UNITED STATES BANKRUPTCY COURT | |||||||
NORTHERN DISTRICT OF GEORGIA | |||||||
NEWNAN DIVISION | Exhibit 99.1 | ||||||
} | 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 | |||||||
5/31/2010 to 6/30/2010 | |||||||
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 May 31, 2010 to June 30, 2010 | |||
Opening Cash Balance - 5/31/10 | $ 470 | ||
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 | 12 | 12 | |
Consulting Fees | |||
Lockbox Fees | 2 | 2 | |
Supplies & Misc | |||
Rent | 2 | 2 | |
Insurance | |||
Utilities (Heat, Hydro, Phone, etc.) | 1 | 1 | |
Payroll (inlcuding tax payments & fees) | 11 | 11 | |
T&E Reimbursements | |||
State Tax Payments | |||
Distribution to Equity | |||
Total Outflows | 28 | 28 | |
Net Cash Flows | (28) | ||
Closing Cash Balance | $ 442 | ||
Attachment 1
NewPower Holdings, Inc. | ||||||
Case Number: 02-10835 | ||||||
Monthly Accounts Receivable Aging and Reconciliation | ||||||
For Period from May 31, 2010 to June 30, 2010 | ||||||
Amounts in $000’s | ||||||
Accounts Receivable at Petition Date: | $ | 75,200 | ||||
Beginning of Month Balance* - Gross | $ | 13,476 | (per 5/31/10 G/L) | |||
PLUS: Current Month New Billings | - | |||||
LESS: Collections During the Month | - | |||||
End of Month Balance - Gross | $ | 13,476 | (per 6/30/10 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 May 31, 2010 to June 30, 2010 | ||||||
Amounts in $000’s | ||||||
See attached System Generated A/P reports as of 5/31/2010 (Attachments 2A and 2B). | ||||||
Beginning of Period Balance | $ | 56 | (per 5/31/10 G/L) | |||
PLUS: New Indebtedness Incurred | 3 | |||||
LESS: Amounts Paid on A/P | (3 | ) | ||||
End of Month Balance | $ | 56 | (per 6/30/10 G/L) |
Exhibit 2A
The New Power Company
Vendor Balance Detail
As of June 30, 2010
Type | Date | Num | Amount | Balance | |||||||
Arkadin, Inc. | 0.00 | ||||||||||
Bill | 06/23/2010 | 39.25 | 39.25 | ||||||||
Bill Pmt -Check | 06/23/2010 | 201330 | -39.25 | 0.00 | |||||||
Total Arkadin, Inc. | 0.00 | 0.00 | |||||||||
AT&T | 0.00 | ||||||||||
Bill | 06/23/2010 | 191.57 | 191.57 | ||||||||
Bill Pmt -Check | 06/23/2010 | 201331 | -191.57 | 0.00 | |||||||
Total AT&T | 0.00 | 0.00 | |||||||||
epiq Systems | 0.00 | ||||||||||
Bill | 06/23/2010 | 400.22 | 400.22 | ||||||||
Bill Pmt -Check | 06/23/2010 | 201332 | -400.22 | 0.00 | |||||||
Total epiq Systems | 0.00 | 0.00 | |||||||||
Iron Mountain Off-Site Data Protection | 0.00 | ||||||||||
Bill | 06/23/2010 | March | 588.81 | 588.81 | |||||||
Bill Pmt -Check | 06/23/2010 | 201333 | -588.81 | 0.00 | |||||||
Total Iron Mountain Off-Site Data Protection | 0.00 | 0.00 | |||||||||
JPMorgan Chase | 0.00 | ||||||||||
Bill | 06/23/2010 | 895.24 | 895.24 | ||||||||
Bill Pmt -Check | 06/23/2010 | 201336 | -895.24 | 0.00 | |||||||
Total JPMorgan Chase | 0.00 | 0.00 | |||||||||
Kaster Moving Co. Inc. | 0.00 | ||||||||||
Bill | 06/23/2010 | 532.50 | 532.50 | ||||||||
Bill Pmt -Check | 06/23/2010 | 201334 | -532.50 | 0.00 | |||||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | |||||||||
Ms. Patricia Foster | 0.00 | ||||||||||
Bill | 06/23/2010 | 524.50 | 524.50 | ||||||||
Bill Pmt -Check | 06/23/2010 | 201335 | -524.50 | 0.00 | |||||||
Total Ms. Patricia Foster | 0.00 | 0.00 | |||||||||
TOTAL | 0.00 | 0.00 | |||||||||
Exhibit 2B
The New Power Company
Unpaid Vendor Balances
June 30, 2010
Balance | ||
Franchise Tax Liability | 55,465.82 | |
Payroll Tax Liablility | 4,485.09 | |
59,950.91 |
Attachment 3
NewPower Holdings, Inc.
