EX-99.1 3 dex991.txt MONTHLY OPERATING REPORT FOR 08/25/2001 Exhibit 99.1 UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF CALIFORNIA In re: Adaptive Broadband Corporation Case No. 01-53685 ASW ------------- 2055 Gateway Place, Suite 400 San Jose, CA 95110 CHAPTER 11 MONTHLY OPERATING REPORT (GENERAL BUSINESS CASE) ----------------------------------------- SUMMARY OF FINANCIAL STATUS MONTH ENDED: 8/25/2001 (1) PETITION DATE: 07/26/01 --------------- --------- 1. Debtor in possession (or trustee) hereby submits this Monthly Operating Report on the Accrual Basis of accounting (or if checked here the Office of the U.S. Trustee or the Court has approved the Cash Basis of Accounting for the Debtor). Dollars reported in $1 --
2. Asset and Liability Structure End of Current End of Prior As of Petition ------------ Month Month Filing ----- ----- ------ a. Current Assets $ 32,205,289 N/A ------------ ---------- b. Total Assets $ 58,023,014 N/A $ 58,612,410 ------------ ---------- ------------ c. Current Liabilities $ 580,531 N/A ------------ ---------- d. Total Liabilities $ 28,953,473 N/A $ 28,499,554 ------------ ----------- ------------ Cumulative 3. Statement of Cash Receipts & Disbursements for Month Current Month Prior Month (Case to Date) ------------- ----------- -------------- a. Total Receipts $ 250,964 N/A $ 250,964 ------------ ----------- ------------ b. Total Disbursements $ 358,465 N/A $ 358,465 ------------ ----------- ------------ c. Excess (Deficiency) of Receipts Over Disbursements (a - b) ($107,501) N/A ($107,501) ------------ ----------- ------------ d. Cash Balance Beginning of Month $ 26,867,358 N/A $ 26,867,358 ------------ ----------- ------------ e. Cash Balance End of Month (c + d) (2) $ 26,759,857 N/A $ 26,759,857 ------------ ----------- ------------ Cumulative Current Month Prior Month (Case to Date) ------------- ----------- -------------- 4. Profit/(Loss) from the Statement of Operations N/A N/A N/A ------------ ----------- ------------ 5. Account Receivables (Pre and Post Petition)-See Sch A $ 261,000 N/A ------------ ----------- 6. Post-Petition Liabilities $ 580,531 N/A ------------ ----------- 7. Past Due Post-Petition Account Payables (over 30 days) $ 0 N/A ------------ ----------- At the end of this reporting month: Yes No --- -- 8. Have any payments been made on pre-petition debt, other than payments in the normal X -------- ________ course to secured creditors or lessors? (if yes, attach listing including date of payment, amount of payment and name of payee)-Schedule attached & marked as "A". 9. Have any payments been made to professionals? (if yes, attach listing including date of X ________ -------- payment, amount of payment and name of payee) 10. If the answer is yes to 8 or 9, were all such payments approved by the court? X -------- ________ 11. Have any payments been made to officers, insiders, shareholders, relatives? (if yes, X -------- ________ attach listing including date of payment, amount and reason for payment, and name of payee) 12. Is the estate insured for replacement cost of assets and for general liability? X -------- ________ 13. Are a plan and disclosure statement on file? X ________ -------- X 14. Was there any post-petition borrowing during this reporting period? ________ -------- 15. Check if paid: Post-petition taxes X ; U.S. Trustee Quarterly Fees ___; Check if filing is current for: Post-petition ---- tax reporting and tax returns: ____. (Attach explanation, if post-petition taxes or U.S. Trustee Quarterly Fees are not paid current or if post-petition tax reporting and tax return filings are not current.)
I declare under penalty of perjury I have reviewed the above summary and attached financial statements, and after making reasonable inquiry believe these documents are correct. Date: 9/20/2001 /s/ Daniel L. Scharre --------- -------------------------------------------------------- Responsible Individual---Daniel Scharre, CEO & President (1) Adaptive Broadband Corporation utilizes a fiscal calendar (a 4-week month, 4-week month, 5-week month) that does not directly correspond with calendar month-end dates. Accordingly, this Monthly Operating Report reflects an ending-date consistent with the Debtor's books and records. To the extent the U.S. Trustee requests that the Monthly Operating Report be prepared as of calendar month-end dates, the Debtor will work to adhere to that requirement. It should be noted, however, that meeting such a requirement will constitute an additional burden on the Debtor, which is operating with a depleted finance staff. (2) Represents the unadjusted cash balance at end of period. Adjusted cash balance at end of period (per bank) is $26,424,225. See attached Statement of Cash Receipts and Disbursements. BALANCE SHEET (General Business Case) For the Month Ended 08/25/01 ----------
Assets From Schedules Market Value -------------- ------------ Current Assets Cash and cash equivalents - unrestricted (Bank Balances) $21,139,423 --------------- Cash and cash equivalents - restricted $ 5,284,802 --------------- Accounts receivable (net) A $ 261,000 --------------- Inventory B $ 3,642,187 --------------- Prepaid expenses $ 1,427,877 --------------- Professional retainers (estimate only) $ 450,000 --------------- Other: ------------------------------------------------- --------------- -------------------------------------------------------- --------------- Total Current Assets $32,205,289 --------------- Property and Equipment (Market Value) Real property C $ 0 --------------- Machinery and equipment D $ 1,499,094 --------------- Furniture and fixtures D $ 0 --------------- Office equipment D $ 0 --------------- Leasehold improvements D $ 720,328 --------------- Computer, Hardware & Software D $ 2,499,987 --------------- Other: D -------------------------------------------------- --------------- D --------------------------------------------------------- --------------- D --------------------------------------------------------- --------------- D --------------------------------------------------------- --------------- D --------------------------------------------------------- --------------- Total Property and Equipment $ 4,719,409 --------------- Other Assets Loans to shareholders --------------- Loans to affiliates - secured $ 288,145 --------------- Loans to affiliates (net) - unsecured $19,587,340 --------------------------------------------------------- --------------- Notes Receivables $ 1,029,137 --------------------------------------------------------- --------------- Security Deposits $ 193,694 --------------------------------------------------------- --------------- --------------------------------------------------------- --------------- Total Other Assets $21,098,316 --------------- Total Assets $58,023,014 ===============
