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 9/30/2008 to 10/31/2008 | |||||||
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 September 30, 2008 thru October 31, 2008 | |||
Opening Cash Balance -9/30/08 | $ 1,059 | ||
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 | 0 | 0 | |
Consulting Fees | 20 | 20 | |
Lockbox Fees | 0 | 0 | |
Supplies & Misc | |||
Rent | 1 | 1 | |
Insurance | 60 | 60 | |
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 | 97 | 97 | |
Net Cash Flows | (97) | ||
Closing Cash Balance | $ 962 | ||
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 September 30, 2008 thru October 31, 2008 | ||||||
Amounts in $000's | ||||||
Accounts Receivable at Petition Date: | $ | 75,200 | ||||
Beginning of Month Balance* - Gross | $ | 13,476 | (per 9/30/08 G/L) | |||
PLUS: Current Month New Billings | - | |||||
LESS: Collections During the Month | - | |||||
End of Month Balance - Gross | $ | 13,476 | (per 10/31/08 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 September 30, 2008 thru October 31, 2008 | ||||||
Amounts in $000's | ||||||
See attached System Generated A/P reports as of 10/31/2008(Attachments 2A and 2B). | ||||||
Beginning of Period Balance | $ | 60 | (per 9/30/08 G/L) | |||
PLUS: New Indebtedness Incurred | 67 | |||||
LESS: Amounts Paid on A/P& taxes | (67) | |||||
End of Month Balance | $ | 60 | (per 10/31/08 G/L) |
Exhibit 2A
The New Power Company
Vendor Balance Detail
As of October 31, 2008
Type | Date | Amount | Balance | ||||||
AT&T | 0.00 | ||||||||
Bill | 10/13/2008 | 10.60 | 10.60 | ||||||
Bill Pmt -Check | 10/13/2008 | -10.60 | 0.00 | ||||||
Bill | 10/26/2008 | 147.77 | 147.77 | ||||||
Bill Pmt -Check | 10/26/2008 | -147.77 | 0.00 | ||||||
Total AT&T | 0.00 | 0.00 | |||||||
epiq Systems | 0.00 | ||||||||
Bill | 10/26/2008 | 407.38 | 407.38 | ||||||
Bill Pmt -Check | 10/26/2008 | -407.38 | 0.00 | ||||||
Total epiq Systems | 0.00 | 0.00 | |||||||
Iron Mountain Off-Site Data Protection | 0.00 | ||||||||
Bill | 10/13/2008 | 556.50 | 556.50 | ||||||
Bill Pmt -Check | 10/13/2008 | -556.50 | 0.00 | ||||||
Total Iron Mountain Off-Site Data Protection | 0.00 | 0.00 | |||||||
JPMorgan Chase | 0.00 | ||||||||
Bill | 10/26/2008 | 412.97 | 412.97 | ||||||
Bill Pmt -Check | 10/26/2008 | -412.97 | 0.00 | ||||||
Total JPMorgan Chase | 0.00 | 0.00 | |||||||
Kaster Moving Co. Inc. | 0.00 | ||||||||
Bill | 10/13/2008 | 83.88 | 83.88 | ||||||
Bill | 10/13/2008 | 0.00 | 83.88 | ||||||
Bill | 10/13/2008 | 450.30 | 534.18 | ||||||
Bill Pmt -Check | 10/13/2008 | -534.18 | 0.00 | ||||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | |||||||
Mesirow Financial Systems | 0.00 | ||||||||
Bill | 10/01/2008 | 60,000.00 | 60,000.00 | ||||||
Bill Pmt -Check | 10/03/2008 | -60,000.00 | 0.00 | ||||||
Total JPMorgan Chase | 0.00 | 0.00 | |||||||
U.S. Trustee Program Payment Center | 0.00 | ||||||||
Bill | 10/26/2008 | 325.00 | 325.00 | ||||||
Bill Pmt -Check | 10/26/2008 | -325.00 | 0.00 | ||||||
Total U.S. Trustee Program Payment Center | 0.00 | 0.00 | |||||||
TOTAL | 0.00 | 0.00 | |||||||
new bills | 62,394.4 | ||||||||
new payments | -62,394.4 |
Exhibit 2B
The New Power Company
Unpaid Vendor Balance Detail
As of October 31, 2008
Name | Balance | ||||
Franchise Tax Liability | 55,465.82 | ||||
Payroll Tax Liablility | 4,168.14 | ||||
59,633.96 |
Attachment 3
NewPower Holdings, Inc. | |||||||
Case Number: 02-10835 | |||||||
Inventroy and Fixed Assets Report | |||||||
For Period from September 30, 2008 thru October 31, 2008 | |||||||
Amounts in $000's | |||||||
Inventory Report | |||||||
