EX-99.4 5 a04-5254_1ex99d4.htm EX-99.4

Exhibit 99.4

 

Form No.5

 

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF MARYLAND

OFFICE OF UNITED STATES TRUSTEE

 

In re:  Startec Global Communications Corporation

 

 

 

)

CHAPTER 11

 

)

Case No. 01-25013 DK

 

)

 

 

)

 

Debtor(s)

)

 

 

MONTHLY OPERATING REPORT

For the Month Ending March 31, 2004

 

FINANCIAL BACKGROUND INFORMATION

 

 

1.

ACCOUNTING BASIS:

 

Cash    o    Accrual  ý

 

 

 

 

 

 

 

 

2.

PREPARER:  State the name, address, telephone number and position of the person(s) who actually compiled the information contained in this report.

 

Prabhav Maniyar, 1151 Seven Locks Road, Potomac, MD  20854

 

(301) 610-4300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.

EMPLOYEE INFORMATION:

 

 

 

 

 

 

 

Number of employees paid this period:

 

0

 

 

 

 

 

Current number of employees:

 

0

 

 

 

 

 

Gross monthly payroll:

 

 

 

 

 

 

 

Officers, directors, and principals

 

0

 

 

 

 

 

Other employees

 

0

 

 

 

 

 

All post-petition payroll obligations including payroll taxes are current (Circle One)

 

YES ý

 

NO o

 

 

 

Exceptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.

Have there been any CHANGES IN THE NATURE OF YOUR BUSINESS or STATUS OF OPERATIONS since the last reporting period?  Yes / No  If yes, explain:

 

 

 

No.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.

Are all BUSINESS LICENSES or BONDS current?

 

0   ý

 

 

 

 

 

UNAUDITED

PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

 

 

6.

PRE-PETITION ACCOUNTS RECEIVABLE:

 

 

 

 

 

 

 

A.  Beginning Balance (previous month’s ending balance)

 

$

—

 

 

 

 

 

B.  Collected this Period

 

$

—

 

 

 

 

 

C.  Ending Balance (A minus B)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

7.

POST-PETITION ACCOUNTS RECEIVABLE:

 

 

 

 

 

 

 

A.  Beginning Balance (previous month’s ending balance)

 

$

—

 

 

 

 

 

B.  Incurred this Period

 

$

—

 

 

 

 

 

C.  Collected this Period

 

$

—

 

 

 

 

 

C.  Ending Balance (A plus B minus C)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance Aging:

 

 

 

 

 

 

 

0-30 Days:

 

$

 

 

 

 

 

31-60 Days:

 

$

 

 

 

 

 

Over 60 Days:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If there are any post-petition Accounts Receivable over 60 days, provide Schedule AR giving a listing of such accounts and explaining the delinquencies. Not Applicable

 

 

 

 

 

 

 

 

8.

POST-PETITION ACCOUNTS PAYABLE:

 

 

 

 

 

 

 

A.  Beginning Balance (previous month’s ending balance)

 

$

—

 

 

 

 

 

B.  Incurred this Period

 

—

 

 

 

 

 

C.  Pay this Period

 

—

 

 

 

 

 

D.  Ending Balance (A plus B minus C)        (1)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance Aging:

 

 

 

 

 

 

 

0-30 Days:

 

$

 

 

 

 

 

31-60 Days:

 

$

 

 

 

 

 

Over 60 Days:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If there are any post-petition Accounts Payable over 30 days, provide Schedule AP giving a listing of such accounts and explaining the delinquencies. - Not applicable

 

 

 

 

 

 

 

 

 

(1)  Does not include approximately $76,000,000 in intercompany accounts payable.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.

TAXES:  Are all taxes being paid to the proper taxing authorities when due?  YES (1)

 

 

 

On the attached IRS Form 6123 report all tax deposits made with any financial institution for federal employment taxes during the reporting period.  Be sure the form is complete and signed by an authorized employee of the receiving institution or taxing authority.  Also attach copies of the monthly sales tax statement, payroll tax statement, unemployment tax statement AND real estate tax statement with evidence of payment of these taxes.

 

 

(1) No taxes relating to Post-Petition activity became due and payable during the post-petition period ending March 31, 2004.

 

 

 

 

 

 

 

 

10.

