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): September 18, 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)

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 April 2002, May 2002 and June 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: September 18, 2002	By:	/s/ Henry C. Lyon
		Henry C. Lyon Vice President and Chief Accounting Officer

EX-99.1 3 g78266exv99w1.txt MONTHLY OPERATING REPORT OF WORLD ACCESS, INC. EXHIBIT 99.1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS SUMMARY OF CASH RECIEPTS AND CASH DISBURSEMENTS For the Month Ending: April 30, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 24,308,684.09 RECEIPTS: 1. Receipts from Operations 2. Other Receipts $ 287,690.04 Other receipts (Received on behalf of Affiliates) $ 1,612,741.88 -------------------- TOTAL RECEIPTS $ 1,900,431.92 DISBURSEMENTS 3. Net Payroll a. Officers $ 36,711.61 b. Others $ 41,709.03 4. Taxes a. Federal Income Taxes $ 21,869.85 b. FICA Withholdings $ 5,871.93 c. Employee's withholdings $ 153.94 d. Employer's FICA $ 5,871.93 e. Federal Unemployment Taxes $ 8.59 f. State Income Tax $ 4,980.95 g. State Employee withholdings $ 141.19 h. All other state taxes $ 38.97 5. Necessary Expenses a. Rent or mortgage payment(s) $ - b. Utilities $ 6,973.49 c. Insurance $ 6,977.20 d. Merchandise bought for manufacture or sell $ - e. Other necessary expenses Professional and Bankruptcy Court Related Fees and Expenses $ 1,344,361.17 Employee Expenses $ 13,680.77 Office Supplies & Expenses $ 7,885.68 Other $ 37,044.53 -------------------- TOTAL DISBURSEMENTS $ 1,534,280.83 Add: Disbursements made on behalf of Parent or Affiliates $ 47,550.14 -------------------- ADJUSTED TOTAL DISBURSEMENTS $ 1,581,830.97 -------------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 318,600.95 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 $ 520,526.93 ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ (210,010.33) ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 11,819.53 ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 29,023.91 ENDING BALANCE IN Bank of America - Money Market 851018 $ 17,796,582.20 ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,140,976.86 ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95 ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 41.99 ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00 -------------------- ENDING BALANCE IN ALL ACCOUNTS $ 24,627,285.04 ==================== OPERATING REPORT Page 1 IN THE UNITED STATES COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: April 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Master Account Account Number: 03751046297

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ 4/1/02 Verso Technologies - Installment on Note $ 1,500,000.00 4/1/02 Linda Jacobsen $ 493.84 4/1/02 Gerald Ricks $ 5,000.00 4/1/02 Prudential Financial $ 284.40 4/2/02 World Access Charitable Trust (CRAT) $ 278,135.30 4/16/02 J. Smith Lanier $ 38.00 4/16/02 Linda Jacobsen $ 493.84 4/16/02 Daniel Menken $ 664.14 4/16/02 Gloria Mejorade $ 223.07 4/30/02 Verizon Logistics $ 107,741.88 -------------------- Total $ 1,893,074.47 Less: Receipts from or on behalf of Parent or Affiliates WA Telecom Products Co., Inc. 4/1/02 Verso Technologies - Installment on Note $ 1,500,000.00 4/1/02 Gerald Ricks $ 5,000.00 4/30/02 Verizon Logistics $ 107,741.88 -------------------- 1,612,741.88 -------------------- Total WAXS Receipts 280,332.59 ====================

OPERATING REPORT Page 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: April 30, 2002 Bank: Wells Fargo Location: Minneapolis, MN Account Name: Restricted Cash Account Number: 699-3295970

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ 4/30/02 Interest Received $ 0.01 -------------------- Total WAXS Receipts $ 0.01 ====================

OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: April 30, 2002 Bank: Bank of America (Nations Funds) Location: Charlotte, NC Account Name: Money Market Account Number: 851018

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ Interest Received - Strat Cash Fund $ - -------------------- Total WAXS Receipts $ - ====================

***Due to a change in the disbursement date of monthly interest dividends by NationsFunds from the last business day of the month to the first, there was no interest dividend on the Strat Cash Fund for the month of April. The dividend was instead received into the account on May 1, 2002 and will henceforth be reflected on the May 2002 Operating Report. OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: April 30, 2002 Bank: Deutsche Bank Alex. Brown Location: Baltimore, MD Account Name: Investment Account Account Number: 206-19648

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ 4/23/02 Interest Received $ 7,357.44 -------------------- Total WAXS Receipts $ 7,357.44 ====================

OPERATING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: April 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Master Account Account Number: 03751046297

DATE DISBURSED DESCRIPTION AMOUNT -------------- ----------- ------ 4/3/02 Bank Fee $ 30.00 4/5/02 American Express Tax & Business Services $ 343,252.67 4/11/02 Merrill Lynch $ 153.94 -------------------- Total WAXS Disbursements $ 343,436.61 ====================

OPERATING REPORT Page 6 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: April 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ------ 4/1/02 VOID 34768 Office Depot $ (213.79) 4/1/02 VOID 35444 NYS Sales Tax Processing Unit $ (335.12) 4/1/02 VOID 35447 Oklahoma High Cost Fund $ (7,676.00) 4/1/02 VOID 35622 Indiana Workforce Development $ (288.00) 4/5/02 35629 ADP Investor Communications $ 7,880.50 4/5/02 35630 APTO Solutions $ 1,300.73 4/5/02 35631 Central Parking Systems $ 440.00 4/5/02 35632 Debra Dawn $ 3,706.00 4/5/02 35633 Stuart C. Gilson $ 20,000.00 4/5/02 35634 Jay Alix & Associates $ 9,102.23 4/5/02 35635 MCI Worldcom $ 508.51 4/5/02 35636 Michael Mies $ 597.50 4/5/02 35637 North Atlanta Realty $ 29,137.76 4/5/02 35638 Nextel Communications $ 526.69 4/5/02 35639 Poorman-Douglas $ 51,398.72 4/5/02 35640 PriceWaterhouseCoopers $ 14,881.92 4/5/02 35641 Prudential Securites $ 111.80 4/5/02 35642 Kamran Saeed $ 450.00 4/5/02 35643 Mark Warner $ 5,000.00 4/5/02 35644 Winstead Sechrest & Minick $ 16,407.96 4/5/02 35645 Pacific Bell $ 338.76 4/12/02 35646 Copytec, Inc. $ 917.83 4/12/02 35647 Debra Dawn $ 1,892.95 4/12/02 35648 Federal Express $ 946.70 4/12/02 35649 GE Capital $ 575.72 4/12/02 35650 Katten Muchin Zavis Roseman $ 337,251.47 4/12/02 35651 Lamberth, Bonapfel, Cifelli & Stokes $ 12,377.28 4/12/02 35652 Liberty Mutual $ 2,639.00 4/12/02 35653 McKenna, Long & Aldridge $ 63,611.49 4/12/02 35654 MCI Worldcom $ 3,087.77 4/12/02 35655 MCI Worldcom $ 149.36 4/12/02 35656 Metropolitan Life Insurance $ 3,337.02 4/12/02 35657 Michael Mies $ 882.69 4/12/02 35658 Kamran Saeed $ 450.00 4/12/02 35659 State Compensation Insurance $ 1,001.18 4/12/02 35660 U.S. Trustee $ 2,500.00 4/12/02 35661 Velocity Express $ 6.66 4/12/02 35662 Pacific Bell $ 336.44 4/12/02 35664 San Diego Gas & Electric $ 323.85 4/19/02 35665 Apollo Consulting $ 2,000.00 4/19/02 35666 Cadwalader, Wickersham & Taft $ 219,001.00

OPERATING REPORT Page 7 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: April 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ------ 4/19/02 35667 Debra Dawn $ 3,681.28 4/19/02 35668 Federal Express $ 674.05 4/19/02 35669 Judco Management $ 8,625.00 4/19/02 35670 Legalink Chicago $ 6,023.90 4/19/02 35671 MCI Worldcom $ 508.51 4/19/02 35672 Nextel Communications $ 723.23 4/19/02 35673 Nowalsky, Bronston & Gothard $ 3,003.05 4/19/02 35674 Kamran Saeed $ 450.00 4/19/02 35675 SK Advertising $ 13,333.05 4/19/02 35676 Mark Warner $ 5,000.00 4/19/02 35678 Ernst & Young LLP $ 108,576.00 4/25/02 35679 Vanguard Archives $ 641.48 4/25/02 35680 American Express $ 121,035.28 4/25/02 35681 Ascom Hasler Leasing $ 173.34 4/25/02 35682 BellSouth $ 470.37 4/25/02 35683 Coleman Technologies $ 50.00 4/25/02 35684 Continental Stock Transfer & Trust $ 1,635.46 4/25/02 35685 Debra Dawn $ 2,575.88 4/25/02 35686 Federal Express $ 842.06 4/25/02 35687 H. Peter Gant $ 192.47 4/25/02 35688 Latham & Watkins $ 30,127.60 4/25/02 35689 Kamran Saeed $ 450.00 4/25/02 35690 Systems Union $ 3,580.00 4/25/02 35691 Sean Moore $ 1,525.00 --------------------- Total $ 1,120,461.59 Less: Disbursements made to or on behalf of Parent or Affiliates. WA Telecom Products Co., Inc. 4/5/02 35637 North Atlanta Realty $ 29,137.76 4/12/02 35649 GE Capital $ 575.72 4/25/02 35681 Ascom Hasler Leasing $ 173.34 Facilicom 4/19/02 35669 Judco Management $ 8,625.00 World Access Telecommunication Group, Inc. 4/5/02 35644 Winstead Sechrest & Minick $ 16,407.96 4/25/02 35679 Vanguard Archives $ 641.48

OPERATING REPORT Page 7 Page 2 of 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: April 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ------ WorldxChange 4/1/02 VOID 35444 NYS Sales Tax Processing Unit $ (335.12) 4/1/02 VOID 35447 Oklahoma High Cost Fund $ (7,676.00) --------------------- Total Affiliate Payments $ 47,550.14 --------------------- Total WAXS Disbursements $ 1,072,911.45 =====================

OPERATING REPORT Page 7 Page 3 of 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: April 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Payroll Account Account Number: 03299944407

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ------ 4/11/02 Multiple Payroll Checks $ 40,488.65 4/25/02 Multiple Payroll Checks $ 37,931.99 ----------------------- Total WAXS Disbursements $ 78,420.64 =======================

OPERATING REPORT Page 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: April 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Payroll Account Account Number: 0751301149

DATE DISBURSED DESCRIPTION AMOUNT -------------- ----------- ------ 4/10/02 ADP - Payroll Tax Withholdings $ 20,246.22 4/24/02 ADP - Payroll Tax Withholdings $ 18,537.19 4/26/02 ADP - Payroll Processing Fees $ 718.72 ----------------------- Total WAXS Disbursements $ 39,502.13 =======================

OPERATING REPORT Page 9 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENTS LISTING For the Month Ending: April 30, 2002 Bank: Wells Fargo Location: Minneapolis, MN Account Name: Restricted Cash Account Number: 699-3295970

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ 4/30/02 Bank Fee $ 10.00 --------------------------- Total WAXS Disbursements $ 10.00 ===========================

OPERATING REPORT Page 10 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: April 30, 2002 STATEMENT OF INVENTORY - ---------------------- Beginning Inventory $ - Add: purchases $ - Less: goods sold $ - ------------------------- Ending inventory $ - ========================= PAYROLL INFORMATION STATEMENT - ----------------------------- Gross payroll for this period $ 117,357.99 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: April 30, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL ------------------------------------------------------------------- Beginning of month balance $ - $12,534,503.01 $12,534,503.01 Add: sales on account $ - $ - - expenses paid for affiliate $ - $ 47,550.14 $ 47,550.14 cash advanced to affiliate $ - $ - - Less: collections $ - $ - - ------------------------------------------------------------------- End of month balance $ - $12,582,053.15 $12,582,053.15 ===================================================================

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 $ 2,864,050.55 $16,580,549.32 $19,444,599.87 Add: sales on account $ 1,969,745.60 $ - $ 1,969,745.60 Cash received on behalf of Affiliate $ - $ 1,612,741.88 $ 1,612,741.88 Cash received from Affiliate $ - $ - - Less: payments $ (1,534,280.83) $ - $(1,534,280.83) ------------------------------------------------------------------- End of month balance $ 3,299,515.32 $18,193,291.20 $21,492,806.52 ===================================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ 1,707,551.02 $ 286,176.52 $ 153,432.48 $ 1,152,355.30 $ 3,299,515.32

OPERATING REPORT Page 12 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: April 30, 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. ----------------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 14 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS SUMMARY OF CASH RECIEPTS AND CASH DISBURSEMENTS For the Month Ending: May 31, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 24,627,285.04 RECEIPTS: 1. Receipts from Operations 2. Other Receipts $ 89,061.46 Other receipts (Received on behalf of Affiliates) $ 86,128.79 --------------------------- TOTAL RECEIPTS $ 175,190.25 DISBURSEMENTS 3. Net Payroll a. Officers $ 37,397.75 b. Others $ 43,820.25 4. Taxes a. Federal Income Taxes $ 22,376.65 b. FICA Withholdings $ 5,129.88 c. Employee's withholdings $ 153.94 d. Employer's FICA $ 5,129.87 e. Federal Unemployment Taxes $ 9.98 f. State Income Tax $ 5,036.95 g. State Employee withholdings $ 142.78 h. All other state taxes $ 376.70 5. Necessary Expenses a. Rent or mortgage payment(s) $ 10,938.00 b. Utilities $ 17,679.31 c. Insurance $ 11,038.59 d. Merchandise bought for manufacture or sell $ - e. Other necessary expenses Professional and Bankruptcy Court Related Fees and Expenses $ 1,181,343.36 Employee Expenses $ 26,350.57 Office Supplies & Expenses $ 6,676.98 Other $ 29,320.09 --------------------------- TOTAL DISBURSEMENTS $ 1,402,921.85 Add: Disbursements made on behalf of Parent or Affiliates $ 80,304.42 --------------------------- ADJUSTED TOTAL DISBURSEMENTS $ 1,483,226.27 --------------------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (1,308,036.02) 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 $ 622,527.93 ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ (151,097.17) ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 20,601.53 ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 14,851.70 ENDING BALANCE IN Bank of America - Money Market 851018 $ 16,325,954.27 ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,148,054.82 ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95 ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 31.99 ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00 --------------------------- ENDING BALANCE IN ALL ACCOUNTS $ 23,319,249.02 =========================== OPERATING REPORT Page 1 IN THE UNITED STATES COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: May 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Master Account Account Number: 03751046297

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------------- 05/03/02 Primetec Int'l (Reimbursement) $ 50,000.00 5/30/02 Gerald Ricks $ 5,000.00 5/30/02 Linda Jacobsen $ 493.84 5/30/02 IDS Telecom $ 12,000.00 5/30/02 Prudential Securities $ 67.33 5/30/02 Daniel Menken $ 664.14 5/30/02 State of Calif. - EE Development $ 27.98 5/30/02 Gloria Mejorado $ 223.07 5/30/02 Megan Hibbeler $ 223.07 5/30/02 Megan Hibbeler $ 446.14 5/30/02 State of Texas $ 1,665.97 5/30/02 State of Florida $ 2,112.93 5/30/02 Bank of America $ 45.63 5/30/02 Net One Telecommunications $ 1,700.00 5/30/02 Linda Jacobsen $ 493.84 5/30/02 Gerald Ricks $ 5,000.00 5/30/02 Steel City Telecom $ 2,333.33 5/30/02 Net One Telecommunications $ 1,700.00 5/30/02 Apto Solutions $ 15,650.00 5/30/02 Net-Telco $ 500.00 5/30/02 New Global Telecom $ 4,431.00 5/30/02 Capsule Communications $ 33,961.95 ---------------- Total $ 138,740.22 Less: Receipts from or on behalf of Parent or Affiliates WA Telecom Products Co., Inc. 5/30/02 Gerald Ricks $ 5,000.00 5/30/02 Gerald Ricks $ 5,000.00 Facilicom 5/30/02 IDS Telecom $ 12,000.00 5/30/02 Net One Telecommunications $ 1,700.00 5/30/02 Net One Telecommunications $ 1,700.00 5/30/02 Apto Solutions $ 15,650.00 5/30/02 Net-Telco $ 500.00 5/30/02 Capsule Communications $ 33,961.95 World Access Telecommunication Group, Inc. 5/30/02 Steel City Telecom $ 2,333.33 5/30/02 New Global Telecom $ 4,431.00 WorldxChange 5/30/02 State of Calif. - EE Development $ 27.98 5/30/02 State of Texas $ 1,665.97 5/30/02 State of Florida $ 2,112.93 5/30/02 Bank of America $ 45.63 ---------------- Total Affiliate Receipts $ 86,128.79 ---------------- Total WAXS Receipts $ 52,611.43 ================

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

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ 05/31/02 Interest Received $ - ----------------- Total WAXS Receipts $ - =================

*No interest earned this period. OPERATING REPORT Page 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS RECEIPTS LISTING For the Month Ending: May 31, 2002 Bank: Bank of America (Nations Funds) Location: Charlotte, NC Account Name: Money Market Account Number: 851018

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ 05/01/02 Interest Received - Strat Cash Fund $ 29,372.07 ----------------- Total WAXS Receipts $ 29,372.07 =================

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

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ 05/29/02 Interest Received $ 7,077.96 -------------------- Total WAXS Receipts $ 7,077.96 ====================

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

DATE DISBURSED DESCRIPTION AMOUNT -------------- ----------- ------ 05/03/02 Wire Fee $ 20.00 05/03/02 Bank Fee $ 30.00 05/03/02 Wire - American Express Tax & Business Svcs $ 121,035.28 05/06/02 Merrilly Lynch - 401k Loan W/H $ 153.94 05/14/02 CMRS/Ascom $ 500.00 -------------- Total WAXS Disbursements $ 121,739.22 ==============

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

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ------ 05/01/02 VOID 35680 American Express Tax & Business Svcs $ (121,035.28) 05/03/02 35692 Apollo Consulting $ 2,000.00 05/03/02 35693 BellSouth $ 2,192.35 05/03/02 35694 CNA Insurance $ 4,302.00 05/03/02 35696 Federal Express $ 803.87 05/03/02 35697 Stuart C. Gilson $ 14,087.50 05/03/02 35698 MCI Worldcom $ 37.97 05/03/02 35699 MCI Worldcom $ 3,353.41 05/03/02 35700 North Atlanta Realty $ 29,137.76 05/03/02 35701 Kamran Saeed $ 450.00 05/03/02 35702 Waste Management $ 698.51 05/03/02 35703 Winstead Sechrest & Minick $ 7,163.65 05/03/02 35704 Pacific Bell $ 98.80 05/10/02 35705 ADP Investor Communications $ 1,393.60 05/10/02 35706 American Express Tax & Business Svcs $ 115,072.37 05/10/02 35707 Copytec, Inc. $ 4,622.13 05/10/02 35708 Debra Dawn, ESQ $ 4,335.94 05/10/02 35709 Ernst & Young LLP $ 76,823.02 05/10/02 35710 Federal Express $ 606.86 05/10/02 35711 GE Capital $ 575.72 05/10/02 35712 Judco Management, Inc. $ 8,625.00 05/10/02 35713 Klee, Tuchin, Bogdanoff & Stern $ 3,172.50 05/10/02 35714 MCI Worldcom $ 116.20 05/10/02 35715 MDC-Mark II $ 10,938.00 05/10/02 35716 Metlife $ 3,255.92 05/10/02 35717 Nextel Communications $ 579.39 05/10/02 35718 Poorman-Douglas Corp. $ 16,290.11 05/10/02 35719 PriceWaterhouseCoopers LLP $ 46,287.39 05/10/02 35720 Royal Cup Coffee $ 102.25 05/10/02 35721 Kamran Saeed $ 450.00 05/10/02 35722 Pacific Bell $ 94.71 05/10/02 35723 San Diego Gas & Electric $ 289.27 05/14/02 35724 Debra Dawn, ESQ $ 3,140.23 05/17/02 35725 American Express Tax & Business Svcs $ 101,698.78 05/17/02 35726 Cadwalder, Wickersham & Taft $ 160,526.69 05/17/02 35727 Chatham Technologies $ 20,404.88 05/17/02 35728 Debra Dawn, ESQ $ 2,723.80 05/17/02 35729 Federal Express $ 156.81 05/17/02 35730 Katten Muchin Zavis Roseman $ 325,953.42 05/17/02 35731 Lanier Parking Systems $ 715.00 05/17/02 35732 MCI Worldcom $ 2,287.28

OPERATING REPORT Page 7 Page 1 of 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: May 31, 2002