NOTE: At the guidance of the U.S. Trustee, Adaptive Broadband Corporation is ---- presenting its assets at cost value less accumulated depreciation, if any. In addition, Accounts Receivable, Inventory, and Property Plant and Equipment are reflective of a provisional impairement write-down. Liabilities and Equity (General Business Case) Liabilities From Schedules Post-Petition Current Liabilities Salaries and wages $ 30,000 ----------------- Payroll taxes $ 144,670 ----------------- Real and personal property taxes ----------------- Income taxes ----------------- Sales taxes ----------------- Notes payable (short term) ----------------- Accounts payable (trade) A $ 105,861 ----------------- Real property lease arrearage ----------------- Personal property lease arrearage ----------------- Accrued professional fees (estimate only) $ 300,000 ----------------- Current portion of long-term post-petition debt (due within 12 months) ----------------- Other: ------------------------------------------ ----------------- ----------------------------------------------------- ----------------- ----------------------------------------------------- ----------------- Total Current Liabilities $ 580,531 ----------------- Long-Term Post-Petition Debt, Net of Current Portion ----------------- Total Post-Petition Liabilities $ 580,531 ----------------- Pre-Petition Liabilities (allowed amount) - See Footnotes to Schedule F Secured claims F $ 0 ----------------- Priority unsecured claims F $ 159,165 ----------------- General unsecured claims F $ 28,213,777 ----------------- Total Pre-Petition Liabilities $ 28,372,942 ----------------- Total Liabilities $ 28,953,473 ----------------- Equity (Deficit) Retained Earnings/(Deficit) at time of filing ($131,585,499) ----------------- Capital Stock $ 3,777,628 ----------------- Additional paid-in capital $ 157,920,727 ----------------- Cumulative profit/(loss) since filing of case (Note <1>) ($1,043,315) ----------------- Post-petition contributions/(distributions) or (draws) ----------------- ----------------------------------------------------- ----------------- Market value adjustment ----------------- Total Equity (Deficit) $ 29,069,541 ----------------- Total Liabilities and Equity (Deficit) $ 58,023,014 =================
Note 1--> Includes, in addition to Cash Expenditures, accruals of expenses, bank reconciliation issues and cost of goods sold. SCHEDULES TO THE BALANCE SHEET (General Business Case) Schedule A Accounts Receivable and (Net) Payable
Receivables and Payables Agings Accounts Receivable Accounts Payable Past Due [Pre and Post Petition] [Post Petition] Post Petition Debt ----------------------- ------------- ------------------ 0-30 Days $ 0 $ 105,861 ----------------------- ---------- 31-60 Days $ 0 $ 0 ----------------------- ---------- 61-90 Days $ 44,151 $ 0 $ 0 ----------------------- ---------- ----------------- 91+Days $ 9,105,121 $ 0 ----------------------- ---------- Total accounts receivable/payable $ 9,149,272 $ 105,861 ----------------------- ========== Allowance for doubtful accounts $ 8,888,272 ----------------------- Accounts receivable (net) $ 261,000 =======================
Schedule B Inventory/Cost of Goods Sold
Inventory(ies) Balance at Types and Amount of Inventory(ies) End of Month Cost of Goods Sold ---------------------------------- ------------ ------------------ Inventory Beginning of Month $ 3,800,000 ----------------- Add - Retail/Restaurants - Net purchase ----------------- Product for resale Direct labor ----------------- --------------- Manufacturing overhead ----------------- Distribution - Freight in ----------------- Products for resale --------------- Other: ----------------- --------------------------------------- ----------------- Manufacturer - --------------------------------------- ----------------- Raw Materials $ 10,391,005 --------------- Consignment Inventory $ 2,702,024 Less - --------------- Finished goods $ 42,955,840 Inventory End of Month $ 3,642,187 --------------- ----------------- Shrinkage ----------------- Inventory Write-Down Provision ($52,406,682) Personal Use ----------------- --------------- ------------------------------ Cost of Goods Sold $ 157,813 ================= ------------------------------ TOTAL $ 3,642,187 =============== Method of Inventory Control Inventory Valuation Methods Do you have a functioning perpetual inventory system? Indicate by a checkmark method of inventory used. Yes X No______ ------ How often do you take a complete physical inventory? Valuation methods - FIFO cost _____ Weekly ________ LIFO cost _____ Monthly ________ Lower of cost or market X Quarterly X ----- -------- Retail method _____ Semi-annually ________ Other _____ Annually ________ Explain Date of last physical inventory was 7/13/01 ____________________________________________________ ____________________________________________________ Date of next physical inventory is Not yet determined ------------------ ____________________________________________________
Schedule C Real Property
Description Cost Market Value ---- ------------ N/A N/A N/A --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- Total $ 0 $ 0 ================ ===================
Schedule D Other Depreciable Assets
