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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 3 Page 1 of 3
) | FOR THE PERIOD FROM: 12/01/2003
DEBTOR ) | TO: 12/31/2003
) -------------------------------------------------------------------
------------------------------------------------------------)
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 993,346
----------------------
Less: Cost of Goods Sold
Beginning Inventory at Cost
----------------------
Add: Purchases
----------------------
Less: Ending Inventory at Cost
----------------------
Cost of Goods Sold 318,219
----------------------
Gross Profit 675,127
--------------------
Other Operating Revenue (Specify)
Less: Operating Expenses
Officer Compensation
----------------------
Salaries & Wages - Other Employees
----------------------
Total Salaries & Wages 167,482
----------------------
Employee Benefits
----------------------
Payroll Taxes
----------------------
Real Estate Taxes
----------------------
Federal and State Income Taxes
----------------------
Total Taxes 19,180
----------------------
Rent and Lease Exp. (Real and Personal Property) 229,141
----------------------
Interest Expense (Mortgage, Loan, etc.) 2,570
----------------------
Insurance 2,975
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Automobile Expense
----------------------
Utilities (Gas, Electric, Water, Telephone, etc.) 7,364
----------------------
Depreciation and Amortization 20,471
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Repairs and Maintenance 320
----------------------
Advertising 2,903
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Supplies, Office Expenses, Photocopies, etc. 16,095
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Bad Debts
----------------------
Miscellaneous Operating Expenses (Specify)* 80,622
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Total Operating Expenses 549,123
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Net Gain/(Loss) from Business Operations 126,004
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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 -
----------------------
Total Non-Operating Income -
----------------------
Expenses Not Related to Business Operations:
Legal and Professional Fees 56,692
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Other Non-Operating Expenses, Loss on Investment 94,650
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Total Non-Operating Expenses 151,342
----------------------
NET INCOME /(LOSS) FOR PERIOD (25,338)
====================
* Misc. Exp includes shipping, employee exp reimbursements, merchant and bank fees, recruiting and general accrual.
NOTE: DEBTOR KEEPS ITS BOOKS ON A FOUR-WEEK MONTHLY CYCLE TO ACCOMMODATE ITS RETAIL BUSINESS. CLOSING DATE FOR THIS REPORT IS
DECEMBER 28, 2003.
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Revised April 1989 OPERATING REPORT UST-3
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DEBTOR IN POSSESSION OPERATING REPORT NO. 3
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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 $ 174,423 $ --
Overdue 31 - 60 days $ 55,687 $ --
Overdue 61 - 90 days $ 29,196 $ --
Overdue 91 - 120 days $ -- $ --
Overdue 121 + days $ -- $ --
Total $ 259,306 $ --
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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 $ 167,242 Dec-03 see attached $ 42,963
Fleet Precious Metals, Inc. Monthly $ 1,500 Jan-04
Stephlaur Monthly $ 370 Jan-04
BankOne Monthly $ 700 Jan-04
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4. Tax Liability:
Gross Payroll Expense For Period $ 167,482
Gross Sales for Period Subject to Sales Tax $ 993,346
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Post Petition Taxes
Date Paid Amount Paid * Still Owing
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Federal Payroll and Withholding Taxes $0.00 $ 19,550
State Payroll and Withholding Taxes $0.00 $ 2,470
State Sales and Use Tax $0.00 $ 105,175
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 01/07/04
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. 3
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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 90,371
Archetype Group ** Management Fees 120,000
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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.
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
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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:
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PREMIER CONCEPTS, INC.
CH. 11 CASE NO. LA 03-36445-BR
OPERATING REPORT - ATTACHMENT NO. 3
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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, 7,934 01/01/2004
0000 X. Xxxxxxxx Xx, SP 15A Inc.
Xxx Xxxxx, XX 00000
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8 UNION STATION- Impostors Xxxxx Lang LaSalle 4,595 01/01/2004
00 Xxxxxxxxxxxxx Xxx. N.E., Mgmt - Union Station
SP 236
Xxxxxxxxxx, XX 00000
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9 VALLEY FAIR- Impostors Westfield - Valley Fair 9,219 01/01/2004
