-----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, SezEo34zBlT39405P+Hk4VpTWhLWPvuK99t0eEsjtvRgXJBo7uFWhSVlFqROKALU 37XS2mSEzECypCUhtvQwCQ== 0000950144-98-013679.txt : 19981210 0000950144-98-013679.hdr.sgml : 19981210 ACCESSION NUMBER: 0000950144-98-013679 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970831 FILED AS OF DATE: 19981209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WORLD ACCESS INC /NEW/ CENTRAL INDEX KEY: 0001071645 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATIONS EQUIPMENT, NEC [3669] IRS NUMBER: 582398004 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-29782 FILM NUMBER: 98766596 BUSINESS ADDRESS: STREET 1: 945 EAST PACES FERRY ROAD STREET 2: SUITE 2240 CITY: ATLANTA STATE: GA ZIP: 30326 BUSINESS PHONE: 4042312025 MAIL ADDRESS: STREET 1: 945 EAST PACES FERRY ROAD STREET 2: SUITE 2240 CITY: ATLANTA STATE: GA ZIP: 30326 FORMER COMPANY: FORMER CONFORMED NAME: WAXS INC DATE OF NAME CHANGE: 19981006 11-K 1 WORLD ACCESS INC. 1 ================================================================================ UNITED STATES SECURITIES AND EXCHANGES COMMISSION WASHINGTON, D.C. ------------------------ FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED AUGUST 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to ______________ Commission File Number 0-29782 ------- WORLD ACCESS, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN (Full title of Plan) WORLD ACCESS, INC. (Exact name of issuer as specified in its charter) 945 E. PACES FERRY ROAD, ATLANTA, GEORGIA 30326 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (404) 231-2015 ================================================================================ 2 REQUIRED INFORMATION Item 1. Not applicable. Item 2. Not applicable. Item 3. Not applicable. Item 4. Plan financial statements and schedules prepared in accordance with the financial reporting requirements of ERISA have been included as Exhibit 1 hereto. EXHIBITS 1. Audited financial statements for the World Access, Inc. Profit Sharing and Retirement Savings Plan, including statements of net assets available for plan benefits as of August 31, 1997 and 1996 and related statements of changes in net assets available for plan benefits for the years then ended, together with notes and schedules thereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the World Access, Inc. Profit Sharing and Retirement Savings Plan has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized, in the City of Atlanta, State of Georgia, on the 9th day of December, 1998. World Access, Inc. Profit Sharing and Retirement Savings Plan By: /s/ MARK A. GERGEL -------------------------------------- Mark A. Gergel Chief Financial Officer, Executive Vice President and Assistant Secretary and Trustee of the Plan 2 3 WORLD ACCESS, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION AUGUST 31, 1997 AND 1996 4 WORLD ACCESS, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN TABLE OF CONTENTS TO FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION - --------------------------------------------------------------------------------
Page(s) Financial Statements: Report of Independent Accountants.............................................. 1 Statement of Net Assets Available for Benefits ................................ 2 Statement of Changes in Net Assets Available for Benefits...................... 3 Notes to Financial Statements..............................................4 - 11 Additional Information* Schedule I - Item 27a - Schedule of Assets Held for Investment Purposes........12 Schedule II - Item 27d - Schedule of Reportable Transactions ..................13
* Other schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 (ERISA) have been omitted because they are not applicable. 5 REPORT OF INDEPENDENT ACCOUNTANTS To the Participants and Administrator of the World Access, Inc. Profit Sharing and Retirement Savings Plan In our opinion, the accompanying statement of net assets available for benefits, and the related statement of changes in net assets available for benefits present fairly, in all material respects, the financial status of the World Access, Inc. Profit Sharing and Retirement Savings Plan (the "Plan") at August 31, 1997 and 1996, and the changes in its financial status for the years then ended, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the plan's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in schedules I and II is presented for purposes of additional analysis and is not a required part of the basic financial statements but is information required by ERISA. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ PricewaterhouseCoopers LLP Atlanta, Georgia September 14, 1998 6 AUGUST 31, 1997 1996 ASSETS Investments, at fair value (Note 3) Mutual funds $ 602,853 $ 378,015 Pooled separate account 334,709 274,523 World Access, Inc. stock 1,576,475 433,569 ----------- ----------- Total investments at fair value 2,514,037 1,086,107 Investments at estimated value (Note 3) Participant loans 9,217 10,308 ----------- ----------- Total investments 2,523,254 1,096,415 Other receivables 105,161 15,801 ----------- ----------- Total assets 2,628,415 1,112,216 ----------- ----------- LIABILITIES Accounts payable -- 2,049 ----------- ----------- Total liabilities -- 2,049 ----------- ----------- Net assets available for benefits $ 2,628,415 $ 1,110,167 ----------- ----------- The accompanying notes are an integral part of these financial statements. 2 7 WORLD ACCESS, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS - --------------------------------------------------------------------------------
FOR THE YEARS ENDED AUGUST 31, 1997 1996 Investment income Net appreciation in fair value of investments (Note 3) $ 1,125,458 $ 151,953 Interest and dividends 62,025 33,273 Realized gains 42,296 17,435 ----------- ----------- 1,229,779 202,661 Less investment expenses (2,796) (3,382) ----------- ----------- 1,226,983 199,279 ----------- ----------- Contributions Salary deferral 303,700 200,063 Employer match 80,941 30,811 Qualified rollover 9,244 4,737 ----------- ----------- 393,885 235,611 ----------- ----------- Total additions 1,620,868 434,890 ----------- ----------- Benefits paid directly to participants 102,620 63,190 Service charges -- 122 ----------- ----------- Total deductions 102,620 63,312 ----------- ----------- Net increase 1,518,248 371,578 Net assets available for benefits Beginning of year 1,110,167 738,589 ----------- ----------- End of year $ 2,628,415 $ 1,110,167 ----------- -----------
The accompanying notes are an integral part of these financial statements. 3 8 WORLD ACCESS, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS AUGUST 31, 1997 AND 1996 - ------------------------------------------------------------------------------- 1. DESCRIPTION OF THE PLAN The following description of the World Access, Inc. Profit Sharing and Retirement Savings Plan (the "Plan") provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. GENERAL The Plan is a defined contribution plan covering all full-time employees of World Access, Inc. (the "Company") who have completed one year of service and are age twenty-one or older. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). CONTRIBUTIONS Participants may contribute up to 15 percent of their annual compensation including wages, salary, overtime, bonuses, commissions, tips and fees for professional services. The Company matches 25 percent of participant contributions. All Company matching is provided through the issuance of Company common stock. PARTICIPANT ACCOUNTS Each participant's account is credited with the participant's contribution and allocation of (a) the Company's contribution, (b) Plan earnings, and (c) forfeitures of terminated participants' non-vested accounts. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account. VESTING Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Vesting in the remainder of their accounts is based on years of credited service. A participant is 100 percent vested after five years of credited service. INVESTMENT OPTIONS Upon enrollment in the Plan, a participant may direct contributions to any of five investment options. CIGNA Guaranteed Long-Term Account - Fixed income pooled separate account investing in a portfolio of commercial mortgages, privately placed and publicly traded debt securities. Fidelity Growth and Income Fund - Balanced mutual fund investing in a portfolio of equity securities, convertible securities, common stock, preferred stock and fixed income securities. 4 9 WORLD ACCESS, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS AUGUST 31, 1997 AND 1996 - ------------------------------------------------------------------------------- SEI Capital Appreciation Portfolio - Mutual fund investing in a diversified portfolio of common stock. SEI International Equity Portfolio - Mutual fund investing in a diversified portfolio of equity securities of non-US issuers. Common Stock Fund - Funds are invested in common stock of World Access, Inc. which is a party-in-interest as defined by ERISA. PAYMENT OF BENEFITS On termination of service, a participant with a vested account balance of greater than $3,500 may elect to receive either a lump-sum amount equal to the value of his or her account, annual installments over a specified period, or a combination thereof. A participant with a vested account balance of less than $3,500 will receive a lump-sum amount equal to the value of his or her account. 