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 | ||||||||||
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: | Chapter 11 | |||||||||
In re: | PUBLICARD, INC., | : | Case No. 07-11517 (RDD) | |||||||
: | ||||||||||
Debtor | : | |||||||||
: | ||||||||||
: | ||||||||||
---------------------------------------------------------------------------- | : | |||||||||
MONTHLY CONSOLIDATED STATEMENT | ||||||||||
FOR THE PERIOD ENDED MAY 31, 2007 | ||||||||||
MONTHLY RECEIPTS: | $ - | |||||||||
MONTHLY DISBURSEMENTS: | $ 1,533 | |||||||||
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: | 19-Jun-07 | By: | /s/ Stephen Spitzer | |||||||
Title: | Principal Financial Officer | |||||||||
Indicate if this is an amended statement by checking here |
PubliCARD, Inc.
(Debtor-In-Possession)
Statement Of Operations
For Period Ending May 31, 2007
Accrual Basis
Case No. 07-11517 (RDD)
Current | Case-To-Date | |||||||||
Month | Year-To-Date | May 17, 2007 | ||||||||
May 31, 2007 | May 31, 2007 | May 31, 2007 | ||||||||
Revenue | $ | - | $ | - | $ | - | ||||
Operating Expenses | ||||||||||
Direct Cost Of Revenue | $ | - | $ | - | $ | - | ||||
Selling, General and Administrative | $ | 16,852.17 | $ | 16,852.17 | $ | 16,852.17 | ||||
Depreciation Of Fixed Assets | $ | 95.65 | $ | 95.65 | $ | 95.65 | ||||
Total Operating Expenses | $ | 16,947.82 | $ | 16,947.82 | $ | 16,947.82 | ||||
Operating Gain/(Loss) | $ | (16,947.82 | ) | $ | (16,947.82 | ) | $ | (16,947.82 | ) | |
Other Expense/(Income) | ||||||||||
Interest Expense | $ | - | $ | - | $ | - | ||||
Loss/(Gain) On The Sale Of Assets | $ | - | $ | - | $ | - | ||||
Claim Settlement | $ | - | $ | - | $ | - | ||||
Insurance Settlements | $ | - | $ | - | $ | - | ||||
Interest Income | $ | (38.59 | ) | $ | (38.59 | ) | $ | (38.59 | ) | |
Gain/(Loss) Before Reorganizational Items and Taxes | $ | (16,909.23 | ) | $ | (16,909.23 | ) | $ | (16,909.23 | ) | |
Reorganization Professional Fees (Estimated and Accrued) (1) | $ | 3,500.00 | $ | 3,500.00 | $ | 3,500.00 | ||||
Gain/(Loss) Before Income Taxes | $ | (20,409.23 | ) | $ | (20,409.23 | ) | $ | (20,409.23 | ) | |
Provision For Income Taxes | $ | - | $ | - | $ | - | ||||
Net Gain/(Loss) | $ | (20,409.23 | ) | $ | (20,409.23 | ) | $ | (20,409.23 | ) | |
Deficit Beginning of Period | $ | - | $ | - | $ | - | ||||
Deficit End Of Period | $ | (20,409.23 | ) | $ | (20,409.23 | ) | $ | (20,409.23 | ) |
(1) Includes estimated and accrued fees for debtor professionals.
PubliCARD, Inc.
(Debtor-In-Possession)
Balance Sheet
For Period Ending May 31, 2007
Case No. 07-11517 (RDD)
2007 | ||||
Balance Sheet | ||||
Current Assets | ||||
Cash | $ | 38,190 | ||
Restricted Cash | $ | - | ||
Due From Related Parties | $ | - | ||
Accounts Receivable-Net | $ | 13,364 | ||
Inventory Net | $ | - | ||
Prepaid Rent | $ | - | ||
Prepaid Insurance | $ | 35,306 | ||
Prepaid Expenses | $ | 19,200 | ||
Total Current Assets | $ | 106,060 | ||
Property, Plant, & Equipment - Gross | $ | 14,404 | ||
Accumulated Depreciation | $ | (10,183 | ) | |
Property, Plant, & Equipment - Net | $ | 4,220 | ||
Intangibles - Gross | $ | - | ||
Accumulated Amortization | $ | - | ||
Intangibles - Net | $ | - | ||
Organizational Costs | $ | - | ||
Other - Non-Current | $ | - | ||
Total Assets | $ | 110,280 | ||
Post-Petition Liabilities | ||||
Cash Overdrafts | $ | - | ||
Accounts Payable | $ | 4,984 | ||
Deferred Subscription Revenues | $ | - | ||
Accrued Payroll/Commission | $ | 2,331 | ||
Honey Deferred Closing Payments | $ | - | ||
Other Current Liabilities/Accrued Professional Fees (Estimated) | $ | 3,500 | ||
Total Post Petition Current Liabilities | $ | 10,815 | ||
Pre-Petition Liabilities | ||||
Cash Overdrafts | $ | - | ||
Accounts Payable | $ | 269,491 | ||
Deferred Revenues | $ | - | ||
Accrued Payroll/Commission | $ | - | ||
