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

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 April 2002. It provides a detailed financial overview, including balance sheets, income statements, cash flow, and disclosures about liabilities, equity, and payments to insiders and professionals. The report is signed by the responsible party and preparer, certifying its accuracy. It is a required filing for companies in bankruptcy proceedings to inform the court and stakeholders of the company's financial status and operations during reorganization.

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EX-1.2 4 ex1-2toapril_8k.txt EXHIBIT 1.2 CASE NAME: ACCRUAL BASIS CASE NUMBER: 2/13/95 JUDGE: UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS MONTHLY OPERATING REPORT MONTH ENDING: APRIL 30, 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 May 17, 2002 - --------------------------------------- --------------------------------- PRINTED NAME OF RESPONSIBLE PARTY DATE PREPARER: Secretary - --------------------------------------- --------------------------------- ORIGINAL SIGNATURE OF PREPARER TITLE James C. Williams May 17, 2002 - --------------------------------------- --------------------------------- PRINTED NAME OF PREPARER DATE CASE NAME: CADIZ PROPERTIES, INC. CASE NUMBER: 01-80459-RCM-11 ACCRUAL BASIS-1
COMPARATIVE BALANCE SHEET ASSETS SCHEDULE MONTH MONTH MONTH AMOUNT Apr. 2002 1. UNRESTRICTED CASH 3,877 2. RESTRICTED CASH 3. TOTAL CASH 3,877 4. ACCOUNTS RECEIVABLE (NET) 5. INVENTORY 6. NOTES RECEIVABLE 7. PREPAID EXPENSES 8. OTHER (ATTACH LIST) 61,494 9. TOTAL CURRENT ASSETS 65,371 10. PROPERTY, PLANT & EQUIPMENT 11,372,640 11. LESS: ACCUMULATED 1,941,995 DEPRECIATION/DEPLETION 12. NET PROPERTY, PLANT & EQUIPMENT 9,430,645 13. DUE FROM INSIDERS 2,060,160 14. OTHER ASSETS - NET OF AMORTIZATION 115,988 (ATTACH LIST) 15. OTHER (ATTACH LIST) 16. TOTAL ASSETS 11,672,164 POSTPETITION LIABILITIES 17. ACCOUNTS PAYABLE 18. TAXES PAYABLE 19. NOTES PAYABLE 20. PROFESSIONAL FEES 21. SECURED DEBT 243,325 22. OTHER (ATTACH LIST) 23. TOTAL POSTPETITION LIABILITIES 243,325 PREPETITION LIABILITIES 24. SECURED DEBT 7,401,415 25. PRIORITY DEBT 26. UNSECURED DEBT 27. OTHER (ATTACH LIST) 28. TOTAL PREPETITION LIABILITIES 7,401,415 29. TOTAL LIABILITIES 7,644,740 EQUITY 30. PREPETITION OWNERS' EQUITY 3,646,334 31. POSTPETITION CUMULATIVE PROFIT 381,090 (OR LOSS) 32. DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION) 33. TOTAL EQUITY 4,027,424 34. TOTAL LIABILITIES & OWNERS' 11,672,164 EQUITY
Case Name: Cadiz Properties, Inc. MOR-1 Case No: 01-80459-RCM-11 April 8. Property Tax Escrow $ 61,494 14. Capitalized Professional Fees $ 115,988 net of amortization CASE NAME: CADIZ PROPERTIES, INC. CASE NUMBER: 01-80459-RCM-11 ACCRUAL BASIS-2
INCOME STATEMENT REVENUES MONTH MONTH MONTH QUARTER TOTAL Apr. 2002 1. GROSS REVENUE 154,667 154,667 2. LESS : RETURNS & DISCOUNTS 3. NET REVENUE 154,667 154,667 COST OF GOODS SOLD 4. MATERIAL 5. DIRECT LABOR 6. DIRECT OVERHEAD 7. TOTAL COST OF GOODS SOLD 8. GROSS PROFIT 154,667 154,667 OPERATING EXPENSES 9. OFFICER/INSIDER COMPENSATION 10. SELLING & MARKETING 11. GENERAL AND ADMINISTRATIVE 3 3 12. RENT AND LEASE 13. OTHER (ATTACH LIST) 14. TOTAL OPERATING EXPENSES 3 3 15. INCOME BEFORE NON-OPERATING INCOME 154,664 154,664 AND EXPENSE OTHER INCOME & EXPENSES 16. NON-OPERATING INCOME (ATT. LIST) 17. NON-OPERATING EXPENSES (ATT. LIST) 18. INTEREST EXPENSE 52,369 52,369 19. DEPRECIATION/DEPLETION 21,041 21,041 20. AMORTIZATION 1,706 1,706 21. OTHER (ATTACH LIST) 22. NET OTHER INCOME & EXPENSES 75,116 75,116 REORGANIZATION EXPENSES 23. PROFESSIONAL FEES 24. U.S. TRUSTEE FEES 25. OTHER (ATTACH LIST) 26. TOTAL REORGANIZATION EXPENSES 27. INCOME TAX 28. NET PROFIT (LOSS) 79,548 79,548
CASE NAME: CADIZ PROPERTIES, INC. CASE NUMBER: 01-80459-RCM-11 ACCRUAL BASIS-3
