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 | ||||||||||
November 30, 2007 | ||||||||||
MONTHLY RECEIPTS: | $ 10 | |||||||||
MONTHLY DISBURSEMENTS: | $ 24,842 | |||||||||
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: | 15-Dec-07 | By: | /s/ Marc B. Ross | |||||||
Title: | Principal Financial Officer | |||||||||
Indicate if this is an amended statement by checking here |
PubliCARD, Inc. | |||||||||||||
(Debtor-In-Possession) | |||||||||||||
Statement Of Operations | |||||||||||||
For the Period Ending November 30, 2007 | |||||||||||||
Accrual Basis | |||||||||||||
Current | |||||||||||||
Month | Case-To-Date | ||||||||||||
November 30, 2007 | November 30, 2007 | ||||||||||||
Revenue | $ | — | $ | — | |||||||||
Operating Expenses | |||||||||||||
Direct Cost Of Revenue | — | — | |||||||||||
Selling, General and Administrative | 45,382 | 269,670 | |||||||||||
Depreciation Of Fixed Assets | 96 | 672 | |||||||||||
Total Operating Expenses | 45,478 | 270,342 | |||||||||||
Operating Gain/(Loss) | (45,478 | ) | (270,342 | ) | |||||||||
Other Expense/(Income) | |||||||||||||
Interest Expense | — | — | |||||||||||
Loss/(Gain) On The Sale Of Assets | — | — | |||||||||||
Interest Income | (10 | ) | (778 | ) | |||||||||
Income/(Loss) Before Reorganizational Items and Taxes | (45,468 | ) | (269,564 | ) | |||||||||
US Trustee Fees - Q3 2007 | — | 1,500 | |||||||||||
Reorganization Professional Fees (Estimated and Accrued) (1) | 7,500 | 39,240 | |||||||||||
7,500 | 40,740 | ||||||||||||
Gain/(Loss) Before Income Taxes | (52,968 | ) | (310,304 | ) | |||||||||
Provision For Income Taxes | — | — | |||||||||||
Net Income/(Loss) | (52,968 | ) | (310,304 | ) | |||||||||
Deficit Beginning of Period | (113,870,666 | ) | (113,613,330 | ) | |||||||||
Deficit End Of Period | $ | (113,923,634 | ) | $ | (113,923,634 | ) | |||||||
(1) Includes estimated and accrued fees for debtor professionals. |
(Debtor-In-Possession) | |||||||
Balance Sheet | |||||||
As of November 30, 2007 |
November 30, 2007 | October 31, 2007 | May 17, 2007 | ||||||||
Balance Sheet | Balance Sheet | Balance Sheet | ||||||||
Current Assets | ||||||||||
Cash | $ | 2,088 | $ | 26,920 | $ | 39,723 | ||||
Restricted Cash | — | — | — | |||||||
Due From Related Parties | — | — | — | |||||||
Accounts Receivable-Net | (268 | ) | (268 | ) | 13,364 | |||||
Inventory Net | — | — | — | |||||||
Prepaid Other | — | — | — | |||||||
Prepaid Insurance and Rent | 9,375 | 5,925 | 43,272 | |||||||
Prepaid Professional | — | — | — | |||||||
Prepaid Expenses | 11,364 | 19,200 | 19,200 | |||||||
Total Current Assets | 22,559 | 51,777 | 115,559 | |||||||
Property, Plant, & Equipment - Gross | 14,404 | 14,404 | 14,404 | |||||||
Accumulated Depreciation | (10,757 | ) | (10,662 | ) | (10,088 | ) | ||||
Property, Plant, & Equipment - Net | 3,647 | 3,742 | 4,316 | |||||||
Intangibles - Gross | — | — | — | |||||||
Accumulated Amortization | — | — | — | |||||||
Intangibles - Net | — | — | — | |||||||
Organizational Costs | — | — | — | |||||||
Other - Non-Current | — | — | — | |||||||
Total Assets | $ | 26,206 | $ | 55,519 | $ | 119,875 | ||||
Post-Petition Liabilities | ||||||||||
Cash Overdrafts | $ | — | $ | — | $ | — | ||||
Accounts Payable | 26,682 | 14,418 | — | |||||||
Accrued Payroll/Commission | 17,462 | 12,877 | — | |||||||
Accrued Consulting | 45,000 | 37,500 | — | |||||||
Due to Affiliates | 71,915 | 71,915 | — | |||||||
Other Current Liabilities/Accrued Professional Fees | 39,240 | 31,740 | — | |||||||
Total Post Petition Current Liabilities | 200,299 | 168,450 | — | |||||||
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 | 11,606 | 19,800 | 19,800 | |||||||
Total Pre- Petition Current Liabilities | 305,627 | 313,821 | 289,291 | |||||||
Interest Payable | — | — | — | |||||||
Other Long Term Liabilities | — | — | — | |||||||
— | — | — | ||||||||
Total Liabilities | 505,926 | 482,271 | 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 | (113,923,634 | ) | (113,870,666 | ) | (113,613,330 | ) | ||||
Total Stockholders Deficit | (479,720 | ) | (426,752 | ) | (169,416 | ) | ||||
Total Liabilities and Stockholders' Deficit | $ | 26,206 | $ | 55,519 | $ | 119,875 |
PubliCARD, Inc. | |||||||
(Debtor-In-Possession) | |||||||
Statement Of Cash Flow | |||||||
For the Period Ending November 30, 2007 | |||||||
Current | |||||||
Month | Case-To-Date | ||||||
November 30, 2007 | November 30, 2007 | ||||||
Net Loss | $ | (52,968 | ) | $ | (310,304 | ) | |
(Less)/Add: Depreciation | 96 | 672 | |||||
(Less)/Add: Amortization | |||||||
