-----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, FBUUv/X3py1cxarJqdqDyjn2DBPqUzTJW3c6E/BmDmDNlnsucsXmz9+Lyj5cM/pd NrAO9stUSyw8wFiW8BlmkA== 0001019892-03-000077.txt : 20030604 0001019892-03-000077.hdr.sgml : 20030604 20030604161609 ACCESSION NUMBER: 0001019892-03-000077 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030430 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030604 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOMEGOLD FINANCIAL INC CENTRAL INDEX KEY: 0000277028 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 570513287 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08909 FILM NUMBER: 03732734 BUSINESS ADDRESS: STREET 1: 3901 PELHAM ROAD CITY: GREENVILLE STATE: SC ZIP: 29615 BUSINESS PHONE: 8642895400 MAIL ADDRESS: STREET 1: 3901 PELHAM ROAD CITY: GREENVILLE STATE: SC ZIP: 29615 FORMER COMPANY: FORMER CONFORMED NAME: EMERGENT GROUP INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NRUC CORP DATE OF NAME CHANGE: 19911002 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL RAILWAY UTILIZATION CORP DATE OF NAME CHANGE: 19840813 8-K 1 form8-k.txt DATE OF REPORT: MAY 20, 2003 UNITED STATES 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): May 20, 2003 ------------ HOMEGOLD FINANCIAL, INC. ------------------------ (Exact name of registrant as specified in its charter) South Carolina -------------- (State or other jurisdiction of Incorporation) 000-8909 57-0513287 - -------------------------------------------------------------------------------- (Commission File Number) (IRS Employer Identification No.) 2340 Broad River Road, Suite B, Columbia, South Carolina 29210 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (803) 365-2500 -------------- (Registrant's Telephone Number, Including Area Code) ITEM 5. OTHER EVENTS. On March 31, 2003, HomeGold Financial, Inc. ("HGFN") and one of its subsidiaries, HomeGold, Inc. ("HGI") filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of South Carolina (the "Bankruptcy Court"). HGFN's and HGI's bankruptcy cases are being jointly administered under Case No. 03-03864-B. Pursuant to the procedure prescribed in Staff Legal Bulletin No. 2, on April 14, 2003, HGFN sought a no-action position from Staff of the Commission that would permit HGFN to file, under cover of a Current Report on Form 8-K, its periodic financial reports filed with the Bankruptcy Court, in lieu of its annual and quarterly reports under the Securities Exchange Act of 1934. The Staff has not yet responded to the request. Nonetheless, in conformity with its request and the provisions of Staff Legal Bulletin No. 2, HGFN files its financial report and the financial report of HomeGold, Inc., both for the period ended April 30, 2003, filed with the Bankruptcy Court on May 20, 2003 (the "Reports"), as Exhibits 99.1 and 99.2 hereto, respectively, which Reports are incorporated herein by reference. THE REPORTS CONTAINS FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION THAT HAVE NOT BEEN AUDITED OR REVIEWED BY INDEPENDENT ACCOUNTANTS, ARE NOT PRESENTED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, AND MAY BE SUBJECT TO FUTURE RECONCILIATION AND ADJUSTMENTS. THE FINANCIAL INFORMATION INCLUDED IN THIS REPORT IS ONLY REPRESENTATIVE OF THE FILING COMPANIES AS LISTED ABOVE. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. 99.1 Monthly Operating Report of HomeGold Financial, Inc. for the Calendar Month March 31, 2003 to April 30, 2003 filed with the U.S. Bankruptcy Court for the District of South Carolina on May 20, 2003. 99.2 Monthly Operating Report of HomeGold, Inc. for the Calendar Month March 31, 2003 to April 30, 2003 filed with the U.S. Bankruptcy Court for the District of South Carolina on May 20, 2003. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HOMEGOLD FINANCIAL, INC. Date: June 4, 2003 By: /s/ Karen A. Miller ------------ -------------------------------- Karen A. Miller Executive Vice President, Chief Financial Officer & Treasurer EXHIBITS -------- 99.1 Monthly Operating Report of HomeGold Financial, Inc. for the Calendar Month March 31, 2003 to April 30, 2003 filed with the U.S. Bankruptcy Court for the District of South Carolina on May 20, 2003. 99.2 Monthly Operating Report of HomeGold, Inc. for the Calendar Month March 31, 2003 to April 30, 2003 filed with the U.S. Bankruptcy Court for the District of South Carolina on May 20, 2003. EX-99 3 exh99-1.txt HOMEGOLD FINANCIAL, INC. MNTHLYOPRPT UNITED STATES BANKRUPTCY COURT DISTRICT OF SOUTH CAROLINA In Re: Homegold Financial, Inc. ) Chapter 11 ) Case Number 03-03865-WB ) Debtor(s)) - ------------------------------------- MONTHLY OPERATING REPORT CALENDAR MONTH 3/31/03 TO 4/30/03 FINANCIAL BACKGROUND INFORMATION 1. ACCOUNTING BASIS: Cash Accrual X --- --- 2. PREPARER: State the name, address, telephone number and position of the person(s) who actually compiled the information contained in this report. Shane Smith, VP - Finance 803-365-2500 ---------------------------------------- 2340 Broad River Road, Columbia, S.C. ------------------------------------ 3. NUMBER OF EMPLOYEES paid during this period: 0 --- 4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESS since the last reporting period? Yes No . If yes, explain below: --- --- ----------------------------------------------------------------------------- 5. Are all BUSINESS LICENSES current? Yes X No Not Applicable --- --- --- 6. PRE-PETITION ACCOUNTS RECEIVABLE: Beginning Balance $13,712,961 ---------- Collected this Period 586,670 ------- Ending Balance 13,126,291 ---------- 7. POST-PETITION ACCOUNTS RECEIVABLE: 0-30 Days: $ 0 31-60 Days: $ Over 60Days: $ ----- ----- ----- If there are any post-petition Accounts Receivable over 30 days, provide ------------- Schedule AR giving a listing of such accounts and explain the delinquencies. 8. POST-PETITION ACCOUNTS PAYABLE: 0-30 Days: $ 250 31-60 Days: $ Over 60 Days: $ ------ ------ ------ 15 If there are any post-petition Accounts Payable over 30 days, provide Schedule ------------- AP giving a listing of such accounts and explain the delinquencies. 9. TAXES. Are all taxes being paid to the proper taxing authorities when due? Yes n/a No . On the attached IRS Form 6123 report all tax deposits --- --- made with any financial institution for federal employment taxes. Be sure the form is complete and signed by an authorized employee of the receiving institution or taxing authority. Attach to this report a completed Form 6123 for each deposit made during the reporting period. Also attach copies of the monthly sales tax report, payroll tax report and unemployment tax report with evidence of payment of both federal and state taxes. ----------------------- 10. ESCROW ACCOUNTS. Are you utilizing your tax account only for deposits and payment of payroll and sales taxes? Yes No X . If no, explain: N/A --- --- --- 11. Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and are all current? Yes X No Explain: --- ---------------------------------------- 12. INSURANCE EXPIRATION STATEMENT. Policy expiration dates are: Auto & Truck 12/31/03 Liability 12/31/03 -------- -------- Fire 12/31/03 Workers Comp. 12/31/03 -------- -------- 13. ACTIONS OF DEBTOR. During the last month, did the debtor: (A) Fail to defend or not oppose any action seeking to dispossess the debtor from control or custody of any asset of the estate? Yes No X Explain: --- --- ------------------------------------------------- B) Maintain such stock, inventory, raw materials, insurance, employees and other resources as are necessary to preserve and maintain the going- concern value of the assets of the debtor? Yes X No Explain: --- --- ------------------------------------------------- 14. TRANSFER OR SALE OF PROPERTY. Did the debtor or any person with control over any of the debtor's assets transfer, convey or abandon any of the debtor's assets to another party during the period of this report other than as set forth herein (including sales by creditors)? Yes No X --- --- Explain:------------------------------------------------------------------------ 16 15. PAYMENTS TO SECURED CREDITORS during reporting period: (Attach additional sheets, if necessary.) | FREQUENCY OF | AMOUNT | NEXT | POST-PETITION CREDITOR | PAYMENTS PER | OF EACH | PAYMENT | PAYMENTS NOT MADE - -------- | CONTRACT (MO.,QTR) | PAYMENT | DUE | NUMBER & AMOUNT | ------------------ | ------- | --- | --------------- N/A | | | | | | | | - --------------------------------------------------------------------------- 16. PAYMENTS TO PROFESSIONALS (Attorneys, Accountants, Real Estate Agents, Auctioneers, Appraisers, etc., during reporting period: (Attach additional sheets, if necessary.) PROFESSIONAL SERVICE AMOUNT -------------------------------------------- | | None | | | | -------------------------------------------- 17. QUARTERLY U.S. TRUSTEE FEES paid during reporting period: $250. --- 18. VERIFICATION: I declare under penalty of perjury that the information contained in this monthly operating report (including attached schedules) is true and correct to the best of my knowledge, information and belief. HomeGold Financial, Inc. Dated: 5/20/03 DEBTOR-IN-POSSESSION ------- Name/ Title: Karen A. Miller, CFO By:/s/ Karen A. Miller -------------------- ------------------------- Address: 1021 Briar Gate Circle ---------------------- Columbia, SC 29210 ------------------ - ---------------------------------- Phone: 803-365-2500 ------------ ALL MONTHLY REPORTS MUST BE FILED AT THE BANKRUPTCY COURT (P.O. BOX 1448, COLUMBIA, SC 29202) 17 UNITED STATES BANKRUPTCY COURT DISTRICT OF SOUTH CAROLINA In Re: HomeGold Financial, Inc. ) Chapter 11 ) ) Case Number 03-03865-WB Debtor(s)) ----------- - ------------------------------------- MONTHLY OPERATING REPORT INCOME STATEMENT (BUSINESS DEBTOR, ACCRUAL BASIS) CALENDAR MONTH 3/31/03 TO 4/30/03 ------- ------- (All figures refer to post-petition transactions) THIS MONTH YEAR TO DATE (A) TOTAL SALES/INCOME (A) ---------- ------------ COST OF SALES Beginning Inventory ---------- ------------ Purchase of Inventory ---------- ------------ Less Ending Inventory ---------- ------------ Direct Labor (Gross Salaries) ---------- ------------ Purchased Services ---------- ------------ (B) TOTAL COST OF SALES (B) ---------- ------------ (C) GROSS PROFIT (C = A - B) ---------- ------------ OPERATING EXPENSES Officer Salaries (Gross) ---------- ------------ Other Employee Salaries (Gross) ---------- ------------ Taxes (Payroll: Employer's Share) ---------- ------------ Employee Benefits (Insurance, Pension Plan, etc. Employer's Share ---------- ------------ Advertising ---------- ------------ Bad Debts ---------- ------------ Depreciation and Amortization ---------- ------------ Entertainment ---------- ------------ Insurance (Real Estate) ---------- ------------ Insurance(Other) ---------- ------------ Interest (Mortgage, Loans, etc.) ---------- ------------ Leases (other than rent) ---------- ------------ Outside Services & Contractors ---------- ------------ Professional Fees (Attorney, Accountant) ---------- ------------ Rent and leases ---------- ------------ Repairs & Maintenance ---------- ------------ Supplies ---------- ------------ 18 THIS MONTH YEAR TO DATE Taxes (Real Properties) ---------- ------------ Taxes(Other) ---------- ------------ Telephone ---------- ------------ Travel ---------- ------------ Utilities ---------- ------------ U.S. Trustee Quarterly Fee 250 250 ---------- ------------ OTHER OPERATING EXPENSES ---------- ------------ ------------------------ ---------- ------------ ------------------------ ---------- ------------ (D) TOTAL OPERATING EXPENSES (D) 250 250 ---------- ------------ (E) PROFIT/LOSS FROM OPERATIONS (E=C-D) (250) (250) ---------- ------------ OTHER INCOME (EXPENSES) ---------- ------------ Interest Income ---------- ------------ Interest Exp ---------- ------------ ---------------------- ---------- ------------ ---------------------- ---------- ------------ ---------------------- ---------- ------------ ---------------------- ---------- ------------ EXTRAORDINARY ITEMS- In (Out) ---------------------- ---------- ------------ ---------------------- ---------- ------------ ---------------------- ---------- ------------ ---------------------- ---------- ------------ (F) TOTAL OTHER INCOME/EXPENSE & EXTRAORDINARY ITEMS (F) ---------- ------------ (G) INCOME BEFORE TAXES (G = E+F) (250) (250) ---------- ------------ (H) INCOME TAX EXPENSE (H) ---------- ------------ (I) NET INCOME (LOSS) (I = G - H) (250) (250) ---------- ------------ NOTE: Accrual basis reporters must attach CASH RECONCILIATION REPORTS or a standard Statement of Sources and Uses of Cash to this Report. 19 CASH RECONCILIATION REPORT (BUSINESS DEBTOR, ACCRUAL BASIS) CALENDAR MONTH ENDING April 30, 2003 -------------- (All figures refer to post-petition transactions) OPERATING ACCOUNT (A) BEGINNING CASH BALANCE (A) N/A ----------- (B) NET INCOME, (LINE (I), PAGE 23) (B) ----------- Add Expenses Not Requiring Cash: Depreciation ----------- ------------ ----------- ------------ ----------- (C) SUB-TOTAL (C) ----------- (D) CASH FROM OPERATIONS (D = B + C) ----------- OTHER SOURCES (USES) OF CASH: SOURCES (USES) ------- ---- Decrease (Incr) - Accounts Receivable ----------- Decrease (Incr) - Inventory ----------- Decrease (Incr) - Equipment ----------- Decrease (Incr) - Furniture & Fixtures ----------- Decrease (Incr) - -------------------- ----------- Decrease (Incr) - -------------------- ----------- Increase (Decr) - Accounts Payable ----------- Increase (Decr) - Accrued Interest ----------- Increase (Decr) - Accrued P/R Taxes ----------- Increase (Decr) - Accrued Prof. Fees ----------- Increase (Decr) - Accrued Rent ----------- Increase (Decr) - Accrued Salaries ----------- Increase (Decr) - Accrued Sales Taxes ----------- Increase (Decr) - Notes Payable -Banks ----------- Increase (Decr) - Notes Payable -Other ----------- Increase (Decr) - -------------------- ----------- Increase (Decr) - -------------------- ----------- (Less) Unrecorded bank service charges ----------- (E) TOTAL OTHER SOURCES (USES) OF CASH (E) ----------- (F) ENDING CASH BALANCE (F = A+D+E) ----------- (G) BALANCE PER BANK STATEMENT (G) ----------- (H) LESS OUTSTANDING CHECKS (H) ----------- (I) ADD DEPOSITS IN TRANSIT (I) ----------- (J) RECONCILED BANK BALANCE {J=(G-H)+I} N/A ----------- Ending Cash Balance (F) and Reconciled Bank Balance (J) should equal. ---------------------------------------------------------------------- * A COPY OF THE BANK STATEMENTS(S) SHOULD BE ATTACHED TO THIS FORM. 20 CASH RECONCILIATION REPORT Payroll and Tax Accounts (Business Debtor, Accrual Basis Calendar Month Ending April 30, 2003 -------------- (All figures refer to post-petition transactions) PAYROLL TAX ACCOUNT ACCOUNT (A) BEGINNING CASH BALANCE (A) N/A N/A -------- -------- CASH RECEIPTS: Transfers from Operating Account -------- -------- Transfers from Payroll Account -------- -------- Other - --------------------------- -------- -------- --------------------------- -------- -------- (B) TOTAL CASH RECEIPTS (B) -------- -------- (C) CASH AVAILABLE (C = A + B) -------- -------- CASH DISBURSEMENTS: Gross Payroll for this period $ -------- Employee Benefits paid -------- Net Payroll Paid -------- Transfers to Tax Account -------- Taxes deposited or paid during period Employees' share of FICA Tax -------- -------- Employer's share of FICA Tax -------- -------- Employees' Federal Income Tax -------- -------- Employees' State Income Tax -------- -------- Unemployment Tax -------- -------- Unrecorded Bank Service Charges -------- -------- Other: --------------------- -------- -------- (D) TOTAL DISBURSEMENTS (D) -------- -------- (E) ENDING CASH BALANCE (E = C-D) -------- -------- (F) BALANCE PER BANK STATEMENT (F) -------- -------- (G) LESS OUTSTANDING CHECKS (G) -------- -------- (H) ADD DEPOSITS IN TRANSIT (H) -------- -------- (I) RECONCILED BANK BALANCE I =(F-G)+H} N/A N/A -------- -------- EndingCash Balance (E) and Reconciled Bank Balance (I) should equal. - -------------------------------------------------------------------- * A COPY OF THE BANK STATEMENT(S) SHOULD BE ATTACHED TO THIS FORM. 21 Department of the Treasury-Internal Revenue Service FORM 6123 (REV. 06-97) VERIFICATION OF FIDUCIARY'S FEDERAL TAX DEPOSIT - -------------------------------------------------------------------------------- Do not attach this Notice to your Return - -------------------------------------------------------------------------------- District Director, Internal revenue Service Attn: Chief, Special Procedures Function - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FROM: Name of Taxpayer N/A ---------------------------------------------------------------- Taxpayer Address - -------------------------------------------------------------------------------- The following information is to notify you of Federal tax deposit(s) (FTD) as required by the United States Bankruptcy COURT (complete sections 1 and/or 2 as appropriate): - -------------------------------------------------------------------------------- SECTION 1 FORM 941 FEDERAL TAX DEPOSIT (FTD) INFORMATION Taxes Reported on for the payroll period from to Form 941, Employer's ------- ------- Quarterly Federal Gross wages paid to employees $ Tax Return -------- Income tax withheld $ -------- Social Security (Employer's plus Employee's share of Social Security Tax) $ -------- Tax Deposited $ -------- Date Deposited ---------- - -------------------------------------------------------------------------------- SECTION 2 FORM 940 FEDERAL TAX DEPOSIT (FTD) INFORMATION Taxes Reported on for the payroll period from to Form 940,Employer's ----- ------- Annual Federal Gross wages paid to employees $ Unemployment Tax ------- Return Tax Deposited $ ------- Date Deposited ---------- - -------------------------------------------------------------------------------- CERTIFICATION (CERTIFICATION IS LIMITED TO RECEIPT OR ELECTRONIC TRANSMITTAL OF DEPOSIT ONLY) This certifies receipt or electronic transmittal of deposits described below for Federal taxes as defined in Circular E, Employer's Tax Guide (Publication 15) - -------------------------------------------------------------------------------- DEPOSIT METHOD Form 8109/8109B Federal Tax Deposit (FTD) coupon (check box) Electronic Federal Tax Payment System (EFTPS) Deposit - -------------------------------------------------------------------------------- Amount (Form 941 Taxes) Date of Deposit EFTPS acknowledgment number or Form 8109 FTD received by: - -------------------------------------------------------------------------------- Amount (Form 940 Taxes) Date of Deposit EFTPS acknowledgment number or Form 8109 FTD received by: - -------------------------------------------------------------------------------- Depositor's Employer Name and Address of Bank Identification Number: - -------------------------------------------------------------------------------- Under penalties of perjury, I certify that the above federal tax deposit information is true and correct - -------------------------------------------------------------------------------- Signed: Date: - -------------------------------------------------------------------------------- Name and Title (print or type) - -------------------------------------------------------------------------------- Cat. #43099Z Form 6123 (rev.06-97) BALANCE SHEET AS OF April 30, 2003 CURRENT ASSETS Cash $ 0 ---------- Pre-Petition Accounts Receivable 12,526,541 ---------- Post-Petition Accounts Receivable ---------- Receivable from Officers, Employees, Affiliates ---------- Notes Receivable ---------- Inventory ---------- Commercial Property 600,000 ---------- Other Current Assets: Security Deposit 86,000 ----------------- ---------- --------------------------- ---------- TOTAL CURRENT ASSETS 13,212,541 ---------- FIXED ASSETS Land ---------- Buildings ---------- Equipment, Furniture & Fixtures ---------- less Accumulated Depreciation ( ) ---------- TOTAL FIXED ASSETS ---------- OTHER ASSETS Debt Origination Costs, Net 48,252 --------------------------- ---------- Investment in Subsidiaries (242,416,499) ----------------------------- ----------- -------------------------------- ----------- TOTAL OTHER ASSETS (242,368,247) ----------- TOTAL ASSETS (229,155,706) ----------- POST-PETITION LIABILITIES Accounts Payable ---------- Notes Payable ---------- Rents and Leases Payable ---------- Taxes Payable ---------- Accrued Interest ---------- Intercompany Payable 250 ---------- TOTAL-POST PETITION LIABILITIES 250 ---------- PRE-PETITION LIABILITIES Priority Claims 72,953 ---------- Secured Debts ---------- Unsecured Debt 181,225,000 ---------- TOTAL PRE-PETITION LIABILITIES 181,297,953 ----------- OWNERS EQUITY (DEFICIT) Capital Stock or Owners Investment 10,016,972 ---------- Paid In Capital Surplus 46,676,221 ---------- Retained Earnings (Deficit) Pre -Petition (467,146,852) ----------- Post-Petition (250) --- TOTAL OWNERS EQUITY (410,453,909) ------------- TOTAL LIABILITIES AND OWNER'S EQUITY (229,155,706) ------------- 22 UNITED STATES BANKRUPTCY COURT DISTRICT OF SOUTH CAROLINA In Re: HomeGold Financial, Inc. ) ) Chapter 11 ) Case Number:03-03865-WB ) ----------- Debtor(s) ) - ---------------------------------------- CASH DISBURSEMENTS SUMMARY REPORT Calendar Month Ending April 30, 2003 Total Disbursements from Operating Account (See Note 1) N/A ----------- Total Disbursements from Payroll Account (See Note 2) N/A ----------- Total Disbursements from Tax Escrow Account (See Note 3) N/A ----------- Total Disbursements from any other Account (See Note 