EX-99.11 12 usn_8kex99-11.txt ------------------------------------------------------------------------------------------------------------------------------------ OFFICE OF THE UNITED STATES TRUSTEE ------------------------------------------------------------------------------------------------------------------------------------ ) ------------------------------------------------------------------- IN RE: ) | DEBTOR IN POSSESSION OPERATING REPORT ) | ------------------------------------- PREMIER CONCEPTS, INC., ) | ) | REPORT NUMBER 11 Page 1 of 3 ) | FOR THE PERIOD FROM: 07/26/2004 DEBTOR ) | TO: 08/29/2004 ) ------------------------------------------------------------------- ------------------------------------------------------------) CHAPTER 11 CASE NO. LA 03-36445-BR ) ------------------------------------------------------------) 1. Profit and Loss Statement: A. Related to Business Operations: Gross Sales ---------------------- Less Sales Returns and Discounts ---------------------- Net Sales 294,442 -------------------- Less: Cost of Goods Sold Beginning Inventory at Cost ---------------------- Add: Purchases ---------------------- Less: Ending Inventory at Cost ---------------------- Cost of Goods Sold 95,066 -------------------- Gross Profit 199,376 ------------------ Other Operating Revenue (Specify) Less: Operating Expenses Officer Compensation ---------------------- Salaries & Wages - Other Employees ---------------------- Total Salaries & Wages 110,834 -------------------- Employee Benefits ---------------------- Payroll Taxes ---------------------- Real Estate Taxes ---------------------- Federal and State Income Taxes ---------------------- Total Taxes 12,267 -------------------- Rent and Lease Exp. (Real and Personal Property) 126,382 ---------------------- Interest Expense (Mortgage, Loan, etc.) 2,570 ---------------------- Insurance 4,458 ---------------------- Automobile Expense - ---------------------- Utilities (Gas, Electric, Water, Telephone, etc.) 15,619 ---------------------- Depreciation and Amortization 13,769 ---------------------- Repairs and Maintenance - ---------------------- Advertising - ---------------------- Supplies, Office Expenses, Photocopies, etc.* 23,689 ---------------------- Bad Debts - ---------------------- Miscellaneous Operating Expenses (Specify) - ---------------------- Total Operating Expenses 309,588 ------------------ Net Gain/(Loss) from Business Operations (110,212) ------------------ * Reversal of prior year accrual at Year-end. B. Not Related to Business Operations Income: Interest Income - interest on Bond ---------------------- Other Non-Operating Revenues, Gain on Invest. ---------------------- Gross Proceeds on Sale of Assets ---------------------- Less: Original Cost of Assets plus Expenses of Sale ---------------------- Net Gain/(Loss) on Sale of Assets ---------------------- Total Non-Operating Income - -------------------- Expenses Not Related to Business Operations: Legal and Professional Fees 45,747 ---------------------- Other Non-Operating Expenses, Loss on Investment ---------------------- Total Non-Operating Expenses 45,747 -------------------- NET INCOME /(LOSS) FOR PERIOD (155,959) ================== NOTE: DEBTOR KEEPS ITS BOOKS ON A FOUR-WEEK MONTHLY CYCLE TO ACCOMMODATE ITS RETAIL BUSINESS. ACCOUNTING PERIOD FOR THIS REPORT IS JULY 26, 2004 TO AUGUST 29, 2004. ------------------------------------------------------------------------------------------------------------------------------------ Revised April 1989 OPERATING REPORT UST-11 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ DEBTOR IN POSSESSION OPERATING REPORT NO. 11 ------------------------------------------------------------------------------------------------------------------------------------ Page 2 of 3 2. Aging of Accounts Payable and Receivable (exclude pre-petition debt from accounts payable): ------------------------------------------- Accounts Payable Accounts Receivable ------------------------------------------- Current Under 30 days $ 115,227 $ -- Overdue 31 - 60 days $ 178,920 $ -- Overdue 61 - 90 days $ 84,206 $ -- Overdue 91 - 120 days $ 121,992 $ -- Overdue 121 + days $ 176,842 $ -- Total $ 677,187 $ -- ------------------------------------------- 3. Statement of Status of Payments to Secured Creditors and Lessors: ------------------------------------------------------------------------------------------------------------------------------------ Post-Petition Frequency of Payments Not Made Payments per Amount of ---------------------------------- Creditor/Lessor Lease/Contract Each Payment Next Payment Due Number Amount ------------------------------------------------------------------------------------------------------------------------------------ SEE ATTACHED LIST OF PAYMENTS TO LESSORS Totals for Lessors Monthly $ 104,184 Sep-04 see attached $ 82,474 David Gordon Monthly $ 1,500 Sep-04 2 $ 3,000 Stephlaur Monthly $ 370 Sep-04 2 $ 740 BankOne Monthly $ 700 Sep-04 2 $ 1,400 ------------------------------------------------------------------------------------------------------------------------------------ 4. Tax Liability: Gross Payroll Expense For Period $ 110,834 Gross Sales for Period Subject to Sales Tax $ 294,442 --------------------------------------------------------------------------------------- Post Petition Taxes Date Paid Amount Paid * Still Owing --------------------------------------------------------------------------------------- Federal Payroll and Withholding Taxes $0.00 $ 11,638 State Payroll and Withholding Taxes $0.00 $ 1,719 State Sales and Use Tax $0.00 Jan-Aug $ 150,324 Real Property Taxes $0.00 --------------------------------------------------------------------------------------- * Attach photocopies of depository receipts from taxing authority or financial institution to verify that such deposits or payments have been made. 5. Insurance Coverage: --------------------------------------------------------------------------------------- Carrier/ Amount of Policy Premium Paid Agent Coverage Exp. Date Thru Date --------------------------------------------------------------------------------------- Worker's Compensation Venbrook/Hartford 1,000,000 10/10/04 10/10/04 Worker's Compensation - CA Venbrook/Hartford 1,000,000 12/19/04 12/19/04 Worker's Compensation - FL Venbrook/Zenith 1,000,000 11/18/04 08/01/04 Liability Venbrook/Hartford 1,000,000 10/07/04 10/07/04 Umbrella Policy Venbrook/Hartford 5,000,000 10/10/04 10/07/04 Property Venbrook/Hartford 2,800,000 10/07/04 10/07/04 Property - FL Lloyds of London/Hartford 325,000 11/04/04 11/04/04 Liability - FL Venbrook/Hartford 1,000,000 11/04/04 11/04/04 Life (Beneficiary:________________) Vehicle Venbrook/Hartford 1,000,000 10/07/04 10/07/04 Other ---------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ DEBTOR IN POSSESSION OPERATING REPORT NO. 11 ------------------------------------------------------------------------------------------------------------------------------------ Page 3 of 3 6. Questions: A. Has the Trustee provided to any officers, directors, shareholders, or other principals compensation without the approval of the Office of the United States Trustee? _____ : Yes Explain: _______________________________________________________ X : No B. Has the Trustee, subsequent to the filing of the petition made any payments on its pre-petition unsecured debt, except as have been authorized by the Court? _____ : Yes Explain: _______________________________________________________ X : No 7. Statement of Unpaid Professional Fees (Post-Petition Only): -------------------------------------------------------------------------------------- Type Post-Petition Name of Professional Professional Unpaid Total -------------------------------------------------------------------------------------- Robinson, Diamant & Wolkowitz* Debtor's attorneys 159,703 Archetype Group ** Management Fees 372,000 -------------------------------------------------------------------------------------- *Incl accrual of $11,000. **Archetype Group is in the process of being employed as Debtor's business consultants. 