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 10731/2007 to 11/30/2007 | |||||||
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 October 31,2007 to November 30, 2007 | |||
Opening Cash Balance -10/31/07 | $ 1,588 | ||
Inflows: | |||
Customer Collections | |||
Collateral Returned | |||
-Sureties | |||
-Security Deposits | |||
Sale Proceeds/Interest Income/Other | 3 | ||
Total Inflows | 3 | ||
Distribution of Outflows | |||
Outflows: | NewPower | The NewPower | |
Post Petition: | Holdings, Inc. | Company | |
Professionals - Bankruptcy | 0 | 0 | |
Consulting Fees | 20 | 20 | |
Lockbox Fees | 0 | 0 | |
Supplies & Misc | 1 | 1 | |
Rent | 0 | 0 | |
Insurance | |||
Utilities (Heat, Hydro, Phone, etc.) | |||
Payroll (inlcuding tax payments & fees) | 4 | 4 | |
T&E Reimbursements | |||
State Tax Payments | |||
Distribution to Equity | |||
Total Outflows | 25 | 25 | |
Net Cash Flows | (22) | ||
Closing Cash Balance | $ 1,566 | ||
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 October 31,2007 to November 30, 2007 | |||||
Amounts in $000's | |||||
Accounts Receivable at Petition Date: | $ 75,200 | ||||
Beginning of Month Balance* - Gross | $13,476 | (per 10/31/07 G/L) | |||
PLUS: Current Month New Billings | - | ||||
LESS: Collections During the Month | - | ||||
End of Month Balance - Gross | $13,476 | (per 11/30/07 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 October 31,2007 to November 30, 2007 | |||||
Amounts in $000's | |||||
See attached System Generated A/P reports as of 11/30/2007 (Attachments 2A and 2B). | |||||
Beginning of Period Balance | $ 56 | (per 10/31/07 G/L) | |||
PLUS: New Indebtedness Incurred | 5 | ||||
LESS: Amounts Paid on A/P& taxes | (1) | ||||
End of Month Balance | $ 59 | (per 11/30/07 G/L) |
Exhibit 2A
The New Power Company
Vendor Balance Detail
As of November 30, 2007
Type | Date | Amount | Balance | ||||||
Arkadin, Inc. | 0.00 | ||||||||
Bill | 11/26/2007 | 25.61 | 25.61 | ||||||
Bill Pmt -Check | 11/26/2007 | -25.61 | 0.00 | ||||||
Total Arkadin, Inc. | 0.00 | 0.00 | |||||||
AT&T | 0.00 | ||||||||
Bill | 11/26/2007 | 10.76 | 10.76 | ||||||
Bill Pmt -Check | 11/26/2007 | -10.76 | 0.00 | ||||||
Total AT&T | 0.00 | 0.00 | |||||||
epiq Systems | 0.00 | ||||||||
Bill | 11/26/2007 | 442.56 | 442.56 | ||||||
Bill Pmt -Check | 11/26/2007 | -442.56 | 0.00 | ||||||
Total epiq Systems | 0.00 | 0.00 | |||||||
Kaster Moving Co. Inc. | 0.00 | ||||||||
Bill | 11/26/2007 | 82.50 | 82.50 | ||||||
Bill Pmt -Check | 11/26/2007 | -82.50 | 0.00 | ||||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | |||||||
Ms. Patricia Foster | 0.00 | ||||||||
Bill | 11/26/2007 | 775.00 | 775.00 | ||||||
Bill Pmt -Check | 11/26/2007 | -775.00 | 0.00 | ||||||
Total Ms. Patricia Foster | 0.00 | 0.00 | |||||||
TOTAL | 0.00 | 0.00 | |||||||
New Invoices | 1,336.43 | ||||||||
Payments Made | -1,336.43 |
Exhibit 2B
The New Power Company
Unpaid Vendor Detail
As of November 30, 2007
Name | Balance | |
Franchise Tax Liability | 55,465.00 | |
Payroll Tax Liablility | 3,215.00 | |
58,680.00 |
Attachment 3
NewPower Holdings, Inc. | ||||||
Case Number: 02-10835 | ||||||
Inventroy and Fixed Assets Report | ||||||
For Period from October 31,2007 to November 30, 2007 | ||||||
Amounts in $000's | ||||||
Inventory Report | ||||||
Inventory Balance at Petition Date | $15,587 | |||||
Inventory at Beginning of Period | $ - | (per 10/31/07 G/L) | ||||
PLUS: Inventrory Purchased | - | |||||
LESS: Inventory Used or Sold | - | |||||
End of Month Balance | $ - | (per 11/30/07 G/L) | ||||
Inventory is generally costed at the lower of cost or market. By the end of July 2002 we had soldall 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 assetswere 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: | 11/01/2007-11/30/2007 | ||
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 | $ 482,536.02 | ||
Total Deposits | $ 1,575.05 | ||
Total Payments | $ 25,142.58 | ||
Closing Balance | $ 458,968.49 | ||
Service Charges | $ 136.15 | ||
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: | 11/01/2007-11/30/2007 | |
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 | $ 1,124,390.40 | |
Total Deposits | $ 1,421.39 | Interest Income |
Total Payments | Payroll Taxes | |
Closing Balance | $ 1,125,811.79 | |
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: | 11/01/2007-11/30/2007 | |
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 | $25,060.08 | |
Total Payments | $25,060.08 | |
Closing Balance | $0.00 | |
Service Charges | N/A | |
First Check issued this Period | 201139 | |
Last Check issued this Period | 201145 | |
Total # of checks issued this Period | 7 |
Exhibit 5
The New Power Company
Check Detail
November 2007
Num | Date | Name | Paid Amount | Original Amount | ||||
201139 | 11/15/2007 | M. Patricia Foster | 3,704.73 | |||||
201140 | 11/30/2007 | M. Patricia Foster | 3,704.73 | |||||
201141 | 11/26/2007 | Kaster Moving Co. Inc. | 82.50 | |||||
201142 | 11/26/2007 | AT&T | 10.76 | |||||
201143 | 11/26/2007 | epiq Systems | 442.56 | |||||
201144 | 11/26/2007 | Arkadin, Inc. | 25.61 | |||||
201145 | 11/26/2007 | Ms. Patricia Foster | 775.00 |
Attachment 6
NewPower Holdings, Inc. | |
Case Number: 02-10835 | |
Monthly Tax Report | |
For Period from October 31,2007 to November 30, 2007 | |
Amounts in $000's | |
Taxes Paid During the Month | |
Employment Taxes | 0.5 |
Connecticut State Tax | |
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 October 31,2007 to November 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 10/01/07 - 10/31/07 | ||||
Payments are in gross amts | ||||
Title | Amount | Date | Type | |
M. Patricia Foster | President & CEO | $ 5,208.33 | 11/15/2007 | Salary for pay period 11/01 -11/15 |
$ 5,208.33 | 11/30/2007 | Salary for pay period 11/16 -11/30 | ||
$ 10,416.67 |
Attachment 8
NewPower Holdings, Inc. |
Case Number: 02-10835 |
Significant Developments During Reporting Period |
For Period from October 31,2007 to November 30, 2007 |
none |