8-K 1 body.htm TRINITY ENERGY 8-K 12-21-2004 Trinity Energy 8-K 12-21-2004

UNITED STATES
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): December 21, 2004

TRINITY ENERGY RESOURCES, INC.
(Exact Name of Registrant as Specified in Charter)

Nevada
000-29333
87-0431497
     
(State or Other Jurisdiction
(Commission File Number)
(IRS Employer
of Incorporation)
  
Identification No.)

c/o Elizabeth M. Guffy, U.S. Trustee
Dewey Ballantine LLP
700 Louisiana, Suite 1900
Houston, TX
(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (713) 445-1500


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
     
 

Item 7.01. Regulation FD Disclosure.
 
On January 31, 2003, Trinity Energy Resources, Inc. (the "Debtor") filed a voluntary petition for reorganization under Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States District Court for the Southern District of Texas, Houston Division (the "Bankruptcy Court"). On April 23, 2003, the Bankruptcy Court appointed Elizabeth M. Guffy as the Chapter 11 Trustee.

The Debtor filed its monthly operating report for the month ended November 30, 2004 (the "November 2004 Report") with the Bankruptcy Court on December 21, 2004. A copy of the November 2004 Report is attached hereto as Exhibit 99.1, and is incorporated herein by reference.

The November 2004 Report was prepared by Gainer Donnely and DesRoches LLP, a certified public accounting firm.

In the future, so long as the Debtor remains under the supervision of the Bankruptcy Court, in lieu of filing quarterly reports on Form 10-Q and annual reports on Form 10-K, the Debtor intends to file on Form 8-K its monthly operating reports as filed with the Bankruptcy Court.

Limitation on Incorporation by Reference

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. The information set forth in this Item 7.01 will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

Item 9.01. Financial Statements and Exhibits.

  (c) Exhibits.

The following is a list of exhibits filed as part of this Current Report on Form 8-K:

  99.1 Monthly Operating Report of Trinity Energy Resources, Inc. for the month ended November 30, 2004.

 
  2   
 
 
SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 

DATE: January 5, 2004
TRINITY ENERGY RESOURCES, INC.
   
 
By:
/s/ Elizabeth M. Guffy
 
Name:
Elizabeth M. Guffy
 
Title:
Trustee

 
  3   
 

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS

CASE NAME: Trinity Energy Resources, Inc. Petition Date: 01/31/03
   
  CASE NUMBER: 03-31453-H3-11
 
TRUSTEE'S MONTHLY OPERATING REPORT SUMMARY FOR NOVEMBER 2004

MONTH
JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
JULY
AUGUST
SEPT
OCT
NOV
REVENUES (MOR-6)
13,119
16,647
15,287
11,564
22,070
23,413
33,495
19,820
33,775
27,250
6,742
INCOME BEFORE INT DEPREC./TAX (MOR-6)
9,783
12,798
12,155
(594)
9,717
 12,222 
15,743
15,043
19,114
8,139
(4,553)
NET INCOME (LOSS) (MOR-6)
8,283
12,000
11,344
(2,094)
9,710
11,222
 14,243 
14,043
18,114
7,139
(5,553)
PAYMENTS TO INSIDERS (MOR-9)
0
0
0
0
0
 0 
0
0
0
0
0
PAYMENTS TO PROFESSIONALS (MOR-9)
0
0
0
0
0
 0 
0
0
0
0
0
TOTAL DISBURSEMENT (MOR-8)
10,947
2,976
4,381
8,348
19,034
4,689
9,293
16,843
9,426
11,891
11,891
 
***The original of this document must be filed with the United States Bankruptcy Court and a copy must be sent to the United States Trustee***

REQUIRED INSURANCE MAINTAINED 
AS OF THE SIGNATURE DATE                      EXP 
                                                                              DATE
CASUALTY         YES( )         NO( )
LIABILITY           YES( X )     NO( )              10-01-03 
VEHICLE              YES( )         NO( ) 
WORKERS *       YES( )         NO(X )           __-__-__ 
*SEE ATTACHED CERTIFICATES FOR COVERAGE INFORMATION.
 
ATTORNEY NAME: Elizabeth M Guffy 
FIRM: Dewey Ballantine LLP 
ADDRESS: 700 Louisiana 
ADDRESS: Suite 1900 
CITY, STATE, ZIP: Houston, TX 77002 
TELEPHONE: 713-445-1500

Are all accounts receivable being collected with in terms?
 
(Yes)           No
 
Are all post-petition liabilities, including taxes being paid within terms?
 
 
(Yes)            No
Have any pre-petition liabilities been paid?
Yes             (No)
If so, describe
 
 
 
 
 
Are all funds received being deposited into Trustee's bank accounts?
 
(Yes)           No
 
Were any assets disposed of outside the normal course of business?
 
Yes            (No)
 
If so, describe
  
 
 
 
Are all U.S. Trustee Quarterly Fee Payments current?
 
(Yes)           No
 
What is the status of your Plan of Reorganization?
The Trustee is in the process of formulating a
plan of reorganization.
 
 
 
I certify under penalty of perjury that the following complete Monthly Operating Report (MOR), consisting of MOR-1 through MOR-9 plus attachments, is true and correct based on the records available to the Trustee.
 
SIGNED /s/ Miles D. Harper III C.P.A.
   
   
TITLE  

 
MOR-1    
 
 
CASE NAME: Trinity Energy Resources, Inc.
CASE NUMBER: 03-31453-H3-11


COMPARATIVE BALANCE SHEETS
 
ASSETS
MONTH
JANUARY
MONTH
FEBRUARY
MONTH
MARCH
MONTH
APRIL
MONIH
MAY
MONTH
JUNE
MONTH
JULY
MONTH
AUGUST
MONTH
SEPT
MONTH
OCT
MONTH
NOV
CURRENT ASSETS
                      
Cash
99,136
110,238
122,184
132,846
137,890
160,293
176,783
173,204
204,787
215,529
306,902
Accounts Receivable, Net
57,393
60,163
59,562
51,553
50,062
46,195
53,178
59,730
52,496
57,113
52,496
Inventory: Lower of Cost or Market
30,833
30,833
30,833
30,833
30,833
30,833
30,833
30,833
30,833
30,833
30,833
Prepaid Expenses
                      
Investments Certificate of Deposit
                      
Other
14,409
14,409
14,409
14,409
14,409
14,409
14,409
14,409
14,409
14,409
14,409
TOTAL CURRENT ASSETS
201,771
215,643
226,988
229,641
233,194
251,730
275,203
278,176
302,525
317,884
404,640
PROPERTY, PLANT @ EQUIPMENT @ COST
1,012,813
1,012,813
1,012,813
1,012,813
1,012,813
1,012,813
1,012,813
1,012,813
1,012,813
1,012,813
1,012,813
Less Accumulated Depreciation
(252,883)
(253,883)
(254,883)
(255,883)
(256,883)
(257,883)
(258,883)
(259,883)
(260,883)
(261,883)
(262,883)
NET BOOK VALUE OF PP&E
759,930
758,930
757,930
756,930
755,930
754,930
753,930
752,930
751,930
750,930
749,930
OTHER ASSETS:
                      
1. Tax Deposits
                      
2. Investments in Subs
                      
3. Bonds, CD's
69,342
69,342
69,342
69,342
69,342
69,342
69,342
69,342
69,342
69,342
69,342
    Long Term portion
4  Note Receivable
12,050
12,050
12,050
12,050
12,050
12,050
12,050
12,050
12,050
12,050
12,050
TOTAL ASSETS
1,043,093
1,055,965
1,066,309
1,067,962
1,070,515
1,088,051
1,110,524
1,112,497
1,135,846
1,150,205
1,235,961

 
MOR-2  Per Schedules and Statements of Affairs  

CASE NAME: Trinity Energy Resources, Inc.
CASE NUMBER: 03-31453-H3-11


COMPARATIVE BALANCE SHEETS
LIABILITIES AND OWNER'
EQUITY
MONTH
JANUARY
MONIH
FEBRUARY
MONTH
MARCH
MONTH
APRIL
MONTH
MAY
MONTH
JUNE
MONTH
JULY
MONTH
AUGUST
MONTH
SEPT
MONTH
OCT
MONTH
NOV
LIABILITIES:
                      
POST -PETITION LIABILITIES (MOR-4)
46,214
47,087
46,087
49,834
42,677
48,992
57,222
45,152
50,387
57,607
48,916
PRE-PEITTION LIABILITIES
                      
Notes Payable-Secured
250,000
250,000
250,000
250,000
250,000
250,000
250,000
250,000
250,000
250,000
250,000
Priority Debt
107,457
107,457
107,457
107,457
107,457
107,457
107,457
107,457
107,457
107,457
107,457
Federal Income Tax
                      