4) N/A ----------- Grand Total Disbursements from all Accounts N/A ----------- NOTE 1 --Include in this amount all checks written, wire transfers made from, or any other withdrawal from the general operating account. Exclude only transfers to the debtor-in-possession payroll account, the debtor in possession tax escrow account or other debtor in possession account where the disbursements will be listed on this report. NOTE 2 --Include in this amount all checks written, wire transfers made from, or any other withdrawal from the payroll account. Exclude only transfers to the debtor-in-possession operating account, the debtor in possession tax escrow account or other debtor-in-possession account where the disbursements will be listed on this report. NOTE 3 --Include in this amount all checks written, wire transfers made from, or any other withdrawal from the tax escrow account. Exclude only transfers to the debtor-in-possession operating account, the debtor in possession payroll account or other debtor in possession account where the disbursements will be listed on this report. NOTE 4 -- Include in this amount any other disbursements made by the debtor including (but not limited to) cash paid from a petty cash fund or cash register, amounts paid from any other debtor in possession account, and amounts paid from the accounts of others on the debtors behalf (for example, disbursements made from a law firm's escrow account as a result of a sale of property.) 23 ACCOUNTS RECEIVABLE AS OF April 30, 2003 TOTAL DATE PAST DUE PAST DUE CREDITOR DUE INCURRED (31-60 DAYS) (OVER 60 DAYS) TOTALS THIS PAGE ------------ -------------- ------------ TOTALS ALL PAGES ------------ -------------- ------------ 24 ACCOUNTS RECEIVABLE AS OF April 30, 2003 TOTAL DATE PAST DUE PAST DUE CREDITOR DUE INCURRED (31-60 DAYS) (OVER 60 DAYS) HomeGold, Inc. $250.00 4/30/2003 $0.00 $0.00 TOTALS THIS PAGE $250.00 $0.00 $0.00 ------------ -------------- ------------ TOTALS ALL PAGES $250.00 $0.00 $0.00 ------------ -------------- ------------ 25 EX-99 4 exh99-2.txt HOMEGOLD, INC. MNTHLYOPRPT UNITED STATES BANKRUPTCY COURT DISTRICT OF SOUTH CAROLINA In Re: Homegold, Inc. ) Chapter 11 ) Case Number 03-03864-WB ) ----------- Debtor(s)) - ------------------------------------- MONTHLY OPERATING REPORT CALENDAR MONTH 3/31/03 TO 4/30/03 ------- ------- FINANCIAL BACKGROUND INFORMATION 1. ACCOUNTING BASIS: Cash Accrual X --- --- 2. PREPARER: State the name, address, telephone number and position of the person(s) who actually compiled the information contained in this report. Shane Smith-VP of Finance 2340 Broad River Road 803-365-2500 --------------------------------------------------------------------------- Columbia, S.C. -------------- 3. NUMBER OF EMPLOYEES paid during this period: 157 --- 4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESS since the last reporting period? Yes No X . If yes, explain below: --- --- --------------------------------------------------------------------------- 5. Are all BUSINESS LICENSES current? Yes X No Not Applicable --- --- --- 6. PRE-PETITION ACCOUNTS RECEIVABLE: Beginning Balance $10,671,986 ----------- Collected this Period 979,367 ------- Ending Balance 9,692,619 ---------- 7. POST-PETITION ACCOUNTS RECEIVABLE: 0-30 Days: $36,687 31-60 Days: $ Over 60Days: $ ------ ------ ------ If there are any post-petition Accounts Receivable over 30 days, provide ------------- Schedule AR giving a listing of such accounts and explain the delinquencies. 8. POST-PETITION ACCOUNTS PAYABLE: 0-30 Days: $ 48,985 31-60 Days: $ Over 60 Days: $ ------ ----- ------ 15 If there are any post-petition Accounts Payable over 30 days, provide ------------- Schedule AP giving a listing of such accounts and explain the delinquencies. 9. TAXES. Are all taxes being paid to the proper taxing authorities when due? Yes X No . On the attached IRS Form 6123 report all tax deposits --- --- made with any financial institution for federal employment taxes. Be sure the form is complete and signed by an authorized employee of the receiving institution or taxing authority. Attach to this report a completed Form 6123 for each deposit made during the reporting period. Also attach copies of the monthly sales tax report, payroll tax report and unemployment tax report with evidence of payment of both federal and state taxes. ----------------------- 10. ESCROW ACCOUNTS. Are you utilizing your tax account only for deposits and payment of payroll and sales taxes? Yes No X . If no, explain: --- --- Contract with 3rd party vendor for payroll services. Provider makes deposit on behalf. 11. Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and are all current? Yes X No . Explain: --- --- -------------------------------------- 12. INSURANCE EXPIRATION STATEMENT. Policy expiration dates are: Auto & Truck 12/31/03 Liability 12/31/03 -------- -------- Fire 12/31/03 Workers Comp. 12/31/03 -------- -------- 13. ACTIONS OF DEBTOR. During the last month, did the debtor: (A) Fail to defend or not oppose any action seeking to dispossess the debtor from control or custody of any asset of the estate? Yes No X Explain: --- --- ---------------------------------------------- B) Maintain such stock, inventory, raw materials, insurance, employees and other resources as are necessary to preserve and maintain the going- concern value of the assets of the debtor? Yes X No Explain: --- --- -------------------------------------------------- 14. TRANSFER OR SALE OF PROPERTY. Did the debtor or any person with control over any of the debtor's assets transfer, convey or abandon any of the debtor's assets to another party during the period of this report other than as set forth herein (including sales by creditors)? Yes No X --- --- Explain: ------------------------------------------------------------------- 16 15. PAYMENTS TO SECURED CREDITORS during reporting period: (Attach additional sheets, if necessary.) | FREQUENCY OF | AMOUNT | NEXT | POST-PETITION CREDITOR | PAYMENTS PER | OF EACH | PAYMENT | PAYMENTS NOT MADE - -------- | CONTRACT (MO.,QTR) | PAYMENT | DUE | NUMBER & AMOUNT | ------------------ | ------- | --- | --------------- N/A | | | | | | | | - --------------------------------------------------------------------------- 16. PAYMENTS TO PROFESSIONALS (Attorneys, Accountants, Real Estate Agents, Auctioneers, Appraisers, etc., during reporting period: (Attach additional sheets, if necessary.) PROFESSIONAL SERVICE AMOUNT -------------------------------------------- | | None | | | | -------------------------------------------- 17. QUARTERLY U.S. TRUSTEE FEES paid during reporting period: $250. --- 18. VERIFICATION: I declare under penalty of perjury that the information contained in this monthly operating report (including attached schedules) is true and correct to the best of my knowledge, information and belief. HomeGold, Inc. Dated: 5/20/03 DEBTOR-IN-POSSESSION ------- Name/ Title: Karen A. Miller, CFO By:/s/ Karen A. Miller -------------------- ------------------------- Address: 1021 Briar Gate Circle ---------------------- Columbia, SC 29210 ------------------ - ---------------------------------- Phone: 803-365-2500 ------------ ALL MONTHLY REPORTS MUST BE FILED AT THE