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ------ 05/17/02 35733 Nextel Communications $ 669.29 05/17/02 35734 Kamran Saeed $ 450.00 05/17/02 35735 Salomon Smith Barney $ 1,860.97 05/17/02 35736 Carl Sonne $ 100.61 05/17/02 35737 State Compensation Insurance Board $ 198.72 05/17/02 35738 Mark Warner $ 5,000.00 05/17/02 35739 Pacific Bell $ 338.26 05/22/02 35740 Indiana Secretary of State $ 30.00 05/24/02 35741 Vanguard Archives $ 641.48 05/24/02 35742 American Express Tax & Business Svcs $ 59,509.40 05/24/02 35743 Apto Solutions $ 1,615.00 05/24/02 35744 Walter Burmeister $ 782.91 05/24/02 35745 CLS Security Electronics $ 77.85 05/24/02 35746 Continental Stock Trust & Transfer $ 812.41 05/24/02 35747 Cornerstone Research $ 30,147.00 05/24/02 35748 Debra Dawn, ESQ $ 3,008.95 05/24/02 35749 Federal Express $ 498.50 05/24/02 35750 H. Peter Gant $ 336.83 05/24/02 35751 Stuart C. Gilson $ 82,899.39 05/24/02 35752 Global Legal Copy, LLC $ 3,175.73 05/24/02 35753 Ikon Office Solutions $ 480.75 05/24/02 35754 KPMG $ 1,083.50 05/24/02 35755 MCI Worldcom $ 932.91 05/24/02 35756 MCI Worldcom $ 508.51 05/24/02 35757 Nowalsky Bronston & Gothard $ 827.35 05/24/02 35758 Kamran Saeed $ 450.00 05/24/02 35759 Velocity Express $ 65.99 05/31/02 35760 BellSouth $ 470.37 05/31/02 35761 BellSouth $ 2,234.95 05/31/02 35762 Coleman Technologies $ 50.00 05/31/02 35763 Debra Dawn, ESQ $ 4,671.30 05/31/02 35764 Federal Express $ 341.34 05/31/02 35765 Lamberth, Bonapfel, Cifelli & Stokes $ 24,515.33 05/31/02 35766 McKenna Long & Aldridge $ 110,695.03 05/31/02 35767 MCI Worldcom $ 3,353.41 05/31/02 35768 Merrill Lynch Pierce Fenner Smith $ 5,710.00 05/31/02 35769 Kamran Saeed $ 450.00 05/31/02 35770 United Healthcare $ 3,281.95 05/31/02 35771 Winstead Sechrest & Minick $ 34,160.81 05/31/02 35772 Pacific Bell $ 122.23 --------------- Total $ 1,241,086.84

OPERATING REPORT Page 7 Page 2 of 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: May 31, 2002

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ------ Less: Disbursements made to or on behalf of Parent or Affiliates. WA Telecom Products Co., Inc. 05/03/02 35700 North Atlanta Realty $ 29,137.76 05/10/02 35711 GE Capital $ 575.72 Facilicom 05/10/02 35712 Judco Management, Inc. $ 8,625.00 World Access Telecommunication Group, Inc. 05/03/02 35703 Winstead Sechrest & Minick $ 7,163.65 05/24/02 35741 Vanguard Archives $ 641.48 05/31/02 35771 Winstead Sechrest & Minick $ 34,160.81 WorldxChange ---------------- Total Affiliate Payments $ 80,304.42 ---------------- Total WAXS Disbursements $ 1,160,782.42 ================

OPERATING REPORT Page 7 Page 3 of 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS DISBURSEMENT LISTING For the Month Ending: May 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Payroll Account Account Number: 03299944407

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ------ 05/08/02 Multiple Payroll Checks $ 42,299.63 05/22/02 Multiple Payroll Checks $ 38,918.37 ------------------ Total WAXS Disbursements $ 81,218.00 ==================

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: May 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Payroll Account Account Number: 0751301149

DATE DISBURSED DESCRIPTION AMOUNT - -------------- ----------- ------ 05/08/02 ADP - Payroll Tax Withholdings $ 20,487.39 05/22/02 ADP - Payroll Tax Withholdings $ 17,715.62 05/31/02 ADP - Payroll Processing Fees $ 969.20 ------------ Total WAXS Disbursements $ 39,172.21 ============

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: May 31, 2002 Bank: Wells Fargo Location: Minneapolis, MN Account Name: Restricted Cash Account Number: 699-3295970

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 05/31/02 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: May 31, 2002 STATEMENT OF INVENTORY - ---------------------- Beginning Inventory $ - Add: purchases $ - Less: goods sold $ - ------------- Ending inventory $ - ============= PAYROLL INFORMATION STATEMENT - ----------------------------- Gross payroll for this period $ 119,574.95 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: May 31, 2002

STATEMENT OF AGED RECEIVABLES - ----------------------------- ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL ------------------------------------------------------- Beginning of month balance $ - $ 12,582,053.15 $ 12,582,053.15 Add: sales on account $ - $ - $ - expenses paid for affiliate $ - $ 80,304.42 $ 80,304.42 cash advanced to affiliate $ - $ - $ - Less: collections $ - $ - $ - ------------------------------------------------------- End of month balance $ - $ 12,662,357.57 $ 12,662,357.57 ======================================================= 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 $ 3,299,515.32 $ 18,193,291.20 $ 21,492,806.52 Add: sales on account $ 1,363,920.34 $ - $ 1,363,920.34 Cash received on behalf of Affiliate $ - $ 86,128.79 $ 86,128.79 Cash received from Affiliate $ - $ - $ - Less: payments $ (1,402,921.85) $ - $ (1,402,921.85) ---------------------------------------------------------------- End of month balance $ 3,260,513.81 $ 18,279,419.99 $ 21,539,933.80 ================================================================ 0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ 1,176,169.26 $ 512,785.13 $ 286,176.52 $ 1,285,382.90 $ 3,260,513.81

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: May 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. ------------------------------------- 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 RECIEPTS AND CASH DISBURSEMENTS For the Month Ending: June 30, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 23,319,249.02 RECEIPTS: 1. Receipts from Operations 2. Other Receipts $ 36,435.62 Other receipts (Received on behalf of Affiliates) $ - ---------------- TOTAL RECEIPTS $ 36,435.62 DISBURSEMENTS 3. Net Payroll a. Officers $ 37,397.75 b. Others $ 40,787.89 4. Taxes a. Federal Income Taxes $ 21,289.65 b. FICA Withholdings $ 4,132.47 c. Employee's withholdings $ 307.88 d. Employer's FICA $ 4,132.48 e. Federal Unemployment Taxes $ 1.07 f. State Income Tax $ 5,020.68 g. State Employee withholdings $ 140.98 h. All other state taxes $ 4.67 5. Necessary Expenses a. Rent or mortgage payment(s) $ - b. Utilities $ 9,762.76 c. Insurance $ 10,541.33 d. Merchandise bought for manufacture or sell $ - e. Other necessary expenses Professional and Bankruptcy Court Related Fees and Expenses $ 776,506.95 Employee Expenses $ 13,077.54 Office Supplies & Expenses $ 11,045.83 Other $ 9,041.47 ---------------- TOTAL DISBURSEMENTS $ 943,191.40 Add: Disbursements made on behalf of Parent or Affiliates $ 53,536.20 ---------------- ADJUSTED TOTAL DISBURSEMENTS $ 996,727.60 ---------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (960,291.98) NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group $ (6,764.33) NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C $ (65,511.95) NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc. $ - NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange $ (3,852.51) ---------------- NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD $ (76,128.79) ---------------- ENDING BALANCE IN Bank of America - Master 03751046297 $ 356,507.40 ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ 16,083.62 ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 32,415.89 ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 29,476.83 ENDING BALANCE IN Bank of America - Money Market 851018 $ 15,354,779.83 ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,155,218.73 ENDING BALANCE IN Bank of America - Restricted Cash $ 1,333,333.95 ENDING BALANCE IN Wells Fargo - Restricted Cash 699-3295970 $ 22.00 ENDING BALANCE IN Chase Manhattan Bank - FISC 719-1-362214 $ 4,990.00 ---------------- ENDING BALANCE IN ALL ACCOUNTS $ 22,282,828.25 ================ 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: June 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Master Account Account Number: 03751046297

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 06/11/02 Gloria Mejorado $ 223.07 06/11/02 Megan Hibbeler $ 223.07 --------------- Total WAXS Receipts $ 446.14 ===============

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: June 30, 2002 Bank: Wells Fargo Location: Minneapolis, MN Account Name: Restricted Cash Account Number: 699-3295970

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 06/28/02 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: June 30, 2002 Bank: Bank of America (Nations Funds) Location: Charlotte, NC Account Name: Money Market Account Number: 851018

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 06/03/02 Interest Received - Strat Cash Fund $ 28,825.56 ------------- Total WAXS Receipts $ 28,825.56 =============

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: June 30, 2002 Bank: Deutsche Bank Alex. Brown Location: Baltimore, MD Account Name: Investment Account Account Number: 206-19648

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 06/25/02 Interest Received $ 7,163.91 ------------ Total WAXS Receipts $ 7,163.91 ============

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: June 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Master Account Account Number: 03751046297

DATE DISBURSED DESCRIPTION AMOUNT - -------------- ----------- ------ 06/04/02 Bank Fee $ 30.00 06/04/02 Facilicom (Xfer IDS Telecom Receipt) $ 12,000.00 06/04/02 Facilicom (Xfer Net One Telecommunications Receipt) $ 1,700.00 06/04/02 Facilicom (Xfer Net One Telecommunications Receipt) $ 1,700.00 06/04/02 Facilicom (Xfer Asset Sale Proceeds from Apto Solutions) $ 15,650.00 06/04/02 Facilicom (Xfer Asset Sale Proceeds from Net-Telco) $ 500.00 06/04/02 Facilicom (Xfer Capsule Communications Receipt) $ 33,961.95 06/04/02 Primetec/WATG (Xfer Steel City Telecom Receipt) $ 2,333.33 06/04/02 Primetec/WATG (Xfer New Global Telecom Receipt) $ 4,431.00 06/04/02 WXC (Xfer State of Calif. - EE Development Refund) $ 27.98 06/04/02 WXC (Xfer State of Texas Refund) $ 1,665.97 06/04/02 WXC (Xfer State of Florida Refund) $ 2,112.93 06/04/02 WXC (Xfer Bank of America Receipt) $ 45.63 06/05/02 Merrill Lynch $ 153.94 06/28/02 Merrill Lynch $ 153.94 ------------- Total WAXS Disbursements $ 76,466.67 ============= Less: Disbursements made to or on behalf of Parent or Affiliates. Facilicom 6/4/02 Facilicom (Xfer IDS Telecom Receipt) $ 12,000.00 6/4/02 Facilicom (Xfer Net One Telecommunications Receipt) $ 1,700.00 6/4/02 Facilicom (Xfer Net One Telecommunications Receipt) $ 1,700.00 6/4/02 Facilicom (Xfer Asset Sale Proceeds from Apto Solutions) $ 15,650.00 6/4/02 Facilicom (Xfer Asset Sale Proceeds from Net-Telco) $ 500.00 6/4/02 Facilicom (Xfer Capsule Communications Receipt) $ 33,961.95 World Access Telecommunication Group, Inc. 6/4/02 Primetec/WATG (Xfer Steel City Telecom Receipt) $ 2,333.33 6/4/02 Primetec/WATG (Xfer New Global Telecom Receipt) $ 4,431.00 WorldxChange 6/4/02 WXC (Xfer State of Calif. - EE Development Refund) $ 27.98 6/4/02 WXC (Xfer State of Texas Refund) $ 1,665.97 6/4/02 WXC (Xfer State of Florida Refund) $ 2,112.93 6/4/02 WXC (Xfer Bank of America Receipt) $ 45.63 ------------ Total Affiliate Payments $ 76,128.79 ------------ Total WAXS Disbursements $ 337.88 ============

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: June 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 06/04/02 35773 Apollo Consulting $ 2,000.00 06/04/02 35774 North Atlanta Realty Acquisition $ 29,137.76 06/04/02 35777 U.S. Trustee $ 7,500.00 06/04/02 35777 U.S. Trustee $ 1,000.00 06/04/02 35777 U.S. Trustee $ 4,500.00 06/04/02 35777 U.S. Trustee $ 3,750.00 06/04/02 35777 U.S. Trustee $ 750.00 06/04/02 35778 U.S. Trustee $ 7,500.00 06/04/02 35778 U.S. Trustee $ 500.00 06/04/02 35778 U.S. Trustee $ 1,500.00 06/04/02 35778 U.S. Trustee $ 1,250.00 06/04/02 35778 U.S. Trustee $ 500.00 06/06/02 35779 American Express Tax & Business Svcs $ 35,367.45 06/06/02 35780 The Atlanta Journal Constitution $ 113.91 06/06/02 35781 Bowne of Atlanta $ 4,111.00 06/06/02 35782 Virginia Cook $ 241.75 06/06/02 35783 Debra Dawn $ 584.80 06/06/02 35784 Ernst & Young LLP $ 82,568.99 06/06/02 35785 Federal Express $ 269.46 06/06/02 35786 Lanier Parking $ 715.00 06/06/02 35787 MCI Worldcom $ 37.42 06/06/02 35788 Metlife $ 3,093.72 06/06/02 35789 Poorman-Douglas $ 5,449.28 06/06/02 35790 PriceWaterhouseCoopers LLP $ 59,370.80 06/06/02 35791 Kamran Saeed $ 450.00 06/06/02 35792 Southern Office Systems $ 271.08 06/06/02 35793 Verizon Select Services $ 130.00 06/06/02 35794 Pacific Bell $ 97.60 06/12/02 35795 Debra Dawn $ 8,032.66 06/12/02 35796 Kamran Saeed $ 450.00 06/14/02 35797 American Express Tax & Business Svcs $ 17,848.68 06/14/02 35798 Federal Express $ 497.86 06/14/02 35800 MCI Worldcom $ 2,284.40 06/14/02 35801 Nextel Communications $ 500.91 06/14/02 35802 Nextel Communications $ 650.42 06/14/02 35803 State Compensation Insurance Fund $ 295.61 06/14/02 35804 Mark Warner $ 5,000.00 06/14/02 35805 Pacific Bell $ 394.97 06/14/02 35806 Judco Management $ 8,625.00 06/14/02 35807 Vanguard Archives $ 641.48 06/21/02 35808 Tod Chmar $ 2,441.09

OPERATING REPORT Page 7 Page 1 of 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 DISBURSEMENT LISTING For the Month Ending: June 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 06/21/02 35809 Virginia Cook $ 147.98 06/21/02 35810 Copytec, Inc. $ 5,664.60 06/21/02 35811 Federal Express $ 313.81 06/21/02 35812 H. Peter Gant $ 1,239.26 06/21/02 35813 Global Legal Copy $ 3,799.87 06/21/02 35814 Katten Muchin Zavis Roseman $ 404,499.69 06/21/02 35815 Kirkland & Ellis $ 682.90 06/21/02 35816 Liticorp, Inc. $ 305.90 06/21/02 35817 MCI Worldcom $ 1,000.95 06/21/02 35818 Nowalsky, Bronston & Gothard $ 1,250.66 06/21/02 35819 Kamran Saeed $ 450.00 06/21/02 35820 San Diego Gas & Electric $ 302.20 06/21/02 35821 Kelley Drye & Warren $ 12,345.74 06/21/02 35822 Vanguard Archives $ 1,381.96 06/28/02 35823 American Express Tax & Business Svcs $ 22,247.16 06/28/02 35824 BellSouth $ 470.37 06/28/02 35825 Coleman Technologies $ 50.00 06/28/02 35826 Continental Stock Trust & Transfer $ 851.65 06/28/02 35827 Debra Dawn $ 390.00 06/28/02 35828 Federal Express $ 2,406.94 06/28/02 35829 Gardner Carton & Douglas $ 56,951.25 06/28/02 35830 Lamberth, Bonapfel Cifelli & Stokes $ 12,807.28 06/28/02 35831 Liberty Mutual $ 7,152.00 06/28/02 35832 McKenna Long & Aldridge $ 40,346.70 06/28/02 35833 MCI Worldcom $ 510.37 06/28/02 35834 MCI Worldcom $ 37.97 06/28/02 35835 MCI Worldcom $ 3,354.55 06/28/02 35836 Philpot Relocation $ 726.95 06/28/02 35837 Royal Cup Coffee $ 127.72 06/28/02 35838 Kamran Saeed $ 450.00 06/28/02 35839 Velocity Express $ 9.05 06/28/02 35840 Pacific Bell $ 120.63 -------------- Total $ 882,819.21 Less: Disbursements made to or on behalf of Parent or Affiliates. WA Telecom Products Co., Inc. 06/04/02 35774 North Atlanta Realty Acquisition $ 29,137.76 06/04/02 35777 U.S. Trustee $ 1,000.00 06/04/02 35778 U.S. Trustee $ 500.00

OPERATING REPORT Page 7 Page 2 of 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 DISBURSEMENT LISTING For the Month Ending: June 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ Facilicom 06/04/02 35777 U.S. Trustee $ 3,750.00 06/04/02 35778 U.S. Trustee $ 1,250.00 06/14/02 35806 Judco Management $ 8,625.00 World Access Telecommunication Group, Inc. 06/04/02 35777 U.S. Trustee $ 750.00 06/04/02 35778 U.S. Trustee $ 500.00 06/14/02 35807 Vanguard Archives $ 641.48 06/21/02 35822 Vanguard Archives $ 1,381.96 WorldxChange 06/04/02 35777 U.S. Trustee $ 4,500.00 06/04/02 35778 U.S. Trustee $ 1,500.00 -------------- Total Affiliate Payments $ 53,536.20 -------------- Total WAXS Disbursements $ 829,283.01 ==============

OPERATING REPORT Page 7 Page 3 of 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 DISBURSEMENT LISTING For the Month Ending: June 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Payroll Account Account Number: 03299944407

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 06/04/02 Multiple Payroll Checks $ 39,089.18 06/19/02 Multiple Payroll Checks $ 39,096.46 ------------- Total WAXS Disbursements $ 78,185.64 =============

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: June 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Payroll Account Account Number: 0751301149

DATE DISBURSED DESCRIPTION AMOUNT - -------------- ----------- ------ 06/04/02 ADP - Payroll Tax Withholdings $ 17,567.28 06/19/02 ADP - Payroll Tax Withholdings $ 17,154.72 06/28/02 ADP - Payroll Processing Fees $ 652.87 ------------- Total WAXS Disbursements $ 35,374.87 =============

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: June 30, 2002 Bank: Wells Fargo Location: Minneapolis, MN Account Name: Restricted Cash Account Number: 699-3295970

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 06/28/02 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: June 30, 2002 STATEMENT OF INVENTORY - ---------------------- Beginning Inventory $ - Add: purchases $ - Less: goods sold $ - ----------------- Ending inventory $ - ================= PAYROLL INFORMATION STATEMENT - ----------------------------- Gross payroll for this period $ 113,215.52 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: June 30, 2002

STATEMENT OF AGED RECEIVABLES - ----------------------------- ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL -------------------------------------------------------- Beginning of month balance $ - $ 12,662,357.57 $ 12,662,357.57 Add: sales on account $ - $ - $ - expenses paid for affiliate $ - $ 53,536.20 $ 53,536.20 cash advanced to affiliate $ - $ - $ - Less: collections $ - $ - $ - -------------------------------------------------------- End of month balance $ - $ 12,715,893.77 $ 12,715,893.77 ======================================================== 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 $ 3,260,513.81 $ 18,279,419.99 $ 21,539,933.80 Add: sales on account $ 1,938,762.23 $ - $ 1,938,762.23 Cash received on behalf of Affiliate $ - $ - $ - Cash received from Affiliate $ - $ - $ - Less: payments $ (943,191.40) $ (76,128.79) $ (1,019,320.19) ----------------------------------------------------------- End of month balance $4,256,084.64 18,203,291.20 $ 22,459,375.84 =========================================================== 0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ 1,767,139.78 $ 404,600.31 $ 512,785.13 $ 1,571,559.42 $ 4,256,084.64

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: June 30, 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. ------------------------------------ For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 14 EX-99.2 4 g78266exv99w2.txt MONTHLY OPERATING REPORTS OF WA TELCOM PRODUCTS CO 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 RECIEPTS AND CASH DISBURSEMENTS For the Month Ending: April 30, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 9,847,058.36 RECEIPTS: 1. Receipts from Operations $ - Receipts from Operations (Received by Parent) $ 5,000.00 2. Other Receipts $ 14,112.96 Other receipts (Received by Parent or Affiliates) $ 1,607,741.88 ------------------ TOTAL RECEIPTS $ 1,626,854.84 Less: Receipts received by Parent or Affiliates $(1,612,741.88) ------------------ ADJUSTED TOTAL RECEIPTS $ 14,112.96 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 $ 14,112.96 NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ - ------------------ ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130 $ 9,861,171.32 ------------------ ENDING BALANCE IN ALL ACCOUNTS $ 9,861,171.32 ================== 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: April 30, 2002 Bank: Deutsche Bank Alex. Brown Location: Baltimore, MD Account Name: Investment Account Account Number: 206-21130

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ 4/23/02 Interest Received $ 14,112.96 -------------------- Total WATP Receipts $ 14,112.96 ====================

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: April 30, 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-SPF For the Month Ending: April 30, 2002

STATEMENT OF AGED RECEIVABLES - ----------------------------- ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL ---------------------------------------------------------- Beginning of month balance $ 13,774,926.62 $ 15,128,212.06 $ 28,903,138.68 Add: sales on account $ - $ - $ - expenses paid for affiliate $ - $ - $ - cash advanced to affiliate $ - $ - $ - Less: collections $ (5,000.00) $ 1,612,741.88 $ 1,607,741.88 ---------------------------------------------------------- End of month balance $ 13,769,926.62 $ 16,740,953.94 $ 30,510,880.56 ==========================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 13,769,926.62 $ 13,769,926.62

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION) - --------------------------------------------- 3RD PARTY INTERCOMPANY TOTAL ---------------------------------------------------------- Beginning of month balance $ 7,043.23 $ 351,264.45 $ 358,307.68 Add: sales on account $ 29,886.82 $ - $ 29,886.82 Cash received on behalf of Affiliate $ - $ - $ - Cash received from Affiliate $ - $ - $ - Less: payments $ (29,886.82) $ 29,886.82 $ - ---------------------------------------------------------- End of month balance $ 7,043.23 $ 381,151.27 $ 388,194.50 ==========================================================

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: April 30, 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. ------------------------------------------------ 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 RECIEPTS AND CASH DISBURSEMENTS For the Month Ending: May 31, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 9,861,171.32 RECEIPTS: 1. Receipts from Operations $ - Receipts from Operations (Received by Parent) $ 10,000.00 2. Other Receipts $ 13,576.71 Other receipts (Received by Parent or Affiliates) ------------------ TOTAL RECEIPTS $ 23,576.71 Less: Receipts received by Parent or Affiliates $ (10,000.00) ------------------ ADJUSTED TOTAL RECEIPTS $ 13,576.71 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 $ - ------------------ TOTAL DISBURSEMENTS $ 29,713.48 Less: Disbursements made by Parent or Affiliates $ (29,713.48) ------------------ ADJUSTED TOTAL DISBURSEMENTS $ - ------------------ NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 13,576.71 NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ - ------------------ ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130 $ 9,874,748.03 ------------------ ENDING BALANCE IN ALL ACCOUNTS $ 9,874,748.03 ================== 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: May 31, 2002 Bank: Deutsche Bank Alex. Brown Location: Baltimore, MD Account Name: Investment Account Account Number: 206-21130

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ 5/2/2002 Interest Received $ 13,576.71 -------------------- Total WATP Receipts $ 13,576.71 ====================

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: May 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: May 31, 2002

STATEMENT OF AGED RECEIVABLES - ----------------------------- ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL ----------------------------------------------------------- Beginning of month balance $ 13,769,926.62 $ 16,740,953.94 $ 30,510,880.56 Add: sales on account $ - $ - $ - expenses paid for affiliate $ - $ - $ - cash advanced to affiliate $ - $ - $ - Less: collections $ (10,000.00) $ 10,000.00 $ - ----------------------------------------------------------- End of month balance $ 13,759,926.62 $ 16,750,953.94 $ 30,510,880.56 ===========================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 13,759,926.62 $ 13,759,926.62

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION) - --------------------------------------------- 3RD PARTY INTERCOMPANY TOTAL ----------------------------------------------------------- Beginning of month balance $ 7,043.23 $ 381,151.27 $ 388,194.50 Add: sales on account $ 29,713.48 $ - $ 29,713.48 Cash received on behalf of Affiliate $ - $ - $ - Cash received from Affiliate $ - $ - $ - Less: payments $ (29,713.48) $ 29,713.48 $ - ----------------------------------------------------------- End of month balance $ 7,043.23 $ 410,864.75 $ 417,907.98 ===========================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 7,043.23 $ 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: May 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. -------------------------------------------------- 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 RECIEPTS AND CASH DISBURSEMENTS For the Month Ending: June 30, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 9,874,748.03 RECEIPTS: 1. Receipts from Operations $ - Receipts from Operations (Received by Parent) $ - 2. Other Receipts $ 13,741.77 Other receipts (Received by Parent or Affiliates) ------------------ TOTAL RECEIPTS $ 13,741.77 Less: Receipts received by Parent or Affiliates $ - ------------------ ADJUSTED TOTAL RECEIPTS $ 13,741.77 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 $ - Other $ 1,500.00 ------------------ TOTAL DISBURSEMENTS $ 30,637.76 Less: Disbursements made by Parent or Affiliates $ (30,637.76) ------------------ ADJUSTED TOTAL DISBURSEMENTS $ - ------------------ NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 13,741.77 NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ - ------------------ ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130 $ 9,888,489.80 ------------------ ENDING BALANCE IN ALL ACCOUNTS $ 9,888,489.80 ================== 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: June 30, 2002 Bank: Deutsche Bank Alex. Brown Location: Baltimore, MD Account Name: Investment Account Account Number: 206-21130

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ 6/5/2002 Interest Received $ 13,741.77 -------------------- Total WATP Receipts $ 13,741.77 ====================

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: June 30, 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: June 30, 2002

STATEMENT OF AGED RECEIVABLES - ----------------------------- ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL ------------------------------------------------------------------ Beginning of month balance $ 13,759,926.62 $ 16,750,953.94 $ 30,510,880.56 Add: sales on account $ - $ - $ - expenses paid for affiliate $ - $ - $ - cash advanced to affiliate $ - $ - $ - Less: collections $ - $ - $ - ------------------------------------------------------------------ End of month balance $ 13,759,926.62 $ 16,750,953.94 $ 30,510,880.56 ==================================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 13,759,926.62 $ 13,759,926.62

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION) - --------------------------------------------- 3RD PARTY INTERCOMPANY TOTAL ------------------------------------------------------------------ Beginning of month balance $ 7,043.23 $ 410,864.75 $ 417,907.98 Add: sales on account $ 30,637.76 $ - $ 30,637.76 Cash received on behalf of Affiliate $ - $ - $ - Cash received from Affiliate $ - $ - $ - Less: payments $ (30,637.76) $ 30,637.76 $ - ------------------------------------------------------------------ End of month balance $ 7,043.23 $ 441,502.51 $ 448,545.74 ==================================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 7,043.23 $ 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: June 30, 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. ------------------------------------------ For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 6 EX-99.3 5 g78266exv99w3.txt MONTHLY OPERATING REPORTS OF WORLD ACCESS TELECOM 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: April 30, 2002

BEGINNING BALANCE IN ALL ACCOUNTS $ 5,786,434.70 RECEIPTS: 1. Receipts from Operations $ 28,333.33 2. Other Receipts $ 4,196.52 -------------------- TOTAL RECEIPTS $ 32,529.85 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 Collection fees $ 2,550.00 Professional fees $ 16,407.96 Record Storage Fees $ 641.48 -------------------- TOTAL DISBURSEMENTS $ 19,599.44 Less: Disbursements paid by Parent or Affiliates $ (17,049.44) -------------------- ADJUSTED TOTAL DISBURSEMENTS $ 2,550.00 -------------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 29,979.85 ENDING BALANCE IN Bank of America 3751607047 $ 5,021,500.96 ENDING BALANCE IN Bank of America 3751567556 $ 794,913.59 ENDING BALANCE IN Bank of America 2591500124 $ - -------------------- ENDING BALANCE IN ALL ACCOUNTS $ 5,816,414.55 ====================

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 RECEIPTS LISTING For the Month Ending: April 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Customer Connection Analyzed Checking Account Number: 3751607047

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ Receipts from Operations: 04/11/02 Calling Solutions $ 17,000.00 -------------------- $ 17,000.00 ==================== Other Receipts: 4/11/02 State of Indiana (Tax refund) $ 4,196.52 -------------------- $ 4,196.52 ====================

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 RECEIPTS LISTING For the Month Ending: April 30, 2002 Bank: Bank of America Location: Dallas, Texas Account Name: Customer Connection Analyzed Checking Account Number: 3751567556

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ 04/11/02 Steel City Telecom $ 4,000.00 04/11/02 KCI, Inc. $ 5,000.00 04/19/02 Steel City Telecom $ 2,333.33 -------------------- Total $ 11,333.33 ====================

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: April 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Customer Connection Analyzed Checking Account Number: 3751607047

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ------ 04/11/02 Wire Collection Fee $ 2,550.00 -------------------- Total $ 2,550.00 ====================

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 For the Month Ending: April 30, 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 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 For the Month Ending: April 30, 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 $ (8,182.19) $ - $ (8,182.19) Add: intercompany activity $ - $ - $ - Less: collections $ (28,333.33) $ - $ (28,333.33) Less: offsets $ - $ - $ - Less: application of customer deposits $ - $ - ---------------------------------------------------------------- End of month balance $ 100,094,599.05 $ 119,099.49 $ 100,213,698.54 ================================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 100,094,599.05 $ 100,094,599.05 STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)

3RD PARTY INTERCOMPANY TOTAL ----------------------------------------------------------------- Beginning of month balance $ 534,436.18 $ 7,648,176.30 $ 8,182,612.48 Add: sales on account** $ 19,599.44 $ - $ 19,599.44 Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (17,049.44) $ 17,049.44 $ - Net cash advanced by Parent or Affiliate $ - $ - $ - Credit extended by Parent or Affiliate $ - $ - $ - Amounts collected on behalf of Affiliate $ - $ - $ - Less: payments $ (2,550.00) $ - $ (2,550.00) ------------------------------------------------------------------ End of month balance $ 534,436.18 $ 7,665,225.74 $ 8,199,661.92 ==================================================================

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 April 30, the Debtor has been invoiced cumulative post-petition disputed amounts totalling $4,759,294. 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 For the Month Ending: April 30, 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 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. -------------------------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer 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 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: May 31, 2002

BEGINNING BALANCE IN ALL ACCOUNTS $ 5,816,414.55 RECEIPTS: 1. Receipts from Operations (Received by Parent or Affiliates) $ 6,764.33 2. Other Receipts $ - -------------------- TOTAL RECEIPTS $ 6,764.33 Less: Receipts received by Parent or Affiliate $ (6,764.33) -------------------- ADJUSTED 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 $ 41,324.46 Record Storage Fees $ 641.48 -------------------- TOTAL DISBURSEMENTS $ 41,965.94 Less: Disbursements paid by Parent or Affiliates $ (41,965.94) -------------------- ADJUSTED TOTAL DISBURSEMENTS $ - -------------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ - NET INTERCOMPANY SWEEP TRANSFERS - FCI $ - -------------------- ENDING BALANCE IN Bank of America 3751607047 $ 5,021,500.96 ENDING BALANCE IN Bank of America 3751567556 $ 794,913.59 -------------------- ENDING BALANCE IN ALL ACCOUNTS $ 5,816,414.55 ====================

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: May 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: May 31, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL ---------------------------------------------------------------- Beginning of month balance $ 100,094,599.05 $ 119,099.49 $ 100,213,698.54 Add: sales on account $ - $ - $ - Add: customer credits $ - $ - $ - Add: intercompany activity $ - $ - $ - Less: collections $ (6,764.33) $ 6,764.33 $ - Less: offsets $ - $ - $ - Less: application of customer deposits $ $ - $ - ---------------------------------------------------------------- End of month balance $ 100,087,834.72 $ 125,863.82 $ 100,213,698.54 ================================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 100,087,834.72 $ 100,087,834.72

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)

3RD PARTY INTERCOMPANY TOTAL ---------------------------------------------------------------- Beginning of month balance $ 534,436.18 $ 7,665,225.74 $ 8,199,661.92 Add: sales on account** $ 41,965.94 $ - $ 41,965.94 Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (41,965.94) $ 41,965.94 $ - 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 $ 7,707,191.68 $ 8,241,627.86 ================================================================

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 May 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: May 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. -------------------------------------------------- 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: June 30, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 5,816,414.55 RECEIPTS: 1. Receipts from Operations $ 7,333.00 2. Other Receipts $ - -------------------- TOTAL RECEIPTS $ 7,333.00 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 U.S. Trustee Fees $ 1,250.00 Record Storage Fees $ 2,023.44 -------------------- TOTAL DISBURSEMENTS $ 3,273.44 Less: Disbursements paid by Parent or Affiliates $ ,273.44) -------------------- ADJUSTED TOTAL DISBURSEMENTS $ - -------------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 7,333.00 NET INTERCOMPANY SWEEP TRANSFERS - WAXS $ 6,764.33 -------------------- ENDING BALANCE IN Bank of America 3751607047 $ 5,021,500.96 ENDING BALANCE IN Bank of America 3751567556 $ 809,010.92 -------------------- ENDING BALANCE IN ALL ACCOUNTS $ 5,830,511.88 ==================== 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 RECEIPTS LISTING For the Month Ending: June 30, 2002 Bank: Bank of America Location: Dallas, Texas Account Name: Customer Connection Analyzed Checking Account Number: 3751567556

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ 06/04/02 KCI, Inc. $ 5,000.00 06/19/02 Steel City Telecom $ 2,333.00 -------------------- Total $ 7,333.00 ====================

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: June 30, 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 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: June 30, 2002 STATEMENT OF AGED RECEIVABLES

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL ---------------------------------------------------------------- Beginning of month balance $ 100,087,834.72 $ 125,863.82 $ 100,213,698.54 Add: sales on account $ - $ - $ - Add: customer credits $ (5,375.94) $ - $ (5,375.94) Add: intercompany activity $ - $ (6,764.33) $ (6,764.33) Less: collections $ (7,333.00) $ - $ (7,333.00) Less: offsets $ - $ - $ - Less: application of customer deposits $ - $ - ---------------------------------------------------------------- End of month balance $ 100,075,125.78 $ 119,099.49 $ 100,194,225.27 ================================================================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 100,075,125.78 $ 100,075,125.78 STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)

3RD PARTY INTERCOMPANY TOTAL ------------------------------------------------------------------ Beginning of month balance $ 534,436.18 $ 7,707,191.68 $ 8,241,627.86 Add: sales on account** $ 3,273.44 $ - $ 3,273.44 Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (3,273.44) $ 3,273.44 $ - 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 $ 7,710,465.12 $ 8,244,901.30 ==================================================================

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 June 30, the Debtor has been invoiced cumulative post-petition disputed amounts totalling $4,759,294. 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 For the Month Ending: June 30, 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. -------------------------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 6 EX-99.4 6 g78266exv99w4.txt MONTHLY OPERATING REPORTS OF FACILICOM INT'L LLC 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 RECIEPTS AND CASH DISBURSEMENTS For the Month Ending: April 30, 2002

BEGINNING BALANCE IN ALL ACCOUNTS $ 6,406,331.61 RECEIPTS: 1.Receipts from Operations $ 730,097.06 2.Other Receipts $ 104,307.28 Other Receipts (Received by Parent or Affiliate) $ - ---------------- TOTAL RECEIPTS $ 834,404.34 Less: Receipts received by Parent or Affiliate $ - ---------------- ADJUSTED RECEIPTS $ 834,404.34 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 (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 $ - Expenses associated with equipment sales $ - Computer Access/Hosting Services $ 8,625.00 ---------------- TOTAL DISBURSEMENTS $ 8,625.00 Less: Disbursements paid by Parent/Affiliate $ (8,625.00) ---------------- ADJUSTED DISBURSEMENTS $ - NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 834,404.34 NET INTERCOMPANY SWEEP TRANSFERS - WATG $ - ---------------- ENDING BALANCE IN Citibank $ 8,432.90 ENDING BALANCE IN BofA-Atlanta GA $ 5,672,420.74 ENDING BALANCE IN BofA-Dallas TX $ 1,559,882.31 ---------------- ENDING BALANCE IN ALL ACCOUNTS $ 7,240,735.95 ================

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: April 30, 2002 Bank: Bank of America Location: Atlanta, GA Account Name: BofA-Atlanta GA Account Number: 329979536

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ Receipts from Operations: 4/11/2002 Nations Telecom $ 204,240.24 4/19/2002 Interactive Media 755.91 4/19/2002 Interactive Media 755.91 4/19/2002 IDS Telecom 10,345.00 4/19/2002 Worldport 200,000.00 4/19/2002 Globalnet International 314,000.00 -------------- $ 730,097.06 ============== Other Receipts: 4/19/2002 Apto $ 1,507.28 4/19/2002 Telecom Recycler 11,500.00 4/19/2002 Streeterville 40,000.00 4/19/2002 AIG 51,300.00 -------------- $ 104,307.28 ==============

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 For the Month Ending: April 30, 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 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: April 30, 2002 STATEMENT OF AGED RECEIVABLES - -----------------------------

ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL --------------------------------------------------------------- Beginning of month balance $ 103,353,696.87 $ 7,015,176.24 $ 110,368,873.11 Add: sales on account $ - $ - $ - Add: customer credits $ (912,555.89) $ - $ (912,555.89) Add: intercompany activity $ - $ - $ - Less: collections $ (730,097.06) $ - $ (730,097.06) Less: offsets $ - $ - $ - Less: application of customer deposits $ - $ - $ - ------------------- ----------------- ------------------- End of month balance $ 101,711,043.92 $ 7,015,176.24 $ 108,726,220.16 =================== ================= ===================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 101,711,043.92 $ 101,711,043.92

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION) 3RD PARTY INTERCOMPANY TOTAL --------------------------------------------------------------- Beginning of month balance $ 5,528,045.86 $ 4,774,626.60 $ 10,302,672.46 Add: sales on account** $ 8,625.00 $ - $ 8,625.00 Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (8,625.00) $ 8,625.00 $ - 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 $ 4,783,251.60 $ 10,311,297.46 =================== ================= ===================

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 April 30, the Debtor has been invoiced cumulative post-petition disputed amounts totalling $2,663,816. 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: April 30, 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. --------------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 6 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 RECIEPTS AND CASH DISBURSEMENTS For the Month Ending: May 31, 2002

BEGINNING BALANCE IN ALL ACCOUNTS $ 7,240,735.95 RECEIPTS: 1. Receipts from Operations $ 8,869.49 Receipts from Operations (Received by Parent or Affiliate) $ 49,361.95 2. Other Receipts $ - Other Receipts (Received by Parent or Affiliate) $ 16,150.00 ---------------- TOTAL RECEIPTS $ 74,381.44 Less: Receipts received by Parent or Affiliate $ (65,511.95) ---------------- ADJUSTED RECEIPTS $ 8,869.49 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 $ - Bank fees $ 15.00 Computer Access/Hosting Services $ 8,625.00 ---------------- TOTAL DISBURSEMENTS $ 8,640.00 Less: Disbursements paid by Parent/Affiliate $ (8,625.00) ---------------- ADJUSTED DISBURSEMENTS $ 15.00 NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 8,854.49 NET INTERCOMPANY SWEEP TRANSFERS - WATG $ - ---------------- ENDING BALANCE IN Citibank $ 8,432.90 ENDING BALANCE IN BofA-Atlanta GA $ 5,672,420.74 ENDING BALANCE IN BofA-Dallas TX $ 1,568,736.80 ---------------- ENDING BALANCE IN ALL ACCOUNTS $ 7,249,590.44 ================

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: May 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: BofA-Dallas, TX Account Number: 3751469007

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ Receipts from Operations: 5/29/2002 Mosaic Corp $ 8,869.49 ------------- $ 8,869.49 =============

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: May 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Account Number: 3751469007

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT -------------- ------------ ----------- ------ 05/29/02 N/A Wire fee 15.00 ---------------- Total $ 15.00 ================

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: May 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: May 31, 2002

STATEMENT OF AGED RECEIVABLES - ----------------------------- ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL -------------------------------------------------------------- Beginning of month balance $ 101,711,043.92 $ 7,015,176.24 $ 108,726,220.16 Add: sales on account $ - $ - $ - Add: customer credits $ (2,994.75) $ - $ (2,994.75) Add: intercompany activity $ (49,361.95) $ 65,511.95 $ 16,150.00 Less: collections $ (8,869.49) $ - $ (8,869.49) Less: offsets $ - $ - $ - Less: application of customer deposits $ - $ - $ - ----------------- ---------------- ----------------- End of month balance $ 101,649,817.73 $ 7,080,688.19 $ 108,730,505.92 ================= ================ =================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 101,649,817.73 $ 101,649,817.73

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION) - --------------------------------------------- 3RD PARTY INTERCOMPANY TOTAL -------------------------------------------------------------- Beginning of month balance $ 5,528,045.86 $ 4,783,251.60 $ 10,311,297.46 Add: sales on account** $ 8,625.00 $ - $ 8,625.00 Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (8,625.00) $ 8,625.00 $ - Net cash advanced by Parent or Affiliate $ - $ - $ - Credit extended by Parent or Affiliate $ - $ - $ - Amounts collected on behalf of Affiliate $ - $ - $ - Less: payments $ 15.00 $ - $ 15.00 ----------------- ---------------- ---------------- End of month balance $ 5,528,060.86 $ 4,791,876.60 $ 10,319,937.46 ================= ================ ================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 5,528,060.86 $ 5,528,060.86

**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 May 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: May 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. --------------------------------------- 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 RECIEPTS AND CASH DISBURSEMENTS For the Month Ending: June 30, 2002

BEGINNING BALANCE IN ALL ACCOUNTS $ 7,249,590.44 RECEIPTS: 1.Receipts from Operations $ 5,000.00 2.Other Receipts $ - Other Receipts (Received by Parent or Affiliate) $ - ---------------- TOTAL RECEIPTS $ 5,000.00 Less: Receipts received by Parent or Affiliate $ - ---------------- ADJUSTED RECEIPTS $ 5,000.00 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 U.S. Trustee Fees $ 5,000.00 Expenses associated with equipment sales $ - Computer Access/Hosting Services $ 8,625.00 ---------------- TOTAL DISBURSEMENTS $ 13,625.00 Less: Disbursements paid by Parent/Affiliate $ (13,625.00) ---------------- ADJUSTED DISBURSEMENTS $ - NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 5,000.00 NET INTERCOMPANY SWEEP TRANSFERS - WAXS $ 65,511.95 ---------------- ENDING BALANCE IN Citibank $ 8,432.90 ENDING BALANCE IN BofA-Atlanta GA $ 5,742,932.69 ENDING BALANCE IN BofA-Dallas TX $ 1,568,736.80 ---------------- ENDING BALANCE IN ALL ACCOUNTS $ 7,320,102.39 ================

