UNITED STATES BANKRUPTCY COURT | |||||||
NORTHERN DISTRICT OF GEORGIA | Exhibit 99.1 | ||||||
NEWNAN DIVISION | |||||||
} | CASE NUMBER | ||||||
} | 02-10835 | ||||||
} | |||||||
The NewPower Company, et. al. | } | JUDGE W. Homer Drake, Jr. | |||||
} | |||||||
DEBTORS | } | CHAPTER 11 | |||||
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS) | |||||||
FOR THE PERIOD | |||||||
FROM 8/31/2007 to 9/30/2007 | |||||||
Comes now the above-named debtor and files its Periodic Financial Reports in accordance | |||||||
with the Guidelines established by the United States Trustee and FRBP 2015. | |||||||
Paul Ferdinands | |||||||
Attorney for Debtor | |||||||
Debtor's Address | Attorney's Address | ||||||
and Phone Number | and Phone Number | ||||||
P.O. Box 17296 | 191 Peachtree St. | ||||||
Stamford, Ct 06907 | Atlanta, GA 30303 | ||||||
Tel: (203) 329-8412 | Tel: (404) 572-4600 | ||||||
Case Number: 02-10835 | Post Petition | ||
Totals | |||
For Period from August 31, 2007 to September 30, 2007 | |||
Opening Cash Balance -8/31/07 | $ 1,679 | ||
Inflows: | |||
Customer Collections | |||
Collateral Returned | |||
-Sureties | |||
-Security Deposits | |||
Sale Proceeds/Interest Income/Other | 6 | ||
Total Inflows | 6 | ||
Distribution of Outflows | |||
Outflows: | NewPower | The NewPower | |
Post Petition: | Holdings, Inc. | Company | |
Professionals - Bankruptcy | 9 | 9 | |
Consulting Fees | |||
Lockbox Fees | 0 | 0 | |
Supplies & Misc | |||
Rent | 0 | 0 | |
Insurance | |||
Utilities (Heat, Hydro, Phone, etc.) | 1 | 1 | |
Payroll (inlcuding tax payments & fees) | 11 | 11 | |
T&E Reimbursements | |||
State Tax Payments | 1 | 1 | |
Distribution to Equity | |||
Total Outflows | 23 | 23 | |
Net Cash Flows | (17) | ||
Closing Cash Balance | $ 1,662 | ||
Amount of Cash Balance in Reserve for | |||
Classes 8 -12 |
Attachment 1
NewPower Holdings, Inc. | ||||||
Case Number: 02-10835 | ||||||
Monthly Accounts Receivable Aging and Reconciliation | ||||||
For Period from August 31, 2007 to September 30, 2007 | ||||||
Amounts in $000's | ||||||
Accounts Receivable at Petition Date: | $75,200 | |||||
Beginning of Month Balance* - Gross | $13,476 | (per 8/31/07 G/L) | ||||
PLUS: Current Month New Billings | - | |||||
LESS: Collections During the Month | - | |||||
End of Month Balance - Gross | $13,476 | (per 9/30/07 G/L) | ||||
Allowance for Doubtful Accounts | (13,476) | |||||
End of Month Balance - Net of Allowance | $ - | |||||
Note: | The accounts receivable aging below relates only to deliveries to customers subsequent to the June 11, 2002 petition date. | |||||
AR Aging for Post Petition Receivables | ||||||
Current | > 30 days | > 60 days | Total | |||
$ - | $ - | $ 111 | $ 111 |
Attachment 2
NewPower Holdings, Inc. | |||||
Case Number: 02-10835 | |||||
Monthly Accounts Payable and Secured Payments Report | |||||
For Period from August 31, 2007 to September 30, 2007 | |||||
Amounts in $000's | |||||
See attached System Generated A/P reports as of 9/30/2007 (Attachments 2A and 2B). | |||||
Beginning of Period Balance | $ 59 | (per 8/31/07 G/L) | |||
PLUS: New Indebtedness Incurred | 75 | ||||
LESS: Amounts Paid on A/P& taxes | (75) | ||||
End of Month Balance | $ 59 | (per 9/30/07 G/L) |
The New Power Company Vendor Balance Detail as of September 30, 2007
Type | Date | Amount | Balance | ||||||
Archivesone | 0.00 | ||||||||
Bill | 09/23/2007 | 494.34 | 494.34 | ||||||
Bill Pmt -Check | 09/23/2007 | -494.34 | 0.00 | ||||||
Total Archivesone | 0.00 | 0.00 | |||||||
AT&T | 0.00 | ||||||||
Bill | 09/13/2007 | 137.88 | 137.88 | ||||||
Bill Pmt -Check | 09/13/2007 | -137.88 | 0.00 | ||||||