Description Cost Market Value ---- ------------ Machinery & Equipment - Office Equipment, Furniture & Fixtures included $1,499,094 $1,499,094 --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- Total $1,499,094 $1,499,094 ================ =================== Furniture & Fixtures - $ 0 $ 0 --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- Total $ 0 $ 0 ================ =================== Office Equipment - ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- Total $ 0 $ 0 ================ =================== Leasehold Improvements - $ 720,328 $ 720,328 --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- Total $ 720,328 $ 720,328 ================ =================== Computer, Hardware & Software --------------------------------------------------------- $2,499,987 $2,499,987 --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- --------------------------------------------------------- ---------------- ------------------- Total $2,499,987 $2,499,987 ================ ===================
NOTE: ----- At the guidance of the U.S. Trustee, Adaptive Broadband Corporation is presenting its assets at cost value less accumulated depreciation, if any. In addition, Accounts Receivable, Inventory, and Property Plant and Equipment are reflective of a provisional impairment write-down. Schedule E Aging of Post-Petition Taxes (As of End of the Current Reporting Period)
Taxes Payable 0-30 Days 31-60 Days 61-90 Days 91+ Days Total --------- ---------- ---------- -------- ----- Federal Income Tax Withholding $27,074 $ 57,910 $ 84,984 ----------------- --------------- -------------- ------------ -------------- FICA - Employee $ 4,620 $ 16,130 $ 20,750 ----------------- --------------- -------------- ------------ -------------- FICA - Employer $ 4,620 $ 16,130 $ 20,750 ----------------- --------------- -------------- ------------ -------------- Unemployment (FUTA) $ 0 ----------------- --------------- -------------- ------------ -------------- Income $ 0 ----------------- --------------- -------------- ------------ -------------- Other (Attach List) $ 0 ----------------- --------------- -------------- ------------ -------------- Total Federal Taxes $36,314 $ 90,170 $ 0 $ 0 $126,484 ----------------- --------------- -------------- ------------ -------------- State and Local Income Tax Withholding $ 6,650 $ 10,909 $ 17,559 ----------------- --------------- -------------- ------------ -------------- Unemployment (UT) $ 0 ----------------- --------------- -------------- ------------ -------------- Disability Insurance (DI) $ 203 $ 424 $ 627 ----------------- --------------- -------------- ------------ -------------- Empl. Training Tax (ETT) $ 0 ----------------- --------------- -------------- ------------ -------------- Sales $ 0 ----------------- --------------- -------------- ------------ -------------- Excise $ 0 ------------------ --------------- -------------- ------------ -------------- Real property $ 0 ----------------- --------------- -------------- ------------ -------------- Personal property $ 0 ----------------- --------------- -------------- ------------ -------------- Income $ 0 ----------------- --------------- -------------- ------------ -------------- Other (Attach List) $ 0 ----------------- --------------- -------------- ------------ -------------- Total State & Local Taxes $ 6,853 $ 11,333 $ 0 $ 0 $ 18,186 ----------------- --------------- -------------- ------------ -------------- Total Taxes $43,167 $101,503 $ 0 $ 0 $144,670 ================= =============== ============== ============ ==============
See Attached Schedule E Footnote Schedule F Pre-Petition Liabilities
Claimed Allowed List Total Claims For Each Classification - Amount Amount ------------------------------------------- ------ ------ Secured claims $ 0 $ 0 -------------- ------------ Priority claims other than taxes $ 159,165 $ 159,165 -------------- ------------ Priority tax claims $ 0 $ 0 -------------- ------------ General unsecured claims $28,213,777 $28,213,777 -------------- ------------
See Schedule F Footnotes on next page. Schedule G Rental Income Information (Not Applicable) to General Business Cases Schedule H Recapitulation of Funds Held at End of Month (8/31/01)
Account 1 Account 2 Account 3 Account 4 --------- --------- --------- --------- Bank Bank of America Bank of America Union Bank Merrill Lynch ----------------- ----------------- ----------------- --------------- Account Type Debtor In Poss. Master Account CD Money Market ----------------- ----------------- ----------------- --------------- Account No. 12339-36178 12338-10046 64590-18088 318-3251209-0 ----------------- ----------------- ----------------- --------------- Account Purpose Operations Sweeps Account Gain Interest Gain Interest ----------------- ----------------- ----------------- --------------- Balance, End of Month $ 305,816 $973,604 $2,221,406 $18,992,779 ----------------- ----------------- ----------------- --------------- Total Funds on Hand for all Accounts $26,421,934 =================
Attach copies of the month end bank statement(s), reconciliation(s), and the check register(s) to the Monthly Operating Report. Increase/(Decrease) in Cash and Cash Equivalents For the Month Ended 08/25/01 ----------------
Actual Cumulative Current Month (Case to Date) ------------- -------------- Cash Receipts Rent/Leases Collected $ 0 ---------------- ---------------- Cash Received from Sales $ 171,285 $ 171,285 ---------------- ---------------- Interest Received (estimated) $ 70,816 $ 70,816 ---------------- ---------------- Borrowings $ 0 ---------------- ---------------- Funds from Shareholders, Partners, or Other Insiders $ 0 ---------------- ---------------- Capital Contributions $ 0 ---------------- ---------------- Vendor Refunds & Miscellaneous Receipts $ 8,863 $ 8,863 ------------------------------------------------------- ---------------- ---------------- $ 0 ------------------------------------------------------- ---------------- ---------------- $ 0 ------------------------------------------------------- ---------------- ---------------- $ 0 ------------------------------------------------------- ---------------- ---------------- $ 0 ------------------------------------------------------- ---------------- ---------------- $ 0 ---------------- ---------------- Total Cash Receipts $ 250,964 $ 250,964 ---------------- ---------------- Cash Disbursements Payments for Inventory $ 0 ---------------- ---------------- Selling $ 0 ---------------- ---------------- Miscellaneous/G&A $ 879 $ 879 ---------------- ---------------- Rent $ 184,189 $ 184,189 ---------------- ---------------- Principal Payments on Debt $ 0 ---------------- ---------------- Interest Paid $ 0 ---------------- ---------------- Rent/Lease: Personal Property $ 0 ---------------- ---------------- Real Property $ 0 ---------------- ---------------- Amount Paid for Compensation Salaries $ 85,589 $ 85,589 ---------------- ---------------- Contract Labor $ 16,978 $ 16,978 ---------------- ---------------- Commissions/Royalties $ 0 ---------------- ---------------- Expense Reimbursements $ 0 ---------------- ---------------- Other (Fringe) $ 26,394 $ 26,394 ---------------- ---------------- Salaries/Commissions (less employee withholding) $ 0 ---------------- ---------------- Management Fees $ 0 ---------------- ---------------- Taxes: Employee Withholding $ 0 ---------------- ---------------- Employer Payroll Taxes $ 0 ---------------- ---------------- Real Property Taxes $ 0 ---------------- ---------------- Other Taxes $ 0 ---------------- ---------------- Other Cash Outflows: $ 0 ---------------- ---------------- Travel & Meetings $ 0 $ 0 ------------------------------------------------- ---------------- ---------------- Technology & Phone $ 90 $ 90 ------------------------------------------------- ---------------- ---------------- Engineering & Operations $ 360 $ 360 ------------------------------------------------- ---------------- ---------------- Professional Consulting Services $ 253 $ 253 ------------------------------------------------- ---------------- ---------------- Moving Expenses $ 18,617 $ 18,617 ------------------------------------------------- ---------------- ---------------- Disbursements of China subsidiary (est.) $ 25,116 $ 25,116 ------------------------------------------------- ---------------- ---------------- Total Cash Disbursements: $ 358,465 $ 358,465 ---------------- ---------------- Net Increase (Decrease) in Cash ($107,501) ($107,501) ---------------- ---------------- Cash Balance, Beginning of Period (per bank) $ 26,867,358 $ 26,867,358 ---------------- ---------------- Cash Balance, End of Period (unadjusted) $ 26,759,857 $ 26,759,857 ================ ================ Loss in market value - Reliance Trust (estimated) (1) ($161,759) ($161,759) Oustanding checks/unreconciled difference (net) (2) ($173,873) ($173,873) ---------------- ---------------- Cash Balance, End of Period (adjusted - per bank) (3) $ 26,424,225 $ 26,424,225 ================ ================
(1) Adaptive Broadband Corporation directed Reliance Trust to reposition its SEDCP fund holdings into the most conservative investments, pending resolution of Debtor's entitlement to such funds. The Debtor believes Reliance has acted pursuant to this direction. Prior to this transfer, the market value of the fund had decreased by approximately $162K since it was last reported (and included in the beginning balance of $26,867,358). (2) In addition, the Company is in the process of reconciling its bank accounts to quantify outstanding checks and unreconciled differences. (3) Adjusted cash balance (per bank) was obtained from a bank account balance listing created by Adaptive Broadband Corporation as of 8/24/01. The 8/24/01 cash account balances were obtained by Adaptive through correspondence with bank employees. Schedule E - Footnote --------------------- Explanation for Aging of Post-Petition Taxes Processing of the Debtor's payroll is typically handled by the Debtor's payroll processor, ADP. In addition to processing the Debtor's payroll, ADP typically calculates the Debtor's share of Social Security and Medicare obligations with respect to each payroll, deducts such amounts from the Debtor's payroll account, and forwards such amounts to the appropriate taxing authorities. However, for the Debtor's last payroll before its bankruptcy filing, the deduction from the Debtor's payroll account for the Debtor's share of payroll taxes for such payroll was not completed before the Debtor's payroll account was frozen by the Debtor's bankruptcy filing. Accordingly, the Debtor's share of payroll tax obligations on that final prepetition payroll, totaling $13,551.58, was not collected or paid by ADP ("Prepetition Payroll Taxes"). As one of the Debtor's "first day" motions, the Debtor requested and obtained authority to pay to the appropriate taxing authorities deductions from employee paychecks for employees' shares of ---------- prepetition payroll taxes, and to pay prepetition employee wages that were due and owing and the Debtor's share of payroll taxes for such wages; however, because the Debtor was not aware that the Prepetition Payroll Taxes were unpaid, the Debtor did not request or obtain authority to pay its unpaid share of prepetition payroll taxes on prepetition wages that were paid prior to the Petition Date. Accordingly, on September 17, 2001 the Debtor requested authority to pay the Prepetition Payroll Taxes, totaling $13,551.58, to the appropriate taxing authorities. ADP had refused to collect and pay any --- of the Debtor's payroll taxes, including payroll taxes incurred post-petition with respect to post-petition payrolls paid through ADP, unless the Prepetition Payroll Taxes were paid in full. As a result, the Debtor may have incurred needless penalties and interest with respect to both its Prepetition Payroll Taxes and its postpetition payroll taxes to the detriment of its estate and its creditors. In addition, the Debtor's normal payroll processing operations were disrupted to the detriment and distraction of the Debtor's few remaining personnel. The Debtor has subsequently received approval from the U.S. Bankruptcy Court for payment of the $13,551.58 in prepetition payroll taxes. Monies for the delinquent pre-petition and August 2001 payroll taxes have been remitted to ADP and the debtor anticipates being able to make timely payments on all future amounts owed. -------------------------------------------------------------------------------- Schedule F - Footnotes ---------------------- a) Pre-petition claims are presented as best represented in Adaptive Broadband's books and records. The `claimed' and `allowed' amounts of such claims have, in most cases, not yet been determined. Some claims included in `general unsecured claims' are stated at their potential gross amounts owed, although the `allowed' amount of these claims could face limitations - as stipulated by the U.S. Bankruptcy Code b) Adaptive