Case No. 10-12302 PJW
Reporting Period: August 1 through August 31, 2011
Capital Growth Systems, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
For the month ended August 31, 2011
(Unaudited)
For the month ended August 31, 2011 | ||||
REVENUES | $ | 0 | ||
COST OF REVENUES | 0 | |||
GROSS MARGIN | 0 | |||
OPERATING EXPENSES | ||||
Compensation | 20,000 | |||
Travel and entertainment | 2,088 | |||
Occupancy | 0 | |||
Professional services | 16,618 | |||
Insurance | 295,562 | |||
Bad Debt Expense | 0 | |||
Depreciation & Amortization | 0 | |||
Restructuring Expenses | 0 | |||
Other expense (Income) | $ | 186,951 | ||
TOTAL OPERATING EXPENSES | 521,219 | |||
OPERATING INCOME (LOSS) | (521,219 | ) | ||
Interest Expense (Income) | - | |||
(Gain) Loss on Sale and Abandonment of Assets and Liabilities | (37,337,950 | ) | ||
Income Tax Expense | 0 | |||
NET INCOME (LOSS) | $ | 36,816,731 |
Case No.10-12302 PJW
Reporting Period: August 1 through August 31, 2011
Capital Growth Systems, Inc.and Subsidiaries
Condensed Consolidated Statements of Operations
For the eight-month period ended August 31, 2011
(Unaudited)
For the eight-month period ended August 31, 2011 | ||||
REVENUES | $ | 19,787,589 | ||
COST OF REVENUES | 14,744,883 | |||
GROSS MARGIN | 5,042,706 | |||
OPERATING EXPENSES | ||||
Compensation | 3,847,392 | |||
Travel and entertainment | 381,810 | |||
Occupancy | 787,017 | |||
Professional services | 434,190 | |||
Insurance | 428,897 | |||
Bad Debt Expense | 82,931 | |||
Depreciation & Amortization | 911,617 | |||
Restructuring Expenses | 1,294,863 | |||
Other Expense (Income) | $ | (77,188 | ) | |
TOTAL OPERATING EXPENSES | 8,091,529 | |||
OPERATING INCOME (LOSS) | (3,048,823 | ) | ||
Interest Expense | 6,468,809 | |||
(Gain) Loss on Sale and Abandonment of Assets and Liabilities | (72,681,072 | ) | ||
Income Tax Expense | 90,454 | |||
NET INCOME (LOSS) | $ | 63,072,986 |
Case No.10-12302 PJW
Reporting Period: August 1 through August 31, 2011
Capital Growth Systems, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet
August 31, 2011
(Unaudited)
August 31, 2011 | ||||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash | $ | 1,375,521 | ||
Accounts Receivable, net | 0 | |||
Other Current Assets | 0 | |||
Total Current Assets | 1,375,521 | |||
Fixed Assets, gross | 0 | |||
Accumulated Depreciation | - | |||
Fixed Assets, net | 0 | |||
Other Assets | 0 | |||
Intangible Assets | 0 | |||
Goodwill | 0 | |||
TOTAL ASSETS | $ | 1,375,521 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||||
CURRENT LIABILITIES | ||||
Current maturities of long-term debt | $ | 0 | ||
Post-Petition Accounts Payable | 1,339,081 | |||
Pre-Petition Accounts Payable | 0 | |||
Post-Petition Accrued Expenses | 58,601 | |||
Pre-Petition Accrued Expenses | 0 | |||
Deferred Revenue | 0 | |||
Total Current Liabilities | 1,397,682 | |||
Long-term debt | 0 | |||
Taxes | 0 | |||
Total Liabilities | 1,397,682 | |||
SHAREHOLDERS' EQUITY (DEFICIT) | ||||
Common stock | 17,015 | |||
Additional Paid in Capital | 62,636,508 | |||
Retained Earnings, beginning of year | (125,359,811 | ) | ||
Cumulative (gain) loss on currency translation | (388,859 | ) | ||
Current Year Retained Earnings Inc/Loss | 63,072,986 | |||
Total Equity | (22,161 | ) | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ | 1,375,521 |
Case No. | 10-12302 PJW |
Reporting Period: August 1
through August 31, 2011
Capital Growth Systems, Inc.
Consolidated AP Aging Report (post-petition)
As of 8/31/2011
Current | 31-60 | 61-90 | Over 90 | Total | ||||||||||||||||
Total Trade Accounts Payable | $ | 0 | $ | 0 | $ | 0 | $ | 1,339,079 | $ | 1,339,079 |
Case No. | 10-12302 PJW |
Reporting Period: August 1 through August 31, 2011
Capital Growth Systems, Inc.
Consolidated AR Aging Report (Gross Receivables)
As of 8/31/2011
Current | 1-30 Days | 31 - 60 Days | 61+ | Total | ||||||||||||||||
Total Trade Accounts Receivables | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |