Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - IMAGENETIX INC /NV/ | v341969_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. 3 | |||||
| Debtor(s). | FOR THE MONTH ENDING: | ||||
| 2/28/2013 | |||||
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
| 1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 306,165.06 | ||||||
| 2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL | ||||||||
| ACCOUNT REPORTS | $ | 150,114.03 | ||||||
| 3. BEGINNING BALANCE | $ | 156,051.03 | ||||||
| 4. RECEIPTS DURING CURRENT PERIOD: | ||||||||
| ACCOUNTS RECEIVABLE - PRE-FILING | $ | - | ||||||
| ACCOUNTS RECEIVABLE - POST-FILING | $ | - | ||||||
| GENERAL SALES | $ | - | ||||||
| OTHER (SPECIFY) _Payroll tax refund, service refund | $ | 885.00 | ||||||
| OTHER ** (SPECIFY) __________ | $ | - | ||||||
| TOTAL RECEIPTS THIS PERIOD: | $ | 885.00 | ||||||
| 5. BALANCE: | $ | 156,936.03 | ||||||
| 6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||||
| TRANSFERS TO OTHER DIP ACCOUNTS | $ | - | ||||||
| DISBURSEMENTS | $ | 106,789.11 | ||||||
| TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 106,789.11 | ||||||
| 7. ENDING BALANCE: | $ | 50,146.92 | ||||||
| 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 | $ | 50,446.92 | ||||||
| Restricted Cash | ||||||||
| Accounts Receivable | $ | 339,520.78 | ||||||
| Inventory | $ | 118,912.35 | ||||||
| Notes Receivable | ||||||||
| Prepaid Expenses | ||||||||
| Other (Itemize) | ||||||||
| Total Current Assets | $ | 508,880.05 | ||||||
| Property, Plant, and Equipment | $ | 254,873.45 | ||||||
| Accumulated Depreciation/Depletion | $ | (247,349.85 | ) | |||||
| Net Property, Plan, and Equipment | $ | 7,523.60 | ||||||
| Other Assets (Net of Amortization): | ||||||||
| Due from Insiders | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 61,593.40 | ||||||
| Total Other Assets | $ | 61,593.40 | ||||||
| TOTAL ASSETS | $ | 577,997.05 | ||||||
| LIABILITIES | ||||||||
| Post-Petition Liabilities: | ||||||||
| Accounts Payable | $ | 70,517.10 | ||||||
| Taxes Payable | ||||||||
| Notes Payable | ||||||||
| Professional Fees | $ | 136,783.77 | ||||||
| Secured Debt | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 34,667.08 | ||||||
| Total Post-Petition Liabilities | $ | 241,967.95 | ||||||
| Pre-Petition Liabilities: | ||||||||
| Secured Liabilities | $ | 4,555,134.23 | ||||||
| Priority Liabilities | $ | 1,895.00 | ||||||
| Unsecured Liabilities | $ | 949,628.01 | ||||||
| Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||||
| Total Pre-Petition Liabilities | $ | 5,527,696.84 | ||||||
| TOTAL LIABILITIES | $ | 5,769,664.79 | ||||||
| EQUITY: | ||||||||
| Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||||
| Post-Petition Profit/(Loss) | $ | 145,910.57 | ||||||
| Direct Charges to Equity | ||||||||
| TOTAL EQUITY | $ | (5,191,667.74 | ) | |||||
| TOTAL LIABILITIES & EQUITY | $ | 577,997.05 |
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
| Current Month | Cumulative Post-Petition | |||||||
| Sales/Revenue: | ||||||||
| Gross Sales/Revenue | $ | 136,580.00 | $ | 492,925.60 | ||||
| Less: Returns/Discounts | ( | ) | ( | ) | ||||
| Net Sales/Revenue | $ | 136,580.00 | $ | 492,925.60 | ||||
| Cost of Goods Sold: | ||||||||
| Beginning Inventory at cost | $ | 91,552.82 | $ | 22,488.00 | ||||
| Purchases | $ | 70,020.36 | $ | 149,486.81 | ||||
| Less: Ending Inventory at cost | $ | (118,912.35 | ) | $ | (118,912.35 | ) | ||
| Cost of Goods Sold (COGS) | $ | 42,660.83 | $ | 53,062.46 | ||||
| Gross Profit | $ | 93,919.17 | $ | 439,863.14 | ||||
| Other Operating Income (Itemize) | ||||||||
| Operating Expenses: | ||||||||
| Payroll - Insiders | $ | 32,320.00 | $ | 65,243.00 | ||||
| Payroll - Other Employees | $ | 14,635.92 | $ | 33,811.26 | ||||
| Payroll Taxes | $ | 3,111.34 | $ | 9,165.75 | ||||
| Other Taxes (Itemize) | ||||||||
| Depreciation and Amortization | $ | 3,380.96 | $ | 16,904.79 | ||||
| Rent Expense - Real Property | $ | 9,645.40 | $ | 19,290.80 | ||||
| Lease Expense - Personal Property | ||||||||
| Insurance | $ | 1,250.00 | $ | 15,884.76 | ||||
| Real Property Taxes | ||||||||
| Telephone and Utilities | $ | 2,169.78 | $ | 8,325.73 | ||||
| Repairs and Maintenance | ||||||||
| Travel and Entertainment (Itemize) business meals and parking | $ | 682.15 | $ | 1,391.48 | ||||
| Miscellaneous Operating Expenses (Itemize) see attached | $ | 2,504.58 | $ | 9,021.61 | ||||
| Total Operating Expenses | $ | (69,700.13 | ) | $ | (179,039.18 | ) | ||
| Net Gain/(Loss) from Operations | $ | 24,219.04 | $ | 260,823.96 | ||||
| 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 | $ | 4,178.32 | $ | 11,028.62 | ||||
| Legal and Professional (Itemize) | $ | 99,079.77 | $ | 146,783.77 | ||||
| Other (Itemize) | ||||||||
| Total Non-Operating Expenses | $ | (103,258.09 | ) | $ | (157,812.39 | ) | ||
| NET INCOME/(LOSS) | $ | (79,039.05 | ) | $ | 145,910.57 | |||