-----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, LU+Wl59WstiZoojY9SURCwDYUKUlpfjGfvUz9UphVC2Au3U/CEVNfr1MpMbB92ba 9FAB/mo75AeLGP00jwJ5mA== 0001005477-01-004015.txt : 20010720 0001005477-01-004015.hdr.sgml : 20010720 ACCESSION NUMBER: 0001005477-01-004015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010702 ITEM INFORMATION: FILED AS OF DATE: 20010719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRAND COURT LIFESTYLES INC CENTRAL INDEX KEY: 0001016741 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531] IRS NUMBER: 223423087 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-21249 FILM NUMBER: 1684618 BUSINESS ADDRESS: STREET 1: 2650 NORTH MILITARY TRAIL STREET 2: STE 350 CITY: BOCA RATON STATE: FL ZIP: 33431 BUSINESS PHONE: 5619970323 MAIL ADDRESS: STREET 1: 2650 NORTH MILITARY TRAIL STREET 2: STE 350 CITY: BOCA RATON STATE: FL ZIP: 33431 8-K 1 0001.txt FORM 8-K 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) July 2, 2001 GRAND COURT LIFESTYLES, INC. (Exact name of registrant as specified in its charter) Delaware 0-21249 22-3423087 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification incorporation) Number) 250 North Military Trail, Suite 350, Boca Raton, Florida 33431 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (561) 997-0323 n/a (Former name or address, if changed since last report) Item 5. Other Events On July 2, 2001, Leisure Centers LLC-I, the owner of the Grand Court-Corpus Christi and the Grand Court-Temple senior living communities and Leisure Centers LLC-III, the owner of the Grand Court-Tyler senior living community, each filed a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the District of New Jersey. The case number for Leisure Centers, LLC-I is 01-37669 NLW. The case number for Leisure Centers, LLC-III is 01-37670 NLW. All documents filed with the Bankruptcy Court are available to the public. Grand Court Lifestyles, Inc. is (i) the 50% managing member of each entity and (ii) a creditor of each entity. 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. GRAND COURT LIFESTYLES, INC. By: /s/ John Luciani JOHN LUCIANI, Chairman of the Board and Chief Executive Officer Dated: July 19, 2001 EX-99.1 2 0002.txt MONTHLY OPERATING REPORT Grand Court Lifestyles, Inc. Case Number: 00-32578(NLW) Reporting Period: June 2001 MONTHLY OPERATING REPORT
- ----------------------------------------------------------------------------------------------------------- Form Document Explanation REQUIRED DOCUMENTS No Attached Attached - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- Schedule of Cash Receipts & Disbursements MOR-1 X - ----------------------------------------------------------------------------------------------------------- Bank Reconciliation MOR-1(CONT) X - ----------------------------------------------------------------------------------------------------------- Copies of bank statements X - ----------------------------------------------------------------------------------------------------------- Cash disbursement journals(attached to bank reconciliations) X - ----------------------------------------------------------------------------------------------------------- Statement of Operations MOR-2 X - ----------------------------------------------------------------------------------------------------------- Balance Sheet MOR-3 X - ----------------------------------------------------------------------------------------------------------- Status of Post Petition Taxes MOR-4 - ----------------------------------------------------------------------------------------------------------- Copies of IRS Form 6123 or payment receipt X - ----------------------------------------------------------------------------------------------------------- Copies of tax returns filed during reporting period X - ----------------------------------------------------------------------------------------------------------- Summary of Unpaid Post Petition Debts MOR-4 - ----------------------------------------------------------------------------------------------------------- Listing of aged accounts payable X - ----------------------------------------------------------------------------------------------------------- Accounts Receivable Reconciliation & Aging MOR-5 N/A - ----------------------------------------------------------------------------------------------------------- Debtor Questionairre MOR-5 X - -----------------------------------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached document are true and correct to the best of my knowledge and belief. /s/ Catherine V. Merlino CFO 7/16/01 - ------------------------------------- --------- Signature of Debtor Date /s/ Catherine V. Merlino CFO 7/16/01 - ------------------------------------- --------- Signature of Authorized Invididual Date Catherine V. Merlino CFO 7/16/01 - ------------------------------------- --------- Printed Name of Authorized Individual Date Case Number: 00-32578(NLW) Form MOR-1 Grand Court Lifestyles, Inc. Schedule of Cash Receipts and Disbursements June 1, 2001 - June 30, 2001
