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 11/30/2008 to 12/31/2008 | |||||||
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 November 30, 2008 - December 31, 2008 | |||
Opening Cash Balance -11/30/08 | $ 877 | ||
Inflows: | |||
Customer Collections | |||
Collateral Returned | |||
-Sureties | |||
-Security Deposits | |||
Sale Proceeds/Interest Income/Other | 0 | ||
Total Inflows | 0 | ||
Distribution of Outflows | |||
Outflows: | NewPower | The NewPower | |
Post Petition: | Holdings, Inc. | Company | |
Professionals - Bankruptcy | 0 | 0 | |
Consulting Fees | |||
Lockbox Fees | 3 | 3 | |
Supplies & Misc | 1 | 1 | |
Rent | 1 | 1 | |
Insurance | |||
Utilities (Heat, Hydro, Phone, etc.) | 0 | 0 | |
Payroll (inlcuding tax payments & fees) | 11 | 11 | |
T&E Reimbursements | |||
State Tax Payments | |||
Distribution to Equity | |||
Total Outflows | 15 | 15 | |
Net Cash Flows | (15) | ||
Closing Cash Balance | $ 862 |
Attachment 1
NewPower Holdings, Inc. | ||||||
Case Number: 02-10835 | ||||||
Monthly Accounts Receivable Aging and Reconciliation | ||||||
For Period from November 30, 2008 - December 31, 2008 | ||||||
Amounts in $000’s | ||||||
Accounts Receivable at Petition Date: | $ | 75,200 | ||||
Beginning of Month Balance* - Gross | $ | 13,476 | (per 11/30/08 G/L) | |||
PLUS: Current Month New Billings | - | |||||
LESS: Collections During the Month | - | |||||
End of Month Balance - Gross | $ | 13,476 | (per 12/31/08 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 November 30, 2008 - December 31, 2008 | ||||||
Amounts in $000’s | ||||||
See attached System Generated A/P reports as of 12/31/2008(Attachments 2A and 2B). | ||||||
Beginning of Period Balance | $ | 59 | (per 11/30/08 G/L) | |||
PLUS: New Indebtedness Incurred | 9 | |||||
LESS: Amounts Paid on A/P& taxes | (9) | |||||
End of Month Balance | $ | 59 | (per 12/31/08 G/L) |
Exhibit 2A
The New Power Company
Vendor Balance Detail
As of December 31, 2008
Type | Date | Amount | Balance | ||||||||
Arkadin, Inc. | 0.00 | ||||||||||
Bill | 12/22/2008 | 32.17 | 32.17 | ||||||||
Bill Pmt -Check | 12/31/2008 | -32.17 | 0.00 | ||||||||
Total Arkadin, Inc. | 0.00 | 0.00 | |||||||||
epiq Systems | 0.00 | ||||||||||
Bill | 12/22/2008 | 17.17 | 17.17 | ||||||||
Bill Pmt -Check | 12/31/2008 | -17.17 | 0.00 | ||||||||
Total epiq Systems | 0.00 | 0.00 | |||||||||
Iron Mountain Off-Site Data Protection | 0.00 | ||||||||||
Bill | 12/22/2008 | 556.50 | 556.50 | ||||||||
Bill Pmt -Check | 12/24/2008 | -556.50 | 0.00 | ||||||||
Total Iron Mountain Off-Site Data Protection | 0.00 | 0.00 | |||||||||
JPMorgan Chase | 0.00 | ||||||||||
Bill | 12/22/2008 | 3,085.11 | 3,085.11 | ||||||||
Bill Pmt -Check | 12/31/2008 | -3,085.11 | 0.00 | ||||||||
Total JPMorgan Chase | 0.00 | 0.00 | |||||||||
Kaster Moving Co. Inc. | 0.00 | ||||||||||
Bill | 12/22/2008 | 82.63 | 82.63 | ||||||||
Bill Pmt -Check | 12/24/2008 | -82.63 | 0.00 | ||||||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | |||||||||
Ms. Patricia Foster | 0.00 | ||||||||||
Bill | 12/11/2008 | 836.00 | 836.00 | ||||||||
Bill Pmt -Check | 12/11/2008 | -836.00 | 0.00 | ||||||||
Total Ms. Patricia Foster | 0.00 | 0.00 | |||||||||
TOTAL | 0.00 | 0.00 | |||||||||
Page 1 of 3
Exhibit 2B
The New Power Company
Unpaid Vendor Balance Detail
As of December 31, 2008
Name | Balance | ||||
Franchise Tax Liability | 55,465.82 | ||||
Payroll Tax Liablility | 3,201.00 | ||||
58,666.82 |
Attachment 3
NewPower Holdings, Inc. | |||||||
Case Number: 02-10835 | |||||||
