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 7/31/2008 to 8/31/2008 | |||||||
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 July 31, 2008 to August 31, 2008 | ||||
Opening Cash Balance -7/31/08 | $ | 1,094 | ||
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 | 6 | 6 | ||
Consulting Fees | ||||
Lockbox Fees | ||||
Supplies & Misc | ||||
Rent | 1 | 1 | ||
Insurance | ||||
Utilities (Heat, Hydro, Phone, etc.) | 1 | 1 | ||
Payroll (inlcuding tax payments & fees) | 11 | 11 | ||
T&E Reimbursements | ||||
State Tax Payments | ||||
Distribution to Equity | ||||
Total Outflows | 19 | 19 | ||
Net Cash Flows | (18) | |||
Closing Cash Balance | $ | 1,076 | ||
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 July 31, 2008 to August 31, 2008 | |||||||
Amounts in $000's | |||||||
Accounts Receivable at Petition Date: | $ 75,200 | ||||||
Beginning of Month Balance* - Gross | $ | 13,476 | (per 7/31/08 G/L) | ||||
PLUS: Current Month New Billings | - | ||||||
LESS: Collections During the Month | - | ||||||
End of Month Balance - Gross | $ | 13,476 | (per 8/31/08 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 July 31, 2008 to August 31, 2008 | |||||
Amounts in $000's | |||||
See attached System Generated A/P reports as of 8/31/2008(Attachments 2A and 2B). | |||||
Beginning of Period Balance | $ 56 | (per 7/31/08 G/L) | |||
PLUS: New Indebtedness Incurred | 12 | ||||
LESS: Amounts Paid on A/P& taxes | (8) | ||||
End of Month Balance | $ 60 | (per 8/31/08 G/L) |
The New Power Company Vendor Balance Detail As of August 31, 2008 | Exhibit 2A |
Type | Date | Num | Amount | Balance | ||||||||
Arkadin, Inc. | 0.00 | |||||||||||
Bill | 08/16/2008 | Inv. 1080002 July | 151.48 | 151.48 | ||||||||
Bill Pmt -Check | 08/16/2008 | 21 | -151.48 | 0.00 | ||||||||
Total Arkadin, Inc. | 0.00 | 0.00 | ||||||||||
AT&T | 0.00 | |||||||||||
Bill | 08/16/2008 | 2033298412082 July | 148.42 | 148.42 | ||||||||
Bill Pmt -Check | 08/16/2008 | 22, 23 | -148.42 | 0.00 | ||||||||
Total AT&T | 0.00 | 0.00 | ||||||||||
epiq Systems | 0.00 | |||||||||||
Bill | 08/16/2008 | 178839 July | 455.40 | 455.40 | ||||||||
Bill Pmt -Check | 08/16/2008 | 24 | -455.40 | 0.00 | ||||||||
Total epiq Systems | 0.00 | 0.00 | ||||||||||
Kaster Moving Co. Inc. | 0.00 | |||||||||||
Bill | 08/16/2008 | Inv. 32829-051 Augus | 82.50 | 82.50 | ||||||||
Bill Pmt -Check | 08/16/2008 | 25 | -82.50 | 0.00 | ||||||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | ||||||||||
King and Spalding | 0.00 | |||||||||||
Bill | 08/16/2008 | 506190 May | 315.00 | 315.00 | ||||||||
Bill Pmt -Check | 08/16/2008 | 27 | -315.00 | 0.00 | ||||||||
Total King and Spalding | 0.00 | 0.00 | ||||||||||
Postmaster | 0.00 | |||||||||||
Bill | 08/16/2008 | 1 Year #17296 | 240.00 | 240.00 | ||||||||
Bill Pmt -Check | 08/16/2008 | 201234 | -240.00 | 0.00 | ||||||||
Total Postmaster | 0.00 | 0.00 | ||||||||||
Sidley Austin Brown & Wood | 0.00 | |||||||||||
Bill | 08/16/2008 | Inv. 28038615 June | 986.00 | 986.00 | ||||||||
Bill | 08/16/2008 | july28043139 | 1,091.80 | 2,077.80 | ||||||||
Bill Pmt -Check | 08/16/2008 | 26&28 | -2,077.80 | 0.00 | ||||||||
Total Sidley Austin Brown & Wood | 0.00 | 0.00 | ||||||||||
TOTAL | 0.00 | 0.00 |
