Exh 99.1
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 | : | |||||||||
: | ||||||||||
: | ||||||||||
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MONTHLY CONSOLIDATED STATEMENT | ||||||||||
FOR THE PERIOD ENDED | ||||||||||
September 30, 2007 | ||||||||||
MONTHLY RECEIPTS: | $ 89 | |||||||||
MONTHLY DISBURSEMENTS: | $ 13,636 | |||||||||
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: | 30-Oct-07 | By: | /s/ Marc B. Ross | |||||||
Title: | Principal Financial Officer | |||||||||
Indicate if this is an amended statement by checking here |
1
PubliCARD, Inc. | |||||||
(Debtor-In-Possession) | |||||||
Statement Of Operations | |||||||
For the Period Ending September 30, 2007 | |||||||
Accrual Basis | |||||||
Current Month Ended September 30, 2007 | Case-To-Date through September 30, 2007 | ||||||
Revenue | $ | - | $ | - | |||
Operating Expenses | |||||||
Direct Cost Of Revenue | - | - | |||||
Selling, General and Administrative | 39,109 | 186,041 | |||||
Depreciation Of Fixed Assets | 96 | 480 | |||||
Total Operating Expenses | 39,205 | 186,521 | |||||
Operating Gain/(Loss) | (39,205 | ) | (186,521 | ) | |||
Other Expense/(Income) | |||||||
Interest Expense | - | - | |||||
Loss/(Gain) On The Sale Of Assets | - | - | |||||
Interest Income | (89 | ) | (713 | ) | |||
Income/(Loss) Before Reorganizational Items and Taxes | (39,116 | ) | (185,808 | ) | |||
US Trustee Fees - Q3 2007 | 250 | 1,000 | |||||
Reorganization Professional Fees (Estimated and Accrued) | (1) | 6,000 | 24,240 | ||||
6,250 | 25,240 | ||||||
Gain/(Loss) Before Income Taxes | (45,366 | ) | (211,048 | ) | |||
Provision For Income Taxes | - | - | |||||
Net Income/(Loss) | (45,366 | ) | (211,048 | ) | |||
Deficit Beginning of Period | (113,779,012 | ) | (113,613,330 | ) | |||
Deficit End Of Period | $ | (113,824,378 | ) | $ | (113,824,378 | ) | |
- | - | ||||||
(1) Includes estimated and accrued fees for debtor professionals. |
2
September 30, 2007 Balance Sheet | August 31, 2007 | May 17, 2007 Balance Sheet | ||||||||
Current Assets | ||||||||||
Cash | $ | 45,384 | $ | 58,156 | $ | 39,723 | ||||
Restricted Cash | - | - | - | |||||||
Due From Related Parties | - | - | - | |||||||
Accounts Receivable-Net | (268 | ) | (268 | ) | 13,364 | |||||
Inventory Net | - | - | - | |||||||
Prepaid Rent | - | - | - | |||||||
Prepaid Insurance | 13,048 | 20,837 | 43,272 | |||||||
Prepaid Professional | - | - | - | |||||||
Prepaid Expenses | 19,200 | 19,200 | 19,200 | |||||||
Total Current Assets | 77,364 | 97,925 | 115,559 | |||||||
Property, Plant, & Equipment - Gross | 14,404 | 14,404 | 14,404 | |||||||
Accumulated Depreciation | (10,566 | ) | (10,470 | ) | (10,088 | ) | ||||
Property, Plant, & Equipment - Net | 3,838 | 3,934 | 4,316 | |||||||
Intangibles - Gross | - | - | - | |||||||
Accumulated Amortization | - | - | - | |||||||
Intangibles - Net | - | - | - | |||||||
Organizational Costs | - | - | - | |||||||
Other - Non-Current | - | - | - | |||||||
Total Assets | $ | 81,202 | $ | 101,859 | $ | 119,875 | ||||
