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OFFICE OF THE UNITED STATES TRUSTEE
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) -------------------------------------------------------------------
IN RE: ) | DEBTOR IN POSSESSION OPERATING REPORT
) | -------------------------------------
PREMIER CONCEPTS, INC., ) |
) | REPORT NUMBER 4 Page 1 of 3
) | FOR THE PERIOD FROM: 01/01/2004
DEBTOR ) | TO: 01/31/2004
) -------------------------------------------------------------------
------------------------------------------------------------)
CHAPTER 11 CASE NO. LA 03-36445-BR )
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1. Profit and Loss Statement:
A. Related to Business Operations:
Gross Sales
----------------------
Less Sales Returns and Discounts
----------------------
Net Sales 384,156
----------------------
Less: Cost of Goods Sold
Beginning Inventory at Cost
----------------------
Add: Purchases
----------------------
Less: Ending Inventory at Cost
----------------------
Cost of Goods Sold 127,441
----------------------
Gross Profit 256,715
--------------------
Other Operating Revenue (Specify)
Less: Operating Expenses
Officer Compensation
----------------------
Salaries & Wages - Other Employees
----------------------
Total Salaries & Wages 177,015
----------------------
Employee Benefits
----------------------
Payroll Taxes
----------------------
Real Estate Taxes
----------------------
Federal and State Income Taxes
----------------------
Total Taxes 14,784
----------------------
Rent and Lease Exp. (Real and Personal Property) 161,246
----------------------
Interest Expense (Mortgage, Loan, etc.) 2,570
----------------------
Insurance 8,475
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Automobile Expense
----------------------
Utilities (Gas, Electric, Water, Telephone, etc.) 11,347
----------------------
Depreciation and Amortization 17,482
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Repairs and Maintenance 109
----------------------
Advertising 465
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Supplies, Office Expenses, Photocopies, etc. (23,808)
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Bad Debts 1,372
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Miscellaneous Operating Expenses (Specify)* -
----------------------
Total Operating Expenses 371,057
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Net Gain/(Loss) from Business Operations (114,342)
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* Reversal of prior year accrual at Year-end.
B. Not Related to Business Operations
Income:
Interest Income - interest on Bond
----------------------
Other Non-Operating Revenues (Specify)
----------------------
Gross Proceeds on Sale of Assets
----------------------
Less: Original Cost of Assets plus Expenses
of Sale
----------------------
Net Gain/(Loss) on Sale of Assets 4,878
----------------------
Total Non-Operating Income 4,878
----------------------
Expenses Not Related to Business Operations:
Legal and Professional Fees 50,334
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Other Non-Operating Expenses, Loss on Investment 80,000
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Total Non-Operating Expenses 130,334
----------------------
NET INCOME /(LOSS) FOR PERIOD (239,798)
====================
NOTE: DEBTOR KEEPS ITS BOOKS ON A FOUR-WEEK MONTHLY CYCLE TO ACCOMMODATE ITS RETAIL BUSINESS. CLOSING DATE FOR THIS REPORT IS
JANUARY 25, 2004.
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Revised April 1989 OPERATING REPORT UST-4
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DEBTOR IN POSSESSION OPERATING REPORT NO. 4
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Page 2 of 3
2. Aging of Accounts Payable and Receivable (exclude pre-petition debt from accounts payable):
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Accounts Payable Accounts Receivable
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Current Under 30 days $ 146,055 $ --
Overdue 31 - 60 days $ 15,032 $ --
Overdue 61 - 90 days $ 5,000 $ --
Overdue 91 - 120 days $ 5,045 $ --
Overdue 121 + days $ - $ --
Total $ 171,132 $ --
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3. Statement of Status of Payments to Secured Creditors and Lessors:
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Post-Petition
Frequency of Payments Not Made
Payments per Amount of ----------------------------------
Creditor/Lessor Lease/Contract Each Payment Next Payment Due Number Amount
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SEE ATTACHED LIST OF PAYMENTS TO LESSORS
Totals for Lessors Monthly $ 161,246 Feb-04 see attached $ 13,281
Fleet Precious Metals, Inc. Monthly $ 1,500 Feb-04
Stephlaur Monthly $ 370 Feb-04
BankOne Monthly $ 700 Feb-04
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4. Tax Liability:
Gross Payroll Expense For Period $ 177,015
Gross Sales for Period Subject to Sales Tax $ 384,156
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Post Petition Taxes
Date Paid Amount Paid * Still Owing
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Federal Payroll and Withholding Taxes $0.00 $ 17,652
State Payroll and Withholding Taxes $0.00 $ 3,048
State Sales and Use Tax $0.00
Real Property Taxes $0.00
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* Attach photocopies of depository receipts from taxing authority or financial
institution to verify that such deposits or payments have been made.
