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 8/31/2008 to 9/30/2008 | |||||||
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 August 31, 2008 thru September 30, 2008 | |||
Opening Cash Balance -8/31/08 | $ 1,076 | ||
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 | 0 | 0 | |
Supplies & Misc | 0 | 0 | |
Rent | 1 | 1 | |
Insurance | |||
Utilities (Heat, Hydro, Phone, etc.) | 0 | 0 | |
Payroll (inlcuding tax payments & fees) | 12 | 12 | |
T&E Reimbursements | |||
State Tax Payments | 1 | 1 | |
Distribution to Equity | |||
Total Outflows | 17 | 17 | |
Net Cash Flows | (17) | ||
Closing Cash Balance | $ 1,059 | ||
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 August 31, 2008 thru September 30, 2008 | ||||||
Amounts in $000's | ||||||
Accounts Receivable at Petition Date: | $ 75,200 | |||||
Beginning of Month Balance* - Gross | $ 13,476 | (per 8/31/08 G/L) | ||||
PLUS: Current Month New Billings | - | |||||
LESS: Collections During the Month | - | |||||
End of Month Balance - Gross | $ 13,476 | (per 9/30/08 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 August 31, 2008 thru September 30, 2008 | ||||
Amounts in $000's | ||||
See attached System Generated A/P reports as of 9/30/2008(Attachments 2A and 2B). | ||||
Beginning of Period Balance | $ 60 | (per 8/31/08 G/L) | ||
PLUS: New Indebtedness Incurred | 30 | |||
LESS: Amounts Paid on A/P& taxes | (30) | |||
End of Month Balance | $ 60 | (per 9/30/08 G/L) |
The New Power Company Vendor Balance Detail As of September 30, 2008 | Exhibit 2A |
Type | Date | Amount | Balance | ||||||
AT&T | 0.00 | ||||||||
Bill | 09/14/2008 | 10.60 | 10.60 | ||||||
Bill | 09/14/2008 | 150.65 | 161.25 | ||||||
Bill Pmt -Check | 09/14/2008 | -161.25 | 0.00 | ||||||
Bill | 09/24/2008 | 150.93 | 150.93 | ||||||
Bill Pmt -Check | 09/24/2008 | -150.93 | 0.00 | ||||||
Total AT&T | 0.00 | 0.00 | |||||||
epiq Systems | 0.00 | ||||||||
Bill | 09/24/2008 | 383.05 | 383.05 | ||||||
Bill Pmt -Check | 09/24/2008 | -383.05 | 0.00 | ||||||
Total epiq Systems | 0.00 | 0.00 | |||||||
Iron Mountain Off-Site Data Protection | 0.00 | ||||||||
Bill | 09/14/2008 | 563.46 | 563.46 | ||||||
Bill Pmt -Check | 09/14/2008 | -563.46 | 0.00 | ||||||
Total Iron Mountain Off-Site Data Protection | 0.00 | 0.00 | |||||||
JPMorgan Chase | 0.00 | ||||||||
Bill | 09/14/2008 | 74.76 | 74.76 | ||||||
Bill Pmt -Check | 09/14/2008 | -74.76 | 0.00 | ||||||
Total JPMorgan Chase | 0.00 | 0.00 | |||||||
Kaster Moving Co. Inc. | 0.00 | ||||||||
Bill | 09/14/2008 | 82.42 | 82.42 | ||||||
Bill Pmt -Check | 09/14/2008 | -82.42 | 0.00 | ||||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | |||||||
King and Spalding | 0.00 | ||||||||
Bill | 09/14/2008 | 115.00 | 115.00 | ||||||
Bill Pmt -Check | 09/14/2008 | -115.00 | 0.00 | ||||||
Bill | 09/24/2008 | 230.00 | 230.00 | ||||||
Bill Pmt -Check | 09/24/2008 | -230.00 | 0.00 | ||||||
Total King and Spalding | 0.00 | 0.00 | |||||||
Mr. Gene Shanks | 0.00 | ||||||||
Bill | 09/30/2008 | 10,000.00 | 10,000.00 | ||||||
Bill Pmt -Check | 09/30/2008 | -10,000.00 | 0.00 | ||||||
Total Mr. Gene Shanks | 0.00 | 0.00 | |||||||
Mr. Richard Weill | 0.00 | ||||||||
Bill | 09/30/2008 | 10,000.00 | 10,000.00 | ||||||
Bill Pmt -Check | 09/30/2008 | -10,000.00 | 0.00 | ||||||
Total Mr. Richard Weill | 0.00 | 0.00 | |||||||
Ms. Patricia Foster | 0.00 | ||||||||
Bill | 09/30/2008 | 501.76 | 501.76 | ||||||
Bill Pmt -Check | 09/30/2008 | -501.76 | 0.00 | ||||||
Total Ms. Patricia Foster | 0.00 | 0.00 | |||||||
Sidley Austin Brown & Wood | 0.00 | ||||||||
Bill | 09/14/2008 | 2,512.07 | 2,512.07 | ||||||
Bill Pmt -Check | 09/14/2008 | -2,512.07 | 0.00 | ||||||
Total Sidley Austin Brown & Wood | 0.00 | 0.00 | |||||||
United States Treasury | 0.00 | ||||||||
Bill | 09/14/2008 | 1,050.00 | 1,050.00 | ||||||
Bill Pmt -Check | 09/14/2008 | -1,050.00 | 0.00 | ||||||
Total United States Treasury | 0.00 | 0.00 | |||||||
