Attached files
file | filename |
---|---|
8-K - NEWPOWER HOLDINGS INC | efc11-312_fm8k.htm |
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
|