------------------------------------------------------------------------------------------------- Bank Accounts ------------------------------------------------------------------- Real Current Cumulative (1) Payroll Payroll Multi-family Estate Rental Period filing to date Operating Boca Fort Lee Sales-Escrow Tax Agency Actual Actual ------------------------------------------------------------------------------------------------- Cash 6/1/01 8,728,605 3,216 22,040 4,443,886 94,596 28,073 13,320,417 2,998,777 ============================================================================================ Cash Receipts: Transfer to/from DIP accounts 0 0 Transfers (from DIP accounts) 362,400 51,600 111,000 525,000 13,968,574 Management fees 0 1,050,516 Bookkeeping fees 0 686,500 General Partner fees 0 1,259,798 Sterling National Bank (2) 0 (5,981) Vendor refunds & expense 1,297 1,297 404,248 reimbursments Caton 21,544 21,544 84,898 Notes, loans & other receivables 35,500 35,500 3,334,864 Sub-lease 0 7,300 Interest income 0 434,185 Construction funding reimbursements 0 73,376 Return of earnest money 0 23,739 Lucinai Contribution 0 261,557 Sale of Grand Court Assets 0 10,518,163 Multi-family Sales 0 4,253,729 Transition service fee 0 515,000 Interest income-Bankruptcy 10,598 5,616 120 35 16,369 153,846 -------------------------------------------------------------------------------------------- Total Receipts 431,339 51,600 111,000 5,616 120 35 599,710 37,024,312 Cash Disbursements: Net Payroll and related taxes and expenses (51,355) (129,414) (180,769) (5,637,558) Insurance 0 (814,515) Administrative (239,805) (674) (240,479) (2,681,489) Taxes (33,170) (33,170) (310,881) Other(see attached schedule) (29,549) (29,549) (1,506,035) Transfers (to DIP accounts) (525,000) (525,000) (13,968,574) Restructuring Costs (48,902) (48,902) (2,207,529) US Trustee Quarterly Fees 0 (34,250) -------------------------------------------------------------------------------------------- Total Cash Disbursements (876,426) (51,355) (130,088) 0 0 0 (1,057,869) (27,160,831) -------------------------------------------------------------------------------------------- Net Cash Flow (445,087) 245 (19,088) 5,616 120 35 (458,159) 9,863,481 -------------------------------------------------------------------------------------------- Cash June 30, 2001 8,283,518 3,461 2,952 4,449,502 94,716 28,108 12,862,258 12,862,258 ============================================================================================
Calculating Trustee Quarterly Fees from Current Month Actual Total Disbursements ------------- Total Disbursements 1,057,869 Less: Transfers to Debtor in Possession accounts (525,000) Plus: Estate Disbursements made by outside sources 0 --------- 532,869 ========= (1) Represents the post-petition money market account and DDA account. The post-petition cash is kept in an investment account and transferred to the DDA account as needed (2) Amount represents the book balances of a Sterling National Bank setoff; debtor has been unable to ascertain the details of the setoff. Case Number:00-32578(NLW) Schedule of Cash Receipts and Cash Disbursements Supplementary Schedule June 1, 2001-June 30, 2001 Disbursements-Other Property Funding-operations 12,400 (1) Tax return & Filing fee funding 17,149 (2) ------ 29,549 ====== (1) Amount represents total advanced by debtor to a senior living property to pay operating expenses and insurance. (2) Amount represents total advanced to several multi-family investing partnerships for payment of the 2000 tax return preparation and filing fees. See court order attached. CHASE MANHATTAN BANK MONEY MARKET A/C 312-8380029-65 June 30, 2001 Beginning Balance @6/01/01 8,713,757.86 Add: Cash Receipts 68,939.38 Less: Cash Disbursements (525,000.00) ------------ Book Balance @6/30/01 8,257,697.24 Less: Deposits in Transit- Add: Outstanding Checks- ------------ Bank Balance @6/30/01 8,257,697.24 ============ CHASE MONEY MARKET ACCT. ACCT. 312-8380029-65 RECONCILIATION-Cash Receipts June 30, 2001 GCL --------- Caton 6/4/01 21,544.11 Expense reimbursement 6/5/01 492.42 Expense reimbursement 6/12/01 100.00 Vendor refund 6/21/01 449.40 Batchelor receivables 6/25/01 35,500.00 Vendor refund 6/25/01 255.44 Interest Income 5/31/01 10,598.01 --------- 68,939.38 ========= GRAND COURT LIFESTYLES, INC. CHASE MONEY MARKET ACCT. CASH DISBURSEMENTS June 30, 2001
Vendor Check Check No Name Reference Date Amount - ------------------------------------------------------------------------------------------- Debit Grand Court Transfer to Chase Business Checking Acct. 6/1/01 140,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 6/4/01 30,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 6/5/01 101,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 6/15/01 33,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 6/19/01 118,000.00 Debit Grand Court Transfer to Chase Business Checking Acct 6/21/01 68,000.00 Debit Grand Court Transfer to Chase Business Checking Acct 6/25/01 35,000.00 ---------- 525,000.00 ==========
CHASE MANHATTAN BANK BUSINESS CHECKING ACCT. A/C 312-8380029-66 June 30, 2001 Beginning Balance @6/01/01 14,849.44 Add: Cash Receipts 525,000.00 Less: Cash Disbursements (514,023.28) ----------- Book Balance @6/30/01 25,826.16 Less: Deposits and transit Add: Outstanding Checks 31,511.93 ----------- Bank Balance @6/30/01 57,388.09 =========== CHASE CHECKING ACCOUNT CASH RECEIPTS June 30, 2001 Deposit Deposit Date Description Amount - ---------------------------------------------------------------- 6/1/01 Transfer from Chase money market acct. 140,000.00 6/4/01 Transfer from Chase money market acct. 30,000.00 6/5/01 Transfer from Chase money market acct. 101,000.00 6/15/01 Transfer from Chase money market acct. 33,000.00 6/19/01 Transfer from Chase money market acct. 118,000.00 6/21/01 Transfer from Chase money market acct. 68,000.00 6/25/01 Transfer from Chase money market acct. 35,000.00 ---------- 525.000.00 ========== - -------------------------------------------------------------------------------- GRAND COURT LIFESTYLES, INC. - -------------------------------------------------------------------------------- PAYROLL BANK RECONCILIATION - -------------------------------------------------------------------------------- S:\USERS\CM\01GCLPR.WK4 - -------------------------------------------------------------------------------- Bank Atlantic-Boca Payroll - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2001 - -------------------------------------------------------------------------------- June - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BOOK BAL BEGINNING 3,214.60 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CR - PER G/L - -------------------------------------------------------------------------------- WT fm Chase 24,000.00 - -------------------------------------------------------------------------------- WT fm Chase 3,600.00 - -------------------------------------------------------------------------------- WT fm Chase 24,000.00 - -------------------------------------------------------------------------------- CD-PAYROLL-per ADP sheets 6/8/01 (23,196.40) - -------------------------------------------------------------------------------- 6/15/01 (3,620.84) - -------------------------------------------------------------------------------- 6/22/01 (23,576.93) - -------------------------------------------------------------------------------- 401-k transfer 6/8/01 (455.70) - -------------------------------------------------------------------------------- 401-k transfer 6/22/01 (455.70) - -------------------------------------------------------------------------------- 401-k transfer - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Garnishments - -------------------------------------------------------------------------------- Garnishments - -------------------------------------------------------------------------------- Garnishments - -------------------------------------------------------------------------------- Other CD - -------------------------------------------------------------------------------- Manual check-included in prior month CD - -------------------------------------------------------------------------------- Manual check-included in prior month CD - -------------------------------------------------------------------------------- Manual check-included in prior month CD - -------------------------------------------------------------------------------- Manual check-not included in ADP - -------------------------------------------------------------------------------- Manual check-not included in ADP - -------------------------------------------------------------------------------- Manual check-not included in ADP - -------------------------------------------------------------------------------- Manual check-not included in ADP - -------------------------------------------------------------------------------- Voided cks per ADP included in prior month - -------------------------------------------------------------------------------- Voided cks per ADP included in prior month - -------------------------------------------------------------------------------- Voided cks per ADP included in prior month - -------------------------------------------------------------------------------- Voided checks not yet in ADP - -------------------------------------------------------------------------------- Voided checks not yet in ADP - -------------------------------------------------------------------------------- Voided checks not yet in ADP - -------------------------------------------------------------------------------- CD-S/C (49.31) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BOOK BAL ENDING 3,459.72 ======== - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DIT - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- O/S: 3,300.00 1,813.76 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1,813.76 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BANK BALANCE 5,273.48 ======== - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Per Bank Statement 5,273.48 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- (0.00) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- GRAND COURT LIFESTYLES, INC. - -------------------------------------------------------------------------------- PAYROLL BANK RECONCILIATION - -------------------------------------------------------------------------------- S:\USERS\CM\01GCLPR.WK4 - -------------------------------------------------------------------------------- June 2001 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BOOK BAL BEGINNING 22,041.39 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CR - PER G/L WT fm Chase 60,000.00 - -------------------------------------------------------------------------------- WT fm Chase 51,000.00 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CD-PAYROLL-per ADP sheets 6/8/01 (45,754.35) - -------------------------------------------------------------------------------- 6/15/01 (481.06) - -------------------------------------------------------------------------------- 6/22/01 (23,356.44) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Health insurance ck#1295 (2,158.72) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Payroll taxes 6/8/01 (30,220.99) - -------------------------------------------------------------------------------- Payroll taxes 6/15/01 (1,201.99) - -------------------------------------------------------------------------------- Payroll taxes 6/22/01 (23,617.16) - -------------------------------------------------------------------------------- Payroll taxes - -------------------------------------------------------------------------------- Payroll taxes - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Payroll taxes - -------------------------------------------------------------------------------- Garnishments ck#1293 (1,311.50) - -------------------------------------------------------------------------------- Garnishments ck#1294 (1,311.50) - -------------------------------------------------------------------------------- Garnishments - -------------------------------------------------------------------------------- Other CD - -------------------------------------------------------------------------------- Manual check-included in prior month CD - -------------------------------------------------------------------------------- Manual check-included in prior month CD - -------------------------------------------------------------------------------- Manual check-not included in ADP - -------------------------------------------------------------------------------- Voided cks per ADP included in prior month - -------------------------------------------------------------------------------- Voided cks per ADP included in prior month - -------------------------------------------------------------------------------- Voided checks not yet in ADP - -------------------------------------------------------------------------------- Voided checks not yet in ADP - -------------------------------------------------------------------------------- Voided checks not yet in ADP - -------------------------------------------------------------------------------- Voided