Case No. | 10-12302 PJW | |
| Reporting Period: March 1 through March 31, 2011 |
Capital Growth Systems, Inc.
Consolidating Statement of Operations
for the month of March 2011
| | | Consolidated Total | |
| | | | |
| INCOME STATEMENT | | | |
| | | | |
| Revenues | | $ | 4,382,361 | |
| | | | | |
| Cost of Revenues | | $ | 3,245,387 | |
| | | | | |
| Gross Margin | | $ | 1,136,973 | |
| | | | | |
| OPERATING EXPENSES | | | | |
| | | | | |
| Compensation | | $ | 945,216 | |
| Travel and entertainment | | $ | 57,776 | |
| Occupancy | | $ | 73,208 | |
| Professional services | | $ | 84,839 | |
| Insurance | | $ | 7,571 | |
| Restructuring Expenses | | $ | 431,014 | |
| Other | | $ | 53,803 | |
| | | | | |
| Selling, general, and administrative expenses | | $ | 1,653,428 | |
| | | | | |
| EBITDA | | $ | (516,455 | ) |
| | | | | |
| Bad Debt Expense (Recovery) | | $ | 0 | |
| Depreciation & Amortization | | $ | 224,069 | |
| | | | | |
| Operating Income (Loss) | | $ | (740,524 | ) |
| | | | | |
| Interest Expense | | $ | 1,470,407 | |
| | | | | |
| NET INCOME (LOSS) | | $ | (2,210,931 | ) |
Case No. | 10-12302 PJW | |
| Reporting Period: March 1 through March 31, 2011 |
Capital Growth Systems, Inc.
Consolidating Statement of Operations
for the two months ending March 31, 2011
| | | Consolidated Total | |
| | | | |
| INCOME STATEMENT | | | |
| | | | |
| Revenues | | $ | 13,123,313 | |
| | | | | |
| Cost of Revenues | | $ | 9,807,664 | |
| | | | | |
| Gross Margin | | $ | 3,315,649 | |
| | | | | |
| OPERATING EXPENSES | | | | |
| | | | | |
| Compensation | | $ | 2,562,599 | |
| Travel and entertainment | | $ | 297,013 | |
| Occupancy | | $ | 209,006 | |
| Professional services | | $ | 373,540 | |
| Insurance | | $ | 22,711 | |
| Restructuring Expenses | | $ | 903,142 | |
| Other | | $ | (126,731 | ) |
| | | | | |
| Selling, general, and administrative expenses | | $ | 4,241,279 | |
| | | | | |
| EBITDA | | $ | (925,630 | ) |
| | | | | |
| Bad Debt Expense (Recovery) | | $ | 15,000 | |
| Depreciation & Amortization | | $ | 675,825 | |
| | | | | |
| Operating Income (Loss) | | $ | (1,616,455 | ) |
| | | | | |
| Interest Expense | | $ | 4,229,124 | |
| | | | | |
| NET INCOME (LOSS) | | $ | (5,845,579 | ) |
Case No. | 10-12302 PJW | |
| Reporting Period: March 1 through March 31, 2011 |
Capital Growth Systems, Inc.
Summary of All Units
For the Month Ending March 31, 2011
| | | Consolidated Total | |
| BALANCE SHEET | | | |
| | | | |
| Current Assets | | | |
| Cash | | $ | 2,054,996 | |
| Accounts Receivable, net | | $ | 3,869,822 | |
| Other Current Assets | | $ | 4,643,229 | |
| Total Current Assets | | $ | 10,568,047 | |
| | | | | |
| Fixed Assets, gross | | $ | 4,500,761 | |
| Accumulated Depreciation | | $ | (3,843,567 | ) |
| Fixed Assets, net | | $ | 657,194 | |
| | | | | |
| Other Assets | | | | |
| Other Assets | | $ | 185,788 | |
| Intangible Assets | | $ | 13,517,876 | |
| Goodwill | | $ | 1,479,649 | |
| | | | | |
| Total Assets | | $ | 26,408,554 | |
| | | | | |
| Current Liabilities | | | | |
| Current maturities of debt | | $ | 27,591,701 | |
| Post-Petition Accounts Payable | | $ | 4,874,266 | |
| Pre-Petition Accounts Payable | | $ | 13,072,191 | |
| Post-Petition Accrued Expenses | | $ | 1,697,299 | |
| Pre-Petition Accrued Expenses | | $ | 5,133,380 | |
| Deferred Revenue - Short Term | | $ | 3,335,180 | |
| Total Current Liabilities | | $ | 55,704,017 | |
| | | | | |
| Long-term Liabilities | | | | |
| Debt | | $ | 10,567,699 | |
| Taxes | | $ | 67,000 | |
| Total Long-term Liabilities | | $ | 10,634,699 | |
| | | | | |
| Total Liabilities | | $ | 66,338,716 | |
| | | | | |
| Shareholders' Equity | | | | |
| Common stock | | $ | 17,015 | |
| Additional Paid in Capital | | $ | 91,602,291 | |
| Retained Earnings, beginning of year | | $ | (125,089,332 | ) |
| Cumulative (gain) loss on currency translation | | $ | (614,557 | ) |
| Current Year Retained Earnings Inc/Loss | | $ | (5,845,579 | ) |
| | | | | |
| Total Equity | | $ | (39,930,162 | ) |
| | | | | |
| Total Liabilities and Shareholders' Equity | | $ | 26,408,554 | |
Case No. | 10-12302 PJW | |
| Reporting Period: March 1 through March 31, 2011 |
Capital Growth Systems, Inc.
Consolidated AP Aging Report (post-petition)
As of 3/31/2011
| | | Current | | | 1-30 | | | 31-60 | | | 61-90 | | | Over 90 | | | Total | |
| Total Accounts Payable | | $ | 31,981 | | | $ | 2,364,195 | | | $ | -55,949 | | | $ | 402,807 | | | $ | 2,095,119 | | | $ | 4,838,152 | |
Case No. | 10-12302 PJW | |
| Reporting Period: March 1 through March 31, 2011 |
Capital Growth Systems, Inc.
Consolidated AR Aging Report (Gross Receivables)
As of 3/31/2011
| | | Current | | | 1-30 Days | | | 31 - 60 Days | | | 61+ | | | Total | |
| Total Accounts Receivables | | $ | 2,111,899 | | | $ | 632,237 | | | $ | 108,773 | | | $ | 1,578,993 | | | $ | 4,431,902 | |
