EX-99.2 4 ex99-2.txt SUNRISE AUGUST 2001 MONTHLY REPORT Exhibit 99.2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF ARIZONA In re: ) CASE NO. B-00-10939-ECF-RTB ) SUNRISE EDUCATIONAL SERVICES ) BUSINESS AND INDUSTRY ) MONTHLY OPERATING REPORT ) ) MONTH OF AUGUST ) Debtor(s) ) DATE PETITION FILED: October 6, 2000 ) ) TAX PAYER ID NO. 4101581297 Nature of Debtor's Business: For Profit Educational Services DATE DISCLOSURE STATEMENT: FILED Not Yet Filed TO BE FILED To Be Determined ------------- ---------------- DATE PLAN OF REORGANIZATION: FILED Not Yet Filed TO BE FILED To Be Determined ------------- ---------------- I CERTIFY UNDER PENALTY OF PERJURY THAT THE FOLLOWING MONTHLY OPERATING REPORT AND THE ACCOMPANYING ATTACHMENTS ARE TRUE AND CORRECT TO THE BEST OF MY KNOWLEDGE. RESPONSIBLE PARTY: CEO --------------------------------------- ---------- ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE Michael Lynch --------------------------------------- ---------- PRINTED NAME OF RESPONSIBLE PARTY DATE PREPARER: Controller --------------------------------------- ---------- ORIGINAL SIGNATURE OF PREPARER TITLE Douglass E. Snell --------------------------------------- ---------- PRINTED NAME OF PREPARER DATE PERSON TO CONTACT REGARDING THIS REPORT: Douglass E. Snell --------------------------------------- PHONE NUMBER: 602-300-6257 --------------------------------------- ADDRESS: 1777 W. Camelback Rd., J109 Phoenix, AZ 85015 --------------------------------------- ORIGINAL OF REPORT IS FILED WITH THE COURT, COPY IS FILED WITH U.S. TRUSTEE'S OFFICE SUNRISE EDUCATIONAL SERVICES, INC. B-00-10939-ECF-RTB MONTH: AUGUST 2001 RECEIPTS AND DISBURSEMENTS BANK ACCOUNTS ----------------------------------------- Amounts reported should be SUNRISE SUNRISE PMTS per the debtor's books, OPERATING MADE BY not per the bank statement #052-978-7889 TESSERACT TOTAL ------------- ------------ ----------- ACCOUNT BALANCE - BEGINNING OF MONTH -- -- RECEIPTS STUDENT FEES -- CHARTER SCHOOL REVENUE -- ACCOUNTS RECEIVABLE -- LOANS AND ADVANCES -- SALE OF ASSETS -- TRANSFERS IN FROM OTHER ACCOUNTS 326,632.67 451,364.56 777,997.23 OTHER (ATTACH LIST) -- TOTAL RECEIPTS 326,632.67 451.364.56 777,997.23 DISBURSEMENTS BUSINESS - ORDINARY OPERATIONS 326,632.67 326,632.67 CAPITAL IMPROVEMENTS -- PRE-PETITION DEBT -- TRANSFERS TO OTHER DIP ACCOUNTS -- PAYMENTS MADE FOR SUNRISE EDU 451,364.56 451,364.56 OTHER (ATTACH LIST) -- REORGANIZATION EXPENSES: ATTORNEY FEES -- ACCOUNTANT FEES -- OTHER PROFESSIONAL FEES -- U.S. TRUSTEE QUARTERLY FEE -- COURT COSTS -- TOTAL DISBURSEMENTS 326,632.67 451,364.56 777,997.23 ----------- ----------- ----------- ACCOUNT BALANCE - END OF MONTH -- -- -- =========== =========== =========== THE FOLLOWING SECTION MUST BE FILLED OUT DISBURSEMENTS FOR CALCULATING QUARTERLY FEES: TOTAL DISBURSEMENTS FROM ABOVE 777,997.23 LESS: TRANSFERS OUT TO OTHER DIP ACCOUNTS -- PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES ---------- TOTAL DISBURSEMENTS FOR CALCULATING QUARTERLY FEES: 777,997.23 ========== 2 SUNRISE EDUCATIONAL SERVICES, INC. STATEMENT OF OPERATIONS FOR THE MONTH ENDING AUGUST 31, 2001 REVENUE Tuition and Fees Revenue $ -- Government Revenue 1,268.81 Refunds/Returns -- ------------ Total Revenue 1,268.81 ------------ OPERATIONAL COSTS Taxes and Benefits 62,656.30 Food Programs Expense (86.51) Transportation Expenses 3,310.72 Maintenance Expense 19,667.48 Insurance Expense 329.56 Security Services Expense 12,427.15 Utilities Expense 3,560.56 ------------ Total Operational Costs 101,865.26 ------------ GENERAL & ADMINISTRATIVE COSTS Bank Charges/Processing Fees-A 10,010.70 Allocated Corporate Overhead 46,386.00 Other Expenses 2,676.29 ------------ Total General and Administrative Expenses 59,072.99 ------------ Gain (Loss) on Disposal of Assets -- Interest Expense -- Other Income (Expense) 14,359.15 ------------ Net Interest and Other Income (Expense) 14,359.15 ------------ Depreciation Expense -- ------------ Total Depreciation and Amortization -- ------------ REORGANIZATION EXPENSES Bankruptcy Fees -- Professional Fees Allocated 51,847.00 ------------ Total Reorganization Expenses 51,847.00 ------------ Net Income $(197,157.29) ============ 3 SUNRISE EDUCATIONAL SERVICES, INC. BALANCE SHEET AUGUST 31, 2001 ASSETS Current Assets Cash and Cash Equivalents $ -- Accounts Receivable, net -- Prepaid Rent -- Other Current Assets 1,785.00 ------------- Total Current Assets 1,785.00 Due From Tesseract 3,076,509.41 Property and Equipment, net 3,512.66 Deposits and Other Assets 39,213.68 ------------- Total Assets $3,121,020.75 ============= LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities -- Accounts Payable $ 17,688.14 Checks in Process of Collection 19,404.35 Payroll and Related Accruals 135,324.00 Deferred Revenue and Tuition Deposits -- ------------- Total Current Liabilities 172,416.49 ------------- Pre-Petition Liabilities Accounts Payable 483,166.44 Other Current Liabilities 140,318.37 Long-Term Debt 5,546.62 ------------- Total Pre-Petition Liabilities 629,031.43 ------------- Reserve for Closed Schools 143,661.34 Other Long-Term Obligations 274,439.09 ------------- Total Long-Term Liabilities 418,100.43 ------------- Total Liabilities 1,219,548.35 ------------- Shareholders' Equity Pre-Petition Shareholders' Equity 944,507.80 Post Petition Retained Deficit 956,964.60 ------------- Total Shareholders' Equity 1,901,472.40 ------------- Total