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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 12 Page 1 of 3
) | FOR THE PERIOD FROM: 08/30/2004
DEBTOR ) | TO: 09/26/2004
) -------------------------------------------------------------------
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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 187,893
--------------------
Less: Cost of Goods Sold
Beginning Inventory at Cost
----------------------
Add: Purchases
----------------------
Less: Ending Inventory at Cost
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Cost of Goods Sold 66,675
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Gross Profit 121,218
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Other Operating Revenue (Specify)
Less: Operating Expenses
Officer Compensation
----------------------
Salaries & Wages - Other Employees
----------------------
Total Salaries & Wages 109,920
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Employee Benefits
----------------------
Payroll Taxes
----------------------
Real Estate Taxes
----------------------
Federal and State Income Taxes
----------------------
Total Taxes 7,913
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Rent and Lease Exp. (Real and Personal Property) 107,281
----------------------
Interest Expense (Mortgage, Loan, etc.) 2,570
----------------------
Insurance 3,306
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Automobile Expense -
----------------------
Utilities (Gas, Electric, Water, Telephone, etc.) 9,814
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Depreciation and Amortization 13,766
----------------------
Repairs and Maintenance 3,641
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Advertising -
----------------------
Supplies, Office Expenses, Photocopies, etc.* 24,637
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Bad Debts -
----------------------
Miscellaneous Operating Expenses (Specify) -
----------------------
Total Operating Expenses 282,848
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Net Gain/(Loss) from Business Operations (161,630)
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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, 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 54,996
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Other Non-Operating Expenses, Loss on Investment
----------------------
Total Non-Operating Expenses 54,996
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NET INCOME /(LOSS) FOR PERIOD (216,626)
==================
NOTE: DEBTOR KEEPS ITS BOOKS ON A FOUR-WEEK MONTHLY CYCLE TO ACCOMMODATE ITS RETAIL BUSINESS. ACCOUNTING PERIOD FOR THIS REPORT IS
AUGUST 30, 2004 TO SEPTEMBER 26, 2004.
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Revised April 1989 OPERATING REPORT UST-12
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DEBTOR IN POSSESSION OPERATING REPORT NO. 12
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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 $ 101,574 $ --
Overdue 31 - 60 days $ 73,412 $ --
Overdue 61 - 90 days $ 203,009 $ --
Overdue 91 - 120 days $ 138,701 $ --
Overdue 121 + days $ 296,753 $ --
Total $ 813,449 $ --
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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 $ 104,184 Sep-04 see attached $ 89,506
Xxxxx Xxxxxx Monthly $ 1,500 Sep-04 3 $ 4,500
Stephlaur Monthly $ 370 Sep-04
BankOne Monthly $ 700 Sep-04
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4. Tax Liability:
Gross Payroll Expense For Period $ 109,920
Gross Sales for Period Subject to Sales Tax $ 187,893
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Post Petition Taxes
Date Paid Amount Paid * Still Owing
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Federal Payroll and Withholding Taxes $0.00 $ 9,107
State Payroll and Withholding Taxes $0.00 $ 1,199
State Sales and Use Tax $0.00 Jan-Sept $ 162,574
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/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
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DEBTOR IN POSSESSION OPERATING REPORT NO. 12
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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 159,703
Archetype Group ** Management Fees 412,000
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*
**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)
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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 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 $ -
3rd Quarter 2004 $ 975,946.25
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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. 12
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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, 4,000 09/01/2004
0000 X. Xxxxxxxx Xx, SP 15A Inc.
Xxx Xxxxx, XX 00000
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8 UNION STATION- Impostors Xxxxx Lang LaSalle 4,896 09/01/2004
00 Xxxxxxxxxxxxx Xxx. N.E., Mgmt - Union Station
SP 236
Xxxxxxxxxx, XX 00000
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9 VALLEY FAIR- Impostors Westfield - Valley Fair 9,275 09/01/2004