BANKRUPTCY COURT (P.O. BOX 1448, COLUMBIA, SC 29202) 17 UNITED STATES BANKRUPTCY COURT DISTRICT OF SOUTH CAROLINA In Re: HomeGold, Inc. ) Chapter 11 ) Case Number 03-03864-WB ) ----------- Debtor(s)) - ------------------------------------- MONTHLY OPERATING REPORT INCOME STATEMENT (BUSINESS DEBTOR, ACCRUAL BASIS) CALENDAR MONTH 3/31/03 TO 4/30/03 (All figures refer to post-petition transactions) THIS MONTH YEAR TO DATE (A) TOTAL SALES/INCOME (A) 444,140 44,140 ------- ------- Loan Fees, net of loan costs 102,526 102,526 ------- ------- Interest Income 65,245 65,245 ------ ------ Management Fees 165,000 165,000 ------- ------- Miscellaneous Income 48,432 48,432 ------ ------ Servicing Fees 62,937 62,937 ------ ------ (B) TOTAL COST OF SALES (B) 0 0 - - (C) GROSS PROFIT (C = A - B) 444,140 444,140 ------- ------- OPERATING EXPENSES Officer Salaries (Gross) 20,668 20,688 ------ ------ Other Employee Salaries (Gross) 548,878 548,878 ------- ------- Taxes (Payroll: Employer's Share) 48,356 48,356 ------ ------ Employee Benefits (Insurance, Pension Plan, etc. Employer's Share 160,781 160,781 ------- ------- Advertising 35,116 35,116 ------ ------ Bad Debts 5,138 5,138 ----- ----- Depreciation and Amortization 2,285 2,285 ----- ----- Insurance(Other) 21,594 21,594 ------ ------ Interest (Mortgage, Loans, etc.) 9,471 9,471 ----- ----- Leases (other than rent) 25,231 25,231 ------ ------ Outside Services & Contractors 75,605 75,605 ------ ------ Professional Fees (Attorney, Accountant) 37,560 37,560 ------ ------ Rent and leases 70,562 70,562 ------ ------ Supplies 16,227 16,227 ------ ------ 18 THIS MONTH YEAR TO DATE Taxes(Other) 22,969 22,969 ------ ------ Telephone 42,344 42,344 ------ ------ Travel 11,104 11,104 ------ ------ Utilities 2,647 2,647 ----- ----- U.S. Trustee Quarterly Fee 250 250 --- --- OTHER OPERATING EXPENSES Dues and Subscriptions 858 858 --- --- Employee Recruiting Costs 4,594 4,594 ----- ----- Miscellaneous 1,763 1,763 ----- ----- Relocation Costs 4,599 4,599 ----- ----- (D) TOTAL OPERATING EXPENSES (D) 1,168,600 1,168,600 --------- --------- (E) PROFIT/LOSS FROM OPERATIONS (E=C-D) (724,460) (724,460) ------- ------- OTHER INCOME (EXPENSES) --------- --------- Interest Income --------- --------- Interest Exp --------- --------- -------------------------------- --------- --------- -------------------------------- --------- --------- -------------------------------- --------- --------- -------------------------------- --------- --------- EXTRAORDINARY ITEMS- In (Out) -------------------------------- --------- --------- -------------------------------- --------- --------- -------------------------------- --------- --------- (F) TOTAL OTHER INCOME/EXPENSE & EXTRAORDINARY ITEMS (F) --------- --------- (G) INCOME BEFORE TAXES (G = E+F) (724,460) (724,460) ------- ------- (H) INCOME TAX EXPENSE (H) --------- -------- (I) NET INCOME (LOSS) (I = G - H) (724,460) (724,460) --------- --------- NOTE: Accrual basis reporters must attach CASH RECONCILIATION REPORTS or a standard Statement of Sources and Uses of Cash to this Report. 19 CASH RECONCILIATION REPORT (BUSINESS DEBTOR, ACCRUAL BASIS) CALENDAR MONTH ENDING April 30, 2003 (All figures refer to post-petition transactions) OPERATING ACCOUNT (A) BEGINNING CASH BALANCE (A) 532,346(See Footnote 1) ----------------------- (B) NET INCOME, (LINE (I), PAGE 23) (B) (724,460) ------- Add Expenses Not Requiring Cash: Depreciation 2,285 ----- (C) Sub-Total (C) 2,285 ----- (D) CASH FROM OPERATIONS (D = B + C) (722,175) ------- OTHER SOURCES (USES) OF CASH: SOURCES (USES) Decrease (Incr) - Accounts Receivable (36,687) -------- Decrease (Incr) - Prepaid Insurance (570,850) -------- Decrease (Incr) - Prepaid Utilities (12,210) -------- Decrease (Incr) - Servicing Advances (53,916) -------- Decrease (Incr) - Security Deposit Refunded 1,629,704 --------- Decrease (Incr) - Principal Loan Payments 979,367 ------- Increase (Decr) - Accounts Payable 48,985 -------- Increase (Decr) - Accrued Interest -------- Increase (Decr) - Accrued P/R Taxes 56,336 -------- Increase (Decr) - Accrued Prof. Fees 20,000 -------- Increase (Decr) - Accrued Rent -------- Increase (Decr) - Accrued Salaries 40,000 -------- Increase (Decr) - Accrued Sales Taxes -------- Increase (Decr) - Notes Payable -Banks -------- Increase (Decr) - Notes Payable -Other -------- Increase (Decr) - Servicing Remittances (80,573) -------- Increase (Decr) - ---------------------- -------- (Less) Unrecorded bank service charges -------- (E) TOTAL OTHER SOURCES (USES) OF CASH (E) 2,020,156 --------- (F) ENDING CASH BALANCE (F = A+D+E) 1,830,327 --------- (G) BALANCE PER BANK STATEMENT (G) 2,155,278 --------- (H) LESS OUTSTANDING CHECKS (H) 329,732 ------- (I) ADD DEPOSITS IN TRANSIT (I) 4,781 ----- (J) RECONCILED BANK BALANCE {J=(G-H)+I} 1,830,327 --------- Ending Cash Balance (F) and Reconciled Bank Balance (J) should equal. ---------------------------------------------------------------------- * A COPY OF THE BANK STATEMENTS(S) SHOULD BE ATTACHED TO THIS FORM. (1) Transfer of balance from old operating account into newly established DIP account. 20 4550423701 PAGE ##XXH1834DPCSTM 04300304550423701 Statement of Account Last statement:April 04, 2003 This statement:April 30, 2003 Total days in statement period: 27 4550423701 031 834 Page 1 of 5 HOMEGOLD INC BANKRUPTCY NO 03-03864-B Direct inquiries to: 91 OPERATING ACCOUNT/DEBTORS IN POSSESSION 2340 B BROAD RIVER RD NBSC Lexington COLUMBIA SC 29210 5456 Sunset Boulevard Lexington SC 29072 Summary of Account Balance Account Number Ending Balance Commercial Checking 4550423701 $2,155,277.67 LET FREEDOM RING! Commercial Checking Account Number 4550423701 91 Enclosures Beginning balance 0.00 Deposits/Credits 3,352,241.70 Withdrawals/Debits 1,196,964.03 Ending balance 2,155,277.67 Checks Number Date Amount Control 103 04-25 25.00 00006230423190 1001 * 04-14 626.01 00006127638240 1002 04-23 252.00 00006131327030 1003 04-23 234.00 00006131327040 1004 04-23 229.50 00006131327050 1005 04-29 19.71 00006232692490 1006 04-18 21.90 00006227939350 1007 04-18 14.60 00006227939340 1008 04-18 10.95 00006227939330 1009 04-18 15.70 00006227939320 1010 04-28 44.94 00006231293460 1011 04-28 31.79 00006231293450 1012 04-28 1,300.00 00006231293440 1013 04-17 57.63 00006227399050 1014 04-21 15.84 00006228775030 4550423701 PAGE ##XXH1834DPCSTM 04300304550423701 April 30, 2003 4550423701 HOMEGOLD INC Page 2 of 5 Checks 1015 04-21 7.92 00006228775040 1016 04-24 9.53 00006132166840 1017 04-24 5.39 00006132166830 1018 04-17 38.75 00006227406710 1019 04-28 964.09 00006231293470 1020 04-23 50.00 00006131448340 1022 * 04-28 560.76 00006231293430 1024 * 04-24 1,789.98 00006132082300 1025 04-21 73,159.87 00006130009150 1026 04-23 217.36 00006131418360 1027 04-23 1,271.36 00006131245480 1028 04-28 801.04 00006231106310 1029 04-25 659.55 00006132661040 1032 * 04-24 25.00 00006132056260 1037 * 04-24 110.00 00006132055660 1039 * 04-23 100.00 00006131464180 1040 04-23 40.00 00006131341840 1044 * 04-18 66.75 00006227823500 1045 04-22 159.90 00006229233740 1046 04-21 500.00 00006130053090 1047 04-21 1,395.00 00006130066800 1048 04-23 138.20 00006131102730 1049 04-28 291.06 00006231123610 1050 04-23 1,975.00 