BEACON POWER CORP - FORM 8-K - EX-99.1

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8-K - 8-K - BEACON POWER CORP	a12-5641_38k.htm

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

In re Beacon Power Corporation, et al.,		Case No. 11-13450(KJC) Jointly Administered
		Reporting Period: December 1, 2011 thru December 31, 2011

MONTHLY OPERATING REPORT

Filed with Court and submit copy to United States Trustee

REQUIRED DOCUMENTS	Form No.	Document Attached	Explanation Attached	Affidavit/Supplement Attached
Schedule of Cash Receipts and Disbursements	MOR-1	Yes	N/A	N/A
Bank Reconciliation Summary	MOR-1a	Yes	N/A	N/A
Schedule of Professional Fees Paid	MOR-1b	N/A	N/A	N/A
Statement of Operations	MOR-2	Yes	N/A	N/A
Balance Sheet	MOR-3	Yes	N/A	N/A
Summary of Unpaid Postpetition Debts	MOR-4	Yes	N/A	N/A
Listing of aged accounts payable	MOR-4	Yes	N/A	N/A
Accounts Receivable Reconciliation and Aging	MOR-5	Yes	N/A	N/A
Debtor Questionnaire	MOR-5	Yes	N/A	N/A

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

/s/ Craig R. Jalbert		March 27, 2012
Signature of Debtor	Date

/s/ Craig R. Jalbert		March 27, 2012
Signature of Joint Debtor	Date

/s/ Craig R. Jalbert		March 27, 2012
Signature of Authorized Individual*	Date

Craig R. Jalbert	Wind Down Manager
Printed Name of Authorized Individual	Title of Authorized Individual

*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

In re Beacon Power Corporation, et al.,		Case No. 11-13450(KJC) Jointly Administered
Debtor		Reporting Period: December 1, 2011 thru December 31, 2011

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

	Dec 3, 2011 - Dec 30, 2011*				CUMULATIVE FILING TO DATE**
	ACTUAL		PROJECTED		ACTUAL		PROJECTED
CASH BEGINNING OF MONTH	$	921,240	$	921,240	$	652,469	$	652,469

RECEIPTS
SRS	0		14,788		40,873		55,661
ARPAe	56,843		56,843		147,549		147,549
HRS Grant	0		0		0		0
Navy	0		0		0		0
SBIR	18,729		18,729		25,318		25,318
Other	17,150		17,131		18,596		18,577

TOTAL RECEIPTS	92,722		107,492		232,336		247,106

DISBURSEMENTS
Accounts Payable & Accrued Expenses	97,405		184,594		304,339		391,529
Payroll & Benefits	483,002		500,095		1,107,058		1,124,151
Rent	70,814		70,814		141,629		141,628
Insurance	17,242		17,242		66,054		66,054
Legal Fees - General & Regulatory	0		0		0		0
Other	0		0		0		0

SRS Advances	0		0		0		0
SRS Base Equity	-40,167		-50,066		-567,343		-577,242
SRS Maintenance Reserve Account	-84,833		-74,934		-678,675		-668,776

Legal Fees - Restructuring	0		0		0		0
Financial Advisor Fees	0		0		0		0
DE Counsel	0		0		0		0
Claims Agent	0		0		16,763		16,763
Creditor’s Committee	0		0		0		0
US Trustee	0		0		0		0
Utility Deposits	0		0		24,480		24,480
Other	0		0		0		0
TOTAL DISBURSEMENTS	543,463		647,745		414,306		518,588

NET CASH FLOW	-450,742		-540,254		-181,970		-271,482
(RECEIPTS LESS DISBURSEMENTS)

CASH - END OF MONTH	$	470,499	$	380,987	$	470,499	$	380,987

* RESULTS FROM WEEKLY, ACTUAL CASH FLOW PER CASH COLLATERAL ORDER

** PERIOD INCLUDES OCTOBER 29, 2011 - DECEMBER 30, 2011

In re Beacon Power Corporation, et al.,		Case No. 11-13450(KJC) Jointly Administered
Debtor		Reporting Period: December 1, 2011 thru December 31, 2011

