EX-99.1 2 a4770935ex991.txt FRESH CHOICE, INC. EXHIBIT 99.1 Exhibit 99.1 UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF CALIFORNIA In re: Fresh Choice, Inc | Case No. 04-54318 (ASW) 485 Cochrane Circle | ------------- Morgan Hill, CA 95037 | CHAPTER 11 | MONTHLY OPERATING REPORT | (GENERAL BUSINESS CASE) _____________________________________________________| SUMMARY OF FINANCIAL STATUS MONTH ENDED: 10/31/04 (1) PETITION DATE: 07/12/04 ------------- ---------- 1. Debtor in possession (or trustee) hereby submits this Monthly Operating Report on the Accrual Basis of accounting (or if checked here _____ the Office of the U.S. Trustee or the Court has approved the Cash Basis of Accounting for the Debtor). Dollars reported in $1 --- As End of Current End of Prior of Petition 2. Asset and Liability Structure Month Month Filing ----- ----- ------ a. Current Assets $ 7,135,517 $ 7,013,514 ------------- ------------- b. Total Assets $ 23,245,812 $ 23,320,210 $ 22,899,629 ------------- ------------- -------------- c. Current Liabilities $ 6,950,244 $ 6,436,066 ------------- ------------- d. Total Liabilities $ 21,801,539 $ 21,205,966 $ 19,707,707 ------------- ------------- -------------- 3. Statement of Cash Receipts & Cumulative Disbursements Current Month Prior Month Case to Date ------------- ------------- -------------- a. Total Receipts $ 5,218,705 $ 5,345,847 $ 22,407,059 ------------- ------------- -------------- b. Total Disbursements $ 4,946,138 $ 5,469,159 $ 20,934,954 ------------- ------------- -------------- c. Excess (Deficiency) of Receipts Over Disbursements (a - b) $ 272,567 $ (123,312) $ 1,472,105 ------------- ------------- -------------- e. Cash Balance Beginning of Month $ 2,524,013 $ 2,647,325 ------------- ------------- f. Cash Balance End of Month (c + d) $ 2,796,580 $ 2,524,013 ------------- ------------- Cumulative Current Month Prior Month Case to Date ------------- ------------- -------------- 4. Profit/(Loss) from the Statement of Operations $ (669,971) $ (567,959) $ (5,251,978) ------------- ------------- -------------- 5. Account Receivables (Pre and Post Petition) $ 157,314 $ 167,791 ------------- ------------- 6. Post-Petition Liabilities $ 9,208,266 $ 8,327,338 ------------- ------------- 7. Past Due Post-Petition Account Payables (over 30 days) $ - $ - ------------- ------------- At the end of this reporting month: Yes No --- -- 8. Have any payments been made on pre-petition debt, other than X payments in the normal course to secured creditors or lessors? ----- (if yes, attach listing including date of payment, amount of payment and name of payee) (see note 2) 9. Have any payments been made to professionals? (if yes, attach X listing including date of payment, amount of payment and name of ---- payee) 10. If the answer is yes to 8 or 9, were all such payments approved X by the court? ----- 11. Have any payments been made to officers, insiders, shareholders, X relatives? (if yes, attach listing including date of payment, ----- amount and reason for payment, and name of payee) 12. Is the estate insured for replacement cost of assets and for X general liability? ----- 13. Are a plan and disclosure statement on file? X ---- 14. Was there any post-petition borrowing during this reporting X period? ---- 15. Check if paid: Post-petition taxes X ; U.S. Trustee Quarterly Fees X --- --- Check if filing is current for: Post-petition tax reporting and tax returns X --- (Attach explanation if post-petition taxes or U. S. Trustee Quarterly Fees are not paid, or tax return filings are not current.) Notes: (1) The Debtor's financial statements are not maintained on a calendar month end, they are maintained by period -- each with 4 weeks. The financial statements represented in this Monthly Operating Report cover the four-week period from October 4, 2004 through October 31, 2004. The petition was filed on July 12, 2004, so all of the activity is post-petition. (2) On July 12, 2004 and July 14, 2004, this court entered certain orders authorizing, but not requiring, the debtor to pay certain pre- petition obligations including: accrued employee wages, salaries and contributions to employee benefit's plan, the debtor's share of certain payroll taxes, pre-petition sales, use and similar taxes in the ordinary course of business. I declare under penalty of perjury I have reviewed the above summary and attached financial statements, and after making reasonable inquiry believe these documents are correct. Date: 11/19/04 /s/ David Pertl ---------- --------------- David Pertl