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: June 30, 2002 Bank: Bank of America Location: Atlanta, GA Account Name: BofA-Atlanta GA Account Number: 329979536

DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ Receipts from Operations: 6/21/2002 KCI, Inc. $ 5,000.00 ------------- $ 5,000.00 =============

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 For the Month Ending: June 30, 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 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: June 30, 2002

STATEMENT OF AGED RECEIVABLES - ----------------------------- ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL ---------------------------------------------------------------- Beginning of month balance $ 101,649,817.73 $ 7,080,688.19 $ 108,730,505.92 Add: sales on account $ - $ - $ - Add: customer credits $ (212,887.70) $ - $ (212,887.70) Add: intercompany activity $ - $ - $ - Less: collections $ (5,000.00) $ (65,511.95) $ (70,511.95) Less: offsets $ - $ - $ - Less: application of customer deposits $ - $ - $ - ---------------- ---------------- ------------------ End of month balance $ 101,431,930.03 $ 7,015,176.24 $ 108,447,106.27 ================ ================ ==================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 101,431,930.03 $ 101,431,930.03

STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION) - --------------------------------------------- 3RD PARTY INTERCOMPANY TOTAL -------------------------------------------------------------- Beginning of month balance $ 5,528,060.86 $ 4,791,876.60 $ 10,319,937.46 Add: sales on account** $ 13,625.00 $ - $ 13,625.00 Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (13,625.00) $ 13,625.00 $ - 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 $ 5,528,060.86 $ 4,805,501.60 $ 10,333,562.46 ============== ================ =================

0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 5,528,060.86 $ 5,528,060.86

**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 June 30, the Debtor has been invoiced cumulative post-petition disputed amounts totalling $2,663,816. 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: June 30, 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. --------------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 6 EX-99.5 7 g78266exv99w5.txt MONTHLY OPERATING REPORTS OF WORLDCHANGE COMM. 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: April 30, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 2,881,839.46 RECEIPTS: 1. Receipts from Operations $ - 2. Other Receipts $ 238.72 --------------- TOTAL RECEIPTS $ 238.72 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 (Voided post-petition checks) $ (8,011.12) 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 $ - U.S. Trustee Fees $ - Credit card chargebacks $ 209.50 --------------- TOTAL DISBURSEMENTS $ (7,801.62) Less: Disbursements by Parent or Affiliate $ 8,011.12 --------------- ADJUSTED TOTAL DISBURSEMENTS $ 209.50 --------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 29.22 NET INTERCOMPANY SWEEP TRANSFERS - WAXS $ - --------------- ENDING BALANCE IN Bank of America - 3751565312 $ 111,332.25 ENDING BALANCE IN Bank of America - 3299991275 $ 2,770,536.43 --------------- ENDING BALANCE $ 2,881,868.68 =============== 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: April 30, 2002 Bank: Bank of America Location: Atlanta, GA Account Name: Checking Account Number: 3299991275

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 04/11/02 Southwestern Bell (Refund) 238.72 ------------- Total $ 238.72 =============

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: April 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Checking Account Number: 3751565312

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 04/04/02 EFT Credit card chargebacks $ 40.00 04/04/02 EFT Credit card chargebacks 47.50 04/04/02 EFT Credit card chargebacks 60.00 04/04/02 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: April 30, 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: April 30, 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 $ - $ - $ - 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 $ 8,702,870.24 $ 6,241,707.82 $ 14,944,578.06 Add: sales on account** $ (7,801.62) $ - $ (7,801.62) Add: collections on behalf of I-Link $ - $ - $ - Add: intercompany activity Expenses paid directly by Parent or Affiliate $ 8,011.12 $ (8,011.12) $ - 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 $ (209.50) $ - $ (209.50) --------------------------------------------------------- End of month balance $ 8,702,870.24 $ 6,233,696.70 $ 14,936,566.94 ========================================================= 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 April 30, 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: April 30, 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. ----------------------------------- 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: May 31, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 2,881,868.68 RECEIPTS: 1. Receipts from Operations $ - 2. Other Receipts (Received by Parent or Affiliate) $ 3,852.51 --------------- TOTAL RECEIPTS $ 3,852.51 Less: Receipts received by Parent/Affiliates $ (3,852.51) --------------- 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 $ - 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 $ 28.56 U.S. Trustee Fees $ - Credit card chargebacks $ 209.50 --------------- TOTAL DISBURSEMENTS $ 238.06 Less: Disbursements by Parent or Affiliate $ - --------------- ADJUSTED TOTAL DISBURSEMENTS $ 238.06 --------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (238.06) NET INTERCOMPANY SWEEP TRANSFERS - WAXS $ - --------------- ENDING BALANCE IN WxC/WAXS $ 111,122.75 ENDING BALANCE IN B of A Checking $ 2,770,507.87 --------------- ENDING BALANCE $ 2,881,630.62 =============== 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: May 31, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Checking Account Number: 3751565312

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 05/04/02 EFT Credit card chargebacks $ 40.00 05/04/02 EFT Credit card chargebacks 47.50 05/04/02 EFT Credit card chargebacks 60.00 05/04/02 EFT Credit card chargebacks 62.00 ------------- Total $ 209.50 =============

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 For the Month Ending: May 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 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: May 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 $ - $ - $ - Add: customer credits $ - $ - $ - Add: intercompany activity $ - $ 3,852.51 $ 3,852.51 Less: collections $ - $ - $ - Less: offsets $ - $ - $ - Less: application of customer deposits $ - $ - $ - Less: sale of receivables to I-Link $ - $ - $ - --------------------------------------------------------------- End of month balance $ - $ 2,406,610.55 $ 2,406,610.55 =============================================================== 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 $ 8,702,870.24 $ 6,233,696.70 $ 14,936,566.94 Add: sales on account** $ 238.06 $ - $ 238.06 Add: collections on behalf of I-Link $ - $ - $ - Add: intercompany activity Expenses paid directly by Parent or Affiliate $ - $ - $ - 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 $ (238.06) $ - $ (238.06) ------------------------------------------------------------ End of month balance $ 8,702,870.24 $ 6,233,696.70 $ 14,936,566.94 ============================================================ 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 May 31, the Debtor has been invoiced cumulative post-petition disputed amounts totalling $1,804,912. OPERATING REPORT Page 4 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: May 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. ----------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 6 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: June 30, 2002 BEGINNING BALANCE IN ALL ACCOUNTS $ 2,881,630.62 RECEIPTS: 1. Receipts from Operations $ - 2. Other Receipts $ 367,661.30 --------------- TOTAL RECEIPTS $ 367,661.30 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 Clearing of previously voided checks $ - U.S. Trustee Fees $ 6,000.00 Credit card chargebacks $ 209.50 --------------- TOTAL DISBURSEMENTS $ 6,209.50 Less: Disbursements by Parent or Affiliate $ (6,000.00) --------------- ADJUSTED TOTAL DISBURSEMENTS $ 209.50 --------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 367,451.80 NET INTERCOMPANY SWEEP TRANSFERS - WAXS $ 3,852.51 --------------- ENDING BALANCE IN WxC/WAXS $ 110,913.25 ENDING BALANCE IN B of A Checking $ 3,142,021.68 --------------- ENDING BALANCE $ 3,252,934.93 =============== 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: June 30, 2002 Bank: Bank of America Location: Atlanta, GA Account Name: Checking Account Number: 3299991275

DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 6/19/02 State of Illinois (Tax Refund) 316.47 6/19/02 State of California (Tax Refund) 579.61 6/21/02 Cardservice International (Deposit Refund) 366,765.22 ------------- Total $ 367,661.30 =============

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: June 30, 2002 Bank: Bank of America Location: Dallas, TX Account Name: Checking Account Number: 3751565312

DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 06/04/02 EFT Credit card chargebacks $ 40.00 06/04/02 EFT Credit card chargebacks 47.50 06/04/02 EFT Credit card chargebacks 60.00 06/04/02 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: June 30, 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: June 30, 2002

STATEMENT OF AGED RECEIVABLES - ----------------------------- ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL ------------------------------------------------------------ Beginning of month balance $ - $ 2,406,610.55 $ 2,406,610.55 Add: Receipts by parent/affiliates $ - $ - $ - Add: customer credits $ - $ - $ - Add: intercompany activity $ - $ (3,852.51) $ (3,852.51) 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 $ 8,702,870.24 $ 6,233,696.70 $ 14,936,566.94 Add: sales on account** $ 6,209.50 $ - $ 6,209.50 Add: collections on behalf of I-Link $ - $ - $ - Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (6,000.00) $ 6,000.00 $ - 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 $ (209.50) $ - $ (209.50) ------------------------------------------------------------- End of month balance $ 8,702,870.24 $ 6,239,696.70 $ 14,942,566.94 ============================================================= 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 June 30, 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: June 30, 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. ------------------------------------- For the Debtor In Possession Henry C. Lyon Designated Officer OPERATING REPORT Page 7 -----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

                                                                    EXHIBIT 99.1

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

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



                 SUMMARY OF CASH RECIEPTS AND CASH DISBURSEMENTS

                      For the Month Ending: April 30, 2002

                                                                                 
BEGINNING BALANCE IN ALL ACCOUNTS                                                       $ 24,308,684.09

RECEIPTS:
     1. Receipts from Operations
     2. Other Receipts                                                                  $    287,690.04
        Other receipts (Received on behalf of Affiliates)                               $  1,612,741.88
                                                                                    --------------------

TOTAL RECEIPTS                                                                          $  1,900,431.92

DISBURSEMENTS
     3. Net Payroll
        a. Officers                                                                     $     36,711.61
        b. Others                                                                       $     41,709.03
     4. Taxes
        a. Federal Income Taxes                                                         $     21,869.85
        b. FICA Withholdings                                                            $      5,871.93
        c. Employee's withholdings                                                      $        153.94
        d. Employer's FICA                                                              $      5,871.93
        e. Federal Unemployment Taxes                                                   $          8.59
        f. State Income Tax                                                             $      4,980.95
        g. State Employee withholdings                                                  $        141.19
        h. All other state taxes                                                        $         38.97

     5. Necessary Expenses
        a. Rent or mortgage payment(s)                                                  $           -
        b. Utilities                                                                    $      6,973.49
        c. Insurance                                                                    $      6,977.20
        d. Merchandise bought for manufacture or sell                                   $           -
        e. Other necessary expenses
            Professional and Bankruptcy Court Related Fees and Expenses                 $  1,344,361.17
            Employee Expenses                                                           $     13,680.77
            Office Supplies & Expenses                                                  $      7,885.68
            Other                                                                       $     37,044.53
                                                                                    --------------------

TOTAL DISBURSEMENTS                                                                     $  1,534,280.83
Add:  Disbursements made on behalf of Parent or Affiliates                              $     47,550.14
                                                                                    --------------------
ADJUSTED TOTAL DISBURSEMENTS                                                            $  1,581,830.97

                                                                                    --------------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                     $    318,600.95

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                                 $    520,526.93
ENDING BALANCE IN Bank of America - Disbursement  03299976144                           $   (210,010.33)
ENDING BALANCE IN Bank of America - Payroll  03299944407                                $     11,819.53
ENDING BALANCE IN Bank of America - Payroll Taxes  03751301149                          $     29,023.91
ENDING BALANCE IN Bank of America - Money Market  851018                                $ 17,796,582.20
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648                               $  5,140,976.86
ENDING BALANCE IN Bank of America - Restricted Cash                                     $  1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash  699-3295970                            $         41.99
ENDING BALANCE IN Chase Manhattan Bank - FISC  719-1-362214                             $      4,990.00

                                                                                    --------------------
ENDING BALANCE IN ALL ACCOUNTS                                                          $ 24,627,285.04
                                                                                    ====================



                            OPERATING REPORT Page 1


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

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



                                RECEIPTS LISTING

                      For the Month Ending: April 30, 2002

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



   DATE RECEIVED                             DESCRIPTION                                AMOUNT
   -------------                             -----------                                ------
                                                                      
       4/1/02        Verso Technologies - Installment on Note                          $ 1,500,000.00
       4/1/02        Linda Jacobsen                                                    $       493.84
       4/1/02        Gerald Ricks                                                      $     5,000.00
       4/1/02        Prudential Financial                                              $       284.40
       4/2/02        World Access Charitable Trust (CRAT)                              $   278,135.30
      4/16/02        J. Smith Lanier                                                   $        38.00
      4/16/02        Linda Jacobsen                                                    $       493.84
      4/16/02        Daniel Menken                                                     $       664.14
      4/16/02        Gloria Mejorade                                                   $       223.07
      4/30/02        Verizon Logistics                                                 $   107,741.88
                                                                                  --------------------
                                                                            Total      $ 1,893,074.47

Less:  Receipts from or on behalf of Parent or Affiliates

WA Telecom Products Co., Inc.
       4/1/02        Verso Technologies - Installment on Note                          $ 1,500,000.00
       4/1/02        Gerald Ricks                                                      $     5,000.00
      4/30/02        Verizon Logistics                                                 $   107,741.88
                                                                                  --------------------
                                                                                         1,612,741.88

                                                                                  --------------------
                                                              Total WAXS Receipts          280,332.59
                                                                                  ====================


                            OPERATING REPORT Page 2


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

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



                                RECEIPTS LISTING

                      For the Month Ending: April 30, 2002

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



   DATE RECEIVED                             DESCRIPTION                                AMOUNT
   -------------                             -----------                                ------
                                                        
      4/30/02        Interest Received                                                         $ 0.01
                                                                                  --------------------
                                                              Total WAXS Receipts              $ 0.01
                                                                                  ====================


                            OPERATING REPORT Page 3


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

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



                                RECEIPTS LISTING

                      For the Month Ending: April 30, 2002

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



   DATE RECEIVED                             DESCRIPTION                                AMOUNT
   -------------                             -----------                                ------
                                                        
                     Interest Received - Strat Cash Fund                                          $ -

                                                                                  --------------------
                                                              Total WAXS Receipts                 $ -
                                                                                  ====================



***Due to a change in the disbursement date of monthly interest dividends by
NationsFunds from the last business day of the month to the first, there was no
interest dividend on the Strat Cash Fund for the month of April. The dividend
was instead received into the account on May 1, 2002 and will henceforth be
reflected on the May 2002 Operating Report.


                            OPERATING REPORT Page 4


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

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



                                RECEIPTS LISTING

                      For the Month Ending: April 30, 2002

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



   DATE RECEIVED                             DESCRIPTION                                AMOUNT
   -------------                             -----------                                ------
                                                        
      4/23/02        Interest Received                                                     $ 7,357.44
                                                                                  --------------------
                                                              Total WAXS Receipts          $ 7,357.44
                                                                                  ====================



                            OPERATING REPORT Page 5


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

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



                              DISBURSEMENT LISTING

                      For the Month Ending: April 30, 2002

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



      DATE DISBURSED                             DESCRIPTION                            AMOUNT
      --------------                             -----------                            ------
                                                                          
          4/3/02            Bank Fee                                                          $ 30.00
          4/5/02            American Express Tax & Business Services                     $ 343,252.67
          4/11/02           Merrill Lynch                                                    $ 153.94

                                                                                  --------------------
                                                         Total WAXS Disbursements        $ 343,436.61
                                                                                  ====================


                            OPERATING REPORT Page 6


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

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



                              DISBURSEMENT LISTING

                      For the Month Ending: April 30, 2002

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



   DATE DISBURSED       CHECK NUMBER                      DESCRIPTION                        AMOUNT
   --------------       ------------                      -----------                        ------
                                                                                    
       4/1/02            VOID 34768      Office Depot                                        $    (213.79)
       4/1/02            VOID 35444      NYS Sales Tax Processing Unit                       $    (335.12)
       4/1/02            VOID 35447      Oklahoma High Cost Fund                             $  (7,676.00)
       4/1/02            VOID 35622      Indiana Workforce Development                       $    (288.00)
       4/5/02               35629        ADP Investor Communications                         $   7,880.50
       4/5/02               35630        APTO Solutions                                      $   1,300.73
       4/5/02               35631        Central Parking Systems                             $     440.00
       4/5/02               35632        Debra Dawn                                          $   3,706.00
       4/5/02               35633        Stuart C. Gilson                                    $  20,000.00
       4/5/02               35634        Jay Alix & Associates                               $   9,102.23
       4/5/02               35635        MCI Worldcom                                        $     508.51
       4/5/02               35636        Michael Mies                                        $     597.50
       4/5/02               35637        North Atlanta Realty                                $  29,137.76
       4/5/02               35638        Nextel Communications                               $     526.69
       4/5/02               35639        Poorman-Douglas                                     $  51,398.72
       4/5/02               35640        PriceWaterhouseCoopers                              $  14,881.92
       4/5/02               35641        Prudential Securites                                $     111.80
       4/5/02               35642        Kamran Saeed                                        $     450.00
       4/5/02               35643        Mark Warner                                         $   5,000.00
       4/5/02               35644        Winstead Sechrest & Minick                          $  16,407.96
       4/5/02               35645        Pacific Bell                                        $     338.76
      4/12/02               35646        Copytec, Inc.                                       $     917.83
      4/12/02               35647        Debra Dawn                                          $   1,892.95
      4/12/02               35648        Federal Express                                     $     946.70
      4/12/02               35649        GE Capital                                          $     575.72
      4/12/02               35650        Katten Muchin Zavis Roseman                         $ 337,251.47
      4/12/02               35651        Lamberth, Bonapfel, Cifelli & Stokes                $  12,377.28
      4/12/02               35652        Liberty Mutual                                      $   2,639.00
      4/12/02               35653        McKenna, Long & Aldridge                            $  63,611.49
      4/12/02               35654        MCI Worldcom                                        $   3,087.77
      4/12/02               35655        MCI Worldcom                                        $     149.36
      4/12/02               35656        Metropolitan Life Insurance                         $   3,337.02
      4/12/02               35657        Michael Mies                                        $     882.69
      4/12/02               35658        Kamran Saeed                                        $     450.00
      4/12/02               35659        State Compensation Insurance                        $   1,001.18
      4/12/02               35660        U.S. Trustee                                        $   2,500.00
      4/12/02               35661        Velocity Express                                    $       6.66
      4/12/02               35662        Pacific Bell                                        $     336.44
      4/12/02               35664        San Diego Gas & Electric                            $     323.85
      4/19/02               35665        Apollo Consulting                                   $   2,000.00
      4/19/02               35666        Cadwalader, Wickersham & Taft                       $ 219,001.00



                            OPERATING REPORT Page 7

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

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

                             DISBURSEMENT LISTING

                     For the Month Ending: April 30, 2002

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




     DATE DISBURSED          CHECK NUMBER                   DESCRIPTION                                         AMOUNT
     --------------          ------------                   -----------                                         ------
                                                                       
        4/19/02                 35667         Debra Dawn                                                 $          3,681.28
        4/19/02                 35668         Federal Express                                            $            674.05
        4/19/02                 35669         Judco Management                                           $          8,625.00
        4/19/02                 35670         Legalink Chicago                                           $          6,023.90
        4/19/02                 35671         MCI Worldcom                                               $            508.51
        4/19/02                 35672         Nextel Communications                                      $            723.23
        4/19/02                 35673         Nowalsky, Bronston & Gothard                               $          3,003.05
        4/19/02                 35674         Kamran Saeed                                               $            450.00
        4/19/02                 35675         SK Advertising                                             $         13,333.05
        4/19/02                 35676         Mark Warner                                                $          5,000.00
        4/19/02                 35678         Ernst & Young LLP                                          $        108,576.00
        4/25/02                 35679         Vanguard Archives                                          $            641.48
        4/25/02                 35680         American Express                                           $        121,035.28
        4/25/02                 35681         Ascom Hasler Leasing                                       $            173.34
        4/25/02                 35682         BellSouth                                                  $            470.37
        4/25/02                 35683         Coleman Technologies                                       $             50.00
        4/25/02                 35684         Continental Stock Transfer & Trust                         $          1,635.46
        4/25/02                 35685         Debra Dawn                                                 $          2,575.88
        4/25/02                 35686         Federal Express                                            $            842.06
        4/25/02                 35687         H. Peter Gant                                              $            192.47
        4/25/02                 35688         Latham & Watkins                                           $         30,127.60
        4/25/02                 35689         Kamran Saeed                                               $            450.00
        4/25/02                 35690         Systems Union                                              $          3,580.00
        4/25/02                 35691         Sean Moore                                                 $          1,525.00
                                                                                                        ---------------------
                                                                                                   Total $      1,120,461.59

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

WA Telecom Products Co., Inc.
         4/5/02                 35637         North Atlanta Realty                                       $         29,137.76
        4/12/02                 35649         GE Capital                                                 $            575.72
        4/25/02                 35681         Ascom Hasler Leasing                                       $            173.34

Facilicom
        4/19/02                 35669         Judco Management                                           $          8,625.00

World Access Telecommunication Group, Inc.
         4/5/02                 35644         Winstead Sechrest & Minick                                 $         16,407.96
        4/25/02                 35679         Vanguard Archives                                          $            641.48



                           OPERATING REPORT Page 7                  Page 2 of 3



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

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

                             DISBURSEMENT LISTING

                     For the Month Ending: April 30, 2002

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




     DATE DISBURSED          CHECK NUMBER                   DESCRIPTION                                         AMOUNT
     --------------          ------------                   -----------                                         ------
                                                                       
