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| : | Chapter 11 | |||||||
| In re: | PUBLICARD, INC., | : | Case No. 07-11517 (RDD) | |||||
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| Debtor | : | |||||||
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| MONTHLY RECEIPTS: | $ | 86,932 | ||
| MONTHLY DISBURSEMENTS: | $ | 25,448 |
| DATE: | 17-Jul-07 | By: | /s/ Stephen Spitzer | |
| Title: | Principal Financial Officer |
Current Month June 30, 2007 | Year-To-Date June 30, 2007 | Case-To-Date May 17, 2007 June 30, 2007 | ||||||||
| Revenue | $ | - | $ | - | $ | - | ||||
| Operating Expenses | ||||||||||
| Direct Cost Of Revenue | $ | - | $ | - | $ | - | ||||
| Selling, General and Administrative | $ | 36,174.09 | $ | 53,026.26 | $ | 53,026.26 | ||||
| Depreciation Of Fixed Assets | $ | 95.65 | $ | 191.30 | $ | 191.30 | ||||
| Total Operating Expenses | $ | 36,269.74 | $ | 53,217.56 | $ | 53,217.56 | ||||
| Operating Gain/(Loss) | $ | (36,269.74 | ) | $ | (53,217.56 | ) | $ | (53,217.56 | ) | |
| Other Expense/(Income) | ||||||||||
| Interest Expense | $ | - | $ | - | $ | - | ||||
| Loss/(Gain) On The Sale Of Assets | $ | - | $ | - | $ | - | ||||
| Claim Settlement | $ | - | $ | - | $ | - | ||||
| Insurance Settlements | $ | (71,915.68 | ) | $ | (71,915.68 | ) | $ | (71,915.68 | ) | |
| Interest Income | $ | (142.13 | ) | $ | (180.72 | ) | $ | (180.72 | ) | |
| Gain/(Loss) Before Reorganizational Items and Taxes | $ | 35,788.07 | $ | 18,878.84 | $ | 18,878.84 | ||||
| Reorganization Professional Fees (Estimated and Accrued) (1) | $ | 4,500.00 | $ | 8,000.00 | $ | 8,000.00 | ||||
| Gain/(Loss) Before Income Taxes | $ | 31,288.07 | $ | 10,878.84 | $ | 10,878.84 | ||||
| Provision For Income Taxes | $ | - | $ | - | $ | - | ||||
| Net Gain/(Loss) | $ | 31,288.07 | $ | 10,878.84 | $ | 10,878.84 | ||||
| Deficit Beginning of Period | $ | - | $ | - | $ | - | ||||
| Deficit End Of Period | $ | 31,288.07 | $ | 10,878.84 | $ | 10,878.84 | ||||
| (1) Includes estimated and accrued fees for debtor professionals. | ||||||||||
| | 2007 Balance Sheet | |||
| Current Assets | ||||
| Cash | $ | 99,674 | ||
| Restricted Cash | $ | - | ||
| Due From Related Parties | $ | - | ||
| Accounts Receivable-Net | $ | (268 | ) | |
| Inventory Net | $ | - | ||
| Prepaid Rent | $ | - | ||
| Prepaid Insurance | $ | 27,340 | ||
| Prepaid Expenses | $ | 19,200 | ||
| Total Current Assets | $ | 145,946 | ||
| Property, Plant, & Equipment - Gross | $ | 14,404 | ||
| Accumulated Depreciation | $ | (10,279 | ) | |
| Property, Plant, & Equipment - Net | $ | 4,125 | ||
| Intangibles - Gross | $ | - | ||
| Accumulated Amortization | $ | - | ||
| Intangibles - Net | $ | - | ||
| Organizational Costs | $ | - | ||
| Other - Non-Current | $ | - | ||
| Total Assets | $ | 150,071 | ||
| Post-Petition Liabilities | ||||
| Cash Overdrafts | $ | - | ||
| Accounts Payable | $ | 8,300 | ||
| Deferred Subscription Revenues | $ | - | ||
| Accrued Payroll/Commission | $ | 3,018 | ||
| Honey Deferred Closing Payments | $ | - | ||
| Other Current Liabilities/Accrued Professional Fees (Estimated) | $ | 8,000 | ||
| Total Post Petition Current Liabilities | $ | 19,318 | ||
| Pre-Petition Liabilities | ||||
| Cash Overdrafts | $ | - | ||
| Accounts Payable | $ | 269,491 | ||
| Deferred Revenues | $ | - | ||
| Accrued Payroll/Commission | $ | - | ||
| Obligations For Capital Leases Current | $ | - | ||
| Other Current Liabilities | $ | 19,800 | ||
| Total Pre- Petition Current Liabilities | $ | 289,291 | ||
