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