checks not yet in ADP - -------------------------------------------------------------------------------- safety deposit box - -------------------------------------------------------------------------------- Other-ADP charges JUK 6/1/01 (51.84) - -------------------------------------------------------------------------------- Other-ADP charges JUK 5/31/01 (103.38) - -------------------------------------------------------------------------------- Other-ADP charges JUK 6/15/01 (77.30) - -------------------------------------------------------------------------------- Other-ADP charges JUK 6/22/01 (113.20) - -------------------------------------------------------------------------------- Other-Safety deposit box (164.28) - -------------------------------------------------------------------------------- Other-Safety deposit box (164.30) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CD-S/C - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BOOK BAL ENDING 2,953.38 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DIT: - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- O/S: - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Total Outstanding Checks - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BANK BALANCE 2,953.38 ======== - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Per Bank Statement 2,953.38 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- (0.00) - -------------------------------------------------------------------------------- CHASE MANHATTAN BANK MULTI FAMILY MONEY MARKET A/C 312-8380029-67 June 30, 2001 Beginning Balance @6/01/01 4,443,885.74 Add: Cash Receipts- Add: Cash Receipts-interest income 5,616.11 Less: Cash Disbursements 0.00 ------------ Book Balance @6/30/01 4,449,501.85 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ------------ Bank Balance @6/30/01 4,449,501.85 ============ CHASE MANHATTAN BANK REAL ESTATE ESCROW ACCOUNT A/C 312-8396952-65 June 30, 2001 Beginning Balance @6/01/01 94,597.12 Add: Cash Receipts-Interest Income 119.55 Less: Cash Disbursements 0.00 --------- Book Balance @6/30/01 94,716.67 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 --------- Bank Balance @6/30/01 94,716.67 ========= CHASE MANHATTAN BANK RENTAL AGENCY ESCROW ACCT. A/C 312-8396952-65 June 30, 2001 Beginning Balance @6/01/01 28,072.85 Add: Cash Receipts 35.48 Less: Cash Disbursements 0.00 --------- Book Balance @6/30/01 28,108.33 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 --------- Bank Balance @6/30/01 28,108.33 ========= Form MOR-2 Grand Court Lifestyles, Inc. Income Statement June 1, 2001 - June 30, 2001
Cumulative Filing 6/30/01 to Date ---------------------------- Revenues: Management Fee Income 0 2,279,074 General Partner Fees 0 304,645 Interest Income 58,570 10,107,751 Deferred Profit Earned 47,032 751,835 Loss from Wholly-Owned Subsidiaries 0 (2,283,377) Loss from Joint Ventures 0 (1,009,746) Other Income 0 515,000 ---------------------------- Total Revenues 105,602 10,665,182 Administrative Expenses: Travel 7,983 60,235 Telephone 15,463 268,068 Federal Express 4,391 54,221 Postage (197) 38,964 Office Supplies & Expense 35,167 232,590 Outside Storage 1,181 24,883 Miscellaneous 0 42,021 ADP 841 10,521 Legal & Accounting 0 91,218 Licenses & Filing Fees 2,439 41,349 Recruitment 0 8,792 Printing 0 8,449 Caton Expenses 18,444 218,515 Rent 74,986 906,404 Computer Equipment Maintenance 1,240 168,534 Insurance 52,385 608,043 Equipment Leases 6,556 125,075 Office Salaries and expenses 180,699 5,521,467 Director's Fees 0 9,500 Interest 0 25,874 Corporate Taxes 33,170 223,018 Amortization 0 472,545 ---------------------------- Total Administrative Expenses 434,748 9,160,286 ---------------------------- Extraordinary Expenses: Net loss due to loss of properties (1) (231,900) 24,761,194 ---------------------------- Total Expenses 202,848 33,921,480 ---------------------------- Net Income(Loss) Before Reorganization Expenses (97,246) (23,256,298) ---------------------------- Restructuring Expenses: Administrative fees (7,866) (261,576) Professional fees (35,500) (2,341,534) US Trustee Quarterly Fees 0 (34,250) Interest Earned on Accumulated Cash from Chapter 11 16,369 153,848 ---------------------------- Total Reorganization Expenses (26,997) (2,483,512) ---------------------------- Net Income(Loss) (124,243) (25,739,810) ============================
