Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - IMAGENETIX INC /NV/ | v336621_8k.htm |
Exhibit 99.1
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UNITED STATES DEPARTMENT OF JUSTICE OFFICE OF THE UNITED STATES TRUSTEE SOUTHERN DISTRICT OF CALIFORNIA |
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| In Re: | CHAPTER 11 (BUSINESS) | ||||||
| IMAGENETIX, INC., | CASE NO. __12-16423 MM11 | ||||||
| OPERATING REPORT NO. 2 | |||||||
| Debtor(s). | FOR THE MONTH ENDING: | ||||||
| 1/31/2013 | |||||||
| I. CASH RECEIPTS AND DISBURSEMENTS | ||||||||
| A. (GENERAL ACCOUNT*) | ||||||||
| 1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 109,081.14 | ||||||
| 2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL | ||||||||
| ACCOUNT REPORTS | $ | 2,296.02 | ||||||
| 3. BEGINNING BALANCE | $ | 106,785.12 | ||||||
| 4. RECEIPTS DURING CURRENT PERIOD: | ||||||||
| ACCOUNTS RECEIVABLE - PRE-FILING | $ | 171,613.92 | ||||||
| ACCOUNTS RECEIVABLE - POST-FILING | $ | - | ||||||
| GENERAL SALES | $ | - | ||||||
| OTHER (SPECIFY) _Customer deposits post-petition __ | $ | 25,470.00 | ||||||
| OTHER ** (SPECIFY) | $ | - | ||||||
| TOTAL RECEIPTS THIS PERIOD: | $ | 197,083.92 | ||||||
| 5. BALANCE: | $ | 303,869.04 | ||||||
| 6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||||
| TRANSFERS TO OTHER DIP ACCOUNTS | $ | - | ||||||
| DISBURSEMENTS | $ | 147,818.01 | ||||||
| TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 147,818.01 | ||||||
| 7. ENDING BALANCE: | $ | 156,051.03 | ||||||
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 | $ | 156,351.03 | ||||||||
| Restricted Cash | ||||||||||
| Accounts Receivable | $ | 282,940.78 | ||||||||
| Inventory | $ | 91,552.82 | ||||||||
| Notes Receivable | ||||||||||
| Prepaid Expenses | ||||||||||
| Other (Itemize) | ||||||||||
| Total Current Assets | $ | 530,844.63 | ||||||||
| Property, Plant, and Equipment | $ | 254,873.45 | ||||||||
| Accumulated Depreciation/Depletion | $ | (245,496.39 | ) | |||||||
| Net Property, Plan, and Equipment | $ | 9,377.06 | ||||||||
| Other Assets (Net of Amortization): | ||||||||||
| Due from Insiders | ||||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 63,120.90 | ||||||||
| Total Other Assets | $ | 63,120.90 | ||||||||
| TOTAL ASSETS | $ | 603,342.59 | ||||||||
| LIABILITIES | ||||||||||
| Post-Petition Liabilities: | ||||||||||
| Accounts Payable | $ | 25,977.62 | ||||||||
| Taxes Payable | ||||||||||
| Notes Payable | ||||||||||
| Professional Fees | $ | 47,269.00 | ||||||||
| Secured Debt | ||||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 52,027.82 | ||||||||
| Total Post-Petition Liabilities | $ | 125,274.44 | ||||||||
| Pre-Petition Liabilities: | ||||||||||
| Secured Liabilities | $ | 4,618,134.23 | ||||||||
| Priority Liabilities | $ | 1,895.00 | ||||||||
| Unsecured Liabilities | $ | 949,628.01 | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||||||
| Total Pre-Petition Liabilities | $ | 5,590,696.84 | ||||||||
| TOTAL LIABILITIES | $ | 5,715,971.28 | ||||||||
| EQUITY: | ||||||||||
| Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||||||
| Post-Petition Profit/(Loss) | $ | 224,949.62 | ||||||||
| Direct Charges to Equity | ||||||||||
| TOTAL EQUITY | $ | (5,112,628.69 | ) | |||||||
| TOTAL LIABILITIES & EQUITY | $ | 603,342.59 | ||||||||
| IX. PROFIT AND LOSS STATEMENT | ||||||||||
| (ACCRUAL BASIS ONLY) | ||||||||||
| Current Month | Cumulative Post-Petition | |||||||||
| Sales/Revenue: | ||||||||||
| Gross Sales/Revenue | $ | 103,385.60 | $ | 356,345.60 | ||||||
| Less: Returns/Discounts | ( ) | ( ) | ||||||||
| Net Sales/Revenue | $ | 103,385.60 | $ | 356,345.60 | ||||||
| Cost of Goods Sold: | ||||||||||
| Beginning Inventory at cost | $ | 22,488.00 | $ | 22,488.00 | ||||||
| Purchases | $ | 79,466.45 | $ | 79,466.45 | ||||||
| Less: Ending Inventory at cost | $ | (91,552.82 | ) | $ | (91,552.82 | ) | ||||
| Cost of Goods Sold (COGS) | $ | 10,401.63 | $ | 10,401.63 | ||||||
| Gross Profit | $ | 92,983.97 | $ | 345,943.97 | ||||||
| Other Operating Income (Itemize) | ||||||||||
| Operating Expenses: | ||||||||||
| Payroll - Insiders | $ | 32,923.00 | $ | 32,923.00 | ||||||
| Payroll - Other Employees | $ | 19,175.34 | $ | 19,175.34 | ||||||
| Payroll Taxes | $ | 6,054.41 | $ | 6,054.41 | ||||||
| Other Taxes (Itemize) | ||||||||||
| Depreciation and Amortization | $ | 13,523.83 | $ | 13,523.83 | ||||||
| Rent Expense - Real Property | $ | 9,645.40 | $ | 9,645.40 | ||||||
| Lease Expense - Personal Property | ||||||||||
| Insurance | $ | 14,634.76 | $ | 14,634.76 | ||||||
| Real Property Taxes | ||||||||||
| Telephone and Utilities | $ | 3,859.93 | $ | 6,155.95 | ||||||
| Repairs and Maintenance | ||||||||||
| Travel and Entertainment (Itemize) business meals | $ | 709.33 | $ | 709.33 | ||||||
| Miscellaneous Operating Expenses (Itemize) see attached | $ | 6,517.03 | $ | 6,517.03 | ||||||
| Total Operating Expenses | $ | (107,043.03 | ) | $ | (109,339.05 | ) | ||||
| Net Gain/(Loss) from Operations | $ | (14,059.06 | ) | $ | 236,604.92 | |||||
| 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 | $ | 4,761.09 | $ | 6,850.30 | ||||||
| Legal and Professional (Itemize) | $ | 47,704.00 | $ | 47,704.00 | ||||||
| Other (Itemize) | ||||||||||
| Total Non-Operating Expenses | $ | (52,465.09 | ) | $ | (54,554.30 | ) | ||||
| NET INCOME/(LOSS) | $ | (66,524.15 | ) | $ | 224,949.62 | |||||