Liabilities and Shareholders' Equity $3,121,020.75 ============= 4 CASE NUMBER: B-00-10939-ECF-RTB STATUS OF ASSETS 0-30 31-60 60+ ACCOUNTS RECEIVABLE TOTAL DAYS DAYS DAYS ------------------- ----- ---- ---- ---- TOTAL ACCOUNTS RECEIVABLE -- -- -- -- LESS: AMOUNT CONSIDERED UNCOLLECTIBLE ACCOUNTS RECEIVABLE (NET) -- -- -- -- SCHEDULED CURRENT FIXED ASSETS AMOUNT ADDITIONS DELETIONS AMOUNT ------------ ------ --------- --------- ------ REAL PROPERTY BUILDING IMPROVEMENTS/PLANT 1,020,140 56,214 1,076,355 0 ACCUMULATED DEPRECIATION (413,993) (115,058) (529,051) (0) NET BUILDINGS/PLANT 606,147 (58,844) 547,304 (0) EQUIPMENT 755,300 24,266 776,055 3,512 ACCUMULATED DEPRECIATION (511,115) (130,029) (641,144) (0) NET EQUIPMENT 244,186 (105,763) 134,911 3,512 AUTOS & VEHICLES 953,839 953,839 0 ACCUMULATED DEPRECIATION (625,670) (79,967) (705,637) (0) NET AUTOS & VEHICLES 328,170 (79,967) 248,202 0 5 CASE NUMBER: B-00-10939-ECF-RTB STATUS OF LIABILITIES AND SENSITIVE PAYMENTS POSTPETITION UNPAID OBLIGATIONS TOTAL 0-30 31-60 61-90 91+ ------------------ ----- ---- ----- ----- --- ACCOUNTS PAYABLE 17,688 3,858 9,260 -- 4,571 TAXES PAYABLE -- -- ACCRUED PAYROLL AND BENEFITS 173,189 173,189 PREPAID TUITION 83,248 83,248 SECURED DEBT -- OUTSTANDING A/P CHECKS 19,404 19,404 OTHER (ATTACH LIST) -- TOTAL POST-PETITION LIABILITIES 293,530 279,700 9,260 -- 4,571 PAYMENTS TO INSIDERS AND PROFESSIONALS INSIDERS AMOUNT PD TOTAL PD NAME REASON FOR PAYMENT THIS MONTH TO DATE ---- ------------------ ---------- ------- NONE TOTAL PAYMENTS TO INSIDERS -- -- PROFESSIONALS DATE OF COURT TOTAL ORDER AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED NAME PAYMENT APPROVED PAID TO DATE & UNPAID ---- ------- -------- ---- ------- -------- NONE 6 CASE NUMBER: B-00-10939-ECF-RTB CASE STATUS QUESTIONNAIRE YES NO --- -- HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? NO ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? NO ARE ANY WAGE PAYMENTS PAST DUE? NO ARE ANY U.S. TRUSTEE QUARTERLY FEES DELINQUENT? NO CURRENT NUMBER OF EMPLOYEES: 0 INSURANCE CARRIER AND PERIOD EXPIRATION PAYMENT AMOUNT TYPE OF POLICY POLICY NUMBER COVERED DATE & FREQUENCY -------------- ------------- ------- ---- ----------- WHAT STEPS HAVE BEEN TAKEN TO REMEDY ANY OF THE PROBLEMS THAT BROUGHT ABOUT THE CHAPTER 11 FILING? LIST ANY MATTERS THAT ARE DELAYING THE FILING OF A PLAN OF REORGANIZATION? 7 SUNRISE EDUCATIONAL SERVICES, INC. CASH FLOW ANALYSIS B-00-10939-ECF-RTB SUNRISE EDUCATIONAL SERVICES, INC. CASH FLOW ANALYSIS B-00-10939-ECF-RTB BEGINNING FUNDS AVAILABLE: $3,200,650.05 ------------- Cash In: Telecheck $ 327.00 Credit Card Deposit (Preschools) 12,201.30 Regular Deposits (Preschools) 287,342.15 Other Deposit (Preschool) -- ------------- Daily Cash In: $ 299,870.45 ============= Cash Out: Preschool A/P $ 326,632.67 Preschool Payroll 336,232.75 Corporate A/P (allocated) 115,131.82 Preschool NSF 3,142.68 ------------- Daily Cash Out: $ 781,139.92 ============= Net Cash In/Out: $ (481,269.47) ------------- ENDING FUNDS AVAILABLE: $2,719,380.58 ============= 8 SUNRISE PRESCHOOLS, INC. VENDOR CHECK REGISTER REPORT PAYABLES MANAGEMENT
CHECK NUMBER VENDOR ID VENDOR CHECK NAME CHECK DATE CHECKBOOK ID AUDIT TRAIL CODE AMOUNT ------------ --------- ----------------- ---------- ------------ ---------------- ------ 100013694 4DPROP000 4D PROPERTIES 8/1/2001 OPERATING PMCHK00000183 $11,483.79 100013695 ANCVIL000 ANCALA VILLAGE SHOPPING CENTER 8/1/2001 OPERATING PMCHK00000183 $19,239.93 100013696 BLD7ZEL000 BLDG7UNION HILLS LLC 8/1/2001 OPERATING PMCHK00000183 $7,626.51 100013697 DERENT000 DER ENTERPRISES LLP 8/1/2001 OPERATING PMCHK00000183 $20,127.95 100013698 DIVINS000 DIVALL INSURED INCOME PROP INC 8/1/2001 OPERATING PMCHK00000183 $1,492.66 100013699 MARTRE000 MARICOPA COUNTY TREASURER 8/1/2001 OPERATING PMCHK00000183 $17,504.82 100013700 MCCVEN003 MCCLINTOCK VENTURE LC 8/1/2001 OPERATING PMCHK00000183 $13,025.25 100013701 MESDEV000 MESA DEVELOPMENT INC 8/1/2001 OPERATING PMCHK00000183 $26,828.37 100013702 PEOINV000 PEORIA INVESTMENTS INC 8/1/2001 OPERATING PMCHK00000183 $27,217.79 100013703 SANVIL003 SANTIAGO VILLA (#129) 8/1/2001 OPERATING PMCHK00000183 $13,865.00 100013704 SANVIL005 SANTIAGO VILLA (#124) 8/1/2001 OPERATING PMCHK00000183 $3,869.60 100013705 SDMFAM000 SDM FAMILY CORP 8/1/2001 OPERATING PMCHK00000183 $13,794.27 100013706 WELFAR002 WELLS FARGO BANK 8/1/2001 OPERATING PMCHK00000183 $27,443.74 100013708 SUNPRE000 SUNRISE PRESCHOOL VI INVESTME 8/1/2001 OPERATING PMCHK00000184 $12,545.78 100013709 WILPRE000 WILLIS PRESCHOOL VI 8/1/2001 OPERATING PMCHK00000184 $18,533.62 100013710 NOPMIK000 MIKE NOPPENBERG 8/3/2001 OPERATING PMCHK00000185 $1,564.51 100013711 SLAJAC000 JACK SLATE 8/3/2001 OPERATING PMCHK00000185 $1,534.60 100013712 AMKINC000 AMKORE INC. 8/6/2001 OPERATING PMCHK00000186 $169.04 100013713 APS200000 APS-2907 8/6/2001 OPERATING PMCHK00000186 $4,807.09 100013714 ARIAIR000 ARIZONA AIR-SCENT 8/6/2001 OPERATING PMCHK00000186 $772.91 100013715 AT&TPHO00 AT&T PHOENIX-78225 8/6/2001 OPERATING PMCHK00000186 $188.03 100013716 CHAPOL000 CHANDLER POLICE DEPARTMENT 8/6/2001 OPERATING PMCHK00000186 $50.00 100013717 CITMESUTI CITY OF MESA - UTILITIES - 187 8/6/2001 OPERATING PMCHK00000186 $276.61 100013718 CITPHOWAT CITY OF PHOENIX (WATER SVCS)29 8/6/2001 OPERATING PMCHK00000186 $726.29 100013719 CLS000000 CLS/CLEANWAY 8/6/2001 OPERATING PMCHK00000186 $300.00 100013720 COLLOC000 