5. Insurance Coverage:
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Carrier/ Amount of Policy Premium Paid
Agent Coverage Exp. Date Thru Date
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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/Hartford 1,000,000 11/18/04 11/18/04
Liability Venbrook/Hartford 1,000,000 10/07/04 10/07/04
Umbrella Policy Venbrook/Hartford 5,000,000 10/10/04 02/07/04
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
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DEBTOR IN POSSESSION OPERATING REPORT NO. 4
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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):
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Type Post-Petition
Name of Professional Professional Unpaid Total
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Xxxxxxxx, Diamant & Xxxxxxxxx* Debtor's attorneys 100,705
Archetype Group ** Management Fees 130,000
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*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.
Store Nos. 23 and 00 (Xxxxx Xxxxxx, Xxx Xxxxxxxxx, Xxxxxxxxxx and
Sawgrass Xxxxx, Sunrise, Florida) were closed in January, 2004.
9. Quarterly Fees: (This Fee must be paid to the United States Trustee every calendar quarter)
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Quarterly
Quarterly Disbursements Quarterly Quarterly
Period Ending for Quarter Fee Date Paid Amount Paid Check No. Fee Still Owing
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4th Quarter 2003 $1,435,516.13 $5,000.00 $5,000.00
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I, Xxxxx X. Xxxxxxxx, 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. 4
---------------------
POST PETITION
PAYMENTS NOT MADE
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STORE AMT OF NEXT TOTAL
NO. STORE LANDLORD MONTHLY PMT PAYMENT DUE NUMBER AMOUNT
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7 THE RIO- Elegent Pretenders Rio Hotel & Casino, 3,000 02/01/2004
0000 X. Xxxxxxxx Xx, SP 15A Inc.
Xxx Xxxxx, XX 00000
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8 UNION STATION- Impostors Xxxxx Xxxx LaSalle 4,595 02/01/2004
00 Xxxxxxxxxxxxx Xxx. N.E., Mgmt - Union Station
SP 236
Xxxxxxxxxx, XX 00000
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9 VALLEY FAIR- Impostors Westfield - Valley Fair 9,318 02/01/2004
0000 Xxxxxxx Xxxxx Xxxx.
XX 0000
Xxxxx Xxxxx, XX 00000
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00 XXXXXX XXXXX- Impostors Macerich Carmel L.P. 7,096 02/01/2004
Ocean Avenue between Mission and
Xxxxxxxx
Xxxxxx-By-The-Sea, CA
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12 HARBOR PLACE- Impostors Xxxxx/Harborplace 6,512 02/01/2004
201 X. Xxxxx, SP 16 Ltd. Partnership
Xxxxxxxxx, XX 00000
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14 PALM DESERT- Impostors Westfield - WEA Palm 5,829 02/01/2004
00-000 Xxxxxxx 000, SP 126 Desert LLC
Xxxx Xxxxxx, XX 00000
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17 STONERIDGE- Impostors Taubman/ 9,020 02/01/2004
0000 Xxxxxxxxxx Xxxx Xxxxxxxxxx Xxxxxxxxxx
Xxxxxxxxxx, XX 00000 LLC
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00 XXXXX XXXXXX- Impostors Union Square 46,642 Store Closed
000 Xxxxx Xxxxxx Building/Xxxxx & in Jan-04.
Xxx Xxxxxxxxx, XX 00000 Company
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24 WHITE FLINT- Impostors Xxxxxx Corporation- 7,585 02/01/2004
00000 Xxxxxxxxx Xxxx, SP 1-4.11 White Flint
Xxxxxxxxxx, XX 00000
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25 TOWSON TOWN CENTER- Impostors Xxxxx Company 8,543 02/01/2004
825 Xxxxxxx Valley Rd., SP 3260 Xxxxx Property
Xxxxxx, XX 00000 Management, Inc.
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PREMIER CONCEPTS, INC.
