Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - IMAGENETIX INC /NV/ | v365706_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. 12 | |
| Debtor(s). | FOR THE MONTH ENDING: |
| 11/30/2013 |
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
| 1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 1,337,170.83 | ||||||
| 2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 1,331,010.20 | ||||||
| 3. BEGINNING BALANCE | $ | 6,160.63 | ||||||
| 4. RECEIPTS DURING CURRENT PERIOD: | ||||||||
| ACCOUNTS RECEIVABLE - PRE-FILING | $ | - | ||||||
| ACCOUNTS RECEIVABLE - POST-FILING | $ | 79,505.76 | ||||||
| GENERAL SALES | $ | - | ||||||
| OTHER (SPECIFY) _Customer deposits on future sales | $ | 50,700.00 | ||||||
| OTHER ** (SPECIFY) Rental sublet | $ | - | ||||||
| TOTAL RECEIPTS THIS PERIOD: | $ | 130,205.76 | ||||||
| 5. BALANCE: | $ | 136,366.39 | ||||||
| 6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||||
| TRANSFERS TO OTHER DIP ACCOUNTS | $ | - | ||||||
| DISBURSEMENTS | $ | 99,112.32 | ||||||
| TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 99,112.32 | ||||||
| 7. ENDING BALANCE: | $ | 37,254.07 |
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 | $ | 37,554.07 | ||||||
| Restricted Cash | ||||||||
| Accounts Receivable | $ | 476,586.18 | ||||||
| Inventory | $ | 34,670.36 | ||||||
| Notes Receivable | ||||||||
| Prepaid Expenses | ||||||||
| Other (Itemize) | ||||||||
| Total Current Assets | $ | 548,810.61 | ||||||
| Property, Plant, and Equipment | $ | 254,873.45 | ||||||
| Accumulated Depreciation/Depletion | $ | (252,686.41 | ) | |||||
| Net Property, Plan, and Equipment | $ | 2,187.04 | ||||||
| Other Assets (Net of Amortization): | ||||||||
| Due from Insiders | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 52,057.90 | ||||||
| Total Other Assets | $ | 52,057.90 | ||||||
| TOTAL ASSETS | $ | 603,055.55 | ||||||
| LIABILITIES | ||||||||
| Post-Petition Liabilities: | ||||||||
| Accounts Payable | $ | 117,345.37 | ||||||
| Taxes Payable | ||||||||
| Notes Payable | ||||||||
| Professional Fees | $ | 309,838.42 | ||||||
| Secured Debt | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 132,441.25 | ||||||
| Total Post-Petition Liabilities | $ | 559,625.04 | ||||||
| Pre-Petition Liabilities: | ||||||||
| Secured Liabilities | $ | 3,988,134.23 | ||||||
| Priority Liabilities | $ | 1,895.00 | ||||||
| Unsecured Liabilities | $ | 949,628.01 | ||||||
| Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||||
| Total Pre-Petition Liabilities | $ | 4,960,696.84 | ||||||
| TOTAL LIABILITIES | $ | 5,520,321.88 | ||||||
| EQUITY: | ||||||||
| Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||||
| Post-Petition Profit/(Loss) | $ | 420,311.98 | ||||||
| Direct Charges to Equity | ||||||||
| TOTAL EQUITY | $ | (4,917,266.33 | ) | |||||
| TOTAL LIABILITIES & EQUITY | $ | 603,055.55 | ||||||
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
| Current Month | Cumulative Post-Petition | |||||||
| Sales/Revenue: | ||||||||
| Gross Sales/Revenue | $ | 204,209.76 | $ | 2,412,742.42 | ||||
| Less: Returns/Discounts | ( | ) | ( | ) | ||||
| Net Sales/Revenue | $ | 204,209.76 | $ | 2,412,742.42 | ||||
| Cost of Goods Sold: | ||||||||
| Beginning Inventory at cost | $ | 74,717.30 | $ | 22,488.00 | ||||
| Purchases | $ | 49,569.09 | $ | 537,534.86 | ||||
| Less: Ending Inventory at cost | $ | (34,670.36 | ) | $ | (34,670.36 | ) | ||
| Cost of Goods Sold (COGS) | $ | 89,616.03 | $ | 525,352.50 | ||||
| Gross Profit | $ | 114,593.73 | $ | 1,887,389.92 | ||||
| Other Operating Income (Itemize) | ||||||||
| Operating Expenses: | ||||||||
| Payroll - Insiders | $ | 29,321.20 | $ | 361,965.59 | ||||
| Payroll - Other Employees | $ | 7,606.34 | $ | 159,425.77 | ||||
| Payroll Taxes | $ | 2,164.04 | $ | 38,678.62 | ||||
| Other Taxes (Itemize) | ||||||||
| Depreciation and Amortization | $ | 1,436.37 | $ | 31,776.85 | ||||
| Rent Expense - Real Property | $ | 9,645.40 | $ | 105,899.40 | ||||
| Lease Expense - Personal Property | ||||||||
| Insurance | $ | 4,969.06 | $ | 55,586.01 | ||||
| Real Property Taxes | $ | - | $ | 2,178.97 | ||||
| Telephone and Utilities | $ | 3,254.65 | $ | 36,649.96 | ||||
| Repairs and Maintenance | ||||||||
| Travel and Entertainment (Itemize) business meals and parking | $ | 172.26 | $ | 5,820.07 | ||||
| Miscellaneous Operating Expenses (Itemize) see attached | $ | 9,834.77 | $ | 114,931.93 | ||||
| Total Operating Expenses | $ | (68,404.09 | ) | $ | (912,913.17 | ) | ||
| Net Gain/(Loss) from Operations | $ | 46,189.64 | $ | 974,476.75 | ||||
| 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 | $ | 4,476.89 | $ | 52,066.83 | ||||
| Legal and Professional (Itemize) | $ | 100,899.97 | $ | 544,996.94 | ||||
| Other (Itemize) | ||||||||
| Total Non-Operating Expenses | $ | (105,376.86 | ) | $ | (597,063.77 | ) | ||
| NET INCOME/(LOSS) | $ | (59,187.22 | ) | $ | 420,311.98 | |||