Exhibit 99.1
CASE NAME:IdentiPHI, Inc.
CASE NUMBER:09-10349-CAG
COMPARATIVE BALANCE SHEETS
FILING DATE* (2/11/09) | 2/28/2009 | |||||
ASSETS | ||||||
CURRENT ASSETS | ||||||
Cash | 47,216.98 | 76,504.84 | ||||
Accounts Receivable, gross* | 159,328.55 | 161,100.36 | ||||
Inventory: Lower of Cost or Market | 49,216.79 | 47,133.13 | ||||
Prepaid Expenses (Deposits) | 42,707.81 | 42,707.81 | ||||
Investments | 0.00 | 0.00 | ||||
Other | 2,908,657.16 | 2,785,087.89 | ||||
TOTAL CURRENT ASSETS | 3,207,127.29 | 3,112,534.03 | ||||
PROPERTY, PLANT & EQUIP. @ COST | 101,763.98 | 90,563.77 | ||||
Less Accumulated Depreciation | 60,897.81 | 54,285.18 | ||||
NET BOOK VALUE OF PP & E | 40,866.17 | 36,278.59 | ||||
OTHER ASSETS | ||||||
1. Tax Deposits | 0.00 | 0.00 | ||||
2. Investments in Subsidiaries | 0.00 | 0.00 | ||||
3. Electric Deposit | 0.00 | 0.00 | ||||
4. | ||||||
TOTAL ASSETS | $ | 3,247,993.46 | $ | 3,148,812.62 | ||
* | Per Schedules and Statement of Affairs |
MOR-2
The following assets were excluded as they were not included on the Statement of Affairs:
2/11/2009 | 2/28/2009 | |||
Prepaid Expenses (Other) | 85,057.96 | 65,421.25 | ||
Other receivable | — | 1.21 | ||
Goodwill | 2,819,565.42 | 2,819,565.42 | ||
Deferred Cost of Sales | 31,897.48 | 31,897.48 | ||
— | — | |||
2,936,520.86 | 2,916,885.36 |
* | Gross AR, excludes allowance for doubtful accounts of $40,051.00 |
CASE NAME:IdentiPHI, Inc.
CASE NUMBER:09-10349-CAG
COMPARATIVE BALANCE SHEETS
FILING DATE* (2/11/09) | 02/28/09 | |||||
LIABILITIES & OWNER’S EQUITY | ||||||
LIABILITIES | ||||||
POST-PETITION LIABILITIES(MOR-4) | 48,895.77 | |||||
PRE-PETITION LIABILITIES | ||||||
Notes Payable - Secured | 2,233,940.25 | 2,233,940.25 | ||||
Priority Debt | 1,677.94 | 6,468.63 | ||||
Federal Income Tax | 0.00 | 0.00 | ||||
FICA/Withholding | 36,623.44 | 36,623.44 | ||||
Unsecured Debt | 2,751,178.03 | 2,754,324.87 | ||||
Other | 0.00 | 0.00 | ||||
TOTAL PRE-PETITION LIABILITIES | 5,023,419.66 | 5,031,357.19 | ||||
TOTAL LIABILITIES | 5,023,419.66 | 5,080,252.96 | ||||
OWNER’S EQUITY (DEFICIT) | ||||||
PREFERRED STOCK | 0.00 | 0.00 | ||||
COMMON STOCK | 600,975.05 | 600,975.05 | ||||
ADDITIONAL PAID-IN CAPITAL | 12,436,554.47 | 12,436,554.47 | ||||
RETAINED EARNINGS: Filing Date | -12,287,100.16 | -12,536,471.12 | ||||
RETAINED EARNINGS: Post Filing Date | -249,370.96 | |||||
TOTAL OWNER’S EQUITY (NET WORTH) | 750,429.36 | 251,687.44 | ||||
TOTAL LIABILITIES & OWNERS EQUITY | $ | 5,773,849.02 | $ | 5,331,940.40 | ||
* | Per Schedules and Statement of Affairs |
MOR-3
CASE NAME:IdentiPHI, Inc.