2. SUMMARY OF ACCOUNTING POLICIES METHOD OF ACCOUNTING The Plan's financial statements are prepared on the accrual basis of accounting. INVESTMENTS Plan investments are stated at fair or estimated value. The Company stock is valued at its quoted market price at the respective balance sheet dates. Mutual fund investments are valued at net asset value representing the value at which shares of the fund may be purchased or redeemed. Participants loans are valued at estimated value. CONTRIBUTIONS Employee and Company matching contributions are recorded in the period during which the Company makes payroll deductions from the Plan participants' earnings. BENEFIT PAYMENTS AND WITHDRAWALS Benefit payments and withdrawals are recorded at the time of payment. At August 31, 1997, there were no benefit payments due to former employees who withdrew from the Plan. At August 31, 1996, benefit payments due to former employees who withdrew from the Plan totaled approximately $13,141. PLAN EXPENSES Expenses of the Plan (trustee and administrative) are assumed and paid by the Company. Investment expenses and service charges are paid by the Plan. 5 10 WORLD ACCESS, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS AUGUST 31, 1997 AND 1996 - ------------------------------------------------------------------------------- USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the fair value amounts of net assets available for benefits and disclosure of liabilities at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates. 3. INVESTMENTS The following table presents the Plan's investments at August 31:
1997 1996 Investments at fair value as determined by quoted market price Mutual fund: Fidelity Growth and Income Fund - 11,619 and 9,005 units $ 300,278 $ 183,528 SEI Capital Appreciation Portfolio - 12,565 and 7,657 shares 219,385 131,927 SEI International Equity Portfolio - 8,261 and 6,127 shares 83,190 62,560 ----------- ----------- Total mutual funds 602,853 378,015 Pooled separate account: CIGNA Guaranteed Long-Term Account - 334,709 and 274,523 units 334,709 274,523 Common stock: Common Stock Fund - (World Access, Inc. shares) 596,621 132,575 22,514 and 15,597 shares World Access, Inc. (Company match) 36,002 and 35,411 shares 979,854 300,994 ----------- ----------- Total World Access, Inc. shares 1,576,475 433,569 Total investments at fair value as determined by quoted market price 2,514,037 1,086,107 ----------- ----------- Investments at estimated fair value Participant loans 9,217 10,308 ----------- ----------- Total investments at estimated fair value 9,217 10,308 ----------- ----------- Total investments at fair value $ 2,523,254 $ 1,096,415 ----------- -----------
6 11 WORLD ACCESS, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS AUGUST 31, 1997 AND 1996 - ------------------------------------------------------------------------------- During 1997, the Plan's investments appreciated in value as follows:
Investments at fair value as determined by quoted market price $ 1,144,460 Less: appreciation on investments sold 19,002 ----------- Net change in fair value $ 1,125,458 -----------
4. PARTICIPANT LOANS Under terms of the Plan, participants may borrow up to 50% of their vested account balance from their accounts with a minimum loan of $1,000. The loans are secured by the balance in the participants' accounts and bear interest at a rate commensurate with local market rates for similar loans. 5. PLAN TERMINATION Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100 percent vested in their accounts. 6. INCOME TAX The Internal Revenue Service has determined and informed the Company by a letter dated September 8, 1995 that the Plan is designed in accordance with applicable sections of the Internal Revenue Code (IRC) and is therefore exempt from tax under Section 501(a) of the IRC. 7 12 WORLD ACCESS, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS AUGUST 31, 1997 AND 1996 - -------------------------------------------------------------------------------- 7. STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