STATEMENT OF OPERATIONS (General Business Case) For the Month Ended 10/31/04 -------- Current Month -------------------------------------- Cumulative Next Month Actual Forecast Variance Case to Date Forecast ------ -------- -------- ------------ ---------- Revenues: $ 4,822,595 $ 4,806,039 $ 16,556 1 Gross Sales $ 20,697,784 $ 4,820,589 ----------- ----------- ----------- ------------ ------------- $ - 2 less: Sales Returns & Allowances ----------- ----------- ----------- ------------ ------------- $ 4,822,595 $ 4,806,039 $ 16,556 3 Net Sales $ 20,697,784 $ 4,820,589 ----------- ----------- ----------- ------------ ------------- $ 2,917,202 $ 2,901,722 $ (15,480) 4 less: Cost of Goods Sold (Note 1)(Schedule 'B')$ 12,089,295 $ 2,903,833 ----------- ----------- ----------- ------------ ------------- $ 1,905,393 $ 1,904,317 $ 1,076 5 Gross Profit $ 8,608,489 $1,916,756 ----------- ----------- ----------- ------------ ------------- $ - $ - $ - 6 Interest $ - $ - ----------- ----------- ----------- ------------ ------------- $ 221 $ - $ 221 7 Other Income: $ 537 $ - ----------- ----------- ----------- ---------------- ------------ ------------- $ - 8 ----------- ----------- ----------- ------------------------------- ------------ ------------- $ - $ - 9 ----------- ----------- ----------- ------------------------------- ------------ ------------- $ 1,905,614 $ 1,904,317 $ 1,297 10 Total Revenues $ 8,609,026 $ 1,916,756 ----------- ----------- ----------- ------------ ------------- Expenses: $ 75,515 $ 80,406 $ 4,891 11 Compensation to Owner(s)/Officer(s) $ 301,372 $ 70,807 ----------- ----------- ----------- ------------ ------------- $ 70,723 $ 144,083 $ 73,360 12 Salaries $ 486,402 $ 104,501 ----------- ----------- ----------- ------------ ------------- $ - $ - 13 Commissions $ - ----------- ----------- ----------- ------------ ------------- $ 8,200 $ (8,200) 14 Contract Labor $ 57,550 ----------- ----------- ----------- Rent/Lease: ------------ ------------- $ - 15 Personal Property $ 34,751 ----------- ----------- ----------- ------------ ------------- $ 720,941 $ 794,069 $ 73,128 16 Real Property (See Note 2) $ 2,937,941 $ 794,069 ----------- ----------- ----------- ------------ ------------- $ 45,399 $ (45,399) 17 Insurance $ 191,517 ----------- ----------- ----------- ------------ ------------- $ 62,123 $ (62,123) 18 Management Fees (Credit Cd. Processing) $ 251,168 ----------- ----------- ----------- ------------ ------------- $ 190,448 $ 190,492 $ 44 19 Depreciation & Amortization $ 796,363 $ 190,492 ----------- ----------- ----------- ----------- Taxes: ------------ ------------- $ 11,695 $ (11,695) 20 Employer Payroll Taxes $ 184,615 ----------- ----------- ----------- ------------ ------------- $ 45,526 $ (45,526) 21 Real Property Taxes $ 180,278 ----------- ----------- ----------- ------------ ------------- $ 3,070 $ (3,070) 22 Other Taxes $ 14,004 ----------- ----------- ----------- ------------ ------------- $ 217,162 $ 195,386 $ (21,776) 23 Advertising $ 878,863 $ 164,453 ----------- ----------- ----------- ------------ ------------- $ 14,236 $ 131,760 $ 117,524 24 G&A $ 170,205 $ 230,418 ----------- ----------- ----------- ------------ ------------- $ 20,535 $ 63,892 $ 43,357 25 Interest $ 120,824 $ 20,535 ----------- ----------- ----------- ------------ ------------- $ 5,708 $ (5,708) 26 Other Expenses:Legal fees & Audit $ 78,475 ----------- ----------- ----------- ------------ ------------ ------------- $ 30,297 $ (30,297) 27 Professional Fees $ 122,076 ----------- ----------- ----------- ------------------------------- ------------ ------------- $ 17,124 $ (17,124) 28 Travel Expenses/Meals/ Ent $ 48,137 ----------- ----------- ----------- ------------------------------- ------------ ------------- $ 15,464 $ (15,464) 29 Storage $ 42,594 ----------- ----------- ----------- ------------------------------- ------------ ------------- $ 232,550 $ 324,513 $ 91,963 30 Others (See Note 3) $ 857,688 $ 224,497 ----------- ----------- ----------- ------------------------------- ------------ ------------- $ 276,757 $ 271,980 $ (4,777) 31 Utilities $ 1,144,205 $ 271,980 ----------- ----------- ----------- ------------------------------- ------------ ------------- $ 100,976 $ 100,787 $ (189) 32 Repairs & Maintenance $ 439,137 $ 98,186 ----------- ----------- ----------- ------------------------------- ------------ ------------- $ 4,967 $ (4,967) 33 License & Permits $ 18,171 ----------- ----------- ----------- ------------------------------- ------------ ------------- $ - 34 ----------- ----------- ----------- ------------------------------- ------------ ------------- $ 2,169,416 $ 2,297,368 $ 127,952 35 Total Expenses $ 9,356,335 $ 2,169,938 ----------- ----------- ----------- ------------ ------------- $ (263,803) $ (393,051) $ 129,249 36 Subtotal $ (747,310) $ (253,182) ----------- ----------- ----------- ------------ ------------- Reorganization Items: ------------ ------------- $ (237,835) $ (235,000) $ 2,835 37 Professional Fees $ (862,752) $ (237,835) ----------- ----------- ----------- ------------ ------------- $ - $ - $ - 38 Provisions for Rejected Executory Contracts $ - $ - ----------- ----------- ----------- ------------ ------------- $ - $ - $ - 39 Interest Earned on Accumulated Cash from $ - $ - Resulting Chp 11 Case ------------ ------------- $ 1,371 $ - $ 1,371 40 Gain or (Loss) from Sale of Equipment $ 288 $ - ----------- ----------- ----------- ------------ ------------- $ (3,043) $ - $ 3,043 41 U.S. Trustee Quarterly Fees $ (13,369) $ (3,043) ----------- ----------- ----------- ------------ ------------- $ (169,531) $ - $ 169,531 42 Store Closure Expenses & Asset $ (3,631,705) $ - ----------- ----------- ----------- ------------ ------------- Impairment Expenses ------------ $ (409,039) $ (235,000) $ (174,039) 43 Total Reorganization Items $ (4,507,539) $ (240,878) ----------- ----------- ----------- ------------ ------------- $ (672,841) $ (628,051) $ (44,790) 44 Net Profit (Loss) Before Federal & State Taxes $ (5,254,848) $ (494,060) ----------- ----------- ----------- ------------ ------------- $ (2,870) $ 2,870 45 Federal & State Income Taxes $ (2,870) $ - ----------- ----------- ----------- ------------ ------------- $ (669,971) $ (628,051) $ (41,920) 46 Net Profit (Loss) $ (5,251,978) $ (494,060) =========== =========== =========== ============ ============= Attach an Explanation of Variance to Statement of Operations (For variances greater than +/- 10% only):
Fresh Choice, Inc. (Case # 04-54318 ASW) Notes to the Statement of Operations as of October 31, 2004 Notes: (1) Cost of Goods Sold includes restaurant labor and benefits which is standard for the restaurant industry. (2) Real Property Amount --------------- Rent Expense 577,297 Common Ground Maintenance 143,645 --------------- Total 720,941 (3) Other Admin Amount --------------- Deposits Over/Short -561 Cash Over -1,370 Cash Short 1,994 Freight, Express, Cartage 7,599 Services 80,435 Supplies 111,704 Misc. Operating Expense 1,014 Auto Related Expense 3,298 Auto Incentive -2,933 Bank Charges 11,777 Penalties & Late fees 300 Payroll Processing Fees 4,644 Real Time Fee 8,418 Recruiting 1,732 Management Trainging & Development 4,501 --------------- Total 232,550
BALANCE SHEET (General Business Case) FOr the Month Ended 10/31/04 Assets From Schedules Market Value(1) -------------- --------------- Current Assets 1 Cash and cash equivalents - unrestricted $ 2,796,580 --------------------- 2 Cash and cash equivalents - restricted --------------------- 3 Accounts receivable (net) A $ 157,314 --------------------- 4 Inventory B $ 365,679 --------------------- 5 Prepaid expenses $ 325,627 --------------------- 6 Professional retainers --------------------- 7 Other:Assets Held for Sale $ 3,490,318 -------------------------------------- --------------------- 8 -------------------------------------------- --------------------- 9 Total Current Assets $ 7,135,517 --------------------- Property and Equipment (Market Value) 10 Real property C $ 2,540,029 --------------------- 11 Machinery and equipment D $ 2,668,707 --------------------- 12 Furniture and fixtures D $ 2,589,191 --------------------- 13 Office equipment D $ 52,036 --------------------- 14 Leasehold improvements D $ 7,196,574 --------------------- 15 