BANK RECONCILIATIONS

Continuation Sheet for MOR-1

	Book		Bank
Silicon Valley Acct# 3300686184	479,117.15		505,822.90	Operating Account - Bank reconciliation complete
Silicon Valley Acct# 3300705436	(3,152.91	)	0.00	Payroll Account - Bank reconciliation complete
SVB Acct# 3300705421	200,000.00		200,000.00	Escrow Account - Bank reconciliation complete
SVB Acct# 3300780535	50,000.00		50,000.00	Escrow Account - Bank reconciliation complete
Black Rock Acct#31874	10,475.27		10,475.27	NEISO Account - Bank reconciliation complete
PNC Bank Acct#1028880235R8N	1,849,249.53		1,849,249.53	SRS Project Equity Account - Bank Reconciliation Complete
PNC Bank Acct#1028880235	0.00		0.00	SRS Project Maintenance Account - Bank Reconciliation Complete
PNC Bank Acct#1028880235R2P	0.00		0.00	SRS Project Revenue Account - Bank Reconciliation Complete

In re Beacon Power Corporation, et al.,		Case No. 11-13450(KJC) Jointly Administered
Debtor		Reporting Period: December 1, 2011 thru December 31, 2011

STATEMENT OF OPERATIONS

(Income Statement)

	MONTH OF DECEMBER 2011
	Total Beacon		Stephentown		Stephentown		Total		Consolidated
	Corporation - Legal		Holding		Operating		Eliminations		Beacon
REVENUES
Net Revenue	$	330,270	$	0	$	99,013	$	-233,803	$	195,480
COST OF GOODS SOLD
Cost of Goods Sold	98,053				39,341				137,394
Gross Profit	232,217		0		59,672		-233,803		58,086
OPERATING EXPENSES
Salaries and benefits	415,440				0				415,440
Bonus	-763,478				0				-763,478
Stock Compensation Exp.	-962,003				0				-962,003
Materials	1,744				159				1,903
Consulting	95,868				-24,880				70,988
Legal and Audit Expense	17,580				0				17,580
Occupancy Expenses	65,909				0				65,909
Real estate taxes and insurance	16,950				16,596				33,546
Public Company / Investor Relations	72,119		167		1,000				73,286
Interconnection and ISO fees	358				721				1,079
Repair and Maintenance	469				28,480				28,949
Software and Software Maintenance	8,174				0				8,174
Hiring Costs	0				0				0
Taxes-Misc	-11,073				290				-10,783
Travel	2,611				9,334				11,945
Outside Documentation and Testing	0				0				0
Supplies and Equipment	866				884				1,750
Phone	8,198				196				8,394
Other Expenses	22,134				20				22,154
Allocations	-155,914				0				-155,914
License, permits and development fees	0				0				0
Administrative services	0				151,599		-151,599		0
Operation services	0				77,993		-77,993		0
Casualty Loss	0				0				0
Contract Loss	153,903				0				153,903
Loss on asset impairment	7,815,273				0				7,815,273
Depreciation	159,165				52,683		-13,681		198,167
Amortization	1,472				4,211		-4,211		1,472

Net Profit (Loss) Before Other Income & Expenses	-6,733,548		-167		-259,614		13,681		-6,979,648
OTHER INCOME AND EXPENSES
Other Income	-149,896								-149,896
Interest Income (Expense), net	524,960				-10,134				514,826

Net Profit (Loss) Before Reorganization Items	-6,358,484		-167		-269,748		13,681		-6,614,718
REORGANIZATION ITEMS
Professional Fees	35,416								35,416
Other Reorganization Expenses	556								556
Total Reorganization Expenses	35,972		0		0		0		35,972
Income Taxes	0		0		0		0		0
Net Profit (Loss)	$	-6,394,456	$	-167	$	-269,748	$	13,681	$	-6,650,690

In re Beacon Power Corporation, et al.,		Case No. 11-13450(KJC) Jointly Administered
	Debtor	Reporting Period: December 1, 2011 thru December 31, 2011

BALANCE SHEET

	BOOK VALUE AT END OF December 31, 2011										BOOK VALUE ON PETITION DATE OF OCTOBER 30, 2011
	Beacon Corp		Stephentown		Stephentown				Consolidated		Beacon Corp		Stephentown		Stephentown				Consolidated
	Only		Operating		Holding		Eliminations		Beacon		Only		Operating		Holding		Eliminations		Beacon
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	478,213	$	0	$	0	$	0	$	478,213	$	653,479	$	531,039	$	0	$	0	$	1,184,518
Accounts receivable, trade, net	221,165		34,224		0		0		255,389		293,160		30,601		0		-1		323,760
Inventory	0		0		0		0		0		0		0		0		0		0
Unbilled costs on contracts in progress	312,806		0		0		0		312,806		168,146		0		0		0		168,146
Prepaid expenses and other current assets	935,260		91,835		1,166		0		1,028,261		846,751		1,772		1,500		2		850,025

TOTAL CURRENT ASSETS	1,947,444		126,059		1,166		0		2,074,669		1,961,536		563,412		1,500		1		2,526,449
PROPERTY AND EQUIPMENT
TOTAL PROPERTY & EQUIPMENT	4,582,970		12,394,133		0		-1,152,004		15,825,099		12,600,062		12,499,499		0		-1,179,365		23,920,196
OTHER ASSETS
Restricted cash	260,475		1,849,250		0		0		2,109,725		262,589		2,493,028		0		0		2,755,617
Investment in subsidiary	26,323,581		0		26,323,581		-52,647,162		0		26,323,581		0		26,323,581		-52,647,162		0
Deferred financing costs	0		0		0		0		0		95,563		0		0		0		95,563
Advance payments to suppliers	511,566		0		0		0		511,566		509,089		0		0		0		509,089
Intercompany receivables (net)	1,490,472		-1,485,506		-4,966		0		0		2,392,595		-2,387,629		-4,966		0		0
Other Assets	117,030		960,074		0		-960,074		117,030		303,256		968,496		0		-968,496		303,256

TOTAL OTHER ASSETS	28,703,124		1,323,818		26,318,615		-53,607,236		2,738,321		29,886,673		1,073,895		26,318,615		-53,615,658		3,663,525

TOTAL ASSETS	$	35,233,538	$	13,844,010	$	26,319,781	$	-54,759,240	$	20,638,089	$	44,448,271	$	14,136,806	$	26,320,115	$	-54,795,022	$	30,110,170

	BOOK VALUE AT END OF DECEMBER 31, 2011										BOOK VALUE ON PETITION DATE OF OCTOBER 30, 2011
	Beacon Corp		Stephentown		Stephentown				Consolidated		Beacon Corp		Stephentown		Stephentown				Consolidated
	Only		Operating		Holding		Eliminations		Beacon		Only		Operating		Holding		Eliminations		Beacon
LIABILITIES AND OWNER EQUITY
*Liabilities not subject to compromise:*
Accounts payable	$	170,246	$	0	$	0	$	0	$	170,246	$	408	$	0	$	0	$	0	$	408
Accrued compensation and benefits	305,741		0		0		0		305,741		310,418		0		0		0		310,418
Other accrued expenses	222,124		83,078		0		-1		305,201		0		0		0		0		0
Deferred revenue - current	0		0		0		0		0		0		0		0		0		0
Advance billings on contracts	250,206		0		0		0		250,206		28,297		0		0		0		28,297
Accrued contract loss	709,616		0		0		0		709,616		805,234		0		0		0		805,234
Mandatorily redeemable preferred stock	0		0		0		0		0		0		0		0		0		0
Preferred stock warrant liability - current	0		0		0		0		0		0		0		0		0		0
Restructuring reserve	0		0		0		0		0		0		0		0		0		0
TOTAL LIABILITIES NOT SUBJECT TO COMPROMISE	1,657,933		83,078		0		-1		1,741,010		1,144,357		0		0		0		1,144,357

	BOOK VALUE AT END OF DECEMBER 31, 2011										BOOK VALUE ON PETITION DATE OF OCTOBER 30, 2011
	Beacon Corp		Stephentown		Stephentown				Consolidated		Beacon Corp		Stephentown		Stephentown				Consolidated
	Only		Operating		Holding		Eliminations		Beacon		Only		Operating		Holding		Eliminations		Beacon
LIABILITIES AND OWNER EQUITY
*Liabilities subject to compromise:*
Accounts payable	2,367,498		0		0		0		2,367,498		2,274,913		0		0		0		2,274,913
Other accrued expenses	735,428		170,024		0		0		905,452		1,661,832		203,869		0		2		1,865,703
Deferred Revenue	1,971,651		0		0		-960,074		1,011,577		1,980,073		0		0		-968,496		1,011,577
Deferred rent	582,210		0		0		0		582,210		612,813		0		0		0		612,813
Common stock warrant liability	0		0		0		0		0		515,118		0		0		0		515,118
Long term debt	3,139,731		35,856,796		0		0		38,996,527		3,139,731		35,856,796		0		0		38,996,527
TOTAL LIABILITIES SUBJECT TO COMPROMISE	8,796,518		36,026,820		0		-960,074		43,863,264		10,184,480		36,060,665		0		-968,494		45,276,651

TOTAL LIABILITIES	10,454,451		36,109,898		0		-960,075		45,604,274		11,328,837		36,060,665		0		-968,494		46,421,008
*OWNER EQUITY*
Preferred stock	0		0		0		0		0		0		0		0		0		0
Common stock	322,785		0		0		0		322,785		318,901		0		0		0		318,901
Partner shares	0		26,323,581		26,323,581		-52,647,162		0		0		26,323,581		26,323,581		-52,647,162		0
Deferred stock compensation	0		0		0		0		0		0		0		0		0		0
Additional paid-in-capital	276,717,596		0		0		0		276,717,596		277,648,521		0		0		0		277,648,521
Accumulated deficit	-251,547,830		-48,589,469		-3,800		-1,152,003		-301,293,102		-244,134,524		-48,247,440		-3,466		-1,179,366		-293,564,796
Treasury stock	-713,464		0		0		0		-713,464		-713,464		0		0		0		-713,464

NET OWNER EQUITY	24,779,087		-22,265,888		26,319,781		-53,799,165		-24,966,185		33,119,434		-21,923,859		26,320,115		-53,826,528		-16,310,838

TOTAL LIABILITIES AND OWNERS’ EQUITY	$	35,233,538	$	13,844,010	$	26,319,781	$	-54,759,240	$	20,638,089	$	44,448,271	$	14,136,806	$	26,320,115	$	-54,795,022	$	30,110,170

In re Beacon Power Corporation, et al.,		Case No. 11-13450(KJC) Jointly Administered
Debtor		Reporting Period: December 1, 2011 thru December 31, 2011

SUMMARY OF UNPAID POSTPETITION DEBTS

	Number of Days Past Due
	Current	0-30	31-60	61-90	Over 90	Total
Accounts Payable	115,038	53,825	0	0	0	168,863
Wages and Benefits	Current	0	0	0	0	Current
Taxes Payable	Current	0	0	0	0	Current
Rent/Leases - Building	Current	0	0	0	0	Current
Rent/Leases - Equipment	Current	0	0	0	0	Current
Secured Debt/Adequate Protection Payments	Current	0	0	0	0	Current
Professional Fees	Current	0	0	0	0	Current
Amounts Due to Insiders (Accrued Bonus)	Current	0	0	0	0	Current
Other - Accrued Contract Loss/Advance Billing on Contracts	Current	0	0	0	0	Current
Other - Accruals	Current	0	0	0	0	Current
Other - Note Payable (Insurance)	Current	0	0	0	0	Current

In re Beacon Power Corporation, et al.,		Case No. 11-13450(KJC) Jointly Administered
Debtor		Reporting Period: December 1, 2011 thru December 31, 2011

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

Accounts Receivable Reconciliation	Amount
Total Accounts Receivable at the beginning of the reporting period		$	221,092
+ Amounts billed during the period	158,275
- Amounts collected during the period	-123,978
Total Accounts Receivable at the end of the reporting period		$	255,389

Accounts Receivable Aging	Amount
0 - 30 days old	$	114,818
31 - 60 days old	90,000
61 - 90 days old	0
91+ days old	50,571
Total Accounts Receivable			$	255,389
Amount considered uncollectible (Bad Debt)			0
Accounts Receivable (Net)			255,389

DEBTOR QUESTIONNAIRE

Must be completed each month	Yes	No
1. Have any assets been sold or transferred outside the normal course of business 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 postpetition 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
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.		X

BEACON POWER CORP - FORM 8-K - EX-99.1 - March 29, 2012

Attached files

BEACON POWER CORP Reports