8. Narrative Report of Significant Events and Events Out of the Ordinary Course of Business: None noted during reporting period. 9. Quarterly Fees: (This Fee must be paid to the United States Trustee every calendar quarter) ------------------------------------------------------------------------------------------------------------------------------------ Quarterly Quarterly Disbursements Quarterly Quarterly Period Ending for Quarter Fee Date Paid Amount Paid Check No. Fee Still Owing ------------------------------------------------------------------------------------------------------------------------------------ 4th Quarter 2003 $1,435,516.13 $ 5,000.00 02/23/2004 $ 5,000.00 10621 $ - 1st Quarter 2004 $1,427,084.54 $ 5,000.00 05/26/2004 $ 5,000.00 10980 $ - 2nd Quarter 2004 $1,273,189.26 $ 5,000.00 08/02/2004 $ 5,000.00 11096 $ - ------------------------------------------------------------------------------------------------------------------------------------ I, Terry G. Washburn, President of Premier Concepts, Inc., declare under penalty of perjury that the information contained in the above Debtor in Possession Operating Report is true and complete to the best of my knowledge. Dated: Signed: ----------------------------------------------- ----------------------------------------------------
PREMIER CONCEPTS, INC. CH. 11 CASE NO. LA 03-36445-BR OPERATING REPORT - ATTACHMENT NO. 11 --------------------- POST PETITION PAYMENTS NOT MADE ------------------------------------------------------------------------------------------------------------------------------------ STORE AMT OF NEXT TOTAL NO. STORE LANDLORD MONTHLY PMT PAYMENT DUE NUMBER AMOUNT ------------------------------------------------------------------------------------------------------------------------------------ 7 THE RIO- Elegent Pretenders Rio Hotel & Casino, 4,000 09/01/2004 3700 W. Flamingo Rd, SP 15A Inc. Las Vegas, NV 89103 ------------------------------------------------------------------------------------------------------------------------------------ 8 UNION STATION- Impostors Jones Lang LaSalle 4,896 09/01/2004 50 Massachusetts Ave. N.E., Mgmt - Union Station SP 236 Washington, DC 20002 ------------------------------------------------------------------------------------------------------------------------------------ 9 VALLEY FAIR- Impostors Westfield - Valley Fair 9,275 09/01/2004 2855 Stevens Creek Blvd. SP 1131 Santa Clara, CA 95050 ------------------------------------------------------------------------------------------------------------------------------------ 11 CARMEL PLAZA- Impostors Macerich Carmel L.P. 7,032 09/01/2004 3 21,097 Ocean Avenue between Mission and Junipero Carmel-By-The-Sea, CA ------------------------------------------------------------------------------------------------------------------------------------ 12 HARBOR PLACE- Impostors Rouse/Harborplace 6,515 09/01/2004 201 E. Pratt, SP 16 Associates Baltimore, MD 21202 ------------------------------------------------------------------------------------------------------------------------------------ 14 PALM DESERT- Impostors Westfield Palm Desert 5,867 09/01/2004 72-840 Highway 111, SP 126 Palm Desert, CA 92260 ------------------------------------------------------------------------------------------------------------------------------------ 17 STONERIDGE- Impostors Taubman/ 8,974 09/01/2004 2049 Stoneridge Mall Stoneridge Properties Pleasanton, CA 92101 LLC ------------------------------------------------------------------------------------------------------------------------------------ 20 GEORGETOWN PARK- Impostors Georgetown Park 2,500 09/01/2004 3222 M Street NW Associates Washington, DC 20007 ------------------------------------------------------------------------------------------------------------------------------------ 21 FISHERMANS WHARF- Impostors Anchorage Enterprise LLC 8,000 Store open 333 Jefferson Street #103 in July 04 San Francisco, CA 94133 ------------------------------------------------------------------------------------------------------------------------------------ 23 UNION SQUARE- Impostors Union Square Store Closed 295 Geary Street Building/Brett & in Jan-04 San Francisco, CA 94102 Company ------------------------------------------------------------------------------------------------------------------------------------
PREMIER CONCEPTS, INC. CH. 11 CASE NO. LA 03-36445-BR OPERATING REPORT - ATTACHMENT NO. 11 --------------------- POST PETITION PAYMENTS NOT MADE ------------------------------------------------------------------------------------------------------------------------------------ STORE AMT OF NEXT TOTAL NO. STORE LANDLORD MONTHLY PMT PAYMENT DUE NUMBER AMOUNT ------------------------------------------------------------------------------------------------------------------------------------ 24 WHITE FLINT- Impostors Lerner Corporation- 7,570 09/01/2004 11301 Rockville Pike, SP 1-4.11 White Flint Mall Kensington, MD 20895 ------------------------------------------------------------------------------------------------------------------------------------ 25 TOWSON TOWN CENTER- Impostors Towson Town Center LLC 5,059 09/01/2004 825 Dulaney Valley Rd., SP 3260 Towson, MD 21204 ------------------------------------------------------------------------------------------------------------------------------------ 29 PARK MEADOWS- Impostors Park Meadows LLC 8,273 09/01/2004 8505 Park Meadows Cntr Dr., SP 2125 Littleton, CO 80124 ------------------------------------------------------------------------------------------------------------------------------------ 30 THE ALADDIN- Joli Joli Boulevard Invest, LLC 9,352 09/01/2004 3 28,057 3663 Las Vegas Blvd. South Ste. 310 Las Vegas, NV 89109 ------------------------------------------------------------------------------------------------------------------------------------ 31 FASHION SQUARE- Impostors Scottsdale Fashion 6,062 09/01/2004 7014 E. Camelback Road Square Partnership K1-18 Scottsdale, AZ 85251 ------------------------------------------------------------------------------------------------------------------------------------ 35 THE BORGATA- Impostors Westcor Store Closed 6166 North Scottsdale Rd., TWC Borgata Holding, in July 04 SP 705 LLC Scottsdale, AZ 85253 ------------------------------------------------------------------------------------------------------------------------------------ 38 COASTLAND CENTER- Impostors General 4,564 08/01/2004 1928 N. Tamiani Trail Growth/Coastland Naples, FL 34102 Center, LP ------------------------------------------------------------------------------------------------------------------------------------ 40 MENLO PARK- Impostors 4666 Shopping Center Store Closed 4 33,320 333 Menlo Park, SP 2235 Associates in Aug 04 Edison, NJ 08837 ------------------------------------------------------------------------------------------------------------------------------------ 41 SAWGRASS MILLS- Impostors The Mills Store Closed 2604 Sawgrass Mills Cir., #1101 in Jan-04. Sunrise, FL 33323 ------------------------------------------------------------------------------------------------------------------------------------ 43 THE FALLS - Impostors The Falls 6,245 09/01/2004 8888 SW 136th Street, Suite 370A Shopping Center Miami, FL 33176 Assoc. ------------------------------------------------------------------------------------------------------------------------------------ TOTAL 104,184 17 82,474 -----------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ OFFICE OF THE UNITED STATES TRUSTEE PAGE 1 CENTRAL DISTRICT OF CALIFORNIA ------------------------------------------------------------------------------------------------------------------------------------ ) IN RE: ) DEBTOR IN POSSESSION INTERIM STATEMENT ) PREMIER CONCEPTS, INC., ) STATEMENT NO.: 