Case Number: 02-10835
Inventroy and Fixed Assets Report
For Period from May 31, 2010 to June 30, 2010
Amounts in $000's
Inventory Report | ||||||
Inventory Balance at Petition Date | $ 15,587 | |||||
Inventory at Beginning of Period | $ - | (per 5/31/10 G/L) | ||||
PLUS: Inventrory Purchased | - | |||||
LESS: Inventory Used or Sold | - | |||||
End of Month Balance | $ - | (per 6/30/10 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
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Name of Debtor : | NewPower Holdings Inc. | ||||
Case # : | 02-10835 | ||||
Reporting Period: | 6/01/2010-6/30/2010 |
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 | $ 50,988.92 | ||||
Total Deposits | $ - | Transfer from Money Market | |||
Total Payments | $ 24,176.77 | Transfer to Manual Checking of | |||
Closing Balance | $ 26,812.15 | ||||
Electronic Payments issued this Period | |||||
Last Payment issued this Period | |||||
Total # of payments this Period | 0 |
Attachment 4
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Page 2 of 3
Name of Debtor : | NewPower Holdings Inc. | |
Case # : | 02-10835 | |
Reporting Period: | 6/01/2010-6/30/2010 |
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 | $ 430,675.37 | |
Total Deposits | $ 19.25 | Interest Income |
Total Payments | $ 3,499.74 | Payroll Taxes |
Closing Balance | $ 427,194.88 | |
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
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Page 3 of 3
Name of Debtor : | NewPower Holdings Inc. | ||
Case # : | 02-10835 | ||
Reporting Period: | 6/01/2010-6/30/2010 | ||
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 | $ 24,176.77 | Transfer from Concentration | |
Total Payments | $ (24,176.77) | ||
Closing Balance | $ 0.00 | ||
Service Charges | N/A | ||
First Check issued this Period | 201329 | ||
Last Check issued this Period | 201336 | ||
Voided Checks | 0 | ||
Total # of checks issued this Period | 8 |
Exhibit 5
The New Power Company
Transaction by Account
As of June 30, 2010
Date | Num | Name | Amount | ||||
06/15/2010 | Dir Deposit | M. Patricia Foster | 3,605.87 | ||||
06/14/2010 | Wire | United States Treasury | 3,499.74 | ||||
06/14/2010 | 201329 | CT Commissioner of Revenue Services | 504.16 | ||||
06/23/2010 | 201330 | Arkadin, Inc. | 39.25 | ||||
06/23/2010 | 201331 | AT&T | 191.57 | ||||
06/23/2010 | 201332 | epiq Systems | 400.22 | ||||
06/23/2010 | 201333 | Iron Mountain Off-Site Data Protection | 588.81 | ||||
06/23/2010 | 201334 | Kaster Moving Co. Inc. | 532.50 | ||||
06/23/2010 | 201335 | Ms. Patricia Foster | 524.50 | ||||
06/23/2010 | 201336 | JPMorgan Chase | 895.24 | ||||
06/30/2010 | Dir Deposit | M. Patricia Foster | 3,605.87 | ||||
14,387.73 | |||||||
14,387.73 |
Attachment 6
NewPower Holdings, Inc. | ||
Case Number: 02-10835 | ||
Monthly Tax Report | ||
For Period from May 31, 2010 to June 30, 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 | 4.4 |
Attachment 7A
NewPower Holdings, Inc. | |||
Case Number: 02-10835 | |||
Summary of Officer Compensation / Summary of Personnel and Insurance Coverages | |||
For Period from May 31, 2010 to June 30, 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 6/01/10-6/30/2010 |
Payments are in gross amts | |||||
Title | Amount | Date | Type | ||
M. Patricia Foster | President & CEO | $ 5,208.33 | 5/15/2010 | Salary for pay period 6/01 - 6/15 | |
$ 5,208.33 | 5/31/2010 | Salary for pay period 6/16 - 6/30 | |||
$ 10,416.67 | |||||
Attachment 8
NewPower Holdings, Inc. |
Case Number: 02-10835 |
Significant Developments During Reporting Period |
For Period from May 31, 2010 to June 30, 2010 |
none |