Chazak Value 8-K Regulation FD Disclosure

Exh 99.1

Law Offices of David C. McGrail

676A Ninth Avenue #211

New York, NY 10036/

Tel: (646) 290-6496

Fax: (646) 224-8377

David C. McGrail (DM 3904)

Counsel To PubliCARD, Inc.

UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK
	:	Chapter 11
In re:PUBLICARD, INC.,	:	Case No. 07-11517 (RDD)
Debtor	:
	:
	:
	:
	:
	:

MONTHLY CONSOLIDATED STATEMENT

FOR THE PERIOD ENDED

July 31, 2007

MONTHLY RECEIPTS:	$	228
MONTHLY DISBURSEMENTS:	$	24,847

THIS OPERATING STATEMENT MUST BE SIGNED BY A REPRESENTATIVE OF THE DEBTOR

The undersigned, having reviewed the attached report and being familiar with the debtor's financial affairs, verifies under penalty of perjury, that the information contained therein is complete, accurate and truthful to the best of my knowledge.

Date:	16-Aug-07	By:	/s/ Marc B. Ross
		Title:	Principal Financial Officer

Indicate if this is an amended statement by checking here o

PubliCARD, Inc.

(Debtor-In-Possession)

Statement Of Operations

For Period Ending July 31, 2007

Accrual Basis

		Current Month			Case-To-Date
		July 31, 2007			July 31, 2007
Revenue	$	-		$	-
Operating Expenses
Direct Cost Of Revenue		-			-
Selling, General and Administrative		41,193			94,220
Depreciation Of Fixed Assets		96			288
Total Operating Expenses		41,289			94,508
Operating Gain/(Loss)		(41,289	)		(94,508	)
Other Expense/(Income)
Interest Expense		-			-
Loss/(Gain) On The Sale Of Assets		-			-
US Trustee Fees - Q2 2007		250			250
Insurance Settlements		-			(71,916	)
Interest Income		(228	)		(409	)
Income/(Loss) Before Reorganizational Items and Taxes		(41,311	)		(22,433	)
Reorganization Professional Fees (Estimated and Accrued)  (1)		6,000			14,000
Gain/(Loss) Before Income Taxes		(47,311	)		(36,433	)
Provision For Income Taxes		-			-
Net Income/(Loss)		(47,311	)		(36,433	)
Deficit Beginning of Period		(113,602,452	)		(113,613,330	)
Deficit End Of Period	$	(113,649,763	)	$	(113,649,763	)
		-			-
(1) Includes estimated and accrued fees for debtor professionals.

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PubliCARD, Inc.
(Debtor-In-Possession)
Balance Sheet
As of July 31, 2007
		July 31, 2007			June 30, 2007			May 17, 2007
		Balance Sheet			Balance Sheet			Balance Sheet
Current Assets
Cash	$	75,055		$	99,674		$	39,723
Restricted Cash		-			-			-
Due From Related Parties		-			-			-
Accounts Receivable-Net		(268	)		(268	)		13,364
Inventory Net		-			-			-
Prepaid Rent		-			-			-
Prepaid Insurance		27,739			27,340			43,272
Prepaid Professional		-			-			-
Prepaid Expenses		19,200			19,200			19,200
Total Current Assets		121,726			145,946			115,559
Property, Plant, & Equipment - Gross		14,404			14,404			14,404
Accumulated Depreciation		(10,374	)		(10,279	)		(10,088	)
Property, Plant, & Equipment - Net		4,030			4,125			4,316
Intangibles - Gross		-			-			-
Accumulated Amortization		-			-			-
Intangibles - Net		-			-			-
Organizational Costs		-			-			-
Other - Non-Current		-			-			-
Total Assets	$	125,756		$	150,071		$	119,875
Post-Petition Liabilities
Cash Overdrafts	$	-			-		$	-
Accounts Payable		2,090			8,300			-
Deferred Subscription Revenues		-			-			-
Accrued Payroll/Commission		1,694			3,018			-
Other Current Liabilities/Accrued Professional Fees (Estimated)		14,000			8,000			-
Total Post Petition Current Liabilities		17,784			19,318			-
Pre-Petition Liabilities
Cash Overdrafts		-			-			-
Accounts Payable		294,021			269,491			269,491
Deferred Revenues		-			-			-
Accrued Payroll/Commission		-			-			-
Obligations For Capital Leases Current		-			-			-
Other Current Liabilities		19,800			19,800			19,800
Total Pre- Petition Current Liabilities		313,821			289,291			289,291
Interest Payable		-			-			-
Other Long Term Liabilities		-			-			-
		-			-			-
Total Liabilities	$	331,605		$	308,609		$	289,291
Stockholders Deficit
Class A Preferred Stock Second Series, no par value:1,000 shares authorized	$	2,325,000			2,325,000		$	2,325,000
465 shares issued and outstanding
Common shares, $0.10 par value: 40,000,000 shares authorized; 24,940,902	$	2,494,090			2,494,090			2,494,090
shares outstanding
Additional paid-in capital	$	108,624,824			108,624,824		$	108,624,824
Accumulated deficit	$	(113,649,763	)		(113,602,452	)	$	(113,613,330	)
Total Stockholders Equity/(Deficit)	$	(205,849	)	$	(158,538	)	$	(169,416	)
Total Liabilities and Stockholder Equity	$	125,756		$	150,071		$	119,875

