Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF GEORGIA
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 9/30/2007 to 10/31/2007
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 Stamford, CT 06907 Tel: (203) 329-8412 | 191 Peachtree St. Atlanta, GA 30303 Tel: (404) 572-4600 |
NewPower Holdings, Inc. | |||
Case Number: 02-10835 | Post Petition Totals | ||
For Period from September 30, 2007 to October 31, 2007 | |||
Opening Cash Balance – 8/31/07 | $1,662 | ||
Inflows: | |||
Customer Collections | |||
Collateral Returned | |||
-Sureties | |||
-Security Deposits | |||
Sale Proceeds/Interest Income/Other | 4 | ||
Total Inflows | 4 | ||
Distribution of Outflows | |||
Outflows: | NewPower Holdings, Inc. | The NewPower Company | |
Post Petition: | |||
Professionals – Bankruptcy | 0 | 0 | |
Consulting Fees | |||
Lockbox Fees | 0 | 0 | |
Supplies & Misc | |||
Rent | 0 | 0 | |
Insurance | 60 | 60 | |
Utilities (Heat, Hydro, Phone, etc.) | |||
Payroll (including tax payments & fees) | 17 | 17 | |
T&E Reimbursements | |||
State Tax Payments | |||
Distribution to Equity | |||
Total Outflows | 78 | 78 | |
Net Cash Flows | (74) | ||
Closing Cash Balance | $1,588 | ||
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 September 30, 2007 to October 31, 2007 Amounts in $000’s | ||||
Accounts Receivable at Petition Date: | $ 75,200 | |||
Beginning of Month Balance* - Gross | $ 13,476 | (per 9/30/07 G/L) | ||
PLUS: Current Month New Billings | — | |||
LESS: Collections During the Month | — | |||
End of Month Balance – Gross | $ 13,476 | (per 10/31/07 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 September 30, 2007 to October 31, 2007 Amounts in $000’s | ||
See attached System Generated A/P reports as of 10/31/2007 (Attachments 2A and 2B) | ||
Beginning of Period Balance | $ 59 | (per 9/30/07 G/L) |
PLUS: New Indebtedness Incurred | 22 | |
LESS: Amounts Paid on A/P & taxes | (26) | |
End of Month Balance | $ 56 | (per 10/31/07 G/L) |
Exhibit 2A
The New Power Company
Vendor Balance Detail
Vendor Balance Detail
As of October 31, 2007
Type | Date | Amount | Balance | |||||||
AT&T | 0.00 | |||||||||
Bill | 10/28/2007 | 10.60 | 10.60 | |||||||
Bill Pmt -Check | 10/28/2007 | -10.60 | 0.00 | |||||||
Total AT&T | 0.00 | 0.00 | ||||||||
epiq Systems | 0.00 | |||||||||
Bill | 10/28/2007 | 433.60 | 433.60 | |||||||
Bill Pmt -Check | 10/28/2007 | -433.60 | 0.00 | |||||||
Total epiq Systems | 0.00 | 0.00 | ||||||||
Kaster Moving Co. Inc. | 0.00 | |||||||||
Bill | 10/28/2007 | 82.50 | 82.50 | |||||||
Bill Pmt -Check | 10/28/2007 | -82.50 | 0.00 | |||||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | ||||||||
Mr. Gene Shanks | 0.00 | |||||||||
Bill | 10/28/2007 | 10,000.00 | 10,000.00 | |||||||
Bill Pmt -Check | 10/28/2007 | -10,000.00 | 0.00 | |||||||
Total Mr. Gene Shanks | 0.00 | 0.00 | ||||||||
Mr. Richard Weill | 0.00 | |||||||||
Bill | 10/28/2007 | 10,000.00 | 10,000.00 | |||||||
Bill Pmt -Check | 10/28/2007 | -10,000.00 | 0.00 | |||||||
Total Mr. Richard Weill | 0.00 | 0.00 | ||||||||
TOTAL | 0.00 | 0.00 | ||||||||
20526.7 | ||||||||||
-20526.7 |
Exhibit 2B
The New Power Company
Unpaid Vendor Detail
As of October 31, 2007
Name | Balance |
Franchise Tax Liability | 55,465.00 |
Payroll Tax Liability | 57.00 |
55,522.00 |
Attachment 3
NewPower Holdings, Inc. Case Number: 02-10835 Inventory and Fixed Assets Report For Period from September 30, 2007 to October 31, 2007 Amounts in $000’s | ||
Inventory Report | ||
Inventory Balance at Petition Date | $ 15,587 | |
Inventory at Beginning of Period | $ — | (per 9/30/07 G/L) |
PLUS: Inventory Purchased | — | |
LESS: Inventory Used or Sold | — | |
End of Month Balance | $ — | (per 10/31/07/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: | 10/01/2007 – 10/31/2007 | ||||
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 | $ 553,172.59 | ||||
Total Deposits | $ 2,035.75 | ||||
Total Payments | $ 72,672.32 | ||||
Closing Balance | $ 482,536.02 | ||||
Service Charges | $ 79.93 | ||||
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: | 10/01/2007 – 10/31/2007 | |||
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 | $ 1,127,886.18 | |||
Total Deposits | $ 1,812.40 | Interest Income | ||
Total Payments | $ 5,308.18 | Payroll Taxes | ||
Closing Balance | $ 1,124,390.40 | |||
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: | 10/01/2007 – 10/31/2007 | ||||
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 | $ 72,672.32 | ||||
Total Payments | $ 72,672.32 | ||||
Closing Balance | $ 0.00 | ||||
Service Charges | N/A | ||||
First Check issued this Period | 201129 | ||||
Last Check issued this Period | 201138 | ||||
Total # of checks issued this Period | 10 | ||||
Exhibit 5
The New Power Company
Check Detail
October 2007
Num | Date | Name | Paid Amount | |||
201129 | 10/15/2007 | M. Patricia Foster | 3,704.73 | |||
201130 | 10/15/2007 | CT Commissioner of Revenue Services | 504.16 | |||
wire | 10/15/2007 | United States Treasury | 2,654.08 | |||
201131 | 10/29/2007 | M. Patricia Foster | 3,704.72 | |||
201132 | 10/28/2007 | Mr. Gene Shanks | 10,000.00 | |||
201133 | 10/28/2007 | Mr. Richard Weill | 10,000.00 | |||
201134 | 10/28/2007 | Kaster Moving Co. Inc. | 82.50 | |||
201135 | 10/28/2007 | AT&T | 10.60 | |||
201136 | 10/28/2007 | epiq Systems | 433.60 | |||
wire | 10/28/2007 | United States Treasury | 2,654.10 | |||
201138 | 10/28/2007 | CT Commissioner of Revenue Services | 504.16 | |||
Attachment 6
NewPower Holdings, Inc. Case Number: 02-10835 Monthly Tax Report For Period from September 30, 2007 to October 31, 2007 Amounts in $000’s | ||
Taxes Paid During the Month | ||
Employment Taxes | 6.3 | |
Connecticut State Tax | ||
Taxes Owed and Due | ||
Payroll Tax Liability | — | |
Attachment 7A
NewPower Holdings, Inc. Case Number: 02-10835 Summary of Officer Compensation/Summary of Personnel and Insurance Coverages For Period from September 30, 2007 to October 31, 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 10/1/07 – 10/31/07
Payments are in gross amts
Title | Amount | Date | Type | |
M Patricia Foster | President & CEO | $ 5,208.33 | 10/15/2007 | Salary for pay period 10/01 – 10/15 |
$ 5,208.33 | 10/28/2007 | Salary for pay period 10/16 – 10/31 | ||
Gene Shanks | Director | $ 10,000.00 | 10/26/2007 | Semi Annual Board Fee |
Richard Weill | Director | $ 10,000.00 | 10/26/2007 | Semi Annual Board Fee |
$ 30,416.67 | ||||
Attachment 8
NewPower Holdings, Inc. Case Number: 02-10835 Significant Developments During Reporting Period For Period from September 30, 2007 to October 31, 2007 | ||
none |
15