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 | |||||||
2/28/2011 to 3/31/2011 | |||||||
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 February 28, 2011 thru March 31, 2011 | |||
Opening Cash Balance - 2/28/11 | $ 318 | ||
Inflows: | |||
Customer Collections | 21 | ||
Collateral Returned | |||
-Sureties | |||
-Security Deposits | |||
Sale Proceeds/Interest Income/Other | |||
Total Inflows | 21 | ||
Distribution of Outflows | |||
Outflows: | NewPower | The NewPower | |
Post Petition: | Holdings, Inc. | Company | |
Professionals - Bankruptcy | 44 | 44 | |
Consulting Fees | |||
Lockbox Fees | 1 | 1 | |
Supplies & Misc | 0 | 0 | |
Rent | 2 | 2 | |
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 | 59 | 59 | |
Net Cash Flows | (38) | ||
Closing Cash Balance | $ 280 | ||
Attachment 1
NewPower Holdings, Inc. | ||||||
Case Number: 02-10835 | ||||||
Monthly Accounts Receivable Aging and Reconciliation | ||||||
For Period from February 28, 2011 thru March 31, 2011 | ||||||
Amounts in $000’s | ||||||
Accounts Receivable at Petition Date: | $ | 75,200 | ||||
Beginning of Month Balance* - Gross | $ | 13,476 | (per 2/28/11 G/L) | |||
PLUS: Current Month New Billings | - | |||||
LESS: Collections During the Month | 21,420 | |||||
End of Month Balance - Gross | $ | (7,944) | (per 3/31/11 G/L) | |||
Allowance for Doubtful Accounts | 7,944 | |||||
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, 2011 thru March 31, 2011 | ||||||
Amounts in $000’s | ||||||
See attached System Generated A/P reports as of 3/31/2011 (Attachments 2A and 2B). | ||||||
Beginning of Period Balance | $ | 56 | (per 2/28/11 G/L) | |||
PLUS: New Indebtedness Incurred | 33 | |||||
LESS: Amounts Paid on A/P | (33 | ) | ||||
End of Month Balance | $ | 56 | (per 3/31/11 G/L) |
Exhibit 2A
The New Power Company
Vendor Balance Detail
As of March 31, 2011
Date | Amount | Balance | |||||
Commissioner of Revenue Services, Ct | 0.00 | ||||||
03/24/2011 | 1,938.00 | 1,938.00 | |||||
03/24/2011 | -1,938.00 | 0.00 | |||||
Total Commissioner of Revenue Services, Ct | 0.00 | 0.00 | |||||
epiq Systems | 0.00 | ||||||
03/24/2011 | 393.86 | 393.86 | |||||
03/24/2011 | -393.86 | 0.00 | |||||
Total epiq Systems | 0.00 | 0.00 | |||||
Iron Mountain Off-Site Data Protection | 0.00 | ||||||
03/24/2011 | 2,172.99 | 2,172.99 | |||||
03/24/2011 | -2,172.99 | 0.00 | |||||
Total Iron Mountain Off-Site Data Protection | 0.00 | 0.00 | |||||
Kaster Moving Co. Inc. | 0.00 | ||||||
03/24/2011 | 82.50 | 82.50 | |||||
03/24/2011 | -82.50 | 0.00 | |||||
Total Kaster Moving Co. Inc. | 0.00 | 0.00 | |||||
King and Spalding | 0.00 | ||||||
03/24/2011 | 2,552.00 | 2,552.00 | |||||
03/24/2011 | -2,552.00 | 0.00 | |||||
Total King and Spalding | 0.00 | 0.00 | |||||
Ms. Patricia Foster | -450.00 | ||||||
03/24/2011 | 450.00 | 0.00 | |||||
03/24/2011 | -450.00 | -450.00 | |||||
Total Ms. Patricia Foster | 0.00 | -450.00 | |||||
Sidley Austin Brown & Wood | 0.00 | ||||||
03/24/2011 | 25,291.90 | 25,291.90 | |||||
03/24/2011 | -25,291.90 | 0.00 | |||||
Total Sidley Austin Brown & Wood | 0.00 | 0.00 | |||||
U.S. Trustee Program Payment Center | 0.00 | ||||||
03/24/2011 | 325.71 | 325.71 | |||||
03/24/2011 | -325.71 | 0.00 | |||||
Total U.S. Trustee Program Payment Center | 0.00 | 0.00 | |||||
TOTAL |
Exhibit 2B
The New Power Company
Unpaid Vendor Balances
