-----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, UFk3/0X85o668TsWgZu+ZEAju5jwkSHIW1qN6+cdtp9HkNfAMLpyeU/u4uh8bNTP i41DGfuG0rJsPRAjzjXuIw== 0001019687-01-500781.txt : 20010907 0001019687-01-500781.hdr.sgml : 20010907 ACCESSION NUMBER: 0001019687-01-500781 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20010401 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20010906 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PREMIER LASER SYSTEMS INC CENTRAL INDEX KEY: 0000878543 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 330476284 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14013 FILM NUMBER: 1732344 BUSINESS ADDRESS: STREET 1: 1 ARGONAUT SUITE 201 CITY: ALISO VIEJO STATE: CA ZIP: 92718 BUSINESS PHONE: 9498590656 MAIL ADDRESS: STREET 1: 1 ARGONAUT SUSITE 201 CITY: AALISO VIEJO STATE: CA ZIP: 92718 8-K 1 premier_8k-090601.txt ================================================================================ 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): April 1, 2001 ----------------- PREMIER LASER SYSTEMS, INC. (Exact name of registrant as specified in its charter) California 0-25242 33-0476284 (State or other jurisdiction of (Commission File Number) (I.R.S. Employer incorporation) Identification No.) 1 Argonaut, Suite 201, Aliso Viejo, CA 92656 (Address of principal executive offices) (Zip Code) -------------------- Registrant's telephone number, including area code: (949) 859-0656 N/A (Former name or former address, if changed since last report) ----------------- ITEM 5. OTHER EVENTS A. August 22, 2001, the United States Bankruptcy Court in the Central District of California (the "Court") confirmed the Debtors' First Amended Joint Plan of Liquidation Dated May 3, 2001 as Modified filed by Premier Laser Systems, Inc. ("Premier") and Eyesys-Premier, Inc. Premier expects that the plan will become effective in late September 2001. The Court also scheduled a deadline of September 21, 2001 for any party alleging entitlement to payment on a claim for payment of costs or expenses of administration specified in Bankruptcy Code Sections 503(b) and 507(a)(1) to file a motion requesting payment with the Court. B. Attached hereto as Exhibits 99.1 through 99.3 and incorporated herein by reference are the debtor in possession operating reports filed by Premier Laser Systems, Inc. with the U.S. Bankruptcy Court for each of the three months ending April 30, 2001 through June 30, 2001. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. The following exhibits are filed as a part of this report: Exhibit No. Description - ----------- ----------- 99.1 Debtor in Possession Operating Report For Period Ending April 30, 2001 with attachments 1 and 2. 99.2 Debtor in Possession Operating Report For Period Ending May 31, 2001 with attachments 1, 2 and 3. 99.3 Debtor in Possession Operating Report For Period Ending June 30, 2001 with attachments 2 and 3. 2 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. PREMIER LASER SYSTEMS, INC. By: /s/ Robert P. Mosier -------------------------------- Robert P. Mosier Date: September 5, 2001 Chief Executive Officer Exhibit No. Description - ----------- ----------- 99.1 Debtor in Possession Operating Report For Period Ending April 30, 2001 with attachments 1 and 2. 99.2 Debtor in Possession Operating Report For Period Ending May 31, 2001 with attachments 1, 2 and 3. 99.3 Debtor in Possession Operating Report For Period Ending June 30, 2001 with attachments 2 and 3. EX-99.1 3 premierlaser_8k-ex991.txt OFFICE OF THE UNITED STATES TRUSTEE EXHIBIT 99.1