Broadband has not completed its analysis of claims in this case and reserves the right to object to all claims scheduled or otherwise listed. c) A number of claims were scheduled with the Bankruptcy Court as contingent, unliquidated, or disputed. For many of these items, a value was undeterminable at the time scheduled with the Court - and is currently undeterminable. As a result, these items are not included in the claim totals listed in Schedule F above. d) Adaptive Broadband has provided a value for contingent,unliquidated or disputed claims when information was available for a reasonable estimation. Included in estimated contingent claims as part of the `general unsecured claims' above are the following: $2.5MM for a potential warranty claim with Comtech Telecommunications, $2MM for a contingent settlement agreement with Northrop Grumman, and $14.8MM relating to Solectron Corporation. e) `Priority claims other than taxes' represents Adaptive Broadband's best estimate as to those employee claims eligible for priority status. The Company is currently reviewing these amounts and will continue to make any necessary adjustments to the allocation between priority and non-priority status, if warranted. f) General unsecured claims includes approximately $132K in pre-petition taxes. Adaptive Broadband is attempting to identify which, if any, amounts owing to taxing authorities are eligible for priority status. g) Adaptive Broadband Corporation has rejected three real property leases during the post-petition period. The Company is currently in the process of estimating the potential damage claim, if any, afforded to the landlords of these properties as may be allowed under the U.S. Bankruptcy Code. No such estimate is included in the `general unsecured claims' listed above. Schedule H - Continued ----------------------
Account 5 Account 6 Account 7 --------- --------- --------- Reliance Trust Bank of China Bank of China ------------------------------------------------------------------------- SEDCP Account USD$ Account RMB Account ------------------------------------------------------------------------- 150209526 8093014 8093001 ------------------------------------------------------------------------- Deferred Comp Plan Operations Operations ------------------------------------------------------------------------- $3,897,802.00 $28,330.00 $2,197.00 Sub-total this page = $3,928,329.00 ------------------------------------------------------------------------- ------------- Converted to USD from RMB
NOTE 1 --> Attached with this MOR are August 31, 2001 bank statements for ------ accounts 1, 2, 3, 6 & 7. Bank Statements for accounts 4 & 5 have been requested and will be forwarded as soon as received. Relating to account 5, Reliance Trust & Pencal have refused to provide an August 2001 statement due to unpaid pre-petition invoices. If necessary, legal action will be taken against these parties in order to provide that periodic statements are received on a timely basis. NOTE 2 --> Adaptive Broadband Corporation is stating cash balances in Schedule H ------ above (per bank) as of 8/31/01, the date in which the bank statements for this period will be reported. The Company is in the process of contacting its financial institutions to request bank statement "cut-off" dates for future periods to be consistent with the Company's fiscal month-end close dates. ADAPTIVE BROADBAND CORPORATION DISBURSEMENTS FOR FISCAL AUGUST `01 DRAFT-For Discussion Purposes Only JULY 26, 2001 THROUGH AUGUST 25, 2001
TOTAL AMOUNT OF PAYMENTS OF PRE- PAYMENTS TO PAYEE CATEGORIZATION DATE CHECK # CHECK PETITION DEBTS INSIDERS ------------------------------------------------------------------------------------------------------------------------------------ AMERICAN BUSINESS COMMUNICATIONS 53000 - Fringe Expense 08/01/01 13048 340 - - AMB PROPERTY 56134 - Rent Expense 08/01/01 13028 159,472 - - CASSANDRA JONES 51100 - Wages & Salaries 08/03/01 13037 1,725 692 - DANIEL SCHARRE 51100 - Wages & Salaries 08/03/01 13041 8,863 4,341 8,863 ELIAS NADER 51100 - Wages & Salaries 08/03/01 13040 3,543 1,500 3,543 ERIC BURKE 51100 - Wages & Salaries 08/03/01 13032 1,484 692 - FU-CHIEH CHANG 51100 - Wages & Salaries 08/03/01 13036 1,649 750 - HONGBIN SHEN 51100 - Wages & Salaries 08/03/01 13042 3,545 1,494 - IAN WALTERS 51100 - Wages & Salaries 08/03/01 13033 3,784 1,615 3,784 JAY APOIAN 51100 - Wages & Salaries 08/03/01 13030 1,248 415 - JERROLD KOLLMAN 51100 - Wages & Salaries 08/03/01 13034 4,975 2,308 4,975 MARK SHUPE 51100 - Wages & Salaries 08/03/01 13043 1,875 865 - MICHELL BESTUL 51100 - Wages & Salaries 08/03/01 13031 1,513 692 - PATTY MIAO 51100 - Wages & Salaries 08/03/01 13045 1,483 - - PATTY MIAO 51100 - Wages & Salaries 08/03/01 13046 296 1,080 - PATTY MIAO 51100 - Wages & Salaries 08/03/01 13039 519 - - PETER MALONEY 51100 - Wages & Salaries 08/03/01 13038 5,397 2,636 5,397 SUMMER CANNON 51100 - Wages & Salaries 08/03/01 13035 1,575 866 - SIRAROTOGA BLANCARTE 52100 - Contract Labor 08/03/01 13029 2,151 600 - TIM SARHATT 52100 - Contract Labor 08/03/01 13044 3,360 2,400 - NORTH AMERICAN VAN LINES 56133 - Moving Expenses 08/07/01 402666290 6,845 - - CASSANDRA JONES(PETTY CASH) 56299 - Misc. Expenses 08/07/01 13047 879 - - CASSANDRA JONES 51100 - Wages & Salaries 08/17/01 13053 1,725 - - DANIEL SCHARRE 51100 - Wages & Salaries 08/17/01 13058 9,413 - 9,413 ELIAS NADER 51100 - Wages & Salaries 08/17/01 13057 3,636 - 3,636 ERIC BURKE 51100 - Wages & Salaries 08/17/01 13050 1,484 - - FU-CHIEH CHANG 51100 - Wages & Salaries 08/17/01 13052 1,649 - - HONGBIN SHEN 51100 - Wages & Salaries 08/17/01 13059 7,015 - - IAN WALTERS 51100 - Wages & Salaries 08/17/01 13061 3,744 - 3,744 JAY APOIAN 51100 - Wages & Salaries 08/17/01 13049 1,248 - - MARK SHUPE 51100 - Wages & Salaries 08/17/01 13060 4,383 - - PATTY MIAO 51100 - Wages & Salaries 08/17/01 13056 940 - - PETER MALONEY 51100 - Wages & Salaries 08/17/01 13055 5,397 - 5,397 SUMMER CANNON 51100 - Wages & Salaries 08/17/01 13051 1,480 - - SIRAROTOGA BLANCARTE 52100 - Contract Labor 08/17/01 13063 2,100 - - UNUM LIFE INSURANCE 53000 - Fringe Expense 08/23/01 1025 1,647 - - RHI CONSULTING 52100 - Contract Labor 08/24/01 1034 9,367 - - BLUE CROSS OF CALIFORNIA 53000 - Fringe Expense 08/24/01 1037 19,534 - - DELTA DENTAL 53000 - Fringe Expense 08/24/01 1029 2,492 - - KEMPER INSURANCE 53000 - Fringe Expense 08/24/01 1031 2,320 - - MANAGED HEALTH NETWORK 53000 - Fringe Expense 08/24/01 1032 37 - - THE HARTFORD INSURANCE 53000 - Fringe Expense 08/24/01 1035 24 - - HQ GLOBAL WORKPLACES 56132 - Rent Deposit 08/24/01 1027 22,295 - - EQUITY OFFICE 56133 - Moving Expenses 08/24/01 1026 3,795 - - HEWLETT-PACKARD 56133 - Moving Expenses 08/24/01 1038 7,977 - - HOGLAND TRANSFER 56134 - Rent Expense 08/24/01 1030 2,422 - - UNITED PARCEL SERVICE 56302 - Freight-Out Expense 08/24/01 1036 360 - - ADP 56407 - Payroll Processing Fees 08/24/01 1028 253 - - PACIFIC BELL 56601 - Long Distance 08/24/01 1033 90 - -
