-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KidxRsQ1Zgmmhbky7EYL3NSLbMFHZn4XxCQfShzsC7UbD5rS/TbDSF1ub4MyRYm1 L/Hv9XjJ2tDmU36wDmgPFQ== 0000950144-04-008355.txt : 20040816 0000950144-04-008355.hdr.sgml : 20040816 20040816133609 ACCESSION NUMBER: 0000950144-04-008355 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20040816 ITEM INFORMATION: Bankruptcy or receivership ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WORLD ACCESS INC /NEW/ CENTRAL INDEX KEY: 0001071645 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 582398004 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29782 FILM NUMBER: 04977526 BUSINESS ADDRESS: STREET 1: 945 EAST PACES FERRY ROAD STREET 2: SUITE 2200 CITY: ATLANTA STATE: GA ZIP: 30326 BUSINESS PHONE: 4042312025 MAIL ADDRESS: STREET 1: 945 EAST PACES FERRY ROAD STREET 2: SUITE 2200 CITY: ATLANTA STATE: GA ZIP: 30326 FORMER COMPANY: FORMER CONFORMED NAME: WAXS INC DATE OF NAME CHANGE: 19981006 8-K 1 g90540e8vk.htm WORLD ACCESS, INC. WORLD ACCESS, INC.
 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported): August 16, 2004

WORLD ACCESS, INC.

(Exact Name of Registrant as Specified in Charter)
         
Delaware
(State of
Incorporation) 		  0-29782
(Commission File No.) 		  58-2398004
(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 WA Telcom Products Co., Inc., World Access Telecommunications Group, Inc., FaciliCom International, L.L.C. and WorldxChange Communications, Inc. (collectively, the “Subsidiaries”).

     Copies of the Monthly Operating Reports for World Access and each of the Subsidiaries for the month of June 2004 are attached to this Report as Exhibits 99.1 through 99.5. The financial information in these reports is unaudited and has not been reviewed by an independent accountant.

Item 7. Financial Statements and Exhibits

(c)   Exhibits.

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

 

 

SIGNATURE

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

         
  WORLD ACCESS, INC.
 
Date: August 16, 2004
  By:   /s/ Michael F. Mies
     
 
      Michael F. Mies
Senior Vice President — Finance and Treasurer Chief Accounting Officer

 