- ---------------------------------------------------------- ------------------------------------------ In re: PREMIER LASER SYSTEMS, INC., Debtor DEBTOR IN POSSESSION OPERATING REPORT 1 Argonaut, Suite 201, Aliso Viejo, CA 92656 Report #: 13 Page: 1 of 3 SA00-12031RA For the period FROM: APRIL 1, 2001 TO: APRIL 30, 2001 - ---------------------------------------------------------- ------------------------------------------ 1. Profit and loss Statement a. Related to Business operations: ------------------------------- Gross Sales / A/R Collected $ 676.93 Less: Sales Returns or Discounts 0.00 ------------- Net Sales $ 676.93 Less: Cost of Goods Sold 4,365.40 ------------- Gross Profit $ (3,688.47) Less: Operating Expenses: ------------------------- Officer Compensation 20,656.50 Salaries and Wages - Other Employees 4,663.15 ------------- Total Salaries and Wages 25,319.65 Employee Benefits and Pensions 139.00 139.00 Payroll Taxes 2,165.82 Real Estate Taxes 0.00 Federal and State Income Taxes 0.00 ------------- Total Taxes 2,165.82 Rent and Lease Expense 0.00 Outside Services 129,327.03 Insurance 67,529.92 Security/Alarm 0.00 Utilities (Gas, Electricity, Water, Phone, etc.) 2,552.47 Patent & Securities/Exchange Expenses 11,778.30 Repairs, Maintenance & Gardening 991.01 Supplies, Office Exp., Photocopies, etc. 13,271.36 Computers - Office & Demo Eqpt. 7,466.44 Moving & Storage of Records 7,657.95 Bank Charges 0.00 ------------- Total Other Operating Expenses 240,574.48 ------------- Total Operating Expenses 268,198.95 ------------- NET GAIN/(LOSS) FROM BUSINESS OPERATIONS (271,887.42) b. Income Not Related to Business Operations ----------------------------------------- Interest Income 16,571.29 Vendor Refunds 3,980.24 Health Insurance Payments-Employee, Capitation, Etc. 1,183.72 Gross Proceeds on Sales of Assets 361,725.50 Less: Orig Cost of Assets + Expenses of Sale 2,890.19 Net Gain/Loss on Sale of Assets 0.00 ------------- Total Non-Operating Income 380,570.56 Expenses Not Related to Business Operations ------------------------------------------- UST Quarterly Fees 3,750.00 Court Approved Professional Fees 36,087.75 Costs - Fax/Xerox/Postage 0.00 Claims Review 0.00 Settlements/Judgments-Cozean 41,247.00 ------------- Total Non-Operating Expenses 81,084.75 ------------- NET INCOME (LOSS) FOR PERIOD $ 27,598.39 =============
This financial statement has been prepared on the cash basis of accounting. As this is a liquidating case, the Debtor believes that an accrual based financial statement would be misleading. - -------------------------------------------------------------------------------- Debtor in Possession Operating Report No. 13 Page 2 of 3 - -------------------------------------------------------------------------------- 2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition payable): SEE ATTACHMENT #1 Accrued Accounts Accounts Payroll Payable Receivable ------- ------- ---------- Current Under 30 Days $0 $63,209 $0 Overdue 31 - 60 Days $0 $0 $0 Overdue 61 - 90 Days $0 $0 $0 Overdue 91 - 120 Days $0 $0 $0 Overdue Over 121 Days $0 $0 $622,342 ---------- --------- ---------- TOTAL $0 $63,209 $622,342 ========== ========= ========== 3. Statement of Status of Payments to Secured Creditors and Lessors:
Post Petition Amount of Payments Not Made Frequency of Each Next Pay ----------------- Creditor/Lessor Payment Payment Due Number Amount - --------------- ------- ------- --- ------ ------ SEE ATTACHMENT #2
4. Tax Liability: Gross Payroll Expense for Period: $ 6,828.97 -------------- Gross Sales for Period Subject to Sales Tax $ 0.00 --------------
Date Amount Paid Paid Post Petition Taxes Still Owing ---- ---- ------------------------------- *Federal Payroll & Withholding Taxes $1,915.29 None *State Payroll & Withholding Taxes $250.53 State Sales & Use Taxes $0.00 None Real Property Taxes $0.00 None *Premier Laser Systems, Inc. is on full service with ADP Payroll processing. They deduct all payroll taxes and remit to the correct taxing agency.
Premium 5. Insurance Coverage Carrier/Agent Name Amount of Coverage Policy Exp. Paid ------------------ ------------------ Date Thru Date ---- --------- Workers Compensation HIH/Calco $1M,$1M,$1M 6/1/2001 6/1/2001 Product/Completed Liab. Medmarc/AON $10K ea, $100K agg. 3/20/2002 Waiting for Self Ins. Ea. $50K Invoice $200 agg. * Liability Essex $4M ea, $4M agg 5/7/2002 Waiting for Invoice Directors & Officers Liab. World Wide Facilities/RLI $5M ea., $5m agg. 1/21/2004 1/21/2004 Fire & Extended Coverage Included in Property And General Liability Insurance * Property & Genl Liab. Essex $1M ea., $2M agg. 5/7/2002 Waiting for Invoice Theft Federal Insurance/AON $75K & $75K 5/7/2002 Waiting for Invoice Vehicle (Hired) Federal Insurance/AON $1M 5/7/2002 Waiting for Invoice * Umbrella Policy Century Surety 5/5/2002 Waiting for Invoice
*See attached binder on new insurance policy. Attachment #5 - -------------------------------------------------------------------------------- Debtor in Possession Operating Report No. 13 Page 3 of 3 - -------------------------------------------------------------------------------- 6. Questions A. Has the Debtor in Possession provided compensation to any officers, directors, shareholders 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 the filing of the petition, made 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):
Total SEE ATTACHED STATEMENT # 3 Post-Petition Type of Professional Amount Name of Professional (Attorney, Accountant / etc) Unpaid -------------------- ---------------------------- ------ Knobbe, Marten, Olson & Bear Attorney $76,817.42 O'Melveny & Myers Attorney $523,014.47 Winthrop & Couchet Attorney $210,899.96 Squar Milner Rheel & Williamson Accountants $6,152.36
8. Narrative of Report of Significant Events and Events out of the Ordinary Course of Business: (Attach separate sheet if necessary). SEE ATTACHMENT #4 9. Quarterly Fees:
Total Quarterly Quarter Disbursements Quarterly Date Amount Check Fee Ending For Quarter Fee Paid Paid Number Still Owing ------ ----------- --- ---- ---- ------ ----------- 3/31/2000 $69,829 $500 4/27/2000 $500 10035/10038 $0 6/30/2000 $790,305 $3,750 7/19/2000 $3,750 10352 $0 9/30/2000 $683,186 $3,750 10/16/2000 $3,750 10567 $0 12/31/2000 $1,251,798 $5,000 1/4/2001 $5,000 114 $0 3/31/2001 $503,229 $3,750 4/27/2001 $3,750 2073 $0
I, Robert P. Mosier, President , 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 Robert P. Mosier, President, Debtor in Possession ATTACHMENT #1 April 30, 2001
Vendors >120 Days 91-120 Days 61-90 Days 31-60 Days <30 Days Total - --------------------------------------------------------------------------------------------------------------------- 0.00 - MISC. GENERAL VENDORS 24,695.00 24,695.00 INSURANCE RENEWALS 38,513.55 38,513.55 - - - - - - - - - - - - - - - - --------------------------------------------------------------------------------------------------------------------- Total Accounts Payable 0.00 0.00 0.00 0.00 63,208.55 63,208.55 (1) Various Sales Tax Agencies
ATTACHMENT # 2 3. STATEMENT OF STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS:
- ------------------------------------------------------------------------------------------------------------------------------------ Frequency Post Petition of Payments Amount Next Payments Not Made Notes Creditor/ per Contract/ of Each Payment ----------------------- ----------------------------- Lessor Lease Payment Due Number Amount - ------------------------------------------------------------------------------------------------------------------------------------ 1 William Simmons Monthly 2,000.00 June 4 month office lease 2 Konica(1) Monthly 217.58 June 1 2,200.00 Fax machine, 2028 copier 3 Konica(1) Monthly 328.31 June 1 7490 Copier 3 Konica(1) Monthly 388.42 June 1 5,000.00 7050 Copier, no stip 5 Pitney Bowes Credit Corporation(1) Quarterly 1,395.00 - Zero owed Equip. retrieved 6 Steelcase Financial Services(3) Monthly 381.94 June 1 2,056.00 Equip. sold to Intralase 7 Dell(1) Monthly 965.83 Zero owed Equip. retrieved 8 Green Tree(1) Monthly 778.23 Zero owed Equip. retrieved, laptops 9 IC Capital(2) Monthly 483.78 June no stip yet. 10 Intelenet Monthly 474.00 June 1 505.00 Cancel as of 3/1/01 - ------------------------------------------------------------------------------------------------------------------------------------ 1 Signed Stipulation 2 O'Melveny handling in court 3 Under Negotiation
EX-99.2 4 premierlaser_8k-ex992.txt OFFICE OF THE UNITED STATES TRUSTEE EXHIBIT 99.2
- ---------------------------------------------------------- ------------------------------------------ In re: PREMIER LASER SYSTEMS, INC., Debtor DEBTOR IN POSSESSION OPERATING REPORT 1 Argonaut, Suite 201, Aliso Viejo, CA 92656 Report #: 14 Page: 1 of 3 SA00-12031RA For the period FROM: MAY 1, 2001 TO: MAY 31, 2001 - ---------------------------------------------------------- ------------------------------------------ 1. Profit and loss Statement a. Related to Business operations: ------------------------------- Gross Sales / A/R Collected $ 4,170.11 Less: Sales Returns or Discounts 0.00 ------------- Net Sales $ 4,170.11 Less: Cost of Goods Sold 0.00 ------------- Gross Profit $ 4,170.11 Less: Operating Expenses: ------------------------- Officer Compensation 14,969.50 Salaries and Wages - Other Employees 4,676.19 ------------- Total Salaries and Wages 19,645.69 Employee Benefits and Pensions 0.00 0.00 Payroll Taxes 2,168.88 Real Estate Taxes 0.00 Federal and State Income Taxes 0.00 ------------- Total Taxes 2,168.88 Rent and Lease Expense 4,000.00 Outside Services 30,705.00 Insurance 215.90 Security/Alarm 0.00 Utilities (Gas, Electricity, Water, Phone, etc.) 31.45 Patent & Securities/Exchange Expenses 2,975.00 Repairs, Maintenance & Gardening 0.00 Supplies, Office Exp., Photocopies, etc. 539.60 Computers - Office & Demo Eqpt. 3,268.50 Moving & Storage of Records 1,309.63 Bank Charges 0.00 ------------- Total Other Operating Expenses 43,045.08 ------------- Total Operating Expenses 64,859.65 ------------- NET GAIN/(LOSS) FROM BUSINESS OPERATIONS (60,689.54) b. Income Not Related to Business Operations ----------------------------------------- Interest Income 16,048.63 Vendor Refunds 3,196.40 Health Insurance Payments-Employee, Capitation, Etc. 257.63 Gross Proceeds on Sales of Assets 50,636.01 Less: Orig Cost of Assets + Expenses of Sale 0.00 Net Gain/Loss on Sale of Assets 0.00 ------------- Total Non-Operating Income 70,138.67 Expenses Not Related to Business Operations ------------------------------------------- UST Quarterly Fees 0.00 Court Approved Professional Fees 6,152.36 Costs - Fax/Xerox/Postage 29.00 Claims Review 0.00 Settlements/Judgments-Cozean 0.00 ------------- Total Non-Operating Expenses 6,181.36 ------------- NET INCOME (LOSS) FOR PERIOD $ 3,267.77 =============
This financial statement has been prepared on the cash basis of accounting. As this is a liquidating case, the Debtor believes that an accrual based financial statement would be misleading. - -------------------------------------------------------------------------------- Debtor in Possession Operating Report No. 14 Page 2 of 3 - -------------------------------------------------------------------------------- 2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition payable): SEE ATTACHMENT #1 Accrued Accounts Accounts Payroll Payable Receivable ------- ------- ---------- Current Under 30 Days $0 $81,887 $0 Overdue 31 - 60 Days $0 $12,596 $0 Overdue 61 - 90 Days $0 $0 $0 Overdue 91 - 120 Days $0 $0 $0 Overdue Over 121 Days $0 $0 $622,342 ---------- --------- ---------- TOTAL $0 $94,483 $622,342 ========== ========= ========== 3. Statement of Status of Payments to Secured Creditors and Lessors:
Post Petition Amount of Payments Not Made Frequency of Each Next Pay ----------------- Creditor/Lessor Payment Payment Due Number Amount - --------------- ------- ------- --- ------ ------ SEE ATTACHMENT #2
4. Tax Liability: Gross Payroll Expense for Period: $ 6,845.07 -------------- Gross Sales for Period Subject to Sales Tax $ 0.00 --------------
Date Amount Paid Paid Post Petition Taxes Still Owing ---- ---- ------------------------------- *Federal Payroll & Withholding Taxes $1,917.55 None *State Payroll & Withholding Taxes $251.33 State Sales & Use Taxes - Estimated $50,000.00 Accountants Reconciling - Estimated Real Property Taxes $0.00 None *Premier Laser Systems, Inc. is on full service with ADP Payroll processing. They deduct all payroll taxes and remit to the correct taxing agency.