1 of 2 ADAPTIVE BROADBAND CORPORATION DISBURSEMENTS FOR FISCAL AUGUST `01 DRAFT-For Discussion Purposes Only JULY 26, 2001 THROUGH AUGUST 25, 2001
TOTAL AMOUNT OF PAYMENTS OF PRE- PAYMENTS TO PAYEE CATEGORIZATION DATE CHECK # CHECK PETITION DEBTS INSIDERS ------------------------------------------------------------------------------------------------------------------------------------ --------------------------------------------- $ 333,351 $ 22,948 $ 48,752 =============================================
2 of 2 NO. AMER. DIV. CORP. SERV.-NO #1233 P.O. BOX 27128 ACCOUNT NUMBER: 1233-9-36178 CONCORD, CA. 94520 ACCOUNT TYPE: CORP CHECKING ACCOUNT IPO LAST STATEMENT 07/31/01 FOR STATEMENT INQUIRES CALL 800-262-2726 THIS STATEMENT 08/31/01 PARENT ID: 88233 Account #1 0831011010-C ADAPTIVE BROADBAND CORP-DIP PAGE 1 OF 4 E 48 1143 BORREGAS AVE ENCLOSURES 48 SUNNYVALE CA 94089 ________________STATEMENT CYCLE SUMMARY___________________________ 08/01/01 OPENING LEDGER BALANCE 500,000.00 OPENING FLOAT 0.00 OPENING COLLECTED BALANCE 500,000.00 1 DEPOSIT(S) 8,862.55 1 WIRE TRANSFER CREDIT(S) 145,634.46 TOTAL CREDITS 154,497.01 48 CHECK(S) 348,680.66 TOTAL DEBITS 348,680.66 08/31/01 CLOSING LEDGER BALANCE 305,816.35 TOTAL FLOAT 0.00 CLOSING COLLECTED BALANCE 305,816.35 ------------------------------------------------------------------ ___________________DETAILED_TRANSACTIONS_BY_POST_DATE___________________________ 08/01 OPENING BALANCE - LEDGER 500,000.00 - FLOAT 0.00 - COLLECTED 500,000.00 -------------------------------------------------------------------------------- POST_DATE ______CUSTOMER_REFERENCE_OR_ITEM_DESCRIPTION_____ _____AMOUNT______ 08/01 CLOSING BALANCE - LEDGER 500,000.00 - FLOAT 0.00 - COLLECTED 500,000.00 -------------------------------------------------------------------------------- 08/02 CLOSING BALANCE - LEDGER 500,000.00 - FLOAT 0.00 - COLLECTED 500,000.00 -------------------------------------------------------------------------------- 08/03 CHECK 13031 REF# 983500660257764 1,513.16 DB 08/03 CHECK 13037 REF# 004100860281013 1,725.15 DB 08/03 CHECK 13038 REF# 982000460321357 5,396.85 DB 08/03 CLOSING BALANCE - LEDGER 491,364.84 - FLOAT 0.00 - COLLECTED 491,364.84 -------------------------------------------------------------------------------- 08/06 CHECK 13028 REF# 983906060139355 159,472.00 DB 08/06 CHECK 13029 REF# 983500460076176 2,151.00 DB 08/06 CHECK 13032 REF# 980501460066211 1,484.02 DB 08/06 CHECK 13035 REF# 980501460068602 1,575.27 DB
PAGE 2 OF 4 _______________________________DETAILED_TRANSACTIONS_BY_POST_DATE_________________________________ POST_DATE______CUSTOMER__REFERENCE__OR__ITEM__DESCRIPTION___________________ ______AMOUNT______ 08/06 CHECK 13039 REF# 981101460275417 518.91 DB 08/06 CHECK 13045 REF# 981101460275418 1,482.53 DB 08/06 CHECK 13046 REF# 981101460275416 296.26 DB 08/06 CLOSING BALANCE - LEDGER 324,384.85 - FLOAT 0.00 - COLLECTED 324,384.85 -------------------------------------------------------------------------------------------------- 08/07 CHECK ********** REF# 004102460022653 6,845.26 DB 08/07 CHECK 13036 REF# 981401060393762 1,649.31 DB 08/07 CHECK 13043 REF# 987007560228943 1,875.12 DB 08/07 CHECK 13047 REF# 004102360081628 879.22 DB 08/07 CLOSING BALANCE - LEDGER 313,135.94 - FLOAT 0.00 - COLLECTED 313,135.94 -------------------------------------------------------------------------------------------------- 08/08 CHECK 13033 REF# 988507260053260 3,743.82 DB 08/08 CHECK 13041 REF# 383300960106072 8,862.73 DB 08/08 CHECK 13042 REF# 023500660218295 3,545.15 DB 08/08 CHECK 13044 REF# 982001460236843 3,360.00 DB 08/08 CLOSING BALANCE - LEDGER 293,624.24 - FLOAT 0.00 - COLLECTED 293,624.24 -------------------------------------------------------------------------------------------------- 08/09 CHECK 13034 REF# 983906060094944 4,975.47 DB 08/09 CLOSING BALANCE - LEDGER 288,648.77 - FLOAT 0.00 - COLLECTED 288,648.77 -------------------------------------------------------------------------------------------------- 08/10 CLOSING BALANCE - LEDGER 288,648.77 - FLOAT 0.00 - COLLECTED 288,648.77 -------------------------------------------------------------------------------------------------- 08/13 CHECK 13030 REF# 981400460277377 1,247.93 DB 08/13 CLOSING BALANCE - LEDGER 287,400.84 - FLOAT 0.00 - COLLECTED 287,400.84 -------------------------------------------------------------------------------------------------- 08/14 CLOSING BALANCE - LEDGER 287,400.84 - FLOAT 0.00 - COLLECTED 287,400.84 --------------------------------------------------------------------------------------------------
PAGE 3 OF 4 _________________________ DETAILED_TRANSACTIONS_BY_POST_DATE___________________ POST_DATE_____CUSTOMER_REFERENCE_OR_ITEM_DESCRIPTION_______ ______AMOUNT_____ 08/15 CLOSING BALANCE - LEDGER 287,400.84 - FLOAT 0.00 - COLLECTED 287,400.84 -------------------------------------------------------------------------------- 08/16 CLOSING BALANCE - LEDGER 287,400.84 - FLOAT 0.00 - COLLECTED 287,400.84 -------------------------------------------------------------------------------- 08/17 CHECK 13053 REF# 004102460003671 1,725.15 DB 08/17 CLOSING BALANCE - LEDGER 285,675.69 - FLOAT 0.00 - COLLECTED 285,675.69 -------------------------------------------------------------------------------- 08/20 DEPOSIT ********* REF# 004100160339249 8,862.55 CR 0 DAY FLOAT 0.55 2 DAY FLOAT 8,331.00 3 DAY FLOAT 531.00 08/20 CHECK 13050 REF# 980500660058729 1,484.02 DB 08/20 CHECK 13051 REF# 980500660053466 1,479.80 DB 08/20 CHECK 13063 REF# 983501360131641 2,100.00 DB 08/20 