| Interest Payable | $ | - | ||
| Other Long Term Liabilities | $ | - | ||
| $ | - | |||
| Total Liabilities | $ | 308,609 | ||
| Stockholders Deficit | ||||
| Class A Preferred Stock Second Series, no par value:1,000 shares authorized 465 shares issued and outstanding | $ | 2,325,000 | ||
| Common shares, $0.10 par value: 40,000,000 shares authorized; 24,940,902 shares outstanding | $ | 2,494,090 | ||
| Additional paid-in capital | $ | 108,624,824 | ||
| Accumulated deficit | $ | (113,602,452 | ) | |
| Total Stockholders Equity/(Deficit) | $ | (158,538 | ) | |
| Total Liabilities and Stockholder Equity | $ | 150,071 | ||
| $ | (0 | ) | ||
Current Month June 30, 2007 | Year-To-Date June 30, 2007 | Case-To-Date May 17, 2007 June 30, 2007 | ||||||||
| Net Gain/(Loss) | $ | 31,288 | $ | 10,879 | $ | 10,879 | ||||
| (Less)/Add: Depreciation (1) | $ | 96 | $ | 192 | $ | 192 | ||||
| (Less)/Add: Amortization | $ | - | $ | - | $ | - | ||||
| EBITDA | $ | 31,384 | $ | 11,071 | $ | 11,071 | ||||
| Working Capital Changes (Increase)/Decrease In Net Assets | ||||||||||
| Net Accounts Receivable | $ | 13,632 | $ | 13,632 | $ | 13,632 | ||||
| Net Inventory | $ | - | $ | - | $ | - | ||||
| Prepaid & Other Expenses | $ | 7,966 | $ | 15,932 | $ | 15,932 | ||||
| Increase/(Decrease) In Liabilities | ||||||||||
| Bank Overdrafts | $ | - | $ | - | $ | - | ||||
| Accounts Payable | $ | 3,316 | $ | 8,300 | $ | 8,300 | ||||
| Deferred Revenues | $ | - | $ | - | $ | - | ||||
| Accrue Payroll/Commission | $ | 686 | $ | 3,017 | $ | 3,017 | ||||
| Other Current Liabilities | $ | 4,500 | $ | 8,000 | $ | 8,000 | ||||
| Other Non-Current Liabilities | $ | - | $ | - | $ | - | ||||
| Total Increase/(Decrease) In Working Capital | $ | 30,100 | $ | 48,881 | $ | 48,881 | ||||
| Operating Cash Flow | $ | 61,484 | $ | 59,952 | $ | 59,952 | ||||
| Less :Capital Expenditures | $ | - | $ | - | $ | - | ||||
| Less :Additions To Intangibles | $ | - | $ | - | $ | - | ||||
| (Less)/Add: Change in Interest Payable | $ | - | $ | - | $ | - | ||||
| Net Free Cash Flow | $ | 61,484 | $ | 59,952 | $ | 59,952 | ||||
| Change To Debt Payable | $ | - | $ | - | $ | - | ||||
| Proceeds From The Sale Of Securities | $ | - | $ | - | $ | - | ||||
| Net Cash Flow | $ | 61,484 | $ | 59,952 | $ | 59,952 | ||||
| Cash Balance At End Of Period | $ | 99,674 | $ | 99,674 | $ | 99,674 | ||||
| Less Cash Balance At Beginning Of Period | $ | (38,190 | ) | $ | (39,723 | ) | $ | (39,723 | ) | |
| Net Increase/(Decrease) In Cash | $ | 61,484 | $ | 59,952 | $ | 59,952 | ||||
| (1) Represents non cash expenses added back for cash flow purposes | ||||||||||
30-Jun 2007 | ||||
| Disbursements | ||||
| Checks Cut From Operating Account | $ | 13,419 | ||
| Wires From Operating Account | $ | - | ||
| Payments To Professionals | $ | - | ||
| Voided Checks | $ | - | ||
| Benefits | $ | - | ||
| Payroll and Associated Taxes | $ | 11,525 | ||
| Bank and Payroll fees | $ | 504 | ||
| Taxes | $ | - | ||
| Wires From Depository Account | $ | - | ||
| Disbursements From Depository Account | $ | - | ||
| Principal Repaments | $ | - | ||
| Total Disbursements | $ | 25,448 | ||
| Receipts | ||||
| Customer Cash Receipts | $ | - | ||
| Wires From Customers | $ | - | ||
| Wires From Depository Account | $ | - | ||
| Voided Checks | $ | 1,243 | ||
| Asset Disposition | $ | - | ||
| Interest Income | $ | 142 | ||
| A/R Receipts | $ | 13,632 | ||
| Insurance Settlements | $ | 71,915 | ||
| Total Receipts | $ | 86,932 | ||
| Net Inflow/(Outflow) | $ | 61,484 |
30-Jun 2007 | ||||