EX-99.1 2 g90540exv99w1.txt EX-99.1 MONTHLY OPERATING REPORTS OF WORLD ACCESS, INC. IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: World Access, Inc. CASE NUMBER: 01-14633-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: June 30, 2004
BEGINNING BALANCE IN ALL ACCOUNTS $ 13,683,836.80 RECEIPTS: 1. Receipts from Operations $ - 2. Other Receipts $ 11,339.94 Preference Action Collections $ 8,000.00 Other receipts (Received on behalf of Affiliates) $ - ----------------- TOTAL RECEIPTS $ 19,339.94 DISBURSEMENTS 3. Net Payroll a. Officers $ 61,216.68 b. Others $ 60,546.77 4. Taxes a. Federal Income Taxes $ 31,080.48 b. FICA Withholdings $ 5,092.28 c. Employee's withholdings $ 153.94 d. Employer's FICA $ 5,092.23 e. Federal Unemployment Taxes $ - f. State Income Tax $ 8,060.20 g. State Employee withholdings $ 287.77 h. All other state taxes $ - 5. Necessary Expenses a. Rent or mortgage payment(s) $ - b. Utilities $ 12,292.25 c. Insurance $ 13,896.27 d. Merchandise bought for manufacture or sell $ - e. Other necessary expenses - Professional and Bankruptcy Court Related Fees and Expenses $ 783,330.24 Employee Expenses $ 8,956.91 Office Supplies & Expenses $ 13,466.05 Other $ 13,700.58 ----------------- TOTAL DISBURSEMENTS $ 1,017,172.65 Add: Disbursements made on behalf of Parent or Affiliates $ 58,587.85 ----------------- ADJUSTED TOTAL DISBURSEMENTS $ 1,075,760.50 ----------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ (1,056,420.56) ENDING BALANCE IN Bank of America - Master 03751046297 $ 46,860.39 ENDING BALANCE IN Bank of America - Disbursement 03299976144 $ (39,447.77) ENDING BALANCE IN Bank of America - Payroll 03299944407 $ 23,606.39 ENDING BALANCE IN Bank of America - Payroll Taxes 03751301149 $ 43,945.83 ENDING BALANCE IN Bank of America - Money Market 851018 $ 7,281,566.64 ENDING BALANCE IN Deustch Bank - S/T Investment 206-19648 $ 5,270,884.76 ENDING BALANCE IN 1st Bank - FISC 719-1-362214 $ - ----------------- ENDING BALANCE IN ALL ACCOUNTS $ 12,627,416.24 =================
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, 2004 Bank: Bank of America Location: Dallas, TX Account Name: Master Account Account Number: 03751046297
DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 06/21/04 Cybertel $ 1,000.00 06/21/04 Bill Nipper $ 55.00 06/21/04 Paramount Group $ 1,000.00 06/21/04 Globaltron $ 5,000.00 06/21/04 Onvoy, Inc. $ 1,000.00 ----------- Total WAXS Receipts $ 8,055.00 ===========
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, 2004 Bank: Bank of America (Nations Funds) Location: Charlotte, NC Account Name: Money Market Account Number: 851018
DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 06/30/04 Interest Received $ 7,417.27 ----------- Total WAXS Receipts $ 7,417.27 ===========
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, 2004 Bank: Deutsche Bank Alex. Brown Location: Baltimore, MD Account Name: Investment Account Account Number: 206-19648
DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 06/30/04 Interest Received $ 3,867.67 ----------- Total WAXS Receipts $ 3,867.67 ===========
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 DISBURSEMENT LISTING For the Month Ending: June 30, 2004 Bank: Bank of America Location: Dallas, TX Account Name: Master Account Account Number: 03751046297
DATE DISBURSED DESCRIPTION AMOUNT - -------------- ----------- ------ 06/01/04 EZ-Com Technologies $ 13,000.00 06/03/04 Bank Fees $ 30.00 06/16/04 Poorman-Douglas $ 5,389.69 06/16/04 CMRS/Hasler $ 250.00 06/16/04 Merrill Lynch $ 153.94 ----------- Total WAXS Disbursements $ 18,823.63 ===========
Less: Disbursements made to or on behalf of Parent or Affiliates. Facilicom 06/01/04 EZ-Com Technologies $ 13,000.00 Total Affiliate Payments $ 13,000.00 ----------- Total WAXS Disbursements $ 5,823.63 ===========
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, 2004 Bank: Bank of America Location: Dallas, TX Account Name: Payroll Account Account Number: 03299944407
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 06/02/04 Multiple Payroll Checks $ 41,364.68 06/16/04 Multiple Payroll Checks $ 40,830.31 06/29/04 Multiple Payroll Checks $ 39,568.46 ------------ Total WAXS Disbursements $ 121,763.45 ============