0000 Xxxxxxx Xxxxx Xxxx.
XX 0000
Xxxxx Xxxxx, XX 00000
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00 XXXXXX XXXXX- Impostors Macerich Carmel L.P. 6,969 01/01/2004
Ocean Avenue between Mission and
Xxxxxxxx
Xxxxxx-By-The-Sea, CA
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12 HARBOR PLACE- Impostors Xxxxx/Harborplace 6,504 01/01/2004
201 X. Xxxxx, SP 16 Ltd. Partnership
Xxxxxxxxx, XX 00000
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14 PALM DESERT- Impostors Westfield- WEA Palm 5,785 01/01/2004
00-000 Xxxxxxx 000, SP 126 Desert LLC
Xxxx Xxxxxx, XX 00000
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17 STONERIDGE- Impostors Taubman/ 8,927 01/01/2004
0000 Xxxxxxxxxx Xxxx Xxxxxxxxxx Xxxxxxxxxx
Xxxxxxxxxx, XX 00000 LLC
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00 XXXXX XXXXXX- Impostors Union Square 48,849 01/01/2004
000 Xxxxx Xxxxxx Xxxxxxxx/Xxxxx &
Xxx Xxxxxxxxx, XX 00000 Company
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24 WHITE FLINT- Impostors Xxxxxx Corporation- 7,555 01/01/2004
00000 Xxxxxxxxx Xxxx, SP 1-4.11 White Flint
Xxxxxxxxxx, XX 00000
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25 TOWSON TOWN CENTER- Impostors Xxxxx Company 8,510 01/01/2004 3 23,184
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. 3
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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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29 PARK XXXXXXX- Impostors Xxxxx Company 8,188 01/01/2004
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 01/01/2004 1 9,352
0000 Xxx Xxxxx Xxxx. Xxxxx
Xxx. 000
Xxx Xxxxx, XX 00000
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31 FASHION SQUARE- Impostors Westcor 5,923 01/01/2004
0000 X. Xxxxxxxxx Xxxx
X0-00
Xxxxxxxxxx, XX 00000
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35 THE BORGATA- Impostors Westcor 4,427 01/01/2004 2 10,427
0000 Xxxxx Xxxxxxxxxx Xx., XXX Borgata Holding,
SP 705 LLC
Xxxxxxxxxx, XX 00000
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38 COASTLAND CENTER- Impostors General 4,541 01/01/2004
0000 X. Xxxxxxx Xxxxx Xxxxxx/Xxxxxxxxx
Xxxxxx, XX 00000 Center, LP
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40 MENLO PARK- Impostors Simon Property Group, 8,151 01/01/2004
000 Xxxxx Xxxx, XX 0000 XX
Xxxxxx, XX 00000
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41 SAWGRASS XXXXX- Impostors The Mills 5,583 01/01/2004
0000 Xxxxxxxx Xxxxx Xxx., #0000
Xxxxxxx, XX 00000
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43 THE FALLS - Impostors Taubman 6,230 01/01/2004
0000 XX 000xx Xxxxxx, Xxxxx 000X Xxxxx/Xxxxxxxx Xxxxxx
Xxxxx, XX 00000 Assoc.
