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