CLOSING BALANCE - LEDGER 289,474.42 - FLOAT 8,862.00 - COLLECTED 280,612.42 -------------------------------------------------------------------------------- 08/21 CHECK 13502 REF# 981400960256266 1,649.31 DB 08/21 CHECK 13054 REF# 983906260233125 5,310.25 DB 08/21 CHECK 13060 REF# 987006360025806 4,382.88 DB 08/21 CHECK 13061 REF# 988507160144821 3,743.82 DB 08/21 CLOSING BALANCE - LEDGER 247,388.16 - FLOAT 8,862.00 - COLLECTED 265,526.16 -------------------------------------------------------------------------------- 08/22 CLOSING BALANCE - LEDGER 274,388.16 - FLOAT 531.00 - COLLECTED 273,857.16 -------------------------------------------------------------------------------- 08/23 CHECK 13055 REF# 988506860036979 5,396.85 DB 08/23 CHECK 13059 REF# 023500460012571 7,015.40 DB 08/23 CLOSING BALANCE - LEDGER 261,975.91 - FLOAT 0.00 - COLLECTED 261,975.91 -------------------------------------------------------------------------------- 08/24 CHECK 13040 REF# 615000160045480 3,543.44 DB 08/24 CHECK 13057 REF# 615000160045479 3,636.49 DB 08/24 CHECK 13058 REF# 383300560143959 9,412.73 DB PAGE 4 OF 4 _______________________DETAILED_TRANSACTIONS_BY_POST_DATE_______________________ POST_DATE _____CUSTOMER_REFERENCE_OR_ITEM_DESCRIPTION______ ______AMOUNT_____ 08/24 CLOSING BALANCE - LEDGER 245,383.25 - FLOAT 0.00 - COLLECTED 245,383.25 -------------------------------------------------------------------------------- 08/27 CHECK 1031 REF# 987006460232986 2,320.00 DB 08/27 CHECK 1032 REF# 519000160078222 36.92 DB 08/27 CHECK 1033 REF# 312800260484450 90.37 DB 08/27 CHECK 1034 REF# 519000160194711 9,366.72 DB 08/27 CHECK 1037 REF# 519000160087008 19,534.40 DB 08/27 CHECK 13049 REF# 981400260340552 1,247.93 DB 08/27 CLOSING BALANCE - LEDGER 212,786.91 - FLOAT 0.00 - COLLECTED 212,786.91 -------------------------------------------------------------------------------- 08/28 CLOSING BALANCE - LEDGER 212,786.91 - FLOAT 0.00 - COLLECTED 212,786.91 -------------------------------------------------------------------------------- 08/29 CHECK 1025 REF# 988506760067640 1,647.38 DB 08/29 CHECK 1028 REF# 983500860047595 253.09 DB 08/29 CLOSING BALANCE - LEDGER 210,886.44 - FLOAT 0.00 - COLLECTED 210,886.44 -------------------------------------------------------------------------------- 08/30 WIRE TRANSFER CREDIT REF# 385290370044772 145,634.46 MONEY TRANSFER-CALIF TRN: 010830-044772 SENDER REF: 010830038854 SRC: AMX RETAIL BENF: ADAPTIVE BROADBAND CORP-DIP ORIG: /000412728894 08/30 CHECK 1027 REF# 983906360149184 22,295.00 DB 08/30 CHECK 1030 REF# 983500260160848 2,422.08 DB 08/30 CHECK 1036 REF# 983500960139066 360.39 DB 08/30 CLOSING BALANCE - LEDGER 331,443.43 - FLOAT 0.00 - COLLECTED 331,443.43 -------------------------------------------------------------------------------- 08/31 CHECK 1029 REF# 982000460118810 2,491,97 DB 08/31 CHECK 1046 REF# 004101260231299 1,725,15 DB 08/31 CHECK 1052 REF# 015501360136021 5,207.71 DB 08/31 CHECK 1063 REF# 004100460238343 16,202.25 DB 08/31 CLOSING BALANCE - LEDGER 305,816.35 - FLOAT 0.00 - COLLECTED 305,816.35 -------------------------------------------------------------------------------- Bank of America [LOGO] Account #2 Your Nations Funds FundSweep Statement Mutual Fund Services #9011 P. O. Box 37032 San Francisco, CA 94137-9011 Statement Date: August 31, 2001 Account Number:021100004251237 Tax ID Number: 94-1668412 Dealer Number: 06100 ADAPTIVE BROADBAND CORPORATION Branch Number: B5507 ATTN DIRECTOR OF TREASURY Representative: BONZON 1143 BORREGAS AVE SUNNYVALE CA 94089-1306 At Your Service Call: 1-800-545-0232 Write: Bank of America, P. O. Box 37032, Unit #9011 San Francisco, CA 94137-9011 ================================================================================ [_] Summary of Your Account [_] Summary of Distributions ------------------------------------------ ----------------------------------- Shares Now Owned Value Dividend Payments Year-to-Date ------------------------------------------ Taxablbe 25,909.08 Certificate shares held by you 0.000 Non-taxable 0.00 ------------------------------------------ Tax withheld 0.00 Unissued shares held by you 973,604.040 Long term capital gains 0.00 ========================================== Short term capital gains 0.00 Share Total 973,604.040 Total 25,909.08 ========================================== =================================== [_] Markert Value and Monthly Yield [_] Distribution Options ------------------------------------------ ----------------------------------- Period End Market Value 973,604.040 Income dividends Reinvest ------------------------------------------ ----------------------------------- For the period ending 08/31/2001, the 7 Capital gains Cash day and 30 yields were 3.080% and 3.132%, ----------------------------------- respectively. ================================================================================ [_] NATIONS CASH RESERVES DAILY CLASS
----------------------------------------------------------------------------------------------------------------------- Date Description Quantity Price Market Value Total Shares Your Beginning Shares 1,179,854,850 08/01 Part'l REDEMPTION 258,712.020 $1.00 $ 258,712.02 921,142.830 08/02 SUBSEQUENT INVESTMENT 3,100.000 1.00 3,100.00 924,242.830 08/03 SUBSEQUENT INVESTMENT 14,540.000 1.00 14,540.00 938,782.830 08/06 SUBSEQUENT INVESTMENT 915.000 1.00 915.00 939,697.830 08/09 SUBSEQUENT INVESTMENT 274.930 1.00 274.93 939,972.760 08/13 SUBSEQUENT INVESTMENT 1,998.000 1.00 1,998.00 941,970.760 08/14 SUBSEQUENT INVESTMENT 127.000 1.00 127.00 942,097.760 08/21 Part'l REDEMPTION 87,952.150 1.00 87,952.15 854,145.610 08/23 SUBSEQUENT INVESTMENT 87,952.150 1.00 87,952.15 942,097.760 08/27 Part'l REDEMPTION 3,639.850 1.00 3,639.85 938,457.910 08/28 SUBSEQUENT INVESTMENT 32,640.000 1.00 32,640.00 971,097.910 08/31 DIVIDEND REINVESTED 2,506.130 $1.00 $ 2,506.13 973,604.040 Total Shares 973,604.040
