Logic Formula using colors in the formula?

Hi:

I am using Office (Excel) 2007, and for some reason I thought that a change
was made in this version of Excel, that allows for formulas which take into
account the font color. Here is what I'm trying to accomplish:

In Columns L & M I have dates that identify a beginning and end date for a
class that a student has signed up for. If the student hasn't paid in full,
the class dates are in bold red font. Once payment has been made, I change
the font to black (and unbold it). The two issues I'd love to do with formula
(to make things easier) are the following:

Issue 1:

If a date is identified in Column K (this column shows date student paid in
full), the font in columns L & M should automatically change from bold red,
to unbolded black.

Issue 2:

I'd like a formula that does a Countif to tell me how many clients,
scheduled for a class have not yet paid (in other words, count all bold red
font in Column K as this would identify the number of individuals who haven't
paid for their classes yet).

Issue 3:

I'd like a logic formula (using an IF statement I suspect) that merely gives
me a flag which states: "Pending Balances" if the font color in columnss L or
M are red and bold.

Thanks very much for any help in advance!

Dan