11 ) FOR THE PERIOD FROM: 07/26/2004 ) TO: 08/29/2004 DEBTOR ) ) ------------------------------ --------------------------------------------------------) DIRECT DEPOSIT PRE-PETITION --------------------------------------------------------) ------------------------------------------------------------------------ CHAPTER 11 CASE NO. LA 03-36445-BR ) OPERATIONS PAYROLL TAX MERCHANT OPERATIONS --------------------------------------------------------) ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT --------------------------------------------------------) ------------------------------------------------------------------------ CASH ACTIVITY ANALYSIS ------------------------------------------------------------------------ A. Total Receipts Per All Prior Interim Statements 4,212,728.60 1,403,359.15 75,200.00 3,023,567.96 585,208.99 B. Less: Total Disbursements Per All Prior Interim Statements 4,173,227.59 1,400,611.50 75,107.07 3,016,688.79 585,208.99 ------------------------------------------------------------------------ C. Beginning Balance 39,501.01 2,747.65 92.93 6,879.17 - ------------------------------------------------------------------------ D. Receipts During Current Period Per Attached Schedule 356,000.00 127,000.00 100.00 220,520.71 - ------------------------------------------------------------------------ E. Balance Available 395,501.01 129,747.65 192.93 227,399.88 - ------------------------------------------------------------------------ F. Less: Disbursements During Period Per Attached Schedule 346,600.42 131,629.12 381.63 224,480.55 - ------------------------------------------------------------------------ G. Ending Balance 48,900.59 (1,881.47) (188.70) 2,919.33 - ------------------------------------------------------------------------ account was closed on 2/11/2004 H. ACCOUNT INFORMATION (1). General (Operations) Account (a) Depository Name and Location Wells Fargo Bank, Austin, Texas (b) Account Number 9488914509 (2). Payroll Account (a) Depository Name and Location Wells Fargo Bank, Austin, Texas (b) Account Number 5393677454 (3). Tax Account (a) Depository Name and Location Wells Fargo Bank, Austin, Texas (b) Account Number 5393677462 (4). Direct Deposit Merchant Account (a) Depository Name and Location Wells Fargo Bank, Austin, Texas (b) Account Number 5393677447 (5). Pre-Petition General Account - for Deposit only (a) Depository Name and Location Texas Bank, Grapevine, Texas (b) Account Number 630001812 I. Other Monies On Hand: I, Terry G. Washburn, President of Premier Concepts, Inc., declare under penalty of perjury that the information contained in the above Debtor in Possession Interim Statement is true and complete to the best of my knowlege: Dated: Signed: ------------------------------------------------------------- ------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Revised June 1987 INTERIM STATEMENT UST-11 ------------------------------------------------------------------------------------------------------------------------------------
CASE NAME: PREMIER CONCEPTS, INC. PAGE 2 CASE NUMBER: LA 03-36445-BR STATEMENT NO.: 11 RECEIPTS FOR THE PERIOD FROM: 07/26/2004 TO: 08/29/2004 ----------------- ACCT: OPERATIONS AMOUNT -------------------------------------------------------------------------------- Transfer from WFB Merchant* 224,000.00 Sweep from Retail Store accounts* 52,000.00 Funding from Gordon 30,000.00 Funding from USN 50,000.00 ----------------- TOTAL 356,000.00 ================= *see retail store bank statements CASE NAME: PREMIER CONCEPTS, INC. PAGE 3 CASE NUMBER: LA 03-36445-BR STATEMENT NO.: 11 RECEIPTS FOR THE PERIOD FROM: 07/26/2004 TO: 08/29/2004 ----------------- ACCT: PAYROLL AMOUNT -------------------------------------------------------------------------------- Transfer from WFB Checking* 127,000.00 ----------------- TOTAL 127,000.00 ================= * see attached bank statement CASE NAME: PREMIER CONCEPTS, INC. PAGE 4 CASE NUMBER: LA 03-36445-BR STATEMENT NO.: 11 RECEIPTS