Post-Petition Liabilities | ||||||||||
Cash Overdrafts | $ | - | $ | - | $ | - | ||||
Accounts Payable | 13,398 | 5,896 | - | |||||||
Accrued Payroll/Commission | 8,292 | 4,585 | - | |||||||
Accrued Consulting | 30,000 | 22,500 | - | |||||||
Due to Affiliates | 71,915 | 71,915 | - | |||||||
Other Current Liabilities/Accrued Professional Fees | 24,240 | 18,240 | - | |||||||
Total Post Petition Current Liabilities | 147,845 | 123,136 | - | |||||||
Pre-Petition Liabilities | ||||||||||
Cash Overdrafts | - | - | - | |||||||
Accounts Payable | 294,021 | 294,021 | 269,491 | |||||||
Deferred Revenues | - | - | - | |||||||
Accrued Payroll/Commission | - | - | - | |||||||
Obligations For Capital Leases Current | - | - | - | |||||||
Other Current Liabilities | 19,800 | 19,800 | 19,800 | |||||||
Total Pre- Petition Current Liabilities | 313,821 | 313,821 | 289,291 | |||||||
Interest Payable | - | - | - | |||||||
Other Long Term Liabilities | - | - | - | |||||||
- | - | - | ||||||||
Total Liabilities | 461,666 | 436,957 | 289,291 | |||||||
Stockholders Deficit | ||||||||||
Class A Preferred Stock Second Series, no par value:1,000 shares authorized | 2,325,000 | 2,325,000 | 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 | 2,494,090 | 2,494,090 | |||||||
shares outstanding | ||||||||||
Additional paid-in capital | 108,624,824 | 108,624,824 | 108,624,824 | |||||||
Accumulated deficit | (113,824,378 | ) | (113,779,012 | ) | (113,613,330 | ) | ||||
Total Stockholders’ Deficit | (380,464 | ) | (335,098 | ) | (169,416 | ) | ||||
Total Liabilities and Stockholder Equity | $ | 81,202 | $ | 101,859 | $ | 119,875 |
3
PubliCARD, Inc. (Debtor-In-Possession) Statement Of Cash Flow For the Period Ending September 30, 2007 | Current Month September 30, 2007 | Case-To-Date September 30, 2007 | |||||
Net Income/(Loss) | $ | (45,366 | ) | $ | (211,048 | ) | |
(Less)/Add: Depreciation | 96 | 480 | |||||
(Less)/Add: Amortization | |||||||
(Increase)/Decrease In Net Assets | |||||||
Net Accounts Receivable | - | 13,632 | |||||
Net Inventory | - | - | |||||
Prepaid Rent | |||||||
Prepaid & Other Expenses | 7,789 | 30,222 | |||||
Increase/(Decrease) In Liabilities | |||||||
Bank Overdrafts | - | - | |||||
Accounts Payable | 7,502 | 37,928 | |||||
Deferred Revenues | - | - | |||||
Accrue Payroll/Commission | 3,707 | 8,292 | |||||
Accrued Consulting | 7,500 | 30,000 |
Other Current Liabilities | 6,000 | 24,240 | |||||
Collection of insurance proceeds Due to Inactive Affiliates | - | 71,915 | |||||
Cash Provided by/(used in) operations | (12,772 | ) | 5,661 | ||||
Capital Expenditures | - | - | |||||
Cash provided by/(used in) investing activities | - | - | |||||
Proceeds/(Repayments of) Debt | - | - | |||||
Proceeds received on behalf of Affiliates | |||||||
Cash provided by (used in) financing activities | - | - | |||||
Change in cash | (12,772 | ) | 5,661 | ||||
Cash Balance at the Beginning Of Period | 58,156 | 39,723 | |||||
Cash Balance at the End of the Period | $ | 45,384 | $ | 45,384 |
4
PubliCARD, Inc.