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, 2004 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 06/02/04 Void-37071 Judco Management, Inc. $ (8,625.00) 06/02/04 37201 Apollo Consulting $ 2,000.00 06/02/04 37202 BellSouth $ 408.78 06/02/04 37204 Dallas Professional Reporters $ 1,222.20 06/02/04 37205 Debra Dawn $ 1,717.28 06/02/04 37206 Fedex $ 100.60 06/02/04 37207 Gillis Delaney Brown $ 2,007.20 06/02/04 37208 Herbert Stettin $ 1,146.25 06/02/04 37209 Judco Management, Inc. $ 10,025.00 06/02/04 37210 Katherine Levesque $ 322.82 06/02/04 37211 Levine & Block $ 72,667.13 06/02/04 37212 MCI Worldcom $ 2,475.66 06/02/04 37213 Metropolitan Life Insurance Co. $ 6,083.83 06/02/04 37214 North Atlanta Realty Acquisition $ 9,266.67 06/02/04 37215 SBC-Pacbell $ 119.15 06/02/04 37216 Kamran Saeed $ 250.00 06/02/04 37217 San Diego County $ 132.86 06/02/04 37218 Carl Sonne $ 2,039.82 06/02/04 37219 United Healthcare $ 7,812.44 06/02/04 37220 Cadwalader Wickersham & Taft $ 342,469.98 06/10/04 37221 CT Corporation $ 192.49 06/10/04 37222 Debra Dawn $ 1,717.90 06/10/04 37224 Fedex $ 212.08 06/10/04 37225 Secretary of State $ 45.00 06/10/04 37226 Secretary of State $ 45.00 06/10/04 37227 Secretary of State $ 45.00 06/10/04 37228 Secretary of State $ 60.00 06/10/04 37229 Lanier Parking Systems $ 605.00 06/10/04 37230 MCI Worldcom $ 36.30 06/10/04 37231 Merrill Lynch Pierce Fenner & Smith $ 5,575.00 06/10/04 37232 Osborne-Clarke $ 25.92 06/10/04 37233 New Jersey Dept. of Labor $ 50.19 06/10/04 37234 Nextel Communications $ 254.68 06/10/04 37235 SBC-Pacbell $ 434.29 06/10/04 37236 Kamran Saeed $ 250.00 06/10/04 37237 Michael Mies $ 1,012.20 06/17/04 37238 Vanguard Archives $ 666.13 06/17/04 37239 Continental Stock Transfer & Trust Co. $ 870.14 06/17/04 37240 Covington & Burling $ 44,239.44 06/17/04 37241 Debra Dawn $ 720.66 06/17/04 37242 H. Peter Gant $ 320.99
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, 2004 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ 06/17/04 37243 Jenner & Block $ 32,970.43 06/17/04 37244 Judco Management, Inc. $ 8,625.00 06/17/04 37245 Katherine Levesque $ 237.90 06/17/04 37246 Poorman-Douglas Corp. $ 1,557.77 06/17/04 37247 Royal Cup Inc. $ 89.62 06/17/04 37248 Kamran Saeed $ 250.00 06/17/04 37249 San Diego Gas & Electric $ 236.03 06/17/04 37250 Mark Warner $ 5,000.00 06/17/04 37251 Winstead Sechrest & Minick $ 19,180.02 06/17/04 37252 Lamberth, Cifelli Stokes & Stout $ 5,616.58 06/25/04 37253 Alston & Bird LLP $ 96,412.50 06/25/04 37254 Tod Chmar $ 322.12 06/25/04 37255 Ernst & Young LLP $ 19,387.72 06/25/04 37256 Fedex $ 207.65 06/25/04 37257 Katten Muchin Zavis Roseman $ 17,667.82 06/25/04 37258 Levine & Block $ 42,981.17 06/25/04 37259 Osborne-Clarke $ 1,660.75 06/25/04 37260 Kamran Saeed $ 250.00 06/25/04 37261 Winstead Sechrest & Minick $ 6,109.59 06/25/04 37262 MCI Worldcom $ 2,866.81 06/29/04 37263 Alston & Bird LLP $ 20,731.19 06/29/04 37264 AMC Global Communication $ 85.00 06/29/04 37265 Apollo Consulting $ 2,000.00 06/29/04 37266 Ascom Hasler Leasing $ 205.44 06/29/04 37267 BellSouth $ 256.69 06/29/04 37268 Bowne of Atlanta $ 7,026.00 06/29/04 37269 Copier Solutions $ 495.00 06/29/04 37270 Covington & Burling $ 6,732.68 06/29/04 37271 Ernst & Young LLP $ 24,671.94 06/29/04 37272 FTI Consulting $ 11,096.30 06/29/04 37273 FTI Consulting $ 4,694.07 06/29/04 37274 Gardner Carton & Douglas $ 8,075.87 06/29/04 37275 Katherine Levesque $ 545.22 06/29/04 37276 McKenna Long & Aldridge $ 19,905.64 06/29/04 37286 BellSouth $ 385.10 06/29/04 37287 BellSouth $ 5,073.44 06/29/04 37288 Fedex $ 255.74 ------------- Total $ 884,885.88 =============
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, 2004 Bank: Bank of America Location: Dallas, TX Account Name: Corporate Disbursement Account Number: 03299976144
DATE DISBURSED CHECK NUMBER DESCRIPTION AMOUNT - -------------- ------------ ----------- ------ Less: Disbursements made to or on behalf of Parent or Affiliates. WA Telecom Products Co., Inc. 06/02/04 37214 North Atlanta Realty Acquisition $ 9,266.67 06/10/04 37227 Secretary of State $ 45.00 06/29/04 37266 Ascom Hasler Leasing $ 205.44 ------------- Facilicom 06/02/04 Void-37071 Judco Management, Inc. $ (8,625.00) 06/02/04 37209 Judco Management, Inc. $ 10,025.00 06/17/04 37244 Judco Management, Inc. $ 8,625.00 ------------- World Access Telecommunication Group, Inc. 06/10/04 37225 Secretary of State $ 45.00 06/17/04 37238 Vanguard Archives $ 666.13 06/17/04 37251 Winstead Sechrest & Minick $ 19,180.02 06/25/04 37261 Winstead Sechrest & Minick $ 6,109.59 ------------- WorldxChange 06/10/04 37226 Secretary of State $ 45.00 ------------- Total Affiliate Payments $ 45,587.85 ------------- Total WAXS Disbursements $ 839,298.03 =============
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, 2004 Bank: Bank of America Location: Dallas, TX Account Name: Payroll Account Account Number: 0751301149
DATE DISBURSED DESCRIPTION AMOUNT - -------------- ----------- ------ 06/02/04 Payroll Taxes $ 16,943.85 06/16/04 Payroll Taxes $ 16,679.99 06/29/04 Payroll Taxes $ 15,989.12 06/25/04 Processing Fees $ 674.58 ------------- Total WAXS Disbursements $ 50,287.54 =============
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 For the Month Ending: June 30, 2004 STATEMENT OF INVENTORY Beginning Inventory $ - Add: purchases $ - Less: goods sold $ - ------------- Ending inventory $ - ============= PAYROLL INFORMATION STATEMENT Gross payroll for this period $ 171,530.35 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 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 For the Month Ending: June 30, 2004 STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL --------- ------------ ----- Beginning of month balance $ - $ 14,219,792.47 $ 14,219,792.47 Add: sales on account $ - $ - $ - expenses paid for affiliate $ - $ 58,587.85 $ 58,587.85 cash advanced to affiliate $ - $ - $ - Less: collections $ - $ - $ - ---------- ----------------- ---------------- End of month balance $ - $ 14,278,380.32 $ 14,278,380.32 ========== ================= ================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ - $ -
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL --------- ------------ ----- Beginning of month balance $ 1,592,171.87 $ 22,401,305.15 $ 23,993,477.02 Add: sales on account $ 553,827.38 $ - $ 553,827.38 Cash received on behalf of Affiliate $ - $ - $ - Cash received from Affiliate $ - $ - $ - Less: payments $ (1,017,172.65) $ - $ (1,017,172.65) --------------- ---------------- ---------------- End of month balance $ 1,128,826.60 $ 22,401,305.15 $ 23,530,131.75 =============== ================ ================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ 337,244.40 $ 150,723.53 $ 86,525.66 $ 554,333.01 $ 1,128,826.60
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, 2004 TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post petition taxes or withholdings have been paid currently. 1. Federal income taxes Yes (X) No ( ) 2. FICA withholdings Yes (X) No ( ) 3. Employee's withholdings Yes (X) No ( ) 4. Employer's FICA Yes (X) No ( ) 5. Federal unemployment taxes Yes (X) No ( ) 6. State income tax Yes (X) No ( ) 7. State employee withholdings Yes (X) No ( ) 8. All other state taxes See Note Below If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of the last payment. Note to Item 8: The Debtor may have personal property subject to tax in various jurisdictions throughout the United States. No expense has been accrued or paid for any such potential post-petition claims. OPERATING REPORT Page 11 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Michael F. Mies, 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 Michael F. Mies Designated Officer OPERATING REPORT Page 12 EX-99.2 3 g90540exv99w2.txt EX-99.2 MONTHLY OPERATING REPORTS OF WA TELCOM PRODUCTS CO., INC. IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHER DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: WA Telcom Products Co., Inc. CASE NUMBER: 01-14635-SPS SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS For the Month Ending: June 30, 2004
