EX-99.2 4 ex99-2.txt MONTHLY OPERATING REPORT 11/02 - SUNRISE 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 NOVEMBER ) 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: NOVEMBER 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 -- 34,114.62 34,114.62 OTHER (ATTACH LIST) -- TOTAL RECEIPTS -- 34,114.62 34,114.62 DISBURSEMENTS BUSINESS - ORDINARY OPERATIONS -- -- CAPITAL IMPROVEMENTS -- PRE-PETITION DEBT -- TRANSFERS TO OTHER DIP ACCOUNTS -- PAYMENTS MADE FOR SUNRISE EDU 34,114.62 34,114.62 OTHER (ATTACH LIST) -- REORGANIZATION EXPENSES: ATTORNEY FEES -- ACCOUNTANT FEES -- OTHER PROFESSIONAL FEES -- U.S. TRUSTEE QUARTERLY FEE -- COURT COSTS -- TOTAL DISBURSEMENTS 34,114.62 34,114.62 ----------- ----------- ----------- ACCOUNT BALANCE - END OF MONTH -- -- -- =========== =========== =========== THE FOLLOWING SECTION MUST BE FILLED OUT DISBURSEMENTS FOR CALCULATING QUARTERLY FEES: TOTAL DISBURSEMENTS FROM ABOVE 34,114.62 LESS: TRANSFERS OUT TO OTHER DIP ACCOUNTS -- PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES ---------- TOTAL DISBURSEMENTS FOR CALCULATING QUARTERLY FEES: 34,114.62 ========== 2 SUNRISE EDUCATIONAL SERVICES, INC. STATEMENT OF OPERATIONS FOR THE MONTH ENDING NOVEMBER 30, 2001 REVENUE Tuition and Fees Revenue $ -- Government Revenue -- Refunds/Returns -- ----------- Total Revenue -- ----------- OPERATIONAL COSTS Taxes and Benefits -- Food Programs Expense -- Transportation Expenses -- Maintenance Expense -- Insurance Expense -- Security Services Expense -- Utilities Expense -- ----------- Total Operational Costs -- ----------- GENERAL & ADMINISTRATIVE COSTS Bank Charges/Processing Fees-A -- Allocated Corporate Overhead 27,678.00 Other Expenses -- ----------- Total General and Administrative Expenses 27,678.00 ----------- Gain (Loss) on Disposal of Assets -- Interest Expense -- Other Income (Expense) -- ----------- Net Interest and Other Income (Expense) -- ----------- Depreciation Expense -- ----------- Total Depreciation and Amortization -- ----------- REORGANIZATION EXPENSES Bankruptcy Fees -- Professional Fees Allocated 14,105.00 ----------- Total Reorganization Expenses 14,105.00 ----------- Net Income $(41,783.00) =========== 3 SUNRISE EDUCATIONAL SERVICES, INC. BALANCE SHEET NOVEMBER 30, 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 2,835,640.23 Property and Equipment, net 3,512.66 Deposits and Other Assets 116,372.11 ------------- Total Assets $2,957,310.00 ============= LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities -- Accounts Payable $ (1,694.39) Checks in Process of Collection 13,208.97 Payroll and Related Accruals 135,324.00 Deferred Revenue and Tuition Deposits -- ------------- Total Current Liabilities 146,838.58 ------------- 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 1,193,970.44 ------------- Shareholders' Equity Pre-Petition Shareholders' Equity 942,733.26 Post Petition Retained Deficit 820,606.30 ------------- Total Shareholders' Equity 1,763,339.56 ------------- Total Liabilities and Shareholders' Equity $2,957,310.00 ============= 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 (1,694) (13,577) -- -- 11,883 TAXES PAYABLE -- -- ACCRUED PAYROLL AND BENEFITS 135,324 135,324 PREPAID TUITION -- -- SECURED DEBT -- OUTSTANDING A/P CHECKS 13,209 13,209 OTHER (ATTACH LIST) -- TOTAL POST-PETITION LIABILITIES 146,839 134,956 -- -- 11,883 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: $2,532,414.86 ------------- Cash In: Telecheck $ -- Credit Card Deposit (Preschools) -- Regular Deposits (Preschools) -- Other Deposit (Preschool) -- ------------- Daily Cash In: $ -- Cash Out: Preschool A/P $ -- Preschool Payroll -- Corporate A/P (allocated) 34,114.63 Preschool NSF -- ------------- Daily Cash Out: $ 34,114.63 ------------- Net Cash In/Out: $ (34,114.63) ------------- ENDING FUNDS AVAILABLE: $2,498,300.23 ============= 8