Vehicles D $ 7,635 --------------------- 16 Other: D -------------------------------------- --------------------- 17 D -------------------------------------------- --------------------- 18 D -------------------------------------------- --------------------- 19 D -------------------------------------------- --------------------- 20 D -------------------------------------------- --------------------- 21 Total Property and Equipment $ 15,054,171 --------------------- Other Assets 22 Loans to shareholders --------------------- 23 Loans to affiliates --------------------- 24 Deposits (See Note 4) $ 888,283 -------------------------------------------- --------------------- 25 Intangible $ 167,841 -------------------------------------------- --------------------- 26 -------------------------------------------- --------------------- 27 -------------------------------------------- --------------------- 28 Total Other Assets $ 1,056,124 --------------------- 29 Total Assets $ 23,245,812 ===================== NOTE: Indicate the method used to estimate the market value of assets (e.g., appraisals; familiarity with comparable market prices, etc.) and the date the value was determined.
Liabilities and Equity (General Business Case) Liabilities From Schedules Post-Petition Current Liabilities 30 Accrued salaries and wages $ 1,387,115 --------------------- 31 Payroll taxes --------------------- 32 Real and personal property taxes --------------------- 33 Income taxes --------------------- 34 Sales taxes payable $ 455,264 --------------------- 35 Notes payable (short term) --------------------- 36 Accounts payable (trade) A $ 688,901 --------------------- 37 Real property lease arrearage --------------------- 38 Personal property lease arrearage --------------------- 39 Accrued professional fees $ 868,025 --------------------- 40 Current portion of long-term post-petition debt (due within 12 months) --------------------- 41 Other: Other Accrued Expense (Note 2) $ 3,550,940 ---------------------------------------------- --------------------- 42 -------------------------------------- --------------------- 43 -------------------------------------- --------------------- 44 Total Current Liabilities $ 6,950,244 --------------------- 45 Long-Term Post-Petition Debt, Net of Current Portion $ 2,258,022 --------------------- 46 Total Post-Petition Liabilities $ 9,208,266 --------------------- Pre-Petition Liabilities (allowed amount) 47 Secured claims F $ 4,793,994 --------------------- 48 Priority unsecured claims F $ 725,139 --------------------- 49 General unsecured claims F $ 2,487,790 --------------------- 53 Other Accrued Expense (Note 2) $ 4,476,709 --------------------- Long Term Liabilities (Note 3) $ 109,641 --------------------- 55 Total Pre-Petition Liabilities $ 12,593,273 --------------------- 56 Total Liabilities $ 21,801,539 --------------------- Equity (Deficit) 57 Retained Earnings/(Deficit) at time of filing $ (41,222,568) --------------------- 58 Common/Preferred Stock $ 5,181,222 --------------------- 59 Additional paid-in capital $ 42,737,597 --------------------- 60 Cumulative profit/(loss) since filing of case $ (5,251,978) --------------------- 61 Post-petition contributions/(distributions) or (draws) --------------------- 62 Market value adjustment --------------------- 63 Total Equity (Deficit) $ 1,444,273 --------------------- 64 Total Liabilities and Equity (Deficit) $ 23,245,812 =====================
Fresh Choice, Inc. (Case # 04-54318 ASW) Notes to the Balance Sheet as of October 31, 2004 Note: ----- (1) Book value. (2) The following is a list of Other Accrued Expenses: Pre & Post- Petition Pre-Petition Post-Petition -------------------- ------------ ------------- 23010 Workers' Comp Payable 980,794 - 980,794 23030 Accrued Credit Card Proc Fees 13,910 - 13,910 23040 Accrued Bank Charges 14,043 - 14,043 23050 Gift Certificate Allowance 569,222 - 569,222 23070 Food Credit Liability 373,330 - 373,330 23080 Mngmnt Training & Development - - 23110 Accrued Payroll Processing Fee - - - 23120 Closed Restaurants Payable (502(b)(6)) estimate 3,839,272 3,839,272 - 23121 Store Closure Reserve 135,846 - 135,846 23125-6 Accrued Rent 628,499 304,675 323,824 23130 Other Accrued Liabilities 108,478 - 108,478 23140 Accrued Fees-Finance 