Premium 5. Insurance Coverage Carrier/Agent Name Amount of Coverage Policy Exp. Paid ------------------ ------------------ Date Thru Date ---- --------- Workers Compensation HIH/Calco $1M,$1M,$1M 06/01/2001 06/01/2001 Product/Completed Liab. Medmarc/AON $10K ea, $100K agg. 03/20/2002 03/02/2001 Self Ins. Ea. $50K $200 agg. * Liability Essex $4M ea, $4M agg 05/07/2002 05/07/2002 * Directors & Officers Liab. World Wide Facilities/RLI $5M ea., $5m agg. 01/21/2004 01/21/2004 Fire & Extended Coverage Included in Property And General Liability Insurance * Property & Genl Liab. Essex $1M ea., $2M agg. 05/07/2002 05/07/2002 * Theft Federal Insurance/AON $75K & $75K 05/07/2002 05/07/2002 * Vehicle (Hired) Federal Insurance/AON $1M 05/07/2002 05/07/2002 * * Umbrella Policy Century Surety 05/05/2002 05/05/2002
*Premiums on insurance were paid 6/11/2001. - -------------------------------------------------------------------------------- Debtor in Possession Operating Report No. 14 Page 3 of 3 - -------------------------------------------------------------------------------- 6. Questions A. Has the Debtor in Possession provided compensation to any officers, directors, shareholders 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 the filing of the petition, made 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):
Total SEE ATTACHED STATEMENT # 3 Post-Petition Type of Professional Amount Name of Professional (Attorney, Accountant / etc) Unpaid -------------------- ---------------------------- ------ Knobbe, Marten, Olson & Bear Attorney $90,109.84 O'Melveny & Myers Attorney $593,081.30 Winthrop & Couchet Attorney $244,891.26 Squar Milner Rheel & Williamson Accountants $17,191.50
8. Narrative of Report of Significant Events and Events out of the Ordinary Course of Business: (Attach separate sheet if necessary). SEE ATTACHMENT #4 9. Quarterly Fees:
Total Quarterly Quarter Disbursements Quarterly Date Amount Check Fee Ending For Quarter Fee Paid Paid Number Still Owing ------ ----------- --- ---- ---- ------ ----------- 03/31/2000 $69,829 $500 04/27/2000 $500 10035/10038 $0 06/30/2000 $790,305 $3,750 07/19/2000 $3,750 10352 $0 09/30/2000 $683,186 $3,750 10/16/2000 $3,750 10567 $0 12/31/2000 $1,251,798 $5,000 01/04/2001 $5,000 114 $0 03/31/2001 $503,229 $3,750 04/27/2001 $3,750 2073 $0
I, Robert P. Mosier, President , 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 Robert P. Mosier, President, Debtor in Possession ATTACHMENT #1 May 31, 2001
Vendors >120 Days 91-120 Days 61-90 Days 31-60 Days <30 Days Total - --------------------------------------------------------------------------------------------------------------------- 0.00 - C. Cozean 9,425.00 11,507.10 20,932.10 CPT Group 30,000.00 30,000.00 Frenkel of California 38,513.75 38,513.75 Pro Building Janitorial Sevice 150.00 150.00 Blue Shield / CobraServ 455.89 455.89 Sierra Group Storage 189.00 189.00 Ceridian Benefit Health Insurance 783.08 783.08 Cox Communications 99.95 99.95 D.Skelton 188.50 188.50 Three Way, Inc. 3,171.00 3,171.00 Various Tax Agencies (estimated) 50,000.00 50,000.00 - - - - - - - --------------------------------------------------------------------------------------------------------------------- Total Accounts Payable 50,000.00 0.00 0.00 12,596.00 81,887.27 144,483.27 (1) Various Sales Tax Agencies
