EX-99.1 3 y51249ex99-1.txt MONTHLY OPERATING REPORT 1 Exhibit 99.1 Debtor: In re Unitel Video, Inc., et al. Case No. 99-2979 (PJW) OFFICE OF THE UNITED STATES TRUSTEE -- REGION 3 MONTHLY OPERATING REPORT FOR THE PERIOD February, 2001 ================================================================================ Document Previously Explanation Attached Submitted Attached 1. Tax Receipts X 2. Bank Statements X 3. Most recently filed Income tax return X 4. Most recent annual Financial statements Prepared by accountant X IN ACCORDANCE WITH TITLE 28, SECTION 1748 OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS -- 1 THROUGH ACCRUAL BASIS -- 9) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF PREPARER (OTHER THAN RESPONSIBLE PARTY) IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. RESPONSIBLE PARTY: /s/ Brian Mittman CONSULTANT TO UNITEL VIDEO, INC. --------------------------------- ----------------------------------- SIGNATURE OF RESPONSIBLE PARTY TITLE Brian Mittman August 9, 2001 --------------------------------- ----------------------------------- PRINTED NAME OF RESPONSIBLE PARTY DATE PREPARER: /s/ Deepak Tejwaney Consultant --------------------------------- ----------------------------------- SIGNATURE OF PREPARER TITLE Deepak Tejwaney August 9, 2001 --------------------------------- ----------------------------------- PRINTED NAME OF PREPARER DATE ALL CHAPTER 11 DEBTORS MUST FILE THIS REPORT WITH THE COURT AND SERVE A COPY ON THE UNITED STATES TRUSTEE NO LATER THAN THE 15TH DAY OF THE MONTH FOLLOWING THE END OF THE MONTH COVERED BY THE REPORT 2 Unitel Video February 2001 Operating Report INCOME STATEMENT
Oct-00 Nov-00 Dec-00 Jan-01 Feb-01 ------------------------------------------------------------------------------------------------------------------ REVENUES $ 863,760 $ 863,200 $ 856,758 $ 850,980 $ 867,989 COST OF SALES Rent $ 104,066 $ 96,033 $ 101,444 $ 122,453 $ 38,333 Payroll $ 107,600 $ 113,720 $ 173,600 $ 107,355 $ 118,828 Equipment leases $ 27,828 $ -- $ -- $ -- $ -- Other COGS $ 3,243 $ 6,685 $ 7,272 $ 34,735 $ 13,487 TOTAL COGS $ 242,737 $ 216,438 $ 282,316 $ 264,543 $ 170,648 ------------------------------------------------------------------------------------------------------------------ OPERATING EXPENSES Officer/insider compensation $ 10,769 $ 10,769 $ 16,154 $ 10,769 $ 10,769 Overhead payroll $ 18,634 $ 17,562 $ 8,496 $ 28,873 $ 28,423 Insurance $ 11,369 $ 8,297 $ 42,924 $ 21,412 $ 14,663 Other SG&A $ 243,408 $ 268,524 $ 233,312 $ 196,457 $ 161,656 TOTAL OPERATING EXPENSES $ 284,180 $ 305,152 $ 300,886 $ 257,511 $ 215,511 ------------------------------------------------------------------------------------------------------------------ GAIN/(LOSS) ON SALE OF EQUIPMENT $(186,819) $ -- $ -- $ -- $ -- ------------------------------------------------------------------------------------------------------------------ DEPRECIATION & AMORTIZATION $ 37,628 $ 118,001 $ 120,848 $ 4,169 $ 75,168 ------------------------------------------------------------------------------------------------------------------ INTEREST EXPENSE $ 115,776 $ 114,520 $ 110,492 $ 119,396 $ 103,925 ------------------------------------------------------------------------------------------------------------------ REORGANIZATION EXPENSES Professional fees (Kaye Scholer, Getzler, Heller, Houlihan-L) $ 102,371 $ 113,822 $ 114,050 $ 218,659 $ 170,440 U.S. Trustee fees Total Reorganization Expenses $ 102,371 $ 113,822 $ 114,050 $ 218,659 $ 170,440 ------------------------------------------------------------------------------------------------------------------ OTHER INCOME $ 7,999 $ 1,455 $ 211 ------------------------------------------------------------------------------------------------------------------ NET PROFIT (LOSS) $(105,751) $ (4,733) $ (63,835) $ (11,843) $ 132,508 ------------------------------------------------------------------------------------------------------------------ Notes: Officer/insider compensation is payroll only; doesn't include payroll tax; payroll tax is included in the direct portion. Interest expense includes many equipment leases.
3 Unitel Video February 2001 Operating Report
BALANCE SHEET NOV-00 DEC-00 JAN-00 FEB-01* ----------------------------------------------------------------------------------------------------------------------------------- Cash $ 616,636 $ 644,747 $ 351,587 $ 613,860 Net accounts receivable $ 605,989 $ 344,637 $ 624,085 $ 652,199 Prepaid corporate tax & expenses, deferred tax asset $ 1,032,502 $ 1,064,375 $ 1,127,090 $ 1,112,853 ----------------------------------------------------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS $ 2,255,127 $ 2,053,759 $ 2,102,762 $ 2,378,912 ----------------------------------------------------------------------------------------------------------------------------------- PP&E $ 34,595,036 $ 34,595,036 $ 34,595,036 $ 34,595,036 Accumulated depreciation $(20,370,132) $(20,490,980) $(20,495,149) $(20,570,317) ----------------------------------------------------------------------------------------------------------------------------------- NET PP&E $ 14,224,904 $ 14,104,056 $ 14,099,887 $ 14,024,719 ----------------------------------------------------------------------------------------------------------------------------------- Deferred taxes $ 2,157,058 $ 2,157,058 $ 2,157,058 $ 2,157,058 Other Assets $ 1,633,607 $ 1,626,578 $ 1,619,549 $ 1,612,520 Goodwill $ -- $ -- $ -- $ -- =================================================================================================================================== TOTAL ASSETS $ 20,270,696 $ 19,941,451 $ 19,979,256 $ 20,173,209 =================================================================================================================================== Prepetition accounts payable $ 7,603,108 $ 7,603,109 $ 7,569,403 $ 7,569,403 Postpetition accounts payable $ 959,505 $ 934,243 $ 834,658 $ 875,541 Accrued expenses and other current liabilities $ 3,464,426 $ 3,107,292 $ 2,923,129 $ 2,903,195 Payroll & related expense $ 821,863 $ 763,584 $ 766,540 $ 771,463 Current maturity of secured long-term debt $ 18,061,273 $ 18,079,108 $ 18,115,254 $ 18,117,709 Current maturity of unsecured long-term debt $ 2,199,666 $ 2,181,831 $ 2,145,685 $ 2,143,230 ----------------------------------------------------------------------------------------------------------------------------------- TOTAL CURRENT LIABILITIES $ 33,109,841 $ 32,669,167 $ 32,354,669 $ 32,380,541 ----------------------------------------------------------------------------------------------------------------------------------- Secured long-term debt $ 1,052,157 $ 1,209,586 $ 1,537,587 $ 1,560,310 Unsecured long-term debt $ 128,141 $ 145,976 $ 182,122 $ 184,577 Accrued retirement expense $ 917,276 $ 917,276 $ 917,276 $ 917,276 ----------------------------------------------------------------------------------------------------------------------------------- LONG-TERM LIABILITIES $ 2,097,574 $ 2,272,838 $ 2,636,985 $ 2,662,163 ----------------------------------------------------------------------------------------------------------------------------------- Common stock $ 26,755 $ 26,755 $ 26,755 $ 26,755 Add'l paid-in capital $ 27,286,352 $ 27,286,352 $ 27,286,352 $ 27,286,352 Treasury stock $ (7,645,089) $ (7,645,089) $ (7,645,089) $ (7,645,089) Retained earnings $(31,309,706) $(31,309,706) $(31,309,706) $(31,299,311) YTD Income/loss $ (3,295,031) $ (3,358,866) $ (3,370,710) $ (3,238,202) ----------------------------------------------------------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY $(14,936,719) $(15,000,554) $(15,012,398) $(14,869,495) =================================================================================================================================== TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 20,270,696 $ 19,941,451 $ 19,979,256 $ 20,173,209 ===================================================================================================================================
* Note that balance sheet includes certain leased assets of the mobile division which were previously sold at auction and certain components of debt related to those assets. However, as removing the assets from the balance sheet would require removing the related debt, and as the amounts of debt to be removed are still being negotiated with the relevant creditors, both the assets and debt have been maintained on the balance sheet. 4 Unitel Video February 2001 Operating Report
