EX-99.1 2 ex99-1.htm MONTHLY OPERATING REPORT EX 99.1
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
      
:
        
           
:
        
           
:
        
----------------------------------------------------------------------------
:
        
                     
                     
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