Obligations For Capital Leases Current | $ | - | ||
Other Current Liabilities | $ | 19,800 | ||
Total Pre- Petition Current Liabilities | $ | 289,291 | ||
Interest Payable | $ | - | ||
Other Long Term Liabilities | $ | - | ||
$ | - | |||
Total Liabilities | $ | 300,106 | ||
Stockholders Deficit | ||||
Class A Preferred Stock Second Series, no par value:1,000 shares authorized | $ | 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 | ||
shares outstanding | ||||
Additional paid-in capital | $ | 108,624,824 | ||
Accumulated deficit | $ | (113,633,740 | ) | |
Total Stockholders Equity/(Deficit) | $ | (189,826 | ) | |
Total Liabilities and Stockholder Equity | $ | 110,280 |
PubliCARD, Inc. | |||||||
(Debtor-In-Possession) | |||||||
Statement Of Cash Flow | |||||||
For Period Ending May 31, 2007 | |||||||
Case No. 07-11517 (RDD) |
Current | Case-To-Date | |||||||||
Month | Year-To-Date | May 17, 2007 | ||||||||
May 31, 2007 | May 31, 2007 | May 31, 2007 | ||||||||
Net Gain/(Loss) | $ | (20,409 | ) | $ | (20,409 | ) | $ | (20,409 | ) | |
(Less)/Add: Depreciation (1) | $ | 96 | $ | 96 | $ | 96 | ||||
(Less)/Add: Amortization | $ | - | $ | - | $ | - | ||||
EBITDA | $ | (20,314 | ) | $ | (20,314 | ) | $ | (20,314 | ) | |
Working Capital Changes | ||||||||||
(Increase)/Decrease In Net Assets | ||||||||||
Net Accounts Receivable | $ | - | $ | - | $ | - | ||||
Net Inventory | $ | - | $ | - | $ | - | ||||
Prepaid & Other Expenses | $ | 7,966 | $ | 7,966 | $ | 7,966 | ||||
Increase/(Decrease) In Liabilities | ||||||||||
Bank Overdrafts | $ | - | $ | - | $ | - | ||||
Accounts Payable | $ | 4,984 | $ | 4,984 | $ | 4,984 | ||||
Deferred Revenues | $ | - | $ | - | $ | - | ||||
Accrue Payroll/Commission | $ | 2,331 | $ | 2,331 | $ | 2,331 | ||||
Other Current Liabilities | $ | 3,500 | $ | 3,500 | $ | 3,500 | ||||
Other Non-Current Liabilities | $ | - | $ | - | $ | - | ||||
Total Increase/(Decrease) In Working Capital | $ | 18,781 | $ | 18,781 | $ | 18,781 | ||||
Operating Cash Flow | $ | (1,533 | ) | $ | (1,533 | ) | $ | (1,533 | ) | |
Less :Capital Expenditures | $ | - | $ | - | $ | - | ||||
Less :Additions To Intangibles | $ | - | $ | - | $ | - | ||||
(Less)/Add: Change in Interest Payable | $ | - | $ | - | $ | - | ||||
Net Free Cash Flow | $ | (1,533 | ) | $ | (1,533 | ) | $ | (1,533 | ) | |
Change To Debt Payable | $ | - | $ | - | $ | - | ||||
Proceeds From The Sale Of Securities | $ | - | $ | - | $ | - | ||||
Net Cash Flow | $ | (1,533 | ) | $ | (1,533 | ) | $ | (1,533 | ) | |
Cash Balance At End Of Period | $ | 38,190 | $ | 38,190 | $ | 38,190 | ||||
Less Cash Balance At Beginning Of Period | $ | (39,723 | ) | $ | (39,723 | ) | $ | (39,723 | ) | |
Net Increase/(Decrease) In Cash | $ | (1,533 | ) | $ | (1,533 | ) | $ | (1,533 | ) |
(1) Represents non cash expenses added back for cash flow purposes
PubliCARD, Inc.
(Debtor-In-Possession)
Statement Of Receipts And Disbursements
For Period Ending May 31, 2007
Case No. 07-11517 (RDD)
31-May | ||||
Disbursements | 2007 | |||
Checks Cut From Operating Account | $ | 1,017 | ||
Wires From Operating Account | $ | - | ||
Payments To Professionals | $ | - | ||
Voided Checks | $ | - | ||
Benefits | $ | - | ||
Payroll and Associated Taxes | $ | 120 | ||
Bank and Payroll fees | $ | 396 | ||
Taxes | $ | - | ||
Wires From Depository Account | $ | - | ||
Disbursements From Depository Account | $ | - | ||
Principal Repaments | $ | - | ||
Total Disbursements | $ | 1,533 | ||
Receipts | ||||
Customer Cash Receipts | $ | - | ||
Wires From Customers | $ | - | ||
Wires From Depository Account | $ | - | ||
Voided Checks | $ | - | ||
Asset Disposition | $ | - | ||
Interest Income | $ | - | ||
Subscription Deposits | $ | - | ||
Other Income | $ | - | ||
Total Receipts | $ | - | ||
Net Inflow/(Outflow) | $ | (1,533 | ) |
PubliCARD, Inc.
