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.
| ** | Unusual and/or infrequent item(s) outside the ordinary course of business requires footnote. |
| | • | | 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 |
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