FOR THE PERIOD FROM: 07/26/2004 TO: 08/29/2004 ----------------- ACCT: TAX AMOUNT -------------------------------------------------------------------------------- Transfer from WFB Checking* 100.00 ----------------- TOTAL 100.00 ================= * see attached bank statement CASE NAME: PREMIER CONCEPTS, INC. PAGE 5 CASE NUMBER: LA 03-36445-BR STATEMENT NO.: 11 RECEIPTS FOR THE PERIOD FROM: 07/26/2004 TO: 08/29/2004 ----------------- ACCT: DIRECT DEPOSIT MERCHANT ACCOUNT AMOUNT -------------------------------------------------------------------------------- Merchant deposits* 220,520.71 ----------------- TOTAL 220,520.71 ================= * see attached bank statement CASE NAME: PREMIER CONCEPTS, INC. PAGE 6 CASE NUMBER: LA 03-36445-BR STATEMENT NO.: 11 RECEIPTS FOR THE PERIOD FROM: 07/26/2004 TO: 08/29/2004 ----------------- ACCT: TEXAS BANK OPERATIONS AMOUNT -------------------------------------------------------------------------------- None ----------------- TOTAL - ================= CASE NAME: PREMIER CONCEPTS, INC. PAGE 7 CASE NUMBER: LA 03-36445-BR STATEMENT NO.: 11 RECEIPTS FOR THE PERIOD FROM: 07/26/2004 TO: 08/29/2004 ACCT: OPERATIONS ------------------------------------------------------------------------------------------------------------------------------------ PAYEE DESCRIPTION AMOUNT CHECK NO. DATE ------------------------------------------------------------------------------------------------------------------------------------ Transfer to WFB Payroll* 127,000.00 Bank Fees 342.25 Tansfer for Store 21 New Acct* 100.00 Transfer to WFB Tax Acct* 100.00 Payment ** 219,058.17 ---------------- TOTAL 346,600.42 ================ *see attached bank statement **see attached check register detail
CASE NAME: PREMIER CONCEPTS, INC. PAGE 8 CASE NUMBER: LA 03-36445-BR STATEMENT NO.: 11 RECEIPTS FOR THE PERIOD FROM: 07/26/2004 TO: 08/29/2004 ACCT: PAYROLL ------------------------------------------------------------------------------------------------------------------------------------ PAYEE DESCRIPTION AMOUNT CHECK NO. DATE ------------------------------------------------------------------------------------------------------------------------------------ Payroll payment* 131,288.81 Bank fees 340.31 ----------------- TOTAL 131,629.12 ================= *see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 9 CASE NUMBER: LA 03-36445-BR STATEMENT NO.: 11 RECEIPTS FOR THE PERIOD FROM: 07/26/2004 TO: 08/29/2004 ACCT: TAX ------------------------------------------------------------------------------------------------------------------------------------ PAYEE DESCRIPTION AMOUNT CHECK NO. DATE ------------------------------------------------------------------------------------------------------------------------------------ Payment 371.63 Bank Fee 10.00 ----------------- TOTAL 381.63 =================
CASE NAME: PREMIER CONCEPTS, INC. PAGE 10 CASE NUMBER: LA 03-36445-BR STATEMENT NO.: 11 RECEIPTS FOR THE PERIOD FROM: 07/26/2004 TO: 08/29/2004 ACCT: DIRECT DEPOSIT MERCHANT ACCOUNT ------------------------------------------------------------------------------------------------------------------------------------ PAYEE DESCRIPTION AMOUNT CHECK NO. DATE ------------------------------------------------------------------------------------------------------------------------------------ Transfer to WFB Checking* 224,000.00 Bank Fees 5.55 Merchant Fees 475.00 ----------------- TOTAL 224,480.55 ================= *see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 11 CASE NUMBER: LA 03-36445-BR STATEMENT NO.: 11 RECEIPTS FOR THE PERIOD FROM: 07/26/2004 TO: 08/29/2004 ACCT: TEXAS BANK OPERATION ------------------------------------------------------------------------------------------------------------------------------------ PAYEE DESCRIPTION AMOUNT CHECK NO. DATE ------------------------------------------------------------------------------------------------------------------------------------ ---------------- TOTAL - ================