Bill | 09/23/2007 | 277.83 | 277.83 | ||||||
Bill | 09/23/2007 | 10.60 | 288.43 | ||||||
Bill Pmt -Check | 09/23/2007 | -277.83 | 10.60 | ||||||
Bill Pmt -Check | 09/23/2007 | -10.60 | 0.00 | ||||||
Total AT&T | 0.00 | 0.00 | |||||||
Commissioner of Revenue Services, Ct | 0.00 | ||||||||
Bill | 09/14/2007 | 1,000.00 | 1,000.00 | ||||||
Bill Pmt -Check | 09/14/2007 | -1,000.00 | 0.00 | ||||||
Total Commissioner of Revenue Services, Ct | 0.00 | 0.00 | |||||||
D'Arcangelo & Co. LLP | 0.00 | ||||||||
Bill | 09/23/2007 | 6,750.00 | 6,750.00 | ||||||
Bill Pmt -Check | 09/23/2007 | -6,750.00 | 0.00 | ||||||
Total D'Arcangelo & Co. LLP | 0.00 | 0.00 | |||||||
epiq Systems | 0.00 | ||||||||
Bill | 09/23/2007 | 387.49 | 387.49 | ||||||
Bill Pmt -Check | 09/23/2007 | -387.49 | 0.00 | ||||||
Total epiq Systems | 0.00 | 0.00 | |||||||
Kaster Moving Co. Inc. | 0.00 | ||||||||
Bill | 09/23/2007 | 82.50 | 82.50 | ||||||
Bill Pmt -Check | 09/23/2007 | -82.50 | 0.00 | ||||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | |||||||
King and Spalding | 0.00 | ||||||||
Bill | 09/23/2007 | 2,431.35 | 2,431.35 | ||||||
Bill Pmt -Check | 09/23/2007 | -2,431.35 | 0.00 | ||||||
Total King and Spalding | 0.00 | 0.00 | |||||||
Mesirow Financial Services, Inc | 0.00 | ||||||||
Bill | 09/30/2007 | 60,000.00 | 60,000.00 | ||||||
Bill Pmt -Check | 09/30/2007 | -60,000.00 | 0.00 | ||||||
Total Mesirow Financial Services, Inc | 0.00 | 0.00 | |||||||
Ms. Patricia Foster | 0.00 | ||||||||
Bill | 09/23/2007 | 877.76 | 877.76 | ||||||
Bill Pmt -Check | 09/23/2007 | -877.76 | 0.00 | ||||||
Total Ms. Patricia Foster | 0.00 | 0.00 | |||||||
0.00 | 0.00 | ||||||||
TOTAL |
The New Power Company unpaid Vendor Detail as of September 30, 2007
Name | Balance | |
Franchise Tax Liability | 55,465.00 | |
Payroll Tax Liablility | 3,215.12 | |
58,680.12 |
Attachment 3
NewPower Holdings, Inc. | ||||||
Case Number: 02-10835 | ||||||
Inventroy and Fixed Assets Report | ||||||
For Period from August 31, 2007 to September 30, 2007 | ||||||
Amounts in $000's | ||||||
Inventory Report | ||||||
Inventory Balance at Petition Date | $15,587 | |||||
Inventory at Beginning of Period | $ - | (per 8/31/07 G/L) | ||||
PLUS: Inventrory Purchased | - | |||||
LESS: Inventory Used or Sold | - | |||||
End of Month Balance | $ - | (per 9/30/07 G/L) | ||||
Inventory is generally costed at the lower of cost or market. By the end of July 2002 we had sold all of our gas inventory either to retail customers or financial buyers as part of our asset sales. | ||||||
Fixed Asset Report | ||||||
Book Value at Petition Date | $ 1,238 | |||||
Our fixed assets at petition date consisted of office furniture and equipment. These assets were transferred to our lessor in June 2002 as part of the settlement of our lease obligation. | ||||||
Fixed Assets at Beginning of Period | $ - | |||||
Less: Depreciation Expense | - | |||||
Less: Dispositions | - | |||||
Add: Purchases | - | |||||
Fixed Assets at End of Period | $ - | |||||
Attachment 4
Page 1 of 3
Name of Debtor : | NewPower Holdings Inc. | |||
Case # : | 02-10835 | |||
Reporting Period: | 9/01/2007-9/30/2007 | |||
Name of Bank: | JP Morgan Chase | |||
Branch: | New York ABA # 021000021 | |||
Account Name: | The New Power Company Concentration Account | |||
Account Number: | ||||
Purpose of Account: | Concentration Account | |||
Beginning Balance | $ 571,129.38 | |||
Total Deposits | $ 2,027.64 | |||
Total Payments | $ 19,984.43 | |||
Closing Balance | $ 553,172.59 | |||
Service Charges | $ 91.04 | |||
First Check issued this Period | N/A | |||
Last Check issued this Period | N/A | |||
Total # of checks issued this Period | N/A |
