Attached files
| file | filename |
|---|---|
| 8-K - CAPITAL GROWTH SYSTEMS INC /FL/ | v229518_8k.htm |
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Case No. 10-12302 PJW
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Reporting Period: April 1 through April 30, 2011
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Capital Growth Systems, Inc. and Subsidiaries
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Condensed Consolidated Statements of Operations
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For the month ended April 30, 2011
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(Unaudited)
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For the month ended
April 30, 2011
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REVENUES
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$ | 4,449,855 | ||
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COST OF REVENUES
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3,319,046 | |||
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GROSS MARGIN
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1,130,809 | |||
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OPERATING EXPENSES
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||||
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Compensation
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800,489 | |||
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Travel and entertainment
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102,989 | |||
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Occupancy
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308,352 | |||
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Professional services
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102,939 | |||
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Insurance
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16,631 | |||
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Bad Debt Expense
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15,000 | |||
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Depreciation & Amortization
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209,486 | |||
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Restructuring Expenses
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273,465 | |||
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Other
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93,524 | |||
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TOTAL OPERATING EXPENSES
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1,922,875 | |||
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OPERATING INCOME (LOSS)
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(792,066 | ) | ||
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Interest Expense
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1,486,570 | |||
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NET INCOME (LOSS)
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$ | (2,278,636 | ) | |
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Case No.10-12302 PJW
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Reporting Period: April 1 through April 30, 2011
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Capital Growth Systems, Inc.and Subsidiaries
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Condensed Consolidated Statements of Operations
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For the four-month period ended April 30, 2011
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(Unaudited)
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For the four-month period
ended April 30, 2011
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REVENUES
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$ | 17,573,185 | ||
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COST OF REVENUES
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13,126,716 | |||
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GROSS MARGIN
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4,446,469 | |||
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OPERATING EXPENSES
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||||
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Compensation
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3,341,960 | |||
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Travel and entertainment
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400,010 | |||
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Occupancy
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539,964 | |||
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Professional services
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376,742 | |||
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Insurance
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116,382 | |||
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Bad Debt Expense (Recovery)
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30,000 | |||
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Depreciation & Amortization
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885,310 | |||
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Restructuring Expenses
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1,176,607 | |||
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Other
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66,842 | |||
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TOTAL OPERATING EXPENSES
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6,933,817 | |||
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OPERATING INCOME (LOSS)
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(2,487,348 | ) | ||
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Interest Expense
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5,636,870 | |||
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NET INCOME (LOSS)
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$ | (8,124,218 | ) | |
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Case No.10-12302 PJW
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Reporting Period: April 1 through April 30, 2011
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Capital Growth Systems, Inc. and Subsidiaries
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Condensed Consolidated Balance Sheet
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April 30, 2011
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(Unaudited)
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April 30, 2011
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ASSETS
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CURRENT ASSETS
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Cash
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$ | 1,260,789 | ||
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Accounts Receivable, net
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4,174,966 | |||
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Other Current Assets
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4,487,299 | |||
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Total Current Assets
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9,923,054 | |||
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Fixed Assets, gross
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3,354,209 | |||
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Accumulated Depreciation
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(2,756,917 | ) | ||
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Fixed Assets, net
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597,292 | |||
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Other Assets
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169,687 | |||
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Intangible Assets
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13,321,622 | |||
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Goodwill
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1,479,649 | |||
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TOTAL ASSETS
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$ | 25,491,304 | ||
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LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
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CURRENT LIABILITIES
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Current maturities of long-term debt
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$ | 28,865,805 | ||
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Post-Petition Accounts Payable
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4,330,976 | |||
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Pre-Petition Accounts Payable
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12,989,406 | |||
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Post-Petition Accrued Expenses
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2,199,956 | |||
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Pre-Petition Accrued Expenses
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5,111,263 | |||
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Deferred Revenue
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3,271,169 | |||
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Total Current Liabilities
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56,768,575 | |||
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Long-term debt
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10,781,515 | |||
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Taxes
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67,000 | |||
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Total Liabilities
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67,617,090 | |||
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SHAREHOLDERS' EQUITY (DEFICIT)
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Common stock
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17,015 | |||
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Additional Paid in Capital
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91,687,291 | |||
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Retained Earnings, beginning of year
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(125,089,332 | ) | ||
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Cumulative (gain) loss on currency translation
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(616,542 | ) | ||
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Current Year Retained Earnings Inc/Loss
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(8,124,218 | ) | ||
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Total Equity
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(42,125,786 | ) | ||
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
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$ | 25,491,304 | ||
Case No. 10-12302 PJW
Reporting Period: April 1 through April 30, 2011
Capital Growth Systems, Inc.
Consolidated AP Aging Report (post-petition)
As of 4/30/2011
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Current
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Current
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31-60
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61-90
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Over 90
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Total
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Total Trade Accounts Payable
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19,851
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$
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1,350,863
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$
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485,412
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$
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-141,635
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$
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2,616,485
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$
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4,330,976
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Case No. 10-12302 PJW
Reporting Period: April 1 through April 30, 2011
Capital Growth Systems, Inc.
Consolidated AR Aging Report (Gross Receivables)
As of 4/30/2011
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Current
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1-30 Days
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31 - 60 Days
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61+
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Total
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Total Trade Accounts Receivables
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$
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1,717,652
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$
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1,015,871
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$
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260,295
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$
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1,075,995
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$
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4,069,813
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