ATTACHMENT #3 May 31, 2001 Professionals >120 Days 91-120 Days 61-90 Days 31-60 Days <30 Days Total - --------------------------------------------------------------------------------------------------------------------------- Squar Milner 4,961.50 12,230.00 17,191.50 O'Melveny & Myers 359,634.97 57,383.00 49,421.50 56,575.00 70,066.83 593,081.30 Winthrop & Couchot 113,872.27 36,074.00 40,841.49 20,112.20 33,991.30 244,891.26 Knobbe, Marten, Olson, & Bear 43,171.86 4,510.00 6,740.85 22,394.71 13,292.42 90,109.84 - --------------------------------------------------------------------------------------------------------------------------- Total Professional Fees 473,507.24 93,457.00 90,262.99 81,648.70 116,288.13 945,273.90 Grand Total (Vendors+Professionals) 1,089,757.17
ATTACHMENT # 2 May 2001 3. STATEMENT OF STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS:
- ------------------------------------------------------------------------------------------------------------------------------------ Frequency Post Petition of Payments Amount Next Payments Not Made Notes Creditor/ per Contract/ of Each Payment ----------------------- ----------------------------- Lessor Lease Payment Due Number Amount - ------------------------------------------------------------------------------------------------------------------------------------ 1 William Simmons Monthly 2,000.00 June 4 month office lease 2 Konica(1) Monthly 217.58 June 1 2,200.00 Fax machine, 2028 copier 3 Konica(1) Monthly 328.31 June 1 7490 Copier 3 Konica(1) Monthly 388.42 June 1 5,000.00 7050 Copier, no stip 5 Pitney Bowes Credit Corporation(1) Quarterly 1,395.00 - Zero owed Equip. retrieved 6 Steelcase Financial Services(3) Monthly 381.94 June 1 2,056.00 Equip. sold to Intralase 7 Dell(1) Monthly 965.83 Zero owed Equip. retrieved 8 Green Tree(1) Monthly 778.23 Zero owed Equip. retrieved, laptops 9 IC Capital(2) Monthly 483.78 June no stip yet. 10 Intelenet Monthly 474.00 June 1 505.00 Cancel as of 3/1/01 - ------------------------------------------------------------------------------------------------------------------------------------ 1 Signed Stipulation 2 O'Melveny handling in court 3 Under Negotiation
EX-99.3 5 premierlaser_8k-ex993.txt OFFICE OF THE UNITED STATES TRUSTEE EXHIBIT 99.3
- ---------------------------------------------------------- ------------------------------------------ In re: PREMIER LASER SYSTEMS, INC., Debtor DEBTOR IN POSSESSION OPERATING REPORT 1 Argonaut, Suite 201, Aliso Viejo, CA 92656 Report #: 15 Page: 1 of 3 SA00-12031RA For the period FROM: JUNE 1, 2001 TO: JUNE 30, 2001 - ---------------------------------------------------------- ------------------------------------------ 1. Profit and loss Statement a. Related to Business operations: ------------------------------- Gross Sales / A/R Collected $ 0.00 Less: Sales Returns or Discounts 0.00 ------------- Net Sales $ 0.00 Less: Cost of Goods Sold 0.00 ------------- Gross Profit $ 0.00 Less: Operating Expenses: ------------------------- Officer Compensation 11,538.50 Salaries and Wages - Other Employees 4,465.85 ------------- Total Salaries and Wages 16,004.35 Employee Benefits