FICA/Withholding
                      
Unsecured Debt
790,499
790,499
790,499
790,499
790,499
790,499
790,499
790,499
790,499
790,499
790,499
Other
484,344
484,344
484,344
484,344
484,344
484,344
484,344
484,344
484,344
484,344
584,344
TOTAL PRE-PETITION LIABILITIES
TOTAL LIABILITIES
1,678,514
1,679,387
1,678,387
1,682,134
1,674,977
1,681,292
1,689,522
1,677,452
1,682,687
1,689,907
1,781,216
OWNER'S EQUITY (DEFICIT)
                      
PREFERRED STOCK
1,375,000
1,375,000
1,375,000
1,375,000
1,375,000
1,375,000
1,375,000
1,375,000
1,375,000
1,375,000
1,375,000
COMMON STOCK
91,807
91,807
91,807
91,807
91,807
91,807
91,807
91,807
91,807
91,807
91,807
ADDITIONAL PAID IN CAPITAL
13,015,349
13,015,349
13,015,349
13,015,349
13,015,349
13,015,349
13,015,349
13,015,349
13,015,349
13,015,349
13,015,349
RETAINED EARNINGS, FILING DATE
                      
RETAINED EARNINGS: POST FILING DATE
(15,115,655)
(15,103,65)
(15,092,312)
(15,094,406)
(15,084,696)
(15,073,475)
(15,059,232)
(15,045,189)
(15,027,075)
(15,019,936)
(15,025,489)
DIFFERENCE IN DEBTOR RETAINED EARNNG
(1,922)
(1,922)
(1,922)
(1,922)
(1,922)
(1,922)
(1,922)
(1,922)
(1,922)
(1,922)
(1,922)
TOTAL OWNERS EQUITY (NET WORTH)
(635,421)
(623,422)
(612,078)
(614,172)
(604,462)
(593,241)
(578,998)
(564,955)
(546,841)
(539,702)
(545,255)
TOTAL LIABILITIES & OWNER'S EQUITY
1,043,093
1,055,965
1,066,309
1,067,962
1,070,515
1,088,051
1,110,524
1,112,497
 1,135,846
1,150,205
1,235,961

 
MOR-3  Per Schedules and Statements of Affairs  
 
 
CASE NAME: Trinity Energy Resources, Inc.
CASE NUMBER: 03-31453-H3-11
 
SCHEDULE OF POST-PETITION LIABILITIES
 
MONTH
JANUARY
MONTH
FEBRUARY
MONTH
MARCH
MONTH
APRIL
MONIH
MAY
MONTH
JUNE
MONTH
JULY
MONTH
AUGUST
MONTH
SEPT
MONTH
OCT
MONTH
NOV
TRADE ACCOUNTS PAYABLE
19,982

20,855
19,855
23,602
16,445
22,760
30,990
18,920
24,155
31,375
22,684
TAX PAYABLE:
  
 
                  
Federal Payroll Tax
2,969
2,969
2,969
2,969
2,969
2,969
2,969
2,969
2,969
2 969
2,969
State Payroll & Sales
                      
Ad Valorem Taxes
                      
Other Taxes
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
Other
                      
TOTAL TAXES PAYABLE
4,969
4,969
4,969
4,969
4,969
4,969
4,969
4,969
4,969
4,969
4,969
SECURED DEBT POST PETITION-BANK LINE OF CREDIT
                      
ACCRUED DIVIDENDS & INTEREST PAYABLE
10,232
10,232
10,232
10,232
10,232
10,232
10,232
10,232
10,232
10,232
10,232
*ACCRUED PROFESSIONAL FEES
                      
OTHER ACCRUED LIABILITIES
                      
1  Salary payable to officer
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
7,500
2  Royalty Payable
3,531
3,531
3,531
3,531
3,531
3,531
3,531
3,531
3,531
3,531
3,531
3  Maintenance assessments to Greenway Council of Owners.
                      
TOTAL POST PETITION LIABILITIES (MOR-3)
46,214
47,087
46,087
49,834
42,677
48,992
57,222
45,152
50,387
57,607
48,916

*Payment Requires Court Approval

 
MOR-4    
 
 
CASE NAME: Trinity Energy Resources, Inc.
CASE NUMBER: 03-31453-H3-11

AGING OF POST-PETITION LIABILITIES
MONTH NOVEMBER 2004
 
DAYS
TOTAL
TRADE
 
ACCTS
FED TAXES
STATE
 
TAXES
AD
VALOREM,
OTHER
OTHER
0-30
6,765
6,765
        
31-60
0
          
61-90
0
 
        
91+
42,151
15,919
2,969
  
2,000
21,263
TOTAL
48,916
22,684
2,969
  
2,000
21,263
 
AGING OF ACCOUNTS RECEIVABLE
 
MONTH
JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
JULY
AUGUST
SEPT
OCT
NOV
0-30 DAYS
13,118
15,888
15,287
7,278
5,787
1,920
8,903
15,455
8,221
4,617
 