WorldxChange
         4/1/02               VOID 35444      NYS Sales Tax Processing Unit                              $           (335.12)
         4/1/02               VOID 35447      Oklahoma High Cost Fund                                    $         (7,676.00)

                                                                                                        ---------------------
                                                                                Total Affiliate Payments $         47,550.14

                                                                                                        ---------------------
                                                                                Total WAXS Disbursements $      1,072,911.45
                                                                                                        =====================


                           OPERATING REPORT Page 7                  Page 3 of 3



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

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

                             DISBURSEMENT LISTING

                     For the Month Ending: April 30, 2002

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



     DATE DISBURSED           CHECK NUMBER       DESCRIPTION                                     AMOUNT
     --------------           ------------       -----------                                     ------
                                                      
         4/11/02                Multiple       Payroll Checks                            $           40,488.65
         4/25/02                Multiple       Payroll Checks                            $           37,931.99
                                                                                         -----------------------
                                                                Total WAXS Disbursements $           78,420.64
                                                                                         =======================


                           OPERATING REPORT Page 8



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

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

                             DISBURSEMENT LISTING

                     For the Month Ending: April 30, 2002

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




       DATE DISBURSED                        DESCRIPTION                                           AMOUNT
       --------------                        -----------                                           ------
                                                          
           4/10/02           ADP - Payroll Tax Withholdings                               $           20,246.22
           4/24/02           ADP - Payroll Tax Withholdings                               $           18,537.19
           4/26/02           ADP - Payroll Processing Fees                                $              718.72
                                                                                         -----------------------
                                                                 Total WAXS Disbursements $           39,502.13
                                                                                         =======================


                           OPERATING REPORT Page 9



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

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

                            DISBURSEMENTS LISTING

                     For the Month Ending: April 30, 2002

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



       DATE RECEIVED                       DESCRIPTION                                     AMOUNT
       -------------                       -----------                                     ------
                                                 
          4/30/02           Bank Fee                                             $                  10.00
                                                                                ---------------------------
                                                        Total WAXS Disbursements $                  10.00
                                                                                ===========================



                           OPERATING REPORT Page 10



                      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: April 30, 2002

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

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

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

  Gross payroll for this period              $       117,357.99
  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: April 30, 2002

STATEMENT OF AGED RECEIVABLES



ACCOUNTS RECEIVABLE                                             3RD PARTY         INTERCOMPANY            TOTAL
                                                    -------------------------------------------------------------------
                                                                                            
  Beginning of month balance                         $                  -        $12,534,503.01      $12,534,503.01
  Add: sales on account                              $                  -        $            -                   -
          expenses paid for affiliate                $                  -        $    47,550.14      $    47,550.14
          cash advanced to affiliate                 $                  -        $            -                   -
  Less: collections                                  $                  -        $            -                   -
                                                    -------------------------------------------------------------------
  End of month balance                               $                  -        $12,582,053.15      $12,582,053.15
                                                    ===================================================================




   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                         $       2,864,050.55        $16,580,549.32      $19,444,599.87
  Add: sales on account                              $       1,969,745.60        $            -      $ 1,969,745.60
          Cash received on behalf of Affiliate       $                  -        $ 1,612,741.88      $ 1,612,741.88
          Cash received from Affiliate               $                  -        $            -                   -
  Less: payments                                     $      (1,534,280.83)       $            -      $(1,534,280.83)
                                                    -------------------------------------------------------------------
  End of month balance                               $       3,299,515.32        $18,193,291.20      $21,492,806.52
                                                    ===================================================================




       0-30 Days           31-60 Days       61-90 Days     Over 90 Days     End of Month Total
       ---------           ----------       ----------     ------------     ------------------
                                                              
 $  1,707,551.02      $    286,176.52    $  153,432.48  $  1,152,355.30     $  3,299,515.32




                           OPERATING REPORT Page 12




                    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: April 30, 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.




                                     -----------------------------------------
                                     For the Debtor In Possession

                                     Henry C. Lyon
                                     Designated Officer

                           OPERATING REPORT Page 14



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

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


               SUMMARY OF CASH RECIEPTS AND CASH DISBURSEMENTS

                     For the Month Ending: May 31, 2002


                                                                          
BEGINNING BALANCE IN ALL ACCOUNTS                                             $           24,627,285.04

RECEIPTS:
  1. Receipts from Operations
  2. Other Receipts                                                           $               89,061.46
   Other receipts (Received on behalf of Affiliates)                          $               86,128.79
                                                                             ---------------------------

TOTAL RECEIPTS                                                                $              175,190.25

DISBURSEMENTS
  3. Net Payroll
   a. Officers                                                                $               37,397.75
   b. Others                                                                  $               43,820.25
  4. Taxes
   a. Federal Income Taxes                                                    $               22,376.65
   b. FICA Withholdings                                                       $                5,129.88
   c. Employee's withholdings                                                 $                  153.94
   d. Employer's FICA                                                         $                5,129.87
   e. Federal Unemployment Taxes                                              $                    9.98
   f. State Income Tax                                                        $                5,036.95
   g. State Employee withholdings                                             $                  142.78
   h. All other state taxes                                                   $                  376.70

  5. Necessary Expenses
   a. Rent or mortgage payment(s)                                             $               10,938.00
   b. Utilities                                                               $               17,679.31
   c. Insurance                                                               $               11,038.59
   d. Merchandise bought for manufacture or sell                              $                       -
   e. Other necessary expenses
       Professional and Bankruptcy Court Related Fees and Expenses            $            1,181,343.36
       Employee Expenses                                                      $               26,350.57
       Office Supplies & Expenses                                             $                6,676.98
       Other                                                                  $               29,320.09
                                                                             ---------------------------

TOTAL DISBURSEMENTS                                                           $            1,402,921.85
Add:  Disbursements made on behalf of Parent or Affiliates                    $               80,304.42
                                                                             ---------------------------
ADJUSTED TOTAL DISBURSEMENTS                                                  $            1,483,226.27

                                                                             ---------------------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                           $           (1,308,036.02)

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                       $              622,527.93
ENDING BALANCE IN Bank of America - Disbursement  03299976144                 $             (151,097.17)
ENDING BALANCE IN Bank of America - Payroll  03299944407                      $               20,601.53
ENDING BALANCE IN Bank of America - Payroll Taxes  03751301149                $               14,851.70
ENDING BALANCE IN Bank of America - Money Market  851018                      $           16,325,954.27
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648                     $            5,148,054.82
ENDING BALANCE IN Bank of America - Restricted Cash                           $            1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash  699-3295970                  $                   31.99
ENDING BALANCE IN Chase Manhattan Bank - FISC  719-1-362214                   $                4,990.00

                                                                             ---------------------------
ENDING BALANCE IN ALL ACCOUNTS                                                $           23,319,249.02
                                                                             ===========================



                           OPERATING REPORT Page 1


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

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

                                RECEIPTS LISTING

                       For the Month Ending: May 31, 2002

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



             DATE RECEIVED                                     DESCRIPTION                              AMOUNT
             -------------                                     -----------                          -------------
                                                                                           
               05/03/02                Primetec Int'l (Reimbursement)                              $     50,000.00
                5/30/02                Gerald Ricks                                                $      5,000.00
                5/30/02                Linda Jacobsen                                              $        493.84
                5/30/02                IDS Telecom                                                 $     12,000.00
                5/30/02                Prudential Securities                                       $         67.33
                5/30/02                Daniel Menken                                               $        664.14
                5/30/02                State of Calif. - EE Development                            $         27.98
                5/30/02                Gloria Mejorado                                             $        223.07
                5/30/02                Megan Hibbeler                                              $        223.07
                5/30/02                Megan Hibbeler                                              $        446.14
                5/30/02                State of Texas                                              $      1,665.97
                5/30/02                State of Florida                                            $      2,112.93
                5/30/02                Bank of America                                             $         45.63
                5/30/02                Net One Telecommunications                                  $      1,700.00
                5/30/02                Linda Jacobsen                                              $        493.84
                5/30/02                Gerald Ricks                                                $      5,000.00
                5/30/02                Steel City Telecom                                          $      2,333.33
                5/30/02                Net One Telecommunications                                  $      1,700.00
                5/30/02                Apto Solutions                                              $     15,650.00
                5/30/02                Net-Telco                                                   $        500.00
                5/30/02                New Global Telecom                                          $      4,431.00
                5/30/02                Capsule Communications                                      $     33,961.95
                                                                                                  ----------------
                                                                                             Total $    138,740.22

Less:  Receipts from or on behalf of Parent or Affiliates

WA Telecom Products Co., Inc.
                5/30/02                Gerald Ricks                                                $      5,000.00
                5/30/02                Gerald Ricks                                                $      5,000.00
Facilicom
                5/30/02                IDS Telecom                                                 $     12,000.00
                5/30/02                Net One Telecommunications                                  $      1,700.00
                5/30/02                Net One Telecommunications                                  $      1,700.00
                5/30/02                Apto Solutions                                              $     15,650.00
                5/30/02                Net-Telco                                                   $        500.00
                5/30/02                Capsule Communications                                      $     33,961.95
World Access Telecommunication Group, Inc.
                5/30/02                Steel City Telecom                                          $      2,333.33
                5/30/02                New Global Telecom                                          $      4,431.00
WorldxChange
                5/30/02                State of Calif. - EE Development                            $         27.98
                5/30/02                State of Texas                                              $      1,665.97
                5/30/02                State of Florida                                            $      2,112.93
                5/30/02                Bank of America                                             $         45.63
                                                                                                  ----------------
                                                                          Total Affiliate Receipts $     86,128.79

                                                                                                  ----------------
                                                                               Total WAXS Receipts $     52,611.43
                                                                                                  ================




                            OPERATING REPORT Page 2







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

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

                                RECEIPTS LISTING

                       For the Month Ending: May 31, 2002

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



              DATE RECEIVED                                 DESCRIPTION                        AMOUNT
              -------------                                 -----------                        ------
                                                                                    
                 05/31/02                 Interest Received                               $            -
                                                                                         -----------------
                                                                      Total WAXS Receipts $            -
                                                                                         =================



*No interest earned this period.



                            OPERATING REPORT Page 3






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

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

                                RECEIPTS LISTING

                       For the Month Ending: May 31, 2002

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



          DATE RECEIVED                                      DESCRIPTION                                  AMOUNT
          -------------                                      -----------                                  ------
                                                                           
             05/01/02             Interest Received - Strat Cash Fund                                $     29,372.07

                                                                                                    -----------------
                                                                                 Total WAXS Receipts $     29,372.07
                                                                                                    =================




                            OPERATING REPORT Page 4





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

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

                                RECEIPTS LISTING

                       For the Month Ending: May 31, 2002

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



              DATE RECEIVED                                DESCRIPTION                         AMOUNT
              -------------                                -----------                         ------
                                                                                  
                05/29/02                 Interest Received                               $        7,077.96
                                                                                        --------------------
                                                                     Total WAXS Receipts $        7,077.96
                                                                                        ====================


                            OPERATING REPORT Page 5





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

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

                              DISBURSEMENT LISTING

                       For the Month Ending: May 31, 2002



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




              DATE DISBURSED                                    DESCRIPTION                                            AMOUNT
              --------------                                    -----------                                            ------
                                                                                    
                 05/03/02                 Wire Fee                                                                 $       20.00
                 05/03/02                 Bank Fee                                                                 $       30.00
                 05/03/02                 Wire - American Express Tax & Business Svcs                              $  121,035.28
                 05/06/02                 Merrilly Lynch - 401k Loan W/H                                           $      153.94
                 05/14/02                 CMRS/Ascom                                                               $      500.00
                                                                                                                  --------------
                                                                                          Total WAXS Disbursements $  121,739.22
                                                                                                                  ==============



                            OPERATING REPORT Page 6






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

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

                              DISBURSEMENT LISTING

                       For the Month Ending: May 31, 2002

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



         DATE DISBURSED          CHECK NUMBER                           DESCRIPTION                                   AMOUNT
         --------------          ------------                           -----------                                   ------
                                                                                                      
            05/01/02              VOID 35680          American Express Tax & Business Svcs                        $  (121,035.28)
            05/03/02                 35692            Apollo Consulting                                           $     2,000.00
            05/03/02                 35693            BellSouth                                                   $     2,192.35
            05/03/02                 35694            CNA Insurance                                               $     4,302.00
            05/03/02                 35696            Federal Express                                             $       803.87
            05/03/02                 35697            Stuart C. Gilson                                            $    14,087.50
            05/03/02                 35698            MCI Worldcom                                                $        37.97
            05/03/02                 35699            MCI Worldcom                                                $     3,353.41
            05/03/02                 35700            North Atlanta Realty                                        $    29,137.76
            05/03/02                 35701            Kamran Saeed                                                $       450.00
            05/03/02                 35702            Waste Management                                            $       698.51
            05/03/02                 35703            Winstead Sechrest & Minick                                  $     7,163.65
            05/03/02                 35704            Pacific Bell                                                $        98.80
            05/10/02                 35705            ADP Investor Communications                                 $     1,393.60
            05/10/02                 35706            American Express Tax & Business Svcs                        $   115,072.37
            05/10/02                 35707            Copytec, Inc.                                               $     4,622.13
            05/10/02                 35708            Debra Dawn, ESQ                                             $     4,335.94
            05/10/02                 35709            Ernst & Young LLP                                           $    76,823.02
            05/10/02                 35710            Federal Express                                             $       606.86
            05/10/02                 35711            GE Capital                                                  $       575.72
            05/10/02                 35712            Judco Management, Inc.                                      $     8,625.00
            05/10/02                 35713            Klee, Tuchin, Bogdanoff & Stern                             $     3,172.50
            05/10/02                 35714            MCI Worldcom                                                $       116.20
            05/10/02                 35715            MDC-Mark II                                                 $    10,938.00
            05/10/02                 35716            Metlife                                                     $     3,255.92
            05/10/02                 35717            Nextel Communications                                       $       579.39
            05/10/02                 35718            Poorman-Douglas Corp.                                       $    16,290.11
            05/10/02                 35719            PriceWaterhouseCoopers LLP                                  $    46,287.39
            05/10/02                 35720            Royal Cup Coffee                                            $       102.25
            05/10/02                 35721            Kamran Saeed                                                $       450.00
            05/10/02                 35722            Pacific Bell                                                $        94.71
            05/10/02                 35723            San Diego Gas & Electric                                    $       289.27
            05/14/02                 35724            Debra Dawn, ESQ                                             $     3,140.23
            05/17/02                 35725            American Express Tax & Business Svcs                        $   101,698.78
            05/17/02                 35726            Cadwalder, Wickersham & Taft                                $   160,526.69
            05/17/02                 35727            Chatham Technologies                                        $    20,404.88
            05/17/02                 35728            Debra Dawn, ESQ                                             $     2,723.80
            05/17/02                 35729            Federal Express                                             $       156.81
            05/17/02                 35730            Katten Muchin Zavis Roseman                                 $   325,953.42
            05/17/02                 35731            Lanier Parking Systems                                      $       715.00
            05/17/02                 35732            MCI Worldcom                                                $     2,287.28


                            OPERATING REPORT Page 7              Page 1 of 3






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

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

                              DISBURSEMENT LISTING

                       For the Month Ending: May 31, 2002




         DATE DISBURSED          CHECK NUMBER                           DESCRIPTION                                   AMOUNT
         --------------          ------------                           -----------                                   ------
                                                                                                         
            05/17/02                 35733            Nextel Communications                                       $        669.29
            05/17/02                 35734            Kamran Saeed                                                $        450.00
            05/17/02                 35735            Salomon Smith Barney                                        $      1,860.97
            05/17/02                 35736            Carl Sonne                                                  $        100.61
            05/17/02                 35737            State Compensation Insurance Board                          $        198.72
            05/17/02                 35738            Mark Warner                                                 $      5,000.00
            05/17/02                 35739            Pacific Bell                                                $        338.26
            05/22/02                 35740            Indiana Secretary of State                                  $         30.00
            05/24/02                 35741            Vanguard Archives                                           $        641.48
            05/24/02                 35742            American Express Tax & Business Svcs                        $     59,509.40
            05/24/02                 35743            Apto Solutions                                              $      1,615.00
            05/24/02                 35744            Walter Burmeister                                           $        782.91
            05/24/02                 35745            CLS Security Electronics                                    $         77.85
            05/24/02                 35746            Continental Stock Trust & Transfer                          $        812.41
            05/24/02                 35747            Cornerstone Research                                        $     30,147.00
            05/24/02                 35748            Debra Dawn, ESQ                                             $      3,008.95
            05/24/02                 35749            Federal Express                                             $        498.50
            05/24/02                 35750            H. Peter Gant                                               $        336.83
            05/24/02                 35751            Stuart C. Gilson                                            $     82,899.39
            05/24/02                 35752            Global Legal Copy, LLC                                      $      3,175.73
            05/24/02                 35753            Ikon Office Solutions                                       $        480.75
            05/24/02                 35754            KPMG                                                        $      1,083.50
            05/24/02                 35755            MCI Worldcom                                                $        932.91
            05/24/02                 35756            MCI Worldcom                                                $        508.51
            05/24/02                 35757            Nowalsky Bronston & Gothard                                 $        827.35
            05/24/02                 35758            Kamran Saeed                                                $        450.00
            05/24/02                 35759            Velocity Express                                            $         65.99
            05/31/02                 35760            BellSouth                                                   $        470.37
            05/31/02                 35761            BellSouth                                                   $      2,234.95
            05/31/02                 35762            Coleman Technologies                                        $         50.00
            05/31/02                 35763            Debra Dawn, ESQ                                             $      4,671.30
            05/31/02                 35764            Federal Express                                             $        341.34
            05/31/02                 35765            Lamberth, Bonapfel, Cifelli & Stokes                        $     24,515.33
            05/31/02                 35766            McKenna Long & Aldridge                                     $    110,695.03
            05/31/02                 35767            MCI Worldcom                                                $      3,353.41
            05/31/02                 35768            Merrill Lynch Pierce Fenner Smith                           $      5,710.00
            05/31/02                 35769            Kamran Saeed                                                $        450.00
            05/31/02                 35770            United Healthcare                                           $      3,281.95
            05/31/02                 35771            Winstead Sechrest & Minick                                  $     34,160.81
            05/31/02                 35772            Pacific Bell                                                $        122.23
                                                                                                                  ---------------
                                                                                                            Total $  1,241,086.84


                            OPERATING REPORT Page 7              Page 2 of 3








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

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

                              DISBURSEMENT LISTING

                       For the Month Ending: May 31, 2002




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

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

WA Telecom Products Co., Inc.
            05/03/02                         35700            North Atlanta Realty                                 $    29,137.76
            05/10/02                         35711            GE Capital                                           $       575.72

Facilicom
            05/10/02                         35712            Judco Management, Inc.                               $     8,625.00

World Access Telecommunication Group, Inc.
            05/03/02                         35703            Winstead Sechrest & Minick                           $     7,163.65
            05/24/02                         35741            Vanguard Archives                                    $       641.48
            05/31/02                         35771            Winstead Sechrest & Minick                           $    34,160.81

WorldxChange

                                                                                                                  ----------------
                                                                                          Total Affiliate Payments $    80,304.42

                                                                                                                  ----------------
                                                                                          Total WAXS Disbursements $ 1,160,782.42
                                                                                                                  ================




                            OPERATING REPORT Page 7              Page 3 of 3







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

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

                              DISBURSEMENT LISTING

                       For the Month Ending: May 31, 2002

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



          DATE DISBURSED                   CHECK NUMBER                      DESCRIPTION                           AMOUNT
          --------------                   ------------                      -----------                           ------
                                                                                                    
             05/08/02                        Multiple           Payroll Checks                               $      42,299.63
             05/22/02                        Multiple           Payroll Checks                               $      38,918.37
                                                                                                            ------------------
                                                                                    Total WAXS Disbursements $      81,218.00
                                                                                                            ==================



                            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: May 31, 2002

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



DATE DISBURSED                          DESCRIPTION                                     AMOUNT
- --------------                          -----------                                     ------
                                                                               
   05/08/02    ADP - Payroll Tax Withholdings                                        $ 20,487.39
   05/22/02    ADP - Payroll Tax Withholdings                                        $ 17,715.62
   05/31/02    ADP - Payroll Processing Fees                                         $    969.20
                                                                                    ------------
                                                          Total WAXS Disbursements   $ 39,172.21
                                                                                    ============




                            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: May 31, 2002

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



DATE RECEIVED                        DESCRIPTION                               AMOUNT
- -------------                        -----------                               ------
                                                                       
  05/31/02    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: May 31, 2002

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

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

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

     Gross payroll for this period              $ 119,574.95
     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: May 31, 2002



STATEMENT OF AGED RECEIVABLES
- -----------------------------

ACCOUNTS RECEIVABLE                              3RD PARTY        INTERCOMPANY             TOTAL
                                                -------------------------------------------------------
                                                                              
      Beginning of month balance                 $       -       $ 12,582,053.15       $ 12,582,053.15
      Add: sales on account                      $       -       $          -          $          -
              expenses paid for affiliate        $       -       $     80,304.42       $     80,304.42
              cash advanced to affiliate         $       -       $          -          $          -
      Less: collections                          $       -       $          -          $          -
                                                -------------------------------------------------------
      End of month balance                       $       -       $ 12,662,357.57       $ 12,662,357.57
                                                =======================================================

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                         $  3,299,515.32        $ 18,193,291.20       $ 21,492,806.52
      Add: sales on account                              $  1,363,920.34        $          -          $  1,363,920.34
              Cash received on behalf of Affiliate       $          -           $     86,128.79       $     86,128.79
              Cash received from Affiliate               $          -           $          -          $          -
      Less: payments                                     $ (1,402,921.85)       $          -          $ (1,402,921.85)
                                                        ----------------------------------------------------------------
      End of month balance                               $  3,260,513.81        $ 18,279,419.99       $ 21,539,933.80
                                                        ================================================================

  0-30 Days                 31-60 Days                     61-90 Days            Over 90 Days         End of Month Total
  ---------                 ----------                     ----------            ------------         ------------------
$ 1,176,169.26                    $ 512,785.13           $    286,176.52        $  1,285,382.90       $  3,260,513.81




                            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: May 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.