CASH RECEIPTS AND DISBURSEMENTS MONTH MONTH MONTH QUARTER TOTAL April, 2002 1. CASH-BEGINNING OF MONTH 3,880 3,880 RECEIPTS FROM OPERATIONS 2. CASH SALES COLLECTION OF ACCOUNTS RECEIVABLES 3. PREPETITION 4. POSTPETITION 5. TOTAL OPERATING RECEIPTS 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 3,880 3,880 OPERATING DISBURSEMENTS 12. NET PAYROLL 13. PAYROLL TAXES PAID 14. SALES, USE & OTHER TAXES PAID 15. SECURED/RENTAL/LEASES 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 3 26. TOTAL OPERATING DISBURSEMENTS 3 3 REORGANIZATION EXPENSES 27. PROFESSIONAL FEES 28. U.S. TRUSTEE FEES 29. OTHER (ATTACH LIST)1 30. TOTAL REORGANIZATION EXPENSES 31. TOTAL DISBURSEMENTS 32. NET CASH FLOW (3) (3) 33. CASH - END OF MONTH 3,877 3,877
Case Name: Cadiz Properties, Inc. MOR-3 Case No: 01-80459-RCM-11 April 25. Bank Charges $3 CASE NAME: CADIZ PROPERTIES, INC. Monthly Operating Report CASE NUMBER: 01-80459-RCM-11 ACCRUAL BASIS-4
MONTH MONTH MONTH ACCOUNTS RECEIVABLE ACCOUNTS April, 2002 1. 0-30 2. 31-60 3. 61-90 4. 91+ 5. TOTAL ACCOUNTS RECEIVABLE 6. AMOUNT CONSIDERED UNCOLLECTIBLE 7. ACCOUNTS RECEIVABLE (NET) 0 AGING OF POSTPETITION TAXES AND PAYABLES MONTH: March, 2002 TAXES PAYABLE 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL 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: March, 2002 FEDERAL BEGINNING AMOUNT AMOUNT ENDING TAX TAX WITHHELD OR PAID LIABILITY LIABILITY ACCRUED 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 & LOCAL 0 0 0 0 16. TOTAL TAXES 0 0 0 0
CASE NAME: CADIZ PROPERTIES, INC. ACCRUAL BASIS-5 CASE NUMBER: 01-80459-RCM-11 MONTH: April, 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 TOTAL A. BANK Comerica B. ACCOUNT NUMBER 1880058878 C. PURPOSE (TYPE) DIP 1. BALANCE PER BANK STATEMENT 3,877 3,877 2. ADD: TOTAL DEPOSITS NOT CREDITED 3. SUBTRACT OUTSTANDING CHECKS 4. OTHER RECONCILING ITEMS 5. MONTH END BALANCE PER ITEMS 3,877 3,877 6. NUMBER OF LAST CHECK WRITTEN 1052 INVESTMENT ACCOUNTS DATE OF TYPE OF PURCHASE CURRENT BANK ACCOUNT NAME & NUMBER 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 3,877
CASE NAME: CADIZ PROPERTIES, INC. ACCRUAL BASIS-6 CASE NUMBER: 01-80459-RCM-11 MONTH: April, 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 (I.E. SALARY, BONUS, COMMISSION, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSIDERS NAME TYPE OF AMOUNT PAID TOTAL PAID TO INSTRUMENT DATE 1. 2. 3. 4. 5. 6. TOTAL PAYMENTS 0 0 TO INSIDERS PROFESSIONALS NAME DATE OF AMOUNT AMOUNT TOTAL PAID TOTAL COURT APPROVED PAID TO DATE INCURRED ORDER AND UNPAID* AUTHORIZING PAYMENT 1. 2. 3. 4. 5. 6. TOTAL 0 0 0 0 PAYMENTS TO PROFESSIONALS
*INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
NAME OF CREDITOR SCHEDULED AMOUNT PAID TOTAL UNPAID MONTHLY DURING MONTH POSTPETITION PAYMENTS DUE 1. Morgan Guaranty 279,128 0 279,128 2. 3. 4. 5. 6. TOTAL PAYMENTS 0 279,128 TO PROFESSIONALS
CASE NAME: CADIZ PROPERTIES, INC. ACCRUAL BASIS-7 CASE NUMBER: 01-80459-RCM-11 MONTH: April, 2002
QUESTIONNAIRE YES NO 1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE X NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? 2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER X THAN A DEBTOR IN POSSESSION ACCOUNT? 3. ARE ANY POST PETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) X DUE FROM RELATED PARTIES? 4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS X REPORTING PERIOD? 5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR X FROM ANY PARTY? 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 X DELINQUENT? 11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING X PERIOD? 12. ARE ANY WAGE 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 WORKERS' COMPENSATION, GENERAL LIABILITY AND OTHER X NECESSARY INSURANCE COVERAGES IN 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 CANCELED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY. All insurance coverage is maintained by debtor's parent Alford Refrigerated Warehouses, Inc., Case No. 01-39776- BJH-11
INSTALLMENT PAYMENTS TYPE OF POLICY CARRIER PERIOD COVERED PAYMENT AMOUNT & 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 Insurance: All insurance coverage is maintained by Debtor's parent, Alford Refrigerated Warehouses, Inc, Case #01-39776-BJH-11