| Disbursements | ||||
| Altman Group | $ | 4,144 | ||
| Wachovia Bank | $ | 300 | ||
| Triax | $ | 4,793 | ||
| Iron Mountain | $ | 2,355 | ||
| Sarachek | $ | 7,500 | ||
| Spitzer | $ | 5,038 | ||
| Payroll Taxes | $ | 637 | ||
| ADP | $ | 681 | ||
| Total | $ | 25,448 | ||
| Account | Bank Balance | Book Balance | Variance | |||||||
| 2030000846371 | $ | 99,674.00 | $ | 99,674.00 | $ | - | ||||
| Checks Outstanding Number | Payee | Amount | |||||
| Total | $ | - | |||||
| Deposits In Transit | |||||||
| Net Adjustments | $ | - | |||||
| $ | - |
Actual June 30, 2007 | Projected June 30, 2007 | Variance June 30, 2007 | ||||||||
| Revenue | $ | - | $ | - | $ | - | ||||
| Operating Expenses | ||||||||||
| Wages and Payroll Taxes | $ | 12,161.00 | $ | 12,258.00 | $ | 97.00 | ||||
| Rent | $ | 4,793.00 | $ | 3,000.00 | $ | (1,793.00 | ) | |||
| Insurance Expense | $ | 7,965.00 | $ | 7,965.00 | $ | - | ||||
| Office Expenses | $ | 3,079.00 | $ | 4,000.00 | $ | 921.00 | ||||
| Other Expenses | $ | 9,418.28 | $ | 2,000.00 | $ | (7,418.28 | ) | |||
| Depreciation Of Fixed Assets | $ | 95.65 | $ | 95.65 | $ | - | ||||
| Total Operating Expenses | $ | 37,511.93 | $ | 29,318.65 | $ | (8,193.28 | ) | |||
| Operating Gain/(Loss) | $ | (37,511.93 | ) | $ | (29,318.65 | ) | $ | (8,193.28 | ) | |
| Other Expense/(Income) | ||||||||||
| Interest Expense | $ | - | $ | - | $ | - | ||||
| Loss/(Gain) On The Sale Of Assets | $ | - | $ | - | $ | - | ||||
| Claim Settlement | $ | - | $ | - | $ | - | ||||
| Insurance Settlements | $ | (71,915.00 | ) | $ | (71,500.00 | ) | $ | 415.00 | ||
| Interest Income | $ | (133.00 | ) | $ | - | $ | 133.00 | |||
| Gain/(Loss) Before Reorganizational Items and Taxes | $ | 34,536.07 | $ | 42,181.35 | $ | (8,741.28 | ) | |||
| Reorganization Professional Fees (Estimated and Accrued) | $ | 4,500.00 | $ | 6,000.00 | $ | 1,500.00 | ||||
| Gain/(Loss) Before Income Taxes | $ | 30,036.07 | $ | 36,181.35 | $ | (6,145.28 | ) | |||
| Provision For Income Taxes | $ | - | $ | - | $ | - | ||||
| Net Gain/(Loss) | $ | 30,036.07 | $ | 36,181.35 | $ | (6,145.28 | ) | |||
Projected July 31, 2007 | ||||
| Revenue | $ | - | ||
| Operating Expenses | ||||
| Wages and Payroll Taxes | $ | 12,258.00 | ||
| Rent | $ | 3,750.00 | ||
| Insurance Expense | $ | 7,965.00 | ||
| Office Expenses | $ | 4,000.00 | ||
| Other Expenses | $ | 4,000.00 | ||
| Depreciation Of Fixed Assets | $ | 95.65 | ||
| Total Operating Expenses | $ | 32,068.65 | ||
| Operating Gain/(Loss) | $ | (32,068.65 | ) | |
| Other Expense/(Income) | ||||
| Interest Expense | $ | - | ||
| Loss/(Gain) On The Sale Of Assets | $ | - | ||
| Claim Settlement | $ | - | ||
| Insurance Settlements | $ | - | ||
| Interest Income | $ | - | ||
| Gain/(Loss) Before Reorganizational Items and Taxes | $ | (32,068.65 | ) | |
| Reorganization Professional Fees (Estimated) | $ | 6,000.00 | ||
| Gain/(Loss) Before Income Taxes | $ | (38,068.65 | ) | |
| Provision For Income Taxes | $ | - | ||
| Net Gain/(Loss) | $ | (38,068.65 | ) | |
Yes | No | ||||||
| 1. Have any assets been sold or transferred outside the normal course of business during this reporting period? If yes, provide an explanation below. | X | ||||||
| 2. Have any funds been disbursed from any account other than a debtor-in-possession account this reporting period? If yes, provide an explanation below. | X | ||||||
| 3. Have all post-petition tax returns been timely filed? If no, provide an explanation below. | X | ||||||
| 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | ||||||