                                           -------------------------------------
                                           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 RECIEPTS AND CASH DISBURSEMENTS

                       For the Month Ending: June 30, 2002

                                                                           
BEGINNING BALANCE IN ALL ACCOUNTS                                             $  23,319,249.02

RECEIPTS:
      1. Receipts from Operations
      2. Other Receipts                                                       $      36,435.62
          Other receipts (Received on behalf of Affiliates)                   $           -
                                                                              ----------------

TOTAL RECEIPTS                                                                $      36,435.62

DISBURSEMENTS
      3. Net Payroll
          a. Officers                                                         $      37,397.75
          b. Others                                                           $      40,787.89
      4. Taxes
          a. Federal Income Taxes                                             $      21,289.65
          b. FICA Withholdings                                                $       4,132.47
          c. Employee's withholdings                                          $         307.88
          d. Employer's FICA                                                  $       4,132.48
          e. Federal Unemployment Taxes                                       $           1.07
          f. State Income Tax                                                 $       5,020.68
          g. State Employee withholdings                                      $         140.98
          h. All other state taxes                                            $           4.67

      5. Necessary Expenses
          a. Rent or mortgage payment(s)                                      $           -
          b. Utilities                                                        $       9,762.76
          c. Insurance                                                        $      10,541.33
          d. Merchandise bought for manufacture or sell                       $           -
          e. Other necessary expenses
              Professional and Bankruptcy Court Related Fees and Expenses     $     776,506.95
              Employee Expenses                                               $      13,077.54
              Office Supplies & Expenses                                      $      11,045.83
              Other                                                           $       9,041.47
                                                                              ----------------

TOTAL DISBURSEMENTS                                                           $     943,191.40
Add:  Disbursements made on behalf of Parent or Affiliates                    $      53,536.20
                                                                              ----------------
ADJUSTED TOTAL DISBURSEMENTS                                                  $     996,727.60

                                                                              ----------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                           $    (960,291.98)

NET INTERCOMPANY SWEEPS/TRANSFERS - World Access Telecom Group                $      (6,764.33)
NET INTERCOMPANY SWEEPS/TRANSFERS - Facilicom International, L.L.C            $     (65,511.95)
NET INTERCOMPANY SWEEPS/TRANSFERS - WA Telecom Products Co., Inc.             $           -
NET INTERCOMPANY SWEEPS/TRANSFERS - WorldXchange                              $      (3,852.51)

                                                                              ----------------
NET INTERCOMPANY SWEEPS/TRANSFERS - CURRENT PERIOD                            $     (76,128.79)
                                                                              ----------------

ENDING BALANCE IN Bank of America - Master  03751046297                       $     356,507.40
ENDING BALANCE IN Bank of America - Disbursement  03299976144                 $      16,083.62
ENDING BALANCE IN Bank of America - Payroll  03299944407                      $      32,415.89
ENDING BALANCE IN Bank of America - Payroll Taxes  03751301149                $      29,476.83
ENDING BALANCE IN Bank of America - Money Market  851018                      $  15,354,779.83
ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648                     $   5,155,218.73
ENDING BALANCE IN Bank of America - Restricted Cash                           $   1,333,333.95
ENDING BALANCE IN Wells Fargo - Restricted Cash  699-3295970                  $          22.00
ENDING BALANCE IN Chase Manhattan Bank - FISC  719-1-362214                   $       4,990.00

                                                                              ----------------
ENDING BALANCE IN ALL ACCOUNTS                                                $  22,282,828.25
                                                                              ================





                             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: June 30, 2002

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



DATE RECEIVED                         DESCRIPTION                            AMOUNT
- -------------                         -----------                            ------
                                                                     
  06/11/02    Gloria Mejorado                                            $       223.07
  06/11/02    Megan Hibbeler                                             $       223.07
                                                                        ---------------
                                                    Total WAXS Receipts  $       446.14
                                                                        ===============




                             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: June 30, 2002

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



DATE RECEIVED                         DESCRIPTION                                  AMOUNT
- -------------                         -----------                                  ------
                                                                            
  06/28/02       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: June 30, 2002

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



DATE RECEIVED                                 DESCRIPTION                            AMOUNT
- -------------                                 -----------                            ------
                                                                              
  06/03/02      Interest Received - Strat Cash Fund                               $  28,825.56
                                                                                 -------------
                                                             Total WAXS Receipts  $  28,825.56
                                                                                 =============




                             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: June 30, 2002

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



DATE RECEIVED                          DESCRIPTION                             AMOUNT
- -------------                          -----------                             ------
                                                                         
  06/25/02     Interest Received                                             $  7,163.91
                                                                            ------------
                                                        Total WAXS Receipts  $  7,163.91
                                                                            ============




                             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: June 30, 2002

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



DATE DISBURSED                                     DESCRIPTION                                                  AMOUNT
- --------------                                     -----------                                                  ------
                                                                                                    
   06/04/02                   Bank Fee                                                                    $       30.00
   06/04/02                   Facilicom (Xfer IDS Telecom Receipt)                                        $   12,000.00
   06/04/02                   Facilicom (Xfer Net One Telecommunications Receipt)                         $    1,700.00
   06/04/02                   Facilicom (Xfer Net One Telecommunications Receipt)                         $    1,700.00
   06/04/02                   Facilicom (Xfer Asset Sale Proceeds from Apto Solutions)                    $   15,650.00
   06/04/02                   Facilicom (Xfer Asset Sale Proceeds from Net-Telco)                         $      500.00
   06/04/02                   Facilicom (Xfer Capsule Communications Receipt)                             $   33,961.95
   06/04/02                   Primetec/WATG (Xfer Steel City Telecom Receipt)                             $    2,333.33
   06/04/02                   Primetec/WATG (Xfer New Global Telecom Receipt)                             $    4,431.00
   06/04/02                   WXC (Xfer State of Calif. - EE Development Refund)                          $       27.98
   06/04/02                   WXC (Xfer State of Texas Refund)                                            $    1,665.97
   06/04/02                   WXC (Xfer State of Florida Refund)                                          $    2,112.93
   06/04/02                   WXC (Xfer Bank of America Receipt)                                          $       45.63
   06/05/02                   Merrill Lynch                                                               $      153.94
   06/28/02                   Merrill Lynch                                                               $      153.94
                                                                                                          -------------
                                                                                Total WAXS Disbursements  $   76,466.67
                                                                                                          =============


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

Facilicom
   6/4/02                    Facilicom (Xfer IDS Telecom Receipt)                                         $  12,000.00
   6/4/02                    Facilicom (Xfer Net One Telecommunications Receipt)                          $   1,700.00
   6/4/02                    Facilicom (Xfer Net One Telecommunications Receipt)                          $   1,700.00
   6/4/02                    Facilicom (Xfer Asset Sale Proceeds from Apto Solutions)                     $  15,650.00
   6/4/02                    Facilicom (Xfer Asset Sale Proceeds from Net-Telco)                          $     500.00
   6/4/02                    Facilicom (Xfer Capsule Communications Receipt)                              $  33,961.95

World Access Telecommunication Group, Inc.
   6/4/02                    Primetec/WATG (Xfer Steel City Telecom Receipt)                              $   2,333.33
   6/4/02                    Primetec/WATG (Xfer New Global Telecom Receipt)                              $   4,431.00

WorldxChange
   6/4/02                    WXC (Xfer State of Calif. - EE Development Refund)                           $      27.98
   6/4/02                    WXC (Xfer State of Texas Refund)                                             $   1,665.97
   6/4/02                    WXC (Xfer State of Florida Refund)                                           $   2,112.93
   6/4/02                    WXC (Xfer Bank of America Receipt)                                           $      45.63
                                                                                                          ------------
                                                                                Total Affiliate Payments  $  76,128.79

                                                                                                          ------------
                                                                                Total WAXS Disbursements  $     337.88
                                                                                                          ============




                             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: June 30, 2002

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



DATE DISBURSED     CHECK NUMBER                         DESCRIPTION                                            AMOUNT
- --------------     ------------                         -----------                                            ------
                                                                                                  
   06/04/02           35773               Apollo Consulting                                                $    2,000.00
   06/04/02           35774               North Atlanta Realty Acquisition                                 $   29,137.76
   06/04/02           35777               U.S. Trustee                                                     $    7,500.00
   06/04/02           35777               U.S. Trustee                                                     $    1,000.00
   06/04/02           35777               U.S. Trustee                                                     $    4,500.00
   06/04/02           35777               U.S. Trustee                                                     $    3,750.00
   06/04/02           35777               U.S. Trustee                                                     $      750.00
   06/04/02           35778               U.S. Trustee                                                     $    7,500.00
   06/04/02           35778               U.S. Trustee                                                     $      500.00
   06/04/02           35778               U.S. Trustee                                                     $    1,500.00
   06/04/02           35778               U.S. Trustee                                                     $    1,250.00
   06/04/02           35778               U.S. Trustee                                                     $      500.00
   06/06/02           35779               American Express Tax & Business Svcs                             $   35,367.45
   06/06/02           35780               The Atlanta Journal Constitution                                 $      113.91
   06/06/02           35781               Bowne of Atlanta                                                 $    4,111.00
   06/06/02           35782               Virginia Cook                                                    $      241.75
   06/06/02           35783               Debra Dawn                                                       $      584.80
   06/06/02           35784               Ernst & Young LLP                                                $   82,568.99
   06/06/02           35785               Federal Express                                                  $      269.46
   06/06/02           35786               Lanier Parking                                                   $      715.00
   06/06/02           35787               MCI Worldcom                                                     $       37.42
   06/06/02           35788               Metlife                                                          $    3,093.72
   06/06/02           35789               Poorman-Douglas                                                  $    5,449.28
   06/06/02           35790               PriceWaterhouseCoopers LLP                                       $   59,370.80
   06/06/02           35791               Kamran Saeed                                                     $      450.00
   06/06/02           35792               Southern Office Systems                                          $      271.08
   06/06/02           35793               Verizon Select Services                                          $      130.00
   06/06/02           35794               Pacific Bell                                                     $       97.60
   06/12/02           35795               Debra Dawn                                                       $    8,032.66
   06/12/02           35796               Kamran Saeed                                                     $      450.00
   06/14/02           35797               American Express Tax & Business Svcs                             $   17,848.68
   06/14/02           35798               Federal Express                                                  $      497.86
   06/14/02           35800               MCI Worldcom                                                     $    2,284.40
   06/14/02           35801               Nextel Communications                                            $      500.91
   06/14/02           35802               Nextel Communications                                            $      650.42
   06/14/02           35803               State Compensation Insurance Fund                                $      295.61
   06/14/02           35804               Mark Warner                                                      $    5,000.00
   06/14/02           35805               Pacific Bell                                                     $      394.97
   06/14/02           35806               Judco Management                                                 $    8,625.00
   06/14/02           35807               Vanguard Archives                                                $      641.48
   06/21/02           35808               Tod Chmar                                                        $    2,441.09




                             OPERATING REPORT Page 7                 Page 1 of 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

                              DISBURSEMENT LISTING

                       For the Month Ending: June 30, 2002

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



DATE DISBURSED     CHECK NUMBER                         DESCRIPTION                                            AMOUNT
- --------------     ------------                         -----------                                            ------
                                                                                                  
   06/21/02           35809               Virginia Cook                                                    $      147.98
   06/21/02           35810               Copytec, Inc.                                                    $    5,664.60
   06/21/02           35811               Federal Express                                                  $      313.81
   06/21/02           35812               H. Peter Gant                                                    $    1,239.26
   06/21/02           35813               Global Legal Copy                                                $    3,799.87
   06/21/02           35814               Katten Muchin Zavis Roseman                                      $  404,499.69
   06/21/02           35815               Kirkland & Ellis                                                 $      682.90
   06/21/02           35816               Liticorp, Inc.                                                   $      305.90
   06/21/02           35817               MCI Worldcom                                                     $    1,000.95
   06/21/02           35818               Nowalsky, Bronston & Gothard                                     $    1,250.66
   06/21/02           35819               Kamran Saeed                                                     $      450.00
   06/21/02           35820               San Diego Gas & Electric                                         $      302.20
   06/21/02           35821               Kelley Drye & Warren                                             $   12,345.74
   06/21/02           35822               Vanguard Archives                                                $    1,381.96
   06/28/02           35823               American Express Tax & Business Svcs                             $   22,247.16
   06/28/02           35824               BellSouth                                                        $      470.37
   06/28/02           35825               Coleman Technologies                                             $       50.00
   06/28/02           35826               Continental Stock Trust & Transfer                               $      851.65
   06/28/02           35827               Debra Dawn                                                       $      390.00
   06/28/02           35828               Federal Express                                                  $    2,406.94
   06/28/02           35829               Gardner Carton & Douglas                                         $   56,951.25
   06/28/02           35830               Lamberth, Bonapfel Cifelli & Stokes                              $   12,807.28
   06/28/02           35831               Liberty Mutual                                                   $    7,152.00
   06/28/02           35832               McKenna Long & Aldridge                                          $   40,346.70
   06/28/02           35833               MCI Worldcom                                                     $      510.37
   06/28/02           35834               MCI Worldcom                                                     $       37.97
   06/28/02           35835               MCI Worldcom                                                     $    3,354.55
   06/28/02           35836               Philpot Relocation                                               $      726.95
   06/28/02           35837               Royal Cup Coffee                                                 $      127.72
   06/28/02           35838               Kamran Saeed                                                     $      450.00
   06/28/02           35839               Velocity Express                                                 $        9.05
   06/28/02           35840               Pacific Bell                                                     $      120.63
                                                                                                          --------------
                                                                                                    Total  $  882,819.21


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

WA Telecom Products Co., Inc.
   06/04/02           35774               North Atlanta Realty Acquisition                                 $   29,137.76
   06/04/02           35777               U.S. Trustee                                                     $    1,000.00
   06/04/02           35778               U.S. Trustee                                                     $      500.00




                             OPERATING REPORT Page 7                 Page 2 of 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

                              DISBURSEMENT LISTING

                       For the Month Ending: June 30, 2002

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



DATE DISBURSED     CHECK NUMBER                         DESCRIPTION                                            AMOUNT
- --------------     ------------                         -----------                                            ------
                                                                                                  
Facilicom
   06/04/02           35777               U.S. Trustee                                                     $    3,750.00
   06/04/02           35778               U.S. Trustee                                                     $    1,250.00
   06/14/02           35806               Judco Management                                                 $    8,625.00

World Access Telecommunication Group, Inc.
   06/04/02           35777               U.S. Trustee                                                     $      750.00
   06/04/02           35778               U.S. Trustee                                                     $      500.00
   06/14/02           35807               Vanguard Archives                                                $      641.48
   06/21/02           35822               Vanguard Archives                                                $    1,381.96
WorldxChange
   06/04/02           35777               U.S. Trustee                                                     $    4,500.00
   06/04/02           35778               U.S. Trustee                                                     $    1,500.00


                                                                                                          --------------
                                                                                 Total Affiliate Payments  $   53,536.20

                                                                                                          --------------
                                                                                 Total WAXS Disbursements  $  829,283.01
                                                                                                          ==============




                             OPERATING REPORT Page 7                 Page 3 of 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

                              DISBURSEMENT LISTING

                       For the Month Ending: June 30, 2002

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



DATE DISBURSED        CHECK NUMBER                          DESCRIPTION                       AMOUNT
- --------------        ------------                          -----------                       ------
                                                                                  
   06/04/02             Multiple                 Payroll Checks                            $  39,089.18
   06/19/02             Multiple                 Payroll Checks                            $  39,096.46
                                                                                          -------------
                                                                 Total WAXS Disbursements  $  78,185.64
                                                                                          =============




                             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: June 30, 2002

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



DATE DISBURSED                        DESCRIPTION                               AMOUNT
- --------------                        -----------                               ------
                                                                      
   06/04/02    ADP - Payroll Tax Withholdings                               $  17,567.28
   06/19/02    ADP - Payroll Tax Withholdings                               $  17,154.72
   06/28/02    ADP - Payroll Processing Fees                                $     652.87
                                                                           -------------
                                                  Total WAXS Disbursements  $  35,374.87
                                                                           =============




                             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: June 30, 2002

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



DATE RECEIVED                      DESCRIPTION                             AMOUNT
- -------------                      -----------                             ------
                                                                  
  06/28/02      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: June 30, 2002

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

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

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

     Gross payroll for this period                  $     113,215.52
     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: June 30, 2002



STATEMENT OF AGED RECEIVABLES
- -----------------------------

ACCOUNTS RECEIVABLE                                                    3RD PARTY         INTERCOMPANY            TOTAL
                                                                     --------------------------------------------------------
                                                                                                    
    Beginning of month balance                                        $         -       $ 12,662,357.57      $ 12,662,357.57
    Add: sales on account                                             $         -       $          -         $          -
            expenses paid for affiliate                               $         -       $     53,536.20      $     53,536.20
            cash advanced to affiliate                                $         -       $          -         $          -
    Less: collections                                                 $         -       $          -         $          -
                                                                     --------------------------------------------------------
    End of month balance                                              $         -       $ 12,715,893.77      $ 12,715,893.77
                                                                     ========================================================

 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                                        $ 3,260,513.81    $  18,279,419.99       $  21,539,933.80
    Add: sales on account                                             $ 1,938,762.23    $           -          $   1,938,762.23
            Cash received on behalf of Affiliate                      $         -       $           -          $           -
            Cash received from Affiliate                              $         -       $           -          $           -
    Less: payments                                                    $ (943,191.40)    $     (76,128.79)      $  (1,019,320.19)
                                                                     -----------------------------------------------------------
    End of month balance                                              $4,256,084.64        18,203,291.20       $  22,459,375.84
                                                                     ===========================================================

 0-30 Days                 31-60 Days                                   61-90 Days        Over 90 Days        End of Month Total
 ---------                 ----------                                   ----------        ------------        ------------------
$ 1,767,139.78             $ 404,600.31                               $  512,785.13     $   1,571,559.42       $   4,256,084.64




                            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: June 30, 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.




                                            ------------------------------------
                                            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 RECIEPTS AND CASH DISBURSEMENTS

                      For the Month Ending: April 30, 2002

                                                                           
BEGINNING BALANCE IN ALL ACCOUNTS                                                 $ 9,847,058.36

RECEIPTS:
    1. Receipts from Operations                                                   $            -
       Receipts from Operations (Received by Parent)                              $     5,000.00
    2. Other Receipts                                                             $    14,112.96
       Other receipts (Received by Parent or Affiliates)                          $ 1,607,741.88
                                                                               ------------------

TOTAL RECEIPTS                                                                    $ 1,626,854.84
Less:  Receipts received by Parent or Affiliates                                  $(1,612,741.88)
                                                                               ------------------
ADJUSTED TOTAL RECEIPTS                                                           $    14,112.96

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                               $    14,112.96

NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc.                            $            -

                                                                               ------------------
ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130                         $ 9,861,171.32

                                                                               ------------------
ENDING BALANCE IN ALL ACCOUNTS                                                    $ 9,861,171.32
                                                                               ==================




                            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: April 30, 2002

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



   DATE RECEIVED                             DESCRIPTION                                AMOUNT
   -------------                             -----------                                ------
                                                       
      4/23/02        Interest Received                                             $        14,112.96
                                                                                  --------------------
                                                              Total WATP Receipts  $        14,112.96
                                                                                  ====================




                            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: April 30, 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-SPF

                      For the Month Ending: April 30, 2002



STATEMENT OF AGED RECEIVABLES
- -----------------------------

ACCOUNTS RECEIVABLE                                                  3RD PARTY         INTERCOMPANY           TOTAL
                                                                 ----------------------------------------------------------
                                                                                                  
                     Beginning of month balance                     $ 13,774,926.62     $ 15,128,212.06    $  28,903,138.68
                     Add: sales on account                          $             -     $             -    $             -
                             expenses paid for affiliate            $             -     $             -    $             -
                             cash advanced to affiliate             $             -     $             -    $             -
                     Less: collections                              $     (5,000.00)    $  1,612,741.88    $  1,607,741.88
                                                                 ----------------------------------------------------------
                     End of month balance                           $ 13,769,926.62     $ 16,740,953.94    $ 30,510,880.56
                                                                 ==========================================================





     0-30 Days                       31-60 Days                      61-90 Days        Over 90 Days     End of Month Total
     ---------                       ----------                      ----------        ------------     ------------------
                                                                                             
  $          -                     $          -                     $         -         $ 13,769,926.62  $    13,769,926.62






STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
- ---------------------------------------------
                                                                     3RD PARTY         INTERCOMPANY           TOTAL
                                                                 ----------------------------------------------------------
                                                                                                 
                     Beginning of month balance                      $     7,043.23      $   351,264.45       $ 358,307.68
                     Add: sales on account                           $    29,886.82      $            -       $  29,886.82
                             Cash received on behalf of Affiliate    $            -      $            -       $          -
                             Cash received from Affiliate            $            -      $            -       $          -
                     Less: payments                                  $   (29,886.82)     $    29,886.82       $          -
                                                                 ----------------------------------------------------------
                     End of month balance                                $ 7,043.23        $ 381,151.27       $ 388,194.50
                                                                 ==========================================================




     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: April 30, 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.