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TOTAL 167,242 6 42,963
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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.: 3
) FOR THE PERIOD FROM: 12/01/2003
) TO: 12/31/2003
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 426,700.59 214,600.00 100.00 229,576.57 411,392.99
B. Less: Total Disbursements Per All Prior
Interim Statements 394,313.17 177,274.26 10.00 229,012.48 339,947.91
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C. Beginning Balance 32,387.42 37,325.74 90.00 564.09 71,445.08
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D. Receipts During Current Period
Per Attached Schedule 1,020,496.86 160,000.00 45,000.00 814,639.94 132,800.00
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E. Balance Available 1,052,884.28 197,325.74 45,090.00 815,204.03 204,245.08
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F. Less: Disbursements During Period
Per Attached Schedule 790,352.74 178,659.98 10.00 801,244.48 204,354.67
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G. Ending Balance 262,531.54 18,665.76 45,080.00 13,959.55 (109.59)
------------------------------------------------------------------------
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-3
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CASE NAME: PREMIER CONCEPTS, INC. PAGE 2
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 3
RECEIPTS FOR THE PERIOD FROM: 12/01/2003
TO: 12/31/2003
-----------------
ACCT: OPERATIONS AMOUNT
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Funding - Cash from Xxxxx Xxxxxx 12/5/2003 25,000.00
Funding - Cash from Xxxxx Xxxxxx 12/11/2003 20,000.00
Transfer from WFB Merchant* 794,000.00
Sweep from Retail Store accounts* 48,400.00
Transfer from TX bank - Sweep from retail* 132,700.00
Misc Deposit* 12/11/2003 396.86
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TOTAL 1,020,496.86
=================
CASE NAME: PREMIER CONCEPTS, INC. PAGE 3
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 3
RECEIPTS FOR THE PERIOD FROM: 12/01/2003
TO: 12/31/2003
-----------------
ACCT: PAYROLL AMOUNT
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Transfer from WFB Checking 160,000.00
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TOTAL 160,000.00
=================
CASE NAME: PREMIER CONCEPTS, INC. PAGE 4
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 3
RECEIPTS FOR THE PERIOD FROM: 12/01/2003
TO: 12/31/2003
-----------------
ACCT: TAX AMOUNT
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Transfer from WFB Checking 45,000.00
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TOTAL 45,000.00
=================
CASE NAME: PREMIER CONCEPTS, INC. PAGE 5
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 3
RECEIPTS FOR THE PERIOD FROM: 12/01/2003
TO: 12/31/2003
-----------------
ACCT: DIRECT DEPOSIT MERCHANT ACCOUNT AMOUNT
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Merchant deposits* 814,639.94
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TOTAL 814,639.94
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* see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 6
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 3
RECEIPTS FOR THE PERIOD FROM: 12/01/2003
TO: 12/31/2003
-----------------
ACCT: TEXAS BANK OPERATIONS AMOUNT
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Transfer from Retail Stores (Sweep)* 132,800.00
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TOTAL 132,800.00
=================
* see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 7
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 3
RECEIPTS FOR THE PERIOD FROM: 12/01/2003
TO: 12/31/2003
ACCT: OPERATIONS
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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Transfer to WFB Payroll* 160,000.00
Transfer to WFB Tax* 45,000.00
Trf to Store 29 - New WFB Account 100.00
Bank Fees 117.43
Payment - Dec 03** 585,135.31
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TOTAL 790,352.74
================
*see attached bank statement
**see attached check register detail
CASE NAME: PREMIER CONCEPTS, INC. PAGE 8
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 3
RECEIPTS FOR THE PERIOD FROM: 12/01/2003
TO: 12/31/2003
ACCT: PAYROLL
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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Payroll payment* 178,619.39
Bank fees 40.59
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TOTAL 178,659.98
================
*see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 9
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 3
RECEIPTS FOR THE PERIOD FROM: 12/01/2003
TO: 12/31/2003
ACCT: TAX
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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Bank Fees 10.00
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TOTAL 10.00
================
CASE NAME: PREMIER CONCEPTS, INC. PAGE 10
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 3
RECEIPTS FOR THE PERIOD FROM: 12/01/2003
TO: 12/31/2003
ACCT: DIRECT DEPOSIT MERCHANT ACCOUNT
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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Transfer to WFB Checking* 794,000.00
Bank Fees 317.70
Merchant Services Fees 6,926.78
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TOTAL 801,244.48
================
*see attached bank statement
CASE NAME: PREMIER CONCEPTS, INC. PAGE 11
CASE NUMBER: LA 03-36445-BR
STATEMENT NO.: 3
RECEIPTS FOR THE PERIOD FROM: 12/01/2003
TO: 12/31/2003
ACCT: TEXAS BANK OPERATION
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PAYEE DESCRIPTION AMOUNT CHECK NO. DATE
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Transfer to WFB Checking* 132,700.00
Xxxxxx Park, Inc. 70,000.00 Bank Debit 12/04/03
Bank Fees 1,100.00 Bank Debit 12/04/03
Bank Fees 75.00 Bank Debit 12/04/03
Bank Fees 50.00 Bank Debit 12/04/03
401K Funding 213.33 ACH 12/08/03
Transfer to close 2 Texas Bank accounts 77.39
Bank Fees 138.95
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TOTAL 204,354.67
================
* see attached bank statement
** see attached bank statement
