.67
     2/6/2002            34979            CITY OF BELLEVUE                                         $    197.54
     2/6/2002            34980            CITY OF BELLING                                          $     65.39
     2/6/2002            34981            CITY OF BLACK D                                          $      4.04
     2/6/2002            34982            CITY OF BLAINE                                           $      8.60
     2/6/2002            34983            CITY OF BONNEY                                           $      4.16
     2/6/2002            34984            CITY OF BOTHELL                                          $    180.67



                            OPERATING REPORT Page 7                Page 1 of 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED         CHECK NUMBER          DESCRIPTION                                            AMOUNT
- --------------         ------------          -----------                                            ------

                                                                                          
     2/6/2002            34985            CITY OF BREMERT                                          $     26.19
     2/6/2002            34986            CITY OF BREWSTER                                         $     18.24
     2/6/2002            34987            CITY OF BUCKLEY                                          $      8.46
     2/6/2002            34988            CITY OF BURLING                                          $      3.96
     2/6/2002            34989            CITY OF CASHMER                                          $      0.84
     2/6/2002            34990            CITY OF CASTLE                                           $      0.03
     2/6/2002            34991            CITY OF CENTRAL                                          $     11.52
     2/6/2002            34992            CITY OF CHEHALI                                          $      1.85
     2/6/2002            34993            CITY OF CHELAN                                           $      7.36
     2/6/2002            34994            CITY OF CLARKSTON                                        $      0.23
     2/6/2002            34995            CITY OF CLE ELU                                          $      2.16
     2/6/2002            34996            CITY OF CLYDE H                                          $      1.65
     2/6/2002            34997            CITY OF COLFAX                                           $     17.22
     2/6/2002            34998            CITY OF COLLEGE                                          $      0.26
     2/6/2002            34999            CITY OF COLVILLE                                         $      7.34
     2/6/2002            35000            CITY OF CONCRET                                          $      3.28
     2/6/2002            35001            CITY OF COULEE                                           $      6.19
     2/6/2002            35002            CITY OF COUPEVILLE                                       $      4.73
     2/6/2002            35003            CITY OF DEER PA                                          $      5.74
     2/6/2002            35004            CITY OF DES MOINES                                       $     16.60
     2/6/2002            35005            CITY OF DUVALL                                           $      7.01
     2/6/2002            35006            CITY OF EDMONDS                                          $     21.02
     2/6/2002            35007            CITY OF ELECTRI                                          $      0.51
     2/6/2002            35008            CITY OF ENTIAT                                           $      0.95
     2/6/2002            35009            CITY OF ENUMCLA                                          $     11.58
     2/6/2002            35010            CITY OF EPHRATA                                          $     25.14
     2/6/2002            35011            CITY OF EVERETT                                          $    117.23
     2/6/2002            35012            CITY OF EVERSON                                          $      3.15
     2/6/2002            35013            CITY OF FEDERAL                                          $     42.98
     2/6/2002            35014            CITY OF FERNDALE                                         $      9.74
     2/6/2002            35015            CITY OF FIRCRES                                          $      0.08
     2/6/2002            35016            CITY OF LAKE FO                                          $      3.63
     2/6/2002            35017            CITY OF GEORGE                                           $      0.38
     2/6/2002            35018            CITY OF GOLD BA                                          $      1.05
     2/6/2002            35019            CITY OF GRANITE                                          $      1.00
     2/6/2002            35020            CITY OF GRAND C                                          $      6.41
     2/6/2002            35021            CITY OF OAK HAR                                          $     14.00
     2/6/2002            35022            CITY OF HOQUIAM                                          $     13.06
     2/6/2002            35023            CITY OF ISSAQUA                                          $      8.99
     2/6/2002            35024            CITY OF KELSO                                            $     13.80
     2/6/2002            35025            CITY OF KENNEWI                                          $     45.25
     2/6/2002            35026            CITY OF KENMORE                                          $     88.44
     2/6/2002            35027            CITY OF KENT                                             $     47.86
     2/6/2002            35028            CITY OF KIRKLAND                                         $     47.44
     2/6/2002            35029            CITY OF LACEY                                            $     32.30
     2/6/2002            35030            CITY OF LAKEWOOD                                         $     36.62
     2/6/2002            35031            CITY OF LAKE ST                                          $      6.14
     2/6/2002            35032            CITY OF LEAVENW                                          $      4.92
     2/6/2002            35033            CITY OF LONGVIEW                                         $     22.03
     2/6/2002            35034            CITY OF LYNDEN                                           $      9.56
     2/6/2002            35035            CITY OF MAPLE V                                          $      3.44



                            OPERATING REPORT Page 7                Page 2 of 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED         CHECK NUMBER          DESCRIPTION                                            AMOUNT
- --------------         ------------          -----------                                            ------

                                                                                          
     2/6/2002            35036            CITY OF MARYSVILLE                                       $     17.70
     2/6/2002            35037            CITY OF MERCER                                           $      9.21
     2/6/2002            35038            CITY OF MILTON                                           $      3.58
     2/6/2002            35039            CITY OF MONROE                                           $     10.34
     2/6/2002            35040            CITY OF MOSES L                                          $     15.41
     2/6/2002            35041            CITY OF MOUNTLA                                          $     12.08
     2/6/2002            35042            CITY OF MOUNT V                                          $     44.87
     2/6/2002            35043            CITY OF MUKILTE                                          $     25.90
     2/6/2002            35044            CITY OF NORTHPO                                          $      0.35
     2/6/2002            35045            CITY OF NORMAND                                          $      1.22
     2/6/2002            35046            CITY OF OKANOGA                                          $      0.80
     2/6/2002            35047            CITY OF OLYMPIA                                          $     45.31
     2/6/2002            35048            CITY OF OMAK                                             $     33.55
     2/6/2002            35049            CITY OF OROVILLE                                         $      5.24
     2/6/2002            35050            CITY OF OTHELLO                                          $     34.39
     2/6/2002            35051            CITY OF PASCO                                            $     46.45
     2/6/2002            35052            CITY OF POMEROY                                          $      2.29
     2/6/2002            35054            CITY OF PORT OR                                          $      1.39
     2/6/2002            35055            CITY OF PORT TO                                          $      0.03
     2/6/2002            35056            CITY OF PUYALLU                                          $      9.74
     2/6/2002            35057            CITY OF QUINCY                                           $      7.18
     2/6/2002            35058            CITY OF REDMOND                                          $     42.63
     2/6/2002            35059            CITY OF RENTON                                           $     32.24
     2/6/2002            35060            CITY OF RICHLAND                                         $     30.66
     2/6/2002            35061            CITY OF SEATTLE                                          $    211.47
     2/6/2002            35062            CITY OF SEDRO W                                          $     10.65
     2/6/2002            35063            CITY OF SEQUIM                                           $      0.61
     2/6/2002            35064            CITY OF SHELTON                                          $      3.02
     2/6/2002            35065            CITY OF SHORELINE                                        $    156.74
     2/6/2002            35066            CITY OF SNOHOMI                                          $     19.87
     2/6/2002            35067            CITY OF SOAP LA                                          $      1.24
     2/6/2002            35068            CITY OF SPOKANE                                          $    120.09
     2/6/2002            35069            CIT OF STANWOOD                                          $     11.31
     2/6/2002            35070            CITY OF STEILAC                                          $      2.36
     2/6/2002            35071            CITY OF SULTAN                                           $      1.96
     2/6/2002            35072            CITY OF TACOMA                                           $    108.07
     2/6/2002            35073            CITY OF TEKOA                                            $      0.42
     2/6/2002            35074            CITY OF TONASKE                                          $      0.55
     2/6/2002            35075            CITY OF TUMWATE                                          $      3.33
     2/6/2002            35076            CITY OF UNION G                                          $      4.33
     2/6/2002            35077            CITY OF UNIVERS                                          $     13.90
     2/6/2002            35078            CITY OF VANCOUVER                                        $     69.10
     2/6/2002            35079            CITY OF WALLA W                                          $     12.10
     2/6/2002            35080            CITY OF WARDEN                                           $     28.41
     2/6/2002            35081            CITY OF WASHOUG                                          $      1.41
     2/6/2002            35082            CITY OF WATERVILLE                                       $      1.41
     2/6/2002            35083            CITY OF WENATCH                                          $     32.58
     2/6/2002            35084            CITY OF WESTPORT                                         $      4.29
     2/6/2002            35085            CITY OF WEST RI                                          $      2.08
     2/6/2002            35086            CITY OF WINLOCK                                          $      0.50
     2/6/2002            35087            CITY OF WOODWAY                                          $      3.47



                            OPERATING REPORT Page 7                Page 3 of 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED         CHECK NUMBER          DESCRIPTION                                            AMOUNT
- --------------         ------------          -----------                                            ------

                                                                                          
     2/6/2002            35088            CITY OF WOODINV                                          $      6.67
     2/6/2002            35089            CITY OF YAKIMA                                           $     48.68
     2/6/2002            35090            CITY OF PORT AN                                          $     15.97
     2/6/2002            35091            CITY OF SANTA A                                          $    124.27
     2/6/2002            35092            ARKANSAS DEPT O                                          $  1,776.68
     2/6/2002            35093            CITY OF ASPEN                                            $      3.20
     2/6/2002            35094            CITY OF AURORA                                           $     11.37
     2/6/2002            35095            CITY OF AVON                                             $      0.32
     2/6/2002            35096            CITY OF FORT CO                                          $     27.04
     2/6/2002            35097            CITY OF GLENDALE                                         $      1.81
     2/6/2002            35099            CITY OF GOLDEN                                           $     12.73
     2/6/2002            35100            CHICAGO DEPT OF                                          $  7,907.05
     2/6/2002            35101            INDIANA DEPT OF                                          $  1,299.27
     2/6/2002            35102            CITY OF LAKEWOOD                                         $     12.82
     2/6/2002            35103            CITY OF LONGMON                                          $      3.23
     2/6/2002            35104            CITY OF MONTROSE                                         $      5.40
     2/6/2002            35106            STATE OF NEW MEXICO                                      $  1,769.91
     2/6/2002            35107            NYS SALES TAX P                                          $  2,381.77
     2/6/2002            35108            CITY OF RIFLE                                            $      0.88
     2/6/2002            35109            CITY OF SAN JOS                                          $     94.64
     2/6/2002            35110            SNOWMASS VILLAGE                                         $      0.18
     2/6/2002            35111            CITY OF THORNTON                                         $    195.81
     2/6/2002            35112            CITY OF VAIL                                             $     12.59
     2/6/2002            35113            GREENWOOD VILLAGE                                        $      1.55
     2/6/2002            35114            STATE OF WASHINGTON                                      $ 24,466.57
     2/6/2002            35115            CITY OF WESTMINSTER                                      $    204.49
     2/6/2002            35116            CITY OF WHEATRI                                          $     26.49
     2/6/2002            35117            CITY OF WINTER                                           $      1.44
     2/6/2002            35118            CITY OF GLENWOOD                                         $      4.26
    2/11/2002            35119            VILLAGE OF ADDI                                          $     14.75
    2/11/2002            35120            ALGONQUIN VILLAGE                                        $     24.80
    2/11/2002            35121            ALSIP VILLAGE                                            $      2.88
    2/11/2002            35122            CITY OF ALTON                                            $     15.15
    2/11/2002            35123            ANTIOCH VILLAGE                                          $      2.10
    2/11/2002            35124            ARLINGTON HEIGHTS                                        $     19.90
     2/1/2002            35125            RANDY STEIN                                              $  7,500.00
     2/1/2002            35126            AIRBORNE EXPRESS                                         $     17.48
     2/1/2002            35127            APTO SOLUTIONS                                           $  6,569.93
     2/1/2002            35128            BELLSOUTH                                                $    456.52
     2/1/2002            35129            CONTINENTAL STOCK TRANSFER                               $  1,098.89
     2/1/2002            35130            DEBRA DAWN                                               $  1,506.00
     2/1/2002            35131            FEDERAL EXPRESS                                          $    266.38
     2/1/2002            35132            MCI WORLDCOM                                             $  3,343.85
     2/1/2002            35133            MILBANK, TWEED HADLEY & MCCLOY                           $ 30,309.66
     2/1/2002            35134            NORTH ATLANTA REALTY                                     $ 29,137.76
     2/1/2002            35136            KAMRAN SAEED                                             $    450.00
     2/1/2002            35137            MARK WARNER                                              $  1,105.00
     2/1/2002            35139            PACIFIC BELL                                             $  1,474.51
     2/1/2002            35140            NOWALSKY, BRONSTON & GOTHARD                             $  1,520.45
     2/5/2002            35141            MARK WARNER                                              $ 19,413.00
     2/6/2002            35142            STREETERVILLE                                            $ 42,749.40



                            OPERATING REPORT Page 7                Page 4 of 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED         CHECK NUMBER          DESCRIPTION                                            AMOUNT
- --------------         ------------          -----------                                            ------

                                                                                          
     2/8/2002            35143            VERIZON                                                  $    916.92
     2/8/2002            35144            ASCOM HASLER LE                                          $    173.34
     2/8/2002            35145            CENTRAL PARKING                                          $    275.00
     2/8/2002            35146            CT CORPORATION                                           $    275.00
     2/8/2002            35147            DEBRA DAWN                                               $  1,136.29
     2/8/2002            35148            ERNST & YOUNG LLP                                        $ 66,212.91
     2/8/2002            35149            FEDERAL EXPRESS                                          $    307.84
     2/8/2002            35150            GE CAPITAL                                               $    575.72
     2/8/2002            35151            NEXTEL COMMUNICATIONS                                    $    790.49
     2/8/2002            35152            POORMAN - DOUGLAS                                        $ 14,024.09
     2/8/2002            35153            PRICEWATERHOUSE                                          $ 35,536.51
     2/8/2002            35154            KAMRAN SAEED                                             $    450.00
     2/8/2002            35155            MDC - MARK II                                            $ 10,938.00
    2/11/2002            35156            CITY OF AURORA                                           $    304.40
    2/11/2002            35157            VILLAGE OF BARR                                          $      2.31
    2/11/2002            35158            BARTLETT VILLAGE                                         $      6.06
    2/11/2002            35159            BARTOONVILLE VILLAGE                                     $      0.18
    2/11/2002            35160            CITY OF BATAVIA                                          $      5.53
    2/11/2002            35161            VILLAGE OF BEAC                                          $      0.04
    2/11/2002            35162            BEDFORD PARK VILLAGE                                     $      0.07
    2/11/2002            35163            BEECHER VILLAGE                                          $      0.55
    2/11/2002            35164            CITY OF BELLEVI                                          $      2.10
    2/11/2002            35165            BELLWOOD VILLAGE                                         $      5.88
    2/11/2002            35166            CITY OF BELVIDE                                          $     22.80
    2/11/2002            35167            VILLAGE OF BENS                                          $     52.89
    2/11/2002            35168            CITY OF BERWYN                                           $     11.71
    2/11/2002            35169            CITY OF BERKELEY                                         $      7.18
    2/11/2002            35170            VILLAGE OF BETH                                          $      2.24
    2/11/2002            35171            CITY OF BLUE IS                                          $      1.26
    2/11/2002            35172            BOLINGBROOK VILLAGE                                      $     20.27
    2/11/2002            35173            CITY OF BRAIDWOOD                                        $      5.62
    2/11/2002            35174            CITY OF BRIDGEV                                          $      6.20
    2/11/2002            35175            VILLAGE OF BROA                                          $     26.41
    2/11/2002            35176            VILLAGE OF BROO                                          $     89.32
    2/11/2002            35177            VILLAGE OF BUFF                                          $     83.62
    2/11/2002            35178            CITY OF BURBANK                                          $     74.78
    2/11/2002            35179            CITY OF BURR RIDGE                                       $     21.84
    2/11/2002            35180            CAHOKIA VILLAGE                                          $      0.11
    2/11/2002            35181            CALUMET CITY                                             $     14.46
    2/11/2002            35182            CITY OF CALUMET                                          $      3.04
    2/11/2002            35183            VILLAGE OF CAMA                                          $      5.80
    2/11/2002            35184            CARPENTERSVILLE                                          $      6.46
    2/11/2002            35185            VILLAGE OF CARO                                          $    169.43
    2/11/2002            35186            CARY VILLAGE                                             $      0.28
    2/11/2002            35187            CASEYVILLE VILLAGE                                       $      0.01
    2/11/2002            35188            CENTREVILLE VILLAGE                                      $      3.31
    2/11/2002            35189            CITY OF CHAMPAIGN                                        $    203.12
    2/11/2002            35190            CHICAGO HEIGHTS                                          $      0.71
    2/11/2002            35191            CITY OF CHILLIC                                          $      1.73
    2/11/2002            35192            CHICAGO RIDGE V                                          $      3.43
    2/11/2002            35193            CITY OF CICERO                                           $    244.62



                            OPERATING REPORT Page 7                Page 5 of 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED         CHECK NUMBER          DESCRIPTION                                            AMOUNT
- --------------         ------------          -----------                                            ------

                                                                                          
    2/11/2002            35194            CLARENDON HILLS                                          $     20.56
    2/11/2002            35195            COAL CITY                                                $      7.77
    2/11/2002            35196            COAL VALLEY VILLAGE                                      $      0.53
    2/11/2002            35197            COLONA CITY                                              $      1.06
    2/11/2002            35198            VILLAGE OF CORT                                          $      0.58
    2/11/2002            35199            CITY OF COUNTRY                                          $     14.21
    2/11/2002            35200            COUNTRYSIDE CITY                                         $      3.80
    2/11/2002            35201            CREST HILL CITY                                          $      2.20
    2/11/2002            35202            CRYSTAL LAKE CITY                                        $      3.20
    2/11/2002            35203            CITY OF DANVILLE                                         $      2.08
    2/11/2002            35204            DARIEN CITY                                              $     13.07
    2/11/2002            35205            DEERFIELD VILLAGE                                        $      5.07
    2/11/2002            35206            VILLAGE OF DEKA                                          $     59.81
    2/11/2002            35207            CITY OF DES PLA                                          $     24.28
    2/11/2002            35208            DIXMOOR VILLAGE                                          $      0.45
    2/11/2002            35209            CITY OF DOLTON                                           $      0.65
    2/11/2002            35210            VILLAGE OF DOWN                                          $     49.55
    2/11/2002            35211            CITY OF DUNLAP                                           $      0.25
    2/11/2002            35212            CITY OF DURAND                                           $      0.08
    2/11/2002            35213            DWIGHT VILLAGE                                           $      0.88
    2/11/2002            35214            CITY OF EAST AL                                          $      3.35
    2/11/2002            35215            EAST DUNDEE VILLAGE                                      $      1.07
    2/11/2002            35216            CITY OF EAST MO                                          $     13.16
    2/11/2002            35217            CITY OF EAST PE                                          $      2.06
    2/11/2002            35218            CITY OF EAST ST                                          $      1.28
    2/11/2002            35219            E HAZEL CREST VILLAGE                                    $      3.01
    2/11/2002            35220            CITY OF ELGIN                                            $     23.99
    2/11/2002            35221            ELK GROVE VILLAGE                                        $     70.33
    2/11/2002            35222            CITY OF ELMHURST                                         $    101.02
    2/11/2002            35223            VILLAGE OF ELMWOOD                                       $    169.35
    2/11/2002            35224            ELWOOD VILLAGE                                           $      0.14
    2/11/2002            35225            CITY OF EVANSTON                                         $    300.23
    2/11/2002            35226            CITY OF EVERGREEN                                        $     16.48
    2/11/2002            35227            FLOSSMOOR VILLAGE                                        $     40.15
    2/11/2002            35228            CITY OF FORD HE                                          $      0.88
    2/11/2002            35229            FOREST PARK VILLAGE                                      $     71.15
    2/11/2002            35230            FOX LAKE VILLAGE                                         $      1.64
    2/11/2002            35231            VILLAGE OF FOX                                           $      2.64
    2/11/2002            35232            VILLAGE OF FRAN                                          $      6.11
    2/11/2002            35233            VILLAGE OF FRAN                                          $     37.37
    2/11/2002            35234            CITY OF GALENA                                           $      2.43
    2/11/2002            35235            CITY OF GENEVA                                           $      9.95
    2/11/2002            35236            CITY OF GENOA                                            $      0.04
    2/11/2002            35237            CITY OF GIBSON                                           $      1.96
    2/11/2002            35238            GLEN CARBON VILLAGE                                      $      6.11
    2/11/2002            35239            VILLAGE OF GLEN                                          $     89.14
    2/11/2002            35240            VILLAGE OF GLEN                                          $     23.08
    2/11/2002            35241            GLENDALE HEIGHTS                                         $    139.43
    2/11/2002            35242            GLENWOOD VILLAGE                                         $      1.67
    2/11/2002            35243            VILLAGE OF GODL                                          $      0.36
    2/11/2002            35244            GODGREY VILLAGE                                          $      2.37



                            OPERATING REPORT Page 7                Page 6 of 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED         CHECK NUMBER          DESCRIPTION                                            AMOUNT
- --------------         ------------          -----------                                            ------

                                                                                          
    2/11/2002            35245            GOLF VILLAGE                                             $      1.07
    2/11/2002            35246            GRANITE CITY                                             $      2.53
    2/11/2002            35247            GRAYSLAKE VILLAGE                                        $      5.14
    2/11/2002            35248            CITY OF GREENVILLE                                       $      0.50
    2/11/2002            35249            GURNEE VILLAGE                                           $     13.61
    2/11/2002            35250            HAINESVILLE VILLAGE                                      $      1.32
    2/11/2002            35251            HAMPSHIRE VILLAGE                                        $      1.03
    2/11/2002            35252            HANOVER TOWNSHIP                                         $     13.78
    2/11/2002            35253            CITY OF HARVARD                                          $      4.74
    2/11/2002            35254            HARWOOD HEIGHTS                                          $     42.43
    2/11/2002            35255            CITY OF HARVEY                                           $      5.39
    2/11/2002            35256            HAWTHORN WOODS                                           $      0.73
    2/11/2002            35257            VILLAGE OF HAZEL                                         $     11.04
    2/11/2002            35258            CITY OF HEBRON                                           $      0.27
    2/11/2002            35259            CITY OF HICKORY                                          $     87.98
    2/11/2002            35260            HIGHWOOD CITY                                            $      4.05
    2/11/2002            35261            CITY OF HIGHLAND                                         $      1.25
    2/11/2002            35262            HIGHLAND CITY                                            $      1.57
    2/11/2002            35263            VILLAGE OF HILL                                          $     18.23
    2/11/2002            35264            HINSDALE VILLAGE                                         $     15.18
    2/11/2002            35265            VILLAGE OF HINK                                          $      0.20
    2/11/2002            35266            HODGKINS VILLAGE                                         $      0.85
    2/11/2002            35267            HOFFMAN ESTATES                                          $    235.35
    2/11/2002            35268            HOMEWOOD VILLAGE                                         $      4.63
    2/11/2002            35269            HOPEDALE VILLAGE                                         $      0.78
    2/11/2002            35270            HUNTLEY VILLAGE                                          $      0.32
    2/11/2002            35271            INDIAN HEAD VILLAGE                                      $      3.65
    2/11/2002            35272            ISLAND LAKE VILLAGE                                      $      4.65
    2/11/2002            35273            ITASCA VILLAGE                                           $      0.08
    2/11/2002            35274            CITY OF JOLIET                                           $    128.22
    2/11/2002            35275            VILLAGE OF JUST                                          $     11.77
    2/11/2002            35276            CITY OF KANKAKE                                          $     22.95
    2/11/2002            35277            CITY OF KEWANEE                                          $      0.93
    2/11/2002            35278            LA GRANGE PARK                                           $     26.09
    2/11/2002            35279            CITY OF LAKEWOOD                                         $      0.42
    2/11/2002            35280            LAKE IN THE HILLS                                        $      2.62
    2/11/2002            35281            LAKE BARRINGTON                                          $      1.57
    2/11/2002            35282            VILLAGE OF LAKE                                          $      6.80
    2/11/2002            35283            CITY OF LAKE FO                                          $     41.49
    2/11/2002            35284            LAKE VILLA VILLAGE                                       $      1.57
    2/11/2002            35285            CITY OF LANSING                                          $      5.36
    2/11/2002            35286            CITY OF LA SALLE                                         $      0.68
    2/11/2002            35287            CITY OF LEBANON                                          $      3.67
    2/11/2002            35288            LELAND VILLAGE                                           $     15.22
    2/11/2002            35289            CITY OF LEMONT                                           $      9.60
    2/11/2002            35290            LEWISTON TOWNSHIP                                        $      0.03
    2/11/2002            35291            CITY OF LIBERTY                                          $      5.74
    2/11/2002            35292            CITY OF LINCOLN                                          $      0.58
    2/11/2002            35293            LINDENHURST VILLAGE                                      $      0.49
    2/11/2002            35294            LINCOLNWOOD VILLAGE                                      $     65.93
    2/11/2002            35295            LISLE VILLAGE                                            $     19.47



                            OPERATING REPORT Page 7                Page 7 of 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED         CHECK NUMBER          DESCRIPTION                                            AMOUNT
- --------------         ------------          -----------                                            ------

                                                                                          
    2/11/2002            35296            CITY OF LOCKPOR                                          $      3.01
    2/11/2002            35297            LODA VILLAGE                                             $      0.80
    2/11/2002            35298            LOMBARD VILLAGE                                          $    172.50
    2/11/2002            35299            LONG GROVE VILLAGE                                       $      0.85
    2/11/2002            35300            LOVES PARK CITY                                          $      6.85
    2/11/2002            35301            LYNWOOD VILLAGE                                          $      2.34
    2/11/2002            35302            VILLAGE OF LYON                                          $     57.13
    2/11/2002            35303            LAKE ZURICH VILLAGE                                      $      0.91
    2/11/2002            35304            MACHESNEY PARK                                           $      0.97
    2/11/2002            35305            VILLAGE OF MACK                                          $      4.43
    2/11/2002            35306            CITY OF MADISON                                          $      4.28
    2/11/2002            35307            MANHATTAN VILLAGE                                        $      0.10
    2/11/2002            35308            MANTENO VILLAGE                                          $      0.56
    2/11/2002            35309            CITY OF MAPLE P                                          $      0.92
    2/11/2002            35310            CITY OF MARENGO                                          $      0.09
    2/11/2002            35311            MASCOUTAH CITY                                           $      0.22
    2/11/2002            35312            CITY OF MAYWOOD                                          $      0.13
    2/11/2002            35313            CITY OF MELROSE                                          $      3.06
    2/11/2002            35314            CITY OF MIDL                                             $     10.18
    2/11/2002            35315            CITY OF MOLINE                                           $     16.00
    2/11/2002            35316            MONEE VILLAGE                                            $      0.44
    2/11/2002            35317            CITY OF MONTGOMERY                                       $      0.63
    2/11/2002            35318            VILLAGE OF MORT                                          $     51.13
    2/11/2002            35319            VILLAGE OF MOUN                                          $      1.87
    2/11/2002            35320            VILLAGE OF MT. P                                         $    208.99
    2/11/2002            35321            CITY OF MT VERN                                          $      0.65
    2/11/2002            35322            CITY OF NAPERVILLE                                       $     71.47
    2/11/2002            35323            CITY OF NASHVILLE                                        $      0.44
    2/11/2002            35324            NEW LENOX VILLAGE                                        $      0.46
    2/11/2002            35325            VILLAGE OF NILE                                          $    112.54
    2/11/2002            35326            NORTH AURORA VILLAGE                                     $      5.63
    2/11/2002            35327            CITY OF NORTH C                                          $      9.90
    2/11/2002            35328            NORTHLAKE CITY                                           $      6.30
    2/11/2002            35329            NORTH RIVERSIDE                                          $      2.37
    2/11/2002            35330            OAK BROOK VILLAGE                                        $     13.88
    2/11/2002            35331            OAK FOREST CITY                                          $      2.09
    2/11/2002            35332            OAK LAWN                                                 $     21.48
    2/11/2002            35333            THE VILLAGE OF                                           $    143.32
    2/11/2002            35334            OAKBROOK TERRACE                                         $      3.21
    2/11/2002            35335            CITY OF O'FALLO                                          $      6.27
    2/11/2002            35336            OLYMPIA FIELDS                                           $      2.96
    2/11/2002            35337            CITY OF OREGON                                           $      0.13
    2/11/2002            35338            ORLAND HILLS VILLAGE                                     $      1.05
    2/11/2002            35339            ORLAND PARK VILLAGE                                      $      7.34
    2/11/2002            35340            OSWEGO VILLAGE                                           $      3.58
    2/11/2002            35341            PALATINE VILLAGE                                         $     54.98
    2/11/2002            35342            CITY OF PALOS H                                          $     19.76
    2/11/2002            35343            CITY OF PALOS H                                          $      2.76
    2/11/2002            35344            VILLAGE OF PARK                                          $     10.93
    2/11/2002            35345            CITY OF PARK RI                                          $     30.46
    2/11/2002            35346            CITY OF PEORIA                                           $     37.31



                            OPERATING REPORT Page 7                Page 8 of 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED         CHECK NUMBER          DESCRIPTION                                            AMOUNT
- --------------         ------------          -----------                                            ------

                                                                                          
    2/11/2002            35347            CITY OF PONTOON                                          $      0.03
    2/11/2002            35348            POSEN VILLAGE                                            $      0.11
    2/11/2002            35349            VILLAGE OF PRIN                                          $      4.00
    2/11/2002            35350            CITY OF PROSPECT                                         $     23.90
    2/11/2002            35351            VILLAGE OF RANT                                          $      1.15
    2/11/2002            35352            VILLAGE OF RICH                                          $     22.30
    2/11/2002            35353            VILLAGE OF RIVE                                          $      5.08
    2/11/2002            35354            VILLAGE OF RIVE                                          $     46.04
    2/11/2002            35355            VILLAGE OF RIVE                                          $     21.52
    2/11/2002            35356            ROBBINS VILLAGE                                          $      0.29
    2/11/2002            35357            CITY OF ROCK IS                                          $      4.41
    2/11/2002            35358            CITY OF ROCKFORD                                         $      5.48
    2/11/2002            35359            CITY OF ROCHELLE                                         $      1.89
    2/11/2002            35360            CITY OF ROLLING                                          $      1.40
    2/11/2002            35361            ROSCOE VILLAGE                                           $      0.50
    2/11/2002            35362            VILLAGE OF ROSE                                          $     26.81
    2/11/2002            35363            VILLAGE OF ROSE                                          $     26.01
    2/11/2002            35364            CITY OF SALEM                                            $      0.20
    2/11/2002            35365            CITY OF SANDWICH                                         $      7.61
    2/11/2002            35366            SAUK VILLAGE                                             $      0.89
    2/11/2002            35367            VILLAGE OF SCHI                                          $     31.30
    2/11/2002            35368            VILLAGE OF SCHA                                          $     84.97
    2/11/2002            35369            SHELDON VILLAGE                                          $      0.65
    2/11/2002            35370            SHOREWOOD VILLAGE                                        $      0.17
    2/11/2002            35371            CITY OF SILVIS                                           $      0.51
    2/11/2002            35372            SKOKIE VILLAGE                                           $     10.93
    2/11/2002            35373            SLEEPY HOLLOW VILLAGE                                    $      0.15
    2/11/2002            35374            CITY OF SOUTH B                                          $      0.29
    2/11/2002            35375            SOUTH ELGIN VILLAGE                                      $      0.24
    2/11/2002            35376            SOUTH HOLLAND                                            $      0.07
    2/11/2002            35377            VILLAGE OF STRE                                          $     51.40
    2/11/2002            35378            SUGAR GROVE VILLAGE                                      $      0.34
    2/11/2002            35379            SUMMIT VILLAGE                                           $      1.09
    2/11/2002            35380            CITY OF URBANA                                           $    169.66
    2/11/2002            35381            CITY OF VENICE                                           $      1.11
    2/11/2002            35382            VILLA PARK VILLAGE                                       $     19.56
    2/11/2002            35383            CITY OF WARRENV                                          $     10.56
    2/11/2002            35384            CITY OF WAUKEGA                                          $     64.32
    2/11/2002            35385            VILLAGE OF WEST                                          $     15.14
    2/11/2002            35386            VILLAGE OF WEST                                          $     48.84
    2/11/2002            35387            CITY OF WHEATON                                          $     59.20
    2/11/2002            35388            VILLAGE OF WHEE                                          $    115.20
    2/11/2002            35389            WILMETTE VILLAGE                                         $     22.40
    2/11/2002            35390            VILLAGE OF WOOD                                          $    113.82
    2/11/2002            35391            CITY OF WOODSTOCK                                        $     10.10
    2/11/2002            35392            CITY OF WOOD DA                                          $     11.01
    2/13/2002            35393            LAMBERTH, BONAP                                          $ 11,310.71
    2/14/2002            35394            CITY OF ALAMEDA                                          $     37.50
    2/14/2002            35395            CITY OF ALAMEDA                                          $     66.99
    2/14/2002            35396            CITY OF ALBANY                                           $      1.29
    2/14/2002            35397            CITY OF ALHAMBRA                                         $    107.89



