Case No. 10-12302 PJW
Reporting Period: July 1 through July 31, 2011
Capital Growth Systems, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
For the month ended July 31, 2011
(Unaudited)
For the month ended July 31, 2011 | ||||
REVENUES | $ | 0 | ||
COST OF REVENUES | 0 | |||
GROSS MARGIN | 0 | |||
OPERATING EXPENSES | ||||
Compensation | 20,000 | |||
Travel and entertainment | 5,557 | |||
Occupancy | 0 | |||
Professional services | 12,766 | |||
Insurance | 0 | |||
Bad Debt Expense | 0 | |||
Depreciation & Amortization | 0 | |||
Restructuring Expenses | 36,075 | |||
Other expense (Income) | $ | (19,195 | ) | |
TOTAL OPERATING EXPENSES | 55,203 | |||
OPERATING INCOME (LOSS) | (55,203 | ) | ||
Interest Expense (Income) | - | |||
(Gain) Loss on Sale of Assets and Assumption of Liabilities | - | |||
Income Tax Expense | 0 | |||
NET INCOME (LOSS) | $ | (55,203 | ) |
Case No.10-12302 PJW
Reporting Period: July 1 through July 31, 2011
Capital Growth Systems, Inc.and Subsidiaries
Condensed Consolidated Statements of Operations
For the seven-month period ended July 31, 2011
(Unaudited)
For the seven-month period ended July 31, 2011 | ||||
REVENUES | $ | 19,787,589 | ||
COST OF REVENUES | 14,744,883 | |||
GROSS MARGIN | 5,042,706 | |||
OPERATING EXPENSES | ||||
Compensation | 3,827,392 | |||
Travel and entertainment | 379,722 | |||
Occupancy | 787,017 | |||
Professional services | 417,572 | |||
Insurance | 133,335 | |||
Bad Debt Expense | 82,931 | |||
Depreciation & Amortization | 911,617 | |||
Restructuring Expenses | 1,294,863 | |||
Other Expense (Income) | $ | (264,139 | ) | |
TOTAL OPERATING EXPENSES | 7,570,310 | |||
OPERATING INCOME (LOSS) | (2,527,604 | ) | ||
Interest Expense | 6,468,809 | |||
(Gain) Loss on Sale of Assets and Assumption of Liabilities | (35,343,123 | ) | ||
Income Tax Expense | 90,454 | |||
NET INCOME (LOSS) | $ | 26,256,256 |
Case No.10-12302 PJW
Reporting Period: July 1 through July 31, 2011
Capital Growth Systems, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet
July 31, 2011
(Unaudited)
July 31, 2011 | ||||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash | $ | 1,606,103 | ||
Accounts Receivable, net | 0 | |||
Other Current Assets | 3,426,012 | |||
Total Current Assets | 5,032,115 | |||
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 | $ | 5,051,083 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||||
CURRENT LIABILITIES | ||||
Current maturities of long-term debt | $ | 0 | ||
Post-Petition Accounts Payable | 2,258,156 | |||
Pre-Petition Accounts Payable | 0 | |||
Post-Petition Accrued Expenses | 9,145,263 | |||
Pre-Petition Accrued Expenses | 1,266,084 | |||
Deferred Revenue | 0 | |||
Total Current Liabilities | 12,669,503 | |||
Long-term debt | 0 | |||
Taxes | 0 | |||
Total Liabilities | 12,669,503 | |||
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 | 26,256,256 | |||
Total Equity | (7,618,420 | ) | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ | 5,051,083 |
Case No. | 10-12302 PJW |
Reporting Period: July 1 through
July 31, 2011
Capital Growth Systems, Inc.
Consolidated AP Aging Report (post-petition)
As of 7/31/2011
Current | 31-60 | 61-90 | Over 90 | Total | ||||||||||||||||
Total Trade Accounts Payable | $ | 47,138 | $ | 0 | $ | 11,802 | $ | 2,199,216 | $ | 2,258,156 |
Case No. | 10-12302 PJW |
Reporting Period: July 1 through
July 31, 2011
Capital Growth Systems, Inc.
Consolidated AR Aging Report (Gross Receivables)
As of 7/31/2011
Current | 1-30 Days | 31 - 60 Days | 61+ | Total | ||||||||||||||||
Total Trade Accounts Receivables | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |