EX-99.1 2 0002.txt PERIOD ENDING MARCH 31, 2000 Office of the United States Trustee -------------------------------------------------------------------------------- In re: DEBTOR IN POSSESSION INTERIM STATEMENT -------------------------------------- PREMIER LASER SYSTEMS, INC. 3 Morgan Statement Number: 1 Irvine, CA 92618 ---------- Debtor. For the period FROM: 3/11/00 TO: 3/31/00 ___________________________________ Chapter 11 Case No.: SA00-12645RA --------------------------------------------------------------------------------
General Payroll Tax CASH ACTIVITY ANALYSIS (CASH BASIS ONLY) Account Account Account ------------------ --------------- ----------------- A. Total Receipts per all Prior Interim Statements $-0- $-0- $-0- ------------------ --------------- ----------------- B. Less: Total Disbursements per all Prior Statements -0- -0- -0- ------------------ --------------- ----------------- C. Beginning Balance (A less B) -0- -0- -0- ------------------ --------------- ----------------- D. Receipts during Current Period 383,259.79 2,000.00 200.00 (ATTACH SEPARATE LISTING IF NECESSARY) Description ----------- SEE ATTACHMENT #1 TOTAL RECEIPTS THIS PERIOD: ------------------ --------------- ----------------- E. Balance Available (C plus D) 383,259.79 2,000.00 200.00 ------------------ --------------- ----------------- F. Less: Disbursements during Current Period 69,542.29 266.39 -0- (ATTACH SEPARATE LISTING IF NECESSARY) Date Check No. Payee/Purpose ---- --------- ------------- SEE ATTACHMENT #1 TOTAL DISBURSEMENTS THIS PERIOD: ------------------ --------------- ----------------- G. Ending Balance (E less F) $313,717.50 $1,733.61 $200.00 ------------------ --------------- -----------------
H. (1) General Account (a) Depository Name and Location: California Bank & Trust, 3250 Wilshire Blvd., Los Angeles, CA 90010 (b) Account Number: 3700011381 (2) Payroll Account: (a) Depository Name and Location: California Bank & Trust, 3250 Wilshire Blvd., Los Angeles, CA 90010 (b) Account Number: 3700011111 (3) Tax Account: (a) Depository Name and Location: California Bank & Trust, 3250 Wilshire Blvd., Los Angeles, CA 90010 (b) Account Number: 3700011031 I. Other monies on hand (SPECIFY TYPE AND LOCATION) (i.e. Certificates of Deposit, Petty Cash): Petty Cash $1500 -------------------------------------------------------------------------------- I, (Name/Title: Robert Mahoney / CFO ), declare under penalty of perjury that the information contained in the above Debtor in Possession Interim Statement is true and complete to the best of my knowledge. Dated: 4/17/00 ---------------------------- /s/ Robert Mahoney -------------------------------- Debtor in Possession or Trustee 1 Office of the United States Trustee -------------------------------------------------------------------------------- In re: DEBTOR IN POSSESSION INTERIM STATEMENT -------------------------------------- PREMIER LASER SYSTEMS, INC. 3 Morgan Statement Number: 1 Page 1 of 3 Irvine, CA 92618 ---- Debtor. For the period FROM: 3/11/00 TO: 3/31/00 ___________________________________ Chapter 11 Case No.: SA00-12645RA -------------------------------------------------------------------------------- 1. Profit and Loss Statement (ACCRUAL BASIS ONLY) (SEE ATTACHMENT TWO) A. Related to Business Operations: Gross Sales $ Less: Sales Returns and Discounts Net Sales Less: Cost of Goods Sold: Beginning Inventory at Cost Add: Purchases Less: Ending Inventory at Cost Cost of Goods Sold Gross Profit Other Operating Revenues (Specify) Less: Operating Expenses: Officer Compensation Salaries and Wages - Other Employees Total Salaries and Wages Employee Benefits and Pensions Payroll Taxes Real Estate Taxes Federal and State Income Taxes Total Sales Rent and Lease Exp. (Real Property and Personal Property) Interest Expense (Mortgage, Loan, etc.) Insurance Automobile Expense Utilities (Gas, Electricity, Water, Telephone, etc.) Depreciation and Amortization Repairs and Maintenance Advertising Supplies, Office Expenses, Photocopies, etc. Bad Debts Miscellaneous Operating Expenses (Specify) Total Operating Expenses Net Gain/Loss from Business Operations B. Not Related to Business Operations Income: Interest Income Other Non-Operating Revenues (Specify) Gross Proceeds on Sale of Assets Less: Original Cost of Assets plus Expenses of Sale Net Gain/Loss on Sale of Assets Total Non-Operating Income Expenses Not Related to Business Operation: Legal and Professional Fees (Specify) Other Non-Operating Expenses (Specify) Total Non-Operating Expenses NET INCOME / LOSS FOR PERIOD $ =============== 2 DEBTOR IN POSSESSION OPERATING REPORT NO.: 1 PAGE 3 OF 3 2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition accounts payable): (SEE ATTACHMENT #3, #4) Accounts Payable Accounts Receivable ----------------- ------------------- Current Under 30 Days $71,119.59 $199,867.87 ----------------- ------------------- Overdue 31-60 Days 384,652.22 ----------------- ------------------- Overdue 61-90 Days 366,518.12 ----------------- ------------------- Overdue 91-120 Days ----------------- ------------------- Overdue Over 121 Days 4,456,723.04 ----------------- ------------------- TOTAL $ $5,407,761.25 ----------------- ------------------- 3. Statement of Status of Payments to Secured Creditors and Lessors: (SEE ATTACHMENT # 5)
Frequency Post-Petition Payments of Payments per Amount Next Not Made* Contract / Lease of Each Payment Creditor/Lessor (i.e., mo., qtr.) Payment Due Number Amount -------------------- ------------------- ------------- -------- --------------- --------------- $ $ -------------------- ------------------- ------------- -------- --------------- --------------- -------------------- ------------------- ------------- -------- --------------- --------------- -------------------- ------------------- ------------- -------- --------------- ---------------
*Explanation for Non-Payment:___________________________________________________ ________________________________________________________________________________ 4. Tax Liability: Gross Payroll Expense for Period: $ 67,090.94 Gross Sales for Period Subject to Sales Tax $ 24,356.50
Post-Petition Taxes Still Date Paid* Amount Paid* Owing -------------------- ------------------- ------------- Federal Payroll and Withholding Taxes 3/10/00 $11,756.98 $-0- -------------------- ------------------- ------------- State Payroll and Withholding Taxes 3/10/00 2,789.45 -0- -------------------- ------------------- ------------- State Sales and Use Taxes NET PAID -0- 1,067.83 -------------------- ------------------- ------------- Real Property Taxes INCLUDED IN RENT ---------------------------------------- -------------
*Attach photocopies of depository receipts from taxing authorities or financial institutions to verity that such deposits or payments have been made (SEE ATTACHMENT #6) 5. Insurance Coverage: (SEE ATTACHMENT #7)
Carrier / Amount of Coverage Policy Premium Paid Agent Name Expiration Date Through Date ---------------------- --------------------- ------------------ ------------------ Worker's Compensation HIH/Glen Carlson $1M, $1M, $1M 6/1/00 4/30/00 ---------------------- --------------------- ------------------ ------------------ Liability Fed. Ins. Co. $4 M ea., $4M agg. 9/1/00 9/1/00 ---------------------------------------------------------------------------------- Fire and Extended Coverage Included in Property Add General Liability Insurance ---------------------- --------------------- ------------------ ------------------ Property & General Liability Fed. Ins. Co. 9/1/00 9/1/00 ---------------------- --------------------- ------------------ ------------------ Theft Fed. Ins. Co. $75K & $75K 9/1/00 9/1/00 ---------------------- --------------------- ------------------ ------------------ Life (Beneficiary: Employees) UNUM 1 x annual pay 11/1/00 4/30/00 ---------------------- --------------------- ------------------ ------------------ Vehicle (Hired) Fed. Ins. Co. $1M 9/1/00 9/1/00 ---------------------- --------------------- ------------------ ------------------ Other (Specify): ---------------------- --------------------- ------------------ ------------------ Marine Open Cargo Centennial $500K & $500K 9/1/00 Until Cancelled ---------------------- --------------------- ------------------ ------------------ Patent Infringement Defense AM Int'l. Specialty $2M ea., $2M agg 6/18/00 6/18/00 ---------------------- --------------------- ------------------ ------------------ D&O Rock River & Lloyd's London $10,000,000 12/10/00 12/10/00 ---------------------- --------------------- ------------------ ------------------
DEBTOR IN POSSESSION OPERATING REPORT NO.: 1 PAGE 3 OF 3 6. Questions: A. Has the Debtor in Possession provided compensation to any officers, directors, shareholder, or other principals without the approval of the Office of the United States Trustee? _____: Yes Explain: _____________________________________________________ |X| : No B. Has the Debtor in Possession, subsequent to filing the petition, made any payments on its pre-petition unsecured debt, except as have been authorized by the Court? _____: Yes Explain: _____________________________________________________ |X| : No 7. Statement of Unpaid Professional Fees (Post-Petition Amounts ONLY)
State Type of Professional Total Post-Petition Name of Professional (Attorney / Accountant / etc.) Amount Paid ----------------------------------- ------------------------------ ---------------------------- Knobbe, Martins, Olson & Bear Attorney $5,837.22 ----------------------------------- ------------------------------ ---------------------------- O'Melveny & Myers Attorney 55,114.00 ----------------------------------- ------------------------------ ---------------------------- ----------------------------------- ------------------------------ ---------------------------- ----------------------------------- ------------------------------ ---------------------------- ----------------------------------- ------------------------------ ----------------------------
