Case No. 10-12302 PJW |
Reporting Period: April 1 through April 30, 2011 |
Capital Growth Systems, Inc. and Subsidiaries |
Condensed Consolidated Statements of Operations |
For the month ended April 30, 2011 |
(Unaudited) |
For the month ended April 30, 2011 | ||||
REVENUES | $ | 4,449,855 | ||
COST OF REVENUES | 3,319,046 | |||
GROSS MARGIN | 1,130,809 | |||
OPERATING EXPENSES | ||||
Compensation | 800,489 | |||
Travel and entertainment | 102,989 | |||
Occupancy | 308,352 | |||
Professional services | 102,939 | |||
Insurance | 16,631 | |||
Bad Debt Expense | 15,000 | |||
Depreciation & Amortization | 209,486 | |||
Restructuring Expenses | 273,465 | |||
Other | 93,524 | |||
TOTAL OPERATING EXPENSES | 1,922,875 | |||
OPERATING INCOME (LOSS) | (792,066 | ) | ||
Interest Expense | 1,486,570 | |||
NET INCOME (LOSS) | $ | (2,278,636 | ) |
Case No.10-12302 PJW |
Reporting Period: April 1 through April 30, 2011 |
Capital Growth Systems, Inc.and Subsidiaries |
Condensed Consolidated Statements of Operations |
For the four-month period ended April 30, 2011 |
(Unaudited) |
For the four-month period ended April 30, 2011 | ||||
REVENUES | $ | 17,573,185 | ||
COST OF REVENUES | 13,126,716 | |||
GROSS MARGIN | 4,446,469 | |||
OPERATING EXPENSES | ||||
Compensation | 3,341,960 | |||
Travel and entertainment | 400,010 | |||
Occupancy | 539,964 | |||
Professional services | 376,742 | |||
Insurance | 116,382 | |||
Bad Debt Expense (Recovery) | 30,000 | |||
Depreciation & Amortization | 885,310 | |||
Restructuring Expenses | 1,176,607 | |||
Other | 66,842 | |||
TOTAL OPERATING EXPENSES | 6,933,817 | |||
OPERATING INCOME (LOSS) | (2,487,348 | ) | ||
Interest Expense | 5,636,870 | |||
NET INCOME (LOSS) | $ | (8,124,218 | ) |
Case No.10-12302 PJW |
Reporting Period: April 1 through April 30, 2011 |
Capital Growth Systems, Inc. and Subsidiaries |
Condensed Consolidated Balance Sheet |
April 30, 2011 |
(Unaudited) |
April 30, 2011 | ||||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash | $ | 1,260,789 | ||
Accounts Receivable, net | 4,174,966 | |||
Other Current Assets | 4,487,299 | |||
Total Current Assets | 9,923,054 | |||
Fixed Assets, gross | 3,354,209 | |||
Accumulated Depreciation | (2,756,917 | ) | ||
Fixed Assets, net | 597,292 | |||
Other Assets | 169,687 | |||
Intangible Assets | 13,321,622 | |||
Goodwill | 1,479,649 | |||
TOTAL ASSETS | $ | 25,491,304 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||||
CURRENT LIABILITIES | ||||
Current maturities of long-term debt | $ | 28,865,805 | ||
Post-Petition Accounts Payable | 4,330,976 | |||
Pre-Petition Accounts Payable | 12,989,406 | |||
Post-Petition Accrued Expenses | 2,199,956 | |||
Pre-Petition Accrued Expenses | 5,111,263 | |||
Deferred Revenue | 3,271,169 | |||
Total Current Liabilities | 56,768,575 | |||
Long-term debt | 10,781,515 | |||
Taxes | 67,000 | |||
Total Liabilities | 67,617,090 | |||
SHAREHOLDERS' EQUITY (DEFICIT) | ||||
Common stock | 17,015 | |||
Additional Paid in Capital | 91,687,291 | |||
Retained Earnings, beginning of year | (125,089,332 | ) | ||
Cumulative (gain) loss on currency translation | (616,542 | ) | ||
Current Year Retained Earnings Inc/Loss | (8,124,218 | ) | ||
Total Equity | (42,125,786 | ) | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ | 25,491,304 |
Case No. 10-12302 PJW
Reporting Period: April 1 through April 30, 2011
Capital Growth Systems, Inc.
Consolidated AP Aging Report (post-petition)
As of 4/30/2011
Current | Current | 31-60 | 61-90 | Over 90 | Total | |||||||||||||||
Total Trade Accounts Payable | 19,851 | $ | 1,350,863 | $ | 485,412 | $ | -141,635 | $ | 2,616,485 | $ | 4,330,976 |
Case No. 10-12302 PJW
Reporting Period: April 1 through April 30, 2011
Capital Growth Systems, Inc.
Consolidated AR Aging Report (Gross Receivables)
As of 4/30/2011
Current | 1-30 Days | 31 - 60 Days | 61+ | Total | |||||||||||||
Total Trade Accounts Receivables | $ | 1,717,652 | $ | 1,015,871 | $ | 260,295 | $ | 1,075,995 | $ | 4,069,813 |