31,141 - 31,141 23150 Accrued Fees-Legal 50,292 - 50,292 23170 Accrued Fees-Audit 44,886 - 44,886 23180 Accrued Fees-Tax 15,989 - 15,989 23200 Accrued Fees-Employee Litigati 18,000 18,000 - 23210 Accrued Fees-Executive 12,290 - 12,290 23225 Accrued Auto - - - 23240 Accrued Health Insurance-GW 58,893 - 58,893 23250 Accrued Insurance 32,049 - 32,049 23300 Advertising Accrual 226,392 - 226,392 23350 Interest Payable - Loc 40,658 11,670 28,988 23360 Interest Payable 47,015 21,101 25,914 23390 Accrued Janitorial Expense 6,822 - 6,822 23400 Accrued Utilities 374,119 92,457 281,662 23410 Accrued Property Taxes 305,091 134,878 170,213 23420 Accrued Cam 100,618 54,656 45,962 -------------------- ------------ ------------- Total Other Accrued Expenses $ 8,027,648 $ 4,476,709 $3,550,940 Combined Amount (3) The following is a list of Long Term Liabilities Pre & Post- Petition Pre-Petition Post-Petition -------------------- ------------ ------------- 24320 Deferred Rent 1,918,142 - 1,918,142 24340 Deferred Gain On Sale 160,052 - 160,052 24350 Other Non-Current Liabilities 179,828 - 179,828 24390 Notes Payable-Long Term 109,641 109,641 - 24400 Capital Lease-Long Term - - - -------------------- ------------ ------------- Total Long Term Liabilities $ 2,367,663 109,641 2,258,022 (4) Deposits Amount ----------------------------- Rent Deposit 186,356 Alcohol Deposit 8,000 Other Deposit 652,070 Utility Deposit 41,858 ----------------------------- Total Deposit 888,283
Fresh Choice, Inc. Payments to Officers Period 11, 2004
Date Gross Car Allowance Total -------------------------------------------------------------------------------------------------------------------------- Jefferson, Everett October 8 and 22, 2004 $ 22,307.68 - $ 22,307.68 Pertl, David October 8, 19 & 22, 2004 $ 14,461.52 1,107.69 $ 15,569.21 O'Shea, Tim October 8, 19 & 22, 2004 $ 15,384.60 1,384.62 $ 16,769.22 Miller, Joan October 8, 19 & 22, 2004 $ 9,615.38 1,107.69 $ 10,723.07 Freedman, Tina October 8, 19 & 22, 2004 $ 9,038.46 1,107.69 $ 10,146.15 -------------------------------------------------------------------------------------------------------------------------- Total $ 70,807.64 4,707.69 $ 75,515.33 ==========================================================================================================================
SCHEDULES TO THE BALANCE SHEET (General Business Case) Schedule A Accounts Receivable and (Net) Payable
Accounts Receivable Accounts Payable Past Due Receivables and Payables Agings (Pre and Post-petition (Post-petition) Post Petition Debt ====================== ================ ================== 0 -30 Days $157,314 $688,901 --------------------- ---------------- 31-60 Days --------------------- ---------------- 61-90 Days $0 ---------------- ---------------- 91+ Days --------------------- ---------------- Total accounts receivable/payable-(see note 1) $157,314 $688,901 --------------------- ================ Allowance for doubtful accounts --------------------- Accounts receivable (net) $157,314 =====================
Schedule B Inventory/Cost of Goods Sold Types and Amount of Inventory(ies) Cost of Goods Sold ---------------------------------- ------------------ Inventory(ies) Balance at End of Month Inventory Beginning of Month $371,911 ================ Add - Retail/Restaurants - Net purchase $1,177,536 ---------------- Product for resale $365,294 Direct labor $1,733,434 ----------------------- ---------------- Manufacturing overhead ---------------- Distribution - Freight in ---------------- Products for resale Other: $0 ----------------------- ---------------- $0 -------------------------------------- ---------------- Manufacturer - -------------------------------------- ---------------- Raw Materials ----------------------- Work-in-progress Less - ----------------------- Finished goods Inventory End of Month $365,679 ----------------------- ---------------- Shrinkage ---------------- Other - Explain $385 Personal Use ----------------------- ---------------- Uniforms -------------------------------- Cost of Goods Sold $2,917,202 -------------------------------- ================ TOTAL $365,679 ======================= Method of Inventory Control Inventory Valuation Methods Do you have a functioning perpetual inventory system? Indicate by a checkmark