8. Narrative Report of Significant Events and Events out of the Ordinary Course of Business (ATTACH SEPARATE SHEET IF NECESSARY) ---------------------------------------------------------------------------- None ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 9. Quarterly Fees: (This Fee must be paid to the United States Trustee every calendar quarter)
Quarterly Total Quarterly Fee Period Ending Disbursements Quarterly Fee Date Amount Still Owing for Quarter Paid Paid Check No. ---------------- ----------------- --------------- -------------- --------------- --------------- --------------- 3/31/00 $69,888.68 $500.00 $ $500.00 ---------------- ----------------- --------------- -------------- --------------- --------------- --------------- ---------------- ----------------- --------------- -------------- --------------- --------------- --------------- ---------------- ----------------- --------------- -------------- --------------- --------------- --------------- ---------------- ----------------- --------------- -------------- --------------- --------------- --------------- ---------------- ----------------- --------------- -------------- --------------- --------------- --------------- ---------------- ----------------- --------------- -------------- --------------- --------------- --------------- ---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
I, (Name/Title: Robert Mahoney / CFO ), declare under penalty of perjury that the information contained in the above Debtor in Possession Operating Report is true and complete to the best of my knowledge. Dated: 4/17/00 ------------------- /s/ Robert Mahoney ------------------------------- Debtor in Possession of Trustee -2- ATTACHMENT #2
1. Profit and Loss Statement (Accrual Basis Only) A. Related to Business Operations Gross Sales 73,705.50 Less: Sales Returns and Discounts - ---------------- Net Sales 73,705.50 Less: Cost of Goods Sold: Beginning Inventory at Cost Add: Purchases Less: Ending Inventory at Cost Cost of Goods Sold 74,512.95 (1) & (2) ---------------- Gross Profit (807.45) Other Operating Revenues - Less: Operating Expenses: Officer Compensation 45,961.54 Salaries and Wages-Other Employees 20,214.00 ---------------- Total Salaries and Wages 66,175.54 Outside Services 27,537.25 Board of Directors Fees 8,195.19 Employee Benefits and Pensions Payroll Taxes 2,122.65 Real Estate Taxes 1,033.94 Federal and State Income Taxes ---------------- Total Taxes 3,156.59 Rent and Lease Expense 23,009.10 Interest Expense Insurance 2,316.35 Automobile Expense Utilities 2,511.09 Depreciation 96,225.95 Repairs and Maintenance Advertising Supplies, Office Expense, Photocopies, etc. 474.73 Bad Debts Miscellaneous Operating Expenses: Legal 6,899.85 Travel 13.32 Entertainment 106.86 Securities expense 710.00 ADP fees 244.89 Other 381.94 Total Miscellaneous Operating Expenses 8,356.86 Total Operating Expenses 237,958.65 ---------------- Net Gain/Loss from Business Operations (238,766.10) ================ B. Not Related to Business Operations Income: Interest Income Other Non-Operating Revenues Gross Proceeds on Sale of Assets Less: Original Cost of Assets plus Expense of Sale ---------------- Net Gain/Loss on Sale of Assets - ---------------- Total Non-Operating Income - ---------------- Expenses Not Related to Business Operations: Legal and Professional Fees 82,055.00 Other Non-Operating Expenses 830.00 ---------------- Total Non-Operating Expenses 82,885.00 ---------------- NET INCOME/LOSS FOR PERIOD (321,651.10) ================ (1)Includes $915.40 of non-officer compensation (2)Includes $4,563.90 of rent
ATTACHMENT # 3 Vendors Amount --------------------------------------------------------------------------- O'Melveny & Myers 55,114.00 Knobbe Marten 5,837.22 Efrain Gonzales 840.00 Harvey Miller 351.31 Southern California Edison 1,863.28 Michael Quinn 4,674.34 United States Trustee 500.00 IRS 735.69 Franchise Tax Board 135.92 Tax Agencies 1,067.83 (1) --------------------------------------------------------------------------- 71,119.59 (1) various sales tax agencies ATTACHMENT # 5 3. Statement of Status of Payments to Secured Creditors and Lessors:
Frequency Post Petition of Payments Amount Next Payments Not Made Creditor/ per Contract/ of Each Payment ----------------- Lessor Lease Payment Due Number Amount (1) ------------------------------------------------------------------------------------------------ 1 The Irvine Company Monthly 38,241.00 1-Apr 2 Konica Monthly 217.58 11-Mar 1 147.39 3 Konica Monthly 328.31 11-Mar 1 222.40 4 Konica Monthly 388.42 27-Mar 1 263.12 5 Pitney Bowes Credit Corporation Quarterly 1,395.00 10-May 1 945.00 6 Steelcase Financial Services Monthly 381.94 15-Mar 1 258.73 7 Dell Monthly 965.83 19-Mar 1 654.27 8 Green Tree Monthly 778.23 20-Mar 1 527.19 9 IC Capital Monthly 483.78 22-Mar 1 327.72 10 Intelenet Monthly 474.00 15-Mar 1 321.10 ------------------------------------------------------------------------------------------------ * Explanation for Non-Payment: Premier Laser Systems was deciding what leases to assume in bankruptcy.
(1) Prorata amount = monthly payment x 21 days/31 days plus one month payment