(Debtor-In-Possession)
(Debtor-In-Possession)
Statement Of Receipts And Disbursements
For the Period Ending September 30, 2007
Month Ended September 30, 2007 | ||||
Disbursements | ||||
Checks Cut From Operating Account | $ | - | ||
Wires From Operating Account | - | |||
Payments To Professionals | - | |||
Voided Checks | - | |||
Benefits | - | |||
Payroll and Associated Taxes | 12,445 | |||
Bank and Payroll fees | 1,191 | |||
Taxes | - | |||
Wires From Depository Account | - | |||
Disbursements From Depository Account | - | |||
Principal Repaments | - | |||
Total Disbursements | $ | 13,636 | ||
Receipts | ||||
Interest Income | $ | 89 | ||
A/R Receipts | - | |||
Insurance Settlements | - | |||
Total Receipts | $ | 89 | ||
Net Inflow/(Outflow) | $ | (13,547 | ) |
5
PubliCARD, Inc. | ||||
(Debtor-In-Possession) | ||||
Disbursement List | ||||
For the Period Ending September 30, 2007 | ||||
Disbursements | Month Ended September 30, 2007 | |||
Sarachek | 7,500 | |||
Prior period payroll and processing | 4,167 | |||
Payroll Processing | 257 | |||
Payroll Taxes | 778 | |||
Bank Fees | 934 | |||
Total | $ | 13,636 |
6
Bank Reconciliation | ||||||||||
Account | Bank Balance | Book Balance | Variance | |||||||
2030000846371 | $ | 45,384 | $ | 45,384 | $ | - | ||||
Checks Outstanding | ||||||||||
Number | Payee | Amount | ||||||||
Total | $ | - | ||||||||
Deposits In Transit | ||||||||||
Net Adjustments | $ | - | ||||||||
7
PubliCARD, Inc. | ||||||||||
(Debtor-In-Possession) | ||||||||||
Variance To Budget | ||||||||||
For the Period Ending September 30, 2007 | ||||||||||
Accrual Basis | ||||||||||
Actual September 30, 2007 | Projected September 30, 2007 | Variance September 30, 2007 | ||||||||
Revenue | $ | - | $ | - | $ | - | ||||
Operating Expenses | ||||||||||
Wages, Consulting Fees and Payroll Taxes | 22,155 | 12,258 | (9,897 | )(1) | ||||||
Rent | 3,764 | 3,750 | (14 | ) | ||||||
Insurance Expense | 7,965 | 7,965 | - | |||||||
Office Expenses | 2,674 | 4,000 | 1,326 | |||||||
Pre-petition claims | - | - | - | |||||||
Other Expenses | 2,301 | 4,000 | 1,699 | |||||||
Depreciation Of Fixed Assets | 96 | 96 | (0 | ) | ||||||
Total Operating Expenses | 38,955 | 32,069 | (6,886 | ) | ||||||
Operating Gain/(Loss) | (38,955 | ) | (32,069 | ) | 6,886 | |||||
Other Expense/(Income) | ||||||||||
Interest Expense | - | - | - | |||||||
Loss/(Gain) On The Sale Of Assets | - | - | - | |||||||
Claim Settlement | - | - | - | |||||||
Insurance Settlements | - | - | - | |||||||
Interest Income | (89 | ) | - | 89 | ||||||
Gain/(Loss) Before Reorganizational Items and Taxes | (38,866 | ) | (32,069 | ) | 6,797 | |||||
Reorganization Professional Fees (Estimated and Accrued) | 6,000 | 6,000 | - | |||||||
U.S. Trustee Fees | 500 | - | - | |||||||
Gain/(Loss) Before Income Taxes | (45,366 | ) | (38,069 | ) | (7,297 | ) | ||||
Provision For Income Taxes | - | - | - | |||||||
Net Income/(Loss) | $ | (45,366 | ) | $ | (38,069 | ) | $ | (7,297 | ) | |
(1) Prior period payroll not previously recorded was paid. Additionally, Mr. Sarachek's $7,500 per month deferred salary is included in this amount
8
(Debtor-In-Possession) | ||||
Budget | ||||
For the Period Ending September 30, 2007 | ||||
Accrual Basis | ||||
Projected | ||||
October 31, 2007 | ||||
Revenue | $ | - | ||
Operating Expenses | ||||
Wages and Payroll Taxes | 19,600 | |||
Rent | 4,000 | |||
Insurance Expense | 10,000 | |||
Office Expenses | 4,000 | |||
Other Expenses | 4,000 | |||
Depreciation Of Fixed Assets | 96 | |||
Total Operating Expenses | 41,696 | |||
Operating Gain/(Loss) | (41,696 | ) | ||
Other Expense/(Income) | ||||
Interest Expense | - | |||
Loss/(Gain) On The Sale Of Assets | - | |||
Claim Settlement | - | |||
Insurance Settlements | - | |||
Interest Income | - | |||
Income/(Loss) Before Reorganizational Items and Taxes | (41,696 | ) | ||
Reorganization Professional Fees (Estimated) | 6,000 | |||
Income/(Loss) Before Income Taxes | (47,696 | ) | ||
Provision For Income Taxes | - | |||
Net Income/(Loss) | $ | (47,696 | ) |
9