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 |