TOTAL | 0.00 | 0.00 | |||||||
25,824.70 |
The New Power Company Vendor Balance Detail As of September 30, 2008 | Exhibit 2B |
Name | Balance | |
Franchise Tax Liability | 55,465.82 | |
Payroll Tax Liablility | 4,436.78 | |
59,902.60 |
Attachment 3
For Period from August 31, 2008 thru September 30, 2008 | ||||
Amounts in $000's | ||||
Inventory Report | ||||
Inventory Balance at Petition Date | $ 15,587 | |||
Inventory at Beginning of Period | $ - | (per 8/31/08 G/L) | ||
PLUS: Inventrory Purchased | - | |||
LESS: Inventory Used or Sold | - | |||
End of Month Balance | $ - | (per 9/30/08 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: | 9/01/2008-9/30/2008 | |||
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 | ��$ 75,892.23 | |||
Total Deposits | $ - | interest | ||
Total Payments | $ 12,844.73 | Includes transfer to Manual Checking of $8,571.79 | ||
Closing Balance | $ 63,047.50 | |||
Service Charges | ||||
Electronic Payments issued this Period | EP29 | |||
Last Payment issued this Period | EP 29 | |||
Total # of payments this Period | 9 |
Attachment 4
Page 2 of 3
Name of Debtor : | NewPower Holdings Inc. | ||
Case # : | 02-10835 | ||
Reporting Period: | 9/01/2008-9/30/2008 | ||
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 | $ 999,623.50 | ||
Total Deposits | $ 708.41 | Interest Income | |
Total Payments | $ 3,931.74 | Payroll Taxes | |
Closing Balance | $ 996,400.17 | ||
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: | 9/01/2008-9/30/2008 | |||
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 | $8,571.79 | Transfer from Concentration | ||
Total Payments | $8,571.79 | |||
Closing Balance | $0.00 | |||
Service Charges | N/A | |||
First Check issued this Period | 201237 | |||
Last Check issued this Period | 201242 | |||
Voided Checks | 1 | 201240 | ||
Total # of checks issued this Period | 5 |
The New Power Company Check Detail As of September 30, 2008 | Exhibit 5 |
Date | Num | Name | Amount | |||
09/14/2008 | wire | United States Treasury | 3,931.74 | |||
09/14/2008 | 201238 | CT Commissioner of Revenue Services | 504.16 | |||
09/14/2008 | 201239 | United States Treasury | 1,050.00 | |||
09/14/2008 | 29 | AT&T | 161.25 | |||
09/14/2008 | 30 | Iron Mountain Off-Site Data Protection | 563.46 | |||
09/14/2008 | 31 | JPMorgan Chase | 74.76 | |||
09/14/2008 | 32 | Kaster Moving Co. Inc. | 82.42 | |||
09/14/2008 | 33 | King and Spalding | 115.00 | |||
09/14/2008 | 34 | Sidley Austin Brown & Wood | 2,512.07 | |||
09/15/2008 | 201237 | M. Patricia Foster | 3,388.81 | |||
09/24/2008 | 35 | AT&T | 150.93 | |||
09/24/2008 | 37 | epiq Systems | 383.05 | |||
09/24/2008 | 36 | King and Spalding | 230.00 | |||
09/30/2008 | 201241 | M. Patricia Foster | 3,388.81 | |||
09/30/2008 | 201242 | Ms. Patricia Foster | 501.76 | |||
09/30/2008 | 38 | Mr. Gene Shanks | 10,000.00 | |||
09/30/2008 | 39 | Mr. Richard Weill | 10,000.00 |
Attachment 6
NewPower Holdings, Inc. | ||
Case Number: 02-10835 | ||
Monthly Tax Report | ||
For Period from August 31, 2008 thru September 30, 2008 | ||
Amounts in $000's | ||
Taxes Paid During the Month | ||
Employment Taxes | 4.4 | |
Connecticut State Tax | 1.1 | |
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 August 31, 2008 thru September 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 9/01/08 - 9/30/08 | |||||
Payments are in gross amts | |||||
Title | Amount | Date | Type | ||
M. Patricia Foster | President & CEO | $ 5,208.33 | 9/15/2008 | Salary for pay period 9/01 -9/15 | |
$ 5,208.33 | 9/30/2008 | Salary for pay period 9/16 -9/30 | |||
Eugene Shanks | Director | $ 10,000.00 | 9/30/2008 | Biannual Board Fees | |
Richard Weill | Director | $ 10,000.00 | 9/30/2008 | Biannual Board Fees | |
$ 30,416.67 |
Attachment 8
NewPower Holdings, Inc.
Case Number: 02-10835
Significant Developments During Reporting Period
For Period from August 31, 2008 thru September 30, 2008
none