8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  March 31, 2011

Capital Growth Systems, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Florida	0-30831	65-0953505
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

200 S. Wacker, Suite 1650, Chicago, Illinois 60606

(Address of Principal Executive Offices, Including Zip Code)

(312) 673-2400

 (Registrant's Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events.

Capital Growth Systems, Inc. has periodically filed its monthly reports with the U.S. Bankruptcy Court.  Attached as Exhibits to this Form 8-K  are unaudited financial statements for each of the months ended October 31, 2010, November 30, 2010, December 31, 2010 and January 31, 2011, containing the following monthly information that is contained in the monthly reports filed with the Court:

a.   Income Statement for the month in question;

b.  Year to Date Income Statement through the month in question;

c.   Balance Sheet as of the end of the month in question;

d.  Accounts Payable Aging as of the end of the month in question; and

e.  Accounts Receivable Aging as of the end of the month in question.

Item 9.01 Financial Statements and Exhibits.

99.1  Financial Statements for the month ended October 31, 2010 and Year to Date.

99.2  Financial Statements for the month ended November 30, 2010 and Year to Date.

99.3  Financial Statements for the month ended December 31, 2010 and Year to Date.

99.4  Financial Statements for the month ended January 31, 2011 and Year to Date.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:  March 31, 2011.

CAPITAL GROWTH SYSTEMS, INC.
By:	/s/ Dan Kardatzke
	Dan Kardatzke
	Chief Financial Officer

EX-99.1

Case No.  10-12302 PJW         

Reporting Period: October 1 through October 31, 2010

Capital Growth Systems, Inc.

Consolidating Statement of Operations

for the ten months ending October 31, 2010

	Consolidated Total
Revenues	$	47,068,708
Cost of revenues		34,910,123
Gross margin		12,158,584
Compensation		8,873,998
Travel and entertainment		1,010,108
Occupancy		1,319,064
Professional services		3,966,960
Insurance		231,687
Restructuring Expenses		3,650,408
Other		877,078
Selling, general, and administrative expenses		19,929,304
EBITDA		(8,316,291	)
Bad debt expense (recovery)		545,571
Depreciation		306,126
Amortization		1,962,530
Operating income (loss)		(11,130,518	)
Interest expense		17,071,007
(Gain) loss on warrants and derivatives		(46,173,477	)
(Gain) loss on extinguishment of debt		272,677
Income tax expense (benefit)		(20,359	)
Net income (loss)	$	18,265,205

Case No. 10-12302 PJW          

Reporting Period: October 1 through October 31, 2010

Capital Growth Systems, Inc.

Consolidating Statement of Operations

for the month of October 2010

	Consolidated Total
Revenues	$	4,637,110
Cost of revenues		3,425,142
Gross margin		1,211,968
Compensation		680,235
Travel and entertainment		85,017
Occupancy		81,655
Professional services		295,145
Insurance		15,528
Restructuring Expenses		540,039
Other		201,685
Selling, general, and administrative expenses		1,899,305
EBITDA		(742,337	)
Bad debt expense (recovery)		55,000
Depreciation		28,387
Amortization		196,253
Operating income (loss)		(1,021,978	)
Interest expense		1,450,360
(Gain) loss on warrants and derivatives
(Gain) loss on extinguishment of debt
Income tax expense (benefit)
Net income (loss)	$	(2,417,338	)

Case No. 10-12302 PJW          

Reporting Period: October 1 through October 31, 2010

Capital Growth Systems, Inc.

Summary of All Units

For the Eleven Months Ending October 31, 2010

	Consolidated Total
BALANCE SHEET
Current Assets
Cash	$	3,009,966
Accounts receivable, net		4,771,486
Other current assets		4,113,661
Intercompany accounts		141,647
Total Current Assets		12,036,760
Fixed assets, gross		3,807,698
Accumulated depreciation		(3,045,355	)
Fixed Assets, net		771,586
Other Assets
Other assets		316,357
Intangible assets		14,499,142
Goodwill		1,479,649
Total Assets	$	29,103,494
Current Liabilities
Current maturities of debt		21,284,219
Post-Petition Accounts Payable		3,128,097
Pre-Petition Accounts Payable		14,238,443
Post-Petition Accrued Expenses		4,498,922
Pre-Petition Accrued Expenses		4,176,117
Deferred revenue		3,856,122
Total Current Liabilities		51,181,919
Long-term Liabilities
Debt		9,523,333
Taxes		(2,770	)
Total Liabilities		33,691,280
Shareholders' Equity
Common stock		17,015
Additional paid-in capital		106,182,362
Retained earnings, beginning of year		(156,103,506	)
Cumulative gain (loss) on currency translation		(220,160	)
Year-to-date income (loss)		18,525,301
Shareholders' Equity		(22,078,426	)
Total Liabilities and Shareholders' Equity	$	29,103,493

Case No.  10-12302 PJW          

Reporting Period: October 1 through October 31, 2010

Capital Growth Systems, Inc.

