Monthly Operating Report for Cadiz Properties, Inc. (August 2002) Filed in U.S. Bankruptcy Court

Contract Categories: Business Operations › Administration Agreements
Summary

This document is a monthly operating report for Cadiz Properties, Inc., submitted to the United States Bankruptcy Court for the Northern District of Texas for the month ending August 31, 2002. It provides a detailed overview of the company's financial position, including assets, liabilities, income, expenses, and cash flow during bankruptcy proceedings. The report is signed and certified as accurate by the responsible party, James C. Williams, and is required as part of ongoing bankruptcy case compliance.

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EX-1.2 4 cadizoctober.txt CASE NAME: ACCRUAL BASIS CASE: 2/13/95 JUDGE: UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS MONTHLY OPERATING REPORTS MONTH ENDING: AUGUST 31, 2002 IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCURAL BASIS-1THROUGH ACCURAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. RESPONSIBLE PARTY: Secretary - ----------------------------------------- --------------------------------- ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE James C. Williams September 19, 2002 - ----------------------------------------- --------------------------------- PRINTED NAME OF RESPONSIBLE PARTY DATE PREPARER: Secretary - ----------------------------------------- --------------------------------- ORIGINAL SIGNATURE OF PREPARER TITLE James C. Williams September 19, 2002 - ----------------------------------------- --------------------------------- PRINTED NAME OF PREPARER DATE CASE NAME: Cadiz Properties, Inc. ACCRUAL BASIS-1 -------------------------- CASE NUMBER: 01-80459-RCM-11 --------------------------
COMPARATIVE BALANCE SHEET ASSETS SCHEDULE MONTH MONTH MONTH AMOUNT Jul. 2002 Aug. 2002 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 1. UNRESTRICTED CASH 3,368 3,352 2. RESTRICTED CASH 3. TOTAL CASH 3,368 3,352 4. ACCOUNTS RECEIVABLE, NET - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 5. INVENTORY 6. NOTES RECEIVABLE 7. PREPAID EXPENSES 8. OTHER (ATTACH LIST) 61,494 61,494 9. TOTAL CURRENT ASSETS 64,862 64,846 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 10. PROPERTY, PLANT, & EQUIPMENT 11,372,640 11,372,640 11. LESS:ACCUMULATED 2,005,118 2,026,158 DEPRECIATION/DEPLETION 12. NET PROPERTY, PLANT & EQUIPMENT 9,367,522 9,346,482 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 13. DUE FROM INSIDERS 2,524,159 2,671,082 14. OTHER ASSETS - NET OF 110,871 109,165 15. OTHER (ATTACH LIST) 16. TOTAL ASSETS 12,067,414 12,191,575 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- POST PETITION LIABILITIES 17. ACCOUNTS PAYABLE 18. TAXES PAYABLE 19. NOTES PAYABLE 20. PROFESSIONAL FEES 21. SECURED DEBT 394,667 437,100 22. OTHER (ATTACH LIST) 23. TOTAL POSTPETITION LIABILITIES 394,667 437,100 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- PREPETITION LIABILITIES 24. SECURED DEBT 7,401,415 7,401,415 25. PRIORITY DEBT 26. UNSECURED DEBT 27. OTHER (ATTACH LIST) 28. TOTAL PREPETITION LIABILITIES 7,401,415 7,401,415 29. TOTAL LIABILITIES 7,796,082 7,838,515 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- EQUITY 30. PREPETITION OWNER'S EQUITY 3,646,334 3,646,334 31. POSTPETITION CUMULATIVE PROFIT OR 624,998 706,726 (LOSS) 32. DIRECT CHARGES TO EQUITY 33. TOTAL EQUITY 4,271,332 4,353,060 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 34. TOTAL LIABILITIES & OWNERS' EQUITY 12,067,414 12,191,575
Case Name: Cadiz Properties, Inc. MOR-1 Case No: 01-80459-RCM-11 July August 8. Property Tax Escrow $ 61,494 $ 61,494 14. Capitalized Professional Fees $110,871 $109,165 net of amortization CASE NAME: Cadiz Properties, Inc. ACCRUAL BASIS-2 -------------------------------- CASE NUMBER: 01-80459-RCM-11 ------------------------------
INCOME STATEMENT - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ REVENUES MONTH MONTH MONTH QUARTER TOTAL Jul. 2002 Aug. 2002 1. GROSS REVENUES 154,667 154,667 309,334 2. LESS: RETURNS & DISCOUNTS 3. NET REVENUE 154,667 154,667 309,334 COSTS OF GOODS SOLD 4. MATERIAL 5. DIRECT LABOR 6. DIRECT OVERHEAD 7. TOTAL COST OF GOODS SOLD 8. GROSS PROFIT 154,667 154,667 309,334 OPERATING EXPENSES 9. OFFICER / INSIDER COMPENSATION 10. SELLING & MARKETING 11. GENERAL & ADMINISTRATIVE 3 16 19 12. RENT & LEASE 13. OTHER (ATTACH LIST) 14. TOTAL OPERATING EXPENSES 3 16 19 15. INCOME BEFORE NON-OPERATING 154,664 154,651 309,315 INCOME & EXPENSE OTHER INCOME & EXPENSE 16. NON-OPERATING INCOME (ATTACH LIST) 17. NON-OPERATING EXPENSE (ATTACH LIST) 18. INTEREST EXPENSE 50,312 50,176 100,488 19. DEPRECIATION / DEPLETION 21,041 21,041 42,082 20. AMORITIZATION 1,706 1,706 3,412 21. OTHER (ATTACH LIST) 22. NET OTHER INCOME & EXPENSES 73,059 72,923 145,982 REORGANIZATION EXPENSES 23. PROFESSIONAL FEES 24. U.S. TRUSTEE FEES 250 250 25. OTHER (ATTACH LIST) 26. TOTAL REORGANIZATION EXPENSES 250 250 27. INCOME TAX 28. NET PROFIT (LOSS) 81,355 81,728 163,083
CASE NAME: Cadiz Properties, Inc. ACCRUAL BASIS-3 ---------------------------------- CASE NUMBER: 01-80459-RCM-11
CASH RECEIPTS AND MONTH MONTH MONTH QUARTER DISBURSEMENTS TOTAL July, 2002 August, 2002 1. CASH - BEGINNING OF MONTH 3,621 3,368 3,621 RECEIPTS FROM OPERATORS 2. CASH SALES COLLECTIONS OF ACCOUNTS RECEIVABLE 3. PREPETITION 4. POSTPETITION 7,744 7,744 5. TOTAL OPERATING RECEIPTS 7,744 7,744 NON-OPERATING RECEIPTS 6. LOANS & ADVANCES (ATTACH LIST) 7. SALE OF ASSETS 8. OTHER (ATTACH LIST) 9. TOTAL NON-OPERATING RECEIPTS 10. TOTAL RECEIPTS 11. TOTAL CASH AVAILABLE 3,621 11,112 11,365 OPERATING DISBURSEMENTS 12. NET PAYROLL 13. PAYROLL TAXES PAID 14. SALES, USE & OTHER TAXES PAID 15. SECURED / RENTAL / LEASE 7,744 7,744 16. UTILITIES 17. INSURANCE 18. INVENTORY PURCHASES 19. VEHICLE EXPENSES 20. TRAVEL 21. ENTERTAINMENT 22. REPAIRS & MAINTENANCE 23. SUPPLIES 24. ADVERTISING 25. OTHER (ATTACH LIST) 3 16 19 26. TOTAL OPERATING DISBURSEMENTS 3 7,760 7,763 REORGANIZATION EXPENSES 27. PROFESSIONAL FEES 28. U.S. TRUSTEE FEES 250 250 29. OTHER (ATTACH LIST) 30. TOTAL REORGANIZATION EXPENSES 250 250 31. TOTAL DISBURSEMENTS 253 7,760 8,013 32. NET CASH FLOW (253) (16) (269) 33. CASH - END OF MONTH 3,368 3,352 3,352
Case Name: Cadiz Properties, Inc. MOR-3 Case No: 01-80459-RCM-11 July August 25. Bank Charges $3 $16 CASE NAME: Cadiz Properties, Inc. ACCRUAL BASIS-4 --------------------------------- CASE NUMBER: 01-80459-RCM-11
ACCOUNTS RECEIVABLE AGING SCHEDULE MONTH MONTH MONTH AMOUNT July, 2002 August, 2002 1. 0 - 30 2. 31 - 60 3. 61 - 90 4. 91 + 5. TOTAL ACCOUNTS RECEIVABLE 6. AMOUNT CONSIDERED UNCOLLECTABLE 7. ACCOUNTS RECEIVABLE, NET 0 0 AGING OF POSTPETITION TAXES AND PAYABLES MONTH: August, 2002 ------------- TAXES PAYABLE 0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91+ TOTAL DAYS 1. FEDERAL 2. STATE 3. LOCAL 4. OTHER (ATTACH LIST) 5. TOTAL TAXES PAYABLE 0 0 0 0 0 6. ACCOUNTS PAYABLE 0 0 0 0 0 STATUS OF POSTPETITION TAXES MONTH: August, 2002 ------------- FEDERAL *BEGINNING TAX AMOUNT WITHHELD AND OR AMOUNT ENDING TAX LIABILITY ACCRUED PAID LIABILITY 1. WITHHOLDING** 2. FICA - EMPLOYEE** 3. FICA- EMPLOYER** 4. UNEMPLOYMENT 5. INCOME 6. OTHER (ATTACH LIST) - ------------------------------------------ --------------------------- -------------------------------- ------------- ---------- 7. TOTAL FEDERAL TAXES 0 0 0 0 STATE AND LOCAL 8. WITHHOLDING 9. SALES 10. EXCISE 11. UNEMPLOYMENT 12. REAL PROPERTY 13. PERSONAL PROPERTY 14. OTHER (ATTACH LIST) 15. TOTAL STATE AND LOCAL 0 0 0 0 - ------------------------------------------ --------------------------- -------------------------------- ------------- ---------- 16. TOTAL TAXES 0 0 0 0 - ------------------------------------------ --------------------------- -------------------------------- ------------- ---------- * The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, this amount should be zero ** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment or deposit.