method of inventory used. Yes X No ----- --------- How often do you take a complete physical inventory? Valuation methods - FIFO cost --- Weekly LIFO cost ------ --- Monthly X Lower of cost or market ------ --- Quarterly Retail method ------ --- Semi-annually Other X ------ --- Annually Explain ------ Date of last physical inventory was October 31, 2004 Standard Cost, with updates every month before inventory ----------------------- --------------------------------------------------------- --------------------------------------------------------- Date of next physical inventory is November 28, 2004 ----------------------- --------------------------------------------------------- Note: (1) Food credit are given due to quantity discounts and/or marketing allowances. Payments are received at the end of each quarter.
Schedule C Real Property
Description Cost Market Value(1) ---- --------------- Land $ - $ - -------------------------------------------- --------------- ------------------- Building $ 3,839,333 $ 3,839,333 -------------------------------------------- --------------- ------------------- Accumulation Depreciation $ (1,299,304) $ (1,299,304) -------------------------------------------- --------------- ------------------- -------------------------------------------- --------------- ------------------- -------------------------------------------- --------------- ------------------- -------------------------------------------- --------------- ------------------- Total $ 2,540,029 $ 2,540,029 =============== =================== Schedule D Other Depreciable Assets Description Cost Market Value(1) ---- --------------- Machinery & Equipment - Kitchen Equipment $ 8,883,395 $ 8,883,395 -------------------------------------------- --------------- ------------------- Equipment in Progress $ 384,000 $ 384,000 -------------------------------------------- --------------- ------------------- Computer Equipment $ 1,603,464 $ 1,603,464 -------------------------------------------- --------------- ------------------- Accumulation Depreciation $ (8,202,152) $ (8,202,152) -------------------------------------------- --------------- ------------------- Total $ 2,668,707 $ 2,668,707 =============== =================== Furniture & Fixtures - Furniture & Fixtures $ 7,498,535 $ 7,498,535 -------------------------------------------- --------------- ------------------- Construction Fixtures in Progress $ 69,957 $ 69,957 -------------------------------------------- --------------- ------------------- Smallwares $ 1,091,599 $ 1,091,599 -------------------------------------------- --------------- ------------------- Accumulation Depreciation $ (6,070,900) $ (6,070,900) -------------------------------------------- --------------- ------------------- Total $ 2,589,191 $ 2,589,191 =============== =================== Office Equipment - -------------------------------------------- Office Equipment $ 200,842 $ 200,842 -------------------------------------------- --------------- ------------------- Accumulation Depreciation $ (148,806) $ (148,806) -------------------------------------------- --------------- ------------------- -------------------------------------------- --------------- ------------------- Total $ 52,036 $ 52,036 =============== =================== Leasehold Improvements - Leasehold Improvement $ 15,015,331 $ 15,015,331 -------------------------------------------- --------------- ------------------- Accumulation Depreciation $ (7,818,757) $ (7,818,757) -------------------------------------------- --------------- ------------------- -------------------------------------------- --------------- ------------------- -------------------------------------------- --------------- ------------------- Total $ 7,196,574 $ 7,196,574 =============== =================== Vehicles - Vehicles $ 17,344 $ 17,344 -------------------------------------------- --------------- ------------------- Accumulation Depreciation $ (9,709) $ (9,709) -------------------------------------------- --------------- ------------------- -------------------------------------------- --------------- ------------------- -------------------------------------------- --------------- ------------------- Total $ 7,635 $ 7,635 =============== ===================
Note: (1)Book Value.
Schedule E Aging of Post-Petition Taxes (As of End of the Current Reporting Period) Taxes Payable 0-30 Days 31-60 Days 61-90 Days 91+ Days Total --------- ---------- ---------- -------- ----- Federal Income Tax Withholding $ 187,576 $187,576 -------------------- ------------- ------------------ ---------------- ------------ FICA - Employee $ - -------------------- ------------- ------------------ ---------------- ------------ FICA - Employer $ - -------------------- ------------- ------------------ ---------------- ------------ Unemployment (FUTA) $ - -------------------- ------------- ------------------ ---------------- ------------ Income $ - -------------------- ------------- ------------------ ---------------- ------------ Other (Attach List) $ - -------------------- ------------- ------------------ ---------------- ------------ Total Federal Taxes $ 187,576 $ - $ - $ - $187,576 -------------------- ------------- ------------------ ---------------- ------------ State and Local Income Tax Withholding $ - -------------------- ------------- ------------------ ---------------- ------------ Unemployment (UT) $ - -------------------- ------------- ------------------ ---------------- ------------ Disability Insurance (DI) $ - -------------------- ------------- ------------------ ---------------- ------------ Empl. Training Tax (ETT) $ - -------------------- ------------- ------------------ ---------------- ------------ Sales $ 455,264 $455,264 -------------------- ------------- ------------------ ---------------- ------------ Excise $ - -------------------- ------------- ------------------ ---------------- ------------ Real property $ 45,526 $ 45,526 -------------------- ------------- ------------------ ---------------- ------------ Personal property $ - -------------------- ------------- ------------------ ---------------- ------------ Income $ - -------------------- ------------- ------------------ ---------------- ------------ Other (Attach List) $ - -------------------- ------------- ------------------ ---------------- ------------ Total State & Local Taxes $ 500,790 $ - $ - $ - $500,790 -------------------- ------------- ------------------ ---------------- ------------ Total Taxes $ 688,366 $ - $ - $ - $688,366 ==================== ============= ================== ================ ============
Schedule F Pre-Petition Liabilities Allowed List Total Claims For Each Classification (1) Claimed Amount Amount (b) --------------------------------------------- -------------- ---------- Secured claims (a) $ 4,793,994 ------------------ ---------------- Priority claims other than taxes $ 268,587 ------------------ ---------------- Priority tax claims $ 456,552 ------------------ ---------------- General unsecured claims $ 2,487,790 ------------------ ---------------- (a) List total amount of claims even it under secured. (b) Estimated amount of claim to be allowed after compromise or litigation. As an example, you are a defendant in a lawsuit alleging damage of $10,000,000 and a proof of claim is filed in that amount. You believe that you can settle the case for a claim of $3,000,000. For Schedule F reporting purposes you should list $10,000,000 as the Claimed Amount and $3,000,000 as the Allowed Amount.