Consolidated AP Aging Report (post-petition)

As of 10/31/2010

	Current		1-30		31-60		61-90		Total
Total Accounts Payable	$	1,155,061	$	1,133,151	$	127,629	$	648,303	$	3,129,948

Case No.  10-12302 PJW        

Reporting Period: October 1 through October 31, 2010

Global Capacity

Consolidated AR Aging Report (Gross Receivables)

As of 10/31/2010

	Current		1-30 Days		31 - 60 Days		61 + Days		Total
Total Accounts Receivables		1,368,731		1,365,333		106,091		2,475,685		5,315,840

EX-99.2

Case No.   10-12302 PJW        

Reporting Period: November 1 through November 30, 2010

Capital Growth Systems, Inc.

Consolidating Statement of Operations

for the eleven months ended November 2010

	Consolidated Total
INCOME STATEMENT
Revenues	$	51,604,653
Cost of Revenues	$	38,314,049
Gross Margin	$	13,290,605
OPERATING EXPENSES
Compensation	$	9,698,423
Travel and entertainment	$	1,066,637
Occupancy	$	2,064,294
Professional services	$	4,257,118
Insurance	$	244,986
Restructuring Expenses	$	3,962,365
Other	$	265,932
Selling, general, and administrative expenses	$	21,559,754
EBITDA	$	(8,838,469	)
Bad Debt Expense (Recovery)	$	569,319
Depreciation	$	334,514
Amortization	$	2,158,783
Operating Income (Loss)	$	(11,331,766	)
Interest Expense	$	18,495,727
(Gain)/Loss on Warrants & Derivatives	$	(46,173,477	)
(Gain)/Loss on Extinguishment of Debt	$	272,677
Income tax expense (benefit)	$	28,206
NET INCOME (LOSS)	$	16,045,101

Case No. 10-12302 PJW           

Reporting Period: November 1 through November 30, 2010

Capital Growth Systems, Inc.

Consolidating Statement of Operations

for the month of November 2010

	Consolidated Total
INCOME STATEMENT
Revenues	$	4,535,946
Cost of Revenues	$	3,402,763
Gross Margin	$	1,133,184
OPERATING EXPENSES
Compensation	$	789,278
Travel and entertainment	$	57,692
Occupancy	$	169,386
Professional services	$	(736,842	)
Insurance	$	15,528
Restructuring Expenses	$	1,771,569
Other	$	48,249
Selling, general, and administrative expenses	$	2,114,860
EBITDA	$	(1,006,676	)
Bad Debt Expense (Recovery)	$	25,000
Depreciation	$	28,387
Amortization	$	196,253
Operating Income (Loss)	$	(1,231,317	)
Interest Expense	$	1,423,847
NET INCOME (LOSS)	$	(2,655,164	)

Case No. 10-12302 PJW           

Reporting Period: November 1 through November 30, 2010

Capital Growth Systems, Inc.

Summary of All Units

For the Eleven Months Ending November 30, 2010

	Consolidated Total
BALANCE SHEET
Current Assets
Cash	$	1,733,283
Accounts Receivable, net	$	5,974,244
Other Current Assets	$	4,215,842
Intercompany Accounts	$	63,869
Total Current Assets	$	11,987,238
Fixed Assets, gross	$	3,827,013
Accumulated Depreciation	$	(3,075,111	)
Fixed Asstes, net	$	751,902
Other Assets
Other Assets	$	300,224
Intangible Assets	$	14,302,889
Goodwill	$	1,479,649
Total Assets	$	28,821,901
Current Liabilities
Current maturities of debt	$	22,546,471
Post-Petition Accounts Payable	$	4,628,712
Pre-Petition Accounts Payable	$	13,990,875
Post-Petition Accrued Expenses	$	4,585,373
Pre-Petition Accrued Expenses	$	4,021,095
Deferred Revenue - Short Term	$	3,483,508
Total Current Liabilities	$	53,256,034
Long-term Liabilities
Debt	$	9,632,457
Taxes	$	67,000
Total Long-term Liabilities	$	9,699,457
Total Liabilities	$	62,955,491
Shareholders' Equity
Common stock	$	17,015
Reserves	$	(57,136	)
Additional Paid in Capital	$	91,201,768
Retained Earnings, beginning of year	$	(140,794,186	)
Cumulative gain (loss) on currency translation	$	(546,134	)
Current Year Retained Earnings Inc/Loss	$	16,045,081
Total Equity	$	(34,133,591	)
Total Liabilities and Shareholders' Equity	$	28,821,901

Case No.  10-12302 PJW         

Reporting Period: November 1 through November 30, 2010

Capital Growth Systems, Inc.

Consolidated AP Aging Report (post-petition)

As of 11/30/2010

	Current		1-30		31-60		61-90		Over 90		Total
Total Accounts Payable	$	1,399,765	$	1,413,235	$	726,179	$	651,207	$	319,323	$	4,509,709

Case No.  10-12302 PJW            

Reporting Period: November 1 through November 30, 2010

Capital Growth Systems, Inc.

Consolidated AR Aging Report (Gross Receivables)

As of 11/30/2010

	Current		1-30 Days		31 - 60 Days		61 + Days		Total
Total Accounts Receivables	$	3,042,314	$	810,685	$	152,026	$	2,503,071	$	6,508,096

EX-99.3

Case No.                   10-12302 PJW              

Reporting Period: December 1 through December 31, 2010

 Capital Growth Systems, Inc.

Consolidating Statement of Operations

for the twelve months ended December 2010

	Consolidated Total
INCOME STATEMENT
Revenues	$	55,835,220
Cost of Revenues	$	41,548,515
Gross Margin	$	14,286,706
OPERATING EXPENSES
Compensation	$	10,506,530
Travel and entertainment	$	1,084,480
Occupancy	$	2,147,512
Professional services	$	3,417,578
Insurance	$	262,100
Restructuring Expenses	$	3,222,280
Other	$	214,041
Selling, general, and administrative expenses	$	20,854,521
EBITDA	$	(7,162,553	)
Bad Debt Expense (Recovery)	$	594,738
Depreciation	$	362,901
Amortization	$	2,355,382
Operating Income (Loss)	$	(10,475,574	)
Interest Expense	$	19,950,077
(Gain)/Loss on Warrants & Derivatives	$	(46,173,477	)
Income tax expense (benefit)	$	44,606
NET INCOME (LOSS)	$	16,297,957

Case No.                   10-12302 PJW              

Reporting Period: December 1 through December 31, 2010

Capital Growth Systems, Inc.

Consolidating Statement of Operations

for the month of December 2010

	Consolidated Total
INCOME STATEMENT
Revenues	$	4,323,863
Cost of Revenues	$	3,235,358
Gross Margin	$	1,088,505
OPERATING EXPENSES
Compensation	$	916,148
Travel and entertainment	$	54,385
Occupancy	$	135,397
Professional services	$	(618,021	)
Insurance	$	15,528
Restructuring Expenses	$	(740,085	)
Other	$	2,806
Selling, general, and administrative expenses	$	(233,843	)
EBITDA	$	1,322,349
Bad Debt Expense (Recovery)	$	25,000
Depreciation	$	28,387
Amortization	$	196,253
Operating Income (Loss)	$	1,072,708
Interest Expense	$	1,457,103
Income tax expense (benefit)	$	5,505
NET INCOME (LOSS)	$	(389,900	)

Case No.                   10-12302 PJW              

Reporting Period: December 1 through December 31, 2010

Capital Growth Systems, Inc.

Summary of All Units

For the Period Ending December 31, 2010

	Consolidated Total
BALANCE SHEET
Current Assets
Cash	$	1,900,232
Accounts Receivable, net	$	5,225,421
Other Current Assets	$	4,149,945
Total Current Assets	$	11,275,597
Fixed Assets, gross	$	3,826,970
Accumulated Depreciation	$	(3,103,499	)
Fixed Assets, net	$	723,471
Other Assets
Other Assets	$	234,089
Intangible Assets	$	14,106,635
Goodwill	$	1,479,649
Total Assets	$	27,819,442
Current Liabilities
Current maturities of debt	$	23,818,753
Post-Petition Accounts Payable	$	4,362,104
Pre-Petition Accounts Payable	$	14,029,755
Post-Petition Accrued Expenses	$	1,669,936
Pre-Petition Accrued Expenses	$	4,609,848
Deferred Revenue - Short Term	$	3,601,250
Total Current Liabilities	$	52,091,647
Long-term Liabilities
Debt	$	10,000,661
Taxes	$	67,000
Total Long-term Liabilities	$	10,067,661
Total Liabilities	$	62,159,307
Shareholders' Equity
Common stock	$	17,015
Reserves	$	(56,711	)
Additional Paid in Capital	$	91,347,291
Retained Earnings, beginning of year	$	(140,720,936	)
Cumulative (gain) loss on currency translation	$	(872,742	)
Current Year Retained Earnings Inc/Loss	$	15,946,217
Total Equity	$	(34,339,866	)
Total Liabilities and Shareholders' Equity	$	27,819,442

Case No.                   10-12302 PJW              

Reporting Period: December 1 through December 31, 2010

Capital Growth Systems, Inc.