BEGINNING BALANCE IN ALL ACCOUNTS $ 10,102,974.52 RECEIPTS: 1. Receipts from Operations $ - Receipts from Operations (Received by Parent) $ - 2. Other Receipts $ 7,419.60 Other receipts (Received by Parent or Affiliates) $ - --------------- TOTAL RECEIPTS $ 7,419.60 Less: Receipts received by Parent or Affiliates $ - --------------- ADJUSTED TOTAL RECEIPTS $ 7,419.60 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) $ 9,266.67 b. Utilities $ - c. Insurance $ - d. Merchandise bought for manufacture or sell $ - e. Other necessary expenses Office Supplies & Expenses $ 205.44 Other $ 45.00 --------------- TOTAL DISBURSEMENTS $ 9,517.11 Less: Disbursements made by Parent or Affiliates $ (9,517.11) --------------- ADJUSTED TOTAL DISBURSEMENTS $ - --------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 7,419.60 NET INTERCOMPANY SWEEPS/TRANSFERS - World Access, Inc. $ - --------------- ENDING BALANCE IN Deustch Bank - S/T Investment 206-21130 $ 10,110,394.12 --------------- ENDING BALANCE IN ALL ACCOUNTS $ 10,110,394.12 ===============
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, 2004 Bank: Deutsche Bank Alex. Brown Location: Baltimore, MD Account Name: Investment Account Account Number: 206-21130
DATE RECEIVED DESCRIPTION AMOUNT - ------------- ----------- ------ 6/30/2004 Interest Received $ 7,419.60 ---------- Total WATP Receipts $ 7,419.60 ==========
OPERATING REPORT Page 2 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, 2004 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 $ 9,674.60 - $ - 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, 2004 STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY INTERCOMPANY TOTAL --------------- --------------- --------------- Beginning of month balance $ 13,137,814.57 $ 20,948,877.89 $ 34,086,692.46 Add: sales on account $ - $ - $ - expenses paid for affiliate $ - $ - $ - cash advanced to affiliate $ - $ - $ - Less: collections $ - $ - $ - --------------- --------------- --------------- End of month balance $ 13,137,814.57 $ 20,948,877.89 $ 34,086,692.46 =============== =============== ===============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $13,137,814.57 $ 13,137,814.57
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL --------------- --------------- --------------- Beginning of month balance $ 7,043.23 $ 1,056,981.86 $ 1,064,025.09 Add: sales on account $ 9,517.11 $ - $ 9,517.11 Cash received on behalf of Affiliate $ - $ - $ - Cash received from Affiliate $ - $ - $ - Less: payments $ (9,517.11) $ 9,517.11 $ - --------------- --------------- --------------- End of month balance $ 7,043.23 $ 1,066,498.97 $ 1,073,542.20 =============== =============== ===============
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, 2004 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, Michael F. Mies, 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 Michael F. Mies Designated Officer OPERATING REPORT Page 6 EX-99.3 4 g90540exv99w3.txt EX-99.3 MONTHLY OPERATING REPORTS OF WORLD ACCESS TELECOMMUNICATIONS GROUP 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, 2004 BEGINNING BALANCE IN ALL ACCOUNTS $ 7,724,771.95 RECEIPTS: 1. Receipts from Operations $ 15,762.66 2. Other Receipts $ 350.00 -------------- TOTAL RECEIPTS $ 16,112.66 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 $ 45.00 U.S. Trustee Fee $ - Professional Fees $ 25,289.61 Record Storage Fees $ 666.13 -------------- TOTAL DISBURSEMENTS $ 26,000.74 Less: Disbursements paid by Parent or Affiliates $ (26,000.74) -------------- ADJUSTED TOTAL DISBURSEMENTS $ - -------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 16,112.66 NET INTERCOMPANY SWEEP TRANSFERS - WAXS $ - -------------- ENDING BALANCE IN Bank of America 3751607047 $ 6,921,373.69 ENDING BALANCE IN Bank of America 3751567556 $ 819,510.92 -------------- ENDING BALANCE IN ALL ACCOUNTS $ 7,740,884.61 ==============
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, 2004 Bank: Bank of America Location: Dallas, TX Account Name: Customer Connection Analyzed Checking Account Number: 3751607047
DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ Receipts from Operations: 6/25/2004 Jones Boys 2,000.00 6/25/2004 Specialty Outsourcing 3,000.00 6/25/2004 Specialty Outsourcing 3,500.00 6/25/2004 Telecom Services $ 7,262.66 ---------------- Total $ 15,762.66 ================ Other Receipts: 6/25/2004 U.S. Treasury 350.00 ---------------- Total $ 350.00 ================
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, 2004 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, 2004 STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY* INTERCOMPANY TOTAL -------------- -------------- -------------- Beginning of month balance $99,712,253.09 $ 119,099.49 $99,831,352.58 Add: sales on account $ - $ - $ - Less: customer credits $ - $ - $ - Less: collections $ (15,762.66) $ - $ (15,762.66) Less: offsets $ - $ - $ - Less: application of customer deposits $ - $ - -------------- -------------- -------------- End of month balance $99,696,490.43 $ 119,099.49 $99,815,589.92 ============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $99,696,490.43 $ 99,696,490.43
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL -------------- -------------- -------------- Beginning of month balance $ 534,436.18 $ 8,083,722.06 $ 8,618,158.24 Add: sales on account** $ 26,000.74 $ - $ 26,000.74 Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (26,000.74) $ 26,000.74 $ - 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 $ 8,109,722.80 $ 8,644,158.98 ============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 534,436.18 $ 534,436.18
* Accounts receivable balances represent gross amounts due from former customers. The vast majority of these balances are either being pursued via collection litigation or are claims against the former customers' bankruptcy estates. Thus, it is highly likely that a significant amount of the gross accounts receivable will not be collected. ** 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 the report date, 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, 2004 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, Michael F. Mies, 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 Michael F. Mies Designated Officer OPERATING REPORT Page 6 EX-99.4 5 g90540exv99w4.txt EX-99.4 MONTHLY OPERATING REPORTS OF FACILICOM INTERNATIONAL, L.L.C. 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, 2004 BEGINNING BALANCE IN ALL ACCOUNTS $14,427,677.50 RECEIPTS: 1. Receipts from Operations $ - 2. Other Receipts $ - -------------- TOTAL RECEIPTS $ - DISBURSEMENTS 3. Net Payroll a. Officers $ - b. Others $ - 4. Taxes a. Federal Income Taxes $ - b. FICA Withholdings $ - c. Employee's withholdings $ - d. Employer's FICA $ - e. Federal Unemployment Taxes $ - f. State Income Tax $ - g. State Employee withholdings $ - h. All other state taxes 5. Necessary Expenses (Paid by Parent or Affiliate) a. Rent or mortgage payment(s) $ - b. Utilities $ - c. Insurance $ - d. Merchandise bought for manufacture or sell $ - e. Other necessary expenses Computer Access/Hosting Services $ 23,025.00 U.S. Trustee Fee $ - Other $ - -------------- TOTAL DISBURSEMENTS $ 23,025.00 Less: Disbursements paid by Parent/Affiliate $ (23,025.00) -------------- ADJUSTED DISBURSEMENTS $ - NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ - NET INTERCOMPANY SWEEP TRANSFERS - WAXS $ - -------------- ENDING BALANCE IN Citibank $ 8,432.90 ENDING BALANCE IN BofA-Atlanta GA $12,850,507.80 ENDING BALANCE IN BofA-Dallas TX $ 1,568,736.80 -------------- ENDING BALANCE IN ALL ACCOUNTS $14,427,677.50 ==============
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, 2004 Bank: Bank of America Location: Atlanta, GA Account Name: BofA-Atlanta GA Account Number: 329979536
DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ Receipts from Operations: ------------- $ - =============
