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 | |||||||
1/31/2011 to 2/28/2011 | |||||||
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: (404) 572-4600 |
NewPower Holdings, Inc. | |||
Case Number: 02-10835 | Post Petition | ||
Totals | |||
For Period from January 31, 2010 thru February 28, 2011 | |||
Opening Cash Balance - 1/31/11 | $ 348 | ||
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 | 15 | 15 | |
Consulting Fees | |||
Lockbox Fees | 2 | 2 | |
Supplies & Misc | |||
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 | 30 | 30 | |
Net Cash Flows | (30) | ||
Closing Cash Balance | $ 318 | ||
Attachment 1
NewPower Holdings, Inc. | ||||||
Case Number: 02-10835 | ||||||
Monthly Accounts Receivable Aging and Reconciliation | ||||||
For Period from January 31, 2011 thru February 28, 2011 | ||||||
Amounts in $000’s | ||||||
Accounts Receivable at Petition Date: | $ | 75,200 | ||||
Beginning of Month Balance* - Gross | $ | 13,476 | (per 1/31/11 G/L) | |||
PLUS: Current Month New Billings | - | |||||
LESS: Collections During the Month | - | |||||
End of Month Balance - Gross | $ | 13,476 | (per 2/28/11 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 January 31, 2011 thru February 28, 2011 | ||||||
Amounts in $000’s | ||||||
See attached System Generated A/P reports as of 2/28/2011 (Attachments 2A and 2B). | ||||||
Beginning of Period Balance | $ | 56 | (per 1/31/11 G/L) | |||
PLUS: New Indebtedness Incurred | 33 | |||||
LESS: Amounts Paid on A/P | (33 | ) | ||||
End of Month Balance | $ | 56 | (per 2/28/11 G/L) |
Exhibit 2A
The New Power Company
Vendor Balance Detail
As of January 31, 2011
Date | Amount | Balance | ||||||
AT&T | 0.00 | |||||||
02/20/2011 | 10.76 | 10.76 | ||||||
02/20/2011 | -10.76 | 0.00 | ||||||
Total AT&T | 0.00 | 0.00 | ||||||
epiq Systems | 0.00 | |||||||
02/20/2011 | 387.50 | 387.50 | ||||||
02/20/2011 | -387.50 | 0.00 | ||||||
Total epiq Systems | 0.00 | 0.00 | ||||||
Iron Mountain Off-Site Data Protection | 0.00 | |||||||
02/20/2011 | 615.78 | 615.78 | ||||||
02/20/2011 | -615.78 | 0.00 | ||||||
Total Iron Mountain Off-Site Data Protection | 0.00 | 0.00 | ||||||
JPMorgan Chase | 0.00 | |||||||
02/20/2011 | 895.71 | 895.71 | ||||||
02/20/2011 | -895.71 | 0.00 | ||||||
Total JPMorgan Chase | 0.00 | 0.00 | ||||||
Kaster Moving Co. Inc. | 0.00 | |||||||
02/20/2011 | 532.80 | 532.80 | ||||||
02/20/2011 | -532.80 | 0.00 | ||||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | ||||||
King and Spalding | 0.00 | |||||||
02/20/2011 | 12,931.25 | 12,931.25 | ||||||
02/20/2011 | -12,931.25 | 0.00 | ||||||
Total King and Spalding | 0.00 | 0.00 | ||||||
Sidley Austin Brown & Wood | 0.00 | |||||||
02/20/2011 | 17,780.45 | 17,780.45 | ||||||
02/20/2011 | -17,780.45 | 0.00 | ||||||
Total Sidley Austin Brown & Wood | 0.00 | 0.00 | ||||||
United States Post Office | 0.00 | |||||||
02/20/2011 | �� | 125.00 | 1,300.00 | |||||
02/20/2011 | -125.00 | 0.00 | ||||||
Total United States Post Office | 0.00 | 0.00 | ||||||
TOTAL | 0.00 | 0.00 |
Exhibit 2B
The New Power Company
Unpaid Vendor Balances
January 31, 2010
Balance | ||
Franchise Tax Liability | 55,465.82 | |
Payroll Tax Liablility | 8,105.51 | |
63,571.33 |
Attachment 3
NewPower Holdings, Inc.