BANK ACCOUNTS: Have you changed banks or any other financial institution during this period?  NO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11.

Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and are all all current?  YES

 

 

12.

 

 

INSURANCE:

 

Policy expiration dates:

 

 

 

 

 

Auto and truck

 

10/1/2004

 

 

 

 

 

Fire

 

10/1/2004

 

 

 

 

 

D&O Insurance

 

10/31/2004

 

 

 

 

 

Liability

 

10/1/2004

 

 

 

 

 

Workers Comp.

 

10/1/2004

 

 

 

 

 

 

 

 

 

 

 

 

13.

ACTIONS OF DEBTOR:  During the last month, did the Debtor:

 

(a)

 

Fail to defend or oppose any action seeking to dispossess the debtor from control or custody of any asset of the estate?  NO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If yes, explain:

 

 

 

 

 

 

 

 

 

 

 

 

 

OR  consent to relief from the automatic stay (S362)?  NO

 

(b)

 

Maintain such stock, inventory, raw materials, insurance, employees and other resources as are necessary to preserve and maintain the going concern value of the assets of the debtor?  YES

 

 

 

If no, explain:

 

 

 

 

 

 

 

 

 

 

 

 

14.

TRANSFER OR SALE OF PROPERTY:  Did the Debtor or any person with control over any of Debtor’s assets transfer, convey or abandon any of Debtor’s assets to another party during the period of this report other than as set forth herein (including sales by creditors)? NO

 

 

 

If yes, explain:

 

 

 

 

 

 

 

 

 

If yes, a copy of court order authorizing the referenced action must be attached.

 

 

 

 

 

 

 

 

 

Please discuss any pending motions to sell estate assets:

 

 

 

 

 

 

 

 

 

Type of Motion

 

Brief Description of Asset

 

Projected Income

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

You may attach a copy of the notice of sale in lieu of completing the description.  Indicate if notice(s) attached.  NO

 

 

 

 

 

 

 

 

15.

PAYMENTS TO SECURED CREDITORS during Reporting Period:  None

 

 

 

 

 

 

 

 

 

Creditor

 

Frequency
of
Payments
per
Contract

 

Amount of
Each Payment

 

Next Payment
Due

 

Post-Petition
Payments not
Made: Numbers
and Amounts

 

 

 

 

 

 

$

 

/

/

 

 

 

 

 

 

 

 

$

 

/

/

 

 

 

 

 

 

 

 

 

 

 

16.

PAYMENTS TO PROFESSIONAL (Attorneys, Accountants, Real Estate Agents, Auctioneers, Appraisers, etc.) during Reporting Period:  None

 

 

 

 

 

 

 

Professional

 

Service

 

Projected Income

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

Note:  If payments were made to any professional during the reporting period, a copy of the order authorizing payment must be attached.

 

 

17.

QUARTERLY U.S. TRUSTEE FEES  paid during Reporting Period:

 

 

 

 

 

 

 

 

 

 

 

 

 

Monthly Disbursements:

 

 

 

 

 

Month 1 (current quarter)

 

None

 

 

 

 

 

Month 2 (current quarter)

 

None

 

 

 

 

 

Month 3 (current quarter)

 

None

 

 

 

 

 

Total

 

None

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18.

VERIFICATION

 

 

 

 

 

 

 

I declare under penalty of perjury that the information contained in this Monthly Operating Report (including schedules) is true and correct to the best of my knowledge,  information and belief.

 

 

 

 

 

 

 

Dated:

 

April 22, 2004

 

DEBTOR IN POSSESSION

 

 

 

 

 

By:

Prabhav Maniyar

 

 

 

 

 

Name/Title:

 Chief Financial Officer, Director and Secretary

 

 

 

 

 

Address:

1151 Seven Locks Road
Potomac, MD  20854

 

 

 

 

 

Telephone:

(301) 610-4300

 

 

 

 

 

 

 

 

 

 

 

 

 

REMINDER:  Attach copies of debtor in possession bank statements.