CASE NUMBER:09-10349-CAG
SCHEDULE OF POST-PETITION LIABILITIES
02/28/09 | |||
TRADE ACCOUNTS PAYABLE | |||
TAX PAYABLE | |||
Federal Payroll Taxes | 24,100.88 | ||
State Payroll Taxes | 1,705.56 | ||
Ad Valorem Taxes | 0.00 | ||
Other Taxes | 2,000.00 | ||
TOTAL TAXES PAYABLE | 27,806.44 | ||
SECURED DEBT POST-PETITION | 0.00 | ||
ACCRUED INTEREST PAYABLE | 2,443.84 | ||
ACCRUED PROFESSIONAL FEES* | 10,783.96 | ||
OTHER ACCRUED LIABILITIES | |||
1. Post-petition trade payables | 7,861.53 | ||
2. | |||
3. | |||
TOTAL POST-PETITION LIABILITIES (MOR-3) | $ | 48,895.77 | |
* | Payment requires Court Approval |
MOR-4
CASE NAME:IdentiPHI, Inc.
CASE NUMBER:09-10349-CAG
AGING OF POST-PETITION LIABILITIES
MONTHFebruary-09
DAYS | TOTAL | TRADE ACCOUNTS | PROFESSIONAL FEES | ACCRUED INTEREST | FEDERAL TAXES | STATE TAXES | AD VALOREM, OTHER TAXES | ||||||||||||||
0-30 | 48,895.77 | 7,861.53 | 10,783.96 | 2,443.84 | 24,100.88 | 1,705.56 | 2,000.00 | ||||||||||||||
31-60 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||
61-90 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||
91+ | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||
TOTAL | $ | 48,895.77 | $ | 7,861.53 | $ | 10,783.96 | $ | 2,443.84 | $ | 24,100.88 | $ | 1,705.56 | $ | 2,000.00 | |||||||
AGING OF ACCOUNTS RECEIVABLE
Feb-09 | |||
0-30 DAYS | 18,660.21 | ||
31-60 DAYS | 91,269.89 | ||
61-90 DAYS | 3,781.31 | ||
91+ DAYS | 47,388.95 | ||
TOTAL* | $ | 161,100.36 | |
MOR-5
* | Gross AR, excludes allowance for doubtful accounts of $40,051.00 |
CASE NAME:IdentiPHI, Inc.
CASE NUMBER:09-10349-CAG
STATEMENT OF INCOME (LOSS)
(2/12/09-2/28/09) | FILING TO DATE | |||||
REVENUES (MOR-1) | 15,781.17 | 15,781.17 | ||||
TOTAL COST OF REVENUES | 3,572.43 | 3,572.43 | ||||
GROSS PROFIT | 12,208.74 | 12,208.74 | ||||
OPERATING EXPENSES: | ||||||
Selling & Marketing | 16,639.86 | 16,639.86 | ||||
General & Administrative | 37,545.88 | 37,545.88 | ||||
Research & Development | 15,019.53 | 15,019.53 | ||||
Insiders Compensation | 47,214.43 | 47,214.43 | ||||
Professional Fees | 16,744.56 | 16,744.56 | ||||
Other | 0.00 | 0.00 | ||||
Other | 0.00 | 0.00 | ||||
TOTAL OPERATING EXPENSES | 133,164.26 | 133,164.26 | ||||
INCOME BEFORE INT, DEPR/TAX (MOR-1) | -120,955.52 | -120,955.52 | ||||
INTEREST EXPENSE | 2,443.84 | 2,443.84 | ||||
DEPRECIATION | 2,276.04 | 2,276.04 | ||||
OTHER (INCOME) EXPENSE* | 312.23 | 312.23 | ||||
OTHER ITEMS** | 123,383.33 | 123,383.33 | ||||
TOTAL INT, DEPR & OTHER ITEMS | 128,415.44 | 128,415.44 | ||||
NET INCOME BEFORE TAXES | -249,370.96 | -249,370.96 | ||||
FEDERAL INCOME TAXES | 0.00 | |||||
NET INCOME (LOSS) (MOR-1) | ($249,370.96 | ) | ($8,249,370.96 | ) | ||
Accrual Accounting Required, Otherwise Footnote with Explanation.
