Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - IMAGENETIX INC /NV/ | v364527_8k.htm |
Exhibit 99.1
| UNITED STATES DEPARTMENT OF JUSTICE |
| OFFICE OF THE UNITED STATED TRUSTEE |
| SOUTHERN DISTRICT OF CALIFORNIA |
| In Re: | CHAPTER 11 (BUSINESS) | |
| IMAGENETIX, INC., | CASE NO. 12-16423 MM11 | |
| OPERATING REPORT NO. 11 | ||
| Debtor(s). | FOR THE MONTH ENDING: | |
| 10/31/2013 |
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
| 1. | TOTAL RECEIPTS PER ALL PRIOR GE NERAL ACCOUNT REPORTS | $ | 1,279,050.83 | ||||||
| 2. | LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 1,154,621.47 | ||||||
| 3. | BEGINNING BALANCE | $ | 124,429.36 | ||||||
| 4. | RECEIPTS DURING CURRENT PERIOD: | ||||||||
| ACCOUNTS RECEIVABLE - PRE-FILING | $ | - | |||||||
| ACCOUNTS RECEIVABLE - POST-FILING | $ | 22,720.00 | |||||||
| GENERAL SALES | $ | - | |||||||
| OTHER (SPECIFY) Customer deposits on future sales | $ | 35,200.00 | |||||||
| OTHER ** (SPECIFY) Rental sublet | $ | 200.00 | |||||||
| TOTAL RECEIPTS THIS PERIOD: | $ | 58,120.00 | |||||||
| 5. | BALANCE: | $ | 182,549.36 | ||||||
| 6. | LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||||
| TRANSFERS TO OTHER DIP ACCOUNTS | $ | - | |||||||
| DISBURSEMENTS | $ | 176,388.73 | |||||||
| TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 176,388.73 | |||||||
| 7. | ENDING BALANCE: | $ | 6,160.63 | ||||||
| 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 | $ | 6,460.63 | ||||||
| Restricted Cash | ||||||||
| Accounts Receivable | $ | 437,882.18 | ||||||
| Inventory | $ | 74,717.30 | ||||||
| Notes Receivable | ||||||||
| Prepaid Expenses | ||||||||
| Other (Itemize) | ||||||||
| Total Current Assets | $ | 519,060.11 | ||||||
| Property, Plant, and Equipment | $ | 254,873.45 | ||||||
| Accumulated Depreciation/Depletion | $ | (252,251.04 | ) | |||||
| Net Property, Plan, and Equipment | $ | 2,622.41 | ||||||
| Other Assets (Net of Amortization): | ||||||||
| Due from Insiders | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 53,058.90 | ||||||
| Total Other Assets | $ | 53,058.90 | ||||||
| TOTAL ASSETS | $ | 574,741.42 | ||||||
| LIABILITIES | ||||||||
| Post-Petition Liabilities: | ||||||||
| Accounts Payable | $ | 95,381.82 | ||||||
| Taxes Payable | ||||||||
| Notes Payable | ||||||||
| Professional Fees | $ | 208,938.45 | ||||||
| Secured Debt | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 104,803.42 | ||||||
| Total Post-Petition Liabilities | $ | 409,123.69 | ||||||
| Pre-Petition Liabilities: | ||||||||
| Secured Liabilities | $ | 4,051,134.23 | ||||||
| Priority Liabilities | $ | 1,895.00 | ||||||
| Unsecured Liabilities | $ | 949,628.01 | ||||||
| Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||||
| Total Pre-Petition Liabilities | $ | 5,023,696.84 | ||||||
| TOTAL LIABILITIES | $ | 5,432,820.53 | ||||||
| EQUITY: | ||||||||
| Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||||
| Post-Petition Profit/(Loss) | $ | 479,499.20 | ||||||
| Direct Charges to Equity | ||||||||
| TOTAL EQUITY | $ | (4,858,079.11 | ) | |||||
| TOTAL LIABILITIES & EQUITY | $ | 574,741.42 | ||||||
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
| Current Month | Cumulative Post-Petition | |||||||
| Sales/Revenue: | ||||||||
| Gross Sales/Revenue | $ | 185,359.70 | $ | 2,208,532.66 | ||||
| Less: Returns/Discounts | ( | ) | ( | ) | ||||
| Net Sales/Revenue | $ | 185,359.70 | $ | 2,208,532.66 | ||||
| Cost of Goods Sold: | ||||||||
| Beginning Inventory at cost | $ | 82,976.88 | $ | 22,488.00 | ||||
| Purchases | $ | 58,686.14 | $ | 487,965.77 | ||||
| Less: Ending Inventory at cost | $ | (74,717.30 | ) | $ | (74,717.30 | ) | ||
| Cost of Goods Sold (COGS) | $ | 66,945.72 | $ | 435,736.47 | ||||
| Gross Profit | $ | 118,413.98 | $ | 1,772,796.19 | ||||
| Other Operating Income (Itemize) | ||||||||
| Operating Expenses: | ||||||||
| Payroll - Insiders | $ | 43,981.80 | $ | 332,644.39 | ||||
| Payroll - Other Employees | $ | 11,409.51 | $ | 151,819.43 | ||||
| Payroll Taxes | $ | 3,129.91 | $ | 36,514.58 | ||||
| Other Taxes (Itemize) | ||||||||
| Depreciation and Amortization | $ | 1,436.37 | $ | 30,340.48 | ||||
| Rent Expense - Real Property | $ | 9,445.40 | $ | 96,254.00 | ||||
| Lease Expense - Personal Property | ||||||||
| Insurance | $ | 5,553.39 | $ | 50,616.95 | ||||
| Real Property Taxes | $ | - | $ | 2,178.97 | ||||
| Telephone and Utilities | $ | 3,541.73 | $ | 33,395.31 | ||||
| Repairs and Maintenance | ||||||||
| Travel and Entertainment (Itemize) business meals and parking | $ | 402.79 | $ | 5,647.81 | ||||
| Miscellaneous Operating Expenses (Itemize) see attached | $ | 20,274.69 | $ | 105,097.16 | ||||
| Total Operating Expenses | $ | (99,175.59 | ) | $ | (844,509.08 | ) | ||
| Net Gain/(Loss) from Operations | $ | 19,238.39 | $ | 928,287.11 | ||||
| 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 | $ | 47,589.94 | ||||
| Legal and Professional (Itemize) | $ | 18,798.05 | $ | 444,096.97 | ||||
| Other (Itemize) | ||||||||
| Total Non-Operating Expenses | $ | (23,424.16 | ) | $ | (491,686.91 | ) | ||
| NET INCOME/(LOSS) | $ | (4,185.77 | ) | $ | 479,499.20 | |||
(Attach exhibit listing all itemizations required above)