----------------------------------------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE AGING DEC-00 JAN-01 FEB-01 ----------------------------------------------------------------------------------------------------------------- 0-30 days old $326,151 $615,031 $646,425 31-60 days old $ 8,729 $ 783 $ -- 61-90 days old $ 4,939 $ -- $ -- 91+ days old $ 5,112 $ 8,271 $ 5,774 TOTAL ACCOUNTS RECEIVABLE $344,931 $624,085 $652,199 LESS NON-TRADE A/R $ 294 $ -- $ -- ACCOUNTS RECEIVABLE (NET) $344,637 $624,085 $652,199 -----------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------- AGING OF POSTPETITION ACCOUNTS PAYABLE --------------------------------------------------------------------------------------------------------------------------------- FEB-01 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL --------------------------------------------------------------------------------------------------------------------------------- ACCOUNTS PAYABLE $1,700 -$6,558 $5,005 $875,393 $875,541 ---------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------- STATUS OF POSTPETITION TAXES FEBRUARY, 2001 --------------------------------------------------------------------------------------------------------------------------------- AMOUNT BEGINNING WITHHELD/ ENDING TAX TAX LIABILITY ACCRUED AMOUNT PAID LIABILITY DELINQUENT TAXES --------------------------------------------------------------------------------------------------------------------------------- FEDERAL --------------------------------------------------------------------------------------------------------------------------------- Withholding $21,244 $21,244 $ -- FICA - Employee $ 9,731 $9,731 $ -- FICA - Employer $ 9,731 $9,731 $ -- Unemployment $ 334 $ 334 $ -- Income Other --------------------------------------------------------------------------------------------------------------------------------- Total Federal Taxes $41,039 $41,039 $ -- --------------------------------------------------------------------------------------------------------------------------------- STATE & LOCAL --------------------------------------------------------------------------------------------------------------------------------- Withholding $ 8,248 $ 8,248 Sales $ -- $ -- Excise Unemployment $ 4,333 $ 4,333 Real Property $ -- $ -- Personal Property Commercial rent tax $ -- $ -- --------------------------------------------------------------------------------------------------------------------------------- TOTAL STATE AND LOCAL $ -- $12,581 $12,581 $ -- --------------------------------------------------------------------------------------------------------------------------------- TOTAL TAXES $ -- $53,621 $53,621 $ -- ---------------------------------------------------------------------------------------------------------------------------------
5 Unitel Video February 2001 Operating Report -------------------------------------------------------------------------------- PAYMENTS TO INSIDERS AND PROFESSIONALS -------------------------------------------------------------------------------- INSIDERS --------------------------------------------------------------------------------
CUMULATIVE UNPAID NAME POSITION TYPE OF PAYMENT AMOUNT PAID BALANCE ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- TOTAL PAYMENTS TO INSIDERS $ -- -----------------------------------------------------------------------------------------------
------------------------------------------------------------------------------- PROFESSIONALS -------------------------------------------------------------------------------
TYPE OF DATE OF COURT ORDER AUTHORIZING NAME PROFESSIONAL PAYMENT AMOUNT APPROVED AMOUNT PAID DATE OF PAYMENT ---------------------------------------------------------------------------------------------------------------------- Kaye Scholer Legal $ 58,596.57 9-Feb Young Conaway Legal $113,301.22 02/09/01 ----------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------ ADEQUATE PROTECTION PAYMENTS ------------------------------------------------------------------------------------------------------ NAME OF CREDITOR SCHEDULED MONTHLY AMOUNTS PAID DURING MONTH TOTAL UNPAID POSTPETITION ------------------------------------------------------------------------------------------------------ Heller Financial $ 49K ------------------------------------------------------------------------------------------------------ Bear Stearns $111K ------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------
6 Unitel Video February 2001 Operating Report QUESTIONNAIRE
YES NO --- -- 1. Have any assets been sold or transferred outside the normal course of business this reporting period? X 2. Have any funds been disbursed from any account other than a debtor in possession account? X 3. Are any postpetition receivables (accounts, notes or loans) due from related parties? X 4. Have any payments been made on prepetition liabilities this reporting period? X 5. Have any postpetition loans been received by the debtor from any party? X 6. Are any postpetition payroll taxes past due? X 7. Are any postpetition state or federal income taxes past due? X 8. Are any postpetition real estate taxes past due? X 9. Are any other postpetition taxes past due? X 10. Are any amounts owed to postpetition creditors past due? X 11. Have any prepetition taxes been paid during the reporting period? X 12. Are any wage payments past due? X
INSURANCE
YES NO --- -- 1. Are worker's compensation, general liability and other necessary insurance coverages in effect? X 2. Are all premium payments paid current? X 3. Please itemize policies below
INSURANCE POLICIES
TYPE OF INSURANCE BROKER PAYMENT ----------------- ------ ------- Directors & Officers Liability; Misc. Professional ARC Excess & Surplus, LLC - financing through AI $6725 monthly Property Policy FM Global - financing through AFCO Down payment - $34,449; 7 installments of $11,849 General liability; auto disability; mobile SCS Agency 9 payments of $10,113 liability; foreign liability; DICE; workers' comp & two umbrella
7 Unitel Video February 2001 Operating Report PERSONNEL - FEBRUARY, 2001 FULL TIME PART TIME 1. Total number of employees at beginning of period 20 3 2. Number of employees hired during the period 3. Number of employees terminated or resigned during the period 4. Total number of employees on payroll at end of period 20 3
CHANGE OF ADDRESS Mailing address changed to 423 W. 55th St., 3rd Floor, New York, NY 10019 8 Unitel Video February 2001 Operating Report Feb-01 CASH RECEIPTS AND DISBURSEMENTS PAYROLL NY MOBILE PETTY CASH TOTAL 1 Cash-Beginning of Month (2,157) $338,530 $4,468 $827 $341,668 RECEIPTS 2 Cash Sales $0 $0 3 Accounts Receivable Collections $726,116 $726,116 4 Loans & Advances $0 $0 $0 5 Sale of Assets $0 $0 6 Lease & Rental Income $0 7 Wages $0 8 Other-Transfers between accounts $152,421 (152,421) $0 -- $0 9 Total Receipts (Total Lines 2-8) $152,421 $573,695 $0 -- $726,116 DISBURSEMENTS 10 Net Payroll $73,606 $0 $0 $73,606 11 Payroll Taxes $56,019 $0 $0 $56,019 12 Sales, Use & Other Taxes Paid $28,580 $0 $28,580 13 Inventory Purchases $0 $0 $0 14 Mortgage Payments $0 $0 $0 15 Other Secured Note Payments $0 $0 $0 16 Rental & Lease Payments $0 $0 $0 17 Utilities $3,998 $3,998 18 Insurance $11,738 $14,663 $26,401 19 Vehicles Expenses $553 $0 $553 20 Travel $0 21 Entertainment $0 $0 $0 22 Repairs & Maintenance $37,000 $0 $37,000 23 Supplies $22,215 $22,215 24 Advertising $0 $0 25 Household Expenses $0 26 Charitable Contributions $0 27 Gifts $0 28 Other (Attach List) $11,012 $22,547 $24 $0 $33,583 29 Total Lines 10-28 $152,374 $129,557 $24 $0 $281,955 REORGANIZATION EXPENSES 30 Professional Fees-KS, Getzler $176,539 $176,539 31 U.S. Trustee Fees $0 $0 32 Other - Bankruptcy Services $375 $375 33 Total Lines 30-32 $0 $176,914 $0 $0 $176,914 34 Total Disbursements (Line 29-33) $152,374 $306,471 $24 $0 $458,869 35 Net Cash Flow (Line 9-Line 34) $48 267,224 -$24 -- 267,248 Reconciling Difference
9 Unitel Video February 2001 Operating Report
36 Cash-End of Month (Line 1 + L -$2,109 $605,754 $4,444 827 $608,916 ___________________________________________________________________________________________ ___________________________________________________________________________________________ 28 OTHER CASH DISBURSEMENTS PAYROLL NY MOBILE PETTY CASH TOTAL ____________________________________________________________________________________________ Security $10,813 $0 $10,813 Utility Deposits $0 $0 $0 Equipment Rental $0 $0 Shipping, Postage & Messenger $12,463 $0 $12,463 Bank Charges $30 $80 $24 $134 Freelancers $0 $0 $0 401K $10,982 $0 $10,982 Union Dues $0 $0 $0 Perdiems, Airfare, Hotels $1,702 $0 $1,702 Equipment R&M, Truck Rentals, Fuel $0 $0 $0 Miscellaneous $0 -$2,511 $0 -$2,511 TOTAL OTHER CASH DISBURSEMENTS $11,012 $22,547 $24 $0 $33,583 ___________________________________________________________________________________________
10 Unitel Video February 2001 Operating Report
Feb-01 BANK RECONCILIATIONS Account #1 Account #2 Account #3 ------------------------------------------------------------------------------------------------- A BANK: Fleet Fleet Mellon B ACCOUNT NUMBER: 9417-544821 9415-859803 038-5545 C PURPOSE (TYPE) Payroll A/P A/P Balance per Bank Statement $2,491 $701,337 $4,444 Total Deposits Not Credited Outstanding Checks $3,018 $100,588 $0 +/- Other reconciling items (Attach List) $1,551 $0 Month end balance per books -$2,079 $600,749 $4,444 Number of last check written 2018/6295 10761 42092 --------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------- Closed Closed BANK RECONCILIATIONS Account #5 Account #6 Account #7 Account #8 Account #9 ------------------------------------------------------------------------------------------------------------------------------- A BANK: Wells Fargo Wells Fargo Bank of America Union BOC PNC Bank B ACCOUNT NUMBER: 4159-405224 0290-519198 02177-04548 0720089084 10-0959-6087 C PURPOSE (TYPE) Payroll A/P Burbank A/P A/P Balance per Bank Statement $0 $0 $0 $0 $9,919 Total Deposits Not Credited $0 $0 $0 $0 $0 Outstanding Checks $0 $0 +/- Other reconciling items (Attach List) $0 $0 $0 Month end balance per books $0 $0 $0 $0 $9,919 Number of last check written INVESTMENT ACCOUNTS - NONE CURRENCY ON HAND $827 TOTAL CASH-END OF MONTH $613,860
11 Unitel Video February 2001 Operating Report -------------------------------------------------------------------------------- FLEET OPERATING BANK RECONCILIATION -------------------------------------------------------------------------------- BALANCE PER BOOKS 02/28/2001 $600,749.15 ADD O/S CHECKS $100,587.73 ADJUSTED BANK BALANCE $ -- BALANCE PER BANK AS ON 02/28/2001 $701,336.88 DIFFERENCE $ -- Outstanding Check List: CK# AMOUNT 8132 $ 8,741.22 8206 $ 474.00 8297 $ 17.94 8318 $ 104.20 8416 $ 47.50 9032 $ 273.15 9176 $ 66,400.42 9277 $ 500.00 9308 $ 232.46 10517 $ 5,005.00 10728 $ 160.00 10738 $ 525.60 10739 $ 6,557.63 10752 $ 102.84 10755 $ 65.00 10757 $ 161.36 10759 $ 8,500.00 10761 $ 2,604.00 Service charges $ 115.41 TOTAL $ * 100,587.73 -------------------------------------------------------------------------------- 12 [FLEET LOGO] STATEMENT OF ACCOUNTS PAGE 1 OF 4 9415-859803 STATEMENT DATE 02/28/01 Questions? Call our Business Banking Center at 1-800-PARTNER 116 D Cash Reserve Payment UNITEL VIDEO INC CY | | 555 WEST 57TH ST | | SUITE 1240 ------------------ NEW YORK NY 10019 94 ENCLOSED ITEMS Please remit to: FLEET BANK Cash Reserve PO Box 150456 Hartford, CT, 06115-0456
detach ==================================================================================================================================== BEGINNING DEPOSITS, OTHER CHECKS, WITHDRAWALS, INTEREST ACCOUNT ACTIVITY ENDING CHECKING BALANCE CREDITS OTHER DEBITS PAID & OTHER FEES BALANCE ------------------------------------------------------------------------------------------------------------------------------------ 9415-859803 739317.75 726116.24 764097.11 .00 .00 701336.88 ------------------------------------------------------------------------------------------------------------------------------------
ACCOUNT NO. 9415-859803 COMMERCIAL CHECKING PERIOD 02/01/01 THROUGH 02/28/01 BUSINESS BANKING CENTER ACCESS CODE 7399 -------------------------------------------------------------------------------------------- - DEBITS AND CREDITS - -------------------------------------------------------------------------------------------- DATE DEBITS (-) CREDITS (+) DESCRIPTION 02-01 279,804.45 WIRE INCOMING FED 02/01/01 021057 9999010201021057 26654 02-02 30.41 MELLON BANK N.A. PREAUTHORIZED DDA DEBIT NDPS NDPSSTLMNT 200102 8788000152756 UNITEL NY 020010330992254 CCD 02-02 25.00 PREAUTHORIZED-DDA DEBIT NDPS NDPSSTLMNT 200102 8788000152772 UNITEL POST 38 020010330992387 CCD 02-02 25.00 PREAUTHORIZED DDA DEBIT NDPS NDPSSTLMNT 200102 8788000152798 EDITEL-LA 020010330992255 CCD 02-07 67,634.24 WIRE INCOMING FED 02/07/01 016344 9999010207016344 20000 MELLON BANK N.A.
-------------------------------------------------------------------------------- Notice: See reverse side for important information 13 [FLEET BANK LOGO] STATEMENT OF ACCOUNTS PAGE 2 OF 4 9415-859803 STATEMENT DATE 02/28/01 Questions? Call our Business 116 Banking Center at 1-800-PARTNER Cash Reserve Payment -------------------- UNITEL VIDEO INC CY 555 WEST 57TH ST -------------------- SUITE 1240 Please remit to: NEW YORK NY 10019 FLEET BANK Cash Reserve PO Box 150456 detach Hartford, CT. 06115-0456 =============================================================================== ACCOUNT NO. 9415-859803 CONTINUED PERIOD 02/01/01 THROUGH 02/28/01 =============================================================================== - DEBITS AND CREDITS - -------------------------------------------------------------------------------
DATE DEBITS (-) CREDITS (+) DESCRIPTION 02-08 75,413.11 REPETITIVE IBT VIA PC 02/08/01 019151 9999010208019151 2001020802689NTR UNITEL VIDEO INC 02-09 36,674.02 WIRE INCOMING FED 02/09/01 021053 9999010209021053 23638 MELLON BANK N.A. 02-20 34,750.39 WIRE INCOMING FED 02/20/01 043561 9999010220043561 33153 MELLON BANK N.A. 02-21 194,177.98 WIRE INCOMING FED 02/21/01 025868 9999010221025868 19648 MELLON BANK N.A. 02-21 76,360.19 WIRE INCOMING FED 02/21/01 025869 9999010221025869 19649 MELLON BANK N.A. 02-22 77,008.09 REPETITIVE IBT VIA PC 02/22/01 035100 9999010222035100 2001022204757NTR UNITEL VIDEO INC -------------------------------------------------------------------------------
Notice: See reverse side for important information 14 [FLEET BANK LOGO] STATEMENT OF ACCOUNTS PAGE 3 OF 4 9415-859803 STATEMENT DATE 02/28/01 Questions? Call our Business 116 Banking Center at 1-800-PARTNER Cash Reserve Payment -------------------- UNITEL VIDEO INC CY 555 WEST 57TH ST -------------------- SUITE 1240 Please remit to: NEW YORK NY 10019 FLEET BANK Cash Reserve PO Box 150456 detach Hartford, CT. 06115-0456 ================================================================================ ACCOUNT NO. 9415-859803 CONTINUED PERIOD 02/01/01 THROUGH 02/28/01
=============================================================================== - DEBITS AND CREDITS - ------------------------------------------------------------------------------- DATE DEBITS(-) CREDITS (+) DESCRIPTION 02-23 36,714.97 WIRE INCOMING FED 02/23/01 030172 9999010223030172 22992 MELLON BANK N.A.
================================================================================================= - CHECKS POSTED - - CHECKS POSTED - - CHECKS POSTED - ------------------------------------------------------------------------------------------------- DATE CHECK NO. AMOUNT DATE CHECK NO. AMOUNT DATE CHECK NO. AMOUNT 02-15 10617 3,532.20 02-07 10679* 16,800.00 02-09 10706 9,065.94 02-01 10637* 14,235.00 02-06 10682* 9.62 02-13 10707 58,596.57 02-02 10641* 150.00 02-06 10683 1,636.57 02-15 10708 113,301.22 02-01 10643* 383.75 02-07 10684 795.63 02-20 10709 4,640.93 02-01 10647* 28,345.83 02-08 10685 325.00 02-23 10710 106.83 02-01 10650* 90.79 02-09 10686 120.50 02-16 10711 500.00 02-09 10656* 105.25 02-02 10687 1,800.00 02-20 10712 658.16 02-01 10657 676.56 02-02 10688 450.00 02-23 10713 71.60 02-14 10659* 567.60 02-02 10689 8,024.57 02-26 10714 2,016.19 02-01 10660 36.81 02-12 10690 2,533,05 02-21 10715 3,582.02 02-01 10661 64.63 02-14 10691 3,479.17 02-22 10716 162.38 02-14 10663* 55,000.00 02-15 10692 11,735.00 02-26 10717 102.84 02-08 10664 11,083.48 02-15 10694* 37.71 02-27 10718 28,475.66 02-05 10666* 34,754.71 02-14 10695 97.43 02-22 10719 43.43 02-05 10667 38,531.67 02-14 10696 1,523.00 02-26 10720 19.95 02-05 10668 3,445.22 02-13 10697 375.00 02-20 10721 3,453.18 02-08 10669 166.28 02-15 10698 131.80 02-20 10722 519.60 02-09 10670 4,063.24 02-15 10699 1,543.56 02-20 10723 138.70 02-05 10671 635.00 02-12 10700 50.00 02-16 10724 8,761.76 02-08 10672 175.91 02-20 10701 57.04 02-23 10725 271.44 02-02 10673 558.23 02-12 10702 117.22 02-21 10726 553.05 02-15 10674 38,333.33 02-12 10703 939.03 02-21 10727 691.00 02-07 10675 53,131.93 02-14 10704 1,133.48 02-22 10729* 9.62 02-07 10676 846.79 02-13 10705 2,309.76 02-23 10730 350.00 CONTINUED -------------------------------------------------------------------------------------------------