AUGUST 31, 1997 FIDELITY CIGNA GROWTH SEI SEI WORLD GUARANTEED AND CAPITAL INTERNATIONAL COMMON ACCESS LONG-TERM INCOME APPRECIATION EQUITY STOCK (COMPANY PARTICIPANT ACCOUNT FUND PORTFOLIO PORTFOLIO FUND MATCH) LOANS TOTAL ASSETS Investments, at fair value (Note 3): Mutual funds $ -- $ 300,278 $ 219,385 $ 83,190 $ -- $ -- $ -- $ 602,853 Pooled separate account 334,709 -- -- -- -- -- -- 334,709 World Access, Inc. stock -- -- -- -- 596,621 979,854 -- 1,576,475 Participant loans -- -- -- -- -- -- 9,217 9,217 -------- ---------- ---------- --------- -------- ---------- ------ ---------- Total investments 334,709 300,278 219,385 83,190 596,621 979,854 -- 2,523,254 -------- ---------- ---------- --------- -------- ---------- ------ ---------- Other receivables 2,543 7,713 3,470 2,554 4,716 84,165 -- 105,161 -------- ---------- ---------- --------- -------- ---------- ------ ---------- Total assets 337,252 307,991 222,855 85,744 601,337 1,064,019 -- 2,628,415 -------- ---------- ---------- --------- -------- ---------- ------ ---------- LIABILITIES Accounts payable -- -- -- -- -- -- -- -- -------- ---------- ---------- --------- -------- ---------- ------ ---------- Total liabilities -- -- -- -- -- -- -- -- -------- ---------- ---------- --------- -------- ---------- ------ ---------- Net assets available for benefits $337,252 $ 307,991 $ 222,855 $ 85,744 $601,337 $1,064,019 $9,217 $2,628,415 -------- ---------- ---------- --------- -------- ---------- ------ ----------
8 13 WORLD ACCESS, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS AUGUST 31, 1997 AND 1996 - -------------------------------------------------------------------------------- 7. STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION (CONTINUED)
AUGUST 31, 1997 FIDELITY CIGNA GROWTH SEI SEI WORLD GUARANTEED AND CAPITAL INTERNATIONAL COMMON ACCESS LONG-TERM INCOME APPRECIATION EQUITY STOCK (COMPANY PARTICIPANT ACCOUNT FUND PORTFOLIO PORTFOLIO FUND MATCH) LOANS TOTAL ASSETS Investments, at fair value (Note 3): Mutual funds $ -- $ 183,528 $ 131,927 $ 62,560 $ -- $ -- $ -- $ 378,015 Pooled separate account 274,523 -- -- -- -- -- -- 274,523 World Access, Inc. stock -- -- -- -- 132,575 300,994 -- 433,569 Participant loans -- -- -- -- -- -- 10,308 10,308 -------- ---------- ---------- ---------- ---------- ---------- ---------- --------- Total investments 274,523 183,528 131,927 62,560 132,575 300,994 10,308 1,096,415 -------- ---------- ---------- ---------- ---------- ---------- ---------- --------- Other receivables 5,236 3,151 1,771 1,218 903 3,522 -- 15,801 -------- ---------- ---------- ---------- ---------- ---------- ---------- --------- Total assets 279,759 186,679 133,698 63,773 133,478 304,516 10,308 1,112,216 -------- ---------- ---------- ---------- ---------- ---------- ---------- --------- LIABILITIES Accounts payable 2,049 -- -- -- -- -- -- 2,049 -------- ---------- ---------- ---------- ---------- ---------- ---------- --------- Total liabilities 2,049 -- -- -- -- -- -- 2,049 -------- ---------- ---------- ---------- ---------- ---------- ---------- --------- Net assets available for benefits $277,710 $ 186,679 $ 133,698 $ 63,778 $ 133,478 $ 304,516 $ 10,308 $1,110,167 -------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
9 14 WORLD ACCESS, INC. Profit Sharing and Retirement Savings Plan Notes to Financial Statements August 31, 1997 and 1996 - ------------------------------------------------------------------------------- 8. STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION FOR THE YEAR ENDED AUGUST 31, 1997
FIDELITY CIGNA GROWTH SEI SEI WORLD GUARANTEED AND CAPITAL INTERNATIONAL COMMON ACCESS LONG-TERM INCOME APPRECIATION EQUITY STOCK (COMPANY PARTICIPANT ACCOUNT FUND PORTFOLIO PORTFOLIO FUND MATCH) LOANS TOTAL Investment income: Net appreciation $ -- $ 53,153 $ 11,422 $ (993) $ 383,865 $ 678,011 $ $ 1,125,458 Interest and dividends 16,473 37,496 6,540 (6,074) 6,808 782 62,025 Realized gains 2,065 (810) 13,334 27,707 42,296 --------- --------- --------- --------- --------- ----------- --------- ----------- 16,473 53,153 50,983 4,737 391,125 712,526 782 1,229,779 Less: Investment expenses (2,796) (2,796) --------- --------- --------- --------- --------- ----------- --------- ----------- Contributions: Salary deferral 63,587 81,667 45,539 26,099 86,808 303,700 Employer match 80,941 80,941 Qualified rollover (1,100) 1,758 957 229 7,400 9,244 --------- --------- --------- --------- --------- ----------- --------- ----------- Total additions 78,960 136,578 94,683 31,065 485,333 793,467 782 1,620,868 --------- --------- --------- --------- --------- ----------- --------- ----------- Benefits paid (22,323) (13,604) (15,010) (3,074) (15,769) (32,840) (102,620) Service charges --------- --------- --------- --------- --------- ----------- --------- ----------- Total deductions (22,323) (13,604) (15,010) (3,074) (15,769) (32,840) (102,620) Transfers 2,905 (1,662) 9,484 (6,025) (1,705) (1,124) (1,873) -- --------- --------- --------- --------- --------- ----------- --------- ----------- Net increase (decrease) 59,542 121,312 89,157 21,966 467,859 759,503 (1,091) 1,518,248 Net assets available, beginning of year 277,710 186,679 133,698 63,778 133,478 304,516 10,308 1,110,167 --------- --------- --------- --------- --------- ----------- --------- ----------- Net assets available, end of year $ 337,252 $ 307,991 $ 222,855 $ 85,744 $ 601,337 $ 1,064,019 $ 9,217 $ 2,628,415 --------- --------- --------- --------- --------- ----------- --------- -----------
