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 6/30/2008 to 7/31/2008 | |||||||
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 June 30,2008 to July 31, 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 | |||
Consulting Fees | |||
Lockbox Fees | |||
Supplies & Misc | |||
Rent | 0 | 0 | |
Insurance | 60 | 60 | |
Utilities (Heat, Hydro, Phone, etc.) | |||
Payroll (inlcuding tax payments & fees) | 9 | 9 | |
T&E Reimbursements | |||
State Tax Payments | |||
Distribution to Equity | |||
Total Outflows | 69 | 69 | |
Net Cash Flows | (68) | ||
Closing Cash Balance | $ 1,094 | ||
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 June 30,2008 to July 31, 2008 | |||||
Amounts in $000's | |||||
Accounts Receivable at Petition Date: | $ 75,200 | ||||
Beginning of Month Balance* - Gross | $ 13,476 | (per 6/30/08 G/L) | |||
PLUS: Current Month New Billings | - | ||||
LESS: Collections During the Month | - | ||||
End of Month Balance - Gross | $ 13,476 | (per 7/31/08 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 June 30,2008 to July 31, 2008 | ||||||
Amounts in $000's | ||||||
See attached System Generated A/P reports as of 7/31/2008(Attachments 2A and 2B). | ||||||
Beginning of Period Balance | $ 60 | (per 6/30/08 G/L) | ||||
PLUS: New Indebtedness Incurred | 65 | |||||
LESS: Amounts Paid on A/P& taxes | (69) | |||||
End of Month Balance | $ 56 | (per 7/31/08 G/L) |
9:55 PM | The New Power Company 6/30/03 | Exhibit 2A |
08/16/08 | Vendor Balance Detail | |
As of July 31, 2008 |
Type | Date | Amount | Balance | |||||
Arkadin, Inc. | -18.57 | |||||||
Bill | 07/31/2008 | 85.33 | 66.76 | |||||
Bill | 07/22/2008 | 18.57 | 85.33 | |||||
Bill Pmt -Check | 07/31/2008 | -85.33 | 0.00 | |||||
Total Arkadin, Inc. | 18.57 | 0.00 | ||||||
AT&T | 0.00 | |||||||
Bill | 07/31/2008 | 10.60 | 10.60 | |||||
Bill Pmt -Check | 07/31/2008 | -10.60 | 0.00 | |||||
Total AT&T | 0.00 | 0.00 | ||||||
epiq Systems | 0.00 | |||||||
Bill | 07/31/2008 | 409.28 | 409.28 | |||||
Bill Pmt -Check | 07/31/2008 | -409.28 | 0.00 | |||||
Total epiq Systems | 0.00 | 0.00 | ||||||
Iron Mountain Off-Site Data Protection | 0.00 | |||||||
Bill | 07/31/2008 | 1,076.04 | 1,076.04 | |||||
Bill Pmt -Check | 07/31/2008 | -1,076.04 | 0.00 | |||||
Total Iron Mountain Off-Site Data Protection | 0.00 | 0.00 | ||||||
JPMorgan Chase | 0.00 | |||||||
Bill | 07/31/2008 | 22.79 | 22.79 | |||||
Bill Pmt -Check | 07/31/2008 | -22.79 | 0.00 | |||||
Total JPMorgan Chase | 0.00 | 0.00 | ||||||
Kaster Moving Co. Inc. | 0.00 | |||||||
Bill Pmt -Check | 07/07/2008 | -92.74 | -92.74 | |||||
Bill | 07/22/2008 | 92.74 | 0.00 | |||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | ||||||
Mesirow Financial Services, Inc | 0.00 | |||||||
Bill | 07/07/2008 | 60,000.00 | 60,000.00 | |||||
Bill Pmt -Check | 07/07/2008 | -60,000.00 | 0.00 | |||||
Total Mesirow Financial Services, Inc | 0.00 | 0.00 | ||||||
Ms. Patricia Foster | 0.00 | |||||||
Bill | 07/31/2008 | 375.00 | 375.00 | |||||
Bill Pmt -Check | 07/31/2008 | -375.00 | 0.00 | |||||
Total Ms. Patricia Foster | 0.00 | 0.00 | ||||||
Pink Sheets LLC | 0.00 | |||||||
Bill | 07/31/2008 | 750.00 | 750.00 | |||||
Bill Pmt -Check | 07/31/2008 | -750.00 | 0.00 | |||||
Total Pink Sheets LLC | 0.00 | 0.00 | ||||||
Sidley Austin Brown & Wood | 0.00 | |||||||
Bill | 07/31/2008 | 1,725.22 | 1,725.22 | |||||
Bill Pmt -Check | 07/31/2008 | -1,725.22 | 0.00 | |||||
Total Sidley Austin Brown & Wood | 0.00 | 0.00 | ||||||
U.S. Trustee Program Payment Center | 0.00 | |||||||
Bill | 07/31/2008 | 325.00 | 325.00 | |||||
Bill Pmt -Check | 07/31/2008 | -325.00 | 0.00 | |||||
Total U.S. Trustee Program Payment Center | 0.00 | 0.00 | ||||||
TOTAL | 18.57 | 0.00 | ||||||
New Indebtedness | 64,890.57 | |||||||
Paid | -64,872.00 |
The New Power Company | Exhibit 2B | |
Unpaid Balance Detail | ||
As of July 31, 2008 |
Name | Balance | |
Franchise Tax Liability | 55,465.82 | |
