Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - IMAGENETIX INC /NV/ | v350060_8k.htm |
Exhibit 99.1
UNITED STATES DEPARTMENT OF JUSTICE OFFICE OF THE UNITED STATES TRUSTEE SOUTHERN DISTRICT OF CALIFORNIA |
| In Re: | CHAPTER 11 (BUSINESS) | |||
| IMAGENETIX, INC., | CASE NO. _____________ | 12-16423 MM11 | ||
| OPERATING REPORT NO. 6 | ||||
| Debtor(s). | FOR THE MONTH ENDING: | |||
| 5/31/2013 | ||||
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
| 1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 630,286.45 | ||||||
| 2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 540,230.07 | ||||||
| 3. BEGINNING BALANCE | $ | 90,056.38 | ||||||
| 4. RECEIPTS DURING CURRENT PERIOD: | ||||||||
| ACCOUNTS RECEIVABLE - PRE-FILING | $ | - | ||||||
| ACCOUNTS RECEIVABLE - POST-FILING | $ | 112,916.05 | ||||||
| GENERAL SALES | $ | - | ||||||
| OTHER (SPECIFY) | $ | - | ||||||
| OTHER ** (SPECIFY) _ADP refund | $ | 350.00 | ||||||
| TOTAL RECEIPTS THIS PERIOD: | $ | 113,266.05 | ||||||
| 5. BALANCE: | $ | 203,322.43 | ||||||
| 6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||||
| TRANSFERS TO OTHER DIP ACCOUNTS | $ | - | ||||||
| DISBURSEMENTS | $ | 118,565.13 | ||||||
| TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 118,565.13 | ||||||
| 7. ENDING BALANCE: | $ | 84,757.30 | ||||||
| 8. GENERAL ACCOUNT NUMBER ____xxxxxx8451__________________________ | ||||||||
| DEPOSITORY NAME AND LOCATION _California Bank & Trust, 16796 Bernardo Center Dr., |
| San Diego, CA 92128 |
| * | All receipts must be deposited into the general account. |
| ** | Include receipts from the sale of any real or personal property out of the ordinary course of business; attach an exhibit specifying what was sold, to whom, terms, and date of Court Order or Report of Sale. |
| *** | This amount should be the same as the total from page 2. |
IX. BALANCE SHEET
(ACCRUAL BASIS ONLY)
| Current Month End | ||||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Unrestricted Cash | $ | 85,057.30 | ||||||
| Restricted Cash | ||||||||
| Accounts Receivable | $ | 403,777.88 | ||||||
| Inventory | $ | 74,264.55 | ||||||
| Notes Receivable | ||||||||
| Prepaid Expenses | ||||||||
| Other (Itemize) | ||||||||
| Total Current Assets | $ | 563,099.73 | ||||||
| Property, Plant, and Equipment | $ | 254,873.45 | ||||||
| Accumulated Depreciation/Depletion | $ | (250,074.08 | ) | |||||
| Net Property, Plan, and Equipment | $ | 4,799.37 | ||||||
| Other Assets (Net of Amortization): | ||||||||
| Due from Insiders | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 58,063.90 | ||||||
| Total Other Assets | $ | 58,063.90 | ||||||
| TOTAL ASSETS | $ | 625,963.00 | ||||||
| LIABILITIES | ||||||||
| Post-Petition Liabilities: | ||||||||
| Accounts Payable | $ | 99,555.89 | ||||||
| Taxes Payable | ||||||||
| Notes Payable | ||||||||
| Professional Fees | $ | 187,002.84 | ||||||
| Secured Debt | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 57,716.62 | ||||||
| Total Post-Petition Liabilities | $ | 344,275.35 | ||||||
| Pre-Petition Liabilities: | ||||||||
| Secured Liabilities | $ | 4,366,134.23 | ||||||
| Priority Liabilities | $ | 1,895.00 | ||||||
| Unsecured Liabilities | $ | 949,628.01 | ||||||
| Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||||
| Total Pre-Petition Liabilities | $ | 5,338,696.84 | ||||||
| TOTAL LIABILITIES | $ | 5,682,972.19 | ||||||
| EQUITY: | ||||||||
| Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||||
| Post-Petition Profit/(Loss) | $ | 280,569.12 | ||||||
| Direct Charges to Equity | ||||||||
| TOTAL EQUITY | $ | (5,057 ,009.19 | ) | |||||
| TOTAL LIABILITIES & EQUITY | $ | 625,963.00 | ||||||
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
| Current Month | Cumulative Post-Petition | |||||||
| Sales/Revenue: | ||||||||
| Gross Sales/Revenue | $ | 187,702.00 | $ | 1,203,432.64 | ||||
| Less: Returns/Discounts | (_____________ | ) | (_____________ | ) | ||||
| Net Sales/Revenue | $ | 187,702.00 | $ | 1,203,432.64 | ||||
| Cost of Goods Sold: | ||||||||
| Beginning Inventory at cost | $ | 94,560.81 | $ | 22,488.00 | ||||
| Purchases | $ | 50,109.12 | $ | 264,842.33 | ||||
| Less: Ending Inventory at cost | $ | (74,264.55 | ) | $ | (74,264.55 | ) | ||
| Cost of Goods Sold (COGS) | $ | 70,405.38 | $ | 213,065.78 | ||||
| Gross Profit | $ | 117,296.62 | $ | 990,366.86 | ||||
| Other Operating Income (Itemize) | ||||||||
| Operating Expenses: | ||||||||
| Payroll - Insiders | $ | 43,980.00 | $ | 167,863.00 | ||||
| Payroll - Other Employees | $ | 21,953.88 | $ | 81,866.24 | ||||
| Payroll Taxes | $ | (3,191.50 | ) | $ | 20,229.80 | |||
| Other Taxes (Itemize) | ||||||||
| Depreciation and Amortization | $ | 1,436.39 | $ | 23,158.52 | ||||
| Rent Expense - Real Property | $ | 9,645.40 | $ | 48,227.00 | ||||
| Lease Expense - Personal Property | ||||||||
| Insurance | $ | 4,229.90 | $ | 32,756.06 | ||||
| Real Property Taxes | $ | 60.59 | $ | 1,378.97 | ||||
| Telephone and Utilities | $ | 1,892.62 | $ | 17,127.84 | ||||
| Repairs and Maintenance | ||||||||
| Travel and Entertainment (Itemize) business meals and parking | $ | 530.31 | $ | 3,453.05 | ||||
| Miscellaneous Operating Expenses (Itemize) see attached | $ | 3,637.23 | $ | 36,121.88 | ||||
| Total Operating Expenses | $ | (84,174.82 | ) | $ | (432,182.36 | ) | ||
| Net Gain/(Loss) from Operations | $ | 33,121.80 | $ | 558,184.50 | ||||
| Non-Operating Income: | ||||||||
| Interest Income | ||||||||
| Net Gain on Sale of Assets (Itemize) | ||||||||
| Other (Itemize) | $ | - | $ | 42,899.00 | ||||
| Total Non-Operating Income | $ | - | $ | 42,899.00 | ||||
| Non-Operating Expense: | ||||||||
| Interest Expense | $ | 4,626.12 | $ | 24,757.84 | ||||
| Legal and Professional (Itemize) | $ | 21,520.66 | $ | 295,756.54 | ||||
| Other (Itemize) | ||||||||
| Total Non-Operating Expenses | $ | (26,146.78 | ) | $ | (320,514.38 | ) | ||
| NET INCOME/(LOSS) | $ | 6,975.02 | $ | 280,569.12 | ||||