                            OPERATING REPORT Page 7                Page 9 of 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED         CHECK NUMBER          DESCRIPTION                                            AMOUNT
- --------------         ------------          -----------                                            ------

                                                                                          
    2/14/2002            35398            CITY OF ARCADIA                                          $     28.02
    2/14/2002            35399            CITY OF ARVADA                                           $    112.70
    2/14/2002            35400            CITY OF BALDWIN                                          $     11.70
    2/14/2002            35401            CITY OF BELL                                             $      0.26
    2/14/2002            35402            CITY OF BELLFLOWER                                       $      4.33
    2/14/2002            35403            CITY OF BERKELEY                                         $     77.64
    2/14/2002            35404            CITY OF BRAWLEY                                          $      0.33
    2/14/2002            35405            CITY OF BURBANK                                          $     42.66
    2/14/2002            35406            CITY OF CALABAS                                          $      8.77
    2/14/2002            35407            CITY OF CERES                                            $      2.72
    2/14/2002            35408            CITY OF CHICO                                            $      1.86
    2/14/2002            35409            CITY OF CHULA V                                          $      4.42
    2/14/2002            35410            CITY OF CLAREMO                                          $     17.93
    2/14/2002            35411            CITY OF COVINA                                           $     38.59
    2/14/2002            35412            CITY OF CUDAHY                                           $      0.73
    2/14/2002            35413            CITY OF CULVER                                           $     29.53
    2/14/2002            35414            CITY OF CUPERTI                                          $     18.66
    2/14/2002            35415            CITY OF DALY CI                                          $    106.20
    2/14/2002            35416            CITY OF EAST PA                                          $      1.36
    2/14/2002            35417            CITY OF EL CERR                                          $     56.94
    2/14/2002            35418            CITY OF EL MONT                                          $      8.83
    2/14/2002            35419            CITY OF EL SEGU                                          $      0.05
    2/14/2002            35420            CITY OF EMERYVILLE                                       $      9.26
    2/14/2002            35421            CITY OF FONTANA                                          $     14.77
    2/14/2002            35422            CITY OF GLENDALE                                         $      1.22
    2/14/2002            35423            CITY OF HAWTHORNE                                        $     18.75
    2/14/2002            35424            CITY OF HERMOSA                                          $      9.33
    2/14/2002            35425            CITY OF HUNTING                                          $     54.69
    2/14/2002            35426            CHICAGO DEPT OF                                          $ 11,243.63
    2/14/2002            35427            INDIANA DEPT OF                                          $    509.11
    2/14/2002            35428            CITY OF INGLEWOOD                                        $     19.77
    2/14/2002            35429            KANSAS DEPT OF                                           $  3,070.36
    2/14/2002            35430            CITY OF LA HABR                                          $     14.32
    2/14/2002            35431            CITY OF LAWNDALE                                         $      7.47
    2/14/2002            35432            CITY OF LINDSAY                                          $      0.09
    2/14/2002            35433            CITY OF LONG BEACH                                       $    165.84
    2/14/2002            35434            CITY OF LOS ALA                                          $      2.28
    2/14/2002            35435            CITY OF LOS ANGELES                                      $  3,518.21
    2/14/2002            35436            CITY OF LOS ANGELES                                      $    222.40
    2/14/2002            35437            CITY OF MALIBU                                           $      8.85
    2/14/2002            35438            COMMONWEALTH OF                                          $  9,774.66
    2/14/2002            35439            CITY OF MONTCLA                                          $     15.12
    2/14/2002            35440            CITY OF MONTERE                                          $      0.12
    2/14/2002            35441            CITY OF MOUNTAI                                          $      2.54
    2/14/2002            35442            STATE OF NEW MEXICO                                      $  1,710.17
    2/14/2002            35443            CITY OF NORWALK                                          $     34.81
    2/14/2002            35444            NYS SALES TAX P                                          $    335.12
    2/14/2002            35445            CITY OF OAKLAND                                          $    374.63
    2/14/2002            35446            STATE OF OHIO,                                           $  4,253.66
    2/14/2002            35447            OKLAHOMA HIGH C                                          $  7,676.00
    2/14/2002            35448            CITY OF PALM SPRINGS                                     $      3.90



                            OPERATING REPORT Page 7               Page 10 of 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED         CHECK NUMBER          DESCRIPTION                                            AMOUNT
- --------------         ------------          -----------                                            ------

                                                                                          
    2/14/2002            35449            CITY OF PARAMOU                                          $      6.98
    2/14/2002            35450            CITY OF PASADENA                                         $    164.03
    2/14/2002            35451            PA DEPT OF REVENUE                                       $  4,837.93
    2/14/2002            35452            CITY OF PICO RI                                          $      1.76
    2/14/2002            35453            CITY OF PLACENT                                          $      0.53
    2/14/2002            35454            CITY OF POMONA                                           $      8.48
    2/14/2002            35455            CITY OF PORTERVILLE                                      $      1.12
    2/14/2002            35456            CITY OF REDONDO                                          $     38.49
    2/14/2002            35457            CITY OF REDWOOD                                          $      2.04
    2/14/2002            35458            STATE OF RHODE ISLAND                                    $    703.36
    2/14/2002            35459            CITY OF RICHMOND                                         $    156.13
    2/14/2002            35460            CITY OF RIVERSIDE                                        $      6.41
    2/14/2002            35461            CITY OF SANTA R                                          $      3.39
    2/14/2002            35462            CITY OF SAN BUE                                          $      2.17
    2/14/2002            35463            CITY OF SACRAMENTO                                       $    186.35
    2/14/2002            35464            CNTY OF SACRAMENTO                                       $    103.06
    2/14/2002            35465            CNTY OF SANTA C                                          $      2.75
    2/14/2002            35466            CITY/CNTY OF SA                                          $     20.45
    2/14/2002            35467            CITY OF SAN JOS                                          $     28.79
    2/14/2002            35468            CITY OF SAN LUI                                          $      1.77
    2/14/2002            35469            CITY OF SANTA M                                          $    161.63
    2/14/2002            35470            CITY OF SAN LEA                                          $     22.02
    2/14/2002            35471            CITY OF SANTA B                                          $      2.21
    2/14/2002            35472            CITY OF SAN MAR                                          $      2.79
    2/14/2002            35473            CITY OF SANTA A                                          $      2.28
    2/14/2002            35474            CITY OF SANTA C                                          $     18.79
    2/14/2002            35475            CITY OF SEASIDE                                          $      0.54
    2/14/2002            35476            CITY OF SEATTLE                                          $    445.63
    2/14/2002            35477            CITY OF SOLEDAD                                          $      0.22
    2/14/2002            35478            CITY OF SPOKANE                                          $     35.82
    2/14/2002            35479            CITY OF STANTON                                          $      8.99
    2/14/2002            35480            CITY OF SUNNYVILLE                                       $      2.96
    2/14/2002            35481            CITY OF TACOMOA                                          $     63.63
    2/14/2002            35482            TENNESSEE DEPT                                           $  2,279.71
    2/14/2002            35483            CITY OF TORRANCE                                         $     88.65
    2/14/2002            35484            UTAH STATE TAX                                           $    687.24
    2/14/2002            35485            CITY OF VALLEJO                                          $     33.78
    2/14/2002            35486            CITY OF VANCOUVER                                        $     15.11
    2/14/2002            35487            STATE OF VERMONT                                         $    438.92
    2/14/2002            35488            CITY OF WESTMINSTER                                      $     17.83
    2/14/2002            35489            CITY OF WHITTIE                                          $      4.39
    2/14/2002            35490            STATE OF WISCONSIN                                       $  2,210.66
    2/14/2002            35491            FLORIDA DEPT OF                                          $ 18,035.18
    2/14/2002            35492            PATRICK AELVOET                                          $  1,222.32
    2/14/2002            35493            BELLSOUTH                                                $  2,170.17
    2/14/2002            35494            DEBRA DAWN                                               $  2,346.82
    2/14/2002            35495            FEDERAL EXPRESS                                          $    325.15
    2/14/2002            35496            MCI WORLDCOM                                             $  3,119.17
    2/14/2002            35497            CARL SONNE                                               $  1,536.11
    2/14/2002            35498            UNITED HEALTHCARE                                        $ 71,699.57
    2/14/2002            35499            WINSTEAD SECHREST & MINICK                               $  7,006.47



                            OPERATING REPORT Page 7               Page 11 of 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED         CHECK NUMBER          DESCRIPTION                                            AMOUNT
- --------------         ------------          -----------                                            ------

                                                                                          
    2/15/2002            35500            MCI WORLDCOM                                             $    143.11
    2/15/2002            35501            KAMRAN SAEED                                             $    450.00
    2/22/2002            35502            METROPOLITAN LIFE                                        $  9,636.94
    2/22/2002            35503            KAMRAN SAEED                                             $    450.00
    2/22/2002            35504            ADP INVESTOR CO                                          $     65.50
    2/22/2002            35505            PATRICK AELVOET                                          $    802.65
    2/22/2002            35506            AIRBORNE EXPRESS                                         $     14.11
    2/22/2002            35507            BELLSOUTH                                                $    338.35
    2/22/2002            35509            FEDERAL EXPRESS                                          $    285.92
    2/22/2002            35510            H. PETER GANT                                            $    363.43
    2/22/2002            35511            GILLIS DELANEY                                           $  1,063.19
    2/22/2002            35512            ROBERT HOLLOWAY                                          $  1,123.56
    2/22/2002            35513            JUDCO MANAGEMENT                                         $  8,625.00
    2/22/2002            35514            HENRY LYON                                               $  1,379.44
    2/22/2002            35515            MCI WORLDCOM                                             $     37.43
    2/22/2002            35516            MERRILL LYNCH PIERCE FENNER SMITH                        $  6,715.00
    2/22/2002            35517            MERRILL CORPORATION                                      $ 32,132.45
    2/22/2002            35518            NEXTEL COMMUNICATIONS                                    $    823.07
    2/22/2002            35519            NOWALSKY, BRONSTON & GOTHARD                             $  2,578.75
    2/22/2002            35520            CARL SONNE                                               $    126.63
    2/22/2002            35521            STATE COMPENSATION NETWORK                               $  1,479.01
    2/22/2002            35522            MARK WARNER                                              $  1,360.46
    2/22/2002            35523            SAN DIEGO GAS & ELECTRIC                                 $    325.45
    2/22/2002            35524            APOLLO CONSULTING                                        $  7,000.00
    2/26/2002            35525            APTO SOLUTIONS                                           $  2,819.10

                                                                                        Total      $589,638.34

Less:  Disbursements made to or on behalf of Parent or Affiliates.

WA Telecom Products Co., Inc.
    2/1/2002             35134          NORTH ATLANTA REALTY                                       $ 29,137.76
    2/8/2002             35144          ASCOM HASLER LEASING                                       $    173.34
    2/8/2002             35150          GE CAPITAL                                                 $    575.72

Facilicom
     2/1/2002            35125          RANDY STEIN                                                $  7,500.00
     2/1/2002            35127          APTO SOLUTIONS                                             $  6,569.93
     2/6/2002            35142          STREETERVILLE                                              $ 42,749.40
     2/8/2002            35143          VERIZON                                                    $    916.92
    2/22/2002            35513          JUDCO MANAGEMENT                                           $  8,625.00
    2/26/2002            35525          APTO SOLUTIONS                                             $  2,819.10

World Access Telecommunication Group, Inc.
    2/14/2002            35499          WINSTEAD SECHREST & MINICK                                 $  7,006.47

WorldxChange
     2/1/2002          34935-35124      WXC Tax Checks                                             $ 49,740.75
    2/11/2002          35156-35391      WXC Tax Checks                                             $  5,777.66
    2/14/2002          35394-35491      WXC Tax Checks                                             $ 74,713.95
                                                                                                   -----------
                                                                     Total Affiliate Payments      $236,306.00
                                                                                                   -----------
                                                                     Total WAXS Disbursements      $353,332.34
                                                                                                   ===========



                            OPERATING REPORT Page 7               Page 12 of 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Payroll Account
Account Number:  03299944407




DATE DISBURSED              CHECK NUMBER            DESCRIPTION                                              AMOUNT
- --------------              ------------            -----------                                              ------

                                                                                               
  2/14/2002                   Multiple            Payroll Checks                                           $195,628.86
  2/28/2002                   Multiple            Payroll Checks                                           $ 81,322.20
                                                                                                           -----------
                                                                       Total WAXS Disbursements            $276,951.06
                                                                                                           ===========



                            OPERATING REPORT Page 8



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                    For the Month Ending: February 28, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Payroll Account
Account Number:  0751301149




DATE DISBURSED                  DESCRIPTION                                                                   AMOUNT
- --------------                  -----------                                                                   ------

                                                                                                   
  2/13/2002           ADP - Payroll Tax Withholdings                                                        $135,528.64
  2/26/2002           ADP - 4Q 2000 Payroll Tax Correction                                                  $  3,088.98
  2/26/2002           ADP - Payroll Tax Withholdings                                                        $ 31,748.54
  2/28/2002           ADP - Payroll Processing Fees                                                         $  1,106.28
                                                                                                            -----------
                                                                        Total WAXS Disbursements            $171,472.44
                                                                                                            ===========



                            OPERATING REPORT Page 9



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                             DISBURSEMENTS LISTING

                    For the Month Ending: February 28, 2002

Bank:  Wells Fargo
Location:  Minneapolis, MN
Account Name:  Restricted Cash
Account Number:  699-3295970




DATE RECEIVED            DESCRIPTION                                         AMOUNT
- -------------            -----------                                         ------

                                                                    
  2/28/2002               Bank Fee                                           $ 10.00
                                                                             -------
                                                 Total WAXS Disbursements    $ 10.00
                                                                             =======



                            OPERATING REPORT Page 10



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                    For the Month Ending: February 28, 2002




STATEMENT OF INVENTORY

                                                 
    Beginning Inventory                             $        --
    Add: purchases                                  $        --
    Less: goods sold                                $        --
                                                    -----------
    Ending inventory                                $        --
                                                    ===========

PAYROLL INFORMATION STATEMENT

    Gross payroll for this period                   $447,548.13
    Payroll taxes due but unpaid                    $        --



              STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS




                                    DATE REGULAR              AMOUNT OF                NUMBER OF                AMOUNT OF
NAME OF CREDITOR/LESSOR            PAYMENT IS DUE          REGULAR PAYMENT       PAYMENTS DELINQUENT       PAYMENTS DELINQUENT
- -----------------------            --------------          ---------------       -------------------       -------------------

                                                                                               
Xerox Corporation                     Monthly                $ 1,247.84                    9                  $ 11,230.56



                           OPERATING REPORT Page 11



                     IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                    For the Month Ending: February 28, 2002

STATEMENT OF AGED RECEIVABLES




ACCOUNTS RECEIVABLE                                           3RD PARTY            INTERCOMPANY               TOTAL
                                                              ---------            ------------               -----
                                                                                                 
      Beginning of month balance                                $ --              $12,182,700.19          $12,182,700.19
      Add: sales on account                                     $ --              $           --          $           --
          expenses paid for affiliate                           $ --              $   278,306.00          $   278,306.00
          cash advanced to affiliate                            $ --              $           --          $           --
      Less: collections                                         $ --              $           --          $           --
                                                                ----              --------------          --------------
      End of month balance                                      $ --              $12,461,006.19          $12,461,006.19
                                                                ====              ==============          ==============





0-30 Days            31-60 Days              61-90 Days            Over 90 Days          End of Month Total
- ---------            ----------              ----------            ------------          ------------------
                                                                              
  $ --                 $ --                    $ --                   $ --                     $ --



STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)




                                                              3RD PARTY            INTERCOMPANY               TOTAL
                                                              ---------            ------------               -----
                                                                                                 
      Beginning of month balance                            $1,805,048.26         $16,702,769.58          $18,507,817.84
      Add: sales on account                                 $1,706,564.45         $           --          $ 1,706,564.45
          Cash received on behalf of Affiliate              $          --         $     5,046.65          $     5,046.65
          Cash received from Affiliate                      $          --         $           --          $           --
      Less: payments                                        $ (902,026.75)        $           --          $  (902,026.75)
                                                            -------------         --------------          --------------
      End of month balance                                  $2,609,585.96         $16,707,816.23          $19,317,402.19
                                                            =============         ==============          ==============





  0-30 Days           31-60 Days             61-90 Days            Over 90 Days         End of Month Total
  ---------           ----------             ----------            ------------         ------------------
                                                                            
$1,057,230.66         $623,936.63            $248,812.13           $679,606.54            $2,609,585.96



                           OPERATING REPORT Page 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                    For the Month Ending: February 28, 2002


                               TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

         1.  Federal income taxes              Yes [X]              No [ ]

         2.  FICA withholdings                 Yes [X]              No [ ]

         3.  Employee's withholdings           Yes [X]              No [ ]

         4.  Employer's FICA                   Yes [X]              No [ ]

         5.  Federal unemployment taxes        Yes [X]              No [ ]

         6.  State income tax                  Yes [X]              No [ ]

         7.  State employee withholdings       Yes [X]              No [ ]

         8.  All other state taxes                    See Note Below


         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                           OPERATING REPORT Page 13


                     IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION


             DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.


                                             /s/ Henry C. Lyon
                                             ----------------------------------
                                             For the Debtor In Possession

                                             Henry C. Lyon
                                             Designated Officer


                           OPERATING REPORT Page 14

                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                      For the Month Ending: March 31, 2002


                                                                                 
    BEGINNING BALANCE IN ALL ACCOUNTS                                                   $25,406,066.73

    RECEIPTS:
         1. Receipts from Operations
         2. Other Receipts                                                              $    61,221.23
             Other receipts (Received on behalf of Affiliates)                          $    55,000.00
                                                                                        --------------

    TOTAL RECEIPTS                                                                      $   116,221.23

    DISBURSEMENTS
         3. Net Payroll
             a. Officers                                                                $    35,631.37
             b. Others                                                                  $    40,876.41
         4. Taxes
             a. Federal Income Taxes                                                    $    21,840.29
             b. FICA Withholdings                                                       $     6,887.79
             c. Employee's withholdings                                                 $       153.94
             d. Employer's FICA                                                         $     6,887.79
             e. Federal Unemployment Taxes                                              $         9.98
             f. State Income Tax                                                        $     5,053.91
             g. State Employee withholdings                                             $       142.78
             h. All other state taxes                                                   $        79.71

         5. Necessary Expenses
             a. Rent or mortgage payment(s)                                             $           --
             b. Utilities                                                               $    18,391.00
             c. Insurance                                                               $    30,950.45
             d. Merchandise bought for manufacture or sell                              $           --
             e. Other necessary expenses
                 Professional and Bankruptcy Court Related Fees and Expenses            $   721,635.34
                 Employee Expenses                                                      $    16,314.37
                 Office Supplies & Expenses                                             $    32,380.14
                 Other                                                                  $    20,604.87
                                                                                        --------------

    TOTAL DISBURSEMENTS                                                                 $   957,840.14
    Add:  Disbursements made on behalf of Parent or Affiliates                          $    73,496.82
                                                                                        --------------
    ADJUSTED TOTAL DISBURSEMENTS                                                        $ 1,031,336.96
                                                                                        --------------
    NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                 $  (915,115.73)

    NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group                      $           --
    NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C                  $  (181,711.18)
    NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc.                   $           --
    NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange                                    $      (555.73)
                                                                                        --------------
    NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD                                  $  (182,266.91)
                                                                                        --------------

    ENDING BALANCE IN Bank of America - Master  03751046297                             $    (6,043.21)
    ENDING BALANCE IN Bank of America - Disbursement  03299976144                       $   (39,548.74)
    ENDING BALANCE IN Bank of America - Payroll  03299944407                            $    25,240.17
    ENDING BALANCE IN Bank of America - Payroll Taxes  03751301149                      $    48,526.04
    ENDING BALANCE IN Bank of America - Unemp. Benefit  03751255062                     $     9,800.57
    ENDING BALANCE IN Bank of America - Flex Spending  03751039615                      $     2,131.71
    ENDING BALANCE IN Bank of America - Money Market  851018                            $17,796,582.20
    ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648                           $ 5,133,619.42
    ENDING BALANCE IN Bank of America - Restricted Cash                                 $ 1,333,333.95
    ENDING BALANCE IN Wells Fargo - Restricted Cash  699-3295970                        $        51.98
    ENDING BALANCE IN Chase Manhattan Bank - FISC  719-1-362214                         $     4,990.00
                                                                                        --------------
    ENDING BALANCE IN ALL ACCOUNTS                                                      $24,308,684.09
                                                                                        ==============

    


                            OPERATING REPORT Page 1



                           IN THE UNITED STATES COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                                RECEIPTS LISTING

                      For the Month Ending: March 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Master Account
Account Number:  03751046297




DATE RECEIVED                      DESCRIPTION                                                              AMOUNT
- -------------                      -----------                                                              ------

                                                                                                  
   3/6/2002         Daniel Menken (Cobra)                                                                  $   664.14
   3/6/2002         Martha Hernandez (Cobra)                                                               $   223.07
   3/6/2002         NC Dept. of Revenue (Corp. Tax Refund)                                                 $11,233.02
   3/6/2002         Margaret Hibbeler (Cobra)                                                              $   223.07
   3/6/2002         Lamberth, Bonapfel Cifelli & Stokes (Refund on overpmt)                                $    39.76
   3/6/2002         Gerald Ricks (WATP Receipt)                                                            $ 5,000.00
   3/6/2002         Maya Telecom (WATP Receipt)                                                            $50,000.00
  3/18/2002         FCI Denmark (Payment on Interco. Payable)                                              $11,322.00
  3/29/2002         Bank Error                                                                             $     0.20
                                                                                                           ----------
                                                                                         Total             $78,705.26

Less:  Receipts from or on behalf of Parent or Affiliates

WA Telecom Products Co., Inc.
        3/6/2002         Gerald Ricks (WATP Receipt)                                                       $ 5,000.00
        3/6/2002         Maya Telecom (WATP Receipt)                                                       $50,000.00
                                                                                                           ----------
                                                                                                            55,000.00

                                                                                                           ----------
                                                                                Total WAXS Receipts        $23,705.26
                                                                                                           ==========



                            OPERATING REPORT Page 2



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                                RECEIPTS LISTING

                      For the Month Ending: March 31, 2002

Bank:  Wells Fargo
Location:  Minneapolis, MN
Account Name:  Restricted Cash
Account Number:  699-3295970




DATE RECEIVED               DESCRIPTION                                               AMOUNT
- -------------               -----------                                               ------
                                                                             
  3/29/2002             Interest Received                                             $ 0.01
                                                                                      ------
                                                       Total WAXS Receipts            $ 0.01
                                                                                      ======



                            OPERATING REPORT Page 3



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                                RECEIPTS LISTING

                      For the Month Ending: March 31, 2002

Bank:  Bank of America (Nations Funds)
Location:  Charlotte, NC
Account Name:  Money Market
Account Number:  851018




DATE RECEIVED                        DESCRIPTION                                                   AMOUNT
- -------------                        -----------                                                   ------
                                                                                        
  3/29/2002            Interest Received - Strat Cash Fund                                       $30,683.99
                                                                                                 ----------
                                                                       Total WAXS Receipts       $30,683.99
                                                                                                 ==========



                            OPERATING REPORT Page 4



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                                RECEIPTS LISTING

                      For the Month Ending: March 31, 2002

Bank:  Deutsche Bank Alex. Brown
Location:  Baltimore, MD
Account Name:  Investment Account
Account Number:  206-19648




DATE RECEIVED                   DESCRIPTION                                           AMOUNT
- -------------                   -----------                                           ------
                                                                            
  3/26/2002                  Interest Received                                       $6,831.97
                                                                                     ---------
                                                             Total WAXS Receipts     $6,831.97
                                                                                     =========



                            OPERATING REPORT Page 5


                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                      For the Month Ending: March 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Master Account
Account Number:  03751046297




DATE DISBURSED                      DESCRIPTION                                                        AMOUNT
- --------------                      -----------                                                        ------

                                                                                           
   3/5/2002          Bank Fee                                                                       $      30.00
   3/8/2002          WXC (Xfer Stancorp Financial Interest Pmt)                                     $      12.08
   3/8/2002          WXC (Xfer GA Dept. of Revenue Refund)                                          $     497.00
   3/8/2002          FCI (Xfer Texcom Collection)                                                   $   8,500.00
   3/8/2002          FCI (Xfer Utility.com Collection)                                              $  15,464.64
   3/8/2002          FCI (Xfer Cherry Refund for US Treasury)                                       $  15,876.29
   3/8/2002          FCI (Xfer Europa Telcom Collection)                                            $  16,870.25
   3/8/2002          FCI (Xfer Radiant Telecom Collection)                                          $ 125,000.00
  3/21/2002          WXC (Xfer BofA Interest Pmt)                                                   $      46.65
  3/28/2002          Merrill Lynch (401k Wire)                                                      $     153.94
  3/28/2002          Systems Union (Software License)                                               $  17,900.00
                                                                                                    ------------
                                                                        Total WAXS Disbursements    $ 200,350.85
                                                                                                    ============

Less:  Disbursements made to or on behalf of Parent or Affiliates.

Facilicom
   3/8/2002          FCI (Xfer Texcom Collection)                                                   $   8,500.00
   3/8/2002          FCI (Xfer Utility.com Collection)                                              $  15,464.64
   3/8/2002          FCI (Xfer Cherry Refund for US Treasury)                                       $  15,876.29
   3/8/2002          FCI (Xfer Europa Telcom Collection)                                            $  16,870.25
   3/8/2002          FCI (Xfer Radiant Telecom Collection)                                          $ 125,000.00

WorldxChange
   3/8/2002          WXC (Xfer Stancorp Financial Receipt)                                          $      12.08
   3/8/2002          WXC (Xfer GA Dept. of Revenue Refund)                                          $     497.00
  3/21/2002          WXC (Xfer BofA Interest Pmt)                                                   $      46.65
                                                                                                    ------------
                                                                        Total Affiliate Payments    $ 182,266.91
                                                                                                    ------------
                                                                        Total WAXS Disbursements    $  18,083.94
                                                                                                    ============



                            OPERATING REPORT Page 6



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                      For the Month Ending: March 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED           CHECK NUMBER                  DESCRIPTION                                                AMOUNT
- --------------           ------------                  -----------                                                ------
                                                                                                      
   3/1/2002                  35526          Vanguard Archives                                                  $    641.48
   3/1/2002                  35527          BellSouth                                                          $  2,223.37
   3/1/2002                  35528          CLS Security Systems                                               $     77.85
   3/1/2002                  35529          Federal Express                                                    $    354.28
   3/1/2002                  35531          Royal Cup Coffee                                                   $    111.41
   3/1/2002                  35533          Secretary of State                                                 $     15.00
   3/1/2002                  35534          Secretary of State                                                 $     15.00
   3/1/2002                  35535          Secretary of State                                                 $     15.00
   3/1/2002                  35536          Pacific Bell                                                       $    347.40
   3/1/2002                  35537          Gardner, Carton & Douglas                                          $ 29,050.67
   3/1/2002                  35538          Christian Grant                                                    $     57.33
   3/1/2002                  35539          Henry Lyon                                                         $    467.80
   3/1/2002                  35541          Kamran Saeed                                                       $    450.00
   3/1/2002                  35542          U.S. Trustee                                                       $ 13,000.00
   3/1/2002                  35542          U.S. Trustee                                                       $    250.00
   3/1/2002                  35542          U.S. Trustee                                                       $ 10,250.00
   3/1/2002                  35542          U.S. Trustee                                                       $ 12,500.00
   3/1/2002                  35542          U.S. Trustee                                                       $ (9,000.00)
   3/1/2002                  35545          Heather Harris                                                     $     26.31
   3/1/2002                  35546          Debra Dawn                                                         $  1,602.30
   3/1/2002                  35544          Mark Warner                                                        $    595.00
   3/4/2002                  35547          Debra Dawn                                                         $  1,657.38
   3/8/2002                  35548          BellSouth                                                          $    456.72
   3/8/2002                  35549          Central Parking                                                    $    385.00
   3/8/2002                  35550          Continental Stock Transfer & Trust                                 $  1,338.29
   3/8/2002                  35551          Debra Dawn                                                         $  1,465.53
   3/8/2002                  35552          Federal Express                                                    $    342.93
   3/8/2002                  35553          Heather Harris                                                     $     33.71
   3/8/2002                  35554          MCI Worldcom                                                       $  1,931.27
   3/8/2002                  35556          Nextel Communcations                                               $    822.08
   3/8/2002                  35557          Price Waterhouse Coopers                                           $ 46,690.46
   3/8/2002                  35558          Kamran Saeed                                                       $    450.00
   3/8/2002                  35559          United Healthcare                                                  $ 26,359.97
   3/8/2002                  35560          Mark Warner                                                        $    595.00
  3/11/2002                  35561          Arizona Dept. of Revenue                                           $     50.00
  3/11/2002                  35562          Utah State Tax                                                     $  2,700.00
  3/11/2002                  35563          South Carolina Dept. of Revenue                                    $    411.00
  3/11/2002                  35564          Alabama Dept. of Revenue                                           $    110.00
  3/11/2002                  35565          Commissioner of Connecticut                                        $    250.00
  3/11/2002                  35566          State of Louisiana                                                 $     10.00
  3/11/2002                  35567          Massachussetts Dept. of Revenue                                    $    456.00



                            OPERATING REPORT Page 7                 Page 1 of 4



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                      For the Month Ending: March 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED           CHECK NUMBER                  DESCRIPTION                                                AMOUNT
- --------------           ------------                  -----------                                                ------
                                                                                                      
      3/11/2002            35568            Montana Dept. of Revenue                                           $     50.00
      3/11/2002            35569            Wisconsin Dept. of Revenue                                         $     25.00
      3/11/2002            35570            D.C. Treasurer                                                     $    100.00
      3/11/2002            35571            Georgia Income Tax Division                                        $     10.00
      3/11/2002            35572            State of New Jersey                                                $    180.00
      3/11/2002            35573            New York State Commission                                          $  2,281.00
      3/11/2002            35574            Georgia Income Tax Division                                        $     10.00
      3/11/2002            35575            Georgia Income Tax Division                                        $     10.00
      3/15/2002            35576            Apto Solutions                                                     $  8,520.00
      3/15/2002            35576            Apto Solutions                                                     $  7,096.89
      3/15/2002            35577            Cadwalader, Wickersham & Taft                                      $104,643.92
      3/15/2002            35578            Virginia Cook                                                      $    549.79
      3/15/2002            35579            Debra Dawn                                                         $  1,076.75
      3/15/2002            35580            Ernst & Young                                                      $145,652.04
      3/15/2002            35581            Federal Express                                                    $    528.22
      3/15/2002            35582            Gardner, Carton & Douglas                                          $  6,252.42
      3/15/2002            35583            GE Capital                                                         $    575.72
      3/15/2002            35584            Katten Muchin & Zavis                                              $288,785.13
      3/15/2002            35585            Metropolitan Life                                                  $  3,418.12
      3/15/2002            35586            Kamran Saeed                                                       $    450.00
      3/15/2002            35587            State Compensation Board                                           $  1,172.36
      3/15/2002            35588            Velocity Express                                                   $     11.77
      3/15/2002            35589            Winstead Sechrest & Minick                                         $ 11,416.49
      3/15/2002            35590            Pacific Bell                                                       $  1,378.51
      3/15/2002            35591            San Diego Gas & Electric                                           $    385.38
      3/22/2002            35592            Apolllo Consulting                                                 $  1,959.00
      3/22/2002            35593            Bowne of Atlanta                                                   $ 10,186.00
      3/22/2002            35594            Tod Chmar                                                          $    627.50
      3/22/2002            35595            Debra Dawn                                                         $  2,006.54
      3/22/2002            35597            Federal Express                                                    $    423.68
      3/22/2002            35598            Judco Management                                                   $  8,625.00
      3/22/2002            35599            Lamberth Bonapfel Cifelli & Stokes                                 $ 12,558.65
      3/22/2002            35600            Long Aldridge & Norman                                             $ 49,732.40
      3/22/2002            35601            MCI Worldcom                                                       $  3,717.34
      3/22/2002            35603            MCI Worldcom                                                       $     37.42
      3/22/2002            35604            MCI Worldcom                                                       $     83.67
      3/22/2002            35605            MCI Worldcom                                                       $    181.39
      3/22/2002            35606            Nextel Communcations                                               $    806.67
      3/22/2002            35607            Poorman-Douglas Corporation                                        $ 15,987.45
      3/22/2002            35608            Kamran Saeed                                                       $    450.00
      3/22/2002            35609            Mark Warner                                                        $    510.00



                            OPERATING REPORT Page 7                 Page 2 of 4



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                      For the Month Ending: March 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED           CHECK NUMBER                  DESCRIPTION                                                AMOUNT
- --------------           ------------                  -----------                                                ------
                                                                                                   
    3/28/2002              35612            Vanguard Archives                                                  $    641.48
    3/28/2002              35613            Administrative Resource Group                                      $  2,744.57
    3/28/2002              35614            ADP Investor Communications                                        $    102.47
    3/28/2002              35615            BellSouth                                                          $    474.02
    3/28/2002              35616            BellSouth                                                          $  2,192.35
    3/28/2002              35617            Coleman Technologies                                               $    100.00
    3/28/2002              35618            Continental Stock Transfer & Trust                                 $    804.21
    3/28/2002              35619            Copytec, Inc.                                                      $  5,838.52
    3/28/2002              35620            Debra Dawn                                                         $    380.00
    3/28/2002              35621            Federal Express                                                    $  1,486.53
    3/28/2002              35622            Indiana Dept. of Revenue                                           $    288.00
    3/28/2002              35623            Lex Solutions Corp.                                                $  3,713.30
    3/28/2002              35624            MCI Worldcom                                                       $  3,353.41
    3/28/2002              35625            Nowalsky Bronston & Gothard                                        $    762.20
    3/28/2002              35626            Kamran Saeed                                                       $    450.00
    3/28/2002              35627            Carl Sonne                                                         $    298.90
    3/28/2002              35628            Mark Warner                                                        $    340.00
                                                                                                               -----------
                                                                                              Total            $895,145.48

Less:  Disbursements made to or on behalf of Parent or Affiliates.

WA Telecom Products Co., Inc.
     3/1/2002              35534            Secretary of State                                                 $     15.00
     3/1/2002              35540            North Atlanta Realty                                               $ 29,137.76
     3/1/2002              35542            U.S. Trustee                                                       $    250.00
    3/11/2002              35575            Georgia Income Tax Division                                        $     10.00
    3/15/2002              35583            GE Capital                                                         $    575.72

Facilicom
     3/1/2002              35542            U.S. Trustee                                                       $ 12,500.00
    3/15/2002              35576            Apto Solutions                                                     $  7,096.89
    3/22/2002              35598            Judco Management                                                   $  8,625.00

World Access Telecommunication Group, Inc.
     3/1/2002              35526            Vanguard Archives                                                  $    641.48
     3/1/2002              35535            Secretary of State                                                 $     15.00
     3/1/2002              35542            U.S. Trustee                                                       $ (9,000.00)
    3/11/2002              35574            Georgia Income Tax Division                                        $     10.00
    3/15/2002              35589            Winstead Sechrest & Minick                                         $ 11,416.49
    3/28/2002              35612            Vanguard Archives                                                  $    641.48



                            OPERATING REPORT Page 7                 Page 3 of 4



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                      For the Month Ending: March 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Corporate Disbursement
Account Number:  03299976144




DATE DISBURSED           CHECK NUMBER                 DESCRIPTION                                                 AMOUNT
- --------------           ------------                 -----------                                                 ------
                                                                                                   
WorldxChange
   3/1/2002                  35542           U.S. Trustee                                                      $  10,250.00
  3/11/2002                  35563           South Carolina Dept. of Revenue                                   $     411.00
  3/11/2002                  35564           Alabama Dept. of Revenue                                          $     110.00
  3/11/2002                  35565           Commissioner of Connecticut                                       $     250.00
  3/11/2002                  35566           State of Louisiana                                                $      10.00
  3/11/2002                  35567           Massachussetts Dept. of Revenue                                   $     456.00
  3/11/2002                  35568           Montana Dept. of Revenue                                          $      50.00
  3/11/2002                  35569           Wisconsin Dept. of Revenue                                        $      25.00
                                                                                                               ------------
                                                                                Total Affiliate Payments       $  73,496.82
                                                                                                               ------------
                                                                                Total WAXS Disbursements       $ 821,648.66
                                                                                                               ============



                            OPERATING REPORT Page 7                 Page 4 of 4



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                      For the Month Ending: March 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Payroll Account
Account Number:  03299944407




DATE DISBURSED              CHECK NUMBER           DESCRIPTION                                              AMOUNT
- --------------              ------------           -----------                                              ------
                                                                                               
  3/14/2002                   Multiple            Payroll Checks                                           $38,623.64
  3/28/2002                   Multiple            Payroll Checks                                           $37,884.14
                                                                                                           ----------
                                                                              Total WAXS Disbursements     $76,507.78
                                                                                                           ==========



                            OPERATING REPORT Page 8



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                              DISBURSEMENT LISTING

                      For the Month Ending: March 31, 2002

Bank:  Bank of America
Location:  Dallas, TX
Account Name:  Payroll Account
Account Number:  0751301149




DATE DISBURSED                    DESCRIPTION                                                     AMOUNT
- --------------                    -----------                                                     ------
                                                                                       
   3/13/2002             ADP - Payroll Tax Withholdings                                         $20,885.04
   3/29/2002             ADP - Payroll Tax Withholdings                                         $20,017.21
   3/22/2002             ADP - Payroll Processing Fees                                          $   687.51
                                                                                                ----------
                                                                 Total WAXS Disbursements       $41,589.76
                                                                                                ==========



                            OPERATING REPORT Page 9



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                             DISBURSEMENTS LISTING

                      For the Month Ending: March 31, 2002

Bank:  Wells Fargo
Location:  Minneapolis, MN
Account Name:  Restricted Cash
Account Number:  699-3295970




DATE RECEIVED              DESCRIPTION                                          AMOUNT
- -------------              -----------                                          ------
                                                                       
  3/29/2002                 Bank Fee                                            $10.00
                                                                                ------
                                                    Total WAXS Disbursements    $10.00
                                                                                ======



                           OPERATING REPORT Page 10



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                      For the Month Ending: March 31, 2002


                                                
STATEMENT OF INVENTORY
    Beginning Inventory                            $        --
    Add: purchases                                 $        --
    Less: goods sold                               $        --
                                                   -----------
    Ending inventory                               $        --
                                                   ===========

PAYROLL INFORMATION STATEMENT
    Gross payroll for this period                  $117,563.97
    Payroll taxes due but unpaid                   $        --




              STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS




                                    DATE REGULAR              AMOUNT OF               NUMBER OF                  AMOUNT OF
NAME OF CREDITOR/LESSOR            PAYMENT IS DUE         REGULAR PAYMENT        PAYMENTS DELINQUENT        PAYMENTS DELINQUENT
- -----------------------            --------------         ---------------        -------------------        -------------------
                                                                                                
Xerox Corporation                    Monthly                 $1,247.84                     10                  $12,478.40



                           OPERATING REPORT Page 11



                     IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                      For the Month Ending: March 31, 2002




STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE                                         3RD PARTY                INTERCOMPANY                  TOTAL
                                                           -------------            --------------            --------------

                                                                                                     
    Beginning of month balance                             $          --            $12,461,006.19            $12,461,006.19
    Add: sales on account                                  $          --            $           --            $           --
       expenses paid for affiliate                         $          --            $    73,496.82            $    73,496.82
       cash advanced to affiliate                          $          --            $           --            $           --
    Less: collections                                      $          --            $           --            $           --
                                                           -------------            --------------            --------------
    End of month balance                                   $          --            $12,534,503.01            $12,534,503.01
                                                           =============            ==============            ==============





0-30 Days               31-60 Days                  61-90 Days                Over 90 Days           End of Month Total
- ---------               ----------                  ----------                ------------           ------------------
                                                                                         
 $  --                    $  --                         $ -                      $  --                    $  --





STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
                                                             3RD PARTY               INTERCOMPANY                   TOTAL
                                                           -------------             --------------             --------------

                                                                                                       
    Beginning of month balance                             $2,609,585.96             $16,707,816.23             $19,317,402.19
    Add: sales on account                                  $1,212,304.73             $           --             $ 1,212,304.73
       Cash received on behalf of Affiliate                $          --             $    55,000.00             $    55,000.00
       Cash received from Affiliate                        $          --             $           --             $           --
    Less: payments                                         $ (957,840.14)            $  (182,266.91)            $(1,140,107.05)
                                                           -------------             --------------             --------------
    End of month balance                                   $2,864,050.55             $16,580,549.32             $19,444,599.87
                                                           =============             ==============             ==============





 0-30 Days                31-60 Days                 61-90 Days              Over 90 Days           End of Month Total
- ----------               -----------                -----------              ------------           ------------------
                                                                                        
$998,261.74              $313,433.51                $623,936.63              $928,418.67              $2,864,050.55



                           OPERATING REPORT Page 12



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access, Inc.                         CASE NUMBER: 01-14633-SPS

                      For the Month Ending: March 31, 2002

                               TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

         1.  Federal income taxes                  Yes [X]           No [ ]

         2.  FICA withholdings                     Yes [X]           No [ ]

         3.  Employee's withholdings               Yes [X]           No [ ]

         4.  Employer's FICA                       Yes [X]           No [ ]

         5.  Federal unemployment taxes            Yes [X]           No [ ]

         6.  State income tax                      Yes [X]           No [ ]

         7.  State employee withholdings           Yes [X]           No [ ]

         8.  All other state taxes                     See Note Below

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                           OPERATING REPORT Page 13



                     IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION


                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.


                                             /s/ Henry C. Lyon
                                             ----------------------------------
                                             For the Debtor In Possession

                                             Henry C. Lyon
                                             Designated Officer


                           OPERATING REPORT Page 14

EX-99.2

                                                                    EXHIBIT 99.2


                    IN THE UNITED STATES BANKRUPTCY COURT
                    FOR THE NORTHER DISTRICT OF ILLINOIS
                               EASTERN DIVISION

CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                     For the Month Ending: January 31, 2002


                                                                       
    BEGINNING BALANCE IN ALL ACCOUNTS                                     $9,800,963.97

    RECEIPTS:
         1. Receipts from Operations                                      $          --
             Receipts from Operations (Received by Parent)                $          --
         2. Other Receipts                                                $   17,364.34
             Other receipts (Received by Parent or Affiliates)            $          --
                                                                          -------------

    TOTAL RECEIPTS                                                        $   17,364.34
    Less:  Receipts received by Parent or Affiliates                      $          --
                                                                          -------------
    ADJUSTED TOTAL RECEIPTS                                               $   17,364.34

    DISBURSEMENTS
         3. Net Payroll
             a. Officers                                                  $          --
             b. Others                                                    $          --
         4. Taxes
             a. Federal Income Taxes                                      $          --
             b. FICA Withholdings                                         $          --
             c. Employee's withholdings                                   $          --
             d. Employer's FICA                                           $          --
             e. Federal Unemployment Taxes                                $          --
             f. State Income Tax                                          $          --
             g. State Employee withholdings                               $          --
             h. All other state taxes                                     $          --

         5. Necessary Expenses
             a. Rent or mortgage payment(s)                               $   30,412.76
             b. Utilities                                                 $          --
             c. Insurance                                                 $          --
             d. Merchandise bought for manufacture or sell                $          --
             e. Other necessary expenses
                 Office Supplies & Expenses                               $      575.72
                 Other                                                    $          --
                                                                          -------------

    TOTAL DISBURSEMENTS                                                   $   30,988.48
    Less:  Disbursements made by Parent or Affiliates                     $  (30,988.48)
                                                                          -------------
    ADJUSTED TOTAL DISBURSEMENTS                                          $          --
                                                                          -------------
    NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                   $   17,364.34

    NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc.                $          --
                                                                          -------------
    ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130             $9,818,328.31
                                                                          -------------
    ENDING BALANCE IN ALL ACCOUNTS                                        $9,818,328.31
                                                                          =============




                            OPERATING REPORT Page 1



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                                RECEIPTS LISTING

                     For the Month Ending: January 31, 2002

Bank:  Deutsche Bank Alex. Brown
Location:  Baltimore, MD
Account Name:  Investment Account
Account Number:  206-21130




DATE RECEIVED               DESCRIPTION                                           AMOUNT
- -------------               -----------                                         ----------
                                                                       
  1/31/2002               Interest Received                                     $17,364.34
                                                                                ----------
                                                        Total WATP Receipts     $17,364.34
                                                                                ==========



                            OPERATING REPORT Page 2



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                     For the Month Ending: January 31, 2002




                                                  
STATEMENT OF INVENTORY
    Beginning Inventory                              $ --
    Add: purchases                                   $ --
    Less: goods sold                                 $ --
                                                     ----
    Ending inventory                                 $ --
                                                     ====

PAYROLL INFORMATION STATEMENT

    Gross payroll for this period                    $ --
    Payroll taxes due but unpaid                     $ --



              STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS




                                               DATE REGULAR          AMOUNT OF             NUMBER OF               AMOUNT OF
    NAME OF CREDITOR/LESSOR                   PAYMENT IS DUE      REGULAR PAYMENT     PAYMENTS DELINQUENT     PAYMENTS DELINQUENT
    -----------------------                   --------------      ---------------     -------------------     ------------------

                                                                                                  
North Atlanta Realty                             Monthly           $28,021.13                --                   $      --
GE Capital (Copier Lease)                        Monthly           $   575.72                --                   $      --
Toshiba Easy Lease (Fax)                         Monthly           $    84.41                 6                   $  506.46
Toshiba Easy Lease (Fax)                         Monthly           $    35.11                 6                   $  210.66
GE Capital (Copier/Fax Lease)                    Monthly           $   612.83                 6                   $3,676.98
Ascom/Hasler (Postage Meter)                    Quarterly          $   181.15                --                   $      --
Ascom/Hasler (Postage Meter)                    Quarterly          $   719.04                 1                   $  719.04
Imperial Business Credit (Postage Meter)        Quarterly          $   497.83                 1                   $  497.83



                            OPERATING REPORT Page 3



                     IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                     For the Month Ending: January 31, 2002



STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE                                     3RD PARTY               INTERCOMPANY                  TOTAL
                                                      --------------            --------------            --------------

                                                                                                 
    Beginning of month balance                        $13,784,926.62            $15,068,212.06            $28,853,138.68
    Add: sales on account                             $           --            $           --            $           --
       expenses paid for affiliate                    $           --            $           --            $           --
       cash advanced to affiliate                     $           --            $           --            $           --
    Less: collections                                 $           --            $           --            $           --
                                                      --------------            --------------            --------------
    End of month balance                              $13,784,926.62            $15,068,212.06            $28,853,138.68
                                                      ==============            ==============            ==============





0-30 Days         31-60 Days              61-90 Days             Over 90 Days         End of Month Total
- ---------         ----------              ----------            --------------        ------------------
                                                                          
 $  --             $  --                    $  --               $13,784,926.62          $13,784,926.62





STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
                                                       3RD PARTY              INTERCOMPANY             TOTAL
                                                       ----------             ------------           -----------

                                                                                            
    Beginning of month balance                         $ 37,455.99            $260,400.67            $297,856.66
    Add: sales on account                              $ 29,886.82            $        --            $ 29,886.82
       Cash received on behalf of Affiliate            $        --            $        --            $        --
       Cash received from Affiliate                    $        --            $        --            $        --
    Less: payments                                     $(30,988.48)           $ 30,988.48            $        --
                                                       -----------            -----------            -----------
    End of month balance                               $ 36,354.33            $291,389.15            $327,743.48
                                                       ===========            ===========            ===========





 0-30 Days              31-60 Days                    61-90 Days              Over 90 Days          End of Month Total
- ----------              ----------                    ----------              ------------          ------------------
                                                                                        
$30,784.49               $754.35                       $754.35                 $4,061.14                $36,354.33



                            OPERATING REPORT Page 4



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                     For the Month Ending: January 31, 2002

                               TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

         1.  Federal income taxes               Yes [X]                No [ ]

         2.  FICA withholdings                  Yes [X]                No [ ]

         3.  Employee's withholdings            Yes [X]                No [ ]

         4.  Employer's FICA                    Yes [X]                No [ ]

         5.  Federal unemployment taxes         Yes [X]                No [ ]

         6.  State income tax                   Yes [X]                No [ ]

         7.  State employee withholdings        Yes [X]                No [ ]

         8.  All other state taxes                     See Note Below


         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:

The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                            OPERATING REPORT Page 5



                     IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION


                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.


                                             /s/ Henry C. Lyon
                                             ----------------------------------
                                             For the Debtor In Possession

                                             Henry C. Lyon
                                             Designated Officer


                            OPERATING REPORT Page 6

                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                    For the Month Ending: February 28, 2002


                                                                       
    BEGINNING BALANCE IN ALL ACCOUNTS                                     $9,818,328.31

    RECEIPTS:
         1. Receipts from Operations                                      $          --
             Receipts from Operations (Received by Parent)                $    5,000.00
         2. Other Receipts                                                $   15,625.15
             Other receipts (Received by Parent or Affiliates)            $          --
                                                                          -------------

    TOTAL RECEIPTS                                                        $   20,625.15
    Less:  Receipts received by Parent or Affiliates                      $   (5,000.00)
                                                                          -------------
    ADJUSTED TOTAL RECEIPTS                                               $   15,625.15

    DISBURSEMENTS
         3. Net Payroll
             a. Officers                                                  $          --
             b. Others                                                    $          --
         4. Taxes
             a. Federal Income Taxes                                      $          --
             b. FICA Withholdings                                         $          --
             c. Employee's withholdings                                   $          --
             d. Employer's FICA                                           $          --
             e. Federal Unemployment Taxes                                $          --
             f. State Income Tax                                          $          --
             g. State Employee withholdings                               $          --
             h. All other state taxes                                     $          --

         5. Necessary Expenses
             a. Rent or mortgage payment(s)                               $   29,137.76
             b. Utilities                                                 $          --
             c. Insurance                                                 $          --
             d. Merchandise bought for manufacture or sell                $          --
             e. Other necessary expenses
                 Office Supplies & Expenses                               $      749.06
                 Other                                                    $          --
                                                                          -------------

    TOTAL DISBURSEMENTS                                                   $   29,886.82
    Less:  Disbursements made by Parent or Affiliates                     $  (29,886.82)
                                                                          -------------
    ADJUSTED TOTAL DISBURSEMENTS                                          $          --
                                                                          -------------
    NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                   $   15,625.15

    NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc.                $          --
                                                                          -------------
    ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130             $9,833,953.46
                                                                          -------------
    ENDING BALANCE IN ALL ACCOUNTS                                        $9,833,953.46
                                                                          =============




                            OPERATING REPORT Page 1



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                                RECEIPTS LISTING

                    For the Month Ending: February 28, 2002

Bank:  Deutsche Bank Alex. Brown
Location:  Baltimore, MD
Account Name:  Investment Account
Account Number:  206-21130




DATE RECEIVED                 DESCRIPTION                                          AMOUNT
- -------------                 -----------                                        ----------
                                                                        
  2/28/2002                Interest Received                                     $15,625.15
                                                                                 ----------
                                                         Total WATP Receipts     $15,625.15
                                                                                 ==========



                            OPERATING REPORT Page 2



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                    For the Month Ending: February 28, 2002


                                                
STATEMENT OF INVENTORY
    Beginning Inventory                            $ --
    Add: purchases                                 $ --
    Less: goods sold                               $ --
                                                   ----
    Ending inventory                               $ --
                                                   ====

PAYROLL INFORMATION STATEMENT

    Gross payroll for this period                  $ --
    Payroll taxes due but unpaid                   $ --




              STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS




                                                DATE REGULAR          AMOUNT OF              NUMBER OF               AMOUNT OF
   NAME OF CREDITOR/LESSOR                     PAYMENT IS DUE       REGULAR PAYMENT      PAYMENTS DELINQUENT    PAYMENTS DELINQUENT
   -----------------------                     --------------       ---------------      -------------------    -------------------

                                                                                                    


                            OPERATING REPORT Page 3



                     IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                    For the Month Ending: February 28, 2002


STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                     3RD PARTY                INTERCOMPANY                 TOTAL
                                                      --------------             --------------            --------------
                                                                                                  
    Beginning of month balance                        $13,784,926.62             $15,068,212.06            $28,853,138.68
    Add: sales on account                             $           --             $           --            $           --
       expenses paid for affiliate                    $           --             $           --            $           --
       cash advanced to affiliate                     $           --             $           --            $           --
    Less: collections                                 $    (5,000.00)            $     5,000.00            $           --
                                                      --------------             --------------            --------------
    End of month balance                              $13,779,926.62             $15,073,212.06            $28,853,138.68
                                                      ==============             ==============            ==============





0-30 Days            31-60 Days              61-90 Days             Over 90 Days          End of Month Total
- ---------            ----------              ----------            --------------         ------------------
                                                                              
 $ --                  $ --                    $  --               $13,779,926.62           $13,779,926.62



STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)




                                                       3RD PARTY             INTERCOMPANY               TOTAL
                                                       ----------            ------------            -----------

                                                                                            
    Beginning of month balance                         $ 36,354.33            $291,389.15            $327,743.48
    Add: sales on account                              $ 29,713.48            $        --            $ 29,713.48
       Cash received on behalf of Affiliate            $        --            $        --            $        --
       Cash received from Affiliate                    $        --            $        --            $        --
    Less: payments                                     $(29,886.82)           $ 29,886.82            $        --
                                                       -----------            -----------            -----------
    End of month balance                               $ 36,180.99            $321,275.97            $357,456.96
                                                       ===========            ===========            ===========





 0-30 Days          31-60 Days             61-90 Days           Over 90 Days          End of Month Total
- ----------          ----------             ----------           ------------          ------------------
                                                                          
$29,137.76           $754.35                $754.35              $5,534.53               $36,180.99



                            OPERATING REPORT Page 4



                     IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                    For the Month Ending: February 28, 2002

                               TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

         1.  Federal income taxes                Yes [X]             No [ ]

         2.  FICA withholdings                   Yes [X]             No [ ]

         3.  Employee's withholdings             Yes [X]             No [ ]

         4.  Employer's FICA                     Yes [X]             No [ ]

         5.  Federal unemployment taxes          Yes [X]             No [ ]

         6.  State income tax                    Yes [X]             No [ ]

         7.  State employee withholdings         Yes [X]             No [ ]

         8.  All other state taxes                   See Note Below


         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:

The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                            OPERATING REPORT Page 5



                     IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION


                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.


                                             /s/ Henry C. Lyon
                                             ----------------------------------
                                             For the Debtor In Possession

                                             Henry C. Lyon
                                             Designated Officer


                            OPERATING REPORT Page 6

                       IN THE UNITED STATES BANKRUPTCY COURT
                       FOR THE NORTHER DISTRICT OF ILLINOIS
                                 EASTERN DIVISION

CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                      For the Month Ending: March 31, 2002

                                                                                
BEGINNING BALANCE IN ALL ACCOUNTS                                                  $  9,833,953.46

RECEIPTS:
     1. Receipts from Operations                                                   $            --
         Receipts from Operations (Received by Parent)                             $      5,000.00
     2. Other Receipts                                                             $     13,104.90
         Other receipts (Received by Parent or Affiliates)                         $     50,000.00
                                                                                   ---------------

TOTAL RECEIPTS                                                                     $     68,104.90
Less:  Receipts received by Parent or Affiliates                                   $    (55,000.00)
                                                                                   ---------------
ADJUSTED TOTAL RECEIPTS                                                            $     13,104.90

DISBURSEMENTS
     3. Net Payroll
         a. Officers                                                               $            --
         b. Others                                                                 $            --
     4. Taxes
         a. Federal Income Taxes                                                   $            --
         b. FICA Withholdings                                                      $            --
         c. Employee's withholdings                                                $            --
         d. Employer's FICA                                                        $            --
         e. Federal Unemployment Taxes                                             $            --
         f. State Income Tax                                                       $            --
         g. State Employee withholdings                                            $            --
         h. All other state taxes                                                  $            --

     5. Necessary Expenses
         a. Rent or mortgage payment(s)                                            $     29,137.76
         b. Utilities                                                              $            --
         c. Insurance                                                              $            --
         d. Merchandise bought for manufacture or sell                             $            --
         e. Other necessary expenses
            Office Supplies & Expenses                                             $        575.72
            Other                                                                  $        275.00
                                                                                   ---------------
TOTAL DISBURSEMENTS                                                                $     29,988.48
Less:  Disbursements made by Parent or Affiliates                                  $    (29,988.48)
                                                                                   ---------------
ADJUSTED TOTAL DISBURSEMENTS                                                       $            --
                                                                                   ---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                $     13,104.90

NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc.                             $            --
                                                                                   ---------------
ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130                          $  9,847,058.36
                                                                                   ---------------
ENDING BALANCE IN ALL ACCOUNTS                                                     $  9,847,058.36
                                                                                   ===============




                            OPERATING REPORT Page 1


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION



CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                                RECEIPTS LISTING

                      For the Month Ending: March 31, 2002

Bank:  Deutsche Bank Alex. Brown
Location:  Baltimore, MD
Account Name:  Investment Account
Account Number:  206-21130



     DATE RECEIVED                         DESCRIPTION                              AMOUNT
     -------------                         -----------                              ------
                                                                           
       3/26/2002         Interest Received                                       $ 13,104.90
                                                                                 -----------
                                                      Total WATP Receipts        $ 13,104.90
                                                                                 ===========



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                      For the Month Ending: March 31, 2002




                                                       
STATEMENT OF INVENTORY

    Beginning Inventory                                   $     --
    Add: purchases                                        $     --
    Less: goods sold                                      $     --
                                                          --------
    Ending inventory                                      $     --
                                                          ========

PAYROLL INFORMATION STATEMENT

    Gross payroll for this period                         $     --
    Payroll taxes due but unpaid                          $     --



               STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS



                                            DATE REGULAR         AMOUNT OF              NUMBER OF               AMOUNT OF
            NAME OF CREDITOR/LESSOR        PAYMENT IS DUE     REGULAR PAYMENT     PAYMENTS DELINQUENT      PAYMENTS DELINQUENT
            -----------------------        --------------     ---------------     -------------------      -------------------
                                                                                               
North Atlanta Realty                          Monthly           $28,021.13                --                    $      --
GE Capital (Copier Lease)                     Monthly           $   575.72                --                    $      --
Toshiba Easy Lease (Fax)                      Monthly           $    84.41                 6                    $  506.46
Toshiba Easy Lease (Fax)                      Monthly           $    35.11                 6                    $  210.66
GE Capital (Copier/Fax Lease)                 Monthly           $   612.83                 6                    $3,676.98
Ascom/Hasler (Postage Meter)                 Quarterly          $   181.15                --                    $      --
Ascom/Hasler (Postage Meter)                 Quarterly          $   719.04                 1                    $  719.04
Imperial Business Credit (Postage Meter)     Quarterly          $   497.83                 1                    $  497.83




                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                      For the Month Ending: March 31, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                              3RD PARTY             INTERCOMPANY             TOTAL
                                                               --------------         --------------        --------------
                                                                                                   
                    Beginning of month balance                 $13,779,926.62         $15,073,212.06        $28,853,138.68
                    Add: sales on account                      $           --         $           --        $           --
                         expenses paid for affiliate           $           --         $           --        $           --
                         cash advanced to affiliate            $           --         $           --        $           --
                    Less: collections                          $    (5,000.00)        $    55,000.00        $    50,000.00
                                                               --------------         --------------        --------------
                    End of month balance                       $13,774,926.62         $15,128,212.06        $28,903,138.68
                                                               ==============         ==============        ==============




0-30 Days                        31-60 Days                    61-90 Days             Over 90 Days        End of Month Total
- ---------                        ----------                    ----------             ------------        ------------------
                                                                                              
 $   --                           $    --                        $   --              $13,774,926.62         $13,774,926.62



STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)



                                                                  3RD PARTY             INTERCOMPANY             TOTAL
                                                                --------------         --------------        --------------
                                                                                                    
                    Beginning of month balance                  $    36,180.99         $   321,275.97        $   357,456.96
                    Add: sales on account                       $       850.72         $           --        $       850.72
                         Cash received on behalf of Affiliate   $           --         $           --        $           --
                         Cash received from Affiliate           $           --         $           --        $           --
                    Less: payments                              $   (29,988.48)        $    29,988.48        $           --
                                                                --------------         --------------        --------------
                    End of month balance                        $     7,043.23         $   351,264.45        $   358,307.68
                                                                ==============         ==============        ==============




0-30 Days                        31-60 Days                    61-90 Days             Over 90 Days        End of Month Total
- ---------                        ----------                    ----------             ------------        ------------------
                                                                                              
 $   --                            $    --                      $ 754.35               $ 6,288.88             $ 7,043.23




                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WA Telcom Products Co., Inc.               CASE NUMBER: 01-14635-SPS

                      For the Month Ending: March 31, 2002


                                TAX QUESTIONNAIRE

       Debtors in possession and trustees are required to pay all taxes incurred
after the filing of their Chapter 11 petition on an as due basis. Please
indicate whether the following post petition taxes or withholdings have been
paid currently.

                                                                          
       1.        Federal income taxes                     Yes (X)                         No ( )

       2.        FICA withholdings                        Yes (X)                         No ( )

       3.        Employee's withholdings                  Yes (X)                         No ( )

       4.        Employer's FICA                          Yes (X)                         No ( )

       5.        Federal unemployment taxes               Yes (X)                         No ( )

       6.        State income tax                         Yes (X)                         No ( )

       7.        State employee withholdings              Yes (X)                         No ( )

       8.        All other state taxes                         See Note Below


       

     If any of the above have not been paid, state below the tax not paid, the
amounts past due and the date of the last payment.

Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION



                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                                /S/ Henry C. Lyon
                                               --------------------------------
                                               For the Debtor In Possession

                                               Henry C. Lyon
                                               Designated Officer




                            OPERATING REPORT Page 6




EX-99.3
5
g77047exv99w3.txt
EX-99.3 MONTHLY OPERATING REPORTS OF WORLD ACCESS



                                                                    EXHIBIT 99.3

                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                     For the Month Ending: January 31, 2002

                                                                     
BEGINNING BALANCE IN ALL ACCOUNTS                                       $5,849,337.26
     Add/(Subtract) Reconciliation Errors                               $  (24,084.69)
                                                                        -------------
Adjusted beginning balance in all accounts                              $5,825,252.57

RECEIPTS:
     1. Receipts from Operations                                        $          --
     2. Other Receipts                                                  $          --
                                                                        -------------

TOTAL RECEIPTS                                                          $          --

DISBURSEMENTS
     3. Net Payroll
        a. Officers                                                     $          --
        b. Others                                                       $          --
     4. Taxes
        a. Federal Income Taxes                                         $          --
        b. FICA Withholdings                                            $          --
        c. Employee's withholdings                                      $          --
        d. Employer's FICA                                              $          --
        e. Federal Unemployment Taxes                                   $          --
        f. State Income Tax                                             $          --
        g. State Employee withholdings                                  $          --
        h. All other state taxes                                        $          --

     5. Necessary Expenses (Paid by Parent or Affiliate)
        a. Rent or mortgage payment(s)
        b. Utilities                                                    $          --
        c. Insurance                                                    $          --
        d. Merchandise bought for manufacture or sell                   $          --
        e. Other necessary expenses
            Professional fees                                           $    1,688.13
            Record Storage Fees                                         $      674.48
            Disputed withdrawals by Greg Sommers                        $   38,817.87
                                                                        -------------

TOTAL DISBURSEMENTS                                                     $   41,180.48
Less:  Disbursements paid by Parent or Affiliates                       $   (2,362.61)
                                                                        -------------
ADJUSTED TOTAL DISBURSEMENTS                                            $   38,817.87

                                                                        -------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                     $  (38,817.87)

NET INTERCOMPANY SWEEP TRANSFERS - FCI                                  $          --
                                                                        -------------

ENDING BALANCE IN Bank of America 3751607047                            $5,002,854.44
ENDING BALANCE IN Bank of America 3751567556                            $  503,175.73
ENDING BALANCE IN Bank of America 2591500124                            $  280,404.53
                                                                        -------------

                                                                        -------------
ENDING BALANCE IN ALL ACCOUNTS                                          $5,786,434.70
                                                                        =============




                            OPERATING REPORT Page 1



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:           Merrill Lynch
Location:       Dallas, TX
Account Name:   WCMA Account
Account Number: 586-07431



     DATE DISBURSED           CHECK NUMBER                         DESCRIPTION                          AMOUNT
     --------------           ------------                         -----------                          -------
                                                                                               
        01/01/02                Transfer                     Withdrawal by Greg Somers                  $383.40
                                                                                                        -------
                                                                              Total                     $383.40
                                                                                                        =======



                            OPERATING REPORT Page 2



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:           Merrill Lynch
Location:       Dallas, TX
Account Name:   WCMA Account
Account Number: 586-07403



     DATE DISBURSED           CHECK NUMBER                         DESCRIPTION                           AMOUNT
     --------------           ------------                         -----------                         ---------
                                                                                              
        01/01/02                Transfer                     Withdrawal by Greg Somers                 $4,876.15
                                                                                                       ---------
                                                                              Total                    $4,876.15
                                                                                                       =========



                            OPERATING REPORT Page 3



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:           Southwest Bank of Texas
Location:       Houston, TX
Account Name:   Checking Account
Account Number: 119997



     DATE DISBURSED           CHECK NUMBER                         DESCRIPTION                           AMOUNT
     --------------           ------------                         -----------                         ---------
                                                                                              
        01/01/02                Transfer                      Withdrawal by Greg Somers                $1,365.58
                                                                                                       ---------
                                                                              Total                    $1,365.58
                                                                                                       =========



                            OPERATING REPORT Page 4



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:           Bank of the West
Location:       Irving, TX
Account Name:   Commercial Account
Account Number: 26625



     DATE DISBURSED           CHECK NUMBER                         DESCRIPTION                          AMOUNT
     --------------           ------------                         -----------                         ---------
                                                                                              
        01/01/02                Transfer                    Withdrawal by Greg Somers                  $1,067.05
                                                                                                       ---------
                                                                              Total                    $1,067.05
                                                                                                       =========



                            OPERATING REPORT Page 5



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:           Bank of the West
Location:
Account Name:   Tax Account
Account Number: 23234



     DATE DISBURSED           CHECK NUMBER                         DESCRIPTION                           AMOUNT
     --------------           ------------                         -----------                         ----------
                                                                                              
        01/01/02                Transfer                     Withdrawal by Greg Somers                 $31,050.76
                                                                                                       ----------
                                                                              Total                    $31,050.76
                                                                                                       ==========



                            OPERATING REPORT Page 6



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:           Bank of the West
Location:       Irving, TX
Account Name:   LEC Account
Account Number: 26633



     DATE DISBURSED           CHECK NUMBER                         DESCRIPTION                           AMOUNT
     --------------           ------------                         -----------                           ------
                                                                                                
        01/01/02                Transfer                     Withdrawal by Greg Somers                   $39.06
                                                                                                         ------
                                                                              Total                      $39.06
                                                                                                         ======



                            OPERATING REPORT Page 7



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:           Bank of the West
Location:       Irving, TX
Account Name:   Mexico Bills
Account Number: 26740



     DATE DISBURSED           CHECK NUMBER                         DESCRIPTION                           AMOUNT
     --------------           ------------                         -----------                           ------
                                                                                                
        01/01/02                Transfer                     Withdrawal by Greg Somers                   $35.87
                                                                                                         ------
                                                                              Total                      $35.87
                                                                                                         ======



                            OPERATING REPORT Page 8



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                     For the Month Ending: January 31, 2002

STATEMENT OF INVENTORY

                               
    Beginning Inventory               $ --
    Add: purchases                    $ --
    Less: goods sold                  $ --
                                      ----
    Ending inventory                  $ --
                                      ====

    

PAYROLL INFORMATION STATEMENT

                                          
    Gross payroll for this period                $ --
    Payroll taxes due but unpaid                 $ --

    

               STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS



                                       DATE REGULAR              AMOUNT OF                 NUMBER OF               AMOUNT OF
      NAME OF CREDITOR/LESSOR         PAYMENT IS DUE          REGULAR PAYMENT        PAYMENTS DELINQUENT      PAYMENTS DELINQUENT
      -----------------------         --------------          ----------------       --------------------     -------------------
                                                                                                  
      Waterton Printers Square            Monthly                $12,784.41                   0                   $       --
      One Wilshire Arcade                 Monthly                $24,965.68                   1                   $24,965.68



                            OPERATING REPORT Page 9



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                     For the Month Ending: January 31, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                               3RD PARTY            INTERCOMPANY                TOTAL
                                                               -------------------------------------------------------------
                                                                                                    
                 Beginning of month balance                    $100,092,296.70        $    119,099.49        $100,211,396.19
                 Add: other                                    $     38,817.87        $            --        $     38,817.87
                 Add: customer credits                         $            --        $            --        $            --
                 Add: intercompany activity                                           $            --        $            --
                 Less: collections                             $            --        $            --        $            --
                 Less: offsets                                 $            --        $            --        $            --
                 Less: application of customer deposits                               $            --        $            --
                                                               -------------------------------------------------------------
                 End of month balance                          $100,131,114.57        $    119,099.49        $100,250,214.06
                                                               =============================================================




        0-30 Days           31-60 Days          61-90 Days        Over 90 Days      End of Month Total
       ----------           ----------          ----------      ---------------     ------------------
                                                                        
       $38,817.87              $ --               $ --          $100,092,296.70       $100,131,114.57


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)



                                                                         3RD PARTY          INTERCOMPANY           TOTAL
                                                                      -------------------------------------------------------
                                                                                                      
                Beginning of month balance                            $  534,436.18        $7,635,082.77       $8,169,518.95
                Add: sales on account**                               $   41,180.48        $          --       $   41,180.48
                Add: intercompany activity
                  Expenses paid directly by Parent or Affiliate       $   (2,362.61)       $    2,362.61       $          --
                  Net cash advanced by Parent or Affiliate            $          --        $          --       $          --
                  Credit extended by Parent or Affiliate              $          --        $          --       $          --
                  Amounts collected on behalf of Affiliate            $          --        $          --       $          --
                Less: payments                                        $  (38,817.87)       $          --       $  (38,817.87)
                                                                      -------------------------------------------------------
                End of month balance                                  $  534,436.18        $7,637,445.38       $8,171,881.56
                                                                      =======================================================




       0-30 Days             31-60 Days          61-90 Days         Over 90 Days     End of Month Total
       ---------             ----------          ----------         ------------     ------------------
                                                                         
         $ --                  $ --                $ --             $534,436.18          $534,436.18


**The post-petition accounts payable balances accrued for above are
  subject to customary audit and review, which could result in changes to
  the balances recorded. If upon such audit and review amounts invoiced
  by vendors are disputed, such disputed amounts are not reflected in the
  accounts payable balances reflected above. As of January 31, the Debtor
  has been invoiced cumulative post-petition disputed amounts


                            OPERATING REPORT Page 10



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                     For the Month Ending: January 31, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                      
       1. Federal income taxes                     Yes (X)                         No ( )

       2. FICA withholdings                        Yes (X)                         No ( )

       3. Employee's withholdings                  Yes (X)                         No ( )

       4. Employer's FICA                          Yes (X)                         No ( )

       5. Federal unemployment taxes               Yes (X)                         No ( )

       6. State income tax                         Yes (X)                         No ( )

       7. State employee withholdings              Yes (X)                         No ( )

       8. All other state taxes                                                    See Note Below

       

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                            OPERATING REPORT Page 11



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.


                                       /s/ Henry C. Lyon
                                       -----------------------------------------
                                       For the Debtor In Possession

                                       Henry C. Lyon
                                       Designated Officer


                            OPERATING REPORT Page 12


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                     For the Month Ending: February 28, 2002

                                                                                          
BEGINNING BALANCE IN ALL ACCOUNTS                                                            $  5,786,434.70

RECEIPTS:
     1. Receipts from Operations                                                             $            --
     2. Other Receipts                                                                       $            --
                                                                                             ---------------

TOTAL RECEIPTS                                                                               $            --

DISBURSEMENTS
     3. Net Payroll
         a. Officers                                                                         $            --
         b. Others                                                                           $            --
     4. Taxes
         a. Federal Income Taxes                                                             $            --
         b. FICA Withholdings                                                                $            --
         c. Employee's withholdings                                                          $            --
         d. Employer's FICA                                                                  $            --
         e. Federal Unemployment Taxes                                                       $            --
         f. State Income Tax                                                                 $            --
         g. State Employee withholdings                                                      $            --
         h. All other state taxes                                                            $            --

     5. Necessary Expenses (Paid by Parent or Affiliate)
         a. Rent or mortgage payment(s)
         b. Utilities                                                                        $            --
         c. Insurance                                                                        $            --
         d. Merchandise bought for manufacture or sell                                       $            --
         e. Other necessary expenses
            Professional fees                                                                $      7,006.47
            Record Storage Fees                                                              $            --
                                                                                             ---------------

TOTAL DISBURSEMENTS                                                                          $      7,006.47
Less:  Disbursements paid by Parent or Affiliates                                            $     (7,006.47)
                                                                                             ---------------
ADJUSTED TOTAL DISBURSEMENTS                                                                 $            --

                                                                                             ---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                          $            --

NET INTERCOMPANY SWEEP TRANSFERS - FCI                                                       $            --
                                                                                             ---------------

ENDING BALANCE IN Bank of America 3751607047                                                 $  5,002,854.44
ENDING BALANCE IN Bank of America 3751567556                                                 $    503,175.73
ENDING BALANCE IN Bank of America 2591500124                                                 $    280,404.53

                                                                                             ---------------
ENDING BALANCE IN ALL ACCOUNTS                                                               $  5,786,434.70
                                                                                             ===============




                            OPERATING REPORT Page 1


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                     For the Month Ending: February 28, 2002

STATEMENT OF INVENTORY

                                             
        Beginning Inventory                             $  --
        Add: purchases                                  $  --
        Less: goods sold                                $  --
                                                        -----
        Ending inventory                                $  --
                                                        =====

        

PAYROLL INFORMATION STATEMENT

                                             
        Gross payroll for this period                   $  --
        Payroll taxes due but unpaid                    $  --

        

               STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS



                                       DATE REGULAR             AMOUNT OF                NUMBER OF                   AMOUNT OF
      NAME OF CREDITOR/LESSOR         PAYMENT IS DUE        REGULAR PAYMENT         PAYMENTS DELINQUENT         PAYMENTS DELINQUENT
      -----------------------         --------------        ----------------        --------------------        -------------------
                                                                                                    
Waterton Printers Square                 Monthly               $ 12,784.41                   0                      $        --
One Wilshire Arcade                      Monthly               $ 24,965.68                   1                      $ 24,965.68



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                     For the Month Ending: February 28, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                               3RD PARTY                INTERCOMPANY                   TOTAL
                                                              ---------------------------------------------------------------------
                                                                                                         
                 Beginning of month balance                   $ 100,131,114.57             $ 119,099.49           $ 100,250,214.06
                 Add: sales on account                        $             --             $         --           $             --
                 Add: customer credits                        $             --             $         --           $             --
                 Add: intercompany activity                   $             --             $         --           $             --
                 Less: collections                            $             --             $         --           $             --
                 Less: offsets                                $             --             $         --           $             --
                 Less: application of customer deposits       $             --             $         --           $             --
                                                              ---------------------------------------------------------------------
                 End of month balance                         $ 100,131,114.57             $ 119,099.49           $ 100,250,214.06
                                                              =====================================================================




0-30 Days            31-60 Days              61-90 Days                      Over 90 Days                   End of Month Total
- ---------            ----------              ----------                      ------------                   ------------------
                                                                                                
  $ --               $ 38,817.87                $ --                       $ 100,092,296.70                  $ 100,131,114.57


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)



                                                                        3RD PARTY             INTERCOMPANY               TOTAL
                                                                      ------------------------------------------------------------
                                                                                                           
                 Beginning of month balance                           $ 534,436.18           $ 7,637,445.38         $ 8,171,881.56
                 Add: sales on account**                              $   7,006.47           $           --         $     7,006.47
                 Add: intercompany activity
                    Expenses paid directly by Parent or Affiliate     $  (7,006.47)          $     7,006.47         $           --
                    Net cash advanced by Parent or Affiliate          $         --           $           --         $           --
                    Credit extended by Parent or Affiliate            $         --           $           --         $           --
                    Amounts collected on behalf of Affiliate          $         --           $           --         $           --
                 Less: payments                                       $         --           $           --         $           --
                                                                      ------------------------------------------------------------
                 End of month balance                                 $ 534,436.18           $ 7,644,451.85         $ 8,178,888.03
                                                                      ============================================================




     0-30 Days                 31-60 Days            61-90 Days                  Over 90 Days              End of Month Total
     ---------                 ----------            ----------                  ------------              ------------------
                                                                                               
       $  --                      $ --                  $ --                     $ 534,436.18                 $ 534,436.18


**       The post-petition accounts payable balances accrued for above are
         subject to customary audit and review, which could result in changes to
         the balances recorded. If upon such audit and review amounts invoiced
         by vendors are disputed, such disputed amounts are not reflected in the
         accounts payable balances reflected above. As of February 28, the
         Debtor has been invoiced cumulative post-petition disputed amounts
         totalling $4,759,294.


                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                     For the Month Ending: February 28, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                                            
         1.             Federal income taxes                                     Yes (X)                      No ( )

         2.             FICA withholdings                                        Yes (X)                      No ( )

         3.             Employee's withholdings                                  Yes (X)                      No ( )

         4.             Employer's FICA                                          Yes (X)                      No ( )

         5.             Federal unemployment taxes                               Yes (X)                      No ( )

         6.             State income tax                                         Yes (X)                      No ( )

         7.             State employee withholdings                              Yes (X)                      No ( )

         8.             All other state taxes                                         See Note Below

         

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:

The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                          /s/ Henry C. Lyon
                                          -------------------------------------
                                          For the Debtor In Possession

                                          Henry C. Lyon
                                          Designated Officer


                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                      For the Month Ending: March 31, 2002

                                                                                          
BEGINNING BALANCE IN ALL ACCOUNTS                                                            $ 5,786,434.70

RECEIPTS:
     1. Receipts from Operations                                                             $           --
     2. Other Receipts                                                                       $           --
                                                                                             --------------

TOTAL RECEIPTS                                                                               $           --

DISBURSEMENTS
     3. Net Payroll
          a. Officers                                                                        $           --
          b. Others                                                                          $           --
     4. Taxes
          a. Federal Income Taxes                                                            $           --
          b. FICA Withholdings                                                               $           --
          c. Employee's withholdings                                                         $           --
          d. Employer's FICA                                                                 $           --
          e. Federal Unemployment Taxes                                                      $           --
          f. State Income Tax                                                                $           --
          g. State Employee withholdings                                                     $           --
          h. All other state taxes                                                           $           --

     5. Necessary Expenses (Paid by Parent or Affiliate)
          a. Rent or mortgage payment(s)
          b. Utilities                                                                       $           --
          c. Insurance                                                                       $           --
          d. Merchandise bought for manufacture or sell                                      $           --
          e. Other necessary expenses
             U.S. Trustee Fees                                                               $    (9,000.00)
             Regulatory filing fees & expenses                                               $        25.00
             Professional fees                                                               $    11,416.49
             Record Storage Fees                                                             $     1,282.96
                                                                                             --------------

TOTAL DISBURSEMENTS                                                                          $     3,724.45
Less:  Disbursements paid by Parent or Affiliates                                            $    (3,724.45)
                                                                                             --------------
ADJUSTED TOTAL DISBURSEMENTS                                                                 $           --

                                                                                             --------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                          $           --

NET INTERCOMPANY SWEEP TRANSFERS - FCI                                                       $           --
                                                                                             --------------

ENDING BALANCE IN Bank of America 3751607047                                                 $ 5,002,854.44
ENDING BALANCE IN Bank of America 3751567556                                                 $   503,175.73
ENDING BALANCE IN Bank of America 2591500124                                                 $   280,404.53

                                                                                             --------------
ENDING BALANCE IN ALL ACCOUNTS                                                               $ 5,786,434.70
                                                                                             ==============




                            OPERATING REPORT Page 1


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION


CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                      For the Month Ending: March 31, 2002

STATEMENT OF INVENTORY

                                             
     Beginning Inventory                             $ --
     Add: purchases                                  $ --
     Less: goods sold                                $ --
                                                     ----
     Ending inventory                                $ --
                                                     ====

     

PAYROLL INFORMATION STATEMENT

                                             
     Gross payroll for this period                   $ --
     Payroll taxes due but unpaid                    $ --

     

               STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS



                                 DATE REGULAR            AMOUNT OF                      NUMBER OF                 AMOUNT OF
NAME OF CREDITOR/LESSOR        PAYMENT IS DUE         REGULAR PAYMENT              PAYMENTS DELINQUENT        PAYMENTS DELINQUENT
- -----------------------        --------------         ---------------              --------------------       -------------------
                                                                                                  
Waterton Printers Square           Monthly              $ 12,784.41                         0                     $        --
One Wilshire Arcade                Monthly              $ 24,965.68                         1                     $ 24,965.68



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                      For the Month Ending: March 31, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                                     3RD PARTY              INTERCOMPANY             TOTAL
                                                                    ----------------------------------------------------------------
                                                                                                          
                 Beginning of month balance                         $ 100,131,114.57           $ 119,099.49        $ 100,250,214.06
                 Add: sales on account                              $             --           $         --        $             --
                 Add: customer credits                              $             --           $         --        $             --
                 Add: intercompany activity                         $             --                               $             --
                 Less: collections                                  $             --           $         --        $             --
                 Less: offsets                                      $             --           $         --        $             --
                 Less: application of customer deposits                                        $         --        $             --
                                                                    ----------------------------------------------------------------
                 End of month balance                               $ 100,131,114.57           $ 119,099.49        $ 100,250,214.06
                                                                    ================================================================




0-30 Days               31-60 Days                 61-90 Days                   Over 90 Days                   End of Month Total
- ---------               ----------                 ----------                   ------------                   ------------------
                                                                                                   
  $ --                    $ --                     $ 38,817.87                $ 100,092,296.70                  $ 100,131,114.57


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)


                                                                         3RD PARTY            INTERCOMPANY               TOTAL
                                                                       ------------------------------------------------------------
                                                                                                           
                 Beginning of month balance                            $ 534,436.18          $ 7,644,451.85         $ 8,178,888.03
                 Add: sales on account**                               $   3,724.45          $           --         $     3,724.45
                 Add: intercompany activity
                    Expenses paid directly by Parent or Affiliate      $  (3,724.45)         $     3,724.45         $           --
                    Net cash advanced by Parent or Affiliate           $         --          $           --         $           --
                    Credit extended by Parent or Affiliate             $         --          $           --         $           --
                    Amounts collected on behalf of Affiliate           $         --          $           --         $           --
                 Less: payments                                        $         --          $           --         $           --
                                                                       ------------------------------------------------------------
                 End of month balance                                  $ 534,436.18          $ 7,648,176.30         $ 8,182,612.48
                                                                       ============================================================




 0-30 Days                  31-60 Days             61-90 Days                  Over 90 Days                   End of Month Total
 ---------                  ----------             ----------                  ------------                   ------------------
                                                                                                  
   $ --                        $ --                   $ --                     $ 534,436.18                      $ 534,436.18


**       The post-petition accounts payable balances accrued for above are
         subject to customary audit and review, which could result in changes to
         the balances recorded. If upon such audit and review amounts invoiced
         by vendors are disputed, such disputed amounts are not reflected in the
         accounts payable balances reflected above. As of March 31, the Debtor
         has been invoiced cumulative post-petition disputed amounts totalling
         $4,759,294.


                            OPERATING REPORT Page 3



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                      For the Month Ending: March 31, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                                            
         1.             Federal income taxes                                     Yes (X)                      No ( )

         2.             FICA withholdings                                        Yes (X)                      No ( )

         3.             Employee's withholdings                                  Yes (X)                      No ( )

         4.             Employer's FICA                                          Yes (X)                      No ( )

         5.             Federal unemployment taxes                               Yes (X)                      No ( )

         6.             State income tax                                         Yes (X)                      No ( )

         7.             State employee withholdings                              Yes (X)                      No ( )

         8.             All other state taxes                                         See Note Below

         

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:

The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                          /s/ Henry C. Lyon
                                          --------------------------------------
                                          For the Debtor In Possession

                                          Henry C. Lyon
                                          Designated Officer


                            OPERATING REPORT Page 5





EX-99.4
6
g77047exv99w4.txt
EX-99.4 MONTHLY OPERATING REPORTS OF FACILICOM


                                                                    EXHIBIT 99.4

                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                     For the Month Ending: January 31, 2002

                                                                                    
BEGINNING BALANCE IN ALL ACCOUNTS                                                      $  5,631,674.53

RECEIPTS:
     1. Receipts from Operations                                                       $    (45,000.00)
        Receipts from Operations (Received by Parent or Affiliate)                     $    165,834.89
     2. Other Receipts                                                                 $            --
        Other Receipts (Received by Parent or Affiliate)                               $     15,876.29
                                                                                       ---------------
TOTAL RECEIPTS                                                                         $    136,711.18
Less:  Receipts received by Parent or Affiliate                                        $   (181,711.18)
                                                                                       ---------------
ADJUSTED RECEIPTS                                                                      $    (45,000.00)

DISBURSEMENTS
     3. Net Payroll
        a. Officers                                                                    $            --
        b. Others                                                                      $            --
     4. Taxes
        a. Federal Income Taxes                                                        $            --
        b. FICA Withholdings                                                           $            --
        c. Employee's withholdings                                                     $            --
        d. Employer's FICA                                                             $            --
        e. Federal Unemployment Taxes                                                  $            --
        f.  State Income Tax                                                           $            --
        g. State Employee withholdings                                                 $            --
        h. All other state taxes

     5. Necessary Expenses (Paid by Parent or Affiliate)
        a. Rent or mortgage payment(s)                                                 $            --
        b. Utilities                                                                   $            --
        c. Insurance                                                                   $            --
        d. Merchandise bought for manufacture or sell                                  $            --
        e. Other necessary expenses
           Refund of deposit on cancelled equipment sale                               $     10,000.00
           Bank fees                                                                   $         15.00
           Other                                                                       $        140.64
           Computer Access/Hosting Services                                            $      8,625.00
                                                                                       ---------------

TOTAL DISBURSEMENTS                                                                    $     18,780.64
Less: Disbursements paid by Parent/Affiliate                                           $     (8,765.64)
                                                                                       ---------------
ADJUSTED DISBURSEMENTS                                                                 $     10,015.00

NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                    $    (55,015.00)

NET INTERCOMPANY SWEEP TRANSFERS - WATG
                                                                                       ---------------

ENDING BALANCE IN Citibank                                                             $      8,432.90
ENDING BALANCE IN BofA-Atlanta GA                                                      $  4,184,624.52
ENDING BALANCE IN BofA-Dallas TX                                                       $  1,383,602.11
                                                                                       ---------------
ENDING BALANCE IN ALL ACCOUNTS                                                         $  5,576,659.53
                                                                                       ===============




                            OPERATING REPORT Page 1


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                                RECEIPTS LISTING

                     For the Month Ending: January 31, 2002

Bank:                    Bank of America
Location:                Dallas, TX
Account Name:            BofA-Dallas, TX
Account Number:          3751469007




     DATE RECEIVED                        DESCRIPTION                          AMOUNT
     -------------                        -----------                       ------------
                                                                      
Receipts from Operations:
            01/11/02                 Unilink (Returned check)               $ (45,000.00)


                                                                            ------------
                                                                            $ (45,000.00)
                                                                            ============



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:                    Bank of America
Location:                Dallas, TX
Account Name:
Account Number:          3751469007



DATE DISBURSED           CHECK NUMBER                           DESCRIPTION                                AMOUNT
- --------------           ------------             --------------------------------------------          ------------
                                                                                               
01/11/02                                          Service charge for returned deposit                          15.00
01/16/02                                          Telpro (Refund of deposit on equipment sale)             10,000.00
                                                                                                        ------------
                                                                                         Total          $  10,015.00
                                                                                                        ============



                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                     For the Month Ending: January 31, 2002

STATEMENT OF INVENTORY

                              
     Beginning Inventory              $  --
     Add: purchases                   $  --
     Less: goods sold                 $  --
                                      -----
     Ending inventory                 $  --
                                      =====

     

PAYROLL INFORMATION STATEMENT

                                        
     Gross payroll for this period              $  --
     Payroll taxes due but unpaid               $  --

     

               STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS



                                       DATE REGULAR               AMOUNT OF                NUMBER OF               AMOUNT OF
      NAME OF CREDITOR/LESSOR         PAYMENT IS DUE          REGULAR PAYMENT        PAYMENTS DELINQUENT      PAYMENTS DELINQUENT
      -----------------------         --------------          ----------------       --------------------     -------------------
                                                                                                  
     TMR, Inc                             Monthly              $  40,174.00                    0                   $         --
     New World Tower Partners             Monthly              $  12,651.40                    0                   $         --
     Quinby Building Inc                  Monthly              $  10,087.82                    2                   $  20,175.64
     111 Eight Ave, LLC                   Monthly              $  42,485.59                    0                   $         --
     Descalso Howard                      Monthly              $   8,585.00                    0                   $         --
     One Wilshire Arcade                  Monthly              $   7,938.44                    1                   $   7,938.44
     Hatfield Philips                     Monthly              $   5,371.63                    0                   $         --



                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                     For the Month Ending: January 31, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                                   3RD PARTY              INTERCOMPANY              TOTAL
                                                                  ---------------------------------------------------------------
                                                                                                        
             Beginning of month balance                           $ 103,941,082.35         $ 7,015,176.24        $ 110,956,258.59
             Add: sales on account                                $             --         $           --        $             --
             Add: customer credits                                $             --         $           --        $             --
             Add: intercompany activity                           $             --         $           --        $             --
             Less: collections                                    $    (120,834.89)        $   181,711.18        $      60,876.29
             Less: offsets                                        $             --         $           --        $             --
             Less: application of customer deposits               $             --         $           --        $             --
                                                                  ---------------------------------------------------------------
             End of month balance                                 $ 103,820,247.46         $ 7,196,887.42        $ 111,017,134.88
                                                                  ===============================================================




0-30 Days       31-60 Days       61-90 Days          Over 90 Days              End of Month Total
- ---------       ----------       ----------        ----------------            ------------------
                                                                   
$  --            $  --            $  --            $ 103,820,247.46            $ 103,820,247.46


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)



                                                                          3RD PARTY           INTERCOMPANY            TOTAL
                                                                       ---------------------------------------------------------
                                                                                                        
             Beginning of month balance                                $  5,528,045.86       $ 4,626,458.72      $ 10,154,504.58
             Add: sales on account**                                   $     18,780.64       $           --      $     18,780.64
             Add: intercompany activity
                Expenses paid directly by Parent or Affiliate          $     (8,765.64)      $     8,765.64      $            --
                Net cash advanced by Parent or Affiliate               $            --       $           --      $            --
                Credit extended by Parent or Affiliate                 $            --       $           --      $            --
                Amounts collected on behalf of Affiliate               $            --       $           --      $            --
             Less: payments                                            $    (10,015.00)      $           --      $    (10,015.00)
                                                                       ---------------------------------------------------------
             End of month balance                                      $  5,528,045.86       $ 4,635,224.36      $ 10,163,270.22
                                                                       =========================================================




0-30 Days        31-60 Days       61-90 Days           Over 90 Days             End of Month Total
- ---------        ----------       ----------        ----------------            ------------------
                                                                    
 $  --            $  --            $  --            $   5,528,045.86            $   5,528,045.86


**The post-petition accounts payable balances accrued for above are subject to
  customary audit and review, which could result in changes to the balances
  recorded. If upon such audit and review amounts invoiced by vendors are
  disputed, such disputed amounts are not reflected in the accounts payable
  balances reflected above. As of January 31, the Debtor has been invoiced
  cumulative post-petition disputed amounts totalling $2,663,816.


                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                     For the Month Ending: January 31, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                          
         1.        Federal income taxes                     Yes (X)                         No ( )

         2.        FICA withholdings                        Yes (X)                         No ( )

         3.        Employee's withholdings                  Yes (X)                         No ( )

         4.        Employer's FICA                          Yes (X)                         No ( )

         5.        Federal unemployment taxes               Yes (X)                         No ( )

         6.        State income tax                         Yes (X)                         No ( )

         7.        State employee withholdings              Yes (X)                         No ( )

         8.        All other state taxes                        See Note Below

         

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                            OPERATING REPORT Page 6


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                                  /s/ Henry C. Lyon
                                                  -----------------------------
                                                  For the Debtor In Possession

                                                  Henry C. Lyon
                                                  Designated Officer


                            OPERATING REPORT Page 7


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                     For the Month Ending: February 28, 2002

                                                                                    
BEGINNING BALANCE IN ALL ACCOUNTS                                                      $  5,576,659.53

RECEIPTS:
     1. Receipts from Operations                                                       $    193,270.39
     2. Other Receipts                                                                 $     66,739.75
        Other Receipts (Received by Parent or Affiliate)                               $            --
                                                                                       ---------------
TOTAL RECEIPTS                                                                         $    260,010.14
Less:  Receipts received by Parent or Affiliate                                        $            --
                                                                                       ---------------
ADJUSTED RECEIPTS                                                                      $    260,010.14

DISBURSEMENTS
     3. Net Payroll
        a. Officers                                                                    $            --
        b. Others                                                                      $            --
     4. Taxes
        a. Federal Income Taxes                                                        $            --
        b. FICA Withholdings                                                           $            --
        c. Employee's withholdings                                                     $            --
        d. Employer's FICA                                                             $            --
        e. Federal Unemployment Taxes                                                  $            --
        f. State Income Tax                                                            $            --
        g. State Employee withholdings                                                 $            --
        h. All other state taxes

     5. Necessary Expenses  (Paid by Parent or Affiliate)
        a. Rent or mortgage payment(s)                                                 $            --
        b. Utilities                                                                   $            --
        c. Insurance                                                                   $            --
        d. Merchandise bought for manufacture or sell                                  $            --
        e. Other necessary expenses
           Telephone                                                                   $        916.92
           Expenses associated with equipment sales                                    $     59,638.43
           Computer Access/Hosting Services                                            $     50,625.00
                                                                                       ---------------

TOTAL DISBURSEMENTS                                                                    $    111,180.35
Less: Disbursements paid by Parent/Affiliate                                           $   (111,180.35)
                                                                                       ---------------
ADJUSTED DISBURSEMENTS                                                                 $            --

NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                    $    260,010.14

NET INTERCOMPANY SWEEP TRANSFERS - WATG
                                                                                       ---------------

ENDING BALANCE IN Citibank                                                             $      8,432.90
ENDING BALANCE IN BofA-Atlanta GA                                                      $  4,399,634.66
ENDING BALANCE IN BofA-Dallas TX                                                       $  1,428,602.11
                                                                                       ---------------
ENDING BALANCE IN ALL ACCOUNTS                                                         $  5,836,669.67
                                                                                       ===============




                            OPERATING REPORT Page 1


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                                RECEIPTS LISTING

                     For the Month Ending: February 28, 2002

Bank:                    Bank of America
Location:                Atlanta, GA
Account Name:            BofA-Atlanta GA
Account Number:          329979536



     DATE RECEIVED                                   DESCRIPTION                     AMOUNT
- -------------------------                       ---------------------             ------------
                                                                            
Receipts from Operations:
                2/8/2002                          Interactive Media               $     755.91
                2/8/2002                             Americatel                      11,178.45
                2/8/2002                           Europa Telecom                    11,336.03
                2/8/2002                           Radiant Telecom                  125,000.00
                                                                                  ------------
                                                                                  $ 148,270.39
                                                                                  ============

Other Receipts:
                2/8/2002                            U.S. Treasury                 $      88.20
                2/8/2002                         Citibank - Interest                    101.48
                2/8/2002                            U.S. Treasury                       157.27
                2/8/2002                             Tammy Korn                         192.00
                2/8/2002                            Michael Breen                       660.00
                2/8/2002                        UCN Liquidating Trust                 1,024.60
                2/8/2002                            Herbert Klatt                     3,050.00
                2/8/2002                           Apto Solutions                     3,466.20
                2/8/2002                          Optimus Solutions                   9,800.00
               2/27/2002                             Mid-Hudson                      48,200.00
                                                                                  ------------
                                                                                  $  66,739.75
                                                                                  ============



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                                RECEIPTS LISTING

                     For the Month Ending: February 28, 2002

Bank:                    Bank of America
Location:                Dallas, TX
Account Name:            BofA-Dallas, TX
Account Number:          3751469007




     DATE RECEIVED                                    DESCRIPTION                    AMOUNT
- --------------------------                            -----------                 ------------
                                                                            
Receipts from Operations:
                01/11/02                               Unilink                    $  45,000.00

                                                                                  ------------
                                                                                  $  45,000.00
                                                                                  ============



                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                     For the Month Ending: February 28, 2002

STATEMENT OF INVENTORY

                                        
     Beginning Inventory                        $  --
     Add: purchases                             $  --
     Less: goods sold                           $  --
                                                -----
     Ending inventory                           $  --
                                                =====

     

PAYROLL INFORMATION STATEMENT

                                        
     Gross payroll for this period              $  --
     Payroll taxes due but unpaid               $  --

     

               STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS



                                       DATE REGULAR               AMOUNT OF                NUMBER OF               AMOUNT OF
      NAME OF CREDITOR/LESSOR         PAYMENT IS DUE          REGULAR PAYMENT        PAYMENTS DELINQUENT      PAYMENTS DELINQUENT
      -----------------------         --------------          ----------------       --------------------     -------------------
                                                                                                  
     TMR, Inc                            Monthly                $  40,174.00                  0                  $         --
     New World Tower Partners            Monthly                $  12,651.40                  0                  $         --
     Quinby Building Inc                 Monthly                $  10,087.82                  2                  $  20,175.64
     111 Eight Ave, LLC                  Monthly                $  42,485.59                  0                  $         --
     Descalso Howard                     Monthly                $   8,585.00                  0                  $         --
     One Wilshire Arcade                 Monthly                $   7,938.44                  1                  $   7,938.44
     Hatfield Philips                    Monthly                $   5,371.63                  0                  $         --



                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                     For the Month Ending: February 28, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                                   3RD PARTY             INTERCOMPANY               TOTAL
                                                                  ---------------------------------------------------------------
                                                                                                        
             Beginning of month balance                           $ 103,820,247.46         $ 7,196,887.42        $ 111,017,134.88
             Add: sales on account                                $             --         $           --        $             --
             Add: customer credits                                $             --         $           --        $             --
             Add: intercompany activity                           $             --         $           --        $             --
             Less: collections                                    $    (193,270.39)        $           --        $    (193,270.39)
             Less: offsets                                        $             --         $           --        $             --
             Less: application of customer deposits               $             --         $           --        $             --
                                                                  ---------------------------------------------------------------
             End of month balance                                 $ 103,626,977.07         $ 7,196,887.42        $ 110,823,864.49
                                                                  ===============================================================




0-30 Days      31-60 Days       61-90 Days           Over 90 Days              End of Month Total
- ---------      ----------       ----------         ----------------            ------------------
                                                                   
$  --            $  --            $  --            $ 103,626,977.07            $ 103,626,977.07


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)


                                                                            3RD PARTY           INTERCOMPANY             TOTAL
                                                                        -----------------------------------------------------------
                                                                                                           
             Beginning of month balance                                 $  5,528,045.86        $ 4,635,224.36       $ 10,163,270.22
             Add: sales on account**                                    $    111,180.35        $           --       $    111,180.35
             Add: intercompany activity
                Expenses paid directly by Parent or Affiliate           $   (111,180.35)       $   111,180.35       $            --
                Net cash advanced by Parent or Affiliate                $            --        $           --       $            --
                Credit extended by Parent or Affiliate                  $            --        $           --       $            --
                Amounts collected on behalf of Affiliate                $            --        $           --       $            --
             Less: payments                                             $            --        $           --       $            --
                                                                        -----------------------------------------------------------
             End of month balance                                       $  5,528,045.86        $ 4,746,404.71       $ 10,274,450.57
                                                                        ===========================================================




0-30 Days      31-60 Days        61-90 Days          Over 90 Days               End of Month Total
- ---------      ----------        ----------        ----------------            -------------------
                                                                   
$  --            $  --            $  --            $   5,528,045.86            $   5,528,045.86


**The post-petition accounts payable balances accrued for above are subject to
  customary audit and review, which could result in changes to the balances
  recorded. If upon such audit and review amounts invoiced by vendors are
  disputed, such disputed amounts are not reflected in the accounts payable
  balances reflected above. As of February 28, the Debtor has been invoiced
  cumulative post-petition disputed amounts totalling $2,663,816.


                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                     For the Month Ending: February 28, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                          
         1.        Federal income taxes                     Yes (X)                         No ( )

         2.        FICA withholdings                        Yes (X)                         No ( )

         3.        Employee's withholdings                  Yes (X)                         No ( )

         4.        Employer's FICA                          Yes (X)                         No ( )

         5.        Federal unemployment taxes               Yes (X)                         No ( )

         6.        State income tax                         Yes (X)                         No ( )

         7.        State employee withholdings              Yes (X)                         No ( )

         8.        All other state taxes                         See Note Below

         

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                            OPERATING REPORT Page 6


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                                  /s/ Henry C. Lyon
                                                  ----------------------------
                                                  For the Debtor In Possession

                                                  Henry C. Lyon
                                                  Designated Officer


                            OPERATING REPORT Page 7

                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.            CASE NUMBER: 01-14643-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                      For the Month Ending: March 31, 2002

                                                                        
BEGINNING BALANCE IN ALL ACCOUNTS                                          $ 5,836,669.67

RECEIPTS:
     1.  Receipts from Operations                                          $   273,280.20
     2.  Other Receipts                                                    $   114,670.56
         Other Receipts (Received by Parent or Affiliate)                  $           --
                                                                           --------------
TOTAL RECEIPTS                                                             $   387,950.76
Less:  Receipts received by Parent or Affiliate                            $           --
                                                                           --------------
ADJUSTED RECEIPTS                                                          $   387,950.76

DISBURSEMENTS
     3. Net Payroll
        a. Officers                                                        $           --
        b. Others                                                          $           --
     4. Taxes
        a. Federal Income Taxes                                            $           --
        b. FICA Withholdings                                               $           --
        c. Employee's withholdings                                         $           --
        d. Employer's FICA                                                 $           --
        e. Federal Unemployment Taxes                                      $           --
        f. State Income Tax                                                $           --
        g. State Employee withholdings                                     $           --
        h. All other state taxes

     5. Necessary Expenses (Paid by Parent or Affiliate)
        a. Rent or mortgage payment(s)                                     $           --
        b. Utilities                                                       $           --
        c. Insurance                                                       $           --
        d. Merchandise bought for manufacture or sell                      $           --
        e. Other necessary expenses
           U.S. Trustee Fees                                               $    12,500.00
           Expenses associated with equipment sales                        $     7,096.89
           Computer Access/Hosting Services                                $     8,625.00
                                                                           --------------

TOTAL DISBURSEMENTS                                                        $    28,221.89
Less: Disbursements paid by Parent/Affiliate                               $   (28,221.89)
                                                                           --------------
ADJUSTED DISBURSEMENTS                                                     $           --

NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                        $   387,950.76

NET INTERCOMPANY SWEEP TRANSFERS - WATG                                    $   181,711.18
                                                                           --------------

ENDING BALANCE IN Citibank                                                 $     8,432.90
ENDING BALANCE IN BofA-Atlanta GA                                          $ 4,838,016.40
ENDING BALANCE IN BofA-Dallas TX                                           $ 1,559,882.31
                                                                           --------------
ENDING BALANCE IN ALL ACCOUNTS                                             $ 6,406,331.61
                                                                           ==============





                            OPERATING REPORT Page 1


                     IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                                RECEIPTS LISTING

                      For the Month Ending: March 31, 2002

Bank:                    Bank of America
Location:                Atlanta, GA
Account Name:            BofA-Atlanta GA
Account Number:          329979536



     DATE RECEIVED                    DESCRIPTION                     AMOUNT
     -------------                    -----------                     ------
                                                             
Receipts from Operations:
                3/8/2002                 Texcom                    $  17,000.00
                3/8/2002            Radiant Telecom                  125,000.00


                                                                   ------------
                                                                   $ 142,000.00
                                                                   ============

Other Receipts:
                3/6/2002             Apto Solutions                  $ 1,050.00
                3/6/2002             Apto Solutions                    1,125.00
                3/6/2002          Southwest Tel-Supply                 1,300.00
                3/6/2002         Somera Communications                 2,825.00
                3/6/2002               Mid-Hudson                      3,500.00
                3/6/2002             Gordon Murphey                   10,000.00
                3/6/2002               Telexpress                     14,050.00
                3/6/2002            Correx Networks                   15,400.00
               3/21/2002        FCI Sweden sale proceeds              65,420.56

                                                                   ------------
                                                                   $ 114,670.56
                                                                   ============




                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                                RECEIPTS LISTING

                      For the Month Ending: March 31, 2002

Bank:                    Bank of America
Location:                Dallas, TX
Account Name:            BofA-Dallas, TX
Account Number:          3751469007



     DATE RECEIVED                      DESCRIPTION                   AMOUNT
     -------------                      -----------                   ------
                                                             
Receipts from Operations:
         3/26/2002                      Tricom USA                 $ 131,280.20
                                                                   ------------

                                                                   $ 131,280.20
                                                                   ============




                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.            CASE NUMBER: 01-14643-SPS

                      For the Month Ending: March 31, 2002

STATEMENT OF INVENTORY

                                      
    Beginning Inventory                  $     --
    Add: purchases                       $     --
    Less: goods sold                     $     --
                                         --------
    Ending inventory                     $     --
                                         ========

PAYROLL INFORMATION STATEMENT

    Gross payroll for this period        $     --
    Payroll taxes due but unpaid         $     --




               STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS



                                DATE REGULAR          AMOUNT OF               NUMBER OF               AMOUNT OF
 NAME OF CREDITOR/LESSOR       PAYMENT IS DUE      REGULAR PAYMENT      PAYMENTS DELINQUENT      PAYMENTS DELINQUENT
 -----------------------       --------------      ---------------      -------------------      -------------------
                                                                                     
TMR, Inc                           Monthly           $ 40,174.00                 0                   $       --
New World Tower Partners           Monthly           $ 12,651.40                 0                   $       --
Quinby Building Inc                Monthly           $ 10,087.82                 2                   $20,175.64
111 Eight Ave, LLC                 Monthly           $ 42,485.59                 0                   $       --
Descalso Howard                    Monthly           $  8,585.00                 0                   $       --
One Wilshire Arcade                Monthly           $  7,938.44                 1                   $ 7,938.44
Hatfield Philips                   Monthly           $  5,371.63                 0                   $       --




                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.            CASE NUMBER: 01-14643-SPS

                      For the Month Ending: March 31, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                                3RD PARTY          INTERCOMPANY             TOTAL
                                                               ---------------      ---------------      ---------------
                                                                                                
          Beginning of month balance                           $103,626,977.07      $  7,196,887.42      $110,823,864.49
          Add: sales on account                                $            --      $            --      $            --
          Add: customer credits                                $            --      $            --      $            --
          Add: intercompany activity                           $            --      $            --      $            --
          Less: collections                                    $   (273,280.20)     $   (181,711.18)     $   (454,991.38)
          Less: offsets                                        $            --      $            --      $            --
          Less: application of customer deposits               $            --      $            --      $            --
                                                               ---------------      ---------------      ---------------
          End of month balance                                 $103,353,696.87      $  7,015,176.24      $110,368,873.11
                                                               ===============      ===============      ===============





0-30 Days                        31-60 Days                    61-90 Days            Over 90 Days         End of Month Total
- ---------                        ----------                    ----------            ------------         ------------------
                                                                                              
$   --                            $   --                         $   --             $103,353,696.87        $103,353,696.87



STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)


                                                                   3RD PARTY          INTERCOMPANY             TOTAL
                                                               ---------------      ---------------      ---------------
                                                                                                
          Beginning of month balance                           $  5,528,045.86      $  4,746,404.71      $ 10,274,450.57
          Add: sales on account**                              $     28,221.89      $            --      $     28,221.89
          Add: intercompany activity
             Expenses paid directly by Parent or Affiliate     $    (28,221.89)     $     28,221.89      $            --
             Net cash advanced by Parent or Affiliate          $            --      $            --      $            --
             Credit extended by Parent or Affiliate            $            --      $            --      $            --
             Amounts collected on behalf of Affiliate          $            --      $            --      $            --
          Less: payments                                       $            --      $            --      $            --
                                                               ---------------      ---------------      ---------------
          End of month balance                                 $  5,528,045.86      $  4,774,626.60      $ 10,302,672.46
                                                               ===============      ===============      ===============





0-30 Days                        31-60 Days                    61-90 Days            Over 90 Days         End of Month Total
- ---------                        ----------                    ----------            ------------         ------------------
                                                                                              
  $   --                           $   --                        $   --              $5,528,045.86          $5,528,045.86


**The post-petition accounts payable balances accrued for above are subject to
  customary audit and review, which could result in changes to the balances
  recorded. If upon such audit and review amounts invoiced by vendors are
  disputed, such disputed amounts are not reflected in the accounts payable
  balances reflected above. As of March 31, the Debtor has been invoiced
  cumulative post-petition disputed amounts totalling $2,663,816.



                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.           CASE NUMBER: 01-14643-SPS

                      For the Month Ending: March 31, 2002

                                TAX QUESTIONNAIRE

       Debtors in possession and trustees are required to pay all taxes incurred
after the filing of their Chapter 11 petition on an as due basis. Please
indicate whether the following post petition taxes or withholdings have been
paid currently.


                                                                          
       1.        Federal income taxes                     Yes (X)                         No ( )

       2.        FICA withholdings                        Yes (X)                         No ( )

       3.        Employee's withholdings                  Yes (X)                         No ( )

       4.        Employer's FICA                          Yes (X)                         No ( )

       5.        Federal unemployment taxes               Yes (X)                         No ( )

       6.        State income tax                         Yes (X)                         No ( )

       7.        State employee withholdings              Yes (X)                         No ( )

       8.        All other state taxes                         See Note Below


       

     If any of the above have not been paid, state below the tax not paid, the
amounts past due and the date of the last payment.

Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.



                            OPERATING REPORT Page 6


                     IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION



                   DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                                /S/ Henry C. Lyon
                                               --------------------------------
                                               For the Debtor In Possession

                                               Henry C. Lyon
                                               Designated Officer




                            OPERATING REPORT Page 7




EX-99.5
7
g77047exv99w5.txt
EX-99.5 MONTHLY OPERATING REPORTS OF WORLDXCHANGE



                                                                    EXHIBIT 99.5

                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                     For the Month Ending: January 31, 2002

                                                                                          
BEGINNING BALANCE IN ALL ACCOUNTS                                                            $  2,882,826.53
       Add/(Subtract) Reconciliation Errors                                                  $     (1,206.66)
                                                                                             ---------------
Adjusted beginning balance in all accounts                                                   $  2,881,619.87

RECEIPTS:
       1. Receipts from Operations                                                           $            --
       2. Other Receipts                                                                     $        509.08
                                                                                             ---------------
TOTAL RECEIPTS                                                                               $        509.08
       Less:  Receipts received by Parent/Affiliates                                         $       (509.08)
                                                                                             ---------------
ADJUSTED TOTAL RECEIPTS                                                                      $            --

DISBURSEMENTS
       3. Net Payroll
             a. Officers                                                                     $            --
             b. Others                                                                       $            --
       4. Taxes
             a. Federal Income Taxes                                                         $            --
             b. FICA Withholdings                                                            $            --
             c. Employee's withholdings                                                      $            --
             d. Employer's FICA                                                              $            --
             e. Federal Unemployment Taxes                                                   $            --
             f. State Income Tax                                                             $            --
             g. State Employee withholdings                                                  $            --
             h. All other state taxes                                                        $    154,326.41

       5. Necessary Expenses (Paid by Parent or Affiliate)
             a. Rent or mortgage payment(s)                                                  $            --
             b. Utilities                                                                    $            --
             c. Insurance                                                                    $            --
             d. Merchandise bought for manufacture or sell                                   $            --
             e. Other necessary expenses
                Clearing of previously voided checks                                         $        126.60
                IBM Help Desk Fees                                                           $     15,275.81
                Building cleaning expenses upon vacating space                               $        462.00
                Credit card chargebacks                                                      $        209.50
                                                                                             ---------------

TOTAL DISBURSEMENTS                                                                          $    170,400.32
Less:  Disbursements by Parent or Affiliate                                                  $   (170,064.22)
                                                                                             ---------------
ADJUSTED TOTAL DISBURSEMENTS                                                                 $        336.10

                                                                                             ---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                          $       (336.10)

NET INTERCOMPANY SWEEP TRANSFERS - WAXS                                                      $            --
                                                                                             ---------------

ENDING BALANCE IN WxC/WAXS                                                                   $    111,960.75
ENDING BALANCE IN B of A Checking                                                            $  2,769,323.02
                                                                                             ---------------
                                        ENDING BALANCE                                       $  2,881,283.77
                                                                                             ===============




                            OPERATING REPORT Page 1


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:              Bank of America
Location:          Atlanta, GA
Account Name:      Checking
Account Number:    3299991275



DATE DISBURSED                        CHECK NUMBER          DESCRIPTION                                AMOUNT
- --------------                        ------------          -----------                               --------
                                                                                             
Clearing of previously voided checks                                                                  $ 126.60
                                                                                                      --------

                                                                                              Total   $ 126.60
                                                                                                      ========



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:              Bank of America
Location:          Dallas, TX
Account Name:      Checking
Account Number:    3751565312



DATE DISBURSED           CHECK NUMBER                    DESCRIPTION                                        AMOUNT
- --------------           ------------              -----------------------                                 --------
                                                                                                  
   01/04/02                  EFT                   Credit card chargebacks                                 $  40.00
   01/04/02                  EFT                   Credit card chargebacks                                    47.50
   01/04/02                  EFT                   Credit card chargebacks                                    60.00
   01/04/02                  EFT                   Credit card chargebacks                                    62.00
                                                                                                           --------

                                                                                                    Total  $ 209.50
                                                                                                           ========



                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                     For the Month Ending: January 31, 2002

STATEMENT OF INVENTORY

                                                          
     Beginning Inventory                                          $ --
     Add: purchases                                               $ --
     Less: goods sold                                             $ --
                                                                  ----
     Ending inventory                                             $ --
                                                                  ====

     

PAYROLL INFORMATION STATEMENT

                                                          
     Gross payroll for this period                                $ --
     Payroll taxes due but unpaid                                 $ --

     

              STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS**



                                              Date regular          Amount of               Number of                Amount of
     Name of Creditor/Lessor                 payment is due      regular payment       Payments Delinquent      Payments Delinquent
                                                                                                    
Imperial Premium Finance                         Monthly              8,798.52                   --                            --
Storage West Self Storage                        Monthly                209.00              See Note 1                      27.87
Storage West Self Storage                        Monthly                 99.00              See Note 1                      13.20
Associated Storage                               Monthly              2,149.98              See Note 1                     286.66
Bay 602 Corporation                              Monthly              9,817.39              See Note 1                   1,308.99
Reynolds Family Properties                       Monthly              4,448.00              See Note 1                     593.07
Reynolds Family Properties                       Monthly             23,792.49              See Note 1                   3,172.33
Doral Plaza Associates                           Monthly              9,660.00              See Note 1                   1,288.00
Colonial Parking                                 Monthly                378.00              See Note 1                      50.40
23223 Bryan St. Limited Partnership              Monthly             16,941.16              See Note 1                   2,258.82
Central Parking Systems                          Monthly                700.00              See Note 1                      93.33
Currie Samuelson                                 Monthly              1,200.00              See Note 1                     160.00
Currie Samuelson                                 Monthly             34,516.00              See Note 1                   4,602.13
Downtown Properties                              Monthly             10,850.00              See Note 1                   1,446.67
Hudson Telegraph                                 Monthly             12,206.25              See Note 1                   1,627.50
Okada International                              Monthly              2,601.03              See Note 1                     346.80
One Wilshire Arcade Imp.                         Monthly              6,147.03              See Note 1                     819.60
Rockrose Development                             Monthly              2,848.25              See Note 1                     379.77
Scripps Ranch Landscape                          Monthly              1,000.00              See Note 1                     133.33
Pacific Guardian Center                          Monthly              4,707.32              See Note 1                     627.64
Wells Fargo Financial Leasing Co.                Monthly                279.88                   --                            --
Newcourt Leasing                                 Monthly              1,871.90                   --                            --
Greater San Diego Air                            Monthly              2,246.00              See Note 1                     299.47
Finova Loan Admin. Inc                           Monthly             11,825.07              See Note 1                   1,576.68
CIT Group                                        Monthly              8,117.96                   --                            --
Dana Commercial Credit                           Monthly             14,734.93              See Note 1                   1,964.66
Danka Financial Services                         Monthly             16,705.50                   --                            --
Danka Financial Services                         Monthly                378.16              See Note 2                     428.58
Data Sales Co., Inc                              Monthly             58,663.13              See Note 1                   7,821.75
IBM Corporation                                  Monthly             56,452.32                   --                            --
Advanta Leasing Services                         Monthly              1,374.62                   --                            --
Premier Computer Sales                           Monthly              7,151.17              See Note 1                     953.49
Siemens Credit LTD                               Monthly             45,360.11              See Note 2                  51,408.12
Telogy, Inc.                                     Monthly              6,482.29              See Note 1                     864.31
Telecommunications Finance Group                 Monthly          1,013,115.84              See Note 2               1,148,197.95
Union Bank of CA., N.A.                          Monthly             61,133.27              See Note 1                   8,151.10


Note 1:  Debtor may be liable for prorated obligation from June 1, 2001 through
         June 4, 2001 in the event I-Link does not assume contract.

Note 2:  Debtor has not paid the monthly payment for May 2001. In addition,
         Debtor may be liable for prorated obligation from June 1, 2001 through
         June 4, 2001 in the event I-Link does not assume contract.


                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                     For the Month Ending: January 31, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                                       3RD PARTY          INTERCOMPANY               TOTAL
                                                                          -------------------------------------------------------
                                                                                                          
            Beginning of month balance                                      $ --            $ 2,402,758.04         $ 2,402,758.04
            Add: Receipts by parent/affiliates                              $ --            $       509.08         $       509.08
            Add: customer credits                                           $ --            $           --         $           --
            Add: intercompany activity                                      $ --            $           --         $           --
            Less: collections                                               $ --            $           --         $           --
            Less: offsets                                                   $ --            $           --         $           --
            Less: application of customer deposits                          $ --            $           --         $           --
            Less: sale of receivables to I-Link                             $ --            $           --         $           --
                                                                          -------------------------------------------------------
            End of month balance                                            $ --            $ 2,403,267.12         $ 2,403,267.12
                                                                          =======================================================




0-30 Days                  31-60 Days                61-90 Days               Over 90 Days               End of Month Total
- ---------                  ----------                ----------               ------------               ------------------
                                                                                             
  $ --                        $ --                      $ --                      $ --                         $ --


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)**


                                                                          3RD PARTY           INTERCOMPANY               TOTAL
                                                                       ------------------------------------------------------------
                                                                                                          
            Beginning of month balance                                 $ 8,988,741.01        $ 5,929,849.24        $ 14,918,590.25
            Add: sales on account**                                    $    16,073.91        $           --        $     16,073.91
            Add: collections on behalf of I-Link                       $           --        $           --        $            --
            Add: intercompany activity
              Expenses paid directly by Parent or Affiliate            $  (170,064.22)       $   170,064.22        $            --
              Net cash advanced by Parent                              $           --        $           --        $            --
              Credit extended by Parent or Affiliate                   $           --        $           --        $            --
              Amounts collected by Parent                              $           --        $           --        $            --
            Less: Invoicing to I-Link                                  $           --        $           --        $            --
            Less: remittances to I-Link                                $           --        $           --        $            --
            Less: payments                                             $      (336.10)       $           --        $       (336.10)
                                                                       ------------------------------------------------------------
            End of month balance                                       $ 8,834,414.60        $ 6,099,913.46        $ 14,934,328.06
                                                                       ============================================================




0-30 Days               31-60 Days              61-90 Days                      Over 90 Days                 End of Month Total
- ---------               ----------              ----------                      ------------                 ------------------
                                                                                                 
  $ --                     $ --                    $ --                        $ 8,834,414.60                  $ 8,834,414.60


**       The post-petition accounts payable balances accrued for above are
         subject to customary audit and review, which could result in changes to
         the balances recorded. If upon such audit and review amounts invoiced
         by vendors are disputed, such disputed amounts are not reflected in the
         accounts payable balances reflected above. As of January 31, the Debtor
         has been invoiced cumulative post-petition disputed amounts totalling
         $1,804,912.


                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                     For the Month Ending: January 31, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                       
         1.        Federal income taxes                              Yes (X)             No ( )

         2.        FICA withholdings                                 Yes (X)             No ( )

         3.        Employee's withholdings                           Yes (X)             No ( )

         4.        Employer's FICA                                   Yes (X)             No ( )

         5.        Federal unemployment taxes                        Yes (X)             No ( )

         6.        State income tax                                  Yes (X)             No ( )

         7.        State employee withholdings                       Yes (X)             No ( )

         8.        All other state taxes                                  See Note Below

         

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:

The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims. See also the Attachment to Tax Questionnaire
following.


                            OPERATING REPORT Page 6


Case Name: WorldxChange Communications, Inc.
Case Number 01-14637-SPS

Attachment to Tax Questionnaire

            Statement Regarding Excise and Other Flow Through Taxes


As established in the past, the debtors remit excise tax and other flow
through taxes on a billed basis. The result of this is that the debtor remits
the taxes before they are collected. As the debtors are in bankruptcy, they
are no longer able to remit the taxes in this manner. For the taxes and returns
for the period ending 5/31/2001 and the quarter ended 6/30/2001, the debtors
have not filed the returns nor remitted the taxes for the following reasons:

1-The accounts receivable as of 5/31/2001, which includes the associated taxes,
were purchased by I-Link incorporated on or about 6/4/2001.

2-As a result of the purchase, the debtors will never collect the taxes
associated with the receivables.

3-Without the money collected from #2 above, the debtors are not able to remit
the taxes.

It is the Debtors position that the purchaser is responsible for such
obligations.


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                          /s/ Henry C. Lyon
                                          -------------------------------------
                                          For the Debtor In Possession

                                          Henry C. Lyon
                                          Designated Officer


                            OPERATING REPORT Page 7



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                     For the Month Ending: February 28, 2002

                                                                                          
BEGINNING BALANCE IN ALL ACCOUNTS                                                            $  2,881,283.77

RECEIPTS:
        1. Receipts from Operations                                                          $            --
        2. Other Receipts                                                                    $         46.65
                                                                                             ---------------

TOTAL RECEIPTS                                                                               $         46.65
        Less:  Receipts received by Parent/Affiliates                                        $        (46.65)
                                                                                             ---------------
ADJUSTED TOTAL RECEIPTS                                                                      $            --

DISBURSEMENTS
        3. Net Payroll
             a. Officers                                                                     $            --
             b. Others                                                                       $            --
        4. Taxes
             a. Federal Income Taxes                                                         $            --
             b. FICA Withholdings                                                            $            --
             c. Employee's withholdings                                                      $            --
             d. Employer's FICA                                                              $            --
             e. Federal Unemployment Taxes                                                   $            --
             f. State Income Tax                                                             $            --
             g. State Employee withholdings                                                  $            --
             h. All other state taxes                                                        $    130,232.36

        5. Necessary Expenses (Paid by Parent or Affiliate)
             a. Rent or mortgage payment(s)                                                  $            --
             b. Utilities                                                                    $            --
             c. Insurance                                                                    $            --
             d. Merchandise bought for manufacture or sell                                   $            --
             e. Other necessary expenses
                Clearing of previously voided checks                                         $         58.06
                IBM Lease                                                                    $            --
                Credit card chargebacks                                                      $        209.50
                                                                                             ---------------

TOTAL DISBURSEMENTS                                                                          $    130,499.92
Less:  Disbursements by Parent or Affiliate                                                  $   (130,232.36)
                                                                                             ---------------
ADJUSTED TOTAL DISBURSEMENTS                                                                 $        267.56

                                                                                             ---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                          $       (267.56)

NET INTERCOMPANY SWEEP TRANSFERS - WAXS                                                      $            --
                                                                                             ---------------

ENDING BALANCE IN WxC/WAXS                                                                   $    111,751.25
ENDING BALANCE IN B of A Checking                                                            $  2,769,264.96
                                                                                             ---------------
                                    ENDING BALANCE                                           $  2,881,016.21
                                                                                             ===============




                            OPERATING REPORT Page 1





                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: February 28, 2002

Bank:               Bank of America
Location:           Atlanta, GA
Account Name:       Checking
Account Number:     3299991275



DATE DISBURSED                               CHECK NUMBER                   DESCRIPTION                       AMOUNT
- --------------                               ------------                   -----------                       -------
                                                                                                     
Clearing of previously voided checks                                                                          $ 58.06

                                                                                                              -------

                                                                                                        Total $ 58.06
                                                                                                              =======



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: February 28, 2002

Bank:                Bank of America
Location:            Dallas, TX
Account Name:        Checking
Account Number:      3751565312



DATE DISBURSED        CHECK NUMBER                   DESCRIPTION                              AMOUNT
- --------------        ------------              -----------------------                      -------
                                                                                    
   02/04/02               EFT                   Credit card chargebacks                      $ 40.00
   02/04/02               EFT                   Credit card chargebacks                        47.50
   02/04/02               EFT                   Credit card chargebacks                        60.00
   02/04/02               EFT                   Credit card chargebacks                        62.00
                                                                                            --------
                                                                                     Total  $ 209.50
                                                                                            ========



                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME:  WorldxChange Communications                CASE NUMBER: 01-14637-SPS

                     For the Month Ending: February 28, 2002

STATEMENT OF INVENTORY

                                                          
     Beginning Inventory                                          $ --
     Add: purchases                                               $ --
     Less: goods sold                                             $ --
                                                                  ----
     Ending inventory                                             $ --
                                                                  ====

     

PAYROLL INFORMATION STATEMENT

                                                          
     Gross payroll for this period                                $ --
     Payroll taxes due but unpaid                                 $ --

     

              STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS**



                                            Date regular           Amount of                Number of              Amount of
       Name of Creditor/Lessor             payment is due        regular payment       Payments Delinquent    Payments Delinquent
                                                                                                  
Imperial Premium Finance                       Monthly                8,798.52                   --                         --
Storage West Self Storage                      Monthly                  209.00              See Note 1                   27.87
Storage West Self Storage                      Monthly                   99.00              See Note 1                   13.20
Associated Storage                             Monthly                2,149.98              See Note 1                  286.66
Bay 602 Corporation                            Monthly                9,817.39              See Note 1                1,308.99
Reynolds Family Properties                     Monthly                4,448.00              See Note 1                  593.07
Reynolds Family Properties                     Monthly               23,792.49              See Note 1                3,172.33
Doral Plaza Associates                         Monthly                9,660.00              See Note 1                1,288.00
Colonial Parking                               Monthly                  378.00              See Note 1                   50.40
23223 Bryan St. Limited Partnership            Monthly               16,941.16              See Note 1                2,258.82
Central Parking Systems                        Monthly                  700.00              See Note 1                   93.33
Currie Samuelson                               Monthly                1,200.00              See Note 1                  160.00
Currie Samuelson                               Monthly               34,516.00              See Note 1                4,602.13
Downtown Properties                            Monthly               10,850.00              See Note 1                1,446.67
Hudson Telegraph                               Monthly               12,206.25              See Note 1                1,627.50
Okada International                            Monthly                2,601.03              See Note 1                  346.80
One Wilshire Arcade Imp.                       Monthly                6,147.03              See Note 1                  819.60
Rockrose Development                           Monthly                2,848.25              See Note 1                  379.77
Scripps Ranch Landscape                        Monthly                1,000.00              See Note 1                  133.33
Pacific Guardian Center                        Monthly                4,707.32              See Note 1                  627.64
Wells Fargo Financial Leasing Co.              Monthly                  279.88                   --                         --
Newcourt Leasing                               Monthly                1,871.90                   --                         --
Greater San Diego Air                          Monthly                2,246.00              See Note 1                  299.47
Finova Loan Admin. Inc                         Monthly               11,825.07              See Note 1                1,576.68
CIT Group                                      Monthly                8,117.96                   --                         --
Dana Commercial Credit                         Monthly               14,734.93              See Note 1                1,964.66
Danka Financial Services                       Monthly               16,705.50                   --                         --
Danka Financial Services                       Monthly                  378.16              See Note 2                  428.58
Data Sales Co., Inc                            Monthly               58,663.13              See Note 1                7,821.75
IBM Corporation                                Monthly               56,452.32                   --                         --
Advanta Leasing Services                       Monthly                1,374.62                   --                         --
Premier Computer Sales                         Monthly                7,151.17              See Note 1                  953.49
Siemens Credit LTD                             Monthly               45,360.11              See Note 2               51,408.12
Telogy, Inc.                                   Monthly                6,482.29              See Note 1                  864.31
Telecommunications Finance Group               Monthly            1,013,115.84              See Note 2            1,148,197.95
Union Bank of CA., N.A.                        Monthly               61,133.27              See Note 1                8,151.10


Note 1:  Debtor may be liable for prorated obligation from June 1, 2001 through
         June 4, 2001 in the event I-Link does not assume contract.

Note 2:  Debtor has not paid the monthly payment for May 2001. In addition,
         Debtor may be liable for prorated obligation from June 1, 2001 through
         June 4, 2001 in the event I-Link does not assume contract.


                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                     For the Month Ending: February 28, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                          3RD PARTY              INTERCOMPANY                  TOTAL
                                                             --------------------------------------------------------------
                                                                                                    
            Beginning of month balance                          $ --               $ 2,403,267.12            $ 2,403,267.12
            Add: Receipts by parent/affiliates                  $ --               $        46.65            $        46.65
            Add: customer credits                               $ --               $           --            $           --
            Add: intercompany activity                          $ --               $           --            $           --
            Less: collections                                   $ --               $           --            $           --
            Less: offsets                                       $ --               $           --            $           --
            Less: application of customer deposits              $ --               $           --            $           --
            Less: sale of receivables to I-Link                 $ --               $           --            $           --
                                                             --------------------------------------------------------------
            End of month balance                                $ --               $ 2,403,313.77            $ 2,403,313.77
                                                             ==============================================================




0-30 Days             31-60 Days               61-90 Days            Over 90 Days           End of Month Total
- ---------             ----------               ----------            ------------           ------------------
                                                                                
  $ --                   $ --                     $ --                   $ --                      $ --


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)**


                                                                     3RD PARTY               INTERCOMPANY                TOTAL
                                                                  ----------------------------------------------------------------
                                                                                                         
            Beginning of month balance                            $ 8,834,414.60           $ 6,099,913.46         $ 14,934,328.06
            Add: sales on account**                               $       267.56           $           --         $        267.56
            Add: collections on behalf of I-Link                  $           --           $           --         $            --
            Add: intercompany activity
              Expenses paid directly by Parent or Affiliate       $ (130,232.36)           $   130,232.36         $            --
              Net cash advanced by Parent                         $           --           $           --         $            --
              Credit extended by Parent or Affiliate              $           --           $           --         $            --
              Amounts collected by Parent                         $           --           $           --         $            --
            Less: Invoicing to I-Link                             $           --           $           --         $            --
            Less: remittances to I-Link                           $           --           $           --         $            --
            Less: payments                                        $      (267.56)          $           --         $       (267.56)
                                                                  ----------------------------------------------------------------
            End of month balance                                  $ 8,704,182.24           $ 6,230,145.82         $ 14,934,328.06
                                                                  ================================================================




0-30 Days             31-60 Days               61-90 Days            Over 90 Days           End of Month Total
- ---------             ----------               ----------            ------------           ------------------
                                                                                
  $ --                  $ --                      $ --              $ 8,704,182.24            $ 8,704,182.24


**       The post-petition accounts payable balances accrued for above are
         subject to customary audit and review, which could result in changes to
         the balances recorded. If upon such audit and review amounts invoiced
         by vendors are disputed, such disputed amounts are not reflected in the
         accounts payable balances reflected above. As of February 28, the
         Debtor has been invoiced cumulative post-petition disputed amounts
         totalling $1,804,912.


                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                     For the Month Ending: February 28, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                               
         1.        Federal income taxes                           Yes (X)                        No ( )

         2.        FICA withholdings                              Yes (X)                        No ( )

         3.        Employee's withholdings                        Yes (X)                        No ( )

         4.        Employer's FICA                                Yes (X)                        No ( )

         5.        Federal unemployment taxes                     Yes (X)                        No ( )

         6.        State income tax                               Yes (X)                        No ( )

         7.        State employee withholdings                    Yes (X)                        No ( )

         8.        All other state taxes                               See Note Below

         

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:

The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims. See also the Attachment to Tax Questionnaire
following.


                            OPERATING REPORT Page 6


Case Name: WorldxChange Communications, Inc.
Case Number 01-14637-SPS

Attachment to Tax Questionnaire

            Statement Regarding Excise and Other Flow Through Taxes


As established in the past, the debtors remit excise tax and other flow
through taxes on a billed basis. The result of this is that the debtor remits
the taxes before they are collected. As the debtors are in bankruptcy, they
are no longer able to remit the taxes in this manner. For the taxes and returns
for the period ending 5/31/2001 and the quarter ended 6/30/2001, the debtors
have not filed the returns nor remitted the taxes for the following reasons:

1-The accounts receivable as of 5/31/2001, which includes the associated taxes,
were purchased by I-Link incorporated on or about 6/4/2001.

2-As a result of the purchase, the debtors will never collect the taxes
associated with the receivables.

3-Without the money collected from #2 above, the debtors are not able to remit
the taxes.

It is the Debtors position that the purchaser is responsible for such
obligations.


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                          /s/ Henry C. Lyon
                                          -------------------------------------
                                          For the Debtor In Possession

                                          Henry C. Lyon
                                          Designated Officer


                            OPERATING REPORT Page 7

                                                                    EXHIBIT 99.5

                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                      For the Month Ending: March 31, 2002

                                                                          
BEGINNING BALANCE IN ALL ACCOUNTS                                            $  2,881,016.21

RECEIPTS:
     1. Receipts from Operations                                             $            --
     2. Other Receipts                                                       $        556.02
                                                                             ---------------

TOTAL RECEIPTS                                                               $        556.02

DISBURSEMENTS
     3. Net Payroll
         a. Officers                                                         $            --
         b. Others                                                           $            --
     4. Taxes
         a. Federal Income Taxes                                             $            --
         b. FICA Withholdings                                                $            --
         c. Employee's withholdings                                          $            --
         d. Employer's FICA                                                  $            --
         e. Federal Unemployment Taxes                                       $            --
         f. State Income Tax                                                 $            --
         g. State Employee withholdings                                      $            --
         h. All other state taxes                                            $      1,312.00

     5. Necessary Expenses (Paid by Parent or Affiliate)
         a. Rent or mortgage payment(s)                                      $            --
         b. Utilities                                                        $            --
         c. Insurance                                                        $            --
         d. Merchandise bought for manufacture or sell                       $            --
         e. Other necessary expenses
            Clearing of previously voided checks                             $         79.00
            U.S. Trustee Fees                                                $     10,250.00
            Credit card chargebacks                                          $        209.50
                                                                             ---------------

TOTAL DISBURSEMENTS                                                          $     11,850.50
Less:  Disbursements by Parent or Affiliate                                  $    (11,562.00)
                                                                             ---------------
ADJUSTED TOTAL DISBURSEMENTS                                                 $        288.50

                                                                             ---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                          $        267.52

NET INTERCOMPANY SWEEP TRANSFERS - WAXS                                      $        555.73
                                                                             ---------------

ENDING BALANCE IN WxC/WAXS                                                   $    111,541.75
ENDING BALANCE IN B of A Checking                                            $  2,770,297.71
                                                                             ---------------
                                   ENDING BALANCE                            $  2,881,839.46
                                                                             ===============




                            OPERATING REPORT Page 1


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                                RECEIPTS LISTING

                      For the Month Ending: March 31, 2002

Bank:                Bank of America
Location:            Atlanta, GA
Account Name:        Checking
Account Number:      3299991275




   DATE RECEIVED                                     DESCRIPTION                               AMOUNT
   -------------                            --------------------------------                  --------
                                                                                        
      03/08/02                              KY Dept. of Revenue - Tax Refund                    556.02

                                                                                              --------
                                                                                Total         $ 556.02
                                                                                              ========



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                              DISBURSEMENT LISTING

                      For the Month Ending: March 31, 2002

Bank:                Bank of America
Location:            Atlanta, GA
Account Name:        Checking
Account Number:      3299991275



   DATE DISBURSED        CHECK NUMBER                    DESCRIPTION                    AMOUNT
   --------------        ------------                    -----------                    ------
                                                                              
Clearing of previously voided checks                                                   $ 79.00

                                                                                       -------

                                                                             Total     $ 79.00
                                                                                       =======



                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                              DISBURSEMENT LISTING

                      For the Month Ending: March 31, 2002

Bank:                    Bank of America
Location:                Dallas, TX
Account Name:            Checking
Account Number:          3751565312




     DATE DISBURSED           CHECK NUMBER              DESCRIPTION                           AMOUNT
     --------------           ------------       -----------------------                     -------
                                                                                    
        03/04/02                   EFT           Credit card chargebacks                     $ 40.00
        03/04/02                   EFT           Credit card chargebacks                       47.50
        03/04/02                   EFT           Credit card chargebacks                       60.00
        03/04/02                   EFT           Credit card chargebacks                       62.00

                                                                                            --------
                                                                                 Total      $ 209.50
                                                                                            ========



                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                      For the Month Ending: March 31, 2002

STATEMENT OF INVENTORY

                                  
     Beginning Inventory                  $  --
     Add: purchases                       $  --
     Less: goods sold                     $  --
                                          -----
     Ending inventory                     $  --
                                          =====

     

PAYROLL INFORMATION STATEMENT

                                            
     Gross payroll for this period                  $  --
     Payroll taxes due but unpaid                   $  --

     

              STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS**



                                               Date regular              Amount of             Number of              Amount of
 Name of Creditor/Lessor                      payment is due           regular payment    Payments Delinquent    Payments Delinquent
                                                                                                     
Imperial Premium Finance                          Monthly                  8,798.52                    --                     --
Storage West Self Storage                         Monthly                    209.00            See Note 1                  27.87
Storage West Self Storage                         Monthly                     99.00            See Note 1                  13.20
Associated Storage                                Monthly                  2,149.98            See Note 1                 286.66
Bay 602 Corporation                               Monthly                  9,817.39            See Note 1               1,308.99
Reynolds Family Properties                        Monthly                  4,448.00            See Note 1                 593.07
Reynolds Family Properties                        Monthly                 23,792.49            See Note 1               3,172.33
Doral Plaza Associates                            Monthly                  9,660.00            See Note 1               1,288.00
Colonial Parking                                  Monthly                    378.00            See Note 1                  50.40
23223 Bryan St. Limited Partnership               Monthly                 16,941.16            See Note 1               2,258.82
Central Parking Systems                           Monthly                    700.00            See Note 1                  93.33
Currie Samuelson                                  Monthly                  1,200.00            See Note 1                 160.00
Currie Samuelson                                  Monthly                 34,516.00            See Note 1               4,602.13
Downtown Properties                               Monthly                 10,850.00            See Note 1               1,446.67
Hudson Telegraph                                  Monthly                 12,206.25            See Note 1               1,627.50
Okada International                               Monthly                  2,601.03            See Note 1                 346.80
One Wilshire Arcade Imp                           Monthly                  6,147.03            See Note 1                 819.60
Rockrose Development                              Monthly                  2,848.25            See Note 1                 379.77
Scripps Ranch Landscape                           Monthly                  1,000.00            See Note 1                 133.33
Pacific Guardian Center                           Monthly                  4,707.32            See Note 1                 627.64
Wells Fargo Financial Leasing Co.                 Monthly                    279.88                    --                     --
Newcourt Leasing                                  Monthly                  1,871.90                    --                     --
Greater San Diego Air                             Monthly                  2,246.00            See Note 1                 299.47
Finova Loan Admin. Inc                            Monthly                 11,825.07            See Note 1               1,576.68
CIT Group                                         Monthly                  8,117.96                    --                     --
Dana Commercial Credit                            Monthly                 14,734.93            See Note 1               1,964.66
Danka Financial Services                          Monthly                 16,705.50                    --                     --
Danka Financial Services                          Monthly                    378.16            See Note 2                 428.58
Data Sales Co., Inc                               Monthly                 58,663.13            See Note 1               7,821.75
IBM Corporation                                   Monthly                 56,452.32                    --                     --
Advanta Leasing Services                          Monthly                  1,374.62                    --                     --
Premier Computer Sales                            Monthly                  7,151.17            See Note 1                 953.49
Siemens Credit LTD                                Monthly                 45,360.11            See Note 2              51,408.12
Telogy, Inc.                                      Monthly                  6,482.29            See Note 1                 864.31
Telecommunications Finance Group                  Monthly              1,013,115.84            See Note 2           1,148,197.95
Union Bank of CA., N.A                            Monthly                 61,133.27            See Note 1               8,151.10


Note 1:  Debtor may be liable for prorated obligation from June 1, 2001
         through June 4, 2001 in the event I-Link does not assume contract.

Note 2:  Debtor has not paid the monthly payment for May 2001. In addition,
         Debtor may be liable for prorated obligation from June 1, 2001 through
         June 4, 2001 in the event I-Link does not assume contract.


                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                      For the Month Ending: March 31, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                                    3RD PARTY       INTERCOMPANY              TOTAL
                                                                       ---------------------------------------------------
                                                                                                    
             Beginning of month balance                                $      --      $2,403,313.77          $2,403,313.77
             Add: Receipts by parent/affiliates                        $      --      $     (555.73)         $     (555.73)
             Add: customer credits                                     $      --      $          --          $          --
             Add: intercompany activity                                $      --      $          --          $          --
             Less: collections                                         $      --      $          --          $          --
             Less: offsets                                             $      --      $          --          $          --
             Less: application of customer deposits                    $      --      $          --          $          --
             Less: sale of receivables to I-Link                       $      --      $          --          $          --
                                                                       ---------------------------------------------------
             End of month balance                                      $      --      $2,402,758.04          $2,402,758.04
                                                                       ===================================================




0-30 Days           31-60 Days             61-90 Days            Over 90 Days       End of Month Total
- ---------           ----------             ----------            ------------       ------------------
                                                                        
$ --                  $ --                   $ --                   $ --                   $ --


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)**



                                                                          3RD PARTY            INTERCOMPANY              TOTAL
                                                                       -----------------------------------------------------------
                                                                                                           
             Beginning of month balance                                $ 8,704,182.24         $ 6,230,145.82        $14,934,328.06
             Add: sales on account**                                   $    10,538.50         $           --        $    10,538.50
             Add: collections on behalf of I-Link                      $           --         $           --        $           --
             Add: intercompany activity
               Expenses paid directly by Parent or Affiliate           $   (11,562.00)        $    11,562.00        $           --
               Net cash advanced by Parent                             $           --         $           --        $           --
               Credit extended by Parent or Affiliate                  $           --         $           --        $           --
               Amounts collected by Parent                             $           --         $           --        $           --
             Less: Invoicing to I-Link                                 $           --         $           --        $           --
             Less: remittances to I-Link                               $           --         $           --        $           --
             Less: payments                                            $      (288.50)        $           --        $      (288.50)
                                                                       -----------------------------------------------------------
             End of month balance                                      $ 8,702,870.24         $ 6,241,707.82        $14,944,578.06
                                                                       ===========================================================




0-30 Days   31-60 Days   61-90 Days      Over 90 Days        End of Month Total
- ---------   ----------   ----------    ---------------       ------------------
                                                 
$  --        $  --        $  --        $  8,702,870.24        $  8,702,870.24


**The post-petition accounts payable balances accrued for above are subject to
  customary audit and review, which could result in changes to the balances
  recorded. If upon such audit and review amounts invoiced by vendors are
  disputed, such disputed amounts are not reflected in the accounts payable
  balances reflected above. As of March 31, the Debtor has been invoiced
  cumulative post-petition disputed amounts totalling $1,804,912.


                            OPERATING REPORT Page 6


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                      For the Month Ending: March 31, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                          
         1.        Federal income taxes                     Yes (X)                         No ( )

         2.        FICA withholdings                        Yes (X)                         No ( )

         3.        Employee's withholdings                  Yes (X)                         No ( )

         4.        Employer's FICA                          Yes (X)                         No ( )

         5.        Federal unemployment taxes               Yes (X)                         No ( )

         6.        State income tax                         Yes (X)                         No ( )

         7.        State employee withholdings              Yes (X)                         No ( )

         8.        All other state taxes                           See Note Below

         

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims. See also the Attachment to Tax Questionnaire
following.


                            OPERATING REPORT Page 7


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                                    /s/ Henry C. Lyon
                                                    ----------------------------
                                                    For the Debtor In Possession

                                                    Henry C. Lyon
                                                    Designated Officer


                            OPERATING REPORT Page 8




-----END PRIVACY-ENHANCED MESSAGE-----

EX-99.3

                                                                    EXHIBIT 99.3

                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                     For the Month Ending: January 31, 2002

                                                                     
BEGINNING BALANCE IN ALL ACCOUNTS                                       $5,849,337.26
     Add/(Subtract) Reconciliation Errors                               $  (24,084.69)
                                                                        -------------
Adjusted beginning balance in all accounts                              $5,825,252.57

RECEIPTS:
     1. Receipts from Operations                                        $          --
     2. Other Receipts                                                  $          --
                                                                        -------------

TOTAL RECEIPTS                                                          $          --

DISBURSEMENTS
     3. Net Payroll
        a. Officers                                                     $          --
        b. Others                                                       $          --
     4. Taxes
        a. Federal Income Taxes                                         $          --
        b. FICA Withholdings                                            $          --
        c. Employee's withholdings                                      $          --
        d. Employer's FICA                                              $          --
        e. Federal Unemployment Taxes                                   $          --
        f. State Income Tax                                             $          --
        g. State Employee withholdings                                  $          --
        h. All other state taxes                                        $          --

     5. Necessary Expenses (Paid by Parent or Affiliate)
        a. Rent or mortgage payment(s)
        b. Utilities                                                    $          --
        c. Insurance                                                    $          --
        d. Merchandise bought for manufacture or sell                   $          --
        e. Other necessary expenses
            Professional fees                                           $    1,688.13
            Record Storage Fees                                         $      674.48
            Disputed withdrawals by Greg Sommers                        $   38,817.87
                                                                        -------------

TOTAL DISBURSEMENTS                                                     $   41,180.48
Less:  Disbursements paid by Parent or Affiliates                       $   (2,362.61)
                                                                        -------------
ADJUSTED TOTAL DISBURSEMENTS                                            $   38,817.87

                                                                        -------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                     $  (38,817.87)

NET INTERCOMPANY SWEEP TRANSFERS - FCI                                  $          --
                                                                        -------------

ENDING BALANCE IN Bank of America 3751607047                            $5,002,854.44
ENDING BALANCE IN Bank of America 3751567556                            $  503,175.73
ENDING BALANCE IN Bank of America 2591500124                            $  280,404.53
                                                                        -------------

                                                                        -------------
ENDING BALANCE IN ALL ACCOUNTS                                          $5,786,434.70
                                                                        =============




                            OPERATING REPORT Page 1



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:           Merrill Lynch
Location:       Dallas, TX
Account Name:   WCMA Account
Account Number: 586-07431



     DATE DISBURSED           CHECK NUMBER                         DESCRIPTION                          AMOUNT
     --------------           ------------                         -----------                          -------
                                                                                               
        01/01/02                Transfer                     Withdrawal by Greg Somers                  $383.40
                                                                                                        -------
                                                                              Total                     $383.40
                                                                                                        =======



                            OPERATING REPORT Page 2



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:           Merrill Lynch
Location:       Dallas, TX
Account Name:   WCMA Account
Account Number: 586-07403



     DATE DISBURSED           CHECK NUMBER                         DESCRIPTION                           AMOUNT
     --------------           ------------                         -----------                         ---------
                                                                                              
        01/01/02                Transfer                     Withdrawal by Greg Somers                 $4,876.15
                                                                                                       ---------
                                                                              Total                    $4,876.15
                                                                                                       =========



                            OPERATING REPORT Page 3



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:           Southwest Bank of Texas
Location:       Houston, TX
Account Name:   Checking Account
Account Number: 119997



     DATE DISBURSED           CHECK NUMBER                         DESCRIPTION                           AMOUNT
     --------------           ------------                         -----------                         ---------
                                                                                              
        01/01/02                Transfer                      Withdrawal by Greg Somers                $1,365.58
                                                                                                       ---------
                                                                              Total                    $1,365.58
                                                                                                       =========



                            OPERATING REPORT Page 4



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:           Bank of the West
Location:       Irving, TX
Account Name:   Commercial Account
Account Number: 26625



     DATE DISBURSED           CHECK NUMBER                         DESCRIPTION                          AMOUNT
     --------------           ------------                         -----------                         ---------
                                                                                              
        01/01/02                Transfer                    Withdrawal by Greg Somers                  $1,067.05
                                                                                                       ---------
                                                                              Total                    $1,067.05
                                                                                                       =========



                            OPERATING REPORT Page 5



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:           Bank of the West
Location:
Account Name:   Tax Account
Account Number: 23234



     DATE DISBURSED           CHECK NUMBER                         DESCRIPTION                           AMOUNT
     --------------           ------------                         -----------                         ----------
                                                                                              
        01/01/02                Transfer                     Withdrawal by Greg Somers                 $31,050.76
                                                                                                       ----------
                                                                              Total                    $31,050.76
                                                                                                       ==========



                            OPERATING REPORT Page 6



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:           Bank of the West
Location:       Irving, TX
Account Name:   LEC Account
Account Number: 26633



     DATE DISBURSED           CHECK NUMBER                         DESCRIPTION                           AMOUNT
     --------------           ------------                         -----------                           ------
                                                                                                
        01/01/02                Transfer                     Withdrawal by Greg Somers                   $39.06
                                                                                                         ------
                                                                              Total                      $39.06
                                                                                                         ======



                            OPERATING REPORT Page 7



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:           Bank of the West
Location:       Irving, TX
Account Name:   Mexico Bills
Account Number: 26740



     DATE DISBURSED           CHECK NUMBER                         DESCRIPTION                           AMOUNT
     --------------           ------------                         -----------                           ------
                                                                                                
        01/01/02                Transfer                     Withdrawal by Greg Somers                   $35.87
                                                                                                         ------
                                                                              Total                      $35.87
                                                                                                         ======



                            OPERATING REPORT Page 8



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                     For the Month Ending: January 31, 2002

STATEMENT OF INVENTORY

                               
    Beginning Inventory               $ --
    Add: purchases                    $ --
    Less: goods sold                  $ --
                                      ----
    Ending inventory                  $ --
                                      ====

    

PAYROLL INFORMATION STATEMENT

                                          
    Gross payroll for this period                $ --
    Payroll taxes due but unpaid                 $ --

    

               STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS



                                       DATE REGULAR              AMOUNT OF                 NUMBER OF               AMOUNT OF
      NAME OF CREDITOR/LESSOR         PAYMENT IS DUE          REGULAR PAYMENT        PAYMENTS DELINQUENT      PAYMENTS DELINQUENT
      -----------------------         --------------          ----------------       --------------------     -------------------
                                                                                                  
      Waterton Printers Square            Monthly                $12,784.41                   0                   $       --
      One Wilshire Arcade                 Monthly                $24,965.68                   1                   $24,965.68



                            OPERATING REPORT Page 9



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                     For the Month Ending: January 31, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                               3RD PARTY            INTERCOMPANY                TOTAL
                                                               -------------------------------------------------------------
                                                                                                    
                 Beginning of month balance                    $100,092,296.70        $    119,099.49        $100,211,396.19
                 Add: other                                    $     38,817.87        $            --        $     38,817.87
                 Add: customer credits                         $            --        $            --        $            --
                 Add: intercompany activity                                           $            --        $            --
                 Less: collections                             $            --        $            --        $            --
                 Less: offsets                                 $            --        $            --        $            --
                 Less: application of customer deposits                               $            --        $            --
                                                               -------------------------------------------------------------
                 End of month balance                          $100,131,114.57        $    119,099.49        $100,250,214.06
                                                               =============================================================




        0-30 Days           31-60 Days          61-90 Days        Over 90 Days      End of Month Total
       ----------           ----------          ----------      ---------------     ------------------
                                                                        
       $38,817.87              $ --               $ --          $100,092,296.70       $100,131,114.57


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)



                                                                         3RD PARTY          INTERCOMPANY           TOTAL
                                                                      -------------------------------------------------------
                                                                                                      
                Beginning of month balance                            $  534,436.18        $7,635,082.77       $8,169,518.95
                Add: sales on account**                               $   41,180.48        $          --       $   41,180.48
                Add: intercompany activity
                  Expenses paid directly by Parent or Affiliate       $   (2,362.61)       $    2,362.61       $          --
                  Net cash advanced by Parent or Affiliate            $          --        $          --       $          --
                  Credit extended by Parent or Affiliate              $          --        $          --       $          --
                  Amounts collected on behalf of Affiliate            $          --        $          --       $          --
                Less: payments                                        $  (38,817.87)       $          --       $  (38,817.87)
                                                                      -------------------------------------------------------
                End of month balance                                  $  534,436.18        $7,637,445.38       $8,171,881.56
                                                                      =======================================================




       0-30 Days             31-60 Days          61-90 Days         Over 90 Days     End of Month Total
       ---------             ----------          ----------         ------------     ------------------
                                                                         
         $ --                  $ --                $ --             $534,436.18          $534,436.18


**The post-petition accounts payable balances accrued for above are
  subject to customary audit and review, which could result in changes to
  the balances recorded. If upon such audit and review amounts invoiced
  by vendors are disputed, such disputed amounts are not reflected in the
  accounts payable balances reflected above. As of January 31, the Debtor
  has been invoiced cumulative post-petition disputed amounts


                            OPERATING REPORT Page 10



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                     For the Month Ending: January 31, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                      
       1. Federal income taxes                     Yes (X)                         No ( )

       2. FICA withholdings                        Yes (X)                         No ( )

       3. Employee's withholdings                  Yes (X)                         No ( )

       4. Employer's FICA                          Yes (X)                         No ( )

       5. Federal unemployment taxes               Yes (X)                         No ( )

       6. State income tax                         Yes (X)                         No ( )

       7. State employee withholdings              Yes (X)                         No ( )

       8. All other state taxes                                                    See Note Below

       

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                            OPERATING REPORT Page 11



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.


                                       /s/ Henry C. Lyon
                                       -----------------------------------------
                                       For the Debtor In Possession

                                       Henry C. Lyon
                                       Designated Officer


                            OPERATING REPORT Page 12


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                     For the Month Ending: February 28, 2002

                                                                                          
BEGINNING BALANCE IN ALL ACCOUNTS                                                            $  5,786,434.70

RECEIPTS:
     1. Receipts from Operations                                                             $            --
     2. Other Receipts                                                                       $            --
                                                                                             ---------------

TOTAL RECEIPTS                                                                               $            --

DISBURSEMENTS
     3. Net Payroll
         a. Officers                                                                         $            --
         b. Others                                                                           $            --
     4. Taxes
         a. Federal Income Taxes                                                             $            --
         b. FICA Withholdings                                                                $            --
         c. Employee's withholdings                                                          $            --
         d. Employer's FICA                                                                  $            --
         e. Federal Unemployment Taxes                                                       $            --
         f. State Income Tax                                                                 $            --
         g. State Employee withholdings                                                      $            --
         h. All other state taxes                                                            $            --

     5. Necessary Expenses (Paid by Parent or Affiliate)
         a. Rent or mortgage payment(s)
         b. Utilities                                                                        $            --
         c. Insurance                                                                        $            --
         d. Merchandise bought for manufacture or sell                                       $            --
         e. Other necessary expenses
            Professional fees                                                                $      7,006.47
            Record Storage Fees                                                              $            --
                                                                                             ---------------

TOTAL DISBURSEMENTS                                                                          $      7,006.47
Less:  Disbursements paid by Parent or Affiliates                                            $     (7,006.47)
                                                                                             ---------------
ADJUSTED TOTAL DISBURSEMENTS                                                                 $            --

                                                                                             ---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                          $            --

NET INTERCOMPANY SWEEP TRANSFERS - FCI                                                       $            --
                                                                                             ---------------

ENDING BALANCE IN Bank of America 3751607047                                                 $  5,002,854.44
ENDING BALANCE IN Bank of America 3751567556                                                 $    503,175.73
ENDING BALANCE IN Bank of America 2591500124                                                 $    280,404.53

                                                                                             ---------------
ENDING BALANCE IN ALL ACCOUNTS                                                               $  5,786,434.70
                                                                                             ===============




                            OPERATING REPORT Page 1


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                     For the Month Ending: February 28, 2002

STATEMENT OF INVENTORY

                                             
        Beginning Inventory                             $  --
        Add: purchases                                  $  --
        Less: goods sold                                $  --
                                                        -----
        Ending inventory                                $  --
                                                        =====

        

PAYROLL INFORMATION STATEMENT

                                             
        Gross payroll for this period                   $  --
        Payroll taxes due but unpaid                    $  --

        

               STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS



                                       DATE REGULAR             AMOUNT OF                NUMBER OF                   AMOUNT OF
      NAME OF CREDITOR/LESSOR         PAYMENT IS DUE        REGULAR PAYMENT         PAYMENTS DELINQUENT         PAYMENTS DELINQUENT
      -----------------------         --------------        ----------------        --------------------        -------------------
                                                                                                    
Waterton Printers Square                 Monthly               $ 12,784.41                   0                      $        --
One Wilshire Arcade                      Monthly               $ 24,965.68                   1                      $ 24,965.68



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                     For the Month Ending: February 28, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                               3RD PARTY                INTERCOMPANY                   TOTAL
                                                              ---------------------------------------------------------------------
                                                                                                         
                 Beginning of month balance                   $ 100,131,114.57             $ 119,099.49           $ 100,250,214.06
                 Add: sales on account                        $             --             $         --           $             --
                 Add: customer credits                        $             --             $         --           $             --
                 Add: intercompany activity                   $             --             $         --           $             --
                 Less: collections                            $             --             $         --           $             --
                 Less: offsets                                $             --             $         --           $             --
                 Less: application of customer deposits       $             --             $         --           $             --
                                                              ---------------------------------------------------------------------
                 End of month balance                         $ 100,131,114.57             $ 119,099.49           $ 100,250,214.06
                                                              =====================================================================




0-30 Days            31-60 Days              61-90 Days                      Over 90 Days                   End of Month Total
- ---------            ----------              ----------                      ------------                   ------------------
                                                                                                
  $ --               $ 38,817.87                $ --                       $ 100,092,296.70                  $ 100,131,114.57


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)



                                                                        3RD PARTY             INTERCOMPANY               TOTAL
                                                                      ------------------------------------------------------------
                                                                                                           
                 Beginning of month balance                           $ 534,436.18           $ 7,637,445.38         $ 8,171,881.56
                 Add: sales on account**                              $   7,006.47           $           --         $     7,006.47
                 Add: intercompany activity
                    Expenses paid directly by Parent or Affiliate     $  (7,006.47)          $     7,006.47         $           --
                    Net cash advanced by Parent or Affiliate          $         --           $           --         $           --
                    Credit extended by Parent or Affiliate            $         --           $           --         $           --
                    Amounts collected on behalf of Affiliate          $         --           $           --         $           --
                 Less: payments                                       $         --           $           --         $           --
                                                                      ------------------------------------------------------------
                 End of month balance                                 $ 534,436.18           $ 7,644,451.85         $ 8,178,888.03
                                                                      ============================================================




     0-30 Days                 31-60 Days            61-90 Days                  Over 90 Days              End of Month Total
     ---------                 ----------            ----------                  ------------              ------------------
                                                                                               
       $  --                      $ --                  $ --                     $ 534,436.18                 $ 534,436.18


**       The post-petition accounts payable balances accrued for above are
         subject to customary audit and review, which could result in changes to
         the balances recorded. If upon such audit and review amounts invoiced
         by vendors are disputed, such disputed amounts are not reflected in the
         accounts payable balances reflected above. As of February 28, the
         Debtor has been invoiced cumulative post-petition disputed amounts
         totalling $4,759,294.


                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                     For the Month Ending: February 28, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                                            
         1.             Federal income taxes                                     Yes (X)                      No ( )

         2.             FICA withholdings                                        Yes (X)                      No ( )

         3.             Employee's withholdings                                  Yes (X)                      No ( )

         4.             Employer's FICA                                          Yes (X)                      No ( )

         5.             Federal unemployment taxes                               Yes (X)                      No ( )

         6.             State income tax                                         Yes (X)                      No ( )

         7.             State employee withholdings                              Yes (X)                      No ( )

         8.             All other state taxes                                         See Note Below

         

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:

The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                          /s/ Henry C. Lyon
                                          -------------------------------------
                                          For the Debtor In Possession

                                          Henry C. Lyon
                                          Designated Officer


                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                      For the Month Ending: March 31, 2002

                                                                                          
BEGINNING BALANCE IN ALL ACCOUNTS                                                            $ 5,786,434.70

RECEIPTS:
     1. Receipts from Operations                                                             $           --
     2. Other Receipts                                                                       $           --
                                                                                             --------------

TOTAL RECEIPTS                                                                               $           --

DISBURSEMENTS
     3. Net Payroll
          a. Officers                                                                        $           --
          b. Others                                                                          $           --
     4. Taxes
          a. Federal Income Taxes                                                            $           --
          b. FICA Withholdings                                                               $           --
          c. Employee's withholdings                                                         $           --
          d. Employer's FICA                                                                 $           --
          e. Federal Unemployment Taxes                                                      $           --
          f. State Income Tax                                                                $           --
          g. State Employee withholdings                                                     $           --
          h. All other state taxes                                                           $           --

     5. Necessary Expenses (Paid by Parent or Affiliate)
          a. Rent or mortgage payment(s)
          b. Utilities                                                                       $           --
          c. Insurance                                                                       $           --
          d. Merchandise bought for manufacture or sell                                      $           --
          e. Other necessary expenses
             U.S. Trustee Fees                                                               $    (9,000.00)
             Regulatory filing fees & expenses                                               $        25.00
             Professional fees                                                               $    11,416.49
             Record Storage Fees                                                             $     1,282.96
                                                                                             --------------

TOTAL DISBURSEMENTS                                                                          $     3,724.45
Less:  Disbursements paid by Parent or Affiliates                                            $    (3,724.45)
                                                                                             --------------
ADJUSTED TOTAL DISBURSEMENTS                                                                 $           --

                                                                                             --------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                          $           --

NET INTERCOMPANY SWEEP TRANSFERS - FCI                                                       $           --
                                                                                             --------------

ENDING BALANCE IN Bank of America 3751607047                                                 $ 5,002,854.44
ENDING BALANCE IN Bank of America 3751567556                                                 $   503,175.73
ENDING BALANCE IN Bank of America 2591500124                                                 $   280,404.53

                                                                                             --------------
ENDING BALANCE IN ALL ACCOUNTS                                                               $ 5,786,434.70
                                                                                             ==============




                            OPERATING REPORT Page 1


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION


CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                      For the Month Ending: March 31, 2002

STATEMENT OF INVENTORY

                                             
     Beginning Inventory                             $ --
     Add: purchases                                  $ --
     Less: goods sold                                $ --
                                                     ----
     Ending inventory                                $ --
                                                     ====

     

PAYROLL INFORMATION STATEMENT

                                             
     Gross payroll for this period                   $ --
     Payroll taxes due but unpaid                    $ --

     

               STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS



                                 DATE REGULAR            AMOUNT OF                      NUMBER OF                 AMOUNT OF
NAME OF CREDITOR/LESSOR        PAYMENT IS DUE         REGULAR PAYMENT              PAYMENTS DELINQUENT        PAYMENTS DELINQUENT
- -----------------------        --------------         ---------------              --------------------       -------------------
                                                                                                  
Waterton Printers Square           Monthly              $ 12,784.41                         0                     $        --
One Wilshire Arcade                Monthly              $ 24,965.68                         1                     $ 24,965.68



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                      For the Month Ending: March 31, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                                     3RD PARTY              INTERCOMPANY             TOTAL
                                                                    ----------------------------------------------------------------
                                                                                                          
                 Beginning of month balance                         $ 100,131,114.57           $ 119,099.49        $ 100,250,214.06
                 Add: sales on account                              $             --           $         --        $             --
                 Add: customer credits                              $             --           $         --        $             --
                 Add: intercompany activity                         $             --                               $             --
                 Less: collections                                  $             --           $         --        $             --
                 Less: offsets                                      $             --           $         --        $             --
                 Less: application of customer deposits                                        $         --        $             --
                                                                    ----------------------------------------------------------------
                 End of month balance                               $ 100,131,114.57           $ 119,099.49        $ 100,250,214.06
                                                                    ================================================================




0-30 Days               31-60 Days                 61-90 Days                   Over 90 Days                   End of Month Total
- ---------               ----------                 ----------                   ------------                   ------------------
                                                                                                   
  $ --                    $ --                     $ 38,817.87                $ 100,092,296.70                  $ 100,131,114.57


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)


                                                                         3RD PARTY            INTERCOMPANY               TOTAL
                                                                       ------------------------------------------------------------
                                                                                                           
                 Beginning of month balance                            $ 534,436.18          $ 7,644,451.85         $ 8,178,888.03
                 Add: sales on account**                               $   3,724.45          $           --         $     3,724.45
                 Add: intercompany activity
                    Expenses paid directly by Parent or Affiliate      $  (3,724.45)         $     3,724.45         $           --
                    Net cash advanced by Parent or Affiliate           $         --          $           --         $           --
                    Credit extended by Parent or Affiliate             $         --          $           --         $           --
                    Amounts collected on behalf of Affiliate           $         --          $           --         $           --
                 Less: payments                                        $         --          $           --         $           --
                                                                       ------------------------------------------------------------
                 End of month balance                                  $ 534,436.18          $ 7,648,176.30         $ 8,182,612.48
                                                                       ============================================================




 0-30 Days                  31-60 Days             61-90 Days                  Over 90 Days                   End of Month Total
 ---------                  ----------             ----------                  ------------                   ------------------
                                                                                                  
   $ --                        $ --                   $ --                     $ 534,436.18                      $ 534,436.18


**       The post-petition accounts payable balances accrued for above are
         subject to customary audit and review, which could result in changes to
         the balances recorded. If upon such audit and review amounts invoiced
         by vendors are disputed, such disputed amounts are not reflected in the
         accounts payable balances reflected above. As of March 31, the Debtor
         has been invoiced cumulative post-petition disputed amounts totalling
         $4,759,294.