and Pensions 417.00 417.00 Payroll Taxes 2,119.21 Real Estate Taxes 0.00 Federal and State Income Taxes 3,000.00 ------------- Total Taxes 5,119.21 Rent and Lease Expense 2,400.00 Outside Services 56,818.14 Insurance 40,359.63 Security/Alarm 0.00 Utilities (Gas, Electricity, Water, Phone, etc.) 810.47 Patent & Securities/Exchange Expenses 1,635.00 Repairs, Maintenance & Gardening 300.00 Supplies, Office Exp., Photocopies, etc. 3,795.56 Computers - Office & Demo Eqpt. 970.86 Moving & Storage of Records 6,942.50 Bank Charges 0.00 ------------- Total Other Operating Expenses 114,032.16 ------------- Total Operating Expenses 135,572.72 ------------- NET GAIN/(LOSS) FROM BUSINESS OPERATIONS (135,572.72) b. Income Not Related to Business Operations ----------------------------------------- Interest Income 15,712.81 Vendor Refunds 5,622.86 Health Insurance Payments-Employee, Capitation, Etc. 749.82 Closure of Old Bank Account 46.00 Gross Proceeds on Sales of Assets 50,000.00 Less: Orig Cost of Assets + Expenses of Sale 125.00 Net Gain/Loss on Sale of Assets 0.00 ------------- Total Non-Operating Income 72,006.49 Expenses Not Related to Business Operations ------------------------------------------- Bankruptcy Fees - Misc. 150.00 Court Approved Professional Fees 4,961.50 Costs - Fax/Xerox/Postage 261.26 Claims Review 413.90 Shareholders Ballot Mailer Re: Joint Plan of Liquidation 85,081.73 ------------- Total Non-Operating Expenses 90,868.39 ------------- NET INCOME (LOSS) FOR PERIOD $(154,434.62) =============
This financial statement has been prepared on the cash basis of accounting. As this is a liquidating case, the Debtor believes that an accrual based financial statement would be misleading. - -------------------------------------------------------------------------------- Debtor in Possession Operating Report No. 15 Page 2 of 3 - -------------------------------------------------------------------------------- 2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition payable): SEE ATTACHMENT #1 Accrued Accounts Accounts Payroll Payable Receivable ------- ------- ---------- Current Under 30 Days $0 $17,940 $0 Overdue 31 - 60 Days $0 $2,221 $0 Overdue 61 - 90 Days $0 $0 $0 Overdue 91 - 120 Days $0 $0 $0 Overdue Over 121 Days $0 $450,000 $622,342 ---------- --------- ---------- TOTAL $0 $470,161 $622,342 ========== ========= ========== 3. Statement of Status of Payments to Secured Creditors and Lessors:
Post Petition Amount of Payments Not Made Frequency of Each Next Pay ----------------- Creditor/Lessor Payment Payment Due Number Amount - --------------- ------- ------- --- ------ ------ SEE ATTACHMENT #2
4. Tax Liability: Gross Payroll Expense for Period: $ 7,002.06 -------------- Gross Sales for Period Subject to Sales Tax $ 0.00 --------------
Date Amount Paid Paid Post Petition Taxes Still Owing ---- ---- ------------------------------- *Federal Payroll & Withholding Taxes $1,880.54 None *State Payroll & Withholding Taxes $238.67 State Sales & Use Taxes - Estimated $50,000.00 Accountants Reconciling - Estimated Real Property Taxes $0.00 None *Premier Laser Systems, Inc. is on full service with ADP Payroll processing. They deduct all payroll taxes and remit to the correct taxing agency.
