Case No. 10-12302 PJW
Reporting Period: June 1 through June 30, 2011
Capital Growth Systems, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
For the month ended June 30, 2011
(Unaudited)
For the month ended June 30, 2011 | ||||
REVENUES | $ | 0 | ||
COST OF REVENUES | 0 | |||
GROSS MARGIN | 0 | |||
OPERATING EXPENSES | ||||
Compensation | 20,000 | |||
Travel and entertainment | 2,931 | |||
Occupancy | 0 | |||
Professional services | 1,611 | |||
Insurance | 0 | |||
Bad Debt Expense | 0 | |||
Depreciation & Amortization | 0 | |||
Restructuring Expenses | 0 | |||
Other expense (Income) | $ | (176,542 | ) | |
TOTAL OPERATING EXPENSES | -152,000 | |||
OPERATING INCOME (LOSS) | 152,000 | |||
Interest Expense (Income) | (301 | ) | ||
(Gain) Loss on Sale of Assets and Assumption of Liabilities | 178,794 | |||
Income Tax Expense | 0 | |||
NET INCOME (LOSS) | $ | (26,493 | ) |
Case No.10-12302 PJW
Reporting Period: June 1 through June 30, 2011
Capital Growth Systems, Inc.and Subsidiaries
Condensed Consolidated Statements of Operations
For the six-month period ended June 30, 2011
(Unaudited)
For the six-month period ended June 30, 2011 | ||||
REVENUES | $ | 19,787,589 | ||
COST OF REVENUES | 14,744,883 | |||
GROSS MARGIN | 5,042,706 | |||
OPERATING EXPENSES | ||||
Compensation | 3,807,392 | |||
Travel and entertainment | 374,165 | |||
Occupancy | 787,017 | |||
Professional services | 404,806 | |||
Insurance | 133,335 | |||
Bad Debt Expense | 82,931 | |||
Depreciation & Amortization | 911,617 | |||
Restructuring Expenses | 1,258,788 | |||
Other Expense (Income) | -244,944 | |||
TOTAL OPERATING EXPENSES | 7,515,107 | |||
OPERATING INCOME (LOSS) | (2,472,401 | ) | ||
Interest Expense | 6,468,809 | |||
(Gain) Loss on Sale of Assets and Assumption of Liabilities | (35,343,123 | ) | ||
Income Tax Expense | 90,453 | |||
NET INCOME (LOSS) | $ | 26,311,460 |
Case No.10-12302 PJW
Reporting Period: June 1 through June 30, 2011
Capital Growth Systems, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet
June 30, 2011
(Unaudited)
June 30, 2011 | ||||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash | $ | 1,620,450 | ||
Accounts Receivable, net | 0 | |||
Other Current Assets | 3,426,620 | |||
Total Current Assets | 5,047,070 | |||
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 | $ | 5,066,038 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||||
CURRENT LIABILITIES | ||||
Current maturities of long-term debt | $ | 0 | ||
Post-Petition Accounts Payable | 2,210,010 | |||
Pre-Petition Accounts Payable | 0 | |||
Post-Petition Accrued Expenses | 9,153,160 | |||
Pre-Petition Accrued Expenses | 1,266,084 | |||
Deferred Revenue | 0 | |||
Total Current Liabilities | 12,629,254 | |||
Long-term debt | 0 | |||
Taxes | 0 | |||
Total Liabilities | 12,629,254 | |||
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 | 26,311,460 | |||
Total Equity | (7,563,216 | ) | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ | 5,066,038 |
Case No. | 10-12302 PJW |
Reporting Period: June 1 through
June 30, 2011
Capital Growth Systems, Inc.
Consolidated AP Aging Report (post-petition)
As of 6/30/2011
Current | 31-60 | 61-90 | Over 90 | Total | ||||||||||||||||
Total Trade Accounts Payable | $ | 0 | $ | 11,802 | $ | 36,393 | $ | 2,161,815 | $ | 2,210,010 |
Case No. | 10-12302 PJW |
Reporting Period: June 1 through
June 30, 2011
Capital Growth Systems, Inc.
Consolidated AR Aging Report (Gross Receivables)
As of 6/30/2011
Current | 1-30 Days | 31 - 60 Days | 61+ | Total | ||||||||||||||||
Total Trade Accounts Receivables | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |