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 | ||||||||||
: | ||||||||||
: | Chapter 11 | |||||||||
In re: | PUBLICARD, INC., | : | Case No. 07-11517 (RDD) | |||||||
: | ||||||||||
Debtor | : | |||||||||
: | ||||||||||
: | ||||||||||
: |
MONTHLY CONSOLIDATED STATEMENT | ||||
FOR THE PERIOD ENDED | ||||
October 31, 2007 | ||||
MONTHLY RECEIPTS: | $ | 55 | ||
MONTHLY DISBURSEMENTS: | $ | 18,519 |
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: | 23-Nov-07 | By: | /s/ Marc B. Ross | |||
Title: | Principal Financial Officer |
Indicate if this is an amended statement by checking here o
PubliCARD, Inc. | |||||||
(Debtor-In-Possession) | |||||||
Statement Of Operations | |||||||
For the Period Ending October 31, 2007 | |||||||
Accrual Basis | |||||||
Current | |||||||
Month | Case-To-Date | ||||||
October 31, 2007 | October 31, 2007 | ||||||
Revenue | $ | - | $ | - | |||
Operating Expenses | |||||||
Direct Cost Of Revenue | - | - | |||||
Selling, General and Administrative | 38,247 | 224,288 | |||||
Depreciation Of Fixed Assets | 96 | 576 | |||||
Total Operating Expenses | 38,343 | 224,864 | |||||
Operating Gain/(Loss) | (38,343 | ) | (224,864 | ) | |||
Other Expense/(Income) | |||||||
Interest Expense | - | - | |||||
Loss/(Gain) On The Sale Of Assets | - | - | |||||
Interest Income | (55 | ) | (768 | ) | |||
Income/(Loss) Before Reorganizational Items and Taxes | (38,288 | ) | (224,096 | ) | |||
US Trustee Fees - Q3 2007 | 500 | 1,500 | |||||
Reorganization Professional Fees (Estimated and Accrued) (1) | 7,500 | 31,740 | |||||
8,000 | 33,240 | ||||||
Gain/(Loss) Before Income Taxes | (46,288 | ) | (257,336 | ) | |||
Provision For Income Taxes | - | - | |||||
Net Income/(Loss) | (46,288 | ) | (257,336 | ) | |||
Deficit Beginning of Period | (113,824,378 | ) | (113,613,330 | ) | |||
Deficit End Of Period | $ | (113,870,666 | ) | $ | (113,870,666 | ) |
(1) | Includes estimated and accrued fees for debtor professionals. |
(Debtor-In-Possession) | ||||||||||
Balance Sheet | ||||||||||
As of October 31, 2007 | ||||||||||
October 31, 2007 | September 30, 2007 | May 17, 2007 | ||||||||
Balance Sheet | Balance Sheet | Balance Sheet | ||||||||
Current Assets | ||||||||||
Cash | $ | 26,920 | $ | 45,384 | $ | 39,723 | ||||
Restricted Cash | - | - | - | |||||||
Due From Related Parties | - | - | - | |||||||
Accounts Receivable-Net | (268 | ) | (268 | ) | 13,364 | |||||
Inventory Net | - | - | - | |||||||
Prepaid Other | - | - | - | |||||||
Prepaid Insurance and Rent | 5,925 | 13,048 | 43,272 | |||||||
Prepaid Professional | - | - | - | |||||||
Prepaid Expenses | 19,200 | 19,200 | 19,200 | |||||||
Total Current Assets | 51,777 | 77,364 | 115,559 | |||||||
Property, Plant, & Equipment - Gross | 14,404 | 14,404 | 14,404 | |||||||
Accumulated Depreciation | (10,662 | ) | (10,566 | ) | (10,088 | ) | ||||
Property, Plant, & Equipment - Net | 3,742 | 3,838 | 4,316 | |||||||
Intangibles - Gross | - | - | - | |||||||
Accumulated Amortization | - | - | - | |||||||
Intangibles - Net | - | - | - | |||||||
Organizational Costs | - | - | - | |||||||
Other - Non-Current | - | - | - | |||||||
Total Assets | $ | 55,519 | $ | 81,202 | $ | 119,875 | ||||
Post-Petition Liabilities | ||||||||||
Cash Overdrafts | $ | - | $ | - | $ | - | ||||
Accounts Payable | 14,418 | 13,398 | - | |||||||
Accrued Payroll/Commission | 12,877 | 8,292 | - | |||||||
Accrued Consulting | 37,500 | 30,000 | - | |||||||
Due to Affiliates | 71,915 | 71,915 | - | |||||||
Other Current Liabilities/Accrued Professional Fees | 31,740 | 24,240 | - | |||||||
Total Post Petition Current Liabilities | 168,450 | 147,845 | - | |||||||
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 | 482,271 | 461,666 | 289,291 | |||||||
Stockholders' Deficit | ||||||||||
Class A Preferred Stock Second Series, no par value:1,000 shares authorized 465 shares issued and outstanding | 2,325,000 | 2,325,000 | 2,325,000 | |||||||
Common shares, $0.10 par value: 40,000,000 shares authorized; 24,940,902 shares outstanding | 2,494,090 | 2,494,090 | 2,494,090 | |||||||
Additional paid-in capital | 108,624,824 | 108,624,824 | 108,624,824 | |||||||
Accumulated deficit | (113,870,666 | ) | (113,824,378 | ) | (113,613,330 | ) | ||||
Total Stockholders Deficit | (426,752 | ) | (380,464 | ) | (169,416 | ) | ||||
Total Liabilities and Stockholders' Deficit | $ | 55,519 | $ | 81,202 | $ | 119,875 |
PubliCARD, Inc. | |||||||
(Debtor-In-Possession) | |||||||
Statement Of Cash Flow | |||||||
For the Period Ending October 31, 2007 | |||||||
Current | |||||||
Month | Case-To-Date | ||||||
October 31, 2007 | October 31, 2007 | ||||||
Net Income/(Loss) | $ | (46,288 | ) | $ | (257,336 | ) | |
(Less)/Add: Depreciation | 96 | 576 | |||||
(Less)/Add: Amortization | |||||||
(Increase)/Decrease In Net Assets | |||||||
Net Accounts Receivable | - | 13,632 | |||||
Net Inventory | - | - | |||||
Prepaid Rent | |||||||
Prepaid & Other Expenses | 7,123 | 37,345 | |||||
Increase/(Decrease) In Liabilities | |||||||
Bank Overdrafts | - | - | |||||
Accounts Payable | 1,020 | 38,948 | |||||
Deferred Revenues | - | - | |||||
Accrue Payroll/Commission | 4,585 | 12,877 | |||||
Accrued Consulting | 7,500 | 37,500 | |||||
Other Current Liabilities | 7,500 | 31,740 | |||||
Collection of insurance proceeds Due to Inactive Affiliates | - | 71,915 | |||||
Cash Provided by/(used in) operations | (18,464 | ) | (12,803 | ) | |||
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 | (18,464 | ) | (12,803 | ) | |||
Cash Balance at the Beginning Of Period | 45,384 | 39,723 | |||||
Cash Balance at the End of the Period | $ | 26,920 | $ | 26,920 |
PubliCARD, Inc. | ||||
(Debtor-In-Possession) | ||||
Statement Of Receipts And Disbursements | ||||
For the Period Ending October 31, 2007 | ||||
Month Ended | ||||
Disbursements | October 31, 2007 | |||
Checks Cut From Operating Account | $ | 10,969 | ||
Wires From Operating Account | - | |||
Payments To Professionals | - | |||
Voided Checks | - | |||
Benefits | - | |||
Payroll, Consulting and Associated Taxes | 7,500 | |||
Bank and Payroll fees | 50 | |||
Taxes | - | |||
Wires From Depository Account | - | |||
Disbursements From Depository Account | - | |||
Principal Repaments | - | |||
Total Disbursements | $ | 18,519 | ||
Receipts | ||||
Interest Income | $ | 55 | ||
A/R Receipts | - | |||
Insurance Settlements | - | |||
Total Receipts | $ | 55 | ||
Net Inflow/(Outflow) | $ | (18,464 | ) |
PubliCARD, Inc. | ||||
(Debtor-In-Possession) | ||||
Disbursement List | ||||
For the Period Ending October 31, 2007 | ||||
Month Ended | ||||
Disbursements | October 31, 2007 | |||
Sarachek | 7,500 | |||
Filing fees | 898 | |||
Investor communications | 870 | |||
Rent | 7,781 | |||
Accounting fees - ordinary course | 920 | |||
U.S. Trustee | 500 | |||
Bank Fees | 50 | |||
Total | $ | 18,519 |
Bank Reconciliation | ||||||||||
Bank | Book | |||||||||
Account | Balance | Balance | Variance | |||||||
2030000846371 | $ | 26,920 | $ | 26,920 | $ | - | ||||
Checks Outstanding | ||||||||||
Number | Payee | Amount | ||||||||
Total | $ | - | ||||||||
Deposits In Transit | ||||||||||
Net Adjustments | $ | - |
PubliCARD, Inc. | ||||||||||
(Debtor-In-Possession) | ||||||||||
Variance To Budget | ||||||||||
For the Period Ending October 31, 2007 | ||||||||||
Accrual Basis | ||||||||||
Actual | Projected | Variance | ||||||||
October 31, 2007 | October 31, 2007 | October 31, 2007 | ||||||||
Revenue | $ | - | $ | - | $ | - | ||||
Operating Expenses | ||||||||||
Wages, Consulting Fees and Payroll Taxes | 19,485 | 12,258 | (7,227 | ) (1) | ||||||
Rent | 3,510 | 3,750 | 240 | |||||||
Insurance Expense | 7,965 | 7,965 | - | |||||||
Office Expenses | 314 | 4,000 | 3,686 | |||||||
Pre-petition claims | - | - | - | |||||||
Other Expenses | 6,973 | 4,000 | (2,973 | ) | ||||||
Depreciation Of Fixed Assets | 96 | 96 | (0 | ) | ||||||
Total Operating Expenses | 38,343 | 32,069 | (6,274 | ) | ||||||
Operating Gain/(Loss) | (38,343 | ) | (32,069 | ) | 6,274 | |||||
Other Expense/(Income) | ||||||||||
Interest Expense | - | - | - | |||||||
Loss/(Gain) On The Sale Of Assets | - | - | - | |||||||
Claim Settlement | - | - | - | |||||||
Insurance Settlements | - | - | - | |||||||
Interest Income | (55 | ) | - | 55 | ||||||
Gain/(Loss) Before Reorganizational Items and Taxes | (38,288 | ) | (32,069 | ) | 6,219 | |||||
Reorganization Professional Fees (Estimated and Accrued) | 7,500 | 6,000 | (1,500 | ) | ||||||
U.S. Trustee Fees | 500 | - | - | |||||||
Gain/(Loss) Before Income Taxes | (46,288 | ) | (38,069 | ) | (8,219 | ) | ||||
Provision For Income Taxes | - | - | - | |||||||
Net Income/(Loss) | $ | (46,288 | ) | $ | (38,069 | ) | $ | (8,219 | ) |
(1) | Mr. Sarachek's $7,500 per month deferred salary is included in this amount. |
(Debtor-In-Possession) | ||||
Budget | ||||
For the Period Ending November 30, 2007 | ||||
Accrual Basis | ||||
Projected | ||||
November 30, 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 | ) |