Notice: See reverse side for important information 15 [FLEET LOGO] STATEMENT OF ACCOUNTS PAGE 4 OF 4 9415-859803 STATEMENT DATE 2/28/01 Questions? Call our Business Banking Center at 1-800-PARTNER 116 UNITEL VIDEO INC CY Cash Reserve Payment 555 WEST 57TH ST -------------------- SUITE 1240 NEW YORK NY 10019 -------------------- Please Remit to: FLEET BANK Cash Reserve PO BOX 150456 HARTFORD, CT 06115-0456
detach ----------------------------------------------------------------------------------------------------------------------------------- ACCOUNT NO. 9415-859803 CONTINUED PERIOD 02/01/01 THROUGH 02/28/01 ----------------------------------------------------------------------------------------------------------------------------------- - CHECKS POSTED - - CHECKS POSTED - - CHECKS POSTED - ----------------------------------------------------------------------------------------------------------------------------------- DATE CHECK NO. AMOUNT DATE CHECK NO. AMOUNT DATE CHECK NO. AMOUNT 02-22 10731 173.93 02-27 10743 257.92 02-27 10750 1,250.00 02-22 10732 559.40 02-28 10744 264.13 02-27 10751 3,751.51 02-21 10733 224.59 02-27 10745 2,055.28 02-22 10753* 123.53 02-27 10734 39.60 02-28 10746 79.48 02-23 10754 1,575.00 02-22 10735 525.00 02-27 10747 676.56 02-22 10756* 228.07 02-26 10736 2,100.00 02-28 10748 292.98 02-23 10758* 8,475.98 02-27 10737 6,050.51 02-23 10749 1,188.24 02-27 10760* 224.37 02-26 10742* 449.00 *DENOTES SEQUENCE BREAK
----------------------------------------------------------------------------------------------------------------------------------- - DAILY BALANCE SUMMARY - ----------------------------------------------------------------------------------------------------------------------------------- DATE BALANCE DATE BALANCE DATE BALANCE 02-01 975,288.83 02-12 813,788.73 02-21 803,600.43 02-02 964,225.62 02-13 752,507.40 02-22 724,766.98 02-05 886,859.02 02-14 690,706.72 02-23 749,442.86 02-06 885,212.83 02-15 522,091.90 02-26 744,754,88 02-07 881,272.72 02-16 512,830.14 02-27 701,973.47 02-08 794,108.94 02-20 538,112.92 02-28 701,336.88 02-09 817,428.03
------------------------------------------------------------------------------- Notice: See reverse side for important information 16 [FLEET LOGO] STATEMENT OF ACCOUNTS PAGE 2 OF 2 9417-544821 STATEMENT DATE 02/28/01 Questions? Call our Business 116 Banking Center at 1-800-PARTNER Cash Reserve Payment UNITEL VIDEO INC CY ----------------- PAYROLL | | 555 WEST 57TH ST ----------------- SUITE 1240 Please remit to: NEW YORK NY 10019 FLEET BANK Cash Reserve PO Box 150456 Hartford, CT. 06115-0456 detach -------------------------------------------------------------------------------- ACCOUNT NO. 9417-544821 CONTINUED PERIOD 02/01/01 THROUGH 02/28/01 -------------------------------------------------------------------------------- - DEBITS AND CREDITS - --------------------------------------------------------------------------------
DATE DEBITS (-) CREDITS (+) DESCRIPTION 02-22 28,466.11 PREAUTHORIZED DDA DEBIT ADP TX/FINCL ADP - TAX 010222 94K1H 022308A01 UNITEL VIDEO INC 020010534356766 CCD 02-22 1,198.93 PREAUTHORIZED DDA DEBIT ADP TX/FINCL ADP - TAX 010222 94K1H 022308B02 UNITEL VIDEO INC 020010534356297 CCD 02-23 33,879.52 PREAUTHORIZED DDA DEBIT UNITEL VIDEO PAYROLL 082071 K1HA01231713238 UNITEL VIDEO INC 020010523088714 PPD 19,704.65
