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 7/31/2009 to 8/31/2009 | |||||||
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, 2009 through August 31, 2009 | |||
Opening Cash Balance -5/31/09 | $ 680 | ||
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 | 2 | 2 | |
Consulting Fees | |||
Lockbox Fees | 1 | 1 | |
Supplies & Misc | 0 | 0 | |
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 | 16 | 16 | |
Net Cash Flows | (16) | ||
Closing Cash Balance | $ 684 |
Attachment 1
NewPower Holdings, Inc. | ||||||
Case Number: 02-10835 | ||||||
Monthly Accounts Receivable Aging and Reconciliation | ||||||
For Period from July 31, 2009 through August 31, 2009 | ||||||
Amounts in $000’s | ||||||
Accounts Receivable at Petition Date: | $ | 75,200 | ||||
Beginning of Month Balance* - Gross | $ | 13,476 | (per 7/31/09 G/L) | |||
PLUS: Current Month New Billings | - | |||||
LESS: Collections During the Month | - | |||||
End of Month Balance - Gross | $ | 13,476 | (per 8/31/09 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, 2009 through August 31, 2009 | ||||||
Amounts in $000’s | ||||||
See attached System Generated A/P reports as of 6/30/2009 (Attachments 2A and 2B). | ||||||
Beginning of Period Balance | $ | 56 | (per 7/31/09 G/L) | |||
PLUS: New Indebtedness Incurred | 5 | |||||
LESS: Amounts Paid on A/P | (3 | ) | ||||
End of Month Balance | $ | 56 | (per 8/31/09 G/L) |
Exhibit 2A
The New Power Company
Vendor Balance Detail
As of August 31, 2009
Date | Amount | Balance | |||||||
AT&T | 0.00 | ||||||||
08/20/2009 | 10.60 | 10.60 | |||||||
08/20/2009 | -10.60 | 0.00 | |||||||
08/24/2009 | 150.80 | 150.80 | |||||||
08/24/2009 | -150.80 | 0.00 | |||||||
Total AT&T | 0.00 | 0.00 | |||||||
epiq Systems | 0.00 | ||||||||
08/24/2009 | 392.17 | 392.17 | |||||||
08/24/2009 | -392.17 | 0.00 | |||||||
Total epiq Systems | 0.00 | 0.00 | |||||||
Iron Mountain Off-Site Data Protection | 0.00 | ||||||||
08/20/2009 | 90.68 | 90.68 | |||||||
08/20/2009 | 588.81 | 679.49 | |||||||
08/20/2009 | -679.49 | 0.00 | |||||||
Total Iron Mountain Off-Site Data Protection | 0.00 | 0.00 | |||||||
JPMorgan Chase | 0.00 | ||||||||
08/24/2009 | 852.46 | 852.46 | |||||||
08/24/2009 | -852.46 | 0.00 | |||||||
Total JPMorgan Chase | 0.00 | 0.00 | |||||||
Kaster Moving Co. Inc. | 0.00 | ||||||||
08/20/2009 | 82.50 | 82.50 | |||||||
08/20/2009 | -82.50 | 0.00 | |||||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | |||||||
Ms. Patricia Foster | 0.00 | ||||||||
08/20/2009 | 436.71 | 436.71 | |||||||
08/24/2009 | -436.71 | 0.00 | |||||||
Total Ms. Patricia Foster | 0.00 | 0.00 | |||||||
U.S. Trustee Program Payment Center | 0.00 | ||||||||
08/24/2009 | 125.00 | 125.00 | |||||||
08/24/2009 | -125.00 | 0.00 | |||||||
Total U.S. Trustee Program Payment Center | 0.00 | 0.00 | |||||||
US Postal Service | 0.00 | ||||||||
08/24/2009 | 240.00 | 240.00 | |||||||
08/24/2009 | -240.00 | 0.00 | |||||||
Total US Postal Service | 0.00 | 0.00 | |||||||
TOTAL | 0.00 | 0.00 |
Exhibit 2B
The New Power Company
Unpaid Vendor Invoices
August 31, 2009
Balance | ||
Franchise Tax Liability | 55,465.62 | |
Payroll Tax Liablility | 2,245.23 | |
57,711.05 |
Attachment 3
NewPower Holdings, Inc. | |||||||
Case Number: 02-10835 | |||||||
Inventory and Fixed Assets Report | |||||||
For Period from July 31, 2009 through August 31, 2009 | |||||||
Amounts in $000’s | |||||||
Inventory Report | |||||||
Inventory Balance at Petition Date | $ | 15,587 | |||||