CASE NAME: Cadiz Properties, Inc. ACCRUAL BASIS-5 ------------------------------- CASE NUMBER: 01-80459-RCM-11 MONTH: August, 2002 ------------------------------- ------------- The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary.
BANK RECONCILIATIONS Account #1 Account #2 Account #3 --------------- --------------- ------------ A. BANK Comerica B. ACCOUNT NUMBER 1880058878 Total C. PURPOSE (TYPE) DIP 1. BALANCE PER BANK STATEMENT 3,352 3,352 2. ADD: TOTAL DEPOSITS NOT CREDITED 3. SUBTRACT: OUTSTANDING CHECKS 4. OTHER RECONCILING ITEMS 5. MONTH END BALANCE PER ITEMS 3,352 3,352 6. NUMBER OF LAST CHECK WRITTEN 1055 INVESTMENT ACCOUNTS Account #1 Account #2 Account #3 --------------- ----------------- --------------- BANK, ACCOUNT NAME & NUMBER DATE OF TYPE OF PURCHASE CURRENT PURCHASE INSTRUMENT PRICE VALUE 7. ACCOUNT NUMBER 8. PURPOSE (TYPE): 9. BALANCE PER BANK STATEMENT 10. ADD: TOTAL DEPOSITS NOT CREDITED 11. TOTAL INVESTMENTS 0 0 0 0 CASH 12. CURRENCY ON HAND 0 13. TOTAL CASH - END OF MONTH 3,352
CASE NAME: Cadiz Properties, Inc. ACCRUAL BASIS-6 -------------------------------- CASE NUMBER: 01-80459-RCM-11 MONTH: August, 2002 ------------------------------- ------------- PAYMENTS TO INSIDERS AND PROFESSIONALS OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR ALLOWANCE ETC). ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSIDERS NAME TYPE OF PAYMENT AMOUNT PAID TOTAL PAID TO DATE 1. 2. 3. 4. 5. 6. TOTAL PAYMENTS TO INSIDERS 0 0 PROFESSIONALS NAME DATE OF COURT AMOUNT AMOUNT TOTAL TOTAL ORDER AUTHORIZING APPROVED PAID PAID TO INCURRED & PAYMENT DATE UNPAID* 1. 2. 3. 4. 5. 6. TOTAL PAYMENTS TO PROFESSIONALS 0 0 0 0 * INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS NAME OF CREDITOR SCHEDULED MONTHLY AMOUNTS PAID DURING TOTAL UNPAID PAYMENTS DUE MONTH POSTPETITION 1. Morgan Guaranty 558,256 7,744 550,512 2. 3. 4. 5. 6. TOTAL PAYMENTS TO PROFESSIONALS 7,744 550,512
CASE NAME: Cadiz Properties, Inc. ACCRUAL BASIS-7 ------------------------------------ CASE NUMBER: 01-80459-RCM-11 MONTH: August, 2002 ------------------------------------ -------------
QUESTIONNAIRE YES NO 1. Have any assets been sold or transferred outside the normal course of business this reporting period? X 2. Have any funds been disbursed from any account other than a debtor in possession account? X 3. Are any postpetition receivables (accounts, notes, or loans) due from related parties? X 4. Have any payments been made on prepetition liabilities this reporting period? X 5. Have any postpetition loans been received by the debtor from any party? X 6. Are any postpetition payroll taxes past due? X 7. Are any postpetition state or federal income taxes past due? X 8. Are any postpetition real estate taxes past due? X 9. Are any other postpetition taxes past due? X 10. Are any amounts owed to postpetition creditors delinquent? X 11. Have any prepetition taxes been paid during the reporting period? X 12. Are any wages payments past due? X If the answer to any of the above questions is "yes," provide a detailed explanation of each item. Attach additional sheets if necessary. INSURANCE YES NO 1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN X EFFECT? 2. ARE ALL PREMIUM PAYMENTS PAID CURRENT? X 3. PLEASE ITEMIZE POLICIES BELOW. If the answer to any of the above questions is "NO," or if any policies have been cancelled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary. INSTALLMENT PAYMENTS TYPE OF POLICY CARRIER PERIOD COVERED PAYMENT AMOUNT AND FREQUENCY
Case Name: Cadiz Properties, Inc. MOR-7 Case No: 01-80459-RCM-11 Questionaire: 3. Rent receivable is due from Debtor's parent, Alford Refrigerated Warehouses, Inc., Case #01-39776-BJH-11 4. Payments have been made on long-term secured debt, see details on MOR-6. Insurance: All insurance coverage is maintained by Debtor's parent, Alford Refrigerated Warehouses, Inc, Case #01-39776-BJH-11