EX-99.2 3 fastnet_8kex99-2.txt EXHIBIT 99.2 In re: FASTNET Corp Debtors. Case No. 03-23143 Reporting Period: November, 2003 Privileged and Confidential Information may be Included UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF PENNSYLVANIA In re: FASTNET Corp Case No. 03-23143 Debtors. Reporting Period: November, 2003 FASTNET Corp. MONTHLY OPERATING REPORT ($ IN REAL NUMBERS) ------------------------------------------------------------------------------------------------------------------------------------ FILE WITH COURT AND SUBMIT COPY TO UNITED STATES TRUSTEE WITHIN 20 DAYS AFTER END OF MONTH Submit copy of report to any official committee appointed in the case.

Page 1 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF PENNSYLVANIA In re: FASTNET Corp Case No. 03-23143 Debtors. Reporting Period: November, 2003 FASTNET CORP. SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS ($ IN REAL NUMBERS) -------------------------------------------------------------------------------- CURRENT CUMULATIVE MONTH FILING TO DATE -------------------------------------------------------------------------------- ACTUAL ACTUAL -------------------------------------------------------------------------------- CASH - BEGINNING OF MONTH * $ 1,370,015 $ 938,508 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- RECEIPTS: -------------------------------------------------------------------------------- Collection of Accounts Receivable 1,710,082 10,814,669 -------------------------------------------------------------------------------- Asset Sale Proceeds -- -- -------------------------------------------------------------------------------- Other (Credit Card) 168,912 1,832,645 -------------------------------------------------------------------------------- TOTAL RECEIPTS $ 1,878,994 $ 12,647,315 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- DISBURSEMENTS: -------------------------------------------------------------------------------- Payroll and Related Benefits $ 522,364 $ 3,564,254 -------------------------------------------------------------------------------- Travel and Entertainment 8,199 64,682 -------------------------------------------------------------------------------- Insurance -- 95,356 -------------------------------------------------------------------------------- Utilities 955,547 6,780,477 -------------------------------------------------------------------------------- Occupancy 82,788 517,495 -------------------------------------------------------------------------------- Suppliers -- -- -------------------------------------------------------------------------------- G&A 514,419 1,397,866 -------------------------------------------------------------------------------- TOTAL DISBURSEMENTS 2,083,316 12,420,130 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- NET CASH FLOW (204,322) 227,185 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CASH - END OF MONTH $ 1,165,693 $ 1,165,693 -------------------------------------------------------------------------------- * Ending Cash includes $313,397 of restricted cash related to Applied Theory Estate, (HSBC account). THE FOLLOWING SECTION MUST BE COMPLETED -------------------------------------------------------------------------------- DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH COLUMN) -------------------------------------------------------------------------------- TOTAL DISBURSEMENTS $ 2,083,316 -------------------------------------------------------------------------------- Less: Transfers to Debtor In Possession Accounts -------------------------------------------------------------------------------- Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts) -------------------------------------------------------------------------------- TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES $ 2,083,316 -------------------------------------------------------------------------------- Page 2 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF PENNSYLVANIA In re: FASTNET Corp Case No. 03-23143 Debtors. Reporting Period: November, 2003