(Increase)/Decrease In Net Assets | |||||||
Net Accounts Receivable | — | 13,632 | |||||
Net Inventory | — | — | |||||
Prepaid Rent | (3,450 | ) | 33,894 | ||||
Prepaid & Other Expenses | 7,836 | 7,836 | |||||
Increase/(Decrease) In Liabilities | |||||||
Bank Overdrafts | — | — | |||||
Accounts Payable | 12,264 | 51,212 | |||||
Deferred Revenues | — | — | |||||
Accrue Payroll/Commission | 4,585 | 17,462 | |||||
Accrued Consulting | 7,500 | 45,000 | |||||
Other Current Liabilities | (695 | ) | 31,046 | ||||
Collection of insurance proceeds Due to Inactive Affiliates | — | 71,915 | |||||
Cash Provided by/(used in) operations | (24,832 | ) | (37,635 | ) | |||
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 | (24,832 | ) | (37,635 | ) | |||
Cash Balance at the Beginning Of Period | 26,920 | 39,723 | |||||
Cash Balance at the End of the Period | $ | 2,088 | $ | 2,088 |
PubliCARD, Inc. | ||||
(Debtor-In-Possession) | ||||
Statement Of Receipts And Disbursements | ||||
For the Period Ending November 30, 2007 | ||||
Month Ended | ||||
Disbursements | November 30, 2007 | |||
Checks Cut From Operating Account | $ | 24,542 | ||
Wires From Operating Account | — | |||
Payments To Professionals | — | |||
Voided Checks | — | |||
Benefits | — | |||
Payroll, Consulting and Associated Taxes | — | |||
Bank and Payroll fees | 300 | |||
Taxes | — | |||
Wires From Depository Account | — | |||
Disbursements From Depository Account | — | |||
Principal Repaments | — | |||
Total Disbursements | $ | 24,842 | ||
Receipts | ||||
Interest Income | $ | 10 | ||
A/R Receipts | — | |||
Insurance Settlements | — | |||
Total Receipts | $ | 10 | ||
Net Inflow/(Outflow) | $ | (24,832 | ) |
PubliCARD, Inc. | ||||
(Debtor-In-Possession) | ||||
Disbursement List | ||||
For the Period Ending November 30, 2007 | ||||
Month Ended | ||||
Disbursements | November 30, 2007 | |||
Triax | 3,795 | |||
Filing Fees and Expenses | 908 | |||
Investor Communications | 8,763 | |||
Storage Fees | 2,386 | |||
Professional Fees | 8,152 | |||
Continental Stock Transfer | 538 | |||
Bank Fees | 300 | |||
Total | $ | 24,842 |
Bank Reconciliation | ||||||||||
Bank | Book | |||||||||
Account | Balance | Balance | Variance | |||||||
2030000846371 | $ | 2,088 | $ | 2,088 | $ | — | ||||
Checks Outstanding | ||||||||||
Number | Payee | Amount | ||||||||
Total | $ | — | ||||||||
Deposits In Transit | ||||||||||
Net Adjustments | $ | — |
PubliCARD, Inc. | ||||||||||
(Debtor-In-Possession) | ||||||||||
Variance To Budget | ||||||||||
For the Period Ending November 30, 2007 | ||||||||||
Accrual Basis | ||||||||||
Actual | Projected | Variance | ||||||||
November 30, 2007 | November 30, 2007 | November 30, 2007 | ||||||||
Revenue | $ | — | $ | — | $ | — | ||||
Operating Expenses | ||||||||||
Wages, Consulting Fees and Payroll Taxes | 11,985 | 12,258 | 273 | |||||||
Rent | 4,016 | 3,750 | (266 | ) | ||||||
Insurance Expense | 9,675 | 7,965 | (1,710 | ) | ||||||
Office Expenses | 5,048 | 4,000 | (1,048 | ) | ||||||
Pre-petition claims | — | — | — | |||||||
Other Expenses | 14,638 | 4,000 | (10,638 | )(1) | ||||||
Depreciation Of Fixed Assets | 96 | 96 | (0 | ) | ||||||
Total Operating Expenses | 45,458 | 32,069 | (13,389 | ) | ||||||
Operating Gain/(Loss) | (45,458 | ) | (32,069 | ) | 13,389 | |||||
Other Expense/(Income) | ||||||||||
Interest Expense | — | — | — | |||||||
Loss/(Gain) On The Sale Of Assets | — | — | — | |||||||
Claim Settlement | — | — | — | |||||||
Insurance Settlements | — | — | — | |||||||
Interest Income | 10 | — | (10 | ) | ||||||
Gain/(Loss) Before Reorganizational Items and Taxes | (45,468 | ) | (32,069 | ) | 13,399 | |||||
Reorganization Professional Fees (Estimated and Accrued) | 7,500 | 6,000 | (1,500 | ) | ||||||
U.S. Trustee Fees | — | — | — | |||||||
Gain/(Loss) Before Income Taxes | (52,968 | ) | (38,069 | ) | (14,899 | ) | ||||
Provision For Income Taxes | — | — | — | |||||||
Net Income/(Loss) | $ | (52,968 | ) | $ | (38,069 | ) | $ | (14,899 | ) | |
(1) Variance is primarily a result of the expenses associated with the preparation and distribution of the Debtor's Disclosure Statement, Plan and Plan Ballots. |
(Debtor-In-Possession) | ||||
Budget | ||||
For the Period Ending December 31, 2007 | ||||
Accrual Basis | ||||
Projected | ||||
December 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 | ) |
PubliCARD, Inc.
(Debtor-In-Possession)
Debtor Questionnaire
For Period Ending November 30, 2007
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-inpossession 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 |