Case Number: 02-10835
Inventroy and Fixed Assets Report
For Period from January 31, 2011 thru February 28, 2011
Amounts in $000's
Inventory Report | ||||||
Inventory Balance at Petition Date | $ 15,587 | |||||
Inventory at Beginning of Period | $ - | (per 1/31/11 G/L) | ||||
PLUS: Inventrory Purchased | - | |||||
LESS: Inventory Used or Sold | - | |||||
End of Month Balance | $ - | (per 2/28/11 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
Name of Debtor : | NewPower Holdings Inc. | ||||
Case # : | 02-10835 | ||||
Reporting Period: | 2/01/2011-2/28/2011 |
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 | $ 28,263.93 | ||||
Total Deposits | $ 50,000.00 | Transfer from Money Market | |||
Total Payments | $ 27,768.03 | Transfer to Manual Checking of | |||
Closing Balance | $ 50,495.90 | ||||
Electronic Payments issued this Period | |||||
Last Payment issued this Period | |||||
Total # of payments this Period | 0 |
Attachment 4
Page 9 of 15
Name of Debtor : | NewPower Holdings Inc. | |
Case # : | 02-10835 | |
Reporting Period: | 2/01/2011-2/28/2011 |
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 | $ 320,064.87 | |
Total Deposits | $ 11.71 | Interest Income |
Total Payments | $ 53,279.41 | Payroll Taxes and transfer to Concentration of $50,000 |
Closing Balance | $ 266,797.17 | |
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
Name of Debtor : | NewPower Holdings Inc. | ||
Case # : | 02-10835 | ||
Reporting Period: | 2/01/2011-2/28/2011 | ||
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 | $ 77,768.03 | Transfer from Concentration 27,768.03 From MM 50,000.00 | |
Total Payments | $ (77,768.03) | Transfer from Concentration 50,000.00 | |
Closing Balance | $ 0.00 | ||
Service Charges | N/A | ||
First Check issued this Period | 201391 | ||
Last Check issued this Period | 201400 | ||
Voided Checks | 1 | ||
Total # of checks issued this Period | 9 |
Exhibit 5
The New Power Company
Check Detail
As of February 28, 2011
Check Detail
As of February 28, 2011
Date | Num | Name | Amount | |||
02/10/2011 | wire | United States Treasury | 3,279.41 | |||
02/14/2011 | 201391 | CT Commissioner of Revenue Services | 504.16 | |||
02/15/2011 | dir dep | M. Patricia Foster | 3,716.24 | |||
02/20/2011 | 201392 | AT&T | 10.76 | |||
02/20/2011 | 201393 | epiq Systems | 387.50 | |||
02/20/2011 | 201394 | Iron Mountain Off-Site Data Protection | 615.78 | |||
02/20/2011 | 201395 | JPMorgan Chase | 895.71 | |||
02/20/2011 | 201396 | Kaster Moving Co. Inc. | 532.80 | |||
02/20/2011 | 201397 | King and Spalding | 12,931.25 | |||
02/20/2011 | 201399 | Sidley Austin Brown & Wood | 17,780.45 | |||
02/20/2011 | 201400 | United States Post Office | 125.00 | |||
02/28/2011 | dir dep | M. Patricia Foster | 3,716.24 |
Attachment 6
NewPower Holdings, Inc. | ||
Case Number: 02-10835 | ||
Monthly Tax Report | ||
For Period from January 31, 2011 thru February 28, 2011 | ||
Amounts in $000's |
Taxes Paid During the Month | |
Employment Taxes | 3.2 |
Connecticut State Tax | 0.5 |
Taxes Owed and Due | |
Payroll Tax Liability | 8.1 |
Attachment 7A
NewPower Holdings, Inc. | |||
Case Number: 02-10835 | |||
Summary of Officer Compensation / Summary of Personnel and Insurance Coverages | |||
For Period from January 31, 2011 thru February 28, 2011 | |||
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 1/01/11-1/31/2011 |
Payments are in gross amts | |||||
Title | Amount | Date | Type | ||
M. Patricia Foster | President & CEO | $ 5,208.33 | 2/15/2011 | Salary for pay period 2/01 - 2/15 | |
$ 5,208.33 | 2/28/2011 | Salary for pay period 2/16 - 2/31 | |||
$ 10,416.67 | |||||
Attachment 8
NewPower Holdings, Inc. |
Case Number: 02-10835 |
Significant Developments During Reporting Period |
For Period from January 31, 2011 thru February 28, 2011 |
none |