COLLINS LOCKSMITH 8/6/2001 OPERATING PMCHK00000186 $55.00 100013721 COMREF000 COMMERCIAL REFRIGERATION 8/6/2001 OPERATING PMCHK00000186 $122.00 100013723 CREFUN000 CREATIVE FUNDING 8/6/2001 OPERATING PMCHK00000186 $399.60 100013724 DYCNAN000 DYCK, NANCY 8/6/2001 OPERATING PMCHK00000186 $44.72 100013725 ELDCHR000 CHRISTINE ELDRIDGE 8/6/2001 OPERATING PMCHK00000186 $228.00 100013726 FELTAM000 TAMMY FELIZ 8/6/2001 OPERATING PMCHK00000186 $17.71 100013727 GECAP0003 GE CAPITAL 8/6/2001 OPERATING PMCHK00000186 $306.91 100013728 GILBER000 BERNITA GILLIAM 8/6/2001 OPERATING PMCHK00000186 $168.46 100013729 HODCAR000 CARRIE HODGE 8/6/2001 OPERATING PMCHK00000186 $133.10 100013730 IKOOFF003 IKON OFFICE SOLUTIONS (CA) 8/6/2001 OPERATING PMCHK00000186 $51.73 100013731 KINMGM000 KINNEY MANAGEMENT SERVICES 8/6/2001 OPERATING PMCHK00000186 $40.00 100013732 KNO000000 KNOTT,MARILYN 8/6/2001 OPERATING PMCHK00000186 $209.87 100013733 KTVCHA000 KTVK-TV CHANNEL 3 8/6/2001 OPERATING PMCHK00000186 $147.52 100013734 LITPAR LITCHFIELD PARKS & Recreation 8/6/2001 OPERATING PMCHK00000186 $642.52 100013735 MARINF000-B MARKET INFORMATION CENTER 8/6/2001 OPERATING PMCHK00000186 $499.63 100013736 MARJOE000 JOELY MARTIN 8/6/2001 OPERATING PMCHK00000186 $198.40 100013737 NOP000000 NOPPENBERG,KAREN 8/6/2001 OPERATING PMCHK00000186 $57.48 100013738 PANPRO000 PANTANO PRODUCE COMPANY 8/6/2001 OPERATING PMCHK00000186 $777.99 100013739 PETSTA000 STACEY PETO 8/6/2001 OPERATING PMCHK00000186 $50.00 100013740 RANKAT000 RANDALL, KATHY 8/6/2001 OPERATING PMCHK00000186 $291.86 100013741 ROSSALL000 SALLY ROSILIO 8/6/2001 OPERATING PMCHK00000186 $19.22 100013742 STA000001 STAPLES 8/6/2001 OPERATING PMCHK00000186 $1,720.01 100013743 TOSEAS000 TOSHIBA EASY LEASE 8/6/2001 OPERATING PMCHK00000186 $1,459.21 100013744 TOWOF0002 TOWN OF GILBERT - UTILITIES 8/6/2001 OPERATING PMCHK00000186 $698.02 100013745 US0WES003 US WEST COMMUNICATIONS-29060 8/6/2001 OPERATING PMCHK00000186 $750.03 100013746 WELFAR001 WELLS FARGO 8/6/2001 OPERATING PMCHK00000186 $176.00 100013747 WESINN000 WESTERN INNOVATIONS INC 8/6/2001 OPERATING PMCHK00000186 $5,539.27 100013748 XOCOMM000 X O COMMUNICATIONS 8/6/2001 OPERATING PMCHK00000186 $2,756.06 100013749 COUCHE000 COURTESY CHEVROLET 8/6/2001 OPERATING PMCHK00000187 $875.56 100013750 COUCHE000 COURTESY CHEVROLET 8/6/2001 OPERATING PMCHK00000188 $15,301.06 100013751 CIGNA000 CIGNA 8/6/2001 OPERATING PMCHK00000189 $329.56 100013752 CONGENLIF000 CONNECTICUT GENERAL LIFE-DENT 8/6/2001 OPERATING PMCHK00000189 $1,997.13 100013753 MANLIF000 MANULIFE FINANCIAL 8/6/2001 OPERATING PMCHK00000189 $4,746.36 100013754 US0FOO000 US FOODSERVICE 8/13/2001 OPERATING PMCHK00000190 $5,084.59 100013755 BESACC000 BEST