* | Footnote Mandatory. |
** | Unusual and/or infrequent item(s) outside the ordinary course of business requires footnote. |
MOR-6 |
* | Other Items |
• | AP/GL conversion loss on Bank of Montreal account |
• | Interest received from Chase Bank (Account # 2331473831 |
Net
** | Non-cash amortization of intangible assets related to merger with Saflink Corporation in Feb-2008. |
CASE NAME:IdentiPHI, Inc.
CASE NUMBER:09-10349-CAG
Feb-09 | FILING TO DATE | |||||
CASH RECEIPTS AND DISBURSEMENTS | ||||||
1. CASH-BEGINNING OF MONTH (2/11/09) | $ | 24,900.44 | $ | 24,900.44 | ||
RECEIPTS: | ||||||
2. CASH SALES | 0.00 | 0.00 | ||||
3. COLLECTION OF ACCOUNTS RECEIVABLE | 0.00 | 0.00 | ||||
4. LOANS & ADVANCES (attach list) | 150,000.00 | 150,000.00 | ||||
5. SALE OF ASSETS | 0.00 | 0.00 | ||||
6. OTHER (attach list) | 0.07 | 0.07 | ||||
TOTAL RECEIPTS** | 150,000.07 | 150,000.07 | ||||
(Withdrawal) Contribution by Individual Debtor MFR-2* | 0.00 | 0.00 | ||||
DISBURSEMENTS: | ||||||
7. NET PAYROLL | 58,912.81 | 58,912.81 | ||||
8. PAYROLL TAXES PAID | 0.00 | 0.00 | ||||
9. SALES, USE & OTHER TAXES PAID | 0.00 | 0.00 | ||||
10. SECURED/RENTAL/LEASES | 13,515.64 | 13,515.64 | ||||
11. UTILITIES & TELEPHONE | 3,842.02 | 3,842.02 | ||||
12. INSURANCE | 20,657.15 | 20,657.15 | ||||
13. INVENTORY PURCHASES | 0.00 | 0.00 | ||||
14. VEHICLE EXPENSES | 0.00 | 0.00 | ||||
15. TRAVEL & ENTERTAINMENT | 0.00 | 0.00 | ||||
16. REPAIRS, MAINTENANCE & SUPPLIES | 0.00 | 0.00 | ||||
17. ADMINISTRATIVE & SELLING | 0.00 | 0.00 | ||||
18. OTHER (attach list) | 1,468.05 | 1,468.05 | ||||
TOTAL DISBURSEMENTS FROM OPERATIONS | 98,395.67 | 98,395.67 | ||||
19. PROFESSIONAL FEES | 0.00 | 0.00 | ||||
20. U.S. TRUSTEE FEES | 0.00 | 0.00 | ||||
21. OTHER REORGANIZATION EXPENSES (attach list) | 0.00 | 0.00 | ||||
TOTAL DISBURSEMENTS** | 98,395.67 | 98,395.67 | ||||
22. NET CASH FLOW | 51,604.40 | 51,604.40 | ||||
23. CASH - END OF MONTH (MOR-2) | $ | 76,504.84 | $ | 76,504.84 | ||
* | Applies to Individual debtors only |
** | Numbers for the current month should balance (match)Revised 07/01/98 |
RECEIPTS and CHECKS/OTHER DISBURSEMENTS lines on MOR-8
MOR-7
18. OTHER
Unposted bank fees for Bank of Montreal in addition conversion difference between actual and GL | 1468.05 |
CASE NAME:IdentiPHI, Inc.