Inventory Balance at Petition Date | $ | 15,587 | |||||
Inventory at Beginning of Period | $ | - | (per 9/30/08 G/L) | ||||
PLUS: Inventrory Purchased | - | ||||||
LESS: Inventory Used or Sold | - | ||||||
End of Month Balance | $ | - | (per 10/31/08 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: | 10/01/2008-10/31/2008 | ||||
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 | $ | 63,047.50 | |||
Total Deposits | $ | 100,000.00 | Transfer In from Money Market | ||
Total Payments | $ | 93,377.89 | Includes transfer to Manual Checking of $11,308.49 | ||
Closing Balance | $ | 69,669.61 | |||
Service Charges | |||||
Electronic Payments issued this Period | EP40 | ||||
Last Payment issued this Period | EP 45 | ||||
Total # of payments this Period | 69 | ||||
Attachment 4
Page 2 of 3
Name of Debtor : | NewPower Holdings Inc. | ||||
Case # : | 02-10835 | ||||
Reporting Period: | 10/01/2008-10/31/2008 | ||||
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 | $ | 996,400.17 | |||
Total Deposits | $ | 619.49 | Interest Income | ||
Total Payments | $ | 103,931.76 | Payroll Taxes and $100k transfer to Concentration Account | ||
Closing Balance | $ | 893,087.90 | |||
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: | 10/01/2008-10/31/2008 | ||
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 | $11,308.49 | Transfer from Concentration | |
Total Payments | $11,308.49 | ||
Closing Balance | $0.00 | ||
Service Charges | N/A | ||
First Check issued this Period | 201242 | ||
Last Check issued this Period | 201244 | ||
Voided Checks | |||
Total # of checks issued this Period | 3 | ||
The New Power Company Transactions by Account As of October 31, 2008 | Exhibit 5 |
Date | Num | Name | Amount | ||||||
10/03/2008 | EP46 | Mesirow Financial Services | 60,000.00 | ||||||
10/13/2008 | EP40 | AT&T | 10.60 | ||||||
10/13/2008 | EP41 | Iron Mountain Off-Site Data Protection | 556.50 | ||||||
10/13/2008 | EP42 | Kaster Moving Co. Inc. | 534.18 | ||||||
10/13/2008 | 201242 | CT Commissioner of Revenue Services | 504.16 | ||||||
10/13/2008 | wire | United States Treasury | 3,931.76 | ||||||
10/14/2008 | test | QuickBooks Payroll Service | 0.45 | ||||||
10/14/2008 | test | QuickBooks Payroll Service | 0.37 | ||||||
10/15/2008 | 201243 | M. Patricia Foster | 3,388.82 | ||||||
10/26/2008 | EP43 | AT&T | 147.77 | ||||||
10/26/2008 | EP44 | epiq Systems | 407.38 | ||||||
10/26/2008 | EP45 | JPMorgan Chase | 412.97 | ||||||
10/26/2008 | 201244 | U.S. Trustee Program Payment Center | 325.00 | ||||||
10/30/2008 | dir dep | QuickBooks Payroll Service | 3,524.12 | ||||||
73,744.08 |
Attachment 6
NewPower Holdings, Inc.
Case Number: 02-10835
Monthly Tax Report | |||
For Period from September 30, 2008 thru October 31, 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 | 4.2 | ||
Attachment 7A
NewPower Holdings, Inc. | ||||
Case Number: 02-10835 | ||||
Summary of Officer Compensation / Summary of Personnel and Insurance Coverages | ||||
For Period from September 30, 2008 thru October 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
(Supplemental)
Payments made to insiders 10/01/08 - 10/31/08 | |||||||
Payments are in gross amts | |||||||
Title | Amount | Date | Type | ||||
M. Patricia Foster | President & CEO | $ | 5,208.33 | 10/15/2008 | Salary for pay period 10/01 -10/15 | ||
$ | 5,208.33 | 10/31/2008 | Salary for pay period 10/16 -10/31 | ||||
$ | 10,416.67 |
Attachment 8
NewPower Holdings, Inc. |
Case Number: 02-10835 |
Significant Developments During Reporting Period |
For Period from September 30, 2008 thru October 31, 2008 |
none |