Premium 5. Insurance Coverage Carrier/Agent Name Amount of Coverage Policy Exp. Paid ------------------ ------------------ Date Thru Date ---- --------- Workers Compensation HIH/Calco $1M,$1M,$1M 06/01/2001 06/01/2001 Product/Completed Liab. Medmarc/AON $10K ea, $100K agg. 03/20/2002 03/02/2001 Self Ins. Ea. $50K $200 agg. * Liability Essex $4M ea, $4M agg 05/07/2002 05/07/2002 * Directors & Officers Liab. World Wide Facilities/RLI $5M ea., $5m agg. 01/21/2004 01/21/2004 Fire & Extended Coverage Included in Property And General Liability Insurance * Property & Genl Liab. Essex $1M ea., $2M agg. 05/07/2002 05/07/2002 * Theft Federal Insurance/AON $75K & $75K 05/07/2002 05/07/2002 * Vehicle (Hired) Federal Insurance/AON $1M 05/07/2002 05/07/2002 * * Umbrella Policy Century Surety 05/05/2002 05/05/2002
*Premiums on insurance were paid 6/11/2001. - -------------------------------------------------------------------------------- Debtor in Possession Operating Report No. 15 Page 3 of 3 - -------------------------------------------------------------------------------- 6. Questions A. Has the Debtor in Possession provided compensation to any officers, directors, shareholders 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 the filing of the petition, made 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):
Total SEE ATTACHED STATEMENT # 3 Post-Petition Type of Professional Amount Name of Professional (Attorney, Accountant / etc) Unpaid -------------------- ---------------------------- ------ Knobbe, Marten, Olson & Bear Attorney $98,276.64 O'Melveny & Myers Attorney $514,267.22 Winthrop & Couchet Attorney $327,160.32 Squar Milner Rheel & Williamson Accountants May/Jun $27,707.00
8. Narrative of Report of Significant Events and Events out of the Ordinary Course of Business: (Attach separate sheet if necessary). SEE ATTACHMENT #4 9. Quarterly Fees:
Total Quarterly Quarter Disbursements Quarterly Date Amount Check Fee Ending For Quarter Fee Paid Paid Number Still Owing ------ ----------- --- ---- ---- ------ ----------- 03/31/2000 $69,829 $500 04/27/2000 $500 10035/10038 $0 06/30/2000 $790,305 $3,750 07/19/2000 $3,750 10352 $0 09/30/2000 $683,186 $3,750 10/16/2000 $3,750 10567 $0 12/31/2000 $1,251,798 $5,000 01/04/2001 $5,000 114 $0 03/31/2001 $503,229 $3,750 04/27/2001 $3,750 2073 $0 06/30/2001 $654,146 $3,750 07/11/2001 $3,750 5094 $0
I, Robert P. Mosier, President , 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 Robert P. Mosier, President, Debtor in Possession ATTACHMENT # 2 June 2001 3. STATEMENT OF STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS:
- ------------------------------------------------------------------------------------------------------------------------------------ Frequency Post Petition of Payments Amount Next Payments Not Made Notes Creditor/ per Contract/ of Each Payment ----------------------- ----------------------------- Lessor Lease Payment Due Number Amount - ------------------------------------------------------------------------------------------------------------------------------------ 1 William Simmons Monthly 2,000.00 July 4 month office lease 2 Konica(1) Monthly 217.58 July 1 2,200.00 Fax machine, 2028 copier 3 Konica(1) Monthly 328.31 July 1 7490 Copier 3 Konica(1) Monthly 388.42 July 1 5,000.00 7050 Copier, no stip 5 Pitney Bowes Credit Corporation(1) Quarterly 1,395.00 - Zero owed Equip. retrieved 6 Steelcase Financial Services(3) Monthly 381.94 July 1 2,056.00 Equip. sold to Intralase 7 Dell(1) Monthly 965.83 Zero owed Equip. retrieved 8 Green Tree(1) Monthly 778.23 Zero owed Equip. retrieved, laptops 9 IC Capital(2) Monthly 483.78 July no stip yet. 10 Intelenet Monthly 474.00 July 1 505.00 Cancel as of 3/1/01 - ------------------------------------------------------------------------------------------------------------------------------------ 1 Signed Stipulation 2 O'Melveny handling in court 3 Under Negotiation
ATTACHMENT #3 May 31, 2001 Professionals >120 Days 91-120 Days 61-90 Days 31-60 Days <30 Days Total - --------------------------------------------------------------------------------------------------------------------------- Squar Milner 12,230.00 15,477.00 27,707.00 O'Melveny & Myers 334,857.51 52,767.88 56,575.00 70,066.83 0.00 514,267.22 Winthrop & Couchot 169,105.34 40,841.49 20,112.20 33,991.30 63,109.99 327,160.32 Knobbe, Marten, Olson, & Bear 47,681.86 6,740.85 22,394.71 13,292.42 8,166.80 98,276.64 - --------------------------------------------------------------------------------------------------------------------------- Total Professional Fees 503,962.85 93,609.37 76,687.20 116,288.13 86,753.79 967,411.18
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