 

 

Form No.6

 

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF MARYLAND

OFFICE OF UNITED STATES TRUSTEE

 

 

 

 

 

In re:

 

Startec Global Communications Corporation

 

CHAPTER 11

 

 

 

)

Case No. 01-25013 DK

 

 

 

)

 

 

 

 

)

 

 

 

 

 

 

MONTHLY OPERATING REPORT

INCOME STATEMENT

(Business Debtor, Accrual Basis)

For the Month Ending March 31, 2004

(All figures refer to post-petition transactions)

 

 

 

This Month

 

Year to Date

 

A. TOTAL SALES/INCOME

 

$

—

 

$

—

 

COST OF SALES:

 

 

 

 

 

Purchases of Inventory

 

$

—

 

$

—

 

Purchased Services

 

$

—

 

$

—

 

Other: (Identify)

 

$

—

 

$

—

 

 

 

 

 

 

 

B. SUBTOTAL Cost of Sales

 

$

—

 

$

—

 

C.  GROSS PROFIT (A - B)

 

$

—

 

$

—

 

OPERATING EXPENSES:

 

 

 

 

 

Professional Fees (Atty. Acct.)

 

$

—

 

$

—

 

Bank Charges and Misc. Expense

 

$

75,097.80

 

$

75,097.80

 

Stock Option Expense

 

$

—

 

$

—

 

 

 

 

 

 

 

D.  SUBTOTAL Operating Expenses

 

$

75,097.80

 

$

75,097.80

 

E.  PROFIT/LOSS FROM OPERATION (C-D)

 

$

75,097.80

 

$

75,097.80

 

Other Income (Expenses)

 

 

 

 

 

Interest Expense

 

$

—

 

$

—

 

Interest Income

 

$

1.24

 

$

1.24

 

F. SUBTOTAL Other Income (Expenses)

 

$

1.24

 

$

1.24

 

Loss on Impairment

 

$

—

 

$

—

 

G. Income Tax Expense

 

 

 

 

 

H. NET INCOME (LOSS) (E+F-G)

 

$

75,099.04

 

$

75,099.04

 

 

 

NOTE:  Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to this Report.

 

 

Case Number 01-25013    Debtor: Startec Global Communications Corporation

SCHEDULE AR (Accounts Receivable)

As of March 31, 2004

(List Post-Petition Receivables Only)

NOT APPLICABLE TO DEBTOR  - No Trade Accounts Receivable

 

 

 

Debtor (Due From)

 

Total Due

 

Date Incurred

 

Past Due
31-60 Days

 

Past Due
Over 60 Days

 

 

 

 

 

 

 

 

 

 

 

 

NOTE:  Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to this Report.

 

 

Case Number 01-25013     Debtor: Startec Global Communications Corporation

SCHEDULE AP (Accounts Payable)

As of March 31, 2004

(List Post-Petition Payables Only)

NOT APPLICABLE TO DEBTOR  - No Accounts Payable

 

Due To

 

Total Due

 

Date Incurred

 

Past Due
31-60 Days

 

Past Due
Over 60 Days

 

 

 

 

 

 

 

 

 

 

 

 

NOTE:  Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to this Report.

 

 

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF MARYLAND

OFFICE OF UNITED STATES TRUSTEE

 

 

 

In re:  Startec Global Communications Corporation

)

CHAPTER 11

 

)

Case No.                01-25013

 

)

 

 

Debtors (s)

)

 

 

 

 

CASH RECONCILIATION REPORT

Operating Account

(Business Debtor, Accrual Basis)

 

 

 

For the Month Ending March 31, 2004

(All figures refer to post-petition transactions)

 

 

 

 

 

 

Operating Account

 

Totals

 

A.  Beginning Cash Balance from Balance Sheet

 

 

 

$

1,348

 

B. Net Income for month

 

 

 

$

75,099

 

Expenses not requiring cash:

 

 

 

 

 

Interest

 

$

 

 

 

 

Adjustments for Reserve

 

 

 

 

 

Unearned Compensation

 

$

 

 

 

 

C. SUBTOTAL Expenses Not Requiring Cash

 

 

 

$

 

 

D. Total Cash from Operations (A+B+C)

 

 

 

$

76,447

 

Other Sources/Uses of Cash:

 

 

 

 

 

Decrease (Incr) - Deferred financing fees & Taxes

 

$

 

 

 

 

Decrease (Incr) - Bank Fee.