                            OPERATING REPORT Page 3



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: World Access Telecommunications Group       CASE NUMBER: 01-14645-SPS

                      For the Month Ending: March 31, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                                            
         1.             Federal income taxes                                     Yes (X)                      No ( )

         2.             FICA withholdings                                        Yes (X)                      No ( )

         3.             Employee's withholdings                                  Yes (X)                      No ( )

         4.             Employer's FICA                                          Yes (X)                      No ( )

         5.             Federal unemployment taxes                               Yes (X)                      No ( )

         6.             State income tax                                         Yes (X)                      No ( )

         7.             State employee withholdings                              Yes (X)                      No ( )

         8.             All other state taxes                                         See Note Below

         

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:

The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                          /s/ Henry C. Lyon
                                          --------------------------------------
                                          For the Debtor In Possession

                                          Henry C. Lyon
                                          Designated Officer


                            OPERATING REPORT Page 5

EX-99.4

                                                                    EXHIBIT 99.4

                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                     For the Month Ending: January 31, 2002

                                                                                    
BEGINNING BALANCE IN ALL ACCOUNTS                                                      $  5,631,674.53

RECEIPTS:
     1. Receipts from Operations                                                       $    (45,000.00)
        Receipts from Operations (Received by Parent or Affiliate)                     $    165,834.89
     2. Other Receipts                                                                 $            --
        Other Receipts (Received by Parent or Affiliate)                               $     15,876.29
                                                                                       ---------------
TOTAL RECEIPTS                                                                         $    136,711.18
Less:  Receipts received by Parent or Affiliate                                        $   (181,711.18)
                                                                                       ---------------
ADJUSTED RECEIPTS                                                                      $    (45,000.00)

DISBURSEMENTS
     3. Net Payroll
        a. Officers                                                                    $            --
        b. Others                                                                      $            --
     4. Taxes
        a. Federal Income Taxes                                                        $            --
        b. FICA Withholdings                                                           $            --
        c. Employee's withholdings                                                     $            --
        d. Employer's FICA                                                             $            --
        e. Federal Unemployment Taxes                                                  $            --
        f.  State Income Tax                                                           $            --
        g. State Employee withholdings                                                 $            --
        h. All other state taxes

     5. Necessary Expenses (Paid by Parent or Affiliate)
        a. Rent or mortgage payment(s)                                                 $            --
        b. Utilities                                                                   $            --
        c. Insurance                                                                   $            --
        d. Merchandise bought for manufacture or sell                                  $            --
        e. Other necessary expenses
           Refund of deposit on cancelled equipment sale                               $     10,000.00
           Bank fees                                                                   $         15.00
           Other                                                                       $        140.64
           Computer Access/Hosting Services                                            $      8,625.00
                                                                                       ---------------

TOTAL DISBURSEMENTS                                                                    $     18,780.64
Less: Disbursements paid by Parent/Affiliate                                           $     (8,765.64)
                                                                                       ---------------
ADJUSTED DISBURSEMENTS                                                                 $     10,015.00

NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                    $    (55,015.00)

NET INTERCOMPANY SWEEP TRANSFERS - WATG
                                                                                       ---------------

ENDING BALANCE IN Citibank                                                             $      8,432.90
ENDING BALANCE IN BofA-Atlanta GA                                                      $  4,184,624.52
ENDING BALANCE IN BofA-Dallas TX                                                       $  1,383,602.11
                                                                                       ---------------
ENDING BALANCE IN ALL ACCOUNTS                                                         $  5,576,659.53
                                                                                       ===============




                            OPERATING REPORT Page 1


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                                RECEIPTS LISTING

                     For the Month Ending: January 31, 2002

Bank:                    Bank of America
Location:                Dallas, TX
Account Name:            BofA-Dallas, TX
Account Number:          3751469007




     DATE RECEIVED                        DESCRIPTION                          AMOUNT
     -------------                        -----------                       ------------
                                                                      
Receipts from Operations:
            01/11/02                 Unilink (Returned check)               $ (45,000.00)


                                                                            ------------
                                                                            $ (45,000.00)
                                                                            ============



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:                    Bank of America
Location:                Dallas, TX
Account Name:
Account Number:          3751469007



DATE DISBURSED           CHECK NUMBER                           DESCRIPTION                                AMOUNT
- --------------           ------------             --------------------------------------------          ------------
                                                                                               
01/11/02                                          Service charge for returned deposit                          15.00
01/16/02                                          Telpro (Refund of deposit on equipment sale)             10,000.00
                                                                                                        ------------
                                                                                         Total          $  10,015.00
                                                                                                        ============



                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                     For the Month Ending: January 31, 2002

STATEMENT OF INVENTORY

                              
     Beginning Inventory              $  --
     Add: purchases                   $  --
     Less: goods sold                 $  --
                                      -----
     Ending inventory                 $  --
                                      =====

     

PAYROLL INFORMATION STATEMENT

                                        
     Gross payroll for this period              $  --
     Payroll taxes due but unpaid               $  --

     

               STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS



                                       DATE REGULAR               AMOUNT OF                NUMBER OF               AMOUNT OF
      NAME OF CREDITOR/LESSOR         PAYMENT IS DUE          REGULAR PAYMENT        PAYMENTS DELINQUENT      PAYMENTS DELINQUENT
      -----------------------         --------------          ----------------       --------------------     -------------------
                                                                                                  
     TMR, Inc                             Monthly              $  40,174.00                    0                   $         --
     New World Tower Partners             Monthly              $  12,651.40                    0                   $         --
     Quinby Building Inc                  Monthly              $  10,087.82                    2                   $  20,175.64
     111 Eight Ave, LLC                   Monthly              $  42,485.59                    0                   $         --
     Descalso Howard                      Monthly              $   8,585.00                    0                   $         --
     One Wilshire Arcade                  Monthly              $   7,938.44                    1                   $   7,938.44
     Hatfield Philips                     Monthly              $   5,371.63                    0                   $         --



                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                     For the Month Ending: January 31, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                                   3RD PARTY              INTERCOMPANY              TOTAL
                                                                  ---------------------------------------------------------------
                                                                                                        
             Beginning of month balance                           $ 103,941,082.35         $ 7,015,176.24        $ 110,956,258.59
             Add: sales on account                                $             --         $           --        $             --
             Add: customer credits                                $             --         $           --        $             --
             Add: intercompany activity                           $             --         $           --        $             --
             Less: collections                                    $    (120,834.89)        $   181,711.18        $      60,876.29
             Less: offsets                                        $             --         $           --        $             --
             Less: application of customer deposits               $             --         $           --        $             --
                                                                  ---------------------------------------------------------------
             End of month balance                                 $ 103,820,247.46         $ 7,196,887.42        $ 111,017,134.88
                                                                  ===============================================================




0-30 Days       31-60 Days       61-90 Days          Over 90 Days              End of Month Total
- ---------       ----------       ----------        ----------------            ------------------
                                                                   
$  --            $  --            $  --            $ 103,820,247.46            $ 103,820,247.46


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)



                                                                          3RD PARTY           INTERCOMPANY            TOTAL
                                                                       ---------------------------------------------------------
                                                                                                        
             Beginning of month balance                                $  5,528,045.86       $ 4,626,458.72      $ 10,154,504.58
             Add: sales on account**                                   $     18,780.64       $           --      $     18,780.64
             Add: intercompany activity
                Expenses paid directly by Parent or Affiliate          $     (8,765.64)      $     8,765.64      $            --
                Net cash advanced by Parent or Affiliate               $            --       $           --      $            --
                Credit extended by Parent or Affiliate                 $            --       $           --      $            --
                Amounts collected on behalf of Affiliate               $            --       $           --      $            --
             Less: payments                                            $    (10,015.00)      $           --      $    (10,015.00)
                                                                       ---------------------------------------------------------
             End of month balance                                      $  5,528,045.86       $ 4,635,224.36      $ 10,163,270.22
                                                                       =========================================================




0-30 Days        31-60 Days       61-90 Days           Over 90 Days             End of Month Total
- ---------        ----------       ----------        ----------------            ------------------
                                                                    
 $  --            $  --            $  --            $   5,528,045.86            $   5,528,045.86


**The post-petition accounts payable balances accrued for above are subject to
  customary audit and review, which could result in changes to the balances
  recorded. If upon such audit and review amounts invoiced by vendors are
  disputed, such disputed amounts are not reflected in the accounts payable
  balances reflected above. As of January 31, the Debtor has been invoiced
  cumulative post-petition disputed amounts totalling $2,663,816.


                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                     For the Month Ending: January 31, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                          
         1.        Federal income taxes                     Yes (X)                         No ( )

         2.        FICA withholdings                        Yes (X)                         No ( )

         3.        Employee's withholdings                  Yes (X)                         No ( )

         4.        Employer's FICA                          Yes (X)                         No ( )

         5.        Federal unemployment taxes               Yes (X)                         No ( )

         6.        State income tax                         Yes (X)                         No ( )

         7.        State employee withholdings              Yes (X)                         No ( )

         8.        All other state taxes                        See Note Below

         

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                            OPERATING REPORT Page 6


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                                  /s/ Henry C. Lyon
                                                  -----------------------------
                                                  For the Debtor In Possession

                                                  Henry C. Lyon
                                                  Designated Officer


                            OPERATING REPORT Page 7


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                     For the Month Ending: February 28, 2002

                                                                                    
BEGINNING BALANCE IN ALL ACCOUNTS                                                      $  5,576,659.53

RECEIPTS:
     1. Receipts from Operations                                                       $    193,270.39
     2. Other Receipts                                                                 $     66,739.75
        Other Receipts (Received by Parent or Affiliate)                               $            --
                                                                                       ---------------
TOTAL RECEIPTS                                                                         $    260,010.14
Less:  Receipts received by Parent or Affiliate                                        $            --
                                                                                       ---------------
ADJUSTED RECEIPTS                                                                      $    260,010.14

DISBURSEMENTS
     3. Net Payroll
        a. Officers                                                                    $            --
        b. Others                                                                      $            --
     4. Taxes
        a. Federal Income Taxes                                                        $            --
        b. FICA Withholdings                                                           $            --
        c. Employee's withholdings                                                     $            --
        d. Employer's FICA                                                             $            --
        e. Federal Unemployment Taxes                                                  $            --
        f. State Income Tax                                                            $            --
        g. State Employee withholdings                                                 $            --
        h. All other state taxes

     5. Necessary Expenses  (Paid by Parent or Affiliate)
        a. Rent or mortgage payment(s)                                                 $            --
        b. Utilities                                                                   $            --
        c. Insurance                                                                   $            --
        d. Merchandise bought for manufacture or sell                                  $            --
        e. Other necessary expenses
           Telephone                                                                   $        916.92
           Expenses associated with equipment sales                                    $     59,638.43
           Computer Access/Hosting Services                                            $     50,625.00
                                                                                       ---------------

TOTAL DISBURSEMENTS                                                                    $    111,180.35
Less: Disbursements paid by Parent/Affiliate                                           $   (111,180.35)
                                                                                       ---------------
ADJUSTED DISBURSEMENTS                                                                 $            --

NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                    $    260,010.14

NET INTERCOMPANY SWEEP TRANSFERS - WATG
                                                                                       ---------------

ENDING BALANCE IN Citibank                                                             $      8,432.90
ENDING BALANCE IN BofA-Atlanta GA                                                      $  4,399,634.66
ENDING BALANCE IN BofA-Dallas TX                                                       $  1,428,602.11
                                                                                       ---------------
ENDING BALANCE IN ALL ACCOUNTS                                                         $  5,836,669.67
                                                                                       ===============




                            OPERATING REPORT Page 1


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                                RECEIPTS LISTING

                     For the Month Ending: February 28, 2002

Bank:                    Bank of America
Location:                Atlanta, GA
Account Name:            BofA-Atlanta GA
Account Number:          329979536



     DATE RECEIVED                                   DESCRIPTION                     AMOUNT
- -------------------------                       ---------------------             ------------
                                                                            
Receipts from Operations:
                2/8/2002                          Interactive Media               $     755.91
                2/8/2002                             Americatel                      11,178.45
                2/8/2002                           Europa Telecom                    11,336.03
                2/8/2002                           Radiant Telecom                  125,000.00
                                                                                  ------------
                                                                                  $ 148,270.39
                                                                                  ============

Other Receipts:
                2/8/2002                            U.S. Treasury                 $      88.20
                2/8/2002                         Citibank - Interest                    101.48
                2/8/2002                            U.S. Treasury                       157.27
                2/8/2002                             Tammy Korn                         192.00
                2/8/2002                            Michael Breen                       660.00
                2/8/2002                        UCN Liquidating Trust                 1,024.60
                2/8/2002                            Herbert Klatt                     3,050.00
                2/8/2002                           Apto Solutions                     3,466.20
                2/8/2002                          Optimus Solutions                   9,800.00
               2/27/2002                             Mid-Hudson                      48,200.00
                                                                                  ------------
                                                                                  $  66,739.75
                                                                                  ============



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                                RECEIPTS LISTING

                     For the Month Ending: February 28, 2002

Bank:                    Bank of America
Location:                Dallas, TX
Account Name:            BofA-Dallas, TX
Account Number:          3751469007




     DATE RECEIVED                                    DESCRIPTION                    AMOUNT
- --------------------------                            -----------                 ------------
                                                                            
Receipts from Operations:
                01/11/02                               Unilink                    $  45,000.00

                                                                                  ------------
                                                                                  $  45,000.00
                                                                                  ============



                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                     For the Month Ending: February 28, 2002

STATEMENT OF INVENTORY

                                        
     Beginning Inventory                        $  --
     Add: purchases                             $  --
     Less: goods sold                           $  --
                                                -----
     Ending inventory                           $  --
                                                =====

     

PAYROLL INFORMATION STATEMENT

                                        
     Gross payroll for this period              $  --
     Payroll taxes due but unpaid               $  --

     

               STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS



                                       DATE REGULAR               AMOUNT OF                NUMBER OF               AMOUNT OF
      NAME OF CREDITOR/LESSOR         PAYMENT IS DUE          REGULAR PAYMENT        PAYMENTS DELINQUENT      PAYMENTS DELINQUENT
      -----------------------         --------------          ----------------       --------------------     -------------------
                                                                                                  
     TMR, Inc                            Monthly                $  40,174.00                  0                  $         --
     New World Tower Partners            Monthly                $  12,651.40                  0                  $         --
     Quinby Building Inc                 Monthly                $  10,087.82                  2                  $  20,175.64
     111 Eight Ave, LLC                  Monthly                $  42,485.59                  0                  $         --
     Descalso Howard                     Monthly                $   8,585.00                  0                  $         --
     One Wilshire Arcade                 Monthly                $   7,938.44                  1                  $   7,938.44
     Hatfield Philips                    Monthly                $   5,371.63                  0                  $         --



                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                     For the Month Ending: February 28, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                                   3RD PARTY             INTERCOMPANY               TOTAL
                                                                  ---------------------------------------------------------------
                                                                                                        
             Beginning of month balance                           $ 103,820,247.46         $ 7,196,887.42        $ 111,017,134.88
             Add: sales on account                                $             --         $           --        $             --
             Add: customer credits                                $             --         $           --        $             --
             Add: intercompany activity                           $             --         $           --        $             --
             Less: collections                                    $    (193,270.39)        $           --        $    (193,270.39)
             Less: offsets                                        $             --         $           --        $             --
             Less: application of customer deposits               $             --         $           --        $             --
                                                                  ---------------------------------------------------------------
             End of month balance                                 $ 103,626,977.07         $ 7,196,887.42        $ 110,823,864.49
                                                                  ===============================================================




0-30 Days      31-60 Days       61-90 Days           Over 90 Days              End of Month Total
- ---------      ----------       ----------         ----------------            ------------------
                                                                   
$  --            $  --            $  --            $ 103,626,977.07            $ 103,626,977.07


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)


                                                                            3RD PARTY           INTERCOMPANY             TOTAL
                                                                        -----------------------------------------------------------
                                                                                                           
             Beginning of month balance                                 $  5,528,045.86        $ 4,635,224.36       $ 10,163,270.22
             Add: sales on account**                                    $    111,180.35        $           --       $    111,180.35
             Add: intercompany activity
                Expenses paid directly by Parent or Affiliate           $   (111,180.35)       $   111,180.35       $            --
                Net cash advanced by Parent or Affiliate                $            --        $           --       $            --
                Credit extended by Parent or Affiliate                  $            --        $           --       $            --
                Amounts collected on behalf of Affiliate                $            --        $           --       $            --
             Less: payments                                             $            --        $           --       $            --
                                                                        -----------------------------------------------------------
             End of month balance                                       $  5,528,045.86        $ 4,746,404.71       $ 10,274,450.57
                                                                        ===========================================================




0-30 Days      31-60 Days        61-90 Days          Over 90 Days               End of Month Total
- ---------      ----------        ----------        ----------------            -------------------
                                                                   
$  --            $  --            $  --            $   5,528,045.86            $   5,528,045.86


**The post-petition accounts payable balances accrued for above are subject to
  customary audit and review, which could result in changes to the balances
  recorded. If upon such audit and review amounts invoiced by vendors are
  disputed, such disputed amounts are not reflected in the accounts payable
  balances reflected above. As of February 28, the Debtor has been invoiced
  cumulative post-petition disputed amounts totalling $2,663,816.


                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                     For the Month Ending: February 28, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                          
         1.        Federal income taxes                     Yes (X)                         No ( )

         2.        FICA withholdings                        Yes (X)                         No ( )

         3.        Employee's withholdings                  Yes (X)                         No ( )

         4.        Employer's FICA                          Yes (X)                         No ( )

         5.        Federal unemployment taxes               Yes (X)                         No ( )

         6.        State income tax                         Yes (X)                         No ( )

         7.        State employee withholdings              Yes (X)                         No ( )

         8.        All other state taxes                         See Note Below

         

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.


                            OPERATING REPORT Page 6


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                                  /s/ Henry C. Lyon
                                                  ----------------------------
                                                  For the Debtor In Possession

                                                  Henry C. Lyon
                                                  Designated Officer


                            OPERATING REPORT Page 7

                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.            CASE NUMBER: 01-14643-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                      For the Month Ending: March 31, 2002

                                                                        
BEGINNING BALANCE IN ALL ACCOUNTS                                          $ 5,836,669.67

RECEIPTS:
     1.  Receipts from Operations                                          $   273,280.20
     2.  Other Receipts                                                    $   114,670.56
         Other Receipts (Received by Parent or Affiliate)                  $           --
                                                                           --------------
TOTAL RECEIPTS                                                             $   387,950.76
Less:  Receipts received by Parent or Affiliate                            $           --
                                                                           --------------
ADJUSTED RECEIPTS                                                          $   387,950.76

DISBURSEMENTS
     3. Net Payroll
        a. Officers                                                        $           --
        b. Others                                                          $           --
     4. Taxes
        a. Federal Income Taxes                                            $           --
        b. FICA Withholdings                                               $           --
        c. Employee's withholdings                                         $           --
        d. Employer's FICA                                                 $           --
        e. Federal Unemployment Taxes                                      $           --
        f. State Income Tax                                                $           --
        g. State Employee withholdings                                     $           --
        h. All other state taxes

     5. Necessary Expenses (Paid by Parent or Affiliate)
        a. Rent or mortgage payment(s)                                     $           --
        b. Utilities                                                       $           --
        c. Insurance                                                       $           --
        d. Merchandise bought for manufacture or sell                      $           --
        e. Other necessary expenses
           U.S. Trustee Fees                                               $    12,500.00
           Expenses associated with equipment sales                        $     7,096.89
           Computer Access/Hosting Services                                $     8,625.00
                                                                           --------------

TOTAL DISBURSEMENTS                                                        $    28,221.89
Less: Disbursements paid by Parent/Affiliate                               $   (28,221.89)
                                                                           --------------
ADJUSTED DISBURSEMENTS                                                     $           --

NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                        $   387,950.76

NET INTERCOMPANY SWEEP TRANSFERS - WATG                                    $   181,711.18
                                                                           --------------

ENDING BALANCE IN Citibank                                                 $     8,432.90
ENDING BALANCE IN BofA-Atlanta GA                                          $ 4,838,016.40
ENDING BALANCE IN BofA-Dallas TX                                           $ 1,559,882.31
                                                                           --------------
ENDING BALANCE IN ALL ACCOUNTS                                             $ 6,406,331.61
                                                                           ==============





                            OPERATING REPORT Page 1


                     IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                                RECEIPTS LISTING

                      For the Month Ending: March 31, 2002

Bank:                    Bank of America
Location:                Atlanta, GA
Account Name:            BofA-Atlanta GA
Account Number:          329979536



     DATE RECEIVED                    DESCRIPTION                     AMOUNT
     -------------                    -----------                     ------
                                                             
Receipts from Operations:
                3/8/2002                 Texcom                    $  17,000.00
                3/8/2002            Radiant Telecom                  125,000.00


                                                                   ------------
                                                                   $ 142,000.00
                                                                   ============

Other Receipts:
                3/6/2002             Apto Solutions                  $ 1,050.00
                3/6/2002             Apto Solutions                    1,125.00
                3/6/2002          Southwest Tel-Supply                 1,300.00
                3/6/2002         Somera Communications                 2,825.00
                3/6/2002               Mid-Hudson                      3,500.00
                3/6/2002             Gordon Murphey                   10,000.00
                3/6/2002               Telexpress                     14,050.00
                3/6/2002            Correx Networks                   15,400.00
               3/21/2002        FCI Sweden sale proceeds              65,420.56

                                                                   ------------
                                                                   $ 114,670.56
                                                                   ============




                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.             CASE NUMBER: 01-14643-SPS

                                RECEIPTS LISTING

                      For the Month Ending: March 31, 2002

Bank:                    Bank of America
Location:                Dallas, TX
Account Name:            BofA-Dallas, TX
Account Number:          3751469007



     DATE RECEIVED                      DESCRIPTION                   AMOUNT
     -------------                      -----------                   ------
                                                             
Receipts from Operations:
         3/26/2002                      Tricom USA                 $ 131,280.20
                                                                   ------------

                                                                   $ 131,280.20
                                                                   ============




                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.            CASE NUMBER: 01-14643-SPS

                      For the Month Ending: March 31, 2002

STATEMENT OF INVENTORY

                                      
    Beginning Inventory                  $     --
    Add: purchases                       $     --
    Less: goods sold                     $     --
                                         --------
    Ending inventory                     $     --
                                         ========

PAYROLL INFORMATION STATEMENT

    Gross payroll for this period        $     --
    Payroll taxes due but unpaid         $     --




               STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS



                                DATE REGULAR          AMOUNT OF               NUMBER OF               AMOUNT OF
 NAME OF CREDITOR/LESSOR       PAYMENT IS DUE      REGULAR PAYMENT      PAYMENTS DELINQUENT      PAYMENTS DELINQUENT
 -----------------------       --------------      ---------------      -------------------      -------------------
                                                                                     
TMR, Inc                           Monthly           $ 40,174.00                 0                   $       --
New World Tower Partners           Monthly           $ 12,651.40                 0                   $       --
Quinby Building Inc                Monthly           $ 10,087.82                 2                   $20,175.64
111 Eight Ave, LLC                 Monthly           $ 42,485.59                 0                   $       --
Descalso Howard                    Monthly           $  8,585.00                 0                   $       --
One Wilshire Arcade                Monthly           $  7,938.44                 1                   $ 7,938.44
Hatfield Philips                   Monthly           $  5,371.63                 0                   $       --




                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.            CASE NUMBER: 01-14643-SPS

                      For the Month Ending: March 31, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                                3RD PARTY          INTERCOMPANY             TOTAL
                                                               ---------------      ---------------      ---------------
                                                                                                
          Beginning of month balance                           $103,626,977.07      $  7,196,887.42      $110,823,864.49
          Add: sales on account                                $            --      $            --      $            --
          Add: customer credits                                $            --      $            --      $            --
          Add: intercompany activity                           $            --      $            --      $            --
          Less: collections                                    $   (273,280.20)     $   (181,711.18)     $   (454,991.38)
          Less: offsets                                        $            --      $            --      $            --
          Less: application of customer deposits               $            --      $            --      $            --
                                                               ---------------      ---------------      ---------------
          End of month balance                                 $103,353,696.87      $  7,015,176.24      $110,368,873.11
                                                               ===============      ===============      ===============





0-30 Days                        31-60 Days                    61-90 Days            Over 90 Days         End of Month Total
- ---------                        ----------                    ----------            ------------         ------------------
                                                                                              
$   --                            $   --                         $   --             $103,353,696.87        $103,353,696.87



STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)


                                                                   3RD PARTY          INTERCOMPANY             TOTAL
                                                               ---------------      ---------------      ---------------
                                                                                                
          Beginning of month balance                           $  5,528,045.86      $  4,746,404.71      $ 10,274,450.57
          Add: sales on account**                              $     28,221.89      $            --      $     28,221.89
          Add: intercompany activity
             Expenses paid directly by Parent or Affiliate     $    (28,221.89)     $     28,221.89      $            --
             Net cash advanced by Parent or Affiliate          $            --      $            --      $            --
             Credit extended by Parent or Affiliate            $            --      $            --      $            --
             Amounts collected on behalf of Affiliate          $            --      $            --      $            --
          Less: payments                                       $            --      $            --      $            --
                                                               ---------------      ---------------      ---------------
          End of month balance                                 $  5,528,045.86      $  4,774,626.60      $ 10,302,672.46
                                                               ===============      ===============      ===============





0-30 Days                        31-60 Days                    61-90 Days            Over 90 Days         End of Month Total
- ---------                        ----------                    ----------            ------------         ------------------
                                                                                              
  $   --                           $   --                        $   --              $5,528,045.86          $5,528,045.86


**The post-petition accounts payable balances accrued for above are subject to
  customary audit and review, which could result in changes to the balances
  recorded. If upon such audit and review amounts invoiced by vendors are
  disputed, such disputed amounts are not reflected in the accounts payable
  balances reflected above. As of March 31, the Debtor has been invoiced
  cumulative post-petition disputed amounts totalling $2,663,816.



                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: Facilicom International, L.L.C.           CASE NUMBER: 01-14643-SPS

                      For the Month Ending: March 31, 2002

                                TAX QUESTIONNAIRE

       Debtors in possession and trustees are required to pay all taxes incurred
after the filing of their Chapter 11 petition on an as due basis. Please
indicate whether the following post petition taxes or withholdings have been
paid currently.


                                                                          
       1.        Federal income taxes                     Yes (X)                         No ( )

       2.        FICA withholdings                        Yes (X)                         No ( )

       3.        Employee's withholdings                  Yes (X)                         No ( )

       4.        Employer's FICA                          Yes (X)                         No ( )

       5.        Federal unemployment taxes               Yes (X)                         No ( )

       6.        State income tax                         Yes (X)                         No ( )

       7.        State employee withholdings              Yes (X)                         No ( )

       8.        All other state taxes                         See Note Below


       

     If any of the above have not been paid, state below the tax not paid, the
amounts past due and the date of the last payment.

Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims.