CASE NUMBER:09-10349-CAG
CASH ACCOUNT RECONCILIATION
MONTH OFFeb-09
BANK NAME | Chase Bank | Bank of Montreal | Wells Fargo | Key Bank | Chase Bank | Key Bank | |||||||||||||||
ACCOUNT NUMBER | # 813473535 | # 0010 1249-155 | # 145-6445285 | # 479081024362 | # 2331473831 | # 40-20-423-0707500 | |||||||||||||||
ACCOUNT TYPE | | US DIP ACCOUNT | | CAD DIP ACCOUNT | OPERATING | OPERATING | | MONEY MARKET | INVESTMENT | TOTAL | |||||||||||
BANK BALANCE | 89,699.12 | 14,819.85 | 6,875.38 | 1,355.74 | 181.15 | 3,537.87 | $ | 116,469.11 | |||||||||||||
DEPOSITS IN TRANSIT | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | $ | 0.00 | |||||||||||||
OUTSTANDING CHECKS | 39,742.73 | 0.00 | 0.00 | 0.00 | 0.00 | $ | 39,742.73 | ||||||||||||||
ADJUSTED BANK BALANCE | $ | 49,956.39 | $ | 14,819.85 | $ | 6,875.38 | $ | 1,355.74 | $ | 181.15 | $ | 3,537.87 | $ | 76,726.38 | |||||||
BEGINNING CASH - PER BOOKS | 0.00 | 879.43 | 17,235.99 | 3,054.07 | 193.08 | 3,537.87 | $ | 24,900.44 | |||||||||||||
RECEIPTS* | 150,000.00 | 0.00 | 0.00 | 0.00 | 0.07 | 0.00 | $ | 150,000.07 | |||||||||||||
TRANSFERS BETWEEN ACCOUNTS | -12,327.43 | 22,327.43 | -10,000.00 | 0.00 | 0.00 | 0.00 | $ | 0.00 | |||||||||||||
(WITHDRAWAL) OR INDIVIDUAL CONTRIBUTION BY DEBTOR MFR-2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | $ | 0.00 | |||||||||||||
CHECKS/OTHER DISBURSEMENTS* | 87,716.18 | 8,608.55 | 360.61 | 1,698.33 | 12.00 | 0.00 | $ | 98,395.67 | |||||||||||||
ENDING CASH - PER BOOKS | $ | 49,956.39 | $ | 14,598.31 | $ | 6,875.38 | $ | 1,355.74 | $ | 181.15 | $ | 3,537.87 | $ | 76,504.84 | |||||||
* | Numbers should balance (match) TOTAL RECEIPTS and TOTAL DISBURSEMENTS lines on MOR-7 |
MOR-8 |
Note:
The company requested to have accounts closes as of 2/11/09. Account balances exist as of 2/28/09 because the banks were waiting for final fees to come out. All bank accounts were closed in early March and funds were transferred to the Chase Bank Debtor-in possession account # 813473535.
CASE NAME:IdentiPHI, Inc.
CASE NUMBER:09-10349-CAG
PAYMENTS TO INSIDERS AND PROFESSIONALS
Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(31)(A)-(F) of the U.S. Bankruptcy Code) and the professionals.
Also, for insiders, identify the type of compensation paid (e.g., salary, commission, bonus, etc.) (Attach additional pages as necessary).
INSIDERS: NAME/COMP TYPE | 2/12/09-2/28/09 | ||
1. Brian Wilchusky (Salary) | 3,706.85 | ||
2. Carter Marantette (Salary) | 5,347.56 | ||
3. Chris Collier (Salary) | 4,277.86 | ||
4. Christer Bergman (Salary) | 6,615.03 | ||
5. Jeff Dick (Salary) | 7,792.98 | ||
6. Mark Norwalk (Salary) | 5,585.11 | ||
TOTAL INSIDERS (MOR-1) | $ | 33,325.39 | |
PROFESSIONALS | MONTH | ||
1. None | |||
2. | |||
3. | |||
4. | |||
5. | |||
6. | |||
TOTAL PROFESSIONALS (MOR-1) | $ | 0.00 | |
MOR-9