Page 1 of 2 Bank of America [lOGO] ADAPTIVE BROADBAND CORPORATION Statement Date: August 31, 2001 Account Number: 021100004251237 ================================================================================ [_] Important Information -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Investments in Nations Funds are NOT bank deposits, and are NOT obligations of, or guaranteed by Bank of America or any affiliates. An investment in mutual funds involves investment risks, including the possible loss of the principal amount invested. Nations Funds NOT are sponsored and distributed by Stephens, Inc., which is FDIC unaffiliated with Bank of America. Insured -------------------------------------------------------------------------------- Page 2 of 2 Union- Account #3 Bank of California SANTA CLARA VALLEY COMM'L BANKING 645 POST OFFICE BOX 24512 OAKLAND, CA 94623 IMPORTANT ACCOUNT NOTICE ADAPTIVE BROADBAND CORPORATION 1143 BORREGAS AVE AUGUST 24, 2001 SUNNYVALE CA 94089 ACCOUNT NUMBER: 6459018088 -------------------------------------------------------------------------------- UNION BANK OF CALIFORNIA FIXED TIME DEPOSIT MATURITY NOTICE -------------------------------------------------------------------------------- ------------------ -------------------------------- ---------- ---------------- MATURITY DATE INTEREST ANNUAL PERCENTAGE TERM CURRENT BALANCE RATE YIELD SEPTEMBER 10, 2001 3.35% 3.40% 33 DAYS $2,221,406.26 ------------------ -------------------------------- ---------- ---------------- YOUR FIXED MATURITY TIME DEPOSIT DESCRIBED ABOVE WILL MATURE ON SEPTEMBER 10, 2001 WE REMIND YOU THAT YOUR DEPOSIT WILL STOP EARNING INTEREST ON ITS MATURITY DATE. WE WOULD LIKE TO HELP YOU REINVEST YOUR DEPOSIT. UNION BANK OF CALIFORNIA MAKES AVAILABLE A WIDE VARIETY OF INVESTMENT OPTIONS TO CHOOSE FROM: SAVINGS, TIME DEPOSITS AND SECURITIES, SUCH AS STOCKS, BONDS AND MUTUAL FUNDS. (SECURITIES ARE NOT BANK DEPOSITS AND ARE NOT COVERED BY FDIC INSURANCE.) PLEASE CALL YOUR BANKING OFFICE AT 800-898-6466 FOR MORE INFORMATION. THANK YOU FOR BANKING WITH UNION BANK OF CALIFORNIA. (STATEMENT LIST) BANK OF CHINA HEAD OFFICE
BEIJING (ACCOUNT NAME):ADAPTIVE BROADBAND CORPORATION BEIJING REPRESENTATIVE OFFICE ----------------------------------------------------------------------------------------------------- (NEW ACCOUNT NO): 00200008093014 (OLD ACCOUNT NO): 81201400021594 :010090 (CURRENCY):USD (LAST BALANCE): 48,596.02 ------------------------------------------------------------------------------------------------------- (DATE) (PARTICULARS (VAL) (VCH NO) (DEBIT/CREDIT) ------------------------------------------------------------------------------------------------------- 20010801 0000592653_TO_A/C 20010801 1109003601 5,000.00- 20010809 0000592654_TO_A/C 20010809 1109000801 5,000.00- 20010829 0000592655_FOREIGN_ 20010829 1804001311 10,266.00- ------------------------------------------------------------------------------------------------------- : 010903 (BALANCE): 28,330.02 -----------------------------------------------------------------------------------------------------
(STATEMENT LIST) BANK OF CHINA (ACCOUNT NAME): ADAPTIVE BROADBAND CORPORATION BEIJING REPRESENTATIVE OFFICE -------------------------------------------------------------------------------- (NEW ACCOUNT NO): 00200008093001 (OLD ACCOUNT NO): 81200100017837 :0100901 (CURRENCY): CNY (LAST BALANCE): 47,170.07 -------------------------------------------------------------------------------- (DATE) (PARTICULARS) (VAL) (VCH NO) (DEBIT/CREDIT) -------------------------------------------------------------------------------- 20010801 0000129512_TO_A/C 20010801 1106001411 21,075.50 20010801 0000129513_TAX 20010801 1109003403 14,434.42 20010801 PHONE 20010801 1119002117 490.98 20010801 PHONE 20010801 1119000402 264.05 20010801 PHONE 20010801 1119000218 237.80 20010801 FROM_A/C 20010801 1109003604 41,323.00 20010802 0000129511_TO_A/C 20010802 1106000715 12,800.00 20010802 PHONE 20010802 1119004709 1,456.08 20010802 PHONE 20010802 1119003117 961.66 20010802 PHONE 20010802 1119004404 882.66 20010807 0000129515_TO_A/C 20010807 1109002501 3,008.60 20010808 0000129517_TO_A/C 20010808 1106001611 4,469.58 20010808 0000129514_TO_A/C 20010808 1106001614 2,231.46 20010809 0000129516_TO_A/C 20010809 1106000713 6,293.08 20010809 04 20010809 1106001314 429.00 20010809 FROM_A/C 20010809 1109000804 41,324.50 20010810 0000129510_TO_A/C 20010810 1106002012 3,330.60 20010813 0000129519_TO_A/C 20010813 1106000704 5,760.13 20010814 0000129518_TO_A/C 20010814 1106000103 14,568.14 20010815 04 20010815 1106001202 46.00 -------------------------------------------------------------------------------- :010903 (BALANCE): 37,077.83 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- (STATEMENT LIST) BANK OF CHINA (ACCOUNT NAME): ADAPTIVE BROADBAND CORPORATION BEIJING REPRESENTATIVE OFFICE -------------------------------------------------------------------------------- (NEW ACCOUNT NO): 00200008093001 (OLD ACCOUNT NO): 81200100017837 :1 (CURRENCY): CNY (LAST BALANCE): 37,077.83 -------------------------------------------------------------------------------- (DATE) (PARTICULARS) (VAL) (VCH NO) (DEBIT/CREDIT) -------------------------------------------------------------------------------- 20010823 TELEX 20010823 1109001505 84.66 20010829 0000129520_CASH 20010829 1805000703 9,718.02 20010829 0000129524_CASH 20010829 1805000701 4,652.06 20010829 0000129523_CASH 20010829 1804001307 3,025.00 20010829 0000129521_CASH 20010829 1804001309 1,229.00 20010829 0000129525_CASH 20010829 1804001305 1,150.00 20010829 CASH 20010829 1108001802 14,434.42 20010831 0000129526_TO_A/C 20010831 1106000916 13,471.50 -------------------------------------------------------------------------------- :010903 (BALANCE): 18,182.01 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Adaptive Broadband Corporation Tax Statement July 26, 2001 to August 25, 2001
Amount Remitted To Date Remitted To Amount Taxing Authority Taxing Authority --------------------------- --------------------------- ---------------------------- Gross Payroll & Payroll Taxes [A] --------------------------------- Gross Payroll 124,583 N/A N/A Federal Taxes Withheld 31,730 - Not Remitted as of 08/25/01 State Taxes Withheld 6,846 - Not Remitted as of 08/25/01 Employer Taxes 4,647 - Not Remitted as of 08/25/01 Gross Sales ----------- Gross Sales [B] 171,285 N/A N/A
Notes: ----- [A] A portion of gross payroll and payroll taxes relate to court approved pre - petition amounts. [B] As a result of reseller agreements and international sales, no sales tax is related to gross sales. 1 of 1