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF PENNSYLVANIA In re: FASTNET Corp Case No. 03-23143 Debtors. Reporting Period: November, 2003 FASTNET CORP. STATEMENT OF OPERATIONS ($ IN REAL NUMBERS) -------------------------------------------------------------------------------- CUMULATIVE OCTOBER FILING TO DATE -------------------------------------------------------------------------------- Net Revenues $ 2,181,679 $ 13,161,461 Cost of Sales 1,620,180 9,433,785 ----------------------------- GROSS MARGIN $ 561,499 $ 3,727,676 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: Marketing & Selling Expenses $ 132,068 $ 877,378 G&A Payroll Expenses 333,661 2,113,035 Occupancy Expenses 35,141 292,911 Bankruptcy Expenses 256,244 1,353,963 General and Administrative Expenses 297,694 2,815,561 Depreciation and Amortization 345,940 2,425,983 ----------------------------- TOTAL SG&A EXPENSES $ 1,400,749 $ 9,878,833 ----------------------------- OPERATING INCOME (LOSS) $ (839,250) $ (6,151,157) OTHER INCOME (EXPENSE): Interest Expense $ (6,296) $ 177,019 Interest Income (1,949) (16,058) Other (6,963) (5,464) Impairment/Restructuring Charges -- 17,053,482 ----------------------------- INCOME BEFORE PROVISION FOR INCOME TAXES $ (15,208) $ 17,208,979 Provision for Income Taxes -- -- ----------------------------- NET INCOME BEFORE REORGANIZATION ITEMS $ (824,042) $(23,360,136) -------------------------------------------------------------------------------- REORGANIZATION ITEMS: Professional Fees $ 256,244 $ 1,342,713 U.S. Trustee Quarterly Fee -- 11,250 Interest Earned on Accumulated Cash from Ch. 11 -- -- Gain (Loss) From Sale of Equipment -- -- Gain on pre-petition real estate valuation -- -- ----------------------------- TOTAL REORGANIZATION ITEMS $ 256,244 $ 1,353,963 Page 4 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF PENNSYLVANIA In re: FASTNET Corp Case No. 03-23143 Debtors. Reporting Period: November, 2003 FASTNET CORP. BALANCE SHEET ($ IN REAL NUMBERS) -------------------------------------------------------------------------------- BOOK VALUE AT END OF CURRENT ASSETS REPORTING MONTH -------------------------------------------------------------------------------- CURRENT ASSETS Cash & Cash Equivalents $ 850,915 Restricted Cash 314,778 Accounts Receivable 8,195,898 Less: Allowance for doubtful accounts 2,945,560 ------------- NET ACCOUNTS RECEIVABLE 5,250,338 Prepaid and Other Current Assets 407,991 Property and Equipment, net 5,154,236 Intangible Assets, net 1,606,801 Other Assets 1,549,771 ------------- TOTAL ASSETS $ 15,134,831 ------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BOOK VALUE AT END OF CURRENT LIABILITIES & STOCKHOLDERS' EQUITY REPORTING MONTH -------------------------------------------------------------------------------- LIABILITIES NOT SUBJECT TO COMPROMISE: Accounts Payable $ 583,929 Other Accrued Liabilities 3,885,243 Deferred Revenue 5,689,048 ------------- 10,158,220 Other Liabilities 85,693 ------------- TOTAL POSTPETITION LIABILITIES 10,243,913 DUE TO SUBSIDIARY 8,522,859 LIABILITIES SUBJECT TO COMPROMISE: Secured Debt 3,611,555 Priority Debt 297,686 Unsecured Debt 17,360,956 ------------- TOTAL PRE-PETITION LIABILITIES 21,270,196 STOCKHOLDERS' EQUITY: Common and Preferred Stock 78,434,584 Deferred Compensation (5,168) Note Receivable (75,880) Accumulated deficit (101,828,422) Treasury Cost (1,427,252) ------------- TOTAL SHAREHOLDERS EQUITY (24,902,138) ------------- $ 15,134,831 -------------------------------------------------------------------------------- Page 5 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF PENNSYLVANIA In re: FASTNET Corp Case No. 03-23143 Debtors. Reporting Period: November, 2003

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF PENNSYLVANIA In re: FASTNET Corp Case No. 03-23143 Debtors. Reporting Period: November, 2003 FASTNET CORP. ACCOUNTS RECEIVABLE RECONCILIATION AND AGING ($ IN REAL NUMBERS) -------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE RECONCILIATION AMOUNT ------------------------------------------------------------------ ------------ Total Accounts Receivable at the beginning of the reporting period $ 7,780,860 + Amounts billed during the period 2,000,924 - Amounts collected during the period (1,710,082) + Adjustments (Credit Memos, Debit Memos, journal entries) 36,328 + Other Adjustments 87,868 ------------------------------------------------------------------ ------------ TOTAL ACCOUNTS RECEIVABLE AT THE END OF THE REPORTING PERIOD $ 8,195,898 ------------------------------------------------------------------ ------------ ------------------------------------------------------------------ ------------ ACCOUNTS RECEIVABLE AGING AMOUNT ------------------------------------------------------------------ ------------ 0 - 30 days old $ 1,539,874 31 - 60 days old 609,241 61 - 90 days old 129,509 91+ days old 5,917,274 ------------------------------------------------------------------ ------------ TOTAL ACCOUNTS RECEIVABLE 8,195,898 ------------------------------------------------------------------ ------------ Amount considered uncollectable (Bad Debt) (2,945,560) ------------------------------------------------------------------ ------------ ACCOUNTS RECEIVABLE (NET) (EXCLUDING ACCRUALS) $ 5,250,338 ------------------------------------------------------------------ ------------ Note: AR-ATHY, AR-Host Me, Collections & Legal reflected in 91+ days; all other adjs. under 0-30 days. DEBTOR QUESTIONNAIRE Please provide an explanation below for any yes answers. -------------------------------------------------------------------------------- MUST BE COMPLETED EACH MONTH 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 accounts this reporting period? X ------------------------------------------------------- ----- ----- 3. Have any prepetition taxes been paid during the reporting period? X ------------------------------------------------------- ----- ----- 4. Have all postpetition tax returns been timely filed? X ------------------------------------------------------- ----- ----- 5. Are any postpetition real estate taxes past due? X ------------------------------------------------------- ----- ----- 6. Are any postpetition state or federal income taxes past due? X ------------------------------------------------------- ----- ----- 7. Are any postpetition payroll taxes past due? X ------------------------------------------------------- ----- ----- 8. Are any other postpetition taxes past due? X ------------------------------------------------------- ----- ----- 9. Are any amounts owed to postpetition creditors past due? X ------------------------------------------------------- ----- ----- 10. Have any postpetition loans been received by the debtor from any party? X ------------------------------------------------------- ----- ----- 11. Have any payments been made on prepetition liabilities this reporting period? X ------------------------------------------------------- ----- ----- 12. Are any wage payments past due? X ------------------------------------------------------- ----- ----- 13. Are any postpetition receivable (accounts, notes, or loans) due from related parties? X ------------------------------------------------------- ----- ----- EXPLANATIONS: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Page 7 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF PENNSYLVANIA In re: FASTNET Corp Case No. 03-23143 Debtors. Reporting Period: November 30, 2003 FASTNET CORP. US TRUSTEE QUARTERLY FEE SCHEDULE ($ IN REAL NUMBERS) -------------------------------------------------------------------------------- TOTAL QUARTERLY DISBURSEMENTS FEE SCHEDULE ================================================================================ $ -- $ 14,999.99 $ 250.00 -------------------------------------------------------------------------------- 15,000.00 74,999.99 500.00 -------------------------------------------------------------------------------- 75,000.00 149,999.99 750.00 -------------------------------------------------------------------------------- 150,000.00 224,999.99 1,250.00 -------------------------------------------------------------------------------- 225,000.00 299,999.99 1,500.00 -------------------------------------------------------------------------------- 300,000.00 999,999.99 3,750.00 -------------------------------------------------------------------------------- 1,000,000.00 1,999,999.99 5,000.00 -------------------------------------------------------------------------------- 2,000,000.00 2,999,999.99 7,500.00 -------------------------------------------------------------------------------- 3,000,000.00 4,999,999.99 8,000.00 -------------------------------------------------------------------------------- 5,000,000.00 10,000.00 -------------------------------------------------------------------------------- * QUARTERLY FEES MUST BE MAILED WITH THE PROPER TRANSMITTAL FORM TO: United States Trustee Post Office Box 198246 Atlanta, Georgia 30384 Page 8 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF PENNSYLVANIA In re: FASTNET Corp Case No. 03-23143 ------------ Reporting Period: November, 2003 Debtors. FASTNET CORP. CHECK LIST ($ IN REAL NUMBERS)

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