EX-99.2 3 0003.txt PERIOD ENDING APRIL 30, 2000 Office of the United States Trustee -------------------------------------------------------------------------------- In re: DEBTOR IN POSSESSION INTERIM STATEMENT -------------------------------------- PREMIER LASER SYSTEMS, INC. 3 Morgan Statement Number: 2 Irvine, CA 92618 ---------- Debtor. For the period FROM: 04/01/00 TO: 04/30/00 ___________________________________ 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 $383,259.21 $2,000.00 $ 200.00 ------------------ --------------- ----------------- B. Less: Total Disbursements per all Prior Statements 69,542.29 266.34 -0- ------------------ --------------- ----------------- C. Beginning Balance (A less B) 313,717.50 1,733.61 200.00 ------------------ --------------- ----------------- D. Receipts during Current Period 617,467.26 10,327.00 -0- (ATTACH SEPARATE LISTING IF NECESSARY) Description ----------- SEE ATTACHMENT #1 TOTAL RECEIPTS THIS PERIOD: ------------------ --------------- ----------------- E. Balance Available (C plus D) 931,184.76 12,060.61 200.00 ------------------ --------------- ----------------- F. Less: Disbursements during Current Period 101,443.82 19,740.85 -0- (ATTACH SEPARATE LISTING IF NECESSARY) Date Check No. Payee/Purpose ---- --------- ------------- SEE ATTACHMENT #1 TOTAL DISBURSEMENTS THIS PERIOD: ------------------ --------------- ----------------- G. Ending Balance (E less F) $826,710.94 $(7,680.24) $ 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: 5/15/00 ---------------------------- /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: 2 Page 1 of 3 Irvine, CA 92618 ---- Debtor. For the period FROM: 04/01/00 TO: 04/30/00 ___________________________________ 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.: 2 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 $ 113,697.88 $ 27,561 ----------------- ------------------- Overdue 31-60 Days 71,951.22 118,843 ----------------- ------------------- Overdue 61-90 Days 345,600 ----------------- ------------------- Overdue 91-120 Days ----------------- ------------------- Overdue Over 121 Days 4,797,971 ----------------- ------------------- TOTAL $ $5,359,975 ----------------- ------------------- 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: $ Gross Sales for Period Subject to Sales Tax $
Post-Petition Taxes Still Date Paid* Amount Paid* Owing ------------------------- ------------------- ------------- Federal Payroll and Withholding Taxes 3/10/00, 4/20/00, 5/4/00 16,579.89 3,473.46 ------------------------- ------------------- ------------- State Payroll and Withholding Taxes 3/10/00, 4/20/00, 5/4/00 3,850.29 540.43 ------------------------- ------------------- ------------- State Sales and Use Taxes NET PAID -0- 1,883.21 ------------------------- ------------------- ------------- 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.: 2 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 133,611.00 ----------------------------------- ------------------------------ ---------------------------- Winthrop Couchot Attorney 22,000.00 ----------------------------------- ------------------------------ ---------------------------- ----------------------------------- ------------------------------ ---------------------------- ----------------------------------- ------------------------------ ----------------------------
8. Narrative Report of Significant Events and Events out of the Ordinary Course of Business (ATTACH SEPARATE SHEET IF NECESSARY) ---------------------------------------------------------------------------- On April 7, 2000, the company received the second of three scheduled ---------------------------------------------------------------------------- payments (in the amount of $500,000.00) in connection with the sale of its ---------------------------------------------------------------------------- research project, Topomax, on March 8, 2000. ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 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 $69,808.68 $500.00 4/27/00 $ 500.00 10035, 10038 $ 0 ---------------- ----------------- --------------- -------------- --------------- --------------- --------------- ---------------- ----------------- --------------- -------------- --------------- --------------- --------------- ---------------- ----------------- --------------- -------------- --------------- --------------- --------------- ---------------- ----------------- --------------- -------------- --------------- --------------- --------------- ---------------- ----------------- --------------- -------------- --------------- --------------- --------------- ---------------- ----------------- --------------- -------------- --------------- --------------- --------------- ---------------- ----------------- --------------- -------------- --------------- --------------- ---------------
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: 5/17/00 ------------------- /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 63,544.70 Less: Sales Returns and Discounts 31,753.00 ---------------- Net Sales 31,791.70 Less: Cost of Goods Sold: Beginning Inventory at Cost Add: Purchases Less: Ending Inventory at Cost Cost of Goods Sold 99,875.51 ---------------- Gross Profit (68,083.81) Other Operating Revenues - Less: Operating Expenses: Officer Compensation 60,499.99 Salaries and Wages-Other Employees 24,224.44 ---------------- Total Salaries and Wages 84,724.43 Outside Services 45,635.00 Board of Directors Fees 4,000.00 Employee Benefits and Pensions Payroll Taxes 637.04 Real Estate Taxes Federal and State Income Taxes ---------------- Total Taxes 637.04 Rent and Lease Expense 22,421.73 Interest Expense Insurance - Automobile Expense Utilities - Depreciation 130,143.51 Repairs and Maintenance Advertising Supplies, Office Expense, Photocopies, etc. Bad Debts Miscellaneous Operating Expenses: Legal 183.40 Travel 5,600.07 Entertainment Securities expense 1,250.00 ADP fees Other 1,506.97 ---------------- Total Miscellaneous Operating Expenses 8,540.44 ---------------- Total Operating Expenses 296,102.15 ---------------- Net Gain/Loss from Business Operations (364,185.96) ================ 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 100,497.00 Other Non-Operating Expenses ---------------- Total Non-Operating Expenses 100,497.00 ---------------- NET INCOME/LOSS FOR PERIOD (464,682.96) ================
ATTACHMENT # 3 Vendors Amount --------------------------------------------------------------------------- O'Melveny & Myers 133,611.00 Knobbe Marten Olson & Bear 5,837.22 Winthrop & Couchot 22,000.00 Tax Agencies 1,883.21 Chung Hwan Hahm 4,880.00 Konica Bus Technologies 417.17 Konica Processing Center 545.89 Olga Bracamontes-Independent 195.50 Tommy Nguyen 144.00 Irvine Ranch Water District 279.39 Pacific Bell 1,118.95 So. Ca. Gas Company 491.22 So. Cal. Edison 3,762.77 AT & T 1,066.36 American Stock Transfer 2,096.75 Employers Group 292.50 Arrowhead Mt. Water 41.91 Qwest-Long Distance Telephone 3,595.27 PublicEase 360.00 United Building Services 2,032.05 Steelcase Financial 381.94 Thu Thuy Nguyen-Independ. Ctr. 616.00 --------------------------------------------------------------------------- Total 185,649.10 (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-May 2 Konica Monthly 217.58 11-May 3 Konica Monthly 328.31 11-May 4 Konica Monthly 388.42 27-May 5 Pitney Bowes Credit Corporation Quarterly 1,395.00 10-May 1 1,395.00 6 Steelcase Financial Services Monthly 381.94 15-May 7 Dell Monthly 965.83 19-Mar 2 1,620.10 8 Green Tree Monthly 778.23 20-Mar 2 1,305.42 9 IC Capital Monthly 483.78 22-Mar 2 811.50 10 Intelenet Monthly 474.00 15-Mar 2 795.10 -------------------------------------------------------------------------------------------------- * 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