0000 Xxxxxxx Xxxxx Xxxx.
XX 0000
Xxxxx Xxxxx, XX 00000
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00 XXXXXX XXXXX- Impostors Macerich Carmel L.P. 7,032 09/01/2004 4 28,129
Ocean Avenue between Mission and
Xxxxxxxx
Xxxxxx-By-The-Sea, CA
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12 HARBOR PLACE- Impostors Xxxxx/Harborplace 6,515 09/01/2004
201 X. Xxxxx, SP 16 Associates
Xxxxxxxxx, XX 00000
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14 PALM DESERT- Impostors Westfield Palm Desert 5,867 09/01/2004
00-000 Xxxxxxx 000, XX 000
Xxxx Xxxxxx, XX 00000
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17 STONERIDGE- Impostors Taubman/ 8,974 09/01/2004
0000 Xxxxxxxxxx Xxxx Xxxxxxxxxx Xxxxxxxxxx
Xxxxxxxxxx, XX 00000 LLC
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00 XXXXXXXXXX XXXX- Xxxxxxxxx Xxxxxxxxxx Xxxx 2,500 09/01/2004
0000 X Xxxxxx XX Xxxxxxxxxx
Xxxxxxxxxx, XX 00000
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21 FISHERMANS WHARF- Impostors Anchorage Enterprise 8,000 Store
000 Xxxxxxxxx Xxxxxx #000 LLC Open in
Xxx Xxxxxxxxx, XX 00000 July 04
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00 XXXXX XXXXXX- Impostors Union Square Store
000 Xxxxx Xxxxxx Building/Xxxxx & Closed in
Xxx Xxxxxxxxx, XX 00000 Company Jan 04
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PREMIER CONCEPTS, INC.
CH. 11 CASE NO. LA 03-36445-BR
OPERATING REPORT - ATTACHMENT NO. 12
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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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24 WHITE FLINT- Impostors Xxxxxx Corporation- 7,570 09/01/2004
00000 Xxxxxxxxx Xxxx, SP 1-4.11 White Xxxxx Xxxx
Xxxxxxxxxx, XX 00000
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25 TOWSON TOWN CENTER- Impostors Towson Town Center LLC 5,059 09/01/2004
000 Xxxxxxx Xxxxxx Xx., XX 0000
Xxxxxx, XX 00000
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00 XXXX XXXXXXX- Xxxxxxxxx Xxxx Xxxxxxx LLC 8,273 09/01/2004
0000 Xxxx Xxxxxxx Xxxx Xx.,
XX 0000
Xxxxxxxxx, XX 00000
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30 THE ALADDIN- Joli Joli Boulevard Invest, LLC 9,352 09/01/2004 3 28,057
0000 Xxx Xxxxx Xxxx. Xxxxx
Xxx. 000
Xxx Xxxxx, XX 00000
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31 FASHION SQUARE- Impostors Scottsdale Fashion 6,062 09/01/2004
0000 X. Xxxxxxxxx Xxxx Square Partnership
K1-18
Xxxxxxxxxx, XX 00000
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35 THE BORGATA- Impostors Westcor Store
6166 North Scottsdale Rd., TWC Borgata Holding, Closed in
SP 705 LLC July 04
Xxxxxxxxxx, XX 00000
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38 COASTLAND CENTER- Impostors General 4,564 09/01/2004
0000 X. Xxxxxxx Xxxxx Xxxxxx/Xxxxxxxxx
Xxxxxx, XX 00000 Center, LP
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40 MENLO PARK- Impostors 4666 Shopping Center Store 4 33,320
333 Menlo Park, SP 2235 Associates Closed in
Xxxxxx, XX 00000 Aug 04
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41 SAWGRASS XXXXX- Impostors The Mills Store
0000 Xxxxxxxx Xxxxx Xxx., #0000 Closed in
Xxxxxxx, XX 00000 Jan 04
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43 THE FALLS - Impostors The Falls Shopping 6,245 09/01/2004
