Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CAPITAL GROWTH SYSTEMS INC /FL/ | v238189_8k.htm |
Case No. 10-12302 PJW
Reporting Period: August 1 through August 31, 2011
Capital Growth Systems, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
For the month ended August 31, 2011
(Unaudited)
|
For the month ended
August 31, 2011
|
||||
|
REVENUES
|
$ | 0 | ||
|
COST OF REVENUES
|
0 | |||
|
GROSS MARGIN
|
0 | |||
|
OPERATING EXPENSES
|
||||
|
Compensation
|
20,000 | |||
|
Travel and entertainment
|
2,088 | |||
|
Occupancy
|
0 | |||
|
Professional services
|
16,618 | |||
|
Insurance
|
295,562 | |||
|
Bad Debt Expense
|
0 | |||
|
Depreciation & Amortization
|
0 | |||
|
Restructuring Expenses
|
0 | |||
|
Other expense (Income)
|
$ | 186,951 | ||
|
TOTAL OPERATING EXPENSES
|
521,219 | |||
|
OPERATING INCOME (LOSS)
|
(521,219 | ) | ||
|
Interest Expense (Income)
|
- | |||
|
(Gain) Loss on Sale and Abandonment of Assets and Liabilities
|
(37,337,950 | ) | ||
|
Income Tax Expense
|
0 | |||
|
NET INCOME (LOSS)
|
$ | 36,816,731 | ||
Case No.10-12302 PJW
Reporting Period: August 1 through August 31, 2011
Capital Growth Systems, Inc.and Subsidiaries
Condensed Consolidated Statements of Operations
For the eight-month period ended August 31, 2011
(Unaudited)
|
For the eight-month
period ended August 31,
2011
|
||||
|
REVENUES
|
$ | 19,787,589 | ||
|
COST OF REVENUES
|
14,744,883 | |||
|
GROSS MARGIN
|
5,042,706 | |||
|
OPERATING EXPENSES
|
||||
|
Compensation
|
3,847,392 | |||
|
Travel and entertainment
|
381,810 | |||
|
Occupancy
|
787,017 | |||
|
Professional services
|
434,190 | |||
|
Insurance
|
428,897 | |||
|
Bad Debt Expense
|
82,931 | |||
|
Depreciation & Amortization
|
911,617 | |||
|
Restructuring Expenses
|
1,294,863 | |||
|
Other Expense (Income)
|
$ | (77,188 | ) | |
|
TOTAL OPERATING EXPENSES
|
8,091,529 | |||
|
OPERATING INCOME (LOSS)
|
(3,048,823 | ) | ||
|
Interest Expense
|
6,468,809 | |||
|
(Gain) Loss on Sale and Abandonment of Assets and Liabilities
|
(72,681,072 | ) | ||
|
Income Tax Expense
|
90,454 | |||
|
NET INCOME (LOSS)
|
$ | 63,072,986 | ||
Case No.10-12302 PJW
Reporting Period: August 1 through August 31, 2011
Capital Growth Systems, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet
August 31, 2011
(Unaudited)
|
August 31, 2011
|
||||
|
ASSETS
|
||||
|
CURRENT ASSETS
|
||||
|
Cash
|
$ | 1,375,521 | ||
|
Accounts Receivable, net
|
0 | |||
|
Other Current Assets
|
0 | |||
|
Total Current Assets
|
1,375,521 | |||
|
Fixed Assets, gross
|
0 | |||
|
Accumulated Depreciation
|
- | |||
|
Fixed Assets, net
|
0 | |||
|
Other Assets
|
0 | |||
|
Intangible Assets
|
0 | |||
|
Goodwill
|
0 | |||
|
TOTAL ASSETS
|
$ | 1,375,521 | ||
|
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
|
||||
|
CURRENT LIABILITIES
|
||||
|
Current maturities of long-term debt
|
$ | 0 | ||
|
Post-Petition Accounts Payable
|
1,339,081 | |||
|
Pre-Petition Accounts Payable
|
0 | |||
|
Post-Petition Accrued Expenses
|
58,601 | |||
|
Pre-Petition Accrued Expenses
|
0 | |||
|
Deferred Revenue
|
0 | |||
|
Total Current Liabilities
|
1,397,682 | |||
|
Long-term debt
|
0 | |||
|
Taxes
|
0 | |||
|
Total Liabilities
|
1,397,682 | |||
|
SHAREHOLDERS' EQUITY (DEFICIT)
|
||||
|
Common stock
|
17,015 | |||
|
Additional Paid in Capital
|
62,636,508 | |||
|
Retained Earnings, beginning of year
|
(125,359,811 | ) | ||
|
Cumulative (gain) loss on currency translation
|
(388,859 | ) | ||
|
Current Year Retained Earnings Inc/Loss
|
63,072,986 | |||
|
Total Equity
|
(22,161 | ) | ||
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
|
$ | 1,375,521 | ||
|
Case No.
|
10-12302 PJW
|
Reporting Period: August 1
through August 31, 2011
Capital Growth Systems, Inc.
Consolidated AP Aging Report (post-petition)
As of 8/31/2011
|
Current
|
31-60
|
61-90
|
Over 90
|
Total
|
||||||||||||||||
|
Total Trade Accounts Payable
|
$ | 0 | $ | 0 | $ | 0 | $ | 1,339,079 | $ | 1,339,079 | ||||||||||
|
Case No.
|
10-12302 PJW
|
Reporting Period: August 1 through August 31, 2011
Capital Growth Systems, Inc.
Consolidated AR Aging Report (Gross Receivables)
As of 8/31/2011
|
Current
|
1-30 Days
|
31 - 60 Days
|
61+
|
Total
|
||||||||||||||||
|
Total Trade Accounts Receivables
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||