 

$

 

 

 

 

Increase (Decr) - Accrued Expenses

 

$

(75,098

)

 

 

Increase (Decr) - Intercompany Payable

 

$

 

 

 

 

Increase (Decr) - Investment in Subsidiaries

 

$

 

 

 

 

Increase (Decr) - Accrued Prof. Fees

 

$

 

 

 

 

E. Subtotal Other Sources/Uses of Cash

 

 

 

$

(75,098

)

F. Ending Cash Balance (D+E)

 

 

 

$

1,349

 

Ending Balance per Bank Statement CMA

 

 

 

1,347

 

Ending Balance per Bank Statement Premier

 

 

 

—

 

Less Outstanding Checks

 

$

—

 

 

 

Adjustment

 

$

2.00

 

 

 

G. RECONCILIED BANK BALANCE

 

 

 

$

1,349

 

 

Ending Cash Balance (F) and Reconcilied Bank Balance (G) Should be Equal.

 

Attach Bank Statements.

 

 

Form No. 10

 

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF MARYLAND

OFFICE OF UNITED STATES TRUSTEE

 

 

 

 

 

In re:    Startec Global Communications Corporation

)

CHAPTER 11

 

)

Case No.01-25013 DK

 

 

 

)

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

 

 

 

As of March 31, 2004

 

 

 

Asset

 

Total

 

Current Assets:

 

 

 

 

 

Cash

 

$

1,348

 

 

 

Receivables from Officers, Employees, Affiliates

 

 

 

 

 

Notes Receivables Stocks

 

 

 

 

 

Inventory

 

 

 

 

 

Other Current Assets:

 

$

2,189

 

 

 

A.  SUBTOTAL Current Assets

 

 

 

$

3,537

 

Fixed Assets:

 

 

 

 

 

Equipment, Furniture & Fixtures

 

 

 

 

 

Less:  Accumulated Depreciation

 

 

 

 

 

B.  SUBTOTAL Fixed Assets

 

 

 

$

—

 

Other Assets:  (Identify)

 

 

 

 

 

Investments

 

$

(1

)

 

 

Pledged securities

 

$

5,882

 

 

 

Deferred financing fees

 

$

4,578,879

 

 

 

Investment in affiliates (1) (2)

 

$

229,700,312

 

 

 

C.  SUBTOTAL  Other Assets

 

 

 

$

234,285,072

 

D.  TOTAL ASSETS (A+B+C)

 

 

 

$

234,288,609

 

 

 

$

—

 

 

 

 

 

 

 

 

Total

 

Post-Petition Liabilities:

 

 

 

 

 

Accrued expenses

 

1,022,946

 

 

 

Intercompany Payable

 

$

76,229,557

 

 

 

Notes Payable

 

 

 

 

 

Accrued interest on secured debt

 

 

 

 

 

 

 

 

 

 

 

E.  SUBTOTAL Post-Petition Liabilities

 

 

 

$

77,252,503

 

Pre-Petition Liabilities:

 

 

 

 

 

Priority Claims

 

$

—

 

 

 

Intercompany payable

 

$

—

 

 

 

Secured Debts

 

$

38,342,498

 

 

 

Unsecured Debts

 

$

170,588,753

 

 

 

F.  SUBTOTAL Pre-Petition Liabilities

 

 

 

$

208,931,251

 

Stockholders’ Equity (Deficit):

 

 

 

 

 

Common Stock

 

$

165,533

 

 

 

Unearned Compensation

 

$

28,077

 

 

 

Additional Paid-in Capital

 

$

105,346,521

 

 

 

Retained Earnings (deficit):

 

 

 

 

 

Pre-Petition (2)

 

$

(139,827,192

)

 

 

Post-Petition

 

$

(17,608,084

)

 

 

G.  SUBTOTAL Stockholders’ Equity

 

 

 

$

(51,895,145

)

H.  TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (E+F+G)

 

 

 

$

234,288,609

 

 

(1)  Represents the carrying value of investment in affiliates.  Includes certain adjustments to reflect current market value and/or the equity in income or loss of affiliates. 

 

(5)  Includes prior period adjustments that were the result of the Company’s ordinary year-end close procedures.  The Company will restate its Monthly Operating Report for the months ending December 31, 2001, December 31, 2002 and December 31, 2003 after the audits for the years ending December 31, 2001, December 31, 2002 and December 31, 2003, have been completed.