0000 XX 000xx Xxxxxx, Xxxxx 000X Xxxxxx Xxxxx.
Xxxxx, XX 00000
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TOTAL 104,184 11 89,506
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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.: 12
) FOR THE PERIOD FROM: 09/01/2004
) TO: 09/30/2004
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 4,503,182.08 1,522,859.15 75,200.00 3,241,317.53 585,208.99
B. Less: Total Disbursements Per All Prior
Interim Statements 4,479,395.81 1,518,838.68 75,117.07 3,217,663.79 585,208.99
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C. Beginning Balance 23,786.27 4,020.47 82.93 23,653.74 -
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D. Receipts During Current Period
Per Attached Schedule 363,000.00 112,000.00 - 165,377.69 -
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E. Balance Available 386,786.27 116,020.47 82.93 189,031.43 -
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F. Less: Disbursements During Period
Per Attached Schedule 324,448.89 110,735.98 10.00 184,479.26 -
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G. Ending Balance 62,337.38 5,284.49 72.93 4,552.17 -
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account was
closed on
2/11/2004
H. ACCOUNT INFORMATION
(1). General (Operations) Account
(a) Depository Name and Location Xxxxx Fargo Bank, Austin, Texas
(b) Account Number 9488914509
(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-12
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CASE NAME: PREMIER CONCEPTS, INC. PAGE 2
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 12
RECEIPTS FOR THE PERIOD FROM: 09/01/2004
TO: 09/30/2004
-----------------
ACCT: OPERATIONS AMOUNT
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Transfer from WFB Merchant* 184,000.00
Sweep from Retail Store accounts* 59,000.00
Funding from Xxxxxx 5,000.00
Funding from USN 40,000.00
Funding 75,000.00
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TOTAL 363,000.00
=================
*see retail store bank statements
CASE NAME: PREMIER CONCEPTS, INC. PAGE 3
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 12
RECEIPTS FOR THE PERIOD FROM: 09/01/2004
TO: 09/30/2004
-----------------
ACCT: PAYROLL AMOUNT
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Transfer from WFB Checking* 112,000.00
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TOTAL 112,000.00
=================
* see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 4
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 12
RECEIPTS FOR THE PERIOD FROM: 09/01/2004
TO: 09/30/2004
-----------------
ACCT: TAX AMOUNT
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Transfer from WFB Checking*
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TOTAL -
=================
* see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 5
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 12
RECEIPTS FOR THE PERIOD FROM: 09/01/2004
TO: 09/30/2004
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ACCT: DIRECT DEPOSIT MERCHANT ACCOUNT AMOUNT
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Merchant deposits* 165,377.69
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TOTAL 165,377.69
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* see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 6
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 12
RECEIPTS FOR THE PERIOD FROM: 09/01/2004
TO: 09/30/2004
-----------------
ACCT: TEXAS BANK OPERATIONS AMOUNT
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None
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TOTAL -
=================
CASE NAME: PREMIER CONCEPTS, INC. PAGE 7
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 12
RECEIPTS FOR THE PERIOD FROM: 09/01/2004
TO: 09/30/2004
ACCT: OPERATIONS
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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Transfer to WFB Payroll* 112,000.00
Bank Fees 201.62
Payment ** 212,247.27
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TOTAL 324,448.89
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*see attached bank statement
**see attached check register detail
CASE NAME: PREMIER CONCEPTS, INC. PAGE 8
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 12
RECEIPTS FOR THE PERIOD FROM: 09/01/2004
TO: 09/30/2004
ACCT: PAYROLL
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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Payroll payment* 110,718.24
Bank fees 17.74
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TOTAL 110,735.98
=================
*see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 9
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 12
RECEIPTS FOR THE PERIOD FROM: 09/01/2004
TO: 09/30/2004
ACCT: TAX
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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Payment
Bank Fee 10.00
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TOTAL 10.00
=================
*see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 10
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 12
RECEIPTS FOR THE PERIOD FROM: 09/01/2004
TO: 09/30/2004
ACCT: DIRECT DEPOSIT MERCHANT ACCOUNT
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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Transfer to WFB Checking* 184,000.00
Bank Fees 4.26
Merchant Fees 475.00
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TOTAL 184,479.26
=================
*see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 11
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 12
RECEIPTS FOR THE PERIOD FROM: 09/01/2004
TO: 09/30/2004
ACCT: TEXAS BANK OPERATION
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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----------------
TOTAL -
================