10 15 WORLD ACCESS, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS AUGUST 31, 1997 AND 1996 - -------------------------------------------------------------------------------- 8. STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION (CONTINUED) FOR THE YEAR ENDED AUGUST 31, 1996
FIDELITY CIGNA GROWTH SEI SEI WORLD GUARANTEED AND CAPITAL INTERNATIONAL COMMON ACCESS CPI LONG-TERM INCOME APPRECIATION EQUITY STOCK (COMPANY PARTICIPANT ACCOUNT FUND PORTFOLIO PORTFOLIO FUND MATCH) LOANS TOTAL Investment income: Net appreciation $ -- $ 1,394 $ 6,698 $ (1,577) $ 29,283 $ 116,155 $ -- $ 151,953 Interest and dividends 15,193 (31) 10,945 5,761 (211) 547 1,069 33,273 Realized gains -- -- 186 (122) 567 16,804 -- 17,435 --------- --------- --------- --------- --------- ----------- ----------- ----------- 15,193 1,363 17,829 4,062 29,639 133,506 1,069 202,661 Less: Investment expenses (1,970) (139) (81) (72) (57) (1,063) -- (3,382) --------- --------- --------- --------- --------- ----------- ----------- ----------- Contributions: Salary deferral 56,100 61,022 26,284 10,954 45,703 -- -- 200,063 Employer match -- -- -- -- -- 30,811 -- 30,811 Qualified rollover 1,184 1,184 -- 474 1,895 -- -- 4,737 --------- --------- --------- --------- --------- ----------- ----------- ----------- Total additions 70,507 63,430 44,032 15,418 77,180 163,254 1,069 434,890 --------- --------- --------- --------- --------- ----------- ----------- ----------- Benefits paid 36,650 2,584 1,496 1,343 1,062 20,055 -- 63,190 Service charges 70 9 1 5 2 35 -- 122 --------- --------- --------- --------- --------- ----------- ----------- ----------- Total deductions 36,720 2,593 1,497 1,348 1,064 20,090 -- 63,312 --------- --------- --------- --------- --------- ----------- ----------- ----------- Transfers (61,821) 33,955 6,164 1,241 25,414 -- (4,953) -- --------- --------- --------- --------- --------- ----------- ----------- ----------- Net increase decrease (28,034) 94,792 48,699 15,311 101,530 143,164 (3,884) 371,578 Net assets available, beginning of year 305,744 91,886 84,999 48,467 31,948 161,352 14,192 738,589 --------- --------- --------- --------- --------- ----------- ----------- ----------- Net assets available, end of year $ 277,710 $ 186,679 $ 133,698 $ 63,778 $ 133,478 $ 304,516 $ 10,308 $ 1,110,167 --------- --------- --------- --------- --------- ----------- ----------- -----------
11 16 WORLD ACCESS, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AUGUST 31, 1997 SCHEDULE I - -------------------------------------------------------------------------------
CURRENT IDENTIFICATION OF INVESTMENT DESCRIPTION COST VALUE CIGNA Guaranteed Long-Term Pooled Separate Account - $ 334,709 $ 334,709 Account 334,709 units CIGNA Fidelity Growth and Mutual Fund - 11,619 units 242,820 300,278 Income fund SEI Capital Appreciation Mutual Fund - 12,565 shares 199,483 219,385 Portfolio SEI International Equity Mutual Fund - 8,261 shares 85,956 83,190 Portfolio Common Stock Fund* World Access Common Stock 172,011 596,621 22,514 shares World Access Stock - World Access Common Stock 162,528 979,854 Employer Match** 36,002 shares Participant Loans Loans bearing interest at 7-10% 9,217 9,217
* The Common Stock Fund invests in the common stock of the Company, which is a party-in-interest as defined by ERISA. ** As discussed in Note 1, the Company provides matching contributions solely through the issuance of the Company's common stock. 12 17 WORLD ACCESS, INC. PROFIT SHARING AND RETIREMENT SAVINGS PLAN ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS * FOR THE YEAR ENDED AUGUST 31, 1997 SCHEDULE II - --------------------------------------------------------------------------------
NUMBER NET DESCRIPTION OF PURCHASE SELLING COST OF CURRENT GAIN PARTY INVOLVED OF ASSET TRANSACTIONS PRICE PRICE ASSET VALUE OR (LOSS) CIGNA Retirement and Investment Guaranteed Long- 14 $ 100,437 $ -- $ -- $ -- $ -- Services, Inc. Term Account CIGNA Retirement Fidelity Growth and and Investment Income 14 91,918 -- -- -- -- Services, Inc. World Access, Inc.** Common Stock 22 182,397 -- -- -- -- SEI Capital Appreciation 15 93,471 -- -- -- --
* Transactions or series of transactions in excess of 5 percent of the current value of the Plan's assets as of August 31, 1997 as defined in Section 2520.103-6 of the Department of Labor Rules and Regulations for Reporting and Disclosure Under ERISA. ** Party-in-interest. 13 -----END PRIVACY-ENHANCED MESSAGE-----