Note (1): (a) Net loss due to loss of properties for the month of June represents the reduction of loans payable due to the collection of investor notes which notes were sold as part of the sale of the general partner interests pursuant to section 363 of the bankruptcy code and the application of the investor note payments to the Debtor's liability (b) A final analysis of all of the details of the sale of the general partner interests and related assets and its effect on the balance sheet and income statement of the debtor has not yet been completed. Note (2): The fiscal year end of the debtor is January 31, 2001. Certain financial information needed in order to finalize the debtor's fiscal year end is not yet available. This information will be reported in the monthly operating report in which the information becomes available. Form MOR-3 Grand Court Lifestyles, Inc. Balance Sheet June 30, 2001 Book Value Book Value at end of on Petition Month Date ------------------------------- Assets: Cash 12,862,258 2,998,777 Notes & Receivables 174,243,004 227,986,234 Investments 8,374,820 16,099,729 Construction in Progress (0) 739,486 Furniture & Equipment-net 326,421 4,658,158 Other Assets 16,743,167 18,526,143 ------------------------------- Total Assets 212,549,670 271,008,527 =============================== Liabilities Not Subject to Compromise: Accounts Payable 310,181 549,781 Professional Fees 634,086 -- ------------------------------- Total Post-Petition Liabilities 944,267 549,781 ------------------------------- Deferred Income 44,619,275 67,403,696 Deferred Rent Obligations -- 2,741,705 Liabilities Subject to Compromise: Secured Debt 94,409,834 106,385,512 Priority Debt 217,279 486,635 Unsecured Debt 88,457,951 84,197,250 ------------------------------- Total Pre-Petition Liabilities 183,085,064 191,069,397 ------------------------------- Stockholders' Equity: Common Stock 178,000 178,000 Treasury Stock (1,579,817) (1,579,817) Paid-in-Capital 75,350,594 75,053,000 Accumulated Deficit (57,091,480) (57,190,813) Net (loss) for period (32,956,233) (7,216,422) ------------------------------- Total Stockholders' Equity (16,098,936) 9,243,948 ------------------------------- Total Liabilities & Stockholders' Equity 212,549,670 271,008,527 =============================== Case Number 00-32578(NLW) Reporting Period: Month of June 2001 Status of Postpetition Taxes Fort Lee & Boca office
Beginning Amount Ending Tax Withheld Amount Date Check No Tax Liability or Accrued Paid Paid or EFT Liability -------------------------------------------------------------------------------- Federal Withholding (0) 30,344 30,344 6/8,6/15,6/22 see attached (0) FICA-Employee (0) 8,069 8,069 6/8,6/15,6/22 see attached (0) FICA-Employer (0) 8,069 8,069 6/8,6/15,6/22 see attached (0) Unemployment 0 0 Income 0 0 Other: 0 0 -------------------------------------------------------------------------------- Total Federal Taxes 0 46,482 46,482 0 0 0 -------------------------------------------------------------------------------- State & Local Withholding 0 8,357 8,357 6/8,6/15,6/22 see attached 0 Sales Excise Unemployment 0 201 201 6/8,6/15,6/22 see attached 0 Real Property Personal Property Other -------------------------------------------------------------------------------- Total State & Local 0 8,558 8,558 0 0 0 -------------------------------------------------------------------------------- Total Taxes (0) 55,040 55,040 0 0 0 ================================================================================
Case Number 00-32578(NLW) Form MOR-4 Grand Court Lifestyles, Inc. Summary of Post Petition Debts Reporting period: June 30, 2001 Number of Days Past Due Current 0-30 31-60 61-90 Over 90 Total --------------------------------------------------- Accounts Payable 39,324 82 0 24,535 63,941 Accrued expenses 19,805 19,805 Taxes Payable 24,014 24,014 Other 192,732 9,689 202,421 --------------------------------------------------- Total Post Petition Debts 216,746 39,324 9,771 0 44,340 310,181 =================================================== For MOR-5 Grand Court Lifestyles, Inc. Case Number 00-32578(NLW) Reporting Period - June 2001 Debtor Questionaire Yes No - -------------------------------------------------------------------------------- 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. |X| - -------------------------------------------------------------------------------- 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. |X| - -------------------------------------------------------------------------------- 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. |X| - -------------------------------------------------------------------------------- 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. |X| - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----