Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CAPITAL GROWTH SYSTEMS INC /FL/ | v238184_8k.htm |
Case No. 10-12302 PJW
Reporting Period: May 1 through May 31, 2011
Capital Growth Systems, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
For the month ended May 31, 2011
(Unaudited)
|
For the month ended
May 31, 2011
|
||||
|
REVENUES
|
$ | 2,214,404 | ||
|
COST OF REVENUES
|
1,618,167 | |||
|
GROSS MARGIN
|
596,237 | |||
|
OPERATING EXPENSES
|
||||
|
Compensation
|
438,745 | |||
|
Travel and entertainment
|
47,710 | |||
|
Occupancy
|
75,731 | |||
|
Professional services
|
17,511 | |||
|
Insurance
|
16,953 | |||
|
Bad Debt Expense
|
52,931 | |||
|
Depreciation & Amortization
|
26,308 | |||
|
Restructuring Expenses
|
82,181 | |||
|
Other
|
32,860 | |||
|
TOTAL OPERATING EXPENSES
|
790,930 | |||
|
OPERATING INCOME (LOSS)
|
(194,693 | ) | ||
|
Interest Expense
|
821,614 | |||
|
(Gain) Loss on Sale of Assets and Assumption of Liabilities
|
(35,520,382 | ) | ||
|
Income Tax Expense
|
42,944 | |||
|
NET INCOME (LOSS)
|
$ | 34,461,131 | ||
Case No.10-12302 PJW
Reporting Period: May 1 through May 31, 2011
Capital Growth Systems, Inc.and Subsidiaries
Condensed Consolidated Statements of Operations
For the five-month period ended May 31, 2011
(Unaudited)
|
For the five-month
period ended May 31,
2011
|
||||
|
REVENUES
|
$ | 19,787,589 | ||
|
COST OF REVENUES
|
14,744,883 | |||
|
GROSS MARGIN
|
5,042,706 | |||
|
OPERATING EXPENSES
|
||||
|
Compensation
|
3,787,392 | |||
|
Travel and entertainment
|
371,234 | |||
|
Occupancy
|
787,017 | |||
|
Professional services
|
403,195 | |||
|
Insurance
|
133,335 | |||
|
Bad Debt Expense
|
82,931 | |||
|
Depreciation & Amortization
|
911,617 | |||
|
Restructuring Expenses
|
1,258,788 | |||
|
Other
|
-68,404 | |||
|
TOTAL OPERATING EXPENSES
|
7,667,105 | |||
|
OPERATING INCOME (LOSS)
|
(2,624,399 | ) | ||
|
Interest Expense
|
6,469,110 | |||
|
(Gain) Loss on Sale of Assets and Assumption of Liabilities
|
(35,521,917 | ) | ||
|
Income Tax Expense
|
90,454 | |||
|
NET INCOME (LOSS)
|
$ | 26,337,954 | ||
Case No.10-12302 PJW
Reporting Period: May 1 through May 31, 2011
Capital Growth Systems, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet
May 31, 2011
(Unaudited)
|
May 31, 2011
|
||||
|
ASSETS
|
||||
|
CURRENT ASSETS
|
||||
|
Cash
|
$ | 2,360,559 | ||
|
Accounts Receivable, net
|
0 | |||
|
Other Current Assets
|
3,426,620 | |||
|
Total Current Assets
|
5,787,179 | |||
|
Fixed Assets, gross
|
2,449,750 | |||
|
Accumulated Depreciation
|
(2,430,782 | ) | ||
|
Fixed Assets, net
|
18,968 | |||
|
Other Assets
|
0 | |||
|
Intangible Assets
|
0 | |||
|
Goodwill
|
0 | |||
|
TOTAL ASSETS
|
$ | 5,806,147 | ||
|
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
|
||||
|
CURRENT LIABILITIES
|
||||
|
Current maturities of long-term debt
|
$ | 0 | ||
|
Post-Petition Accounts Payable
|
2,211,005 | |||
|
Pre-Petition Accounts Payable
|
0 | |||
|
Post-Petition Accrued Expenses
|
9,410,087 | |||
|
Pre-Petition Accrued Expenses
|
1,721,777 | |||
|
Deferred Revenue
|
0 | |||
|
Total Current Liabilities
|
13,342,869 | |||
|
Long-term debt
|
0 | |||
|
Taxes
|
0 | |||
|
Total Liabilities
|
13,342,869 | |||
|
SHAREHOLDERS' EQUITY (DEFICIT)
|
||||
|
Common stock
|
17,015 | |||
|
Additional Paid in Capital
|
91,856,979 | |||
|
Retained Earnings, beginning of year
|
(125,359,811 | ) | ||
|
Cumulative (gain) loss on currency translation
|
(388,859 | ) | ||
|
Current Year Retained Earnings Inc/Loss
|
26,337,954 | |||
|
Total Equity
|
(7,536,722 | ) | ||
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
|
$ | 5,806,147 | ||
|
Case No.
|
10-12302 PJW
|
Reporting Period: May 1 through
May 31, 2011
Capital Growth Systems, Inc.
Consolidated AP Aging Report (post-petition)
As of 5/31/2011
|
Current
|
31-60 | 61-90 |
Over 90
|
Total
|
||||||||||||||||
|
Total Trade Accounts Payable
|
$ | 0 | $ | 11,802 | $ | 36,393 | $ | 2,162,810 | $ | 2,211,005 | ||||||||||
|
Case No.
|
10-12302 PJW
|
Reporting Period: May 1 through
May 31, 2011
Capital Growth Systems, Inc.
Consolidated AR Aging Report (Gross Receivables)
As of 5/31/2011
|
|
Current
|
1-30 Days
|
31 - 60 Days
|
61+
|
Total
|
|||||||||||||||
|
Total Trade Accounts Receivables
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||