00006131210230 1051 04-21 15.84 00006228775020 1052 04-23 118.98 00006131231900 1053 04-21 4,883.78 00006130324210 1054 04-22 132.82 00006229233750 1055 04-22 4,595.39 00006229254680 1056 04-22 37.00 00006228886400 1057 04-23 847.41 00006131450700 1058 04-22 185.00 00006228886410 1059 04-22 370.00 00006228958720 1060 04-22 1,397.10 00006228910790 1061 04-22 956.48 00006229200060 1062 04-25 260.57 00006230310440 1063 04-23 195.04 00006131195910 1065 * 04-30 825.02 00006133221890 1066 04-30 460.08 00006133355980 1068 * 04-28 1,537.96 00006231256870 1069 04-28 891.59 00006231173890 1071 * 04-30 3,926.81 00006133247400 1073 * 04-23 772.65 00006131240210 1074 04-24 468.39 00006132034130 1075 04-24 1,003.09 00006132033940 1076 04-28 579.04 00006231362370 1077 04-23 461.63 00006131418930 4550423701 PAGE ##XXH1834DPCSTM 04300304550423701 April 30, 2003 4550423701 HOMEGOLD INC Page 3 of 5 Checks 1078 04-22 825.90 00006228913370 1079 04-30 676.64 00006133279510 1080 04-23 583.96 00006131126730 1082 * 04-23 578.26 00006131418840 1083 04-25 861.76 00006132671290 1084 04-23 847.73 00006131433120 1085 04-24 458.58 00006132095440 1086 04-28 32,992.03 00006231459540 1087 04-23 533.32 00006131231910 1089 * 04-24 7.92 00006132389120 1090 04-22 974.96 00006228918900 1091 04-22 836.90 00006228918910 1092 04-24 12,210.00 00006131930150 1093 04-25 740.00 00006230238150 1094 04-24 2,000.00 00006131880020 1097 * 04-25 3,600.00 00006132674330 1098 04-28 120.24 00006231299260 1099 04-28 16,518.83 00006231147120 1117 * 04-30 378.39 00006133145640 1127 * 04-30 680.21 00006133082900 55359 * 04-28 25.00 00006231358610 * Skip in check sequence Other Debits Date Transaction Type Reference Number Description Amount 04-10 Dp Correction Debit 00006127012361 638.50 04-10 Service Charge Dr 00006127012361 DP CORRECTION DEBI 5.00 04-10 Preauthorized Wd 91000012073760 DELUXE BUS SYS. 592.52 BUS PRODS 030410 11472820 04-11 Wire Transfer-Out 00006225005990 37,375.79 04-11 Wire Transfer-Out 00006225006000 4,000.00 04-11 Wire Transfer-Out 00006225005960 1,023.86 04-11 Wire Transfer-Out 00006225005950 914.91 04-11 Wire Transfer-Out 00006225005980 727.91 04-11 Wire Transfer-Out 00006225005940 693.18 04-11 Wire Transfer-Out 00006225005930 499.04 04-11 Wire Transfer-Out 00006225005970 451.29 04-11 Wire Transfer Fee 124000411105545 12.00 04-11 Wire Transfer Fee 124000411105545 12.00 04-11 Wire Transfer Fee 124000411105652 12.00 04-11 Wire Transfer Fee 124000411105652 12.00 04-11 Wire Transfer Fee 124000411105652 12.00 04-11 Wire Transfer Fee 124000411105652 12.00 04-11 Wire Transfer Fee 124000411105652 12.00 04-11 Wire Transfer Fee 124000411105652 12.00 4550423701 PAGE ##XXH1834DPCSTM 04300304550423701 April 30, 2003 4550423701 HOMEGOLD INC Page 4 of 5 Other Debits Date Transaction Type Reference Number Description Amount 04-15 Money Mkt Withdrawal 00006226363360 1,197.55 04-16 Deposit Return Item 00006129838650 1,255.28 04-16 Wire Transfer Fee 375000416103411 12.00 04-17 Wire Transfer-Out 00006227565460 724.00 04-17 Wire Transfer-Out 00006227565470 432.00 04-17 Debit Memo 00006227567320 162,314.13 04-17 Debit Memo 00006227565570 66,350.87 04-17 Automatic Transfer 00000000000000 TRANSFER TO 30.00 DEPOSIT SYSTEM ACCOUNT 4550422901 04-18 Debit Memo 00006228649300 6,413.55 04-21 Automatic Transfer 00000000000000 TRANSFER TO 977.95 DEPOSIT SYSTEM ACCOUNT 4550422901 04-23 Automatic Transfer 00000000000000 TRANSFER TO 344.00 DEPOSIT SYSTEM ACCOUNT 4550422901 04-24 Wire Transfer-Out 874000424090959 570,850.00 04-25 Withdrawal 00006230813230 1,000.00 04-25 Automatic Transfer 00000000000000 TRANSFER TO 983.22 DEPOSIT SYSTEM ACCOUNT 4550422901 04-28 Deposit Return Item 00006232456020 2,081.61 04-29 Wire Transfer-Out 633000429100853 2,136.41 04-29 Wire Transfer-Out 633000429100853 2,000.00 04-30 Preauthorized Wd 21000024376919 SBC AMERITECH 3,880.47 PAYMENTS 030430 630R2636634764 04-30 Automatic Transfer 00000000000000 TRANSFER TO 138,354.61 DEPOSIT SYSTEM ACCOUNT 4550422901 Deposits/Other Credits Date Transaction Type Reference Number Description Amount 04-07 Deposit 00006221673560 290,609.85 04-08 Deposit 00006223241310 586,669.87 04-08 Deposit 00006223244090 2,036.41 04-09 Deposit 00006224152660 17,914.58 04-10 Deposit 00006127009820 24,624.45 04-10 Deposit 00006126997970 12,318.23 04-10 Deposit 00006127012420 6,498.64 04-10 Deposit 00006127008820 5,775.00 04-10 Deposit 00006127012360 3,253.97 _ 4550423701 PAGE ##XXH1834DPCSTM 04300304550423701 April 30, 2003 4550423701 HOMEGOLD INC Page 5 of 5 Deposits/Other Credits Date Transaction Type Reference Number Description Amount 04-10 Deposit 00006127009900 2,063.25 04-10 Deposit 00006127010730 1,829.85 04-10 Deposit 00006127008790 1,265.28 04-10 Deposit 00006127012470 1,172.29 04-10 Deposit 00006127012500 861.76 04-11 Deposit 00006224952260 11,117.76 04-11 Deposit 00006224964640 5,081.28 04-14 Deposit 00006128523490 967.94 04-15 Deposit 00006226319550 954.10 04-16 Deposit 00006129546890 4,404.89 04-16 Wire Transfer-IN 874000416084206 755.83 04-16 Deposit 00006129545980 556.05 04-16 Deposit 00006129546920 20.00 04-17 Deposit 00006227408850 7,622.43 04-17 Deposit 00006227409140 2,714.02 04-18 Deposit 00006228278250 21,176.65 04-18 Deposit 00006228278210 13,019.75 04-18 Deposit 00006228275040 74.27 04-21 Wire Transfer-IN 633000421085108 55,246.92 04-21 Deposit 00006228772990 881.55 04-21 Credit Memo 00006130922660 0.32 04-22 Wire Transfer-IN 874000422141630 1,500,000.00 04-22 Wire Transfer-IN 874000422141630 129,704.23 04-22 Deposit 00006229726020 7,832.42 04-22 Deposit 00006229725850 2,342.13 04-22 Deposit 00006229725970 428.31 04-23 Deposit 00006131719700 546.05 04-24 Deposit 00006132431530 6,093.75 04-24 Deposit 00006132422510 815.04 04-25 Deposit 00006230752330 75,544.81 04-25 Deposit 00006230752250 4,035.00 04-28 Wire Transfer-IN 874000428104822 532,345.79 04-28 Deposit 00006231940590 1,311.90 04-29 Deposit 00006233431090 7,001.00 04-29 Deposit 00006233431200 2,754.08 Balance Summary Date Amount Date Amount Date Amount 04-07 290,609.85 04-15 926,172.95 04-23 2,334,522.61 04-08 879,316.13 04-16 930,642.44 04-24 1,752,493.52 04-09 897,230.71 04-17 711,031.51 04-25 1,823,943.23 04-10 955,657.41 04-18 738,758.73 04-28 2,298,860.94 04-11 926,074.47 04-21 713,931.32 04-29 2,304,459.90 04-14 926,416.40 04-22 2,343,766.96 04-30 2,155,277.67 CASH RECONCILIATION REPORT Payroll and Tax Accounts (Business Debtor, Accrual Basis Calendar Month Ending April 30, 2003 -------------- (All figures refer to post-petition transactions) PAYROLL TAX ACCOUNT ACCOUNT(SEE FOOTNOTE 1) (A) BEGINNING CASH BALANCE (A) 0 ------ -------- CASH RECEIPTS: Transfers from Operating Account 369,355 -------- ------- Transfers from Payroll Account ------- -------- Other - ----------------------- ------- -------- ------------------------------- ------- -------- (B) TOTAL CASH RECEIPTS (B) 369,355 ------- --------- (C) CASH AVAILABLE (C = A + B) 369,355 ------- --------- CASH DISBURSEMENTS: Gross Payroll for this period $ 693,751 ------- Employee Benefits paid 31,798 ------ Net Payroll Paid 473,605 ------- Transfers to Tax Account 0 - Taxes deposited or paid during period Employees' share of FICA Tax 43,866 ------ --------- Employer's share of FICA Tax 43,866 ------ --------- Employees' Federal Income Tax 69,133 ------ --------- Employees' State Income Tax 26,780 ------ --------- Unemployment Tax 4,490 ------ --------- Unrecorded Bank Service Charges 30 ------ --------- Other: Local Taxes 213 ------ --------- ADP Fees 983 ------ --------- (D) TOTAL DISBURSEMENTS (D) 429,227(See Footnote 2) ----------------------- -- (E) ENDING CASH BALANCE (E = C-D) (59,872) -------- ---------- (F) BALANCE PER BANK STATEMENT (F) 0 - ---------- (G) LESS OUTSTANDING CHECKS (G) 59,872 ------ ---------- (H) ADD DEPOSITS IN TRANSIT (H) 0 - ---------- (I) RECONCILED BANK BALANCE I =(F-G)+H} (59,872) -------- ---------- Ending Cash Balance (E) and Reconciled Bank Balance (I) should equal. ------------------------------------------------------------------------- * A COPY OF THE BANK STATEMENT(S) SHOULD BE ATTACHED TO THIS FORM. (1) Opened but not utilized-ADP debits the DIP Payroll account for taxes owed and remits tax payments when due on HomeGold's behalf (2) Excludes $31,798 employee benefits paid out of DIP Operating account and $233,739 net payroll and taxes paid out of previous payroll account before DIP Payroll account opened 21 4550422901 PAGE ##XXH1834DPCSTM 04300304550422901 Statement of Account Last statement:April 04, 2003 This statement:April 30, 2003 Total days in statement period: 27 4550422901 031 834 Page 1 of 2 HOMEGOLD INC BANKRUPTCY NO 03-03864-B Direct inquiries to: 1 PAYROLL ACCOUNT/DEBTORS IN POSSESSION 2340 B BROAD RIVER RD NBSC Lexington COLUMBIA SC 29210 5456 Sunset Boulevard Lexington SC 29072 Summary of Account Balance Account Number Ending Balance Commercial Checking 4550422901 $0.00 LET FREEDOM RING! Commercial Checking Account Number 4550422901 1 Enclosure Beginning balance 0.00 Deposits/Credits 369,354.78 Withdrawals/Debits 369,354.78 Ending balance 0.00 Checks Number Date Amount Control 1002 04-21 977.95 00006130306560 Other Debits Date Transaction Type Reference Number Description Amount 04-16 Wire Transfer-Out 874000416145617 BNF=ADP INC FUNDS 162,314.13 MGMNT. TAS DEPOSIT CUSTODIAL ACCT, REQUEST BY ADP REF: 42AEG8448140VV 04-16 NSF Fee 00000417094346 FOR OVERDRAFT 30.00 WIRE TRANSFER-OUT 4550422901 PAGE ##XXH1834DPCSTM 04300304550422901 April 30, 2003 4550422901 HOMEGOLD INC Page 2 of 2 Other Debits Date Transaction Type Reference Number Description Amount 04-17 Wire Transfer-Out 874000417101142 BNF=ADP INC. FUNDS 66,350.87 MGMT TAX DEPOSIT CUSTODIAL ACCT. REQUEST OF ADP TAX S VC REF:#42AEG8448139VV 04-23 Preauthorized Wd 91000010729701 ADP TX/FINCL SVC 344.00 ADP - TAX 030423 42AEG 8487318VV 04-25 Preauthorized Wd 21000022978866 ADP PAYROLL FEES 983.22 ADP - FEES 030425 10AEG 0132169 04-30 Wire Transfer-Out 633000430160431 138,354.61 Deposits/Other Credits Date Transaction Type Reference Number Description Amount 04-17 Automatic Transfer 00000000000000 TRANSFER FROM 30.00 ZERO BALANCE ACCT 4550423701 04-17 Deposit 00006227567310 162,314.13 04-17 Deposit 00006227565560 66,350.87 04-21 Automatic Transfer 00000000000000 TRANSFER FROM 977.95 ZERO BALANCE ACCT 4550423701 04-23 Automatic Transfer 00000000000000 TRANSFER FROM 344.00 ZERO BALANCE ACCT 4550423701 04-25 Automatic Transfer 00000000000000 TRANSFER FROM 983.22 ZERO BALANCE ACCT 4550423701 04-30 Automatic Transfer 00000000000000 TRANSFER FROM 138,354.61 ZERO BALANCE ACCT 4550423701 Balance Summary Date Amount Date Amount Date Amount 04-16 -162,344.13 04-21 0.00 04-25 0.00 04-17 0.00 04-23 0.00 04-30 0.00 4550421001 PAGE ##XXH1834DPCSTM 04300304550421001 Statement of Account Last statement:April 04, 2003 This statement:April 30, 2003 Total days in statement period: 27 4550421001 031 834 Page 1 of 1 HOMEGOLD INC BANKRUPTCY NO 03-03864-B Direct inquiries to: 0 TAXES/SPEC ESCROW/DEBTORS IN POSSESSION 2340 B BROAD RIVER RD NBSC Lexington COLUMBIA SC 29210 5456 Sunset Boulevard Lexington SC 29072 Summary of Account Balance Account Number Ending Balance Commercial Checking 4550421001 $0.00 LET FREEDOM RING! Commercial Checking Account Number 4550421001 Beginning balance 0.00 Deposits/Credits 0.00 Withdrawals/Debits 0.00 Ending balance 0.00 Department of the Treasury-Internal Revenue Service FORM 6123 (REV. 06-97) VERIFICATION OF FIDUCIARY'S FEDERAL TAX DEPOSIT - -------------------------------------------------------------------------------- Do not attach this Notice to your Return - -------------------------------------------------------------------------------- District Director, Internal revenue Service Attn: Chief, Special Procedures Function - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FROM: Name of Taxpayer N/A ---------------------------------------------------------------- Taxpayer Address - -------------------------------------------------------------------------------- The following information is to notify you of Federal tax deposit(s) (FTD) as required by the United States Bankruptcy COURT (complete sections 1 and/or 2 as appropriate): - -------------------------------------------------------------------------------- SECTION 1 FORM 941 FEDERAL TAX DEPOSIT (FTD) INFORMATION Taxes Reported on for the payroll period from to Form 941, Employer's ------- ------- Quarterly Federal Gross wages paid to employees $ Tax Return -------- Income tax withheld $ -------- Social Security (Employer's plus Employee's share of Social Security Tax) $ -------- Tax Deposited $ -------- Date Deposited ---------- - -------------------------------------------------------------------------------- SECTION 2 FORM 940 FEDERAL TAX DEPOSIT (FTD) INFORMATION Taxes Reported on for the payroll period from to Form 940,Employer's ----- ------- Annual Federal Gross wages paid to employees $ Unemployment Tax ------- Return Tax Deposited $ ------- Date Deposited ---------- - -------------------------------------------------------------------------------- CERTIFICATION (CERTIFICATION IS LIMITED TO RECEIPT OR ELECTRONIC TRANSMITTAL OF DEPOSIT ONLY) This certifies receipt or electronic transmittal of deposits described below for Federal taxes as defined in Circular E, Employer's Tax Guide (Publication 15) - -------------------------------------------------------------------------------- DEPOSIT METHOD Form 8109/8109B Federal Tax Deposit (FTD) coupon (check box) Electronic Federal Tax Payment System (EFTPS) Deposit - -------------------------------------------------------------------------------- Amount (Form 941 Taxes) Date of Deposit EFTPS acknowledgment number or Form 8109 FTD received by: - -------------------------------------------------------------------------------- Amount (Form 940 Taxes) Date of Deposit EFTPS acknowledgment number or Form 8109 FTD received by: - -------------------------------------------------------------------------------- Depositor's Employer Name and Address of Bank Identification Number: - -------------------------------------------------------------------------------- Under penalties of perjury, I certify that the above federal tax deposit information is true and correct - -------------------------------------------------------------------------------- Signed: Date: - -------------------------------------------------------------------------------- Name and Title (print or