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PubliCARD, Inc.
(Debtor-In-Possession)
Statement Of Cash Flow
For Period Ending July 31, 2007
		Current Month			Case-To-Date
		July 31, 2007			July 31, 2007
Net Income/(Loss)	$	(47,311	)	$	(36,433	)
(Less)/Add: Depreciation		96			288
(Less)/Add: Amortization
(Increase)/Decrease In Net Assets
Net Accounts Receivable		-			13,632
Net Inventory		-			-
Prepaid Rent
Prepaid & Other Expenses		(400	)		15,531
Increase/(Decrease) In Liabilities
Bank Overdrafts		-			-
Accounts Payable		18,320			26,620
Deferred Revenues		-			-
Accrue Payroll/Commission		(1,324	)		1,694
Other Current Liabilities		6,000			14,000
Other Non-Current Liabilities
Cash Provided by/(used in) operations		(24,619	)		35,332
Capital Expenditures		-			-
Cash provided by/(used in) investing activities		-			-
Proceeds/(Repayments of) Debt		-			-
Cash provided by (used in) financing activities		-			-
Change in cash		(24,619	)		35,332
Cash Balance at the Beginning Of Period		99,674			39,723
Cash Balance at the End of the Period	$	75,055		$	75,055

4

PubliCARD, Inc.
(Debtor-In-Possession)
Statement Of Receipts And Disbursements
For Period Ending July 31, 2007
		Month Ended
Disbursements		July 31, 2007
Checks Cut From Operating Account	$	14,210
Wires From Operating Account		-
Payments To Professionals		-
Voided Checks		-
Benefits		-
Payroll and Associated Taxes		10,468
Bank and Payroll fees		169
Taxes		-
Wires From Depository Account		-
Disbursements From Depository Account		-
Principal Repaments		-
Total Disbursements	$	24,847
Receipts
Interest Income	$	228
A/R Receipts		-
Insurance Settlements		-
Total Receipts	$	228
Net Inflow/(Outflow)	$	(24,619	)

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PubliCARD, Inc.
(Debtor-In-Possession)
Disbursement List
For Period Ending July 31, 2007
		Month Ended
Disbursements		July 31, 2007
Dow Jones	$	6,142
Triax		3,472
Iron Mountain		1,574
Sarachek		7,500
Spitzer		1,694
Spitzer - Expense Reimbursement		289
U.S. Department of Justice		250
DE Secretary of State		328
Vintage Filing Service		314
Continental Stock Transfer		505
Chubb Insurance		1,314
Federal Express		22
Payroll Taxes		1,274
ADP		169
Total	$	24,847

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Wachovia
Bank Reconciliation
Account	Bank Balance		Book Balance		Variance
2030000846371	$	75,055	$	75,055	$	-
Checks Outstanding
Number		Payee		Amount
Total			$	-
Deposits In Transit
Net Adjustments			$	-

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PubliCARD, Inc.
(Debtor-In-Possession)
Variance To Budget
For Period Ending July 31, 2007
Accrual Basis
			Actual			Projected			Variance
			July 31, 2007			July 31, 2007			July 31, 2007
Revenue		$	-		$	-		$	-
Operating Expenses
Wages and Payroll Taxes			12,112			12,258			146
Rent			3,472			3,750			278
Insurance Expense	(1)		(10,290	)		7,965			18,255
Office Expenses			2,426			4,000			1,574
Pre-petition claims	(2)		24,350			-			(24,350	)
Other Expenses	(3)		9,373			4,000			(5,373	)
Depreciation Of Fixed Assets			96			96			(0	)
Total Operating Expenses			41,539			32,069			(9,470	)
Operating Gain/(Loss)			(41,539	)		(32,069	)		9,470
Other Expense/(Income)
Interest Expense			-			-			-
Loss/(Gain) On The Sale Of Assets			-			-			-
Claim Settlement			-			-			-
Insurance Settlements			-			-			-
Interest Income			(228	)		-			228
Gain/(Loss) Before Reorganizational Items and Taxes			(41,311	)		(32,069	)		9,242
Reorganization Professional Fees (Estimated and Accrued)			6,000			6,000			-
Gain/(Loss) Before Income Taxes			(47,311	)		(38,069	)		(9,242	)
Provision For Income Taxes			-			-			-
Net Income/(Loss)		$	(47,311	)	$	(38,069	)	$	(9,242	)
(1) Insurance expense for the current month were a net credit as a result of an adjustment to prepaid insurance balances.
(2) Adjustments to pre-petition claims based upon claims filed.
(3) Other expense variance was a result of additional expenses related to advertising for the bar date order.

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PubliCARD, Inc.
(Debtor-In-Possession)
Budget
For Period Ending July 31, 2007
Accrual Basis
		Projected
		August 31, 2007
Revenue	$	-
Operating Expenses
Wages and Payroll Taxes		11,800
Rent		4,000
Insurance Expense		7,600
Office Expenses		4,000
Other Expenses		4,000
Depreciation Of Fixed Assets		96
Total Operating Expenses		31,496
Operating Gain/(Loss)		(31,496	)
Other Expense/(Income)
Interest Expense		-
Loss/(Gain) On The Sale Of Assets		-
Claim Settlement		-
Insurance Settlements		-
Interest Income		-
Income/(Loss) Before Reorganizational Items and Taxes		(31,496	)
Reorganization Professional Fees (Estimated)		6,000
Income/(Loss) Before Income Taxes		(37,496	)
Provision For Income Taxes		-
Net Income/(Loss)	$	(37,496	)

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PubliCARD, Inc.

(Debtor-In-Possession)

Debtor Questionnaire

For Period Ending Net Income/(Loss) July 31, 2007

	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

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