CH. 11 CASE NO. LA 03-36445-BR
OPERATING REPORT - ATTACHMENT NO. 4
---------------------
POST PETITION
PAYMENTS NOT MADE
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STORE AMT OF NEXT TOTAL
NO. STORE LANDLORD MONTHLY PMT PAYMENT DUE NUMBER AMOUNT
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29 PARK XXXXXXX- Impostors Xxxxx Company 8,273 02/01/2004
0000 Xxxx Xxxxxxx Xxxx Xx., Xxxxx Property
SP 2125 Management, Inc.
Xxxxxxxxx, XX 00000
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30 THE ALADDIN- Joli Joli Trizec-Xxxx 9,352 02/01/2004
0000 Xxx Xxxxx Xxxx. Xxxxx
Xxx. 000
Xxx Xxxxx, XX 00000
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31 FASHION SQUARE- Impostors Westcor 6,200 02/01/2004
0000 X. Xxxxxxxxx Xxxx
X0-00
Xxxxxxxxxx, XX 00000
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35 THE BORGATA- Impostors Westcor 4,427 02/01/2004 3 13,281
0000 Xxxxx Xxxxxxxxxx Xx., XXX Borgata Holding,
SP 705 LLC
Xxxxxxxxxx, XX 00000
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38 COASTLAND CENTER- Impostors General 4,587 02/01/2004
0000 X. Xxxxxxx Xxxxx Xxxxxx/Xxxxxxxxx
Xxxxxx, XX 00000 Center, LP
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40 MENLO PARK- Impostors Simon Property Group, 8,438 02/01/2004
000 Xxxxx Xxxx, XX 0000 XX
Xxxxxx, XX 00000
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41 SAWGRASS XXXXX- Impostors The Mills 5,583 Store Closed
0000 Xxxxxxxx Xxxxx Xxx., #0000 in Jan-04.
Xxxxxxx, XX 00000
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43 THE FALLS - Impostors Taubman 6,246 02/01/2004
0000 XX 000xx Xxxxxx, Xxxxx 000X Xxxxx/Xxxxxxxx Xxxxxx
Xxxxx, XX 00000 Assoc.
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TOTAL 161,246 3 13,281
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OFFICE OF THE UNITED STATES TRUSTEE
PAGE 1
CENTRAL DISTRICT OF CALIFORNIA
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)
IN RE: ) DEBTOR IN POSSESSION INTERIM STATEMENT
)
PREMIER CONCEPTS, INC., ) STATEMENT NO.: 4
) FOR THE PERIOD FROM: 01/01/2004
) TO: 01/31/2004
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 1,447,197.45 374,600.00 45,100.00 1,044,216.51 544,192.99
B. Less: Total Disbursements Per All Prior
Interim Statements 1,184,665.91 355,934.24 20.00 1,030,256.96 544,302.58
------------------------------------------------------------------------
C. Beginning Balance 262,531.54 18,665.76 45,080.00 13,959.55 (109.59)
------------------------------------------------------------------------
D. Receipts During Current Period
Per Attached Schedule 433,200.83 161,000.00 30,000.00 330,053.39 41,016.00
------------------------------------------------------------------------
E. Balance Available 695,732.37 179,665.76 75,080.00 344,012.94 40,906.41
------------------------------------------------------------------------
F. Less: Disbursements During Period
Per Attached Schedule 667,396.09 170,521.25 40,093.00 330,000.32 40,337.87
------------------------------------------------------------------------
G. Ending Balance 28,336.28 9,144.51 34,987.00 14,012.62 568.54
------------------------------------------------------------------------
H. ACCOUNT INFORMATION
(1). General (Operations) Account
(a) Depository Name and Location Xxxxx Fargo Bank, Austin, Texas
(b) Account Number 5393677439
(2). Payroll Account
(a) Depository Name and Location Xxxxx Fargo Bank, Austin, Texas
(b) Account Number 5393677454
(3). Tax Account
(a) Depository Name and Location Xxxxx Fargo Bank, Austin, Texas
(b) Account Number 5393677462
(4). Direct Deposit Merchant Account
(a) Depository Name and Location Xxxxx 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, Xxxxx X. Xxxxxxxx, 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:
------------------------------------------------------------- ------------------------------------------------------------------
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Revised June 1987 INTERIM STATEMENT UST-4
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CASE NAME: PREMIER CONCEPTS, INC. PAGE 2
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 4
RECEIPTS FOR THE PERIOD FROM: 01/01/2004
TO: 01/31/2004
-----------------
ACCT: OPERATIONS AMOUNT
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Transfer from WFB Merchant* 330,000.00
Sweep from Retail Store accounts* 63,000.00
Transfer from TX bank - Sweep from retail* 40,000.00
Misc Deposit* 200.83
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TOTAL 433,200.83
=================
*see retail store bank statements.
