Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - IMAGENETIX INC /NV/ | v355425_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. 8 | ||||
| Debtor(s). | FOR THE MONTH ENDING: | |||
| 7/31/2013 | ||||
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
| 1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 962,822.62 | ||||||
| 2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 811,330.73 | ||||||
| 3. BEGINNING BALANCE | $ | 151,491.89 | ||||||
| 4. RECEIPTS DURING CURRENT PERIOD: | ||||||||
| ACCOUNTS RECEIVABLE - PRE-FILING | $ | - | ||||||
| ACCOUNTS RECEIVABLE - POST-FILING | $ | 69,372.00 | ||||||
| GENERAL SALES | $ | - | ||||||
| OTHER (SPECIFY) _Customer deposits on future sales_ | $ | 15,000.00 | ||||||
| OTHER ** (SPECIFY) ________________ | $ | - | ||||||
| TOTAL RECEIPTS THIS PERIOD: | $ | 84,372.00 | ||||||
| 5. BALANCE: | $ | 235,863.89 | ||||||
| 6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||||
| TRANSFERS TO OTHER DIP ACCOUNTS | $ | - | ||||||
| DISBURSEMENTS | $ | 133,368.63 | ||||||
| TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 133,368.63 | ||||||
| 7. ENDING BALANCE: | $ | 102,495.26 | ||||||
| 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 | $ | 102,795.26 | ||||||
| Restricted Cash | ||||||||
| Accounts Receivable | $ | 408,748.23 | ||||||
| Inventory | $ | 57,338.26 | ||||||
| Notes Receivable | ||||||||
| Prepaid Expenses | ||||||||
| Other (Itemize) | ||||||||
| Total Current Assets | $ | 568,881.75 | ||||||
| Property, Plant, and Equipment | $ | 254,873.45 | ||||||
| Accumulated Depreciation/Depletion | $ | (250,944.87 | ) | |||||
| Net Property, Plan, and Equipment | $ | 3,928.58 | ||||||
| Other Assets (Net of Amortization): | ||||||||
| Due from Insiders | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 56,061.90 | ||||||
| Total Other Assets | $ | 56,061.90 | ||||||
| TOTAL ASSETS | $ | 628,872.23 | ||||||
| LIABILITIES | ||||||||
| Post-Petition Liabilities: | ||||||||
| Accounts Payable | $ | 95,050.82 | ||||||
| Taxes Payable | ||||||||
| Notes Payable | ||||||||
| Professional Fees | $ | 112,347.54 | ||||||
| Secured Debt | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 109,551.49 | ||||||
| Total Post-Petition Liabilities | $ | 316,949.85 | ||||||
| Pre-Petition Liabilities: | ||||||||
| Secured Liabilities | $ | 4,240,134.23 | ||||||
| Priority Liabilities | $ | 1,895.00 | ||||||
| Unsecured Liabilities | $ | 949,628.01 | ||||||
| Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||||
| Total Pre-Petition Liabilities | $ | 5,212,696.84 | ||||||
| TOTAL LIABILITIES | $ | 5,529,646.69 | ||||||
| EQUITY: | ||||||||
| Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||||
| Post-Petition Profit/(Loss) | $ | 436,803.85 | ||||||
| Direct Charges to Equity | ||||||||
| TOTAL EQUITY | $ | (4,900,774.46 | ) | |||||
| TOTAL LIABILITIES & EQUITY | $ | 628,872.23 | ||||||
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
| Current Month | Cumulative Post-Petition | |||||||
| Sales/Revenue: | ||||||||
| Gross Sales/Revenue | $ | 101,800.85 | $ | 1,628,785.11 | ||||
| Less: Returns/Discounts | (_____________ | ) | (_____________ | ) | ||||
| Net Sales/Revenue | $ | 101,800.85 | $ | 1,628,785.11 | ||||
| Cost of Goods Sold: | ||||||||
| Beginning Inventory at cost | $ | 65,196.96 | $ | 22,488.00 | ||||
| Purchases | $ | 17,226.89 | $ | 305,427.60 | ||||
| Less: Ending Inventory at cost | $ | (57,388.26 | ) | $ | (57,338.26 | ) | ||
| Cost of Goods Sold (COGS) | $ | 25,035.59 | $ | 270,577.34 | ||||
| Gross Profit | $ | 76,765.26 | $ | 1,358,207.77 | ||||
| Other Operating Income (Itemize) | ||||||||
| Operating Expenses: | ||||||||
| Payroll - Insiders | $ | 29,321.20 | $ | 226,505.40 | ||||
| Payroll - Other Employees | $ | 14,635.92 | $ | 111,138.08 | ||||
| Payroll Taxes | $ | 3,680.18 | $ | 27,215.06 | ||||
| Other Taxes (Itemize) | ||||||||
| Depreciation and Amortization | $ | 1,436.40 | $ | 26,031.31 | ||||
| Rent Expense - Real Property | $ | 9,645.40 | $ | 67,517.80 | ||||
| Lease Expense - Personal Property | ||||||||
| Insurance | $ | 4,204.44 | $ | 42,979.47 | ||||
| Real Property Taxes | $ | - | $ | 2,178.97 | ||||
| Telephone and Utilities | $ | 3,838.66 | $ | 26,190.51 | ||||
| Repairs and Maintenance | ||||||||
| Travel and Entertainment (Itemize) business meals and parking | $ | 427.02 | $ | 4,221.31 | ||||
| Miscellaneous Operating Expenses (Itemize) see attached | $ | 10,385.34 | $ | 55,838.12 | ||||
| Total Operating Expenses | $ | (77,574.56 | ) | $ | (589,816.03 | ) | ||
| Net Gain/(Loss) from Operations | $ | (809.30 | ) | $ | 768,391.74 | |||
| 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 | $ | 4,626.11 | $ | 33,860.83 | ||||
| Legal and Professional (Itemize) | $ | 26,318.17 | $ | 340,626.06 | ||||
| Other (Itemize) | ||||||||
| Total Non-Operating Expenses | $ | (30,944.28 | ) | $ | (374,486.89 | ) | ||
| NET INCOME/(LOSS) | $ | (31,753.58 | ) | $ | 436,803.85 | |||