Attachment 4
Page 2 of 3
Name of Debtor : | NewPower Holdings Inc. | |
Case # : | 02-10835 | |
Reporting Period: | 9/01/2007-9/30/2007 | |
Name of Bank: | JP Morgan Chase | |
Branch: | New York ABA # 021000021 | |
Account Name: | The New Power Company | |
Account Number: | ||
Purpose of Account: | Money Market | |
Beginning Balance | $ 1,128,843.78 | |
Total Deposits | $ 1,696.48 | Interest Income |
Total Payments | $ 2,654.08 | Payroll Taxes |
Closing Balance | $ 1,127,886.18 | |
Service Charges | $ - | |
First Check issued this Period | N/A | |
Last Check issued this Period | N/A | |
Total # of checks issued this Period | N/A |
Attachment 4
Page 3 of 3
Name of Debtor : | NewPower Holdings Inc. | |||
Case # : | 02-10835 | |||
Reporting Period: | 9/01/2007-9/30/2007 | |||
Name of Bank: | JP Morgan Chase | |||
Branch: | Syracuse, NY | |||
Account Name: | The New Power Company | |||
Account Number: | ||||
Purpose of Account: | Controlled Disbursements (A/P) | |||
Beginning Balance | $0.00 | |||
Total Deposits | $19,893.38 | |||
Total Payments | $19,893.38 | |||
Closing Balance | $0.00 | |||
Service Charges | N/A | |||
First Check issued this Period | 201114 | |||
Last Check issued this Period | 201128 | |||
Total # of checks issued this Period | 15 |
Exhibit 5
The New Power Company Check Detail September 2007
Num | Date | Name | Paid Amount | |||
201114 | 09/13/2007 | CT Commissioner of Revenue Services | 504.16 | |||
201115 | 09/13/2007 | United States Treasury | 2,654.08 | |||
201115 | 09/13/2007 | M. Patricia Foster | 3,704.73 | |||
201116 | 09/13/2007 | AT&T | 137.88 | |||
201117 | 09/14/2007 | Commissioner of Revenue Services, Ct | 1,000.00 | |||
201118 | 09/23/2007 | Ms. Patricia Foster | 877.76 | |||
201119 | 09/23/2007 | AT&T | 277.83 | |||
201120 | 09/23/2007 | AT&T | 10.60 | |||
201121 | 09/23/2007 | D'Arcangelo & Co. LLP | 6,750.00 | |||
201122 | 09/23/2007 | epiq Systems | 387.49 | |||
201123 | 09/23/2007 | Kaster Moving Co. Inc. | 82.50 | |||
201124 | 09/23/2007 | King and Spalding | 2,431.35 | |||
201125 | 09/23/2007 | Archivesone | 494.34 | |||
201126 | 09/23/2007 | void | void | |||
201127 | 09/30/2007 | M. Patricia Foster | 3,704.73 | |||
201128 | 09/30/2007 | Mesirow Financial Services, Inc | 60,000.00 |
Attachment 6
NewPower Holdings, Inc. | ||
Case Number: 02-10835 | ||
Monthly Tax Report | ||
For Period from August 31, 2007 to September 30, 2007 | ||
Amounts in $000's | ||
Taxes Paid During the Month | ||
Employment Taxes | 3.2 | |
Connecticut State Tax | 1.0 | |
Taxes Owed and Due | ||
Payroll Tax Liability | 3.2 |
Attachment 7A
NewPower Holdings, Inc. | ||||||||
Case Number: 02-10835 | ||||||||
Summary of Officer Compensation / Summary of Personnel and Insurance Coverages | ||||||||
For Period from August 31, 2007 to September 30, 2007 | ||||||||
Amounts in $000's | ||||||||
Summary of Officer Compensation | ||||||||
See supplemental attachment. | ||||||||
Personnel Report | ||||||||
Full Time | Part Time | |||||||
# of Employees at beginning of period | 1 | |||||||
# hired during the period | - | - | ||||||
# terminated/resigned during period | - | - | ||||||
# employees on payroll - end of period | 0 | 1 | ||||||
# of employees on temporary consulting assignments | 0 | |||||||
Confirmation of Insurance | ||||||||
See supplemental attachment.* | ||||||||
* Omitted |
Attachment 7B
(Supplemental)
Payments made to insiders 9/01/07 - 9/30/07 | ||||
Payments are in gross amts | ||||
Title | Amount | Date | Type | |
President & CEO | $ 5,208.33 | 9/13/2007 | Salary for pay period 9/01 -9/15 | |
$ 5,208.33 | 9/302007 | Salary for pay period 9/16 -9/3 | ||
$ 10,416.67 |