(Debtor-In-Possession)
Disbursement List
For Period Ending May 31, 2007
Case No. 07-11517 (RDD)
31-May | ||||
Disbursements | 2007 | |||
Altman Group | $ | 1,017 | ||
Wachovia Bank | $ | 299 | ||
ADP | $ | 217 | ||
Total | $ | 1,533 |
Wachovia | ||||||
Bank Reconciliation | ||||||
Case No. 07-11517 (RDD) |
Bank | Book | |||||||||
Account | Balance | Balance | Variance | |||||||
2030000846371 | $ | 38,190.04 | $ | 38,190.02 | $ | 0.02 | ||||
Checks Outstanding | |||||||
Number | Payee | Amount | |||||
Total | $ | - | |||||
Deposits In Transit | |||||||
Net Adjustments | $ | - | |||||
$ | (0.02 | ) |
PubliCARD, Inc. | |||||||
(Debtor-In-Possession) | |||||||
Variance To Budget | |||||||
For Period Ending May 31, 2007 | |||||||
Accrual Basis | |||||||
Case No. 07-11517 (RDD) |
Actual | Projected | Variance | ||||||||
May 31, 2007 | May 31, 2007 | May 31, 2007 | ||||||||
Revenue | $ | - | $ | - | $ | - | ||||
Operating Expenses | ||||||||||
Wages and Payroll Taxes | $ | 2,331.00 | $ | 12,264.00 | $ | 9,933.00 | ||||
Rent | $ | - | $ | 3,000.00 | $ | 3,000.00 | ||||
Insurance Expense | $ | 7,965.00 | $ | 7,965.00 | $ | - | ||||
Office Expenses | $ | 3,375.00 | $ | 2,500.00 | $ | (875.00 | ) | |||
Other Expenses | $ | 3,181.17 | $ | 1,019.00 | $ | (2,162.17 | ) | |||
Depreciation Of Fixed Assets | $ | 95.65 | $ | 95.65 | $ | - | ||||
Total Operating Expenses | $ | 16,947.82 | $ | 26,843.65 | $ | 9,895.83 | ||||
Operating Gain/(Loss) | $ | (16,947.82 | ) | $ | (26,843.65 | ) | $ | 9,895.83 | ||
Other Expense/(Income) | ||||||||||
Interest Expense | $ | - | $ | - | $ | - | ||||
Loss/(Gain) On The Sale Of Assets | $ | - | $ | - | $ | - | ||||
Claim Settlement | $ | - | $ | - | $ | - | ||||
Insurance Settlements | $ | - | $ | - | $ | - | ||||
Interest Income | $ | (38.59 | ) | $ | - | $ | 38.59 | |||
Gain/(Loss) Before Reorganizational Items and Taxes | $ | (16,909.23 | ) | $ | (26,843.65 | ) | $ | 9,857.24 | ||
Reorganization Professional Fees (Estimated and Accrued) | $ | 3,500.00 | $ | 3,500.00 | $ | - | ||||
Gain/(Loss) Before Income Taxes | $ | (20,409.23 | ) | $ | (30,343.65 | ) | $ | 9,857.24 | ||
Provision For Income Taxes | $ | - | $ | - | $ | - | ||||
Net Gain/(Loss) | $ | (20,409.23 | ) | $ | (30,343.65 | ) | $ | 9,857.24 |
PubliCARD, Inc. | |||
(Debtor-In-Possession) | |||
Budget | |||
For Period Ending June 30, 2007 | |||
Accrual Basis | |||
Case No. 07-11517 (RDD) |
Projected | ||||
June 30, 2007 | ||||
Revenue | $ | - | ||
Operating Expenses | ||||
Wages and Payroll Taxes | $ | 12,258.00 | ||
Rent | $ | 3,000.00 | ||
Insurance Expense | $ | 7,965.00 | ||
Office Expenses | $ | 4,000.00 | ||
Other Expenses | $ | 2,000.00 | ||
Depreciation Of Fixed Assets | $ | 95.65 | ||
Total Operating Expenses | $ | 29,318.65 | ||
Operating Gain/(Loss) | $ | (29,318.65 | ) | |
Other Expense/(Income) | ||||
Interest Expense | $ | - | ||
Loss/(Gain) On The Sale Of Assets | $ | - | ||
Claim Settlement | $ | - | ||
Insurance Settlements | $ | (71,500.00 | ) | |
Interest Income | $ | - | ||
Gain/(Loss) Before Reorganizational Items and Taxes | $ | 42,181.35 | ||
Reorganization Professional Fees (Estimated) | $ | 6,000.00 | ||
Gain/(Loss) Before Income Taxes | $ | 36,181.35 | ||
Provision For Income Taxes | $ | - | ||
Net Gain/(Loss) | $ | 36,181.35 |
PubliCARD, Inc. |
(Debtor-In-Possession) |
Debtor Questionnaire |
For Period Ending May 31, 2007 |
Case No. 07-11517 (RDD) |
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 |