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 3/31/2008 to 4/30/2008 | |||||||
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 |
Case Number: 02-10835 | Post Petition | ||||
Totals | |||||
For Period from March 31, 2008 to April 30, 2008 | |||||
Opening Cash Balance -2/29/08 | $ 1,279 | ||||
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 | 60 | 60 | |||
Consulting Fees | 20 | 20 | |||
Lockbox Fees | |||||
Supplies & Misc | |||||
Rent | 0 | 0 | |||
Insurance | |||||
Utilities (Heat, Hydro, Phone, etc.) | 0 | 0 | |||
Payroll (inlcuding tax payments & fees) | 11 | 11 | |||
T&E Reimbursements | |||||
State Tax Payments | 0 | 0 | |||
Distribution to Equity | |||||
Total Outflows | 93 | 93 | |||
Net Cash Flows | (92) | ||||
Closing Cash Balance | $ 1,187 | ||||
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 March 31, 2008 to April 30, 2008 | |||||
Amounts in $000's | |||||
Accounts Receivable at Petition Date: | $ 75,200 | ||||
Beginning of Month Balance* - Gross | $ 13,476 | (per3/31/08 G/L) | |||
PLUS: Current Month New Billings | - | ||||
LESS: Collections During the Month | - | ||||
End of Month Balance - Gross | $ 13,476 | (per 4/30/08 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 March 31, 2008 to April 30, 2008 | |||||
Amounts in $000's | |||||
See attached System Generated A/P reports as of 4/30/2008(Attachments 2A and 2B). | |||||
Beginning of Period Balance | $ 60 | (per3/31/08 G/L) | |||
PLUS: New Indebtedness Incurred | 82 | ||||
LESS: Amounts Paid on A/P& taxes | (82) | ||||
End of Month Balance | $ 60 | (per 4/30/08 G/L) | |||
Exhibit 2A
The New Power Company
Vendor Balance Detail
As of April 30, 2008
Type | Date | Amount | Balance | |||||||
AT&T | 0.00 | |||||||||
Bill | 04/14/2008 | 138.26 | 138.26 | |||||||
Bill | 04/14/2008 | 10.76 | 149.02 | |||||||
Bill Pmt -Check | 04/14/2008 | -149.02 | 0.00 | |||||||
Total AT&T | 0.00 | 0.00 | ||||||||
Department of Revenue Serv. Ct | 0.00 | |||||||||
Bill | 04/14/2008 | 250.00 | 250.00 | |||||||
Bill Pmt -Check | 04/14/2008 | -250.00 | 0.00 | |||||||
Total Department of Revenue Serv. Ct | 0.00 | 0.00 | ||||||||
epiq Systems | 0.00 | |||||||||
Bill | 04/01/2008 | 427.24 | 427.24 | |||||||
Bill Pmt -Check | 04/01/2008 | -427.24 | 0.00 | |||||||
Total epiq Systems | 0.00 | 0.00 | ||||||||
Iron Mountain Off-Site Data Protection | 0.00 | |||||||||
Bill | 04/14/2008 | 493.68 | 493.68 | |||||||
Bill Pmt -Check | 04/14/2008 | -493.68 | 0.00 | |||||||
Total Iron Mountain Off-Site Data Protection | 0.00 | 0.00 | ||||||||
Mesirow Financial Services, Inc | 0.00 | |||||||||
Bill | 04/01/2008 | 60,000.00 | 60,000.00 | |||||||
Bill Pmt -Check | 04/01/2008 | -60,000.00 | 0.00 | |||||||
Total Mesirow Financial Services, Inc | 0.00 | 0.00 | ||||||||
Mr. Gene Shanks | 0.00 | |||||||||
Bill | 04/01/2008 | 10,000.00 | 10,000.00 | |||||||
Bill Pmt -Check | 04/01/2008 | -10,000.00 | 0.00 | |||||||
Total Mr. Gene Shanks | 0.00 | 0.00 | ||||||||
Mr. Richard Weill | 0.00 | |||||||||
Bill | 04/01/2008 | 10,000.00 | 10,000.00 | |||||||
Bill Pmt -Check | 04/01/2008 | -10,000.00 | 0.00 | |||||||
Total Mr. Richard Weill | 0.00 | 0.00 | ||||||||
Ms. Patricia Foster | 0.00 | |||||||||
Bill | 04/14/2008 | 300.00 | 300.00 | |||||||
Bill Pmt -Check | 04/14/2008 | -300.00 | 0.00 | |||||||
Total Ms. Patricia Foster | 0.00 | 0.00 | ||||||||
TOTAL | 0.00 | 0.00 | ||||||||
81,609.18 |
Page 1 of 3
Exhibit 2B
The New Power Company
Vendor Unpaid Balance Detail
As of April 30, 2008
Name | Balance | ||
Franchise Tax Liability | 55,465.82 | ||
Payroll Tax Liablility | 4,436.80 | ||
59,902.62 |
Attachment 3
NewPower Holdings, Inc. | ||||||
Case Number: 02-10835 | ||||||
Inventroy and Fixed Assets Report | ||||||
For Period from March 31, 2008 to April 30, 2008 | ||||||
Amounts in $000's | ||||||
Inventory Report | ||||||
Inventory Balance at Petition Date | $ 15,587 | |||||
Inventory at Beginning of Period | $ - | (per3/31/08 G/L) | ||||
PLUS: Inventory Purchased | - | |||||
LESS: Inventory Used or Sold | - | |||||
End of Month Balance | $ - | (per 4/30/08 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
Exhibit 5
Attachment 6
Attachment 7A
Attachment 8
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
April 2008
Num | Date | Name | Paid Amount | ||||
201198 | 04/01/2008 | epiq Systems | 427.24 | ||||
201199 | 04/01/2008 | Mesirow Financial Services, Inc | 60,000.00 | ||||
201200 | 04/01/2008 | Mr. Gene Shanks | 10,000.00 | ||||
201201 | 04/01/2008 | Mr. Richard Weill | 10,000.00 | ||||
201202 | 04/01/2008 | CT Commissioner of Revenue Services | 252.08 | ||||
201203 | 04/29/2008 | CT Commissioner of Revenue Services | 252.08 | ||||
201204 | 04/01/2008 | Administrator Unemployment Compensation | 210.00 | ||||
201205 | 04/01/2008 | United States Treasury | 56.00 | ||||
201206 | 04/15/2008 | M. Patricia Foster | 3,388.80 | ||||
201207 | 04/14/2008 | Ms. Patricia Foster | 300.00 | ||||
201208 | 04/14/2008 | Iron Mountain Off-Site Data Protection | 493.68 | ||||
201209 | 04/14/2008 | Department of Revenue Serv. Ct | 250.00 | ||||
201210 | 04/30/2008 | M. Patricia Foster | 3,388.82 | ||||
201211 | 04/14/2008 | AT&T | 149.02 |
Page 3 of 3
Attachment 6
NewPower Holdings, Inc. | ||
Case Number: 02-10835 | ||
Monthly Tax Report | ||
For Period from March 31, 2008 to April 30, 2008 | ||
Amounts in $000's | ||
Taxes Paid During the Month | ||
Employment Taxes | 3.9 | |
Connecticut State Tax | 0.3 | |
Taxes Owed and Due | ||
Payroll Tax Liability | 4.4 |
Attachment 7A
NewPower Holdings, Inc. | ||||
Case Number: 02-10835 | ||||
Summary of Officer Compensation / Summary of Personnel and Insurance Coverages | ||||
For Period from March 31, 2008 to April 30, 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 4/01/08 - 4/30/08 | ||||
Payments are in gross amts | ||||
Title | Amount | Date | Type | |
M. Patricia Foster | President & CEO | $ 5,208.33 | 4/15/2008 | Salary for pay period 4/01 -4/15 |
$ 5,208.33 | 4/30/2008 | Salary for pay period 4/16 -4/30 | ||
Mr. Eugene Shanks | Director | $ 10,000.00 | 4/1/2008 | Director Fees |
Mr. Richard Weill | Director | $ 10,000.00 | 4/1/2008 | Director Fees |
$ 30,416.67 | ||||
Attachment 8
NewPower Holdings, Inc. |
Case Number: 02-10835 |
Significant Developments During Reporting Period |
For Period from March 31, 2008 to April 30, 2008 |
none |