Consolidated AP Aging Report (post-petition)

As of 12/31/2010

	Current		1-30		31-60		61-90		Over 90			Total
Total Accounts Payable	$	223,506	$	1,799,991	$	1,696,528	$	659,451	$	(17,371	)	$	4,362,105

Case No.                    10-12302 PJW              

Reporting Period: December 1 through December 31, 2010

Capital Growth Systems, Inc.

Consolidated AR Aging Report (Gross Receivables)

As of 12/31/2010

	Current		1-30 Days		31 - 60 Days		61 + Days		Total
Total Accounts Receivables	$	2,433,350	$	1,625,220	$	378,481	$	1,649,042	$	6,086,093

EX-99.4

Case No.                   10-12302 PJW              

Reporting Period: January 1 through January 31, 2011

Capital Growth Systems, Inc.

Consolidating Statement of Operations

for the month of January 2011

	Consolidated Total
INCOME STATEMENT
Revenues	$	4,307,611
Cost of Revenues	$	3,232,089
Gross Margin	$	1,075,522
OPERATING EXPENSES
Compensation	$	742,283
Travel and entertainment	$	89,199
Occupancy	$	71,726
Professional services	$	93,194
Insurance	$	66,329
Restructuring Expenses	$	250,390
Other	$	69,692
Selling, general, and administrative expenses	$	1,382,813
EBITDA	$	(307,291	)
Depreciation	$	31,433
Amortization	$	196,253
Operating Income (Loss)	$	(534,977	)
Interest Expense	$	1,431,753
Income tax expense (benefit)	$	1,664
NET INCOME (LOSS)	$	(1,968,394	)

Case No.                   10-12302 PJW              

Reporting Period: January 1 through January 31, 2011

Capital Growth Systems, Inc.

Summary of All Units

For the Month Ending January 31, 2011

	Consolidated Total
BALANCE SHEET
Current Assets
Cash	$	2,118,242
Accounts Receivable, net	$	5,029,224
Other Current Assets	$	4,177,454
Total Current Assets	$	11,324,920
Fixed Assets, gross	$	3,827,133
Accumulated Depreciation	$	(3,134,931	)
Fixed Assets, net	$	692,201
Other Assets
Other Assets	$	218,054
Intangible Assets	$	13,910,382
Goodwill	$	1,479,649
Total Assets	$	27,625,206
Current Liabilities
Current maturities of debt	$	25,094,426
Post-Petition Accounts Payable	$	5,585,272
Pre-Petition Accounts Payable	$	14,167,634
Post-Petition Accrued Expenses	$	(293,512	)
Pre-Petition Accrued Expenses	$	5,732,064
Deferred Revenue - Short Term	$	3,563,102
Total Current Liabilities	$	53,848,986
Long-term Liabilities
Debt	$	9,983,282
Taxes	$	67,000
Total Long-term Liabilities	$	10,050,282
Total Liabilities	$	63,899,268
Shareholders' Equity
Common stock	$	17,015
Reserves	$	152,166
Additional Paid in Capital	$	91,441,624
Retained Earnings, beginning of year	$	(125,396,633	)
Cumulative (gain) loss on currency translation	$	(465,777	)
Current Year Retained Earnings Inc/Loss	$	(2,022,456	)
Total Equity	$	(36,274,061	)
Total Liabilities and Shareholders' Equity	$	27,625,206

Case No.                   10-12302 PJW              

Reporting Period: January 1 through January 31, 2011

Capital Growth Systems, Inc.

Consolidated AP Aging Report (post-petition)

As of 1/31/2011

	Current		1-30		31-60		61-90		Over 90		Total
Total Accounts Payable	$	750,493	$	1,898,821	$	576,138	$	1,079,379	$	1,280,442	$	5,585,273

Case No.                   10-12302 PJW              

Reporting Period: January 1 through January 31, 2011

Capital Growth Systems, Inc.

Consolidated AR Aging Report (Gross Receivables)

As of 1/31/2011

	Current		1-30 Days		31 - 60 Days		61+		Total
Total Accounts Receivables	$	1,812,225	$	456,333	$	1,086,271	$	2,175,508	$	5,530,337