CASE NAME: PREMIER CONCEPTS, INC. PAGE 3
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 4
RECEIPTS FOR THE PERIOD FROM: 01/01/2004
TO: 01/31/2004
-----------------
ACCT: PAYROLL AMOUNT
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Transfer from WFB Checking 161,000.00
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TOTAL 161,000.00
=================
CASE NAME: PREMIER CONCEPTS, INC. PAGE 4
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 4
RECEIPTS FOR THE PERIOD FROM: 01/01/2004
TO: 01/31/2004
-----------------
ACCT: TAX AMOUNT
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Transfer from WFB Checking 30,000.00
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TOTAL 30,000.00
=================
CASE NAME: PREMIER CONCEPTS, INC. PAGE 5
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 4
RECEIPTS FOR THE PERIOD FROM: 01/01/2004
TO: 01/31/2004
-----------------
ACCT: DIRECT DEPOSIT MERCHANT ACCOUNT AMOUNT
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Merchant deposits* 330,053.39
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TOTAL 330,053.39
=================
* see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 6
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 4
RECEIPTS FOR THE PERIOD FROM: 01/01/2004
TO: 01/31/2004
-----------------
ACCT: TEXAS BANK OPERATIONS AMOUNT
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Transfer from Retail Stores (Sweep)* 41,000.00
Bank fees reversal 16.00
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TOTAL 41,016.00
=================
* see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 7
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 4
RECEIPTS FOR THE PERIOD FROM: 01/01/2004
TO: 01/31/2004
ACCT: OPERATIONS
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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Transfer to WFB Payroll* 161,000.00
Transfer to WFB Tax* 30,000.00
Bank Fees 232.07
Payment - Dec 03** 441,714.02
Counterfeit Withdrawal Counterfeit check credited in Feb-04 25,000.00 01/12/04
Counterfeit Withdrawal Counterfeit check credited in Feb-04 4,850.00 01/12/04
Counterfeit Withdrawal Counterfeit check credited in Feb-04 4,600.00 01/12/04
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TOTAL 667,396.09
================
*see attached bank statement
**see attached check register detail
CASE NAME: PREMIER CONCEPTS, INC. PAGE 8
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 4
RECEIPTS FOR THE PERIOD FROM: 01/01/2004
TO: 01/31/2004
ACCT: PAYROLL
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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Payroll payment* 170,496.99
Bank fees 24.26
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TOTAL 170,521.25
================
*see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 9
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 4
RECEIPTS FOR THE PERIOD FROM: 01/01/2004
TO: 01/31/2004
ACCT: TAX
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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City of Scottsdale SALESTAX-031 263.00 10002 01/05/04
Nevada Department of Taxation SALESTAX-NV 7,001.00 10008 01/05/04
City of Scottsdale SALESTAX-035 393.00 10003 01/05/04
Arizona Department of Revenue SALESTAX-AZ 2,946.00 10004 01/05/04
Colorado Department of Revenue SALESTAX-CO 349.00 10005 01/05/04
Gov't of District of Columbia SALESTAX-DC 1,074.00 10006 01/05/04
Comptroller of Maryland-SUT SALESTAX-MD 3,933.00 10007 01/05/04
Board of Equalization SALESTAX-CA 18,978.00 10010 01/05/04
Florida Dept. of Revenue SALESTAX-FL 4,437.00 10011 01/05/04
City of Scottsdale SALESTAX-031 445.00 10013 01/26/04
City of Scottsdale SALESTAX-035 274.00 10014 01/26/04
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TOTAL 40,093.00
================
CASE NAME: PREMIER CONCEPTS, INC. PAGE 10
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 4
RECEIPTS FOR THE PERIOD FROM: 01/01/2004
TO: 01/31/2004
ACCT: DIRECT DEPOSIT MERCHANT ACCOUNT
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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Transfer to WFB Checking* 330,000.00
Bank Fees 0.32
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TOTAL 330,000.32
================
*see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 11
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 4
RECEIPTS FOR THE PERIOD FROM: 01/01/2004
TO: 01/31/2004
ACCT: TEXAS BANK OPERATION
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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Transfer to WFB Checking* 40,000.00
Bank Fees 337.87
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TOTAL 40,337.87
================
* see attached bank statement
** see attached bank statement