                              ------------------------------------------------
                              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 RECIEPTS AND CASH DISBURSEMENTS

                       For the Month Ending: May 31, 2002


                                                                               
BEGINNING BALANCE IN ALL ACCOUNTS                                                 $ 9,861,171.32

RECEIPTS:
     1. Receipts from Operations                                                  $            -
        Receipts from Operations (Received by Parent)                             $    10,000.00
     2. Other Receipts                                                            $    13,576.71
        Other receipts (Received by Parent or Affiliates)
                                                                               ------------------

TOTAL RECEIPTS                                                                    $    23,576.71
Less:  Receipts received by Parent or Affiliates                                  $   (10,000.00)
                                                                               ------------------
ADJUSTED TOTAL RECEIPTS                                                           $    13,576.71

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                                                                  $            -
                                                                               ------------------

TOTAL DISBURSEMENTS                                                               $    29,713.48
Less:  Disbursements made by Parent or Affiliates                                 $   (29,713.48)
                                                                               ------------------
ADJUSTED TOTAL DISBURSEMENTS                                                      $            -

                                                                               ------------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                               $    13,576.71

NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc.                            $            -

                                                                               ------------------
ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130                         $ 9,874,748.03

                                                                               ------------------
ENDING BALANCE IN ALL ACCOUNTS                                                    $ 9,874,748.03
                                                                               ==================






                            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: May 31, 2002

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



   DATE RECEIVED                             DESCRIPTION                                AMOUNT
   -------------                             -----------                                ------
                                                                              
       5/2/2002        Interest Received                                            $       13,576.71
                                                                                  --------------------
                                                              Total WATP Receipts   $       13,576.71
                                                                                  ====================





                            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: May 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: May 31, 2002



STATEMENT OF AGED RECEIVABLES
- -----------------------------

ACCOUNTS RECEIVABLE                                                 3RD PARTY         INTERCOMPANY           TOTAL
                                                               -----------------------------------------------------------
                                                                                                 
                     Beginning of month balance                    $ 13,769,926.62    $ 16,740,953.94     $ 30,510,880.56
                     Add: sales on account                         $             -    $             -     $             -
                             expenses paid for affiliate           $             -    $             -     $             -
                             cash advanced to affiliate            $             -    $             -     $             -
                     Less: collections                             $    (10,000.00)   $     10,000.00     $             -
                                                               -----------------------------------------------------------
                     End of month balance                          $ 13,759,926.62    $ 16,750,953.94     $ 30,510,880.56
                                                               ===========================================================





     0-30 Days                      31-60 Days                     61-90 Days         Over 90 Days      End of Month Total
     ---------                      ----------                     ----------         ------------      ------------------
                                                                                           
     $       -                      $        -                     $        -      $   13,759,926.62   $     13,759,926.62






STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
- ---------------------------------------------
                                                                    3RD PARTY         INTERCOMPANY           TOTAL
                                                               -----------------------------------------------------------
                                                                                                   
                     Beginning of month balance                     $     7,043.23    $    381,151.27        $ 388,194.50
                     Add: sales on account                          $    29,713.48    $             -        $  29,713.48
                             Cash received on behalf of Affiliate   $            -    $             -        $          -
                             Cash received from Affiliate           $            -    $             -        $          -
                     Less: payments                                 $   (29,713.48)   $     29,713.48        $          -
                                                               -----------------------------------------------------------
                     End of month balance                           $     7,043.23    $    410,864.75        $ 417,907.98
                                                               ===========================================================




     0-30 Days                      31-60 Days                     61-90 Days         Over 90 Days    End of Month Total
     ---------                      ----------                     ----------         ------------    ------------------
                                                                                          
    $        -                      $        -                     $        -         $   7,043.23    $         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: May 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.




                          --------------------------------------------------
                          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 RECIEPTS AND CASH DISBURSEMENTS

                       For the Month Ending: June 30, 2002

                                                                             
BEGINNING BALANCE IN ALL ACCOUNTS                                                 $ 9,874,748.03

RECEIPTS:
    1. Receipts from Operations                                                   $            -
       Receipts from Operations (Received by Parent)                              $            -
    2. Other Receipts                                                             $    13,741.77
       Other receipts (Received by Parent or Affiliates)
                                                                               ------------------

TOTAL RECEIPTS                                                                    $    13,741.77
Less:  Receipts received by Parent or Affiliates                                  $            -
                                                                               ------------------
ADJUSTED TOTAL RECEIPTS                                                           $    13,741.77

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                                               $           -
          Other                                                                    $    1,500.00
                                                                               ------------------

TOTAL DISBURSEMENTS                                                                $   30,637.76
Less:  Disbursements made by Parent or Affiliates                                  $  (30,637.76)
                                                                               ------------------
ADJUSTED TOTAL DISBURSEMENTS                                                       $           -

                                                                               ------------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                $    13,741.77

NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc.                             $            -

                                                                               ------------------
ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130                         $ 9,888,489.80

                                                                               ------------------
ENDING BALANCE IN ALL ACCOUNTS                                                    $ 9,888,489.80
                                                                               ==================




                            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: June 30, 2002


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



   DATE RECEIVED                             DESCRIPTION                                AMOUNT
   -------------                             -----------                                ------
                                                        
       6/5/2002        Interest Received                                                  $ 13,741.77
                                                                                  --------------------
                                                              Total WATP Receipts         $ 13,741.77
                                                                                  ====================





                            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: June 30, 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: June 30, 2002



STATEMENT OF AGED RECEIVABLES
- -----------------------------

ACCOUNTS RECEIVABLE                                                  3RD PARTY             INTERCOMPANY             TOTAL
                                                               ------------------------------------------------------------------
                                                                                                       
                     Beginning of month balance                       $ 13,759,926.62         $ 16,750,953.94    $ 30,510,880.56
                     Add: sales on account                            $             -         $             -    $             -
                             expenses paid for affiliate              $             -         $             -    $             -
                             cash advanced to affiliate               $             -         $             -    $             -
                     Less: collections                                $             -         $             -    $             -
                                                               ------------------------------------------------------------------
                     End of month balance                             $ 13,759,926.62         $ 16,750,953.94    $ 30,510,880.56
                                                               ==================================================================




     0-30 Days                      31-60 Days                       61-90 Days            Over 90 Days       End of Month Total
     ---------                      ----------                       ----------            ------------       ------------------
                                                                                                
   $         -                     $         -                      $         -         $  13,759,926.62    $      13,759,926.62






STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
- ---------------------------------------------
                                                                     3RD PARTY             INTERCOMPANY             TOTAL
                                                               ------------------------------------------------------------------
                                                                                                         
                     Beginning of month balance                         $   7,043.23            $ 410,864.75       $ 417,907.98
                     Add: sales on account                              $  30,637.76            $          -       $  30,637.76
                             Cash received on behalf of Affiliate       $          -            $          -       $          -
                             Cash received from Affiliate               $          -            $          -       $          -
                     Less: payments                                     $ (30,637.76)           $  30,637.76       $          -
                                                               ------------------------------------------------------------------
                     End of month balance                               $   7,043.23            $ 441,502.51       $ 448,545.74
                                                               ==================================================================






     0-30 Days                      31-60 Days                       61-90 Days            Over 90 Days       End of Month Total
     ---------                      ----------                       ----------            ------------       ------------------
                                                                                                
     $       -                      $        -                       $        -            $   7,043.23       $         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: June 30, 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.





                                    ------------------------------------------
                                    For the Debtor In Possession

                                    Henry C. Lyon
                                    Designated Officer



                            OPERATING REPORT Page 6

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: April 30, 2002




                                                                           
BEGINNING BALANCE IN ALL ACCOUNTS                                               $     5,786,434.70

RECEIPTS:
     1. Receipts from Operations                                                $        28,333.33
     2. Other Receipts                                                          $         4,196.52
                                                                               --------------------
TOTAL RECEIPTS                                                                  $        32,529.85

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
           Collection fees                                                      $         2,550.00
           Professional fees                                                    $        16,407.96
           Record Storage Fees                                                  $           641.48
                                                                               --------------------

TOTAL DISBURSEMENTS                                                             $        19,599.44
Less:  Disbursements paid by Parent or Affiliates                               $       (17,049.44)
                                                                               --------------------
ADJUSTED TOTAL DISBURSEMENTS                                                    $         2,550.00

                                                                               --------------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                             $        29,979.85

ENDING BALANCE IN Bank of America 3751607047                                    $     5,021,500.96
ENDING BALANCE IN Bank of America 3751567556                                    $       794,913.59
ENDING BALANCE IN Bank of America 2591500124                                    $                -

                                                                               --------------------
ENDING BALANCE IN ALL ACCOUNTS                                                  $     5,816,414.55
                                                                               ====================




                            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

                                RECEIPTS LISTING

                      For the Month Ending: April 30, 2002

Bank:                Bank of America
Location:            Dallas, TX
Account Name:        Customer Connection Analyzed Checking
Account Number:      3751607047



   DATE RECEIVED                             DESCRIPTION                                AMOUNT
   -------------                             -----------                                ------
                                                                             
Receipts from Operations:
      04/11/02       Calling Solutions                                             $       17,000.00
                                                                                  --------------------
                                                                                   $       17,000.00
                                                                                  ====================
Other Receipts:
      4/11/02        State of Indiana (Tax refund)                                 $        4,196.52

                                                                                  --------------------
                                                                                   $        4,196.52
                                                                                  ====================




                            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

                                RECEIPTS LISTING

                      For the Month Ending: April 30, 2002

Bank:                Bank of America
Location:            Dallas, Texas
Account Name:        Customer Connection Analyzed Checking
Account Number:      3751567556




   DATE RECEIVED                             DESCRIPTION                                AMOUNT
   -------------                             -----------                                ------
                                                                     
      04/11/02       Steel City Telecom                                            $         4,000.00
      04/11/02       KCI, Inc.                                                     $         5,000.00
      04/19/02       Steel City Telecom                                            $         2,333.33
                                                                                  --------------------
                                                                            Total  $        11,333.33
                                                                                  ====================





                            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: April 30, 2002


Bank:                Bank of America
Location:            Dallas, TX
Account Name:        Customer Connection Analyzed Checking
Account Number:      3751607047



   DATE DISBURSED       CHECK NUMBER                  DESCRIPTION                     AMOUNT
   --------------       ------------                  -----------                     ------
                                                                 
      04/11/02              Wire                     Collection Fee              $         2,550.00

                                                                                --------------------
                                                                          Total  $         2,550.00
                                                                                ====================





                            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

                      For the Month Ending: April 30, 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 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

                      For the Month Ending: April 30, 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                               $      (8,182.19)         $          -     $      (8,182.19)
              Add: intercompany activity                          $              -          $          -     $              -
              Less: collections                                   $     (28,333.33)         $          -     $     (28,333.33)
              Less: offsets                                       $              -          $          -     $              -
              Less: application of customer deposits                                        $          -     $              -
                                                              ----------------------------------------------------------------
              End of month balance                                $ 100,094,599.05          $ 119,099.49     $ 100,213,698.54
                                                              ================================================================




      0-30 Days                31-60 Days                            61-90 Days         Over 90 Days         End of Month Total
      ---------                ----------                            ----------         ------------         ------------------
                                                                                                 
$             -          $              -                           $         -    $    100,094,599.05       $   100,094,599.05





STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)



                                                                     3RD PARTY           INTERCOMPANY             TOTAL
                                                             -----------------------------------------------------------------
                                                                                                      
             Beginning of month balance                         $      534,436.18        $  7,648,176.30       $  8,182,612.48
             Add: sales on account**                            $       19,599.44        $             -       $     19,599.44
             Add: intercompany activity
                Expenses paid directly by Parent or Affiliate   $      (17,049.44)       $     17,049.44       $             -
                Net cash advanced by Parent or Affiliate        $               -        $             -       $             -
                Credit extended by Parent or Affiliate          $               -        $             -       $             -
                Amounts collected on behalf of Affiliate        $               -        $             -       $             -
             Less: payments                                     $       (2,550.00)       $             -       $     (2,550.00)
                                                             ------------------------------------------------------------------
             End of month balance                               $      534,436.18        $  7,665,225.74       $  8,199,661.92
                                                             ==================================================================



    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 April 30, the Debtor
  has been invoiced cumulative post-petition disputed amounts totalling
  $4,759,294.



                            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

                      For the Month Ending: April 30, 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 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.




                              --------------------------------------------------
                              For the Debtor In Possession

                              Henry C. Lyon
                              Designated Officer




                            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

                 SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS

                       For the Month Ending: May 31, 2002





                                                                            
BEGINNING BALANCE IN ALL ACCOUNTS                                                $     5,816,414.55

RECEIPTS:
     1. Receipts from Operations (Received by Parent or Affiliates)              $         6,764.33
     2. Other Receipts                                                           $                -
                                                                                --------------------

TOTAL RECEIPTS                                                                   $         6,764.33
Less:  Receipts received by Parent or Affiliate                                  $        (6,764.33)
                                                                                --------------------
ADJUSTED 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                                                    $        41,324.46
            Record Storage Fees                                                  $           641.48
                                                                                --------------------

TOTAL DISBURSEMENTS                                                              $        41,965.94
Less:  Disbursements paid by Parent or Affiliates                                $       (41,965.94)
                                                                                --------------------
ADJUSTED TOTAL DISBURSEMENTS                                                     $                -

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

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

ENDING BALANCE IN Bank of America 3751607047                                     $     5,021,500.96
ENDING BALANCE IN Bank of America 3751567556                                     $       794,913.59

                                                                                --------------------
ENDING BALANCE IN ALL ACCOUNTS                                                   $     5,816,414.55
                                                                                ====================



                            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: May 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: May 31, 2002

STATEMENT OF AGED RECEIVABLES


ACCOUNTS RECEIVABLE                                                  3RD PARTY           INTERCOMPANY             TOTAL
                                                             ----------------------------------------------------------------
                                                                                                   
             Beginning of month balance                          $ 100,094,599.05          $ 119,099.49     $ 100,213,698.54
             Add: sales on account                               $              -          $          -     $              -
             Add: customer credits                               $              -          $          -     $              -
             Add: intercompany activity                          $              -          $          -     $              -
             Less: collections                                   $      (6,764.33)         $   6,764.33     $              -
             Less: offsets                                       $              -          $          -     $              -
             Less: application of customer deposits              $                         $          -     $              -
                                                             ----------------------------------------------------------------
             End of month balance                                $ 100,087,834.72          $ 125,863.82     $ 100,213,698.54
                                                             ================================================================






       0-30 Days                31-60 Days                         61-90 Days          Over 90 Days        End of Month Total
       ---------                ----------                         ----------          ------------        ------------------
                                                                                               
 $            -              $           -                       $          -       $ 100,087,834.72       $  100,087,834.72



STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)


                                                                      3RD PARTY           INTERCOMPANY             TOTAL
                                                             ----------------------------------------------------------------
                                                                                                    
            Beginning of month balance                        $       534,436.18      $   7,665,225.74       $ 8,199,661.92
            Add: sales on account**                           $        41,965.94      $              -       $    41,965.94
            Add: intercompany activity
               Expenses paid directly by Parent or Affiliate  $       (41,965.94)     $      41,965.94       $            -
               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      $   7,707,191.68       $ 8,241,627.86
                                                            ================================================================




       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 May 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: May 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.




                             --------------------------------------------------
                             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: June 30, 2002


                                                                             
BEGINNING BALANCE IN ALL ACCOUNTS                                                 $   5,816,414.55

RECEIPTS:
     1. Receipts from Operations                                                  $       7,333.00
     2. Other Receipts                                                            $              -
                                                                               --------------------

TOTAL RECEIPTS                                                                    $       7,333.00

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
           U.S. Trustee Fees                                                      $       1,250.00
           Record Storage Fees                                                    $       2,023.44
                                                                               --------------------

TOTAL DISBURSEMENTS                                                               $       3,273.44
Less:  Disbursements paid by Parent or Affiliates                                 $        ,273.44)
                                                                               --------------------
ADJUSTED TOTAL DISBURSEMENTS                                                      $              -

                                                                               --------------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                               $       7,333.00

NET INTERCOMPANY SWEEP TRANSFERS - WAXS                                           $       6,764.33
                                                                               --------------------

ENDING BALANCE IN Bank of America 3751607047                                      $   5,021,500.96
ENDING BALANCE IN Bank of America 3751567556                                      $     809,010.92

                                                                               --------------------
ENDING BALANCE IN ALL ACCOUNTS                                                    $   5,830,511.88
                                                                               ====================





                             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

                                RECEIPTS LISTING

                       For the Month Ending: June 30, 2002

Bank:                Bank of America
Location:            Dallas, Texas
Account Name:        Customer Connection Analyzed Checking
Account Number:      3751567556



   DATE RECEIVED                             DESCRIPTION                                AMOUNT
   -------------                             -----------                                ------
                                                                     
      06/04/02       KCI, Inc.                                                     $         5,000.00
      06/19/02       Steel City Telecom                                            $         2,333.00
                                                                                  --------------------
                                                                            Total  $         7,333.00
                                                                                  ====================




                             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: June 30, 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 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: June 30, 2002

STATEMENT OF AGED RECEIVABLES


ACCOUNTS RECEIVABLE                                                       3RD PARTY           INTERCOMPANY             TOTAL
                                                                ----------------------------------------------------------------
                                                                                                     
                Beginning of month balance                          $ 100,087,834.72          $  125,863.82     $ 100,213,698.54
                Add: sales on account                               $              -          $           -     $              -
                Add: customer credits                               $      (5,375.94)         $           -     $      (5,375.94)
                Add: intercompany activity                          $              -          $   (6,764.33)    $      (6,764.33)
                Less: collections                                   $      (7,333.00)         $           -     $      (7,333.00)
                Less: offsets                                       $              -          $           -     $              -
                Less: application of customer deposits                                        $           -     $              -
                                                                ----------------------------------------------------------------
                End of month balance                                $ 100,075,125.78          $  119,099.49     $ 100,194,225.27
                                                                ================================================================



   0-30 Days                 31-60 Days                                61-90 Days          Over 90 Days       End of Month Total
    ---------                 ----------                                ----------          ------------       ------------------
                                                                                                    
  $        -                  $       -                              $           -        $  100,075,125.78     $  100,075,125.78




STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)



                                                                    3RD PARTY                INTERCOMPANY             TOTAL
                                                               ------------------------------------------------------------------
                                                                                                      
               Beginning of month balance                         $     534,436.18         $  7,707,191.68       $  8,241,627.86
               Add: sales on account**                            $       3,273.44         $             -       $      3,273.44
               Add: intercompany activity
                  Expenses paid directly by Parent or Affiliate   $      (3,273.44)        $      3,273.44       $             -
                  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         $  7,710,465.12       $  8,244,901.30
                                                               ==================================================================




    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 June 30, the Debtor has
  been invoiced cumulative post-petition disputed amounts totalling
  $4,759,294.



                             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

                       For the Month Ending: June 30, 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.