March 2011
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 February 28, 2011 thru March 31, 2011
Amounts in $000's
Inventory Report | ||||||
Inventory Balance at Petition Date | $ 15,587 | |||||
Inventory at Beginning of Period | $ - | (per 2/28/11 G/L) | ||||
PLUS: Inventrory Purchased | - | |||||
LESS: Inventory Used or Sold | - | |||||
End of Month Balance | $ - | (per 3/31/11 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: | 3/01/2011-3/31/2011 |
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 | $ 50,495.90 | ||||
Total Deposits | $ 121,421.12 | Transfer from Money Market | |||
Total Payments | $ 55,504.40 | Transfer to Manual Checking | |||
Closing Balance | $ 116,412.62 | ||||
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: | 3/01/2011-3/31/2011 |
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 | $ 266,797.17 | |
Total Deposits | $ 10.63 | Interest Income |
Total Payments | $ 103,279.41 | Payroll Taxes and transfer to Concentration of $100,000 |
Closing Balance | $ 163,528.39 | |
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: | 3/01/2011-3/31/2011 | ||
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 | $ 55,504.40 | Transfer from Concentration | |
Total Payments | $ (55,504.40) | ||
Closing Balance | $ 0.00 | ||
Service Charges | N/A | ||
First Check issued this Period | 201401 | ||
Last Check issued this Period | 201411 | ||
Voided Checks | 2 | ||
Total # of checks issued this Period | 9 |
Exhibit 5A
The New Power Company
Cash Transactions
As of March 31, 2011
Cash Transactions
As of March 31, 2011
Date | Num | Name | Amount | |||
03/15/2011 | dir dep | M. Patricia Foster | 3,716.24 | |||
03/16/2011 | wire | United States Treasury | 3,279.42 | |||
03/24/2011 | 201401 | United States Treasury | 56.00 | |||
03/24/2011 | wire | CT Commissioner of Revenue Services | 504.16 | |||
03/24/2011 | 201402 | Commissioner of Revenue Services, Ct | 938.00 | |||
03/24/2011 | 201405 | epiq Systems | 393.86 | |||
03/24/2011 | 201406 | Iron Mountain Off-Site Data Protection | 2,172.99 | |||
03/24/2011 | 201407 | Kaster Moving Co. Inc. | 82.50 | |||
03/24/2011 | 201408 | Ms. Patricia Foster | 450.00 | |||
03/24/2011 | 201409 | Sidley Austin Brown & Wood | 25,291.90 | |||
03/24/2011 | 201410 | U.S. Trustee Program Payment Center | 325.71 | |||
03/24/2011 | 201411 | King and Spalding | 2,552.00 | |||
03/31/2011 | dir dep | M. Patricia Foster | 3,716.24 | |||
43,479.02 | ||||||
Attachment 6
NewPower Holdings, Inc. | ||
Case Number: 02-10835 | ||
Monthly Tax Report | ||
For Period from February 28, 2011 thru March 31, 2011 | ||
Amounts in $000's |
Taxes Paid During the Month | |
Employment Taxes | 3.2 |
Connecticut State Tax | 0.5 |
Corporate Taxes | 0.9 |
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 February 28, 2011 thru March 31, 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 3/01/11-3/31/2011 |
Payments are in gross amts | |||||
Title | Amount | Date | Type | ||
M. Patricia Foster | President & CEO | $ 5,208.33 | 3/15/2011 | Salary for pay period 3/01 - 3/15 | |
$ 5,208.33 | 3/28/2011 | Salary for pay period 3/16 - 3/31 | |||
$ 10,416.67 | |||||
Attachment 8
NewPower Holdings, Inc. |
Case Number: 02-10835 |
Significant Developments During Reporting Period |
For Period from February 28, 2011 thru March 31, 2011 |
none |