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 5/31/2008 to 6/30/2008 | |||||
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 |
NewPower Holdings, Inc. | |||
Case Number: 02-10835 | Post Petition | ||
Totals | |||
For Period from May 31, 2008 to June 30,2008 | |||
Opening Cash Balance -4/30/08 | $ 1,162 | ||
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 | 3 | 3 | |
Consulting Fees | |||
Lockbox Fees | |||
Supplies & Misc | |||
Rent | 1 | 1 | |
Insurance | |||
Utilities (Heat, Hydro, Phone, etc.) | 0 | 0 | |
Payroll (inlcuding tax payments & fees) | 15 | 15 | |
T&E Reimbursements | |||
State Tax Payments | |||
Distribution to Equity | |||
Total Outflows | 19 | 19 | |
Net Cash Flows | (18) | ||
Closing Cash Balance | $ 1,144 | ||
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 May 31, 2008 to June 30,2008 | ||||||
Amounts in $000's | ||||||
Accounts Receivable at Petition Date: | $ 75,200 | |||||
Beginning of Month Balance* - Gross | $ 13,476 | (per5/31/08 G/L) | ||||
PLUS: Current Month New Billings | - | |||||
LESS: Collections During the Month | - | |||||
End of Month Balance - Gross | $ 13,476 | (per 6/30/08 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 May 31, 2008 to June 30,2008 | ||||||
Amounts in $000's | ||||||
See attached System Generated A/P reports as of 6/30/2008(Attachments 2A and 2B). | ||||||
Beginning of Period Balance | $ 60 | (per5/31/08 G/L) | ||||
PLUS: New Indebtedness Incurred | 16 | |||||
LESS: Amounts Paid on A/P& taxes | (16) | |||||
End of Month Balance | $ 60 | (per 6/30/08 G/L) |
The New Power Company | Exhibit 2A | |
Vendor Balance Detail | ||
As of June 30, 2008 |
Type | Date | Amount | Balance | ||||||
Arkadin, Inc. | 0.00 | ||||||||
Bill | 06/25/2008 | 18.57 | |||||||
Bill Pmt -Check | 06/25/2008 | -18.57 | -18.57 | ||||||
Total Arkadin, Inc. | 0.00 | -18.57 | |||||||
AT&T | 0.00 | ||||||||
Bill | 06/10/2008 | 21.36 | 21.36 | ||||||
Bill Pmt -Check | 06/10/2008 | -21.36 | 0.00 | ||||||
Bill | 06/25/2008 | 3.52 | 3.52 | ||||||
Bill Pmt -Check | 06/25/2008 | -3.52 | 0.00 | ||||||
Total AT&T | 0.00 | 0.00 | |||||||
Bracewell Patterson | -805.76 | ||||||||
Total Bracewell Patterson | -805.76 | ||||||||
epiq Systems | 0.00 | ||||||||
Bill | 06/11/2008 | 387.49 | 387.49 | ||||||
Bill Pmt -Check | 06/11/2008 | -387.49 | 0.00 | ||||||
Bill | 06/25/2008 | 400.21 | 400.21 | ||||||
Bill Pmt -Check | 06/25/2008 | -400.21 | 0.00 | ||||||
Total epiq Systems | 0.00 | 0.00 | |||||||
Iron Mountain Off-Site Data Protection | 0.00 | ||||||||
Bill | 06/10/2008 | 499.85 | 499.85 | ||||||
Bill Pmt -Check | 06/10/2008 | -499.85 | 0.00 | ||||||
Total Iron Mountain Off-Site Data Protection | 0.00 | 0.00 | |||||||
Kaster Moving Co. Inc. | 0.00 | ||||||||
Bill | 06/10/2008 | 523.80 | 523.80 | ||||||
Bill Pmt -Check | 06/10/2008 | -523.80 | 0.00 | ||||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | |||||||
Sidley Austin Brown & Wood | 0.00 | ||||||||
Bill | 06/11/2008 | 2,457.75 | 2,457.75 | ||||||
Bill Pmt -Check | 06/11/2008 | -2,457.75 | 0.00 | ||||||
Total Sidley Austin Brown & Wood | 0.00 | 0.00 | |||||||
TOTAL | |||||||||
Does not include payroll transactions including tax payments |
Page 1 of 4
The New Power Company | Exhibit 2B | |
Unpaid Balance Detail | ||
As of June 30, 2008 |
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 May 31, 2008 to June 30,2008 | |||||||
Amounts in $000's | |||||||
Inventory Report | |||||||
Inventory Balance at Petition Date | $ 15,587 | ||||||
Inventory at Beginning of Period | $ - | (per5/31/08 G/L) | |||||
PLUS: Inventrory Purchased | - | ||||||
LESS: Inventory Used or Sold | - | ||||||
End of Month Balance | $ - | (per 6/30/08 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: | 6/01/2008-6/30/2008 | |||
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 | $ 169,828.43 | |||
Total Deposits | $ 240.33 | interest | ||
Total Payments | $ 15,003.15 | |||
Closing Balance | $ 155,065.61 | |||
Service Charges | ||||
Electronic Payments issued this Period | EP5 | |||
Last Payment issued this Period | EP 13 | |||
Total # of paymentsthis Period | 9 |
Attachment 4
Page 2 of 3
Name of Debtor : | NewPower Holdings Inc. | ||
Case # : | 02-10835 | ||
Reporting Period: | 6/01/2008-6/30/2008 | ||
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 | $ 1,009,392.29 | ||
Total Deposits | $ 692.69 | Interest Income | |
Total Payments | $ 3,931.74 | Payroll Taxes | |
Closing Balance | $ 1,006,153.24 | ||
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 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 | $7,281.79 | |
Total Payments | $7,281.38 | |
Closing Balance | $0.00 | |
Service Charges | N/A | |
First Check issued this Period | 201224 | |
Last Check issued this Period | 201225 | |
Voided Checks | ||
Total # of checks issued this Period | 2 |
Exhibit 5
The New Power Company
Check Detail
June 2008
Type | Num | Date | Name | Paid Amount | ||||
Liability Check | wire | 06/10/2008 | United States Treasury | 3,931.74 | ||||
Bill Pmt -Check | EP5 | 06/10/2008 | AT&T | 21.36 | ||||
Bill Pmt -Check | EP6 | 06/10/2008 | Iron Mountain Off-Site Data Protection | 499.85 | ||||
Bill Pmt -Check | EP7 | 06/10/2008 | Kaster Moving Co. Inc. | 523.80 | ||||
Bill Pmt -Check | EP 8 | 06/11/2008 | epiq Systems | 387.49 | ||||
Bill Pmt -Check | EP 9 | 06/11/2008 | Sidley Austin Brown & Wood | 2,457.75 | ||||
Bill Pmt -Check | EP 10 | 06/25/2008 | AT&T | 3.52 | ||||
Paycheck | EP 11 | 06/30/2008 | M. Patricia Foster | 3,388.81 | ||||
Bill Pmt -Check | EP12 | 06/25/2008 | Arkadin, Inc. | 18.57 | ||||
Bill Pmt -Check | EP13 | 06/25/2008 | epiq Systems | 400.21 | ||||
Liability Check | 201224 | 06/10/2008 | CT Commissioner of Revenue Services | 504.16 | ||||
Paycheck | 201225 | 06/13/2008 | M. Patricia Foster | 3,388.81 |
Attachment 6
NewPower Holdings, Inc. | ||
Case Number: 02-10835 | ||
Monthly Tax Report | ||
For Period from May 31, 2008 to June 30,2008 | ||
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 May 31, 2008 to June 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 6/01/08 - 6/30/08 | ||||
Payments are in gross amts | ||||
Title | Amount | Date | Type | |
M. Patricia Foster | President & CEO | $ 5,208.33 | 6/13/2008 | Salary for pay period 6/01 -6/15 |
$ 5,208.33 | 6/30/2008 | Salary for pay period 6/16 -6/30 | ||
$ 10,416.67 |
Attachment 8
NewPower Holdings, Inc. |
Case Number: 02-10835 |
Significant Developments During Reporting Period |
For Period from May 31, 2008 to June 30,2008 |
none |