The New Power Company Unpaid Vendor Detail As of August 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 July 31, 2008 to August 31, 2008 | |||||
Amounts in $000's | |||||
Inventory Report | |||||
Inventory Balance at Petition Date | $ 15,587 | ||||
Inventory at Beginning of Period | $ | - | (per 7/31/08 G/L) | ||
PLUS: Inventrory Purchased | - | ||||
LESS: Inventory Used or Sold | - | ||||
End of Month Balance | $ | - | (per 8/31/08 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: | 8/01/2008-8/31/2008 | |||
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 | $ 91,194.71 | |||
Total Deposits | $ - | interest | ||
Total Payments | $ 15,302.48 | Includes transfer to Manual Checking of $10,457 | ||
Closing Balance | $ 75,892.23 | |||
Service Charges | ||||
Electronic Payments issued this Period | EP21 | |||
Last Payment issued this Period | EP 28 | |||
Total # of payments this Period | 9 |
Attachment 4
Page 2 of 3
Name of Debtor : | NewPower Holdings Inc. | ||
Case # : | 02-10835 | ||
Reporting Period: | 8/01/2008-8/31/2008 | ||
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 | $ 1,002,912.13 | ||
Total Deposits | $ 643.11 | Interest Income | |
Total Payments | $ 3,931.74 | Payroll Taxes | |
Closing Balance | $ 999,623.50 | ||
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: | 8/01/2008-8/31/2008 |
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 | $10,457.00 | Transfer from Concentration | ||
Total Payments | $10,457.00 | |||
Closing Balance | $0.00 | |||
Service Charges | N/A | |||
First Check issued this Period | 201234 | |||
Last Check issued this Period | 201236 | |||
Voided Checks | ||||
Total # of checks issued this Period | 3 |
The New Power Company 6/30/03
Check Detail
August 2008
Type | Num | Date | Name | Paid Amount | ||||
Electronic Payment | 21 | 08/16/2008 | Arkadin, Inc. | 151.48 | ||||
Electronic Payment | 22, 23 | 08/16/2008 | AT&T | 148.42 | ||||
Electronic Payment | 24 | 08/16/2008 | epiq Systems | 455.40 | ||||
Electronic Payment | 25 | 08/16/2008 | Kaster Moving Co. Inc. | 82.50 | ||||
Electronic Payment | 27 | 08/16/2008 | King and Spalding | 315.00 | ||||
Electronic Payment | 26&28 | 08/16/2008 | Sidley Austin Brown & Wood | 2,077.80 | ||||
Check | 201234 | 08/16/2008 | Postmaster | 240.00 | ||||
Paycheck | 201235 | 08/16/2008 | M. Patricia Foster | 3,388.81 | ||||
Paycheck | 201236 | 08/31/2008 | M. Patricia Foster | 3,388.82 |
Attachment 6
NewPower Holdings, Inc. | |
Case Number: 02-10835 | |
Monthly Tax Report | |
For Period from July 31, 2008 to August 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 | 4.4 |
Attachment 7A
NewPower Holdings, Inc. | ||
Case Number: 02-10835 | ||
Summary of Officer Compensation / Summary of Personnel and Insurance Coverages | ||
For Period from July 31, 2008 to August 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 8/01/08 - 8/31/08 | (Supplemental) |
Payments are in gross amts | ||||||
Title | Amount | Date | Type | |||
M. Patricia Foster | President & CEO | $ | 5,208.33 | 8/15/2008 | Salary for pay period 8/01 -8/15 | |
$ | 5,208.33 | 8/31/2008 | Salary for pay period 8/16 -8/31 | |||
$ | 10,416.67 |
Attachment 8
NewPower Holdings, Inc. |
Case Number: 02-10835 |
Significant Developments During Reporting Period |
For Period from July 31, 2008 to August 31, 2008 |
none |