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 | ||
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 | ||
| 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 |
| 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 |
| Current | 1-30 Days | 31 - 60 Days | 61+ | Total | ||||||||||||||||
| Total Trade Accounts Receivables | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