                             --------------------------------------------------
                             For the Debtor In Possession

                             Henry C. Lyon
                             Designated Officer


                            OPERATING REPORT Page 6

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 RECIEPTS AND CASH DISBURSEMENTS

                      For the Month Ending: April 30, 2002




                                                             
BEGINNING BALANCE IN ALL ACCOUNTS                                 $   6,406,331.61

RECEIPTS:

     1.Receipts from Operations                                   $     730,097.06
     2.Other Receipts                                             $     104,307.28
       Other Receipts (Received by Parent or Affiliate)           $           -
                                                                  ----------------
TOTAL RECEIPTS                                                    $     834,404.34
Less:  Receipts received by Parent or Affiliate                   $           -
                                                                  ----------------
ADJUSTED RECEIPTS                                                 $     834,404.34

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  (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                                      $           -
           Expenses associated with equipment sales               $           -
           Computer Access/Hosting Services                       $       8,625.00
                                                                  ----------------

TOTAL DISBURSEMENTS                                               $       8,625.00
Less: Disbursements paid by Parent/Affiliate                      $      (8,625.00)
                                                                  ----------------
ADJUSTED DISBURSEMENTS                                            $           -

NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD               $     834,404.34

NET INTERCOMPANY SWEEP TRANSFERS - WATG                           $           -
                                                                  ----------------

ENDING BALANCE IN Citibank                                        $       8,432.90
ENDING BALANCE IN BofA-Atlanta GA                                 $   5,672,420.74
ENDING BALANCE IN BofA-Dallas TX                                  $   1,559,882.31

                                                                  ----------------
ENDING BALANCE IN ALL ACCOUNTS                                    $   7,240,735.95
                                                                  ================

                            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: April 30, 2002

Bank:                Bank of America
Location:            Atlanta, GA
Account Name:        BofA-Atlanta GA
Account Number:      329979536




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

                                                                            
Receipts from Operations:
      4/11/2002        Nations Telecom                                              $   204,240.24
      4/19/2002        Interactive Media                                                    755.91
      4/19/2002        Interactive Media                                                    755.91
      4/19/2002        IDS Telecom                                                       10,345.00
      4/19/2002        Worldport                                                        200,000.00
      4/19/2002        Globalnet International                                          314,000.00

                                                                                  --------------
                                                                                  $   730,097.06
                                                                                  ==============

Other Receipts:
      4/19/2002        Apto                                                         $     1,507.28
      4/19/2002        Telecom Recycler                                                  11,500.00
      4/19/2002        Streeterville                                                     40,000.00
      4/19/2002        AIG                                                               51,300.00

                                                                                  --------------
                                                                                  $   104,307.28
                                                                                  ==============


                            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

                      For the Month Ending: April 30, 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 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: April 30, 2002

STATEMENT OF AGED RECEIVABLES
- -----------------------------



ACCOUNTS RECEIVABLE                                               3RD PARTY             INTERCOMPANY              TOTAL
                                                               ---------------------------------------------------------------
                                                                                                
                  Beginning of month balance                   $    103,353,696.87    $    7,015,176.24    $    110,368,873.11
                  Add: sales on account                        $               -      $             -      $               -
                  Add: customer credits                        $       (912,555.89)   $             -      $       (912,555.89)
                  Add: intercompany activity                   $               -      $             -      $               -
                  Less: collections                            $       (730,097.06)   $             -      $       (730,097.06)
                  Less: offsets                                $               -      $             -      $               -
                  Less: application of customer deposits       $               -      $             -      $               -
                                                               -------------------    -----------------    -------------------
                  End of month balance                         $    101,711,043.92    $    7,015,176.24    $    108,726,220.16
                                                               ===================    =================    ===================





       0-30 Days                         31-60 Days                    61-90 Days         Over 90 Days     End of Month Total
       ---------                         ----------                    ----------         ------------     ------------------
                                                                                             
       $       -                         $        -            $                  -   $    101,711,043.92  $    101,711,043.92





STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
                                                                  3RD PARTY             INTERCOMPANY              TOTAL
                                                               ---------------------------------------------------------------
                                                                                                
                  Beginning of month balance                      $ 5,528,045.86      $    4,774,626.60    $    10,302,672.46
                  Add: sales on account**                         $     8,625.00      $             -      $         8,625.00
                  Add: intercompany activity
                   Expenses paid directly by Parent or Affiliate  $    (8,625.00)     $        8,625.00    $              -
                   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      $    4,783,251.60    $    10,311,297.46
                                                               ===================    =================    ===================





       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 April 30, the Debtor has been invoiced
  cumulative post-petition disputed amounts totalling $2,663,816.

                            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: April 30, 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.


                                         ---------------------------------------
                                         For the Debtor In Possession

                                         Henry C. Lyon
                                         Designated Officer

                            OPERATING REPORT Page 6


                      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 RECIEPTS AND CASH DISBURSEMENTS

                       For the Month Ending: May 31, 2002




                                                                  
BEGINNING BALANCE IN ALL ACCOUNTS                                      $   7,240,735.95

RECEIPTS:
     1. Receipts from Operations                                       $       8,869.49
        Receipts from Operations (Received by Parent or Affiliate)     $      49,361.95
     2. Other Receipts                                                 $            -
        Other Receipts (Received by Parent or Affiliate)               $      16,150.00
                                                                       ----------------
TOTAL RECEIPTS                                                         $      74,381.44
Less:  Receipts received by Parent or Affiliate                        $     (65,511.95)
                                                                       ----------------
ADJUSTED RECEIPTS                                                      $       8,869.49

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                                           $            -
           Bank fees                                                   $          15.00
           Computer Access/Hosting Services                            $       8,625.00
                                                                       ----------------

TOTAL DISBURSEMENTS                                                    $       8,640.00
Less: Disbursements paid by Parent/Affiliate                           $      (8,625.00)
                                                                       ----------------
ADJUSTED DISBURSEMENTS                                                 $          15.00

NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                    $       8,854.49

NET INTERCOMPANY SWEEP TRANSFERS - WATG                                $            -
                                                                       ----------------

ENDING BALANCE IN Citibank                                             $       8,432.90
ENDING BALANCE IN BofA-Atlanta GA                                      $   5,672,420.74
ENDING BALANCE IN BofA-Dallas TX                                       $   1,568,736.80

                                                                       ----------------
ENDING BALANCE IN ALL ACCOUNTS                                         $   7,249,590.44
                                                                       ================


                            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: May 31, 2002

Bank:                Bank of America
Location:            Dallas, TX
Account Name:        BofA-Dallas, TX
Account Number:      3751469007




   DATE RECEIVED                             DESCRIPTION                                AMOUNT
   -------------                             -----------                                ------
                                                                               
Receipts from Operations:
             5/29/2002                       Mosaic Corp                               $    8,869.49

                                                                                       -------------
                                                                                       $    8,869.49
                                                                                       =============


                            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: May 31, 2002

Bank:                Bank of America
Location:            Dallas, TX
Account Name:
Account Number:      3751469007




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

                                                                  
         05/29/02           N/A         Wire fee                                              15.00

                                                                                   ----------------
                                                                             Total $          15.00
                                                                                   ================


                            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: May 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: May 31, 2002



STATEMENT OF AGED RECEIVABLES
- -----------------------------

ACCOUNTS RECEIVABLE                                                     3RD PARTY             INTERCOMPANY              TOTAL
                                                                    --------------------------------------------------------------
                                                                                                       
                        Beginning of month balance                  $  101,711,043.92       $   7,015,176.24      $ 108,726,220.16
                        Add: sales on account                       $             -         $            -        $            -
                        Add: customer credits                       $       (2,994.75)      $            -        $      (2,994.75)
                        Add: intercompany activity                  $      (49,361.95)      $      65,511.95      $      16,150.00
                        Less: collections                           $       (8,869.49)      $            -        $      (8,869.49)
                        Less: offsets                               $             -         $            -        $             -
                        Less: application of customer deposits      $             -         $            -        $             -
                                                                    -----------------       ----------------      -----------------
                        End of month balance                        $  101,649,817.73       $   7,080,688.19      $  108,730,505.92
                                                                    =================       ================      =================





       0-30 Days                         31-60 Days                        61-90 Days            Over 90 Days     End of Month Total
       ---------                         ----------                        ----------            ------------     ------------------
                                                                                                    
       $       -                         $        -                 $                  -    $ 101,649,817.73      $ 101,649,817.73





STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
- ---------------------------------------------
                                                                        3RD PARTY             INTERCOMPANY              TOTAL
                                                                    --------------------------------------------------------------
                                                                                                       
                Beginning of month balance                          $    5,528,045.86       $   4,783,251.60      $  10,311,297.46
                Add: sales on account**                             $        8,625.00       $            -        $       8,625.00
                Add: intercompany activity
                   Expenses paid directly by Parent or Affiliate    $       (8,625.00)      $       8,625.00      $            -
                   Net cash advanced by Parent or Affiliate         $             -         $            -        $            -
                   Credit extended by Parent or Affiliate           $             -         $            -        $            -
                   Amounts collected on behalf of Affiliate         $             -         $            -        $            -
                Less: payments                                      $           15.00       $            -        $          15.00
                                                                    -----------------       ----------------      ----------------
                End of month balance                                $    5,528,060.86       $   4,791,876.60      $  10,319,937.46
                                                                    =================       ================      ================





       0-30 Days                         31-60 Days                        61-90 Days            Over 90 Days     End of Month Total
       ---------                         ----------                        ----------            ------------     ------------------
                                                                                                    
       $       -                         $        -                 $                 -     $   5,528,060.86      $   5,528,060.86


**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 May 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: May 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.



                                         ---------------------------------------
                                         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 RECIEPTS AND CASH DISBURSEMENTS

                       For the Month Ending: June 30, 2002




                                                         
BEGINNING BALANCE IN ALL ACCOUNTS                             $   7,249,590.44

RECEIPTS:
     1.Receipts from Operations                               $       5,000.00
     2.Other Receipts                                         $            -
       Other Receipts (Received by Parent or Affiliate)       $            -
                                                              ----------------
TOTAL RECEIPTS                                                $       5,000.00
Less:  Receipts received by Parent or Affiliate               $            -
                                                              ----------------
ADJUSTED RECEIPTS                                             $       5,000.00

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
           U.S. Trustee Fees                                  $       5,000.00
           Expenses associated with equipment sales           $            -
           Computer Access/Hosting Services                   $       8,625.00
                                                              ----------------

TOTAL DISBURSEMENTS                                           $      13,625.00
Less: Disbursements paid by Parent/Affiliate                  $     (13,625.00)
                                                              ----------------
ADJUSTED DISBURSEMENTS                                        $            -

NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD           $       5,000.00

NET INTERCOMPANY SWEEP TRANSFERS - WAXS                       $      65,511.95
                                                              ----------------

ENDING BALANCE IN Citibank                                    $       8,432.90
ENDING BALANCE IN BofA-Atlanta GA                             $   5,742,932.69
ENDING BALANCE IN BofA-Dallas TX                              $   1,568,736.80

                                                              ----------------
ENDING BALANCE IN ALL ACCOUNTS                                $   7,320,102.39
                                                              ================


                            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: June 30, 2002

Bank:                Bank of America
Location:            Atlanta, GA
Account Name:        BofA-Atlanta GA
Account Number:      329979536




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

                                                                           
Receipts from Operations:
             6/21/2002                       KCI, Inc.                              $    5,000.00


                                                                                     -------------
                                                                                     $    5,000.00
                                                                                     =============


                            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

                       For the Month Ending: June 30, 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 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: June 30, 2002



STATEMENT OF AGED RECEIVABLES
- -----------------------------

ACCOUNTS RECEIVABLE                                           3RD PARTY             INTERCOMPANY              TOTAL
                                                          ----------------------------------------------------------------
                                                                                           
                 Beginning of month balance               $ 101,649,817.73      $   7,080,688.19        $   108,730,505.92
                 Add: sales on account                    $            -        $            -          $              -
                 Add: customer credits                    $    (212,887.70)     $            -          $      (212,887.70)
                 Add: intercompany activity               $            -        $            -          $              -
                 Less: collections                        $      (5,000.00)     $     (65,511.95)       $       (70,511.95)
                 Less: offsets                            $            -        $            -          $              -
                 Less: application of customer deposits   $            -        $            -          $              -
                                                          ----------------      ----------------        ------------------
                 End of month balance                     $ 101,431,930.03      $   7,015,176.24        $   108,447,106.27
                                                          ================      ================        ==================





       0-30 Days                         31-60 Days            61-90 Days       Over 90 Days          End of Month Total
       ---------                         ----------            ----------       ------------          ------------------
                                                                                        
       $       -                         $        -       $               -     $ 101,431,930.03      $     101,431,930.03





STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
- ---------------------------------------------
                                                                           3RD PARTY       INTERCOMPANY              TOTAL
                                                                    --------------------------------------------------------------
                                                                                                     
                 Beginning of month balance                         $ 5,528,060.86       $   4,791,876.60        $   10,319,937.46
                 Add: sales on account**                            $    13,625.00       $            -          $       13,625.00
                 Add: intercompany activity
                    Expenses paid directly by Parent or Affiliate   $   (13,625.00)      $      13,625.00        $             -
                    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                               $ 5,528,060.86       $   4,805,501.60        $   10,333,562.46
                                                                    ==============       ================        =================





       0-30 Days                         31-60 Days                        61-90 Days          Over 90 Days     End of Month Total
       ---------                         ----------                        ----------          ------------     ------------------
                                                                                                  
       $       -                         $        -                 $                 -  $       5,528,060.86   $    5,528,060.86


**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 June 30, the Debtor has been invoiced
  cumulative post-petition disputed amounts totalling $2,663,816.

                            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: June 30, 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.



                                         ---------------------------------------
                                         For the Debtor In Possession

                                         Henry C. Lyon
                                         Designated Officer

                            OPERATING REPORT Page 6

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: April 30, 2002

                                                                                  
BEGINNING BALANCE IN ALL ACCOUNTS                                                    $  2,881,839.46

RECEIPTS:
      1. Receipts from Operations                                                    $          -
      2. Other Receipts                                                              $        238.72
                                                                                     ---------------

TOTAL RECEIPTS                                                                       $        238.72

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 (Voided post-petition checks)                     $     (8,011.12)

      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                                   $          -
              U.S. Trustee Fees                                                      $          -
              Credit card chargebacks                                                $        209.50
                                                                                     ---------------

TOTAL DISBURSEMENTS                                                                  $     (7,801.62)
Less:  Disbursements by Parent or Affiliate                                          $      8,011.12
                                                                                     ---------------
ADJUSTED TOTAL DISBURSEMENTS                                                         $        209.50

                                                                                     ---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                                  $         29.22

NET INTERCOMPANY SWEEP TRANSFERS - WAXS                                              $          -
                                                                                     ---------------

ENDING BALANCE IN Bank of America - 3751565312                                       $    111,332.25
ENDING BALANCE IN Bank of America - 3299991275                                       $  2,770,536.43

                                                                                     ---------------
                                                        ENDING BALANCE               $  2,881,868.68
                                                                                     ===============





                            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: April 30, 2002

Bank:               Bank of America
Location:           Atlanta, GA
Account Name:       Checking
Account Number:     3299991275



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

   04/11/02                 Southwestern Bell (Refund)                           238.72

                                                                          -------------
                                                                    Total  $     238.72
                                                                          =============




                            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: April 30, 2002

Bank:               Bank of America
Location:           Dallas, TX
Account Name:       Checking
Account Number:     3751565312



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

   04/04/02              EFT             Credit card chargebacks             $     40.00
   04/04/02              EFT             Credit card chargebacks                   47.50
   04/04/02              EFT             Credit card chargebacks                   60.00
   04/04/02              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: April 30, 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: April 30, 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                  $         -       $         -            $         -
    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                          $ 8,702,870.24    $ 6,241,707.82       $ 14,944,578.06
    Add: sales on account**                             $    (7,801.62)   $         -          $     (7,801.62)
    Add: collections on behalf of I-Link                $         -       $         -          $          -
    Add: intercompany activity
      Expenses paid directly by Parent or Affiliate     $     8,011.12    $    (8,011.12)      $          -
      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                                      $      (209.50)   $         -          $       (209.50)
                                                       ---------------------------------------------------------
    End of month balance                                $ 8,702,870.24    $ 6,233,696.70       $ 14,936,566.94
                                                       =========================================================

  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 April 30, 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: April 30, 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.




                                             -----------------------------------
                                             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: May 31, 2002

                                                                       
BEGINNING BALANCE IN ALL ACCOUNTS                                         $  2,881,868.68

RECEIPTS:
      1. Receipts from Operations                                         $          -
      2. Other Receipts (Received by Parent or Affiliate)                 $      3,852.51
                                                                          ---------------

TOTAL RECEIPTS                                                            $      3,852.51
      Less:  Receipts received by Parent/Affiliates                       $     (3,852.51)
                                                                          ---------------
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                                        $          -

      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                        $         28.56
              U.S. Trustee Fees                                           $          -
              Credit card chargebacks                                     $        209.50
                                                                          ---------------

TOTAL DISBURSEMENTS                                                       $        238.06
Less:  Disbursements by Parent or Affiliate                               $          -
                                                                          ---------------
ADJUSTED TOTAL DISBURSEMENTS                                              $        238.06

                                                                          ---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                       $       (238.06)

NET INTERCOMPANY SWEEP TRANSFERS - WAXS                                   $          -
                                                                          ---------------

ENDING BALANCE IN WxC/WAXS                                                $    111,122.75
ENDING BALANCE IN B of A Checking                                         $  2,770,507.87

                                                                          ---------------
                                                        ENDING BALANCE    $  2,881,630.62
                                                                          ===============





                            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: May 31, 2002

Bank:               Bank of America
Location:           Dallas, TX
Account Name:       Checking
Account Number:     3751565312



DATE DISBURSED      CHECK NUMBER                      DESCRIPTION                   AMOUNT
- --------------      ------------                      -----------                   ------
                                                                       
   05/04/02              EFT             Credit card chargebacks                $      40.00
   05/04/02              EFT             Credit card chargebacks                       47.50
   05/04/02              EFT             Credit card chargebacks                       60.00
   05/04/02              EFT             Credit card chargebacks                       62.00

                                                                               -------------
                                                                         Total  $     209.50
                                                                               =============




                            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

                       For the Month Ending: May 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 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: May 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                                $         -          $         -              $         -
    Add: customer credits                                             $         -          $         -              $         -
    Add: intercompany activity                                        $         -          $     3,852.51           $     3,852.51
    Less: collections                                                 $         -          $         -              $         -
    Less: offsets                                                     $         -          $         -              $         -
    Less: application of customer deposits                            $         -          $         -              $         -
    Less: sale of receivables to I-Link                               $         -          $         -              $         -
                                                                     ---------------------------------------------------------------
    End of month balance                                              $         -          $ 2,406,610.55           $ 2,406,610.55
                                                                     ===============================================================

  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                                        $ 8,702,870.24      $ 6,233,696.70         $ 14,936,566.94
    Add: sales on account**                                           $       238.06      $         -            $        238.06
    Add: collections on behalf of I-Link                              $         -         $         -            $          -
    Add: intercompany activity
      Expenses paid directly by Parent or Affiliate                   $         -         $         -            $          -
      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                                                    $      (238.06)     $         -            $       (238.06)
                                                                     ------------------------------------------------------------
    End of month balance                                              $ 8,702,870.24      $ 6,233,696.70         $ 14,936,566.94
                                                                     ============================================================

  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 May 31, the Debtor has been invoiced
   cumulative post-petition disputed amounts totalling $1,804,912.



                            OPERATING REPORT Page 4



                      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: May 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.




                                             -----------------------------------
                                             For the Debtor In Possession

                                             Henry C. Lyon
                                             Designated Officer



                            OPERATING REPORT Page 6



                      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: June 30, 2002

                                                                           
BEGINNING BALANCE IN ALL ACCOUNTS                                             $  2,881,630.62

RECEIPTS:
      1. Receipts from Operations                                             $          -
      2. Other Receipts                                                       $    367,661.30
                                                                              ---------------

TOTAL RECEIPTS                                                                $    367,661.30

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
              Clearing of previously voided checks                            $          -
              U.S. Trustee Fees                                               $      6,000.00
              Credit card chargebacks                                         $        209.50
                                                                              ---------------

TOTAL DISBURSEMENTS                                                           $      6,209.50
Less:  Disbursements by Parent or Affiliate                                   $     (6,000.00)
                                                                              ---------------
ADJUSTED TOTAL DISBURSEMENTS                                                  $        209.50

                                                                              ---------------
NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD                           $    367,451.80

NET INTERCOMPANY SWEEP TRANSFERS - WAXS                                       $      3,852.51
                                                                              ---------------

ENDING BALANCE IN WxC/WAXS                                                    $    110,913.25
ENDING BALANCE IN B of A Checking                                             $  3,142,021.68

                                                                              ---------------
                                                           ENDING BALANCE     $  3,252,934.93
                                                                              ===============





                            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: June 30, 2002

Bank:               Bank of America
Location:           Atlanta, GA
Account Name:       Checking
Account Number:     3299991275



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

    6/19/02             State of Illinois (Tax Refund)                          316.47
    6/19/02             State of California (Tax Refund)                        579.61
    6/21/02             Cardservice International (Deposit Refund)          366,765.22

                                                                         -------------
                                                                  Total  $  367,661.30
                                                                         =============




                            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: June 30, 2002

Bank:               Bank of America
Location:           Dallas, TX
Account Name:       Checking
Account Number:     3751565312



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

   06/04/02              EFT             Credit card chargebacks            $      40.00
   06/04/02              EFT             Credit card chargebacks                   47.50
   06/04/02              EFT             Credit card chargebacks                   60.00
   06/04/02              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: June 30, 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: June 30, 2002



STATEMENT OF AGED RECEIVABLES
- -----------------------------

ACCOUNTS RECEIVABLE                                                    3RD PARTY           INTERCOMPANY               TOTAL
                                                                     ------------------------------------------------------------
                                                                                                        
    Beginning of month balance                                        $         -        $ 2,406,610.55          $ 2,406,610.55
    Add: Receipts by parent/affiliates                                $         -        $         -             $         -
    Add: customer credits                                             $         -        $         -             $         -
    Add: intercompany activity                                        $         -        $    (3,852.51)         $    (3,852.51)
    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                                        $ 8,702,870.24           $ 6,233,696.70    $ 14,936,566.94
    Add: sales on account**                                           $     6,209.50           $         -       $      6,209.50
    Add: collections on behalf of I-Link                              $         -              $         -       $          -
    Add: intercompany activity
      Expenses paid directly by Parent or Affiliate                   $    (6,000.00)          $     6,000.00    $          -
      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                                                    $      (209.50)          $         -       $       (209.50)
                                                                     -------------------------------------------------------------
    End of month balance                                              $ 8,702,870.24           $ 6,239,696.70    $ 14,942,566.94
                                                                     =============================================================

  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 June 30, 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: June 30, 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.




                                           -------------------------------------
                                           For the Debtor In Possession

                                           Henry C. Lyon
                                           Designated Officer




                            OPERATING REPORT Page 7