Schedule G - Rental Income Information - Not applicable to General Business Cases Schedule H Recapitulation of Funds Held as of 10/03/04 (Period End Date) Account 1 Account 2 Account 3 Account 4 --------- --------- --------- --------- Bank Wells Fargo Wells Fargo Wells Fargo Bank of America -------------------- ------------- ------------------ ------------------ Account Type Concentration Money Market Benefits ACH Pmt. Disbursement -------------------- ------------- ------------------ ------------------ Account No. 4038-832325 12576708 4945091882 7313400466 -------------------- ------------- ------------------ ------------------ Account Purpose General Investment Payroll Gifs Certificates -------------------- ------------- ------------------ ------------------ Balance, End of Month $ 2,335,126 $ 1,000,000 $ 10,577 $ 1,263 -------------------- ------------- ------------------ ------------------ Account 5 Account 6 Account 7 Account --------- --------- --------- --------- Bank Wells Fargo Wells Fargo Wells Fargo Cash in Registers -------------------- ------------- ------------------ ------------------ Account Type Accounts Payable Payroll Old Accounts Payable and on hand -------------------- ------------- ------------------ ------------------ Account No. 412-1020184 403-8832366 475-9621113 -------------------- ------------- ------------------ ------------------ Account Purpose A/P ZBA Payroll ZBA replaced by 412-1020184 -------------------- ------------- ------------------ ------------------ Balance, End of Month $ (544,915) (2) $ (103,622) (2) $ 98,150 -------------------- ------------- ------------------ ------------------ Total Funds on Hand for all Accounts $ 2,796,580 ==================== Attach copies of the month end bank statement(s), reconciliation(s), and the check register(s) to the Monthly Operating Report. Note 1:The bar date has not passed, so there is no estimate for claims yet, other than what is shown on the balance sheet. 2 The negative balance reflects a timing difference.
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS Increase/(Decrease) in Cash and Cash Equivalents For the Month Ended 10/31/04 -------------
Actual Cumulative Current Month (Case to Date) ------------- -------------- Cash Receipts 1 Rent/Leases Collected ------------------ ----------------- 2 Cash Received from Sales $ 5,218,705 $ 22,409,821 ------------------ ----------------- 3 Interest Received $ - $ (2,762) ------------------ ----------------- 4 Borrowings ------------------ ----------------- 5 Funds from Shareholders, Partners, or Other Insiders ------------------ ----------------- 6 Capital Contributions ------------------ ----------------- 7 -------------------------------------------- ------------------ ----------------- 8 -------------------------------------------- ------------------ ----------------- 9 -------------------------------------------- ------------------ ----------------- 10 -------------------------------------------- ------------------ ----------------- 11 -------------------------------------------- ------------------ ----------------- 12 Total Cash Receipts $ 5,218,705 $ 22,407,059 ------------------ ----------------- Cash Disbursements 13 Payments for Inventory 3,316,077 $ 13,689,914 ------------------ ----------------- 14 Selling 81,854 $ 437,609 ------------------ ----------------- 15 Administrative 142,738 $ 803,920 ------------------ ----------------- 16 Capital Expenditures 17,030 $ 41,952 ------------------ ----------------- 17 Principal Payments on Debt ------------------ ----------------- 18 Interest Paid ------------------ ----------------- Rent/Lease: 19 Personal Property ------------------ ----------------- 20 Real Property 152,217 $ 1,714,061 ------------------ ----------------- Amount Paid to Owner(s)/Officer(s) 21 Salaries 75,515 $ 278,902 ------------------ ----------------- 22 Draws ------------------ ----------------- 23 Commissions/Royalties ------------------ ----------------- 24 Expense Reimbursements 12,153 $ 43,837 ------------------ ----------------- 25 Other ------------------ ----------------- 26 Salaries/Commissions (less employee withholding) 149,595 $ 407,946 ------------------ ----------------- 27 Management Fees ------------------ ----------------- Taxes: 28 Employee Withholding 258,954 $ 1,076,067 ------------------ ----------------- 29 Employer Payroll Taxes 142,408 $ 616,557 ------------------ ----------------- 30 Real Property Taxes 45,516 $ 138,147 ------------------ ----------------- 31 Other Taxes Sales Taxes 493,584 $ 1,505,771 ------------------ ----------------- 32 Other Cash Outflows: ------------------ ----------------- 33 Credit Card fees 58,497 $ 182,920 --------------------------------------- ------------------ ----------------- 34 Adjustment to Beginning Cash Balance $ - $ (2,649) --------------------------------------- ------------------ ----------------- 35 --------------------------------------- ------------------ ----------------- 36 --------------------------------------- ------------------ ----------------- 37 --------------------------------------- ------------------ ----------------- 38 Total Cash Disbursements: $ 4,946,138 $ 20,934,954 ------------------ ----------------- 39 Net Increase (Decrease) in Cash $ 272,567 $ 1,472,105 ------------------ ----------------- 41 Cash Balance, Beginning of Period $ 2,524,013 $ 1,324,475 ------------------ ----------------- 43 Cash Balance, End of Period $ 2,796,580 $ 2,796,580 ================== =================