----------------------------------------------------------------------------------------- - CHECKS POSTED - - CHECKS POSTED - - CHECKS POSTED - ----------------------------------------------------------------------------------------- DATE CHECK NO. AMOUNT DATE CHECK NO. AMOUNT DATE CHECK NO. AMOUNT 02-09 2011 641.04 02-27 2016 1,987.61 02-16 6289* 694.11 02-12 2012 2,034.79 02-23 2017 1,469.49 02-28 6289* 694.11 02-09 2013 1,384.74 02-26 2018 799.28 02-14 6290 9,330.20 02-09 2014 799.28 02-01 6285* 1,159.88 02-13 6291 5,219.65 02-23 2015 803.43 02-02 6286 327.00 02-28 6294* 5,762.07 * DENOTES SEQUENCE BREAK -----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------- - DAILY BALANCE SUMMARY - ----------------------------------------------------------------------------------------- DATE BALANCE DATE BALANCE DATE BALANCE 02-01 1,026.65 02-13 9,873.17 02-23 11,733.58 02-02 699.65 02-14 542.97 02-26 10,934.30 02-08 49,759.15 02-16 151.14OD 02-27 8,946.69 02-09 17,127.61 02-20 542.97 02-28 2,490.51 02-12 15,092.82 02-22 47,886.02 -----------------------------------------------------------------------------------------
Notice: See reverse side for important information 17 [FLEET LOGO] STATEMENT OF ACCOUNTS PAGE 1 OF 2 9417-544821 116 D STATEMENT DATE 02/28/01 Questions? Call our Business Banking Center at 1-800-PARTNER Cash Reserve Payment UNITEL VIDEO INC CY PAYROLL 555 WEST 57TH ST Please remit to: SUITE 1240 FLEET BANK NEW YORK NY 10019 14 ENCLOSED ITEMS Cash Reserve PO Box 150456 detach Hartford, CT. 06115-0456
============================================================================================================ BEGINNING DEPOSITS, OTHER CHECKS, WITHDRAWALS, INTEREST ACCOUNT ACTIVITY ENDING CHECKING BALANCE CREDITS OTHER DEBITS PAID & OTHER FEES BALANCE ------------------------------------------------------------------------------------------------------------ 9417-544821 2186.53 153115.31 152811.33 .00 .00 2490.51 ------------------------------------------------------------------------------------------------------------
ACCOUNT NO. 9417-544821 COMMERCIAL CHECKING PERIOD 02/01/01 THROUGH 02/28/01 BUSINESS BANKING CENTER ACCESS CODE 0571 -------------------------------------------------------------------------------- -- DEBITS AND CREDITS -- -------------------------------------------------------------------------------- DATE DEBITS (-) CREDITS (+) DESCRIPTION 02-08 75,413.11 WIRE INTERNAL BOOK TRANS CR 02/08/01 019151 9999010208019151 2001020802689NTR UNITEL VIDEO INC 02-08 25,154.68 PREAUTHORIZED DDA DEBIT ADP TX/FINCL ADP - TAX 010208 94K1H 020906A01 UNITEL VIDEO INC 020010394598731 CCD 02-08 1,198.93 PREAUTHORIZED DDA DEBIT ADP TX/FINCL ADP - TAX 010208 94K1H 020906B02 UNITEL VIDEO INC 020010394598247 CCD 02-09 29,806.48 PREAUTHORIZED DDA DEBIT UNITEL VIDEO PAYROLL 062061 K1HA01231713238 UNITEL VIDEO INC 020010383698781 PPD 02-20 694.11 RETURNED CHECK 02-22 77,008.09 WIRE INTERNAL BOOK TRANS CR 02/22/01 035100 9999010222035100 2001022204757NTR UNITEL VIDEO INC ------------------------------------------------------------------------------- Notice: See reverse side for important information
18 CHECKING 25 [PNC BANK LOGO] PNC BANK Primary account number: 10-0959-6087 FOR THE PERIOD 01/23/2001 TO 02/16/2001 Page 1 of 1 Number of enclosures: 0 UNITEL MOBILE VIDEO 555 W 57TH ST 12TH FL [PHONE GRPAHIC] For 24-hour customer service or NEW YORK NY 10019 current rates: Call 1-877-BUS-BNKG [ENVELOPE GRAPHIC] Write to: Customer Service PO Box 609 Pittsburgh, PA 15230-9738 [COMPUTER GRAPHIC] Visit us at www.pncbank.com [TDD GRAPHIC] TDD terminal: 1-800-531-1648 For hearing impaired clients only
====================================================================================================== CHECKING 25 SUMMARY Unitel Mobile Video Account number: 10-0959-6087 Tax ID number: 23-1713238 Account Link(R) number: 0231713238 ------------------------------------------------------------------------------------------------------ BALANCE SUMMARY Beginning Deposits and Checks and other Ending balance other additions deductions balance 9,918.96 0.00 0.00 9,918.96 Average ledger Average collected balance balance 9,918.96 9,918.96 ------------------------------------------------------------------------------------------------------ DEPOSITS AND OTHER ADDITIONS CHECKS AND OTHER DEDUCTIONS Total 0 0.00 Total 0 0.00