ACCESS SYSTEMS 8/13/2001 OPERATING PMCHK00000191 $162.53 100013756 BURJEA000 JEANIE BURDI 8/13/2001 OPERATING PMCHK00000191 $34.00 100013757 CLYREN000 RENEE CLYDE 8/13/2001 OPERATING PMCHK00000191 $216.74 100013758 DECEDW000 EDWARD DECKER 8/13/2001 OPERATING PMCHK00000191 $50.00 100013759 FELTAM000 TAMMY FELIZ 8/13/2001 OPERATING PMCHK00000191 $76.07 100013760 FRYFOO000 FRY'S FOOD STORES 8/13/2001 OPERATING PMCHK00000191 $328.63 100013761 HOMDEP000 HOME DEPOT 8/13/2001 OPERATING PMCHK00000191 $2,818.40 100013762 JETCON000 JET CONNECTION 8/13/2001 OPERATING PMCHK00000191 $160.00 100013765 NEWTIM000 NEW TIMES 8/13/2001 OPERATING PMCHK00000191 $67.32 100013766 REDSER000 REDDI SERVICES 8/13/2001 OPERATING PMCHK00000191 $69.50 100013767 SRP2950 SRP2950 8/13/2001 OPERATING PMCHK00000191 $5,136.53 100013768 THIMIC000 MICHAEL THOREN 8/13/2001 OPERATING PMCHK00000191 $349.00 100013769 US0WES003 US WEST COMMUNICATIONS-29060 8/13/2001 OPERATING PMCHK00000191 $1,162.66 100013770 CITMESUTI CITY OF MESA - UTILITIES - 187 8/13/2001 OPERATING PMCHK00000191 $479.29 100013771 AT&TWIR06 AT&T WIRELESS SERVICES-PHOENIX 8/17/2001 OPERATING PMCHK00000192 $2,435.79 100013772 CITPEOUTI CITY OF PEORIA - UTILITIES 8/17/2001 OPERATING PMCHK00000192 $317.38 100013773 HORDIS000 HORIZON DISTRIBUTION 8/17/2001 OPERATING PMCHK00000192 $67.91 100013774 JAKBRE000 JAKE BREAK CAFE 8/17/2001 OPERATING PMCHK00000192 $1,676.63 100013775 PACALA000 PACIFIC ALARMS COMPANY 8/17/2001 OPERATING PMCHK00000192 $540.00 100013776 PITBOW000 PITNEY BOWES CREDIT CORP856460 8/17/2001 OPERATING PMCHK00000192 $450.18 100013777 CITGLEUTI CITY OF GLENDALE - UTILITIES 8/21/2001 OPERATING PMCHK00000193 $427.29 100013778 CITTEM000 CITY OF TEMPE 8/21/2001 OPERATING PMCHK00000193 $534.61 100013779 SANBAR001 SANTA BARBARA BANK & TRUST 8/22/2001 OPERATING PMCHK00000194 $11,826.56 100013780 SCHWAL000 SCHIAN WALKER, P.L.C. 8/24/2001 OPERATING PMCHK00000195 $1,123.10 100013781 4DPROP000 4D PROPERTIES 8/24/2001 OPERATING PMCHK00000195 $285.87 100013782 CITPHO788 CITY OF PHOENIX-78815 8/28/2001 OPERATING PMCHK00000196 $74.00 100013783 TERINT000 TERMINEX INTERNATIONAL 8/28/2001 OPERATING PMCHK00000196 $409.00 100013784 HUDKRI000 KRISTIN HUDSON 8/28/2001 OPERATING PMCHK00000196 $30.00 100013785 BANONE003 BANK ONE ARIZONA NA 8/28/2001 OPERATING PMCHK00000196 $3,310.72 100013786 ARIAIR000 ARIZONA AIR-SCENT 8/28/2001 OPERATING PMCHK00000196 $272.23 100013787 LIVDIS000 LIVELY DISTRIBUTING DAIRY 8/28/2001 OPERATING PMCHK00000196 $857.99 REMIT000000000000004 CITMESUTI CITY OF MESA - UTILITIES - 187 8/3/2001 PMCHK00000185 $0.00 ----------- Total Checks: 91 Total Amount of Checks: $326,632.67 ===========
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