UNITED STATES BANKRUPTCY COURT | Exhibit 99.1 | ||||||
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 4/30/2008 to 5/31/2008 | |||||||
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 April 30, 2008 to May 31, 2008 | ||||||
Opening Cash Balance -4/30/08 | $ | 1,187 | ||||
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 | 13 | 13 | ||||
Consulting Fees | ||||||
Lockbox Fees | 1 | 1 | ||||
Supplies & Misc | ||||||
Rent | 1 | 1 | ||||
Insurance | ||||||
Utilities (Heat, Hydro, Phone, etc.) | 0 | 0 | ||||
Payroll (inlcuding tax payments & fees) | 11 | 11 | ||||
T&E Reimbursements | ||||||
State Tax Payments | ||||||
Distribution to Equity | ||||||
Total Outflows | 26 | 26 | ||||
Net Cash Flows | (25) | |||||
Closing Cash Balance | $ | 1,162 | ||||
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 April 30, 2008 to May 31, 2008 | |||||||||
Amounts in $000's | |||||||||
Accounts Receivable at Petition Date: | $ | 75,200 | |||||||
Beginning of Month Balance* - Gross | $ | 13,476 | (per4/30/08 G/L) | ||||||
PLUS: Current Month New Billings | - | ||||||||
LESS: Collections During the Month | - | ||||||||
End of Month Balance - Gross | $ | 13,476 | (per 5/31/08 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 April 30, 2008 to May 31, 2008 | ||||||
Amounts in $000's | ||||||
See attached System Generated A/P reports as of 5/31/2008(Attachments 2A and 2B). | ||||||
Beginning of Period Balance | $ | 60 | (per4/30/08 G/L) | |||
PLUS: New Indebtedness Incurred | 15 | |||||
LESS: Amounts Paid on A/P& taxes | (15) | |||||
End of Month Balance | $ | 60 | (per 5/31/08 G/L) |
The NewPower Company Vendor Balance Detail May 31, 2008 | Exhibit 2A |
Type | Date | Amount | Balance | ||||||
Arkadin, Inc. | 0.00 | ||||||||
Bill | 5/7/2008 | 50.33 | 50.33 | ||||||
Bill Pmt -Check | 5/7/2008 | -50.33 | 0.00 | ||||||
Bill | 5/27/2008 | 25.78 | 25.78 | ||||||
Bill Pmt -Check | 5/27/2008 | -25.78 | 0.00 | ||||||
Total Arkadin, Inc. | 0.00 | 0.00 | |||||||
AT&T | 0.00 | ||||||||
Bill | 5/7/2008 | 281.00 | 281.00 | ||||||
Bill Pmt -Check | 5/7/2008 | -281.00 | 0.00 | ||||||
Bill | 5/27/2008 | 138.58 | 138.58 | ||||||
Bill Pmt -Check | 5/27/2008 | -138.58 | 0.00 | ||||||
Total AT&T | 0.00 | 0.00 | |||||||
epiq Systems | 0.00 | ||||||||
Bill | 5/7/2008 | 387.49 | 387.49 | ||||||
Bill Pmt -Check | 5/7/2008 | -387.49 | 0.00 | ||||||
Bill | 5/27/2008 | 383.04 | 383.04 | ||||||
Bill Pmt -Check | 5/27/2008 | -383.04 | 0.00 | ||||||
Total epiq Systems | 0.00 | 0.00 | |||||||
Iron Mountain Off-Site Data Protection | 0.00 | ||||||||
Bill | 5/7/2008 | 499.85 | 499.85 | ||||||
Bill Pmt -Check | 5/7/2008 | -499.85 | 0.00 | ||||||
Total Iron Mountain Off-Site Data Protection | 0.00 | 0.00 | |||||||
JPMorgan Chase | 0.00 | ||||||||
Bill | 5/7/2008 | 0.00 | 0.00 | ||||||
Bill | 5/7/2008 | 152.42 | 152.42 | ||||||
Bill Pmt -Check | 5/7/2008 | -152.42 | 0.00 | ||||||
Bill | 5/27/2008 | 649.56 | 649.56 | ||||||
Bill Pmt -Check | 5/27/2008 | -649.56 | 0.00 | ||||||
Total JPMorgan Chase | 0.00 | 0.00 | |||||||
Kaster Moving Co. Inc. | 0.00 | ||||||||
Bill | 5/7/2008 | 82.50 | 82.50 | ||||||
Bill Pmt -Check | 5/7/2008 | -82.50 | 0.00 | ||||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | |||||||
King and Spalding | 0.00 | ||||||||
Bill | 5/7/2008 | 242.50 | 242.50 | ||||||
Bill | 5/7/2008 | 7,057.90 | 7,300.40 | ||||||
Bill Pmt -Check | 5/7/2008 | -7,300.40 | 0.00 | ||||||
Total King and Spalding | 0.00 | 0.00 |
Page 1 of 4
The NewPower Company Vendor Balance Detail May 31, 2008 | Exhibit 2A |
Type | Date | Amount | Balance |
U.S. Trustee Program Payment Center | 0.00 | ||||||||
Bill | 5/7/2008 | 4,622.43 | 4,622.43 | ||||||
Bill | 5/7/2008 | 325.00 | 4,947.43 | ||||||
Bill Pmt -Check | 5/7/2008 | -4,947.43 | 0.00 | ||||||
Total U.S. Trustee Program Payment Center | 0.00 | 0.00 | |||||||
TOTAL | 0.00 | 0.00 | |||||||
14,898.38 | |||||||||
-14,898.38 |
Page 2 of 4
The NewPower Company Unpaid Vendor Summary May 31, 2008 | Exhibit 2B |
Name | Balance | |||||||
Franchise Tax Liability | 55,465.82 | |||||||
Payroll Tax Liablility | 4,436.78 | |||||||
59,902.60 |
Attachment 3
NewPower Holdings, Inc. | |||||||
Case Number: 02-10835 | |||||||
Inventroy and Fixed Assets Report | |||||||
For Period from April 30, 2008 to May 31, 2008 | |||||||
Amounts in $000's | |||||||
Inventory Report | |||||||
Inventory Balance at Petition Date | $ | 15,587 | |||||
Inventory at Beginning of Period | $ | - | (per4/30/08 G/L) | ||||
PLUS: Inventrory Purchased | - | ||||||
LESS: Inventory Used or Sold | - | ||||||
End of Month Balance | $ | - | (per 5/31/08 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: | 5/01/2008-5/31/2008 | ||||
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 | $ | 91,983.58 | |||
Total Deposits | $ | 100,025.00 | Includes transfer from Money Market | ||
Total Payments | $ | 22,180.15 | |||
Closing Balance | $ | 169,828.43 | |||
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: | 5/01/2008-5/31/2008 | ||||||
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 | $ | 112,593.59 | |||||
Total Deposits | $ | 730.46 | Interest Income | ||||
Total Payments | $ | 103,931.78 | $100k transfer to Concentration account plus Payroll Taxes | ||||
Closing Balance | $ | 9,392.27 | |||||
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: | 5/01/2008-5/31/2008 |
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 | $20,983.21 | ||||
Total Payments | $20,983.21 | ||||
Closing Balance | $0.00 | ||||
Service Charges | N/A | ||||
First Check issued this Period | 201212 | ||||
Last Check issued this Period | 201223 | ||||
Voided Checks | |||||
Total # of checks issued this Period | 12 | ||||
Electronic Payments | EP 1 thru EP 4 |
The New Poer Company 6/30/03 Check Detail May 2008 | Exhibit 5 |
Num | Date | Name | Original Amount | ||||
201213 | 5/7/2008 | AT&T | 281.00 | ||||
201214 | 5/7/2008 | epiq Systems | 387.49 | ||||
201215 | 5/7/2008 | Iron Mountain Off-Site Data Protection | 499.85 | ||||
201216 | 5/7/2008 | Kaster Moving Co. Inc. | 82.50 | ||||
201217 | 5/7/2008 | King and Spalding | 7,300.40 | ||||
201218 | 5/7/2008 | U.S. Trustee Program Payment Center | 4,947.43 | ||||
201219 | 5/7/2008 | Arkadin, Inc. | 50.33 | ||||
201220 | 5/7/2008 | JPMorgan Chase | 152.42 | ||||
wire | 5/14/2008 | United States Treasury | 3,931.76 | ||||
201221 | 5/14/2008 | CT Commissioner of Revenue Services | 504.16 | ||||
201222 | 5/14/2008 | M. Patricia Foster | 3,388.81 | ||||
EP1 | 5/27/2008 | Arkadin, Inc. | 25.78 | ||||
EP2 | 5/27/2008 | AT&T | 138.58 | ||||
EP3 | 5/27/2008 | epiq Systems | 383.04 | ||||
EP4 | 5/27/2008 | JPMorgan Chase | 649.56 | ||||
201223 | 5/30/2008 | M. Patricia Foster | 3,388.82 |
Attachment 6
NewPower Holdings, Inc. | ||||
Case Number: 02-10835 | ||||
Monthly Tax Report | ||||
For Period from April 30, 2008 to May 31, 2008 | ||||
Amounts in $000's | ||||
Taxes Paid During the Month | ||||
Employment Taxes | 3.9 | |||
Connecticut State Tax | ||||
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 April 30, 2008 to May 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 |
Payments made to insiders 4/01/08 - 4/30/08 | Attachment 7B (Supplemental) | ||||||
Payments are in gross amts | |||||||
Title | Amount | Date | Type | ||||
M. Patricia Foster | President & CEO | $ | 5,208.33 | 5/15/2008 | Salary for pay period 5/01 -5/15 | ||
$ | 5,208.33 | 5/31/2008 | Salary for pay period 5/16 -5/31 | ||||
$ | 10,416.67 |
Attachment 8
NewPower Holdings, Inc. |
Case Number: 02-10835 |
Significant Developments During Reporting Period |
For Period from April 30, 2008 to May 31, 2008 |
none |