Inventory at Beginning of Period | $ | - | (per 7/31/09 G/L) | ||||
PLUS: Inventory Purchased | - | ||||||
LESS: Inventory Used or Sold | - | ||||||
End of Month Balance | $ | - | (per 8/31/09 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
Name of Debtor : | NewPower Holdings Inc. | ||||
Case # : | 02-10835 | ||||
Reporting Period: | 8/01/2009-8/31/2009 | ||||
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 | $ | 18,518.46 | |||
Total Deposits | $ | - | Transfer from Money Market | ||
Total Payments | $ | 12,108.51 | Includes transfer to Manual Checking of | ||
Closing Balance | $ | 6,409.95 | |||
Service Charges | |||||
Electronic Payments issued this Period | EP89 | ||||
Last Payment issued this Period | EP94 | ||||
Total # of payments this Period | 8 |
Attachment 4
Page 2
Name of Debtor : | NewPower Holdings Inc. | |||||
Case # : | 02-10835 | |||||
Reporting Period: | 8/01/2009-8/31/2009 | |||||
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 | $ 661,451.82 | |||||
Total Deposits | $ 83.80 | Interest Income | ||||
Total Payments | $ 3,451.76 | Payroll Taxes | ||||
Closing Balance | $ 658,083.86 | |||||
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
Name of Debtor : | NewPower Holdings Inc. | ||
Case # : | 02-10835 | ||
Reporting Period: | 8/01/2009-8/31/2009 | ||
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 | $9,940.50 | Transfer from Concentration | |
Total Payments | ($9,940.50 | ) | |
Closing Balance | $0.00 | ||
Service Charges | N/A | ||
First Check issued this Period | 201268 | ||
Last Check issued this Period | 201271 | ||
Voided Checks | |||
Total # of checks issued this Period | 4 |
Exhibit 5
The New Power Company
Transactions by Account
As of August 31, 2009
Date | Num | Name | Amount | |||
08/13/2009 | dir dep | M. Patricia Foster | 3,629.81 | |||
08/20/2009 | EP89 | AT&T | 10.60 | |||
08/20/2009 | EP90 | Iron Mountain Off-Site Data Protection | 679.49 | |||
08/20/2009 | EP91 | Kaster Moving Co. Inc. | 82.50 | |||
08/20/2009 | wire | United States Treasury | 1,725.88 | |||
08/20/2009 | 201268 | CT Commissioner of Revenue Services | 504.16 | |||
08/24/2009 | 201269 | Ms. Patricia Foster | 436.71 | |||
08/24/2009 | 201270 | U.S. Trustee Program Payment Center | 125.00 | |||
08/24/2009 | 201271 | US Postal Service | 240.00 | |||
08/24/2009 | EP92 | epiq Systems | 392.17 | |||
08/24/2009 | EP93 | JPMorgan Chase | 852.46 | |||
08/24/2009 | EP94 | AT&T | 150.80 | |||
08/31/2009 | dir dep | M. Patricia Foster | 3,629.82 | |||
12,459.40 | ||||||
12,459.40 | ||||||
Attachment 6
NewPower Holdings, Inc. | ||||||
Case Number: 02-10835 | ||||||
Monthly Tax Report | ||||||
For Period from July 31, 2009 through August 31, 2009 | ||||||
Amounts in $000’s |
Taxes Paid During the Month | |||
Employment Taxes | 3.5 | ||
Connecticut State Tax | 0.5 | ||
Taxes Owed and Due | |||
Payroll Tax Liability | 2.2 | ||
Attachment 7A
NewPower Holdings, Inc. | ||||
Case Number: 02-10835 | ||||
Summary of Officer Compensation / Summary of Personnel and Insurance Coverages | ||||
For Period from July 31, 2009 through August 31, 2009 | ||||
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 8/01/09 - 8/31/09 | |||||||
Payments are in gross amts | |||||||
Title | Amount | Date | Type | ||||
M. Patricia Foster | President & CEO | $ | 5,208.33 | 8/15/2009 | Salary for pay period 8/01 -8/15 | ||
$ | 5,208.33 | 8/31/2009 | 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, 2009 through August 31, 2009 |
none |