type) - -------------------------------------------------------------------------------- Cat. #43099Z Form 6123 (rev.06-97) CHI1530 (CHI1533) FEDERAL DEPOSIT DETAILS 05 /15 / 2003 13:22:30 Br/Co :42/AEG Agt :005 Yr/Qtr :03/2 Hdr Status:A Statu :X Cuttoff Dt:04 / 04 FF-EIC Freq :SW Transfer : Disb Acct : Int Rise :04 / 08 / 03 FUTA Freq: Combo :N Check No : Ext Rixe :04 / 08 / 03 FF-EIC Sisb Mthd:A Late Disb :N ID :593324910 Due Date :04 / 09 / 03 FUTA Disb Mthd : Payee :A N&A/Sfx :001-1 Tax Type Deposit Total 54,573.73 FIT 23,889.51 FICAEE 15,357.78 FICAER 15,357.69 FUTA 0.00 EIC 31.25- CHI1530 (CHI1533) FEDERAL DEPOSIT DETAILS 05 /15 / 2003 13:22:51 Br/Co :42/AEG Agt :005 Yr/Qtr :03/2 Hdr Status: A Status :X Cuttoff Dt:04 / 18 FF-EIC Freq :SW Transfer : Disb Acct: Int Rise :04 / 22 / 03 FUTA Freq : Combo : N Check No : Ext Rixe :04 / 22 / 03 FF-EIC Sisb Mthd:A Late Disb : N ID :593324910 Due Date :04 / 23 / 03 FUTA Disb Mthd : Payee : A N&A/Sfx :001-1 Tax Type Deposit Total 55,392.06 FIT 24,131.98 FICAEE 15,645.56 FICAER 15,645.61 FUTA 0.00 EIC 31.09- BALANCE SHEET AS OF April 30, 2003 CURRENT ASSETS Cash $1,770,455 --------- Pre-Petition Accounts Receivable 9,692,619 --------- Post-Petition Accounts Receivable 36,687 --------- Receivable from Officers, Employees, Affiliates --------- Notes Receivable --------- Inventory --------- Other Current Assets: Real Estate Acquired Through Foreclosure 679,443 -------- Restricted Cash 5,602,808 --------- TOTAL CURRENT ASSETS 17,782,012 ---------- FIXED ASSETS Leasehold Improvements 46,032 ------ Equipment, Furniture & Fixtures 160,994 ------- less Accumulated Depreciation (21,884) -------- TOTAL FIXED ASSETS 185,142 ------- OTHER ASSETS Goodwill 18,001,471 ---------- Servicing Asset 405,933 ------- Investment in Emmco and Other Intangibles 17,608,625 ---------- TOTAL OTHER ASSETS 36,016,029 ---------- TOTAL ASSETS 53,983,183 ---------- POST-PETITION LIABILITIES Accounts Payable 48,985 ------ Notes Payable ------ Rents and Leases Payable ------ Taxes Payable 56,336 ------ Accrued Interest ------ ----------------------------- ------ TOTAL-POST PETITION LIABILITIES 105,321 ------- PRE-PETITION LIABILITIES Priority Claims 262,126 ------- Secured Debts 10,226,639 ---------- Unsecured Debt 79,814,867 ---------- TOTAL PRE-PETITION LIABILITIES 90,303,632 ---------- OWNERS EQUITY (DEFICIT) Capital Stock or Owners Investment ---------- Paid In Capital Surplus 228,124,108 ----------- Retained Earnings (Deficit) PRE -PETITION (263,825,418) ------------- Post-Petition (724,460) ------- TOTAL OWNERS EQUITY (36,425,770) ------------ TOTAL LIABILITIES AND OWNER'S EQUITY 53,983,183 ---------- 22 UNITED STATES BANKRUPTCY COURT DISTRICT OF SOUTH CAROLINA In Re: HomeGold, Inc. ) ) Chapter 11 ) Case Number:03-03864-WB ) ----------- Debtor(s) ) - --------------------------------- CASH DISBURSEMENTS SUMMARY REPORT Calendar Month Ending April 30, 2003 -------------- Total Disbursements from Operating Account (See Note 1) 1,157,341 --------- Total Disbursements from Payroll Account (See Note 2) 429,227 ------- Total Disbursements from Tax Escrow Account (See Note 3) ------- Total Disbursements from any other Account (See Note 4) ------- Grand Total Disbursements from all Accounts 1,586,568 --------- Note 1--Include in this amount all checks written, wire transfers made from, or any other withdrawal from the general operating account. Exclude only transfers to the debtor-in-possession payroll account, the debtor in possession tax escrow account or other debtor in possession account where the disbursements will be listed on this report. NOTE 2 --Include in this amount all checks written, wire transfers made from, or any other withdrawal from the payroll account. Exclude only transfers to the debtor-in-possession operating account, the debtor in possession tax escrow account or other debtor-in-possession account where the disbursements will be listed on this report. NOTE 3 --Include in this amount all checks written, wire transfers made from, or any other withdrawal from the tax escrow account. Exclude only transfers to the debtor-in-possession operating account, the debtor in possession payroll account or other debtor in possession account where the disbursements will be listed on this report. NOTE 4 -- Include in this amount any other disbursements made by the debtor including (but not limited to) cash paid from a petty cash fund or cash register, amounts paid from any other debtor in possession account, and amounts paid from the accounts of others on the debtors behalf (for example, disbursements made from a law firm's escrow account as a result of a sale of property.) 23 ACCOUNTS RECEIVABLE AS OF April 30, 2003 TOTAL DATE PAST DUE PAST DUE CREDITOR DUE INCURRED (31-60 DAYS) (OVER 60 DAYS) Accredited Lending 7,951.92 4/25/03 BMC Mortgage 8,954.22 4/19/03 Equity First 2,427.50 4/14/03 Flagstar 12,576.08 4/10/03 Option One 4,777.20 4/23/03 TOTALS THIS PAGE $36,686.92 0.00 0.00 --------- ---- ---- TOTALS ALL PAGES $36,686.92 0.00 0.00 --------- ---- ---- 24 ACCOUNTS PAYABLE AS OF April 30, 2003 TRADE ACCOUNTS PAYABLE PAST DUE PAST DUE CREDITOR TOTAL DUE DATE INCURRED 31-60DAYS OVER60DAYS Adecco 125.12 4/20/03 ADP Screening & Selection Svc 72.29 3/30/03-4/26/03 Advanced Cleaning Svc 589.00 4/1/03-5/31/03 Airbourne Express 34.73 4/3/03-4/10/03 Aquapure Water Sys 119.26 4/15/03 AT&T 137.91 4/27/03 Attachmate 570.08 4/30/03 Bowles Rice McDavid Graff & Love258.05 4/30/03 Bowles Rice McDavid Graff & Love875.87 4/30/03 BOYD BRAZELL, SR 64.26 4/24/03-4/29/03 Carolina Marking Devices 50.35 4/2/03 Carolina Marking Devices 13.84 4/7/03 ComEd 533.49 4/7/03-5/7/03 ComEd 104.17 4/7/03-5/7/03 ComEd 118.80 3/31/03-4/7/03 CONNIE SHARPE 980.98 4/18/03-5/1/03 Dove Data Products 852.17 4/29/03 Executive Copies of Columbia 6,905.09 4/23/03 Fedex 227.99 3/28/03-4/4/03 FNIS Flood Services 88.00 4/1/03-4/30/03 FORECLOSURE MANAGEMENT 654.50 4/24/03-4/29/03 HOTJOBS.COM LTD 1,350.00 4/1/03-6/30/03 JENNIFER PLANK 2,299.20 4/18/03-5/1/03 John Efird 43.04 4/16/03 John Efird 926.10 4/24/03 John Efird 935.68 4/29/03 JOHN EFIRD COMPANY 136.42 4/1/03 JOHN EFIRD COMPANY 82.76 4/7/03 PCS, CO 3,600.00 4/22/03 RL Carriers 52.10 4/21/03 Ronco Communications 1,984.00 4/1/03 SBC 853.68 3/17/03-5/15/03 4/16/03 BILL SCE&G 74.17 3/31/03-5/6/03 SIDNEY O. NASH, III 1,371.90 4/18/03-5/1/03 SiteXdata 50.00 4/1/03-4/30/03 Staffmark 100.80 4/6/03 The Office Works 24.07 4/30/03 UPS 21.17 4/5/03-4/11/03 UPS 10.37 4/5/03-4/11/03 UPS 14.54 4/5/03-4/11/03 UPS 6.64 4/12/03-4/18/03 UPS 59.78 4/19/03-4/25/03 UPS 107.96 4/26/03-5/2/03 Verizon Internet Services 820.00 4/1/03-4/30/03 WASTE MANAGEMENT 633.90 4/3/03-5/1/03 Xspdeius Management 10,411.81 4/1/03-4/30/03 Xspdeius Management 374.07 4/1/03-4/30/03 TRADE ACCOUNTS PAYABLE TOTAL 39,720.11 A/P: PURSUANT TO ORDER AUTHORIZING DEBTOR TO PAY CERTAIN PRE-PETITION CLAIMS AND RETURN MONIES BEING HELD FOR THE BENEFIT OF THIRD PARTIES. PAST DUE PAST DUE CREDITOR TOTAL DUE DATE INCURRED (31-60 DAYS) (OVER 60 DAYS) GUARDIAN LIFE INSURANCE 4,612.54 2/1/03-2/28/03 GUARDIAN LIFE INSURANCE 4,530.36 3/1/03-3/31/03 John Andrulis 121.49 3/27/03 TOTAL 9,264.39 GRAND TOTAL 48,984.50 25 -----END PRIVACY-ENHANCED MESSAGE-----