8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) June 18, 2007

PubliCARD, Inc.

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(Exact Name of Registrant as Specified in Its Charter)

Pennsylvania	001-03315	23-0991870
(State or Other Jurisdiction	(Commission File Number)	(I.R.S. Employer
of Incorporation)		Identification No.)

Seventy Five Rockefeller Plaza, 16th Floor,
New York, NY	10019
(Address of Principal Executive Offices)	(Zip Code)

Registrant's telephone number, including area code (212) 265-7013

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[   ]  Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[   ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[   ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[   ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01 REGULATION FD DISCLOSURE

Operating Report

On June 18, 2007, PubliCARD, Inc. (“PubliCARD”, the “Debtor” or the “Company”) filed its unaudited Monthly Operating Report for the month ended May 31, 2007 (the “Monthly Operating Report”) with the United States Bankruptcy Court for the Southern District of New York (the “Court”) (In re PubliCARD, Inc., Case No. 07-11517). Exhibit 99(a) to this Current Report on Form 8-K contains the unaudited Monthly Operating Report as filed with the Court.

The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Court. The Company’s subsidiaries have not filed for bankruptcy protection, and financial information regarding such subsidiaries is not part of the consolidated group included in the Monthly Operating Report. The financial information in the Monthly Operating Report is preliminary and unaudited and does not purport to show the financial statements of the Debtor in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and therefore may exclude items required by GAAP, such as certain reclassifications, eliminations, accruals, and disclosure items. The Company cautions readers not to place undue reliance upon the Monthly Operating Report. There can be no assurance that such information is complete. The Monthly Operating Report may be subject to revision. The Monthly Operating Report is in a format required by the U.S. Bankruptcy Code (“Bankruptcy Code”) and should not be used for investment purposes. The information in the Monthly Operating Report should not be viewed as indicative of future results.

Limitation on Incorporation by Reference

The Monthly Operating Report is being furnished for informational purposes only and is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. Registration statements or other documents filed with the U.S. Securities and Exchange Commission (“SEC”) shall not incorporate the Monthly Operating Report or any other information set forth in this Current Report on Form 8-K by reference, except as otherwise expressly stated in such filing. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.

FORWARD-LOOKING STATEMENTS

This Current Report on Form 8-K, including the exhibits being filed as part of this report, as well as other statements made by PubliCARD may contain forward-looking statements that reflect, when made, the Company’s current views with respect to current events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company’s operations and business environment which may cause the actual results of the Company to be materially different from any future results, express or implied, by such forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Company to continue as a going concern; the terms of any reorganization plan ultimately confirmed; the Company’s ability to obtain Court approval with respect to motions in the chapter 11 cases prosecuted by it from time to time; the ability of the Company to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 case; risks associated with third parties seeking and obtaining Court approval to terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans of reorganization, for the appointment of a chapter 11 trustee or to convert the case into a chapter 7 case; the ability of the Company to obtain and maintain normal terms with vendors and service providers; the Company’s ability to maintain contracts that are critical to its operations; the potential adverse impact of the chapter 11 case on the Company’s liquidity or results of operations; the ability of the Company to fund and execute a business plan and to do so in a timely manner and the ability of the Company to attract, motivate and/or retain key executives and associates. Additional factors that could affect future results are identified in the Annual Report on Form 10-K for the year ended December 31, 2006 filed with the SEC. 

PubliCARD disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise. Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the Company’s various prepetition liabilities, common stock and/or other equity securities. A plan of reorganization could result in holders of PubliCARD’s common stock receiving no distribution on account of their interest and cancellation of their interests. In addition, under certain conditions specified in the Bankruptcy Code, a plan of reorganization may be confirmed notwithstanding its rejection by an impaired class of creditors or equity holders and notwithstanding the fact that equity holders do not receive or retain property on account of their equity interests under the plan. In light of the foregoing, the Company considers the value of the common stock to be highly speculative and cautions equity holders that the stock may ultimately be determined to have no value. Accordingly, the Company urges that appropriate caution be exercised with respect to existing and future investments in PubliCARD’s common stock or other equity interests or any claims relating to prepetition liabilities.

Item 9.01. Financial Statements and Exhibits.

(a)Not applicable

(b)Not applicable

(c) Exhibits

99.1PubliCARD Inc.’s Monthly Operating Report for the Month Ended May 31, 2007.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PubliCARD, Inc.
	Registrant
Date: June 21, 2007	/s/ Joseph E. Sarachek
	Joseph E. Sarachek, President,
	Chief Executive Officer

EXHIBIT INDEX

Exhibit
Number	Description
99.1	PubliCARD Inc.’s Monthly Operating Report for the Month Ended May 31, 2007.

EX-99.1

Law Offices of David C. McGrail
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 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