Motors Liquidation Co. also said it has assets valued at $1.5 billion and liabilities of $35 billion.

The disclosures were made in a filing Thursday with the U.S. Securities and Exchange Commission.

Motors Liquidation was formed as part of GM's bankruptcy filing to dispose of closed factories and other assets in an effort to pay off thousands of debtholders. The new GM kept profitable assets and is trying to make a comeback.

Motors Liquidation reported only $60,000 in revenue from disposal of assets through the end of September. It had more than $48 million in accrued payroll and employee benefits during the period, according to the filing, which duplicated a monthly operating report filed in a New York bankruptcy court.

The Detroit-based Motors Liquidation also reported more than $45 million in accrued professional fees.

Motors Liquidation at some point will dispose of the assets, pay as much of the liabilities as it can and go out of business.

But its stock continues to be traded over-the-counter under the symbol MTLQQ.PK, despite warnings from the company, GM and securities regulators that it could soon become worthless.

Shares of Motors Liquidation traded at 58 cents late Thursday afternoon, with more than 2.4 million changing hands.

Some investors apparently believe they'll profit on the old company, which is really a hodgepodge of outdated factories and a pile of debt left behind by the new GM.

The new GM, which is majority owned by the U.S. government, is no longer traded publicly, but may offer shares for sale late next year.

Messages were left for Tim Yost, a spokesman for Motors Liquidation.