31-60 DAYS
                  
8,221
  
61-90 DAYS
                      
91+ DAYS
44,275
44,275
44,275
44,275
44,275
44,275
44,275
44,275
44,275
44,275
52,496
TOTAL
57,393
60,163
59,562
51,553
50,062
46,195
53,178
59,730
52,496
57,113
152,496

 
MOR-5    
 
 
CASE NAME: Trinity Energy Resources, Inc.
CASE NUMBER: 03-31453-H3-11
 
STATEMENT OF INCOME (LOSS)
MONTH
JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
JULY
AUGUST
SEPT
OCT
NOV
                       
REVENUES (MOR-1)
13,119
16,647
15,287
11,564
22,070
23,413
33,495
19,820
33,775
27,250
6,742
TOTAL COST OF REVENUES
3,336
3,849
3,132
12,158
12,353
11,191
17,752
4,777
12,309
7,376
11,295
GROSS PROFIT
9,783
12,798
12,155
(594)
9,717
12,222
15,743
15,043
21,466
19,874
(4,553)
OPERATING EXPENSES
              
 
      
Selling & Marketing
                      
General & Administrative (2)
                
2,352
11,735
  
Insider Compensation
                      
Professional Fees (1)
                      
Other (attach list)
                      
                       
TOTAL OPERATING EXPENSES
0
0
0
0
0
0
0
0
2,352
11,735
0
INCOME BEFORE INT, DEPR/TAX MOR-1
9,783
12,798
12,155
(594)
9,717
12,222
15,743
15,043
19,114
8,139
(4,553)
INTEREST EXPENSE
        
 
    
 
      
DEPRECIATION
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
OTHER (INCOME) EXPENSE *
500
(202)
(189)
500
(993)
  
500
        
OTHER ITEMS**
                      
TOTAL INT, DEPR & OTHER ITEMS
1,500
798
811
1,500
7
1,000
1,500
1,000
1,000
1,000
1,000
NET INCOME BEFORE TAXES
8,283
12,000
11,344
(2,094)
9,710
11,222
14,243
14,043
18,114
7,139
(5,553)
FEDERAL INCOME TAXES
                      
NET INCOME (LOSS) (MOR-1)  
 
12,000
11,344
(2,094)
9,710
11,222
14,243
14,043
18,114
7,139
(5,553)
Accrual Accounting Required, Otherwise Footnote With Explanation 
*  Footnote Mandatory
**Unusual and/or Infrequent item(s) outside the ordinary course of business; requires footnote
1.     January Other Expense - U S Trustee fees.
2.     Feb Other Income - Refunds from WOGC, TWC (see MOR 7 f ootnotes)
3   Mar Other Income - Refunds from IREA (439) less Trustee Bond fee (250)
4.     April Other Expenses - U S Trustee fees.
5.     May Other Income - AT&T Refund

 
MOR-6    

CASE NAME: Trinity Energy Resources, Inc.
CASE NUMBER: 03-31453-H3-11

CASH RECEIPTS AND DISBURSEMENTS
MONTH
 
JANUARY
MONTH
 
FEBRUARY
MONTH
 
MARCH
MONTH
 
APRIL
MONTH
 
MAY
MONTH
 
JUNE
MONTH
 
JULY
MONTH
 
AUGUST
MONTH
 
SEPT
MONTH
 
OCT
MONTH
 
NOV
1. CASH - BEGINNING OF MONTH
99,943
99,136
110,239
122,184
132,846
137,890
160,294
176,783
173,204
204,787
215,529
RECEIPTS
                      
2 CASH SALES
                      
3. COLLECTIONOFACCOUNTS RECEIVABLE
10,140
13,877
16,327
19,010
23,085
27,093
25,783
13,264
41,009
22,633
11,359
4. LOANS AND ADVANCES (attach  list)
                      
5. SALE OF ASSETS  (1)
                      
6. OTHER (attach list)
  
202
    
993
          
100,000
TOTAL RECEIPTS
10,140
14,079
16,326
19,010
24,078
27,093
25,783
13,264
41,009
22,633
111,359
Withdrawal Contribution by Individual Debtor MFR-2*
                      
