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 2/29/2008 to 3/31/2008 | |||||||
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 |
NewPower Holdings, Inc. | |||
Case Number: 02-10835 | Post Petition | ||
Totals | |||
For Period from February 29, 2008 to March 31, 2008 | |||
Opening Cash Balance -2/29/08 | $ 1,325 | ||
Inflows: | |||
Customer Collections | |||
Collateral Returned | |||
-Sureties | |||
-Security Deposits | |||
Sale Proceeds/Interest Income/Other | 1 | ||
Total Inflows | 1 | ||
Distribution of Outflows | |||
Outflows: | NewPower | The NewPower | |
Post Petition: | Holdings, Inc. | Company | |
Professionals - Bankruptcy | 35 | 35 | |
Consulting Fees | |||
Lockbox Fees | |||
Supplies & Misc | 2 | 2 | |
Rent | 1 | 1 | |
Insurance | |||
Utilities (Heat, Hydro, Phone, etc.) | 0 | 0 | |
Payroll (inlcuding tax payments & fees) | 7 | 7 | |
T&E Reimbursements | |||
State Tax Payments | 1 | 1 | |
Distribution to Equity | |||
Total Outflows | 47 | 47 | |
Net Cash Flows | (46) | ||
Closing Cash Balance | $ 1,279 | ||
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 February 29, 2008 to March 31, 2008 | ||||||||||||
Amounts in $000's | ||||||||||||
Accounts Receivable at Petition Date: | $ | 75,200 | ||||||||||
Beginning of Month Balance* - Gross | $ | 13,476 | (per 2/29/08 G/L) | |||||||||
PLUS: Current Month New Billings | - | |||||||||||
LESS: Collections During the Month | - | |||||||||||
End of Month Balance - Gross | $ | 13,476 | (per 3/31/08 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 February 29, 2008 to March 31, 2008 | |||||
Amounts in $000's | |||||
See attached System Generated A/P reports as of 2/29/2008(Attachments 2A and 2B). | |||||
Beginning of Period Balance | $ 56 | (per 2/29/08 G/L) | |||
PLUS: New Indebtedness Incurred | 6 | ||||
LESS: Amounts Paid on A/P& taxes | (2) | ||||
End of Month Balance | $ 60 | (per 3/31/08 G/L) | |||
EXHIBIT 2A
The New Power Company
Vendor Balance Detail
As of March 31, 2008
Type | Date | Amount | Balance | |||||
AT&T | 0.00 | |||||||
Bill | 03/13/2008 | 140.12 | 140.12 | |||||
Bill | 03/13/2008 | 10.60 | 150.72 | |||||
Bill Pmt -Check | 03/13/2008 | -150.72 | 0.00 | |||||
Total AT&T | 0.00 | 0.00 | ||||||
Commissioner of Revenue Services, Ct | 0.00 | |||||||
Bill | 03/13/2008 | 1,000.00 | 1,000.00 | |||||
Bill Pmt -Check | 03/13/2008 | -1,000.00 | 0.00 | |||||
Total Commissioner of Revenue Services, Ct | 0.00 | 0.00 | ||||||
Iron Mountain Off-Site Data Protection | 0.00 | |||||||
Bill | 03/13/2008 | 494.34 | 494.34 | |||||
Bill Pmt -Check | 03/13/2008 | -494.34 | 0.00 | |||||
Total Iron Mountain Off-Site Data Protection | 0.00 | 0.00 | ||||||
Kaster Moving Co. Inc. | 0.00 | |||||||
Bill | 03/13/2008 | 165.00 | 165.00 | |||||
Bill Pmt -Check | 03/13/2008 | -165.00 | 0.00 | |||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | ||||||
TOTAL | 0.00 | 0.00 | ||||||
New Bills | 1,810.06 | |||||||
Payments | -1,810.06 |
Page 1 of 3
EXHIBIT 2B
The New Power Company
Unpaid Balance Detail
As of March 31, 2008
Name | Balance | ||
Franchise Tax Liability | 55,465.82 | ||
Payroll Tax Liablility | 4,706.00 | ||
60,171.82 |
Attachment 3
NewPower Holdings, Inc. | |||||||
Case Number: 02-10835 | |||||||
Inventroy and Fixed Assets Report | |||||||
For Period from February 29, 2008 to March 31, 2008 | |||||||
Amounts in $000's | |||||||
Inventory Report | |||||||
Inventory Balance at Petition Date | $ | 15,587 | |||||
Inventory at Beginning of Period | $ | - | (per 2/29/08 G/L) | ||||
PLUS: Inventrory Purchased | - | ||||||
LESS: Inventory Used or Sold | - | ||||||
End of Month Balance | $ | - | (per 3/31/08 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: | 3/01/2008-3/31/2008 | ||
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 | $ 227,492.90 | ||
Total Deposits | $ 396.56 | ||
Total Payments | $ 46,920.75 | ||
Closing Balance | $ 180,968.71 | ||
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 2 of 3
Name of Debtor : | NewPower Holdings Inc. | |
Case # : | 02-10835 | |
Reporting Period: | 3/01/2008-3/31/2008 | |
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 | $ 1,115,231.90 | |
Total Deposits | $ 370.42 | Interest Income |
Total Payments | $ - | Payroll Taxes |
Closing Balance | $ 1,115,602.32 | |
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: | 3/01/2008-3/31/2008 | |||
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 | $46,920.75 | |||
Total Payments | $46,920.75 | |||
Closing Balance | $0.00 | |||
Service Charges | N/A | |||
First Check issued this Period | 201192 | |||
Last Check issued this Period | 201191 | |||
Voided Checks | 7 | 201178 - 84 | ||
Total # of checks issued this Period | -7 |
Exhibit 5
The New Power Company
Check Detail
March 2008
Num | Date | Name | Paid Amount | |||
201192 | 03/14/2008 | M. Patricia Foster | 3,388.82 | |||
201193 | 03/13/2008 | Commissioner of Revenue Services, Ct | 1,000.00 | |||
201194 | 03/13/2008 | AT&T | 150.72 | |||
201195 | 03/13/2008 | Iron Mountain Off-Site Data Protection | 494.34 | |||
201196 | 03/13/2008 | Kaster Moving Co. Inc. | 165.00 | |||
201197 | 03/31/2008 | M. Patricia Foster | 3,388.81 |
Page 3 of 3
Attachment 6
NewPower Holdings, Inc. | ||
Case Number: 02-10835 | ||
Monthly Tax Report | ||
For Period from February 29, 2008 to March 31, 2008 | ||
Amounts in $000's | ||
Taxes Paid During the Month | ||
Employment Taxes | - | |
Connecticut State Tax | 1.0 | |
Taxes Owed and Due | ||
Payroll Tax Liability | 4.7 |
Attachment 7A
NewPower Holdings, Inc. | ||||
Case Number: 02-10835 | ||||
Summary of Officer Compensation / Summary of Personnel and Insurance Coverages | ||||
For Period from February 29, 2008 to March 31, 2008 | ||||
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 3/01/08 - 3/31/08 | ||||
Payments are in gross amts | ||||
Title | Amount | Date | Type | |
M. Patricia Foster | President & CEO | $ 5,208.33 | 3/15/2008 Salary for pay period 3/01 -3/15 | |
$ 5,208.33 | 3/30/2008 Salary for pay period 3/16 -3/31 | |||
$ 10,416.67 |
Attachment 8
NewPower Holdings, Inc. |
Case Number: 02-10835 |
Significant Developments During Reporting Period |
For Period from February 29, 2008 to March 31, 2008 |
none |