***There were no collections posted for the month of June 2004 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, 2004 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, 2004 STATEMENT OF AGED RECEIVABLES
ACCOUNTS RECEIVABLE 3RD PARTY* INTERCOMPANY TOTAL ---------------- ---------------- ---------------- Beginning of month balance $ 98,181,590.45 $ 5,817,959.31 $ 103,999,549.76 Add: sales on account $ - $ - $ - Less: customer credits $ - $ - $ - Less: collections $ - $ - $ - Less: offsets $ - $ - $ - Less: application of customer deposits $ - $ - $ - ---------------- ---------------- ---------------- End of month balance $ 98,181,590.45 $ 5,817,959.31 $ 103,999,549.76 ================ ================ ================
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $98,181,590.45 $ 98,181,590.45
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION)
3RD PARTY INTERCOMPANY TOTAL -------------- -------------- -------------- Beginning of month balance $ 5,528,060.86 $ 5,292,941.98 $10,821,002.84 Add: sales on account** $ 23,025.00 $ - $ 23,025.00 Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (23,025.00) $ 23,025.00 $ - 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 $ 5,315,966.98 $10,844,027.84 ============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 5,528,060.86 $ 5,528,060.86
* Accounts receivable balances represent gross amounts due from former customers. The vast majority of these balances are either being pursued via collection litigation or are claims against the former customers' bankruptcy estates. Thus, it is highly likely that a significant amount of the gross accounts receivable will not be collected. ** 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 the report date, 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, 2004 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, Michael F. Mies, 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 Michael F. Mies Designated Officer OPERATING REPORT Page 6 EX-99.5 6 g90540exv99w5.txt EX-99.5 MONTHLY OPERATING REPORTS OF WORLDXCHANGE COMMUNICATIONS 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, 2004 BEGINNING BALANCE IN ALL ACCOUNTS $3,295,173.70 RECEIPTS: 1. Receipts from Operations $ - 2. Other Receipts $ 576.00 ------------- TOTAL RECEIPTS $ 576.00 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 $ 45.00 Clearing of previously voided checks $ - U.S. Trustee Fees $ - Computer Access/Hosting Services $ - ------------- TOTAL DISBURSEMENTS $ 45.00 Less: Disbursements by Parent or Affiliate $ (45.00) ------------- ADJUSTED TOTAL DISBURSEMENTS $ - ------------- NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 576.00 NET INTERCOMPANY SWEEP TRANSFERS - WAXS $ - ------------- ENDING BALANCE IN WxC/WAXS $ 110,913.25 ENDING BALANCE IN B of A Checking $3,184,836.45 ------------- ENDING BALANCE $3,295,749.70 =============
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: May 31, 2004 Bank: Bank of America Location: Atlanta, GA Account Name: WAXS - WorldXChange Account Number: 3299991275
DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ Other Receipts: 5/25/2004 State of Minnesota 576.00 ------------ Total $ 576.00 ============
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: June 30, 2004 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: June 30, 2004 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 $ 8,701,417.24 $ 6,267,418.73 $14,968,835.97 Add: sales on account** $ 45.00 $ - $ 45.00 Add: collections on behalf of I-Link $ - $ - $ - Add: intercompany activity Expenses paid directly by Parent or Affiliate $ (45.00) $ 45.00 $ - 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 $ - $ - $ - -------------- -------------- -------------- End of month balance $ 8,701,417.24 $ 6,267,463.73 $14,968,880.97 ============== ============== ==============
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month Total - --------- ---------- ---------- ------------ ------------------ $ - $ - $ - $ 8,701,417.24 $ 8,701,417.24
** 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 the date of this report, 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: June 30, 2004 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, Michael F. Mies, 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 Michael F. Mies Designated Officer OPERATING REPORT Page 6 -----END PRIVACY-ENHANCED MESSAGE-----