DISBURSEMENTS
                      
7. NET PAYROLL
                      
8. PAYROLL TAXES PAID
                      
9. SALES USE, & OTHER TAXES PAID
56
  
137
        
1,761
      
10. SECURED / RENTAL / LEASES (1)
                      
11. UTILITIES
139
536
533
549
513
526
402
551
613
401
452
12 INSURANCE
                      
13 INVENTORY PURCHASES
                      
14. VEHICLE EXPENSES
                      
15. TRAVEL & ENTERTAINMENT
                      
16 REPAIRS, MAINTENANCE & SUPPLIES
10,252
2,440
3,711
7,049
18,521
4,163
8,392
14,531
6,623
10,812
8,317
17. ADMINISTRATIVE & SELLING  
      
250
        
2,190
178
11,218
18. OTHER (attach list)                      
TOTAL DISBURSEMENTS FROM OPERATIONS
10,447
2,976
4,381
7,848
19,034
4,689
8,794
16,843
9,426
11,391
19,987
19. PROFESSIONAL FEES
                      
20. U.S. TRUSTEE FEES
500
    
500
    
500
    
500
  
21. OTHER REORGANIZATION EXPENSES (attach list)
                      
TOTAL DISBURSEMENTS
10,947
2,976
4,381
8,348
19,034
4,689
9,294
16,843
9,426
11,891
19,987
22. NET CASH FLOW
(807)
11,103
11,945
10,662
5,044
22,404
16,489
(3,579)
31,583
10,742
91,372
23. CASH-END OF MONTH (MOR-2)
99,136
110,239
122,184
132,846
137,890
160,294
176,783
173,204
204,787
215,529
306,901
 
FEB - OTHER INCOME INCLUDES REFUNDS FROM WOGC ($175) AND TWC ($27)
MAY OTHER INCOME - AT&T REFUND
 
MOR-7  *Applies to Individual debtor's only  
 
 
CASE NAME: Trinity Energy Resources, Inc.
CASE NUMBER: 03-31453-H3-11


CASH ACCOUNTS RECONCILIATION
MONTH OF NOVEMBER 2004

 
COMPASS BANK
  
COMPASS BANK
PREFERRED BANK
  
ACCOUNT NUMBER
#77657223
  
#77657258
    
ACCOUNT TYPE
CHECKING
PAYROLL
TAX
OTHER FUNDS
TOTAL
BANK BALANCE
305,162
  
47
  
305,209
DEPOSIT IN TRANSIT
6,743
      
6,743
OUTSTANDING CHECKS
5,051
  
0
  
5,051
ADJUSTED BANK BALANCE
306,654
  
47
  
306,901
           
BEGINNING CASH - PER BOOKS
215,482
  
47
  
215,529
RECEIPTS
111,359
  
0
  
111,359
TRANSFERS BETWEEN ACCT
0
  
0
  
0
WITHDRAWAL CONTRIBUTIONS-BY INDIVIDUAL DEBTOR MFR-2
0
  
0
  
0
CHECKS/ OTHERS DISBURSEMENTS
19,987
  
0
  
19,987
ENDING CASH -PER BOOKS
306,854
0
47
  
306,901

 
MOR-8    
 
 
CASE NAME: Trinity Energy Resources, Inc.
CASE NUMBER: 03-31453-H3-11

            PAYMENTS TO INSIDERS AND PROFESSIONALS
 
Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(31)(A)-(F) of the U.S. Bankruptcy Code) and the p
Also, for insiders identify the type of compensation paid (e. g, salary , commission, bonus, etc.) (Attach additional - pages as necessary)
INSIDERS; NAME/POSITION/COMP TYPE
MONTH
JANUARY
MONTH
FEBRUARY
MONTH
MARCH
MONTH
APRIL
MONTH
MAY
MONTH
JUNE
MONTH
JULY
MONTH
AUGUST
MONTH
SEPT
MONTH
OCT
MONTH
NOV
1
                      
2.
                      
3.
                      
4.
                      
5.
                      
6.
                      
TOTAL INSIDERS (MOR-1)
0
0
0
0
0
0
0
0
0
0
0


PROFESSIONALS
NAME/ORDER DATE
MONTH
JANUARY
MONTH
FEBRUARY
MONTH
MARCH
MONTH
APRIL
MONTH
MAY
MONTH
JUNE
MONTH
JULY
MONTH
AUGUST
MONTH
SEPT
MONTH
OCT
MONTH
NOV
                       
                       
                       
                       
                       
                       
TOTAL PROFESSIONALS (MOR-1)
0
0
0
0
0
0
0
0
0
0
0

 
MOR-9