Inventroy and Fixed Assets Report | |||||||
For Period from November 30, 2008 - December 31, 2008 | |||||||
Amounts in $000’s | |||||||
Inventory Report | |||||||
Inventory Balance at Petition Date | $ | 15,587 | |||||
Inventory at Beginning of Period | $ | - | (per 11/30/08 G/L) | ||||
PLUS: Inventory Purchased | - | ||||||
LESS: Inventory Used or Sold | - | ||||||
End of Month Balance | $ | - | (per 12/31/08 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: | 12/01/2008-12/31/2008 | |||
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 | $ 88,047.78 | |||
Total Deposits | $ - | |||
Total Payments | $ 12,539.19 | Includes transfer to Manual Checking of $8,765.61 | ||
Closing Balance | $ 75,508.59 | |||
Service Charges | ||||
Electronic Payments issued this Period | EP54 | |||
Last Payment issued this Period | EP 58 | |||
Total # of payments this Period | 5 |
Attachment 4
Page 2 of 3
Name of Debtor : | NewPower Holdings Inc. | |||||
Case # : | 02-10835 | |||||
Reporting Period: | 12/01/2008-12/31/2008 | |||||
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 | $ 789,681.69 | |||||
Total Deposits | $ 129.39 | Interest Income | ||||
Total Payments | $ 2,640.08 | Payroll Taxes | ||||
Closing Balance | $ 787,171.00 | |||||
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: | 12/01/2008-12/31/2008 | ||
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 | $8,765.61 | Transfer from Concentration | |
Total Payments | $8,765.61 | ||
Closing Balance | $0.00 | ||
Service Charges | N/A | ||
First Check issued this Period | 201247 | ||
Last Check issued this Period | 201249 | ||
Voided Checks | |||
Total # of checks issued this Period | 3 |
The New Power Company Check Detail As of December 31, 2008 | Exhibit 5 |
Date | Num | Name | Amount | ||||
12/11/2008 | 201247 | CT Commissioner of Revenue Services | 504.16 | ||||
12/11/2008 | 201248 | United States Treasury | 2,640.08 | ||||
12/11/2008 | 201249 | Ms. Patricia Foster | 836.00 | ||||
12/12/2008 | payroll | QuickBooks Payroll Service | 3,712.72 | ||||
12/24/2008 | EP54 | Iron Mountain Off-Site Data Protection | 556.50 | ||||
12/24/2008 | EP55 | Kaster Moving Co. Inc. | 82.63 | ||||
12/30/2008 | payroll | QuickBooks Payroll Service | 3,712.73 | ||||
12/31/2008 | EP56 | Arkadin, Inc. | 32.17 | ||||
12/31/2008 | EP57 | epiq Systems | 17.17 | ||||
12/31/2008 | EP58 | JPMorgan Chase | 3,085.11 | ||||
15,179.27 |
Page 3 of 3
Attachment 6
NewPower Holdings, Inc. | ||||||
Case Number: 02-10835 | ||||||
Monthly Tax Report | ||||||
For Period from November 30, 2008 - December 31, 2008 | ||||||
Amounts in $000’s |
Taxes Paid During the Month | |||
Employment Taxes | 2.4 | ||
Connecticut State Tax | 1.1 | ||
Taxes Owed and Due | |||
Payroll Tax Liability | 3.1 | ||
Attachment 7A
NewPower Holdings, Inc. | ||||
Case Number: 02-10835 | ||||
Summary of Officer Compensation / Summary of Personnel and Insurance Coverages | ||||
For Period from November 30, 2008 - December 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 12/01/08 - 12/31/08 | |||||||
Payments are in gross amts | |||||||
Title | Amount | Date | Type | ||||
M. Patricia Foster | President & CEO | $ | 5,208.33 | 12/15/2008 | Salary for pay period 12/01 -12/15 | ||
$ | 5,208.33 | 12/31/2008 | Salary for pay period 12/16 -12/31 | ||||
$ | 10,416.67 |
Attachment 8
NewPower Holdings, Inc. |
Case Number: 02-10835 |
Significant Developments During Reporting Period |
For Period from November 30, 2008 - December 31, 2008 |
none |