                            OPERATING REPORT Page 6


                     IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION



                   DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                                /S/ Henry C. Lyon
                                               --------------------------------
                                               For the Debtor In Possession

                                               Henry C. Lyon
                                               Designated Officer




                            OPERATING REPORT Page 7

EX-99.5

                                                                    EXHIBIT 99.5

                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                     For the Month Ending: January 31, 2002

                                                                                          
BEGINNING BALANCE IN ALL ACCOUNTS                                                            $  2,882,826.53
       Add/(Subtract) Reconciliation Errors                                                  $     (1,206.66)
                                                                                             ---------------
Adjusted beginning balance in all accounts                                                   $  2,881,619.87

RECEIPTS:
       1. Receipts from Operations                                                           $            --
       2. Other Receipts                                                                     $        509.08
                                                                                             ---------------
TOTAL RECEIPTS                                                                               $        509.08
       Less:  Receipts received by Parent/Affiliates                                         $       (509.08)
                                                                                             ---------------
ADJUSTED TOTAL RECEIPTS                                                                      $            --

DISBURSEMENTS
       3. Net Payroll
             a. Officers                                                                     $            --
             b. Others                                                                       $            --
       4. Taxes
             a. Federal Income Taxes                                                         $            --
             b. FICA Withholdings                                                            $            --
             c. Employee's withholdings                                                      $            --
             d. Employer's FICA                                                              $            --
             e. Federal Unemployment Taxes                                                   $            --
             f. State Income Tax                                                             $            --
             g. State Employee withholdings                                                  $            --
             h. All other state taxes                                                        $    154,326.41

       5. Necessary Expenses (Paid by Parent or Affiliate)
             a. Rent or mortgage payment(s)                                                  $            --
             b. Utilities                                                                    $            --
             c. Insurance                                                                    $            --
             d. Merchandise bought for manufacture or sell                                   $            --
             e. Other necessary expenses
                Clearing of previously voided checks                                         $        126.60
                IBM Help Desk Fees                                                           $     15,275.81
                Building cleaning expenses upon vacating space                               $        462.00
                Credit card chargebacks                                                      $        209.50
                                                                                             ---------------

TOTAL DISBURSEMENTS                                                                          $    170,400.32
Less:  Disbursements by Parent or Affiliate                                                  $   (170,064.22)
                                                                                             ---------------
ADJUSTED TOTAL DISBURSEMENTS                                                                 $        336.10

                                                                                             ---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                          $       (336.10)

NET INTERCOMPANY SWEEP TRANSFERS - WAXS                                                      $            --
                                                                                             ---------------

ENDING BALANCE IN WxC/WAXS                                                                   $    111,960.75
ENDING BALANCE IN B of A Checking                                                            $  2,769,323.02
                                                                                             ---------------
                                        ENDING BALANCE                                       $  2,881,283.77
                                                                                             ===============




                            OPERATING REPORT Page 1


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:              Bank of America
Location:          Atlanta, GA
Account Name:      Checking
Account Number:    3299991275



DATE DISBURSED                        CHECK NUMBER          DESCRIPTION                                AMOUNT
- --------------                        ------------          -----------                               --------
                                                                                             
Clearing of previously voided checks                                                                  $ 126.60
                                                                                                      --------

                                                                                              Total   $ 126.60
                                                                                                      ========



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: January 31, 2002

Bank:              Bank of America
Location:          Dallas, TX
Account Name:      Checking
Account Number:    3751565312



DATE DISBURSED           CHECK NUMBER                    DESCRIPTION                                        AMOUNT
- --------------           ------------              -----------------------                                 --------
                                                                                                  
   01/04/02                  EFT                   Credit card chargebacks                                 $  40.00
   01/04/02                  EFT                   Credit card chargebacks                                    47.50
   01/04/02                  EFT                   Credit card chargebacks                                    60.00
   01/04/02                  EFT                   Credit card chargebacks                                    62.00
                                                                                                           --------

                                                                                                    Total  $ 209.50
                                                                                                           ========



                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                     For the Month Ending: January 31, 2002

STATEMENT OF INVENTORY

                                                          
     Beginning Inventory                                          $ --
     Add: purchases                                               $ --
     Less: goods sold                                             $ --
                                                                  ----
     Ending inventory                                             $ --
                                                                  ====

     

PAYROLL INFORMATION STATEMENT

                                                          
     Gross payroll for this period                                $ --
     Payroll taxes due but unpaid                                 $ --

     

              STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS**



                                              Date regular          Amount of               Number of                Amount of
     Name of Creditor/Lessor                 payment is due      regular payment       Payments Delinquent      Payments Delinquent
                                                                                                    
Imperial Premium Finance                         Monthly              8,798.52                   --                            --
Storage West Self Storage                        Monthly                209.00              See Note 1                      27.87
Storage West Self Storage                        Monthly                 99.00              See Note 1                      13.20
Associated Storage                               Monthly              2,149.98              See Note 1                     286.66
Bay 602 Corporation                              Monthly              9,817.39              See Note 1                   1,308.99
Reynolds Family Properties                       Monthly              4,448.00              See Note 1                     593.07
Reynolds Family Properties                       Monthly             23,792.49              See Note 1                   3,172.33
Doral Plaza Associates                           Monthly              9,660.00              See Note 1                   1,288.00
Colonial Parking                                 Monthly                378.00              See Note 1                      50.40
23223 Bryan St. Limited Partnership              Monthly             16,941.16              See Note 1                   2,258.82
Central Parking Systems                          Monthly                700.00              See Note 1                      93.33
Currie Samuelson                                 Monthly              1,200.00              See Note 1                     160.00
Currie Samuelson                                 Monthly             34,516.00              See Note 1                   4,602.13
Downtown Properties                              Monthly             10,850.00              See Note 1                   1,446.67
Hudson Telegraph                                 Monthly             12,206.25              See Note 1                   1,627.50
Okada International                              Monthly              2,601.03              See Note 1                     346.80
One Wilshire Arcade Imp.                         Monthly              6,147.03              See Note 1                     819.60
Rockrose Development                             Monthly              2,848.25              See Note 1                     379.77
Scripps Ranch Landscape                          Monthly              1,000.00              See Note 1                     133.33
Pacific Guardian Center                          Monthly              4,707.32              See Note 1                     627.64
Wells Fargo Financial Leasing Co.                Monthly                279.88                   --                            --
Newcourt Leasing                                 Monthly              1,871.90                   --                            --
Greater San Diego Air                            Monthly              2,246.00              See Note 1                     299.47
Finova Loan Admin. Inc                           Monthly             11,825.07              See Note 1                   1,576.68
CIT Group                                        Monthly              8,117.96                   --                            --
Dana Commercial Credit                           Monthly             14,734.93              See Note 1                   1,964.66
Danka Financial Services                         Monthly             16,705.50                   --                            --
Danka Financial Services                         Monthly                378.16              See Note 2                     428.58
Data Sales Co., Inc                              Monthly             58,663.13              See Note 1                   7,821.75
IBM Corporation                                  Monthly             56,452.32                   --                            --
Advanta Leasing Services                         Monthly              1,374.62                   --                            --
Premier Computer Sales                           Monthly              7,151.17              See Note 1                     953.49
Siemens Credit LTD                               Monthly             45,360.11              See Note 2                  51,408.12
Telogy, Inc.                                     Monthly              6,482.29              See Note 1                     864.31
Telecommunications Finance Group                 Monthly          1,013,115.84              See Note 2               1,148,197.95
Union Bank of CA., N.A.                          Monthly             61,133.27              See Note 1                   8,151.10


Note 1:  Debtor may be liable for prorated obligation from June 1, 2001 through
         June 4, 2001 in the event I-Link does not assume contract.

Note 2:  Debtor has not paid the monthly payment for May 2001. In addition,
         Debtor may be liable for prorated obligation from June 1, 2001 through
         June 4, 2001 in the event I-Link does not assume contract.


                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                     For the Month Ending: January 31, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                                       3RD PARTY          INTERCOMPANY               TOTAL
                                                                          -------------------------------------------------------
                                                                                                          
            Beginning of month balance                                      $ --            $ 2,402,758.04         $ 2,402,758.04
            Add: Receipts by parent/affiliates                              $ --            $       509.08         $       509.08
            Add: customer credits                                           $ --            $           --         $           --
            Add: intercompany activity                                      $ --            $           --         $           --
            Less: collections                                               $ --            $           --         $           --
            Less: offsets                                                   $ --            $           --         $           --
            Less: application of customer deposits                          $ --            $           --         $           --
            Less: sale of receivables to I-Link                             $ --            $           --         $           --
                                                                          -------------------------------------------------------
            End of month balance                                            $ --            $ 2,403,267.12         $ 2,403,267.12
                                                                          =======================================================




0-30 Days                  31-60 Days                61-90 Days               Over 90 Days               End of Month Total
- ---------                  ----------                ----------               ------------               ------------------
                                                                                             
  $ --                        $ --                      $ --                      $ --                         $ --


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)**


                                                                          3RD PARTY           INTERCOMPANY               TOTAL
                                                                       ------------------------------------------------------------
                                                                                                          
            Beginning of month balance                                 $ 8,988,741.01        $ 5,929,849.24        $ 14,918,590.25
            Add: sales on account**                                    $    16,073.91        $           --        $     16,073.91
            Add: collections on behalf of I-Link                       $           --        $           --        $            --
            Add: intercompany activity
              Expenses paid directly by Parent or Affiliate            $  (170,064.22)       $   170,064.22        $            --
              Net cash advanced by Parent                              $           --        $           --        $            --
              Credit extended by Parent or Affiliate                   $           --        $           --        $            --
              Amounts collected by Parent                              $           --        $           --        $            --
            Less: Invoicing to I-Link                                  $           --        $           --        $            --
            Less: remittances to I-Link                                $           --        $           --        $            --
            Less: payments                                             $      (336.10)       $           --        $       (336.10)
                                                                       ------------------------------------------------------------
            End of month balance                                       $ 8,834,414.60        $ 6,099,913.46        $ 14,934,328.06
                                                                       ============================================================




0-30 Days               31-60 Days              61-90 Days                      Over 90 Days                 End of Month Total
- ---------               ----------              ----------                      ------------                 ------------------
                                                                                                 
  $ --                     $ --                    $ --                        $ 8,834,414.60                  $ 8,834,414.60


**       The post-petition accounts payable balances accrued for above are
         subject to customary audit and review, which could result in changes to
         the balances recorded. If upon such audit and review amounts invoiced
         by vendors are disputed, such disputed amounts are not reflected in the
         accounts payable balances reflected above. As of January 31, the Debtor
         has been invoiced cumulative post-petition disputed amounts totalling
         $1,804,912.


                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                     For the Month Ending: January 31, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                       
         1.        Federal income taxes                              Yes (X)             No ( )

         2.        FICA withholdings                                 Yes (X)             No ( )

         3.        Employee's withholdings                           Yes (X)             No ( )

         4.        Employer's FICA                                   Yes (X)             No ( )

         5.        Federal unemployment taxes                        Yes (X)             No ( )

         6.        State income tax                                  Yes (X)             No ( )

         7.        State employee withholdings                       Yes (X)             No ( )

         8.        All other state taxes                                  See Note Below

         

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:

The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims. See also the Attachment to Tax Questionnaire
following.


                            OPERATING REPORT Page 6


Case Name: WorldxChange Communications, Inc.
Case Number 01-14637-SPS

Attachment to Tax Questionnaire

            Statement Regarding Excise and Other Flow Through Taxes


As established in the past, the debtors remit excise tax and other flow
through taxes on a billed basis. The result of this is that the debtor remits
the taxes before they are collected. As the debtors are in bankruptcy, they
are no longer able to remit the taxes in this manner. For the taxes and returns
for the period ending 5/31/2001 and the quarter ended 6/30/2001, the debtors
have not filed the returns nor remitted the taxes for the following reasons:

1-The accounts receivable as of 5/31/2001, which includes the associated taxes,
were purchased by I-Link incorporated on or about 6/4/2001.

2-As a result of the purchase, the debtors will never collect the taxes
associated with the receivables.

3-Without the money collected from #2 above, the debtors are not able to remit
the taxes.

It is the Debtors position that the purchaser is responsible for such
obligations.


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                          /s/ Henry C. Lyon
                                          -------------------------------------
                                          For the Debtor In Possession

                                          Henry C. Lyon
                                          Designated Officer


                            OPERATING REPORT Page 7



                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                     For the Month Ending: February 28, 2002

                                                                                          
BEGINNING BALANCE IN ALL ACCOUNTS                                                            $  2,881,283.77

RECEIPTS:
        1. Receipts from Operations                                                          $            --
        2. Other Receipts                                                                    $         46.65
                                                                                             ---------------

TOTAL RECEIPTS                                                                               $         46.65
        Less:  Receipts received by Parent/Affiliates                                        $        (46.65)
                                                                                             ---------------
ADJUSTED TOTAL RECEIPTS                                                                      $            --

DISBURSEMENTS
        3. Net Payroll
             a. Officers                                                                     $            --
             b. Others                                                                       $            --
        4. Taxes
             a. Federal Income Taxes                                                         $            --
             b. FICA Withholdings                                                            $            --
             c. Employee's withholdings                                                      $            --
             d. Employer's FICA                                                              $            --
             e. Federal Unemployment Taxes                                                   $            --
             f. State Income Tax                                                             $            --
             g. State Employee withholdings                                                  $            --
             h. All other state taxes                                                        $    130,232.36

        5. Necessary Expenses (Paid by Parent or Affiliate)
             a. Rent or mortgage payment(s)                                                  $            --
             b. Utilities                                                                    $            --
             c. Insurance                                                                    $            --
             d. Merchandise bought for manufacture or sell                                   $            --
             e. Other necessary expenses
                Clearing of previously voided checks                                         $         58.06
                IBM Lease                                                                    $            --
                Credit card chargebacks                                                      $        209.50
                                                                                             ---------------

TOTAL DISBURSEMENTS                                                                          $    130,499.92
Less:  Disbursements by Parent or Affiliate                                                  $   (130,232.36)
                                                                                             ---------------
ADJUSTED TOTAL DISBURSEMENTS                                                                 $        267.56

                                                                                             ---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                          $       (267.56)

NET INTERCOMPANY SWEEP TRANSFERS - WAXS                                                      $            --
                                                                                             ---------------

ENDING BALANCE IN WxC/WAXS                                                                   $    111,751.25
ENDING BALANCE IN B of A Checking                                                            $  2,769,264.96
                                                                                             ---------------
                                    ENDING BALANCE                                           $  2,881,016.21
                                                                                             ===============




                            OPERATING REPORT Page 1





                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: February 28, 2002

Bank:               Bank of America
Location:           Atlanta, GA
Account Name:       Checking
Account Number:     3299991275



DATE DISBURSED                               CHECK NUMBER                   DESCRIPTION                       AMOUNT
- --------------                               ------------                   -----------                       -------
                                                                                                     
Clearing of previously voided checks                                                                          $ 58.06

                                                                                                              -------

                                                                                                        Total $ 58.06
                                                                                                              =======



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                              DISBURSEMENT LISTING

                     For the Month Ending: February 28, 2002

Bank:                Bank of America
Location:            Dallas, TX
Account Name:        Checking
Account Number:      3751565312



DATE DISBURSED        CHECK NUMBER                   DESCRIPTION                              AMOUNT
- --------------        ------------              -----------------------                      -------
                                                                                    
   02/04/02               EFT                   Credit card chargebacks                      $ 40.00
   02/04/02               EFT                   Credit card chargebacks                        47.50
   02/04/02               EFT                   Credit card chargebacks                        60.00
   02/04/02               EFT                   Credit card chargebacks                        62.00
                                                                                            --------
                                                                                     Total  $ 209.50
                                                                                            ========



                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME:  WorldxChange Communications                CASE NUMBER: 01-14637-SPS

                     For the Month Ending: February 28, 2002

STATEMENT OF INVENTORY

                                                          
     Beginning Inventory                                          $ --
     Add: purchases                                               $ --
     Less: goods sold                                             $ --
                                                                  ----
     Ending inventory                                             $ --
                                                                  ====

     

PAYROLL INFORMATION STATEMENT

                                                          
     Gross payroll for this period                                $ --
     Payroll taxes due but unpaid                                 $ --

     

              STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS**



                                            Date regular           Amount of                Number of              Amount of
       Name of Creditor/Lessor             payment is due        regular payment       Payments Delinquent    Payments Delinquent
                                                                                                  
Imperial Premium Finance                       Monthly                8,798.52                   --                         --
Storage West Self Storage                      Monthly                  209.00              See Note 1                   27.87
Storage West Self Storage                      Monthly                   99.00              See Note 1                   13.20
Associated Storage                             Monthly                2,149.98              See Note 1                  286.66
Bay 602 Corporation                            Monthly                9,817.39              See Note 1                1,308.99
Reynolds Family Properties                     Monthly                4,448.00              See Note 1                  593.07
Reynolds Family Properties                     Monthly               23,792.49              See Note 1                3,172.33
Doral Plaza Associates                         Monthly                9,660.00              See Note 1                1,288.00
Colonial Parking                               Monthly                  378.00              See Note 1                   50.40
23223 Bryan St. Limited Partnership            Monthly               16,941.16              See Note 1                2,258.82
Central Parking Systems                        Monthly                  700.00              See Note 1                   93.33
Currie Samuelson                               Monthly                1,200.00              See Note 1                  160.00
Currie Samuelson                               Monthly               34,516.00              See Note 1                4,602.13
Downtown Properties                            Monthly               10,850.00              See Note 1                1,446.67
Hudson Telegraph                               Monthly               12,206.25              See Note 1                1,627.50
Okada International                            Monthly                2,601.03              See Note 1                  346.80
One Wilshire Arcade Imp.                       Monthly                6,147.03              See Note 1                  819.60
Rockrose Development                           Monthly                2,848.25              See Note 1                  379.77
Scripps Ranch Landscape                        Monthly                1,000.00              See Note 1                  133.33
Pacific Guardian Center                        Monthly                4,707.32              See Note 1                  627.64
Wells Fargo Financial Leasing Co.              Monthly                  279.88                   --                         --
Newcourt Leasing                               Monthly                1,871.90                   --                         --
Greater San Diego Air                          Monthly                2,246.00              See Note 1                  299.47
Finova Loan Admin. Inc                         Monthly               11,825.07              See Note 1                1,576.68
CIT Group                                      Monthly                8,117.96                   --                         --
Dana Commercial Credit                         Monthly               14,734.93              See Note 1                1,964.66
Danka Financial Services                       Monthly               16,705.50                   --                         --
Danka Financial Services                       Monthly                  378.16              See Note 2                  428.58
Data Sales Co., Inc                            Monthly               58,663.13              See Note 1                7,821.75
IBM Corporation                                Monthly               56,452.32                   --                         --
Advanta Leasing Services                       Monthly                1,374.62                   --                         --
Premier Computer Sales                         Monthly                7,151.17              See Note 1                  953.49
Siemens Credit LTD                             Monthly               45,360.11              See Note 2               51,408.12
Telogy, Inc.                                   Monthly                6,482.29              See Note 1                  864.31
Telecommunications Finance Group               Monthly            1,013,115.84              See Note 2            1,148,197.95
Union Bank of CA., N.A.                        Monthly               61,133.27              See Note 1                8,151.10


Note 1:  Debtor may be liable for prorated obligation from June 1, 2001 through
         June 4, 2001 in the event I-Link does not assume contract.

Note 2:  Debtor has not paid the monthly payment for May 2001. In addition,
         Debtor may be liable for prorated obligation from June 1, 2001 through
         June 4, 2001 in the event I-Link does not assume contract.


                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                     For the Month Ending: February 28, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                          3RD PARTY              INTERCOMPANY                  TOTAL
                                                             --------------------------------------------------------------
                                                                                                    
            Beginning of month balance                          $ --               $ 2,403,267.12            $ 2,403,267.12
            Add: Receipts by parent/affiliates                  $ --               $        46.65            $        46.65
            Add: customer credits                               $ --               $           --            $           --
            Add: intercompany activity                          $ --               $           --            $           --
            Less: collections                                   $ --               $           --            $           --
            Less: offsets                                       $ --               $           --            $           --
            Less: application of customer deposits              $ --               $           --            $           --
            Less: sale of receivables to I-Link                 $ --               $           --            $           --
                                                             --------------------------------------------------------------
            End of month balance                                $ --               $ 2,403,313.77            $ 2,403,313.77
                                                             ==============================================================




0-30 Days             31-60 Days               61-90 Days            Over 90 Days           End of Month Total
- ---------             ----------               ----------            ------------           ------------------
                                                                                
  $ --                   $ --                     $ --                   $ --                      $ --


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)**


                                                                     3RD PARTY               INTERCOMPANY                TOTAL
                                                                  ----------------------------------------------------------------
                                                                                                         
            Beginning of month balance                            $ 8,834,414.60           $ 6,099,913.46         $ 14,934,328.06
            Add: sales on account**                               $       267.56           $           --         $        267.56
            Add: collections on behalf of I-Link                  $           --           $           --         $            --
            Add: intercompany activity
              Expenses paid directly by Parent or Affiliate       $ (130,232.36)           $   130,232.36         $            --
              Net cash advanced by Parent                         $           --           $           --         $            --
              Credit extended by Parent or Affiliate              $           --           $           --         $            --
              Amounts collected by Parent                         $           --           $           --         $            --
            Less: Invoicing to I-Link                             $           --           $           --         $            --
            Less: remittances to I-Link                           $           --           $           --         $            --
            Less: payments                                        $      (267.56)          $           --         $       (267.56)
                                                                  ----------------------------------------------------------------
            End of month balance                                  $ 8,704,182.24           $ 6,230,145.82         $ 14,934,328.06
                                                                  ================================================================




0-30 Days             31-60 Days               61-90 Days            Over 90 Days           End of Month Total
- ---------             ----------               ----------            ------------           ------------------
                                                                                
  $ --                  $ --                      $ --              $ 8,704,182.24            $ 8,704,182.24


**       The post-petition accounts payable balances accrued for above are
         subject to customary audit and review, which could result in changes to
         the balances recorded. If upon such audit and review amounts invoiced
         by vendors are disputed, such disputed amounts are not reflected in the
         accounts payable balances reflected above. As of February 28, the
         Debtor has been invoiced cumulative post-petition disputed amounts
         totalling $1,804,912.


                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                     For the Month Ending: February 28, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                               
         1.        Federal income taxes                           Yes (X)                        No ( )

         2.        FICA withholdings                              Yes (X)                        No ( )

         3.        Employee's withholdings                        Yes (X)                        No ( )

         4.        Employer's FICA                                Yes (X)                        No ( )

         5.        Federal unemployment taxes                     Yes (X)                        No ( )

         6.        State income tax                               Yes (X)                        No ( )

         7.        State employee withholdings                    Yes (X)                        No ( )

         8.        All other state taxes                               See Note Below

         

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:

The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims. See also the Attachment to Tax Questionnaire
following.


                            OPERATING REPORT Page 6


Case Name: WorldxChange Communications, Inc.
Case Number 01-14637-SPS

Attachment to Tax Questionnaire

            Statement Regarding Excise and Other Flow Through Taxes


As established in the past, the debtors remit excise tax and other flow
through taxes on a billed basis. The result of this is that the debtor remits
the taxes before they are collected. As the debtors are in bankruptcy, they
are no longer able to remit the taxes in this manner. For the taxes and returns
for the period ending 5/31/2001 and the quarter ended 6/30/2001, the debtors
have not filed the returns nor remitted the taxes for the following reasons:

1-The accounts receivable as of 5/31/2001, which includes the associated taxes,
were purchased by I-Link incorporated on or about 6/4/2001.

2-As a result of the purchase, the debtors will never collect the taxes
associated with the receivables.

3-Without the money collected from #2 above, the debtors are not able to remit
the taxes.

It is the Debtors position that the purchaser is responsible for such
obligations.


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                          /s/ Henry C. Lyon
                                          -------------------------------------
                                          For the Debtor In Possession

                                          Henry C. Lyon
                                          Designated Officer


                            OPERATING REPORT Page 7

                                                                    EXHIBIT 99.5

                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                      For the Month Ending: March 31, 2002

                                                                          
BEGINNING BALANCE IN ALL ACCOUNTS                                            $  2,881,016.21

RECEIPTS:
     1. Receipts from Operations                                             $            --
     2. Other Receipts                                                       $        556.02
                                                                             ---------------

TOTAL RECEIPTS                                                               $        556.02

DISBURSEMENTS
     3. Net Payroll
         a. Officers                                                         $            --
         b. Others                                                           $            --
     4. Taxes
         a. Federal Income Taxes                                             $            --
         b. FICA Withholdings                                                $            --
         c. Employee's withholdings                                          $            --
         d. Employer's FICA                                                  $            --
         e. Federal Unemployment Taxes                                       $            --
         f. State Income Tax                                                 $            --
         g. State Employee withholdings                                      $            --
         h. All other state taxes                                            $      1,312.00

     5. Necessary Expenses (Paid by Parent or Affiliate)
         a. Rent or mortgage payment(s)                                      $            --
         b. Utilities                                                        $            --
         c. Insurance                                                        $            --
         d. Merchandise bought for manufacture or sell                       $            --
         e. Other necessary expenses
            Clearing of previously voided checks                             $         79.00
            U.S. Trustee Fees                                                $     10,250.00
            Credit card chargebacks                                          $        209.50
                                                                             ---------------

TOTAL DISBURSEMENTS                                                          $     11,850.50
Less:  Disbursements by Parent or Affiliate                                  $    (11,562.00)
                                                                             ---------------
ADJUSTED TOTAL DISBURSEMENTS                                                 $        288.50

                                                                             ---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                          $        267.52

NET INTERCOMPANY SWEEP TRANSFERS - WAXS                                      $        555.73
                                                                             ---------------

ENDING BALANCE IN WxC/WAXS                                                   $    111,541.75
ENDING BALANCE IN B of A Checking                                            $  2,770,297.71
                                                                             ---------------
                                   ENDING BALANCE                            $  2,881,839.46
                                                                             ===============




                            OPERATING REPORT Page 1


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                                RECEIPTS LISTING

                      For the Month Ending: March 31, 2002

Bank:                Bank of America
Location:            Atlanta, GA
Account Name:        Checking
Account Number:      3299991275




   DATE RECEIVED                                     DESCRIPTION                               AMOUNT
   -------------                            --------------------------------                  --------
                                                                                        
      03/08/02                              KY Dept. of Revenue - Tax Refund                    556.02

                                                                                              --------
                                                                                Total         $ 556.02
                                                                                              ========



                            OPERATING REPORT Page 2


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                              DISBURSEMENT LISTING

                      For the Month Ending: March 31, 2002

Bank:                Bank of America
Location:            Atlanta, GA
Account Name:        Checking
Account Number:      3299991275



   DATE DISBURSED        CHECK NUMBER                    DESCRIPTION                    AMOUNT
   --------------        ------------                    -----------                    ------
                                                                              
Clearing of previously voided checks                                                   $ 79.00

                                                                                       -------

                                                                             Total     $ 79.00
                                                                                       =======



                            OPERATING REPORT Page 3


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                              DISBURSEMENT LISTING

                      For the Month Ending: March 31, 2002

Bank:                    Bank of America
Location:                Dallas, TX
Account Name:            Checking
Account Number:          3751565312




     DATE DISBURSED           CHECK NUMBER              DESCRIPTION                           AMOUNT
     --------------           ------------       -----------------------                     -------
                                                                                    
        03/04/02                   EFT           Credit card chargebacks                     $ 40.00
        03/04/02                   EFT           Credit card chargebacks                       47.50
        03/04/02                   EFT           Credit card chargebacks                       60.00
        03/04/02                   EFT           Credit card chargebacks                       62.00

                                                                                            --------
                                                                                 Total      $ 209.50
                                                                                            ========



                            OPERATING REPORT Page 4


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                      For the Month Ending: March 31, 2002

STATEMENT OF INVENTORY

                                  
     Beginning Inventory                  $  --
     Add: purchases                       $  --
     Less: goods sold                     $  --
                                          -----
     Ending inventory                     $  --
                                          =====

     

PAYROLL INFORMATION STATEMENT

                                            
     Gross payroll for this period                  $  --
     Payroll taxes due but unpaid                   $  --

     

              STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS**



                                               Date regular              Amount of             Number of              Amount of
 Name of Creditor/Lessor                      payment is due           regular payment    Payments Delinquent    Payments Delinquent
                                                                                                     
Imperial Premium Finance                          Monthly                  8,798.52                    --                     --
Storage West Self Storage                         Monthly                    209.00            See Note 1                  27.87
Storage West Self Storage                         Monthly                     99.00            See Note 1                  13.20
Associated Storage                                Monthly                  2,149.98            See Note 1                 286.66
Bay 602 Corporation                               Monthly                  9,817.39            See Note 1               1,308.99
Reynolds Family Properties                        Monthly                  4,448.00            See Note 1                 593.07
Reynolds Family Properties                        Monthly                 23,792.49            See Note 1               3,172.33
Doral Plaza Associates                            Monthly                  9,660.00            See Note 1               1,288.00
Colonial Parking                                  Monthly                    378.00            See Note 1                  50.40
23223 Bryan St. Limited Partnership               Monthly                 16,941.16            See Note 1               2,258.82
Central Parking Systems                           Monthly                    700.00            See Note 1                  93.33
Currie Samuelson                                  Monthly                  1,200.00            See Note 1                 160.00
Currie Samuelson                                  Monthly                 34,516.00            See Note 1               4,602.13
Downtown Properties                               Monthly                 10,850.00            See Note 1               1,446.67
Hudson Telegraph                                  Monthly                 12,206.25            See Note 1               1,627.50
Okada International                               Monthly                  2,601.03            See Note 1                 346.80
One Wilshire Arcade Imp                           Monthly                  6,147.03            See Note 1                 819.60
Rockrose Development                              Monthly                  2,848.25            See Note 1                 379.77
Scripps Ranch Landscape                           Monthly                  1,000.00            See Note 1                 133.33
Pacific Guardian Center                           Monthly                  4,707.32            See Note 1                 627.64
Wells Fargo Financial Leasing Co.                 Monthly                    279.88                    --                     --
Newcourt Leasing                                  Monthly                  1,871.90                    --                     --
Greater San Diego Air                             Monthly                  2,246.00            See Note 1                 299.47
Finova Loan Admin. Inc                            Monthly                 11,825.07            See Note 1               1,576.68
CIT Group                                         Monthly                  8,117.96                    --                     --
Dana Commercial Credit                            Monthly                 14,734.93            See Note 1               1,964.66
Danka Financial Services                          Monthly                 16,705.50                    --                     --
Danka Financial Services                          Monthly                    378.16            See Note 2                 428.58
Data Sales Co., Inc                               Monthly                 58,663.13            See Note 1               7,821.75
IBM Corporation                                   Monthly                 56,452.32                    --                     --
Advanta Leasing Services                          Monthly                  1,374.62                    --                     --
Premier Computer Sales                            Monthly                  7,151.17            See Note 1                 953.49
Siemens Credit LTD                                Monthly                 45,360.11            See Note 2              51,408.12
Telogy, Inc.                                      Monthly                  6,482.29            See Note 1                 864.31
Telecommunications Finance Group                  Monthly              1,013,115.84            See Note 2           1,148,197.95
Union Bank of CA., N.A                            Monthly                 61,133.27            See Note 1               8,151.10


Note 1:  Debtor may be liable for prorated obligation from June 1, 2001
         through June 4, 2001 in the event I-Link does not assume contract.

Note 2:  Debtor has not paid the monthly payment for May 2001. In addition,
         Debtor may be liable for prorated obligation from June 1, 2001 through
         June 4, 2001 in the event I-Link does not assume contract.


                            OPERATING REPORT Page 5


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                      For the Month Ending: March 31, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                                    3RD PARTY       INTERCOMPANY              TOTAL
                                                                       ---------------------------------------------------
                                                                                                    
             Beginning of month balance                                $      --      $2,403,313.77          $2,403,313.77
             Add: Receipts by parent/affiliates                        $      --      $     (555.73)         $     (555.73)
             Add: customer credits                                     $      --      $          --          $          --
             Add: intercompany activity                                $      --      $          --          $          --
             Less: collections                                         $      --      $          --          $          --
             Less: offsets                                             $      --      $          --          $          --
             Less: application of customer deposits                    $      --      $          --          $          --
             Less: sale of receivables to I-Link                       $      --      $          --          $          --
                                                                       ---------------------------------------------------
             End of month balance                                      $      --      $2,402,758.04          $2,402,758.04
                                                                       ===================================================




0-30 Days           31-60 Days             61-90 Days            Over 90 Days       End of Month Total
- ---------           ----------             ----------            ------------       ------------------
                                                                        
$ --                  $ --                   $ --                   $ --                   $ --


STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)**



                                                                          3RD PARTY            INTERCOMPANY              TOTAL
                                                                       -----------------------------------------------------------
                                                                                                           
             Beginning of month balance                                $ 8,704,182.24         $ 6,230,145.82        $14,934,328.06
             Add: sales on account**                                   $    10,538.50         $           --        $    10,538.50
             Add: collections on behalf of I-Link                      $           --         $           --        $           --
             Add: intercompany activity
               Expenses paid directly by Parent or Affiliate           $   (11,562.00)        $    11,562.00        $           --
               Net cash advanced by Parent                             $           --         $           --        $           --
               Credit extended by Parent or Affiliate                  $           --         $           --        $           --
               Amounts collected by Parent                             $           --         $           --        $           --
             Less: Invoicing to I-Link                                 $           --         $           --        $           --
             Less: remittances to I-Link                               $           --         $           --        $           --
             Less: payments                                            $      (288.50)        $           --        $      (288.50)
                                                                       -----------------------------------------------------------
             End of month balance                                      $ 8,702,870.24         $ 6,241,707.82        $14,944,578.06
                                                                       ===========================================================




0-30 Days   31-60 Days   61-90 Days      Over 90 Days        End of Month Total
- ---------   ----------   ----------    ---------------       ------------------
                                                 
$  --        $  --        $  --        $  8,702,870.24        $  8,702,870.24


**The post-petition accounts payable balances accrued for above are subject to
  customary audit and review, which could result in changes to the balances
  recorded. If upon such audit and review amounts invoiced by vendors are
  disputed, such disputed amounts are not reflected in the accounts payable
  balances reflected above. As of March 31, the Debtor has been invoiced
  cumulative post-petition disputed amounts totalling $1,804,912.


                            OPERATING REPORT Page 6


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHER DISTRICT OF ILLINOIS
                                EASTERN DIVISION

CASE NAME: WorldxChange Communications                 CASE NUMBER: 01-14637-SPS

                      For the Month Ending: March 31, 2002

                                TAX QUESTIONNAIRE

         Debtors in possession and trustees are required to pay all taxes
incurred after the filing of their Chapter 11 petition on an as due basis.
Please indicate whether the following post petition taxes or withholdings have
been paid currently.

                                                                          
         1.        Federal income taxes                     Yes (X)                         No ( )

         2.        FICA withholdings                        Yes (X)                         No ( )

         3.        Employee's withholdings                  Yes (X)                         No ( )

         4.        Employer's FICA                          Yes (X)                         No ( )

         5.        Federal unemployment taxes               Yes (X)                         No ( )

         6.        State income tax                         Yes (X)                         No ( )

         7.        State employee withholdings              Yes (X)                         No ( )

         8.        All other state taxes                           See Note Below

         

         If any of the above have not been paid, state below the tax not paid,
the amounts past due and the date of the last payment.

Note to Item 8:
The Debtor may have personal property subject to tax in various jurisdictions
throughout the United States. No expense has been accrued or paid for any such
potential post-petition claims. See also the Attachment to Tax Questionnaire
following.


                            OPERATING REPORT Page 7


                      IN THE UNITED STATES BANKRUPTCY COURT
                      FOR THE NORTHERN DISTRICT OF ILLINOIS
                                EASTERN DIVISION

                      DECLARATION UNDER PENALTY OF PERJURY

I, Henry C. Lyon, acting as the duly authorized agent for the Debtor in
Possession declare under penalty of perjury under the laws of the United States
that I have read and I certify that the figures, statements, disbursement
itemizations, and account balances as listed in this Monthly Report of the
Debtor are true and correct as of the date of this report to the best of my
knowledge, information and belief.



                                                    /s/ Henry C. Lyon
                                                    ----------------------------
                                                    For the Debtor In Possession

                                                    Henry C. Lyon
                                                    Designated Officer


                            OPERATING REPORT Page 8