Payroll Tax Liablility | 0.88 | |
55,466.70 |
Attachment 3
NewPower Holdings, Inc. | ||||||
Case Number: 02-10835 | ||||||
Inventroy and Fixed Assets Report | ||||||
For Period from June 30,2008 to July 31, 2008 | ||||||
Amounts in $000's | ||||||
Inventory Report | ||||||
Inventory Balance at Petition Date | $ 15,587 | |||||
Inventory at Beginning of Period | $ - | (per 6/30/08 G/L) | ||||
PLUS: Inventrory Purchased | - | |||||
LESS: Inventory Used or Sold | - | |||||
End of Month Balance | $ - | (per 7/31/08 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: | 7/01/2008-7/31/2008 | ||||
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 | $ 155,065.61 | ||||
Total Deposits | $ 114.81 | interest | |||
Total Payments | $ 63,985.71 | Includes transfer to Manual Checking of $60,544 | |||
Closing Balance | $ 91,194.71 | ||||
Service Charges | |||||
Electronic Payments issued this Period | EP14 | ||||
Last Payment issued this Period | EP 20 | ||||
Total # of payments this Period | 9 |
Attachment 4
Page 2 of 3
Name of Debtor : | NewPower Holdings Inc. | ||
Case # : | 02-10835 | ||
Reporting Period: | 7/01/2008-7/31/2008 | ||
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 | $ 1,006,153.24 | ||
Total Deposits | $ 690.63 | Interest Income | |
Total Payments | $ 3,931.74 | Payroll Taxes | |
Closing Balance | $ 1,002,912.13 | ||
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: | 7/01/2008-7/31/2008 | ||
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 | $60,504.16 | Transfer from Concentration | |
Total Payments | $60,504.16 | ||
Closing Balance | $0.00 | ||
Service Charges | N/A | ||
First Check issued this Period | 201226 | ||
Last Check issued this Period | 201233 | ||
Voided Checks | |||
Total # of checks issued this Period | 8 |
The New Power Company | EXHIBIT 5 | |
Check Detail | ||
July 2008 |
Num | Date | Name | Paid Amount | |||
wire | 07/13/2008 | United States Treasury | 3,931.76 | |||
wire | 07/31/2008 | United States Treasury | 3,931.74 | |||
EP14 | 07/07/2008 | Kaster Moving Co. Inc. | 92.74 | |||
EP15 | 07/15/2008 | M. Patricia Foster | 3,388.82 | |||
EP16 | 07/31/2008 | Arkadin, Inc. | 85.33 | |||
EP17 | 07/31/2008 | AT&T | 10.60 | |||
EP18 | 07/31/2008 | epiq Systems | 409.28 | |||
EP19 | 07/31/2008 | Iron Mountain Off-Site Data Protection | 1,076.04 | |||
EP20 | 07/31/2008 | JPMorgan Chase | 22.79 | |||
201226 | 07/07/2008 | Mesirow Financial Services, Inc | 60,000.00 | |||
201227 | 07/13/2008 | CT Commissioner of Revenue Services | 504.16 | |||
201228 | 07/31/2008 | Pink Sheets LLC | 750.00 | |||
201229 | 07/31/2008 | U.S. Trustee Program Payment Center | 325.00 | |||
201230 | 07/31/2008 | M. Patricia Foster | 3,388.81 | |||
201231 | 07/31/2008 | CT Commissioner of Revenue Services | 504.16 | |||
201232 | 07/31/2008 | Sidley Austin Brown & Wood | 1,725.22 | |||
201233 | 07/31/2008 | Ms. Patricia Foster | 375.00 |
Attachment 6
NewPower Holdings, Inc. | ||
Case Number: 02-10835 | ||
Monthly Tax Report | ||
For Period from June 30,2008 to July 31, 2008 | ||
Amounts in $000's | ||
Taxes Paid During the Month | ||
Employment Taxes | 4.4 | |
Connecticut State Tax | ||
Taxes Owed and Due | ||
Payroll Tax Liability |
Attachment 7A
NewPower Holdings, Inc. | ||||
Case Number: 02-10835 | ||||
Summary of Officer Compensation / Summary of Personnel and Insurance Coverages | ||||
For Period from June 30,2008 to July 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 | ||
Payments made to insiders 7/01/08 - 7/31/08 | (Supplemental) | |
Payments are in gross amts |
Title | Amount | Date | Type | ||
M. Patricia Foster | President & CEO | $ 5,208.33 | 7/15/2008 | Salary for pay period 7/01 -7/15 | |
$ 5,208.33 | 7/31/2008 | Salary for pay period 7/16 -7/31 | |||
$ 10,416.67 |
Attachment 8
NewPower Holdings, Inc. |
Case Number: 02-10835 |
Significant Developments During Reporting Period |
For Period from June 30,2008 to July 31, 2008 |
none |