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