| 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 | |||||||
| 2/28/2010 to 3/31/2010 | |||||||
| 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 February 28, 2010 to March 31, 2010 | |||
| Opening Cash Balance -2/28/09 | $ 550 | ||
| Inflows: | |||
| Customer Collections | |||
| Collateral Returned | |||
| -Sureties | |||
| -Security Deposits | |||
| Sale Proceeds/Interest Income/Other | |||
| Total Inflows | |||
| Distribution of Outflows | |||
| Outflows: | NewPower | The NewPower | |
| Post Petition: | Holdings, Inc. | Company | |
| Professionals - Bankruptcy | 1 | 1 | |
| Consulting Fees | 20 | 20 | |
| Lockbox Fees | 2 | 2 | |
| Supplies & Misc | 1 | 1 | |
| Rent | 1 | 1 | |
| Insurance | |||
| Utilities (Heat, Hydro, Phone, etc.) | 2 | 2 | |
| Payroll (inlcuding tax payments & fees) | 11 | 11 | |
| T&E Reimbursements | |||
| State Tax Payments | |||
| Distribution to Equity | |||
| Total Outflows | 37 | 37 | |
| Net Cash Flows | (37) | ||
| Closing Cash Balance | $ 513 | ||
Attachment 1
| NewPower Holdings, Inc. | ||||||
| Case Number: 02-10835 | ||||||
| Monthly Accounts Receivable Aging and Reconciliation | ||||||
For Period from February 28, 2010 to March 31, 2010 | ||||||
Amounts in $000’s | ||||||
| Accounts Receivable at Petition Date: | $ | 75,200 | ||||
| Beginning of Month Balance* - Gross | $ | 13,476 | (per 2/28/10 G/L) | |||
| PLUS: Current Month New Billings | - | |||||
| LESS: Collections During the Month | - | |||||
| End of Month Balance - Gross | $ | 13,476 | (per 3/31/10 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 February 28, 2010 to March 31, 2010 | ||||||
Amounts in $000’s | ||||||
| See attached System Generated A/P reports as of 2/28/2010 (Attachments 2A and 2B). | ||||||
| Beginning of Period Balance | $ | 56 | (per 2/28/10 G/L) | |||
| PLUS: New Indebtedness Incurred | 25 | |||||
| LESS: Amounts Paid on A/P | (25 | ) | ||||
| End of Month Balance | $ | 56 | (per 3/31/10 G/L) | |||
Exhibit 2A
The New Power Company
Vendor Balance Detail
As of March 31, 2010
| Type | Date | Num | Amount | Balance | ||||
| Arkadin, Inc. | 0.00 | |||||||
| Bill | 03/25/2010 | 89.07 | 89.07 | |||||
| Bill Pmt -Check | 03/25/2010 | 201299 | -89.07 | 0.00 | ||||
| Total Arkadin, Inc. | 0.00 | 0.00 | ||||||
| AT&T | 0.00 | |||||||
| Bill | 03/25/2010 | 158.79 | 158.79 | |||||
| Bill | 03/25/2010 | 21.36 | 180.15 | |||||
| Bill Pmt -Check | 03/25/2010 | 201306 | -180.15 | 0.00 | ||||
| Total AT&T | 0.00 | 0.00 | ||||||
| epiq Systems | 0.00 | |||||||
| Bill | 03/25/2010 | 771.62 | 771.62 | 771.62 | ||||
| Bill Pmt -Check | 03/25/2010 | 201305 | -771.62 | 0.00 | ||||
| Total epiq Systems | 0.00 | 0.00 | ||||||
| Iron Mountain Off-Site Data Protection | 0.00 | |||||||
| Bill | 03/25/2010 | 588.81 | 588.81 | |||||
| Bill Pmt -Check | 03/25/2010 | 201304 | -588.81 | 0.00 | ||||
| Total Iron Mountain Off-Site Data Protection | 0.00 | 0.00 | ||||||
| JPMorgan Chase | 0.00 | |||||||
| Bill | 03/25/2010 | 1,630.00 | 1,630.00 | |||||
| Bill Pmt -Check | 03/25/2010 | 201303 | -1,630.00 | 0.00 | ||||
| Total JPMorgan Chase | 0.00 | 0.00 | ||||||
| Kaster Moving Co. Inc. | 0.00 | |||||||
| Bill | 03/25/2010 | 165.00 | 165.00 | |||||
| Bill Pmt -Check | 03/25/2010 | 201302 | -165.00 | 0.00 | ||||
| Total Kaster Moving Co. Inc. | 0.00 | 0.00 | ||||||
| Mr. Gene Shanks | 0.00 | |||||||
| Bill | 03/25/2010 | Final Board Payment | 10,000.00 | 10,000.00 | ||||
| Bill Pmt -Check | 03/25/2010 | 201301 | -10,000.00 | 0.00 | ||||
| Total Mr. Gene Shanks | 0.00 | 0.00 | ||||||
| Mr. Richard Weill | 0.00 | |||||||
| Bill | 03/25/2010 | Final Board Payment | 10,000.00 | 10,000.00 | ||||
| Bill Pmt -Check | 03/25/2010 | 201307 | -10,000.00 | 0.00 | ||||
| Total Mr. Richard Weill | 0.00 | 0.00 | ||||||
| Ms. Patricia Foster | 0.00 | |||||||
| Bill | 03/04/2010 | Tech Update,Office | 1,037.00 | 1,037.00 | ||||
| Bill Pmt -Check | 03/04/2010 | 201297 | -1,037.00 | 0.00 | ||||
| Bill | 03/25/2010 | Communic.Internet | 950.00 | 950.00 | ||||
| Bill Pmt -Check | 03/25/2010 | 201300 | -950.00 | 0.00 | ||||
| Total Ms. Patricia Foster | 0.00 | 0.00 | ||||||
| TOTAL | 0.00 | 0.00 | ||||||
Exhibit 2B
The New Power Company
Unpaid Vendor Balances
March 31, 2010
| Balance | ||
| Franchise Tax Liability | 55,465.82 | |
| Payroll Tax Liablility | 4,770.09 | |
| 60,235.91 |
Attachment 3
NewPower Holdings, Inc.
Case Number: 02-10835
Inventroy and Fixed Assets Report
For Period from February 28, 2010 to March 31, 2010
Amounts in $000's
| Inventory Report | ||||||
| Inventory Balance at Petition Date | $ 15,587 | |||||
| Inventory at Beginning of Period | $ - | (per 2/28/10 G/L) | ||||
| PLUS: Inventrory Purchased | - | |||||
| LESS: Inventory Used or Sold | - | |||||
| End of Month Balance | $ - | (per 3/31/10 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 8 of 15
Page 8 of 15
| Name of Debtor : | NewPower Holdings Inc. | ||||
| Case # : | 02-10835 | ||||
| Reporting Period: | 3/01/2010-3/31/2010 | ||||
| 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 | $ 9,119.74 | ||||
| Total Deposits | $ 100,000.00 Transfer from Money Market | ||||
| Total Payments | $ 13,251.75 Includes transfer to Manual Checking of | ||||
| Closing Balance | $ 95,867.99 | ||||
| Electronic Payments issued this Period | |||||
| Last Payment issued this Period | |||||
| Total # of payments this Period | 0 | ||||
Attachment 4
Page 9 of 15
Page 9 of 15
| Name of Debtor : | NewPower Holdings Inc. | ||
| Case # : | 02-10835 | ||
| Reporting Period: | 3/01/2010-3/31/2010 | ||
| 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 | $ 543,576.04 | ||
| Total Deposits | $ 23.24 | Interest Income | |
| Total Payments | $ 103,499.08 | Payroll Taxes and $100k transfer to Concentration account | |
| Closing Balance | $ 440,100.20 | ||
| 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 10 of 15
Page 10 of 15
| Name of Debtor : | NewPower Holdings Inc. | |||
| Case # : | 02-10835 | |||
| Reporting Period: | 3/01/2010-3/31/2010 | |||
| 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 | $ 13,252.91 | Transfer from Concentration | ||
| Total Payments | $ (13,252.91) | |||
| Closing Balance | $ 0.00 | |||
| Service Charges | N/A | |||
| First Check issued this Period | 201297 | |||
| Last Check issued this Period | 201307 | |||
| Voided Checks | 0 | |||
| Total # of checks issued this Period | 11 | |||
Exhibit 5
The New Power Company
Check Detail
March 2-31, 2010
| Num | Date | Name | Paid Amount | ||||
| Dir Deposit | 03/15/2010 | M. Patricia Foster | 3,605.88 | payroll | |||
| Dir Deposit | 03/31/2010 | M. Patricia Foster | 3,605.87 | payroll | |||
| 201297 | 03/04/2010 | Ms. Patricia Foster | 1,037.00 | office | |||
| 201298 | 03/11/2010 | CT Commissioner of Revenue Services | 504.16 | payroll | |||
| wire | 03/11/2010 | United States Treasury | 3,499.76 | payroll | |||
| 201299 | 03/25/2010 | Arkadin, Inc. | 89.07 | comm | |||
| 201300 | 03/25/2010 | Ms. Patricia Foster | 950.00 | comm | |||
| 201301 | 03/25/2010 | Mr. Gene Shanks | 10,000.00 | prof | |||
| 201302 | 03/25/2010 | Kaster Moving Co. Inc. | 165.00 | rent | |||
| 201303 | 03/25/2010 | JPMorgan Chase | 1,630.00 | bank fees | |||
| 201304 | 03/25/2010 | Iron Mountain Off-Site Data Protection | 588.81 | rent | |||
| 201305 | 03/25/2010 | epiq Systems | 771.62 | prof | |||
| 201306 | 03/25/2010 | AT&T | 180.15 | comm | |||
| 201307 | 03/25/2010 | Mr. Richard Weill | 10,000.00 | prof | |||
Attachment 6
| NewPower Holdings, Inc. | ||
| Case Number: 02-10835 | ||
| Monthly Tax Report | ||
| For Period from February 28, 2010 to March 31, 2010 | ||
| 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 | 4.7 |
Attachment 7A
| NewPower Holdings, Inc. | |||
| Case Number: 02-10835 | |||
| Summary of Officer Compensation / Summary of Personnel and Insurance Coverages | |||
| For Period from February 28, 2010 to March 31, 2010 | |||
| 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 3/01/10-3/31/2010 |
| Payments are in gross amts | |||||
| Title | Amount | Date | Type | ||
| M. Patricia Foster | President & CEO | $ 5,208.33 | 3/15/2010 | Salary for pay period 3/01 - 3/15 | |
| $ 5,208.33 | 3/31/2010 | Salary for pay period 3/16 - 3/31 | |||
| Eugene Shanks | Board of Directors | $ 10,000.00 | 3/25/2010 | 3/25/2010 Final Board Payment | |
| Richard Weill | Board of Directors | $ 10,000.00 | 3/25/2010 | 3/25/2010 Final Board Payment | |
$ 30,416.67 | |||||
Attachment 8
| NewPower Holdings, Inc. |
| Case Number: 02-10835 |
| Significant Developments During Reporting Period |
| For Period from February 28, 2010 to March 31, 2010 |
| none |