Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - IMAGENETIX INC /NV/ | v353379_8k.htm |
Exhibit 99.1
| In Re: | CHAPTER 11 (BUSINESS) | ||
| IMAGENETIX, INC., | CASE NO. ____ 12-16423 MM11 | ||
| OPERATING REPORT NO. 7 | |||
| Debtor(s). | FOR THE MONTH ENDING: | ||
| 6/30/2013 | |||
| 1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 743,552.50 | ||
| 2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL | ||||
| ACCOUNT REPORTS | $ | 658,795.20 | ||
| 3. BEGINNING BALANCE | $ | 84,757.30 |
| 4. RECEIPTS DURING CURRENT PERIOD: | ||||
| ACCOUNTS RECEIVABLE - PRE-FILING | $ | - | ||
| ACCOUNTS RECEIVABLE - POST-FILING | $ | 182,110.12 | ||
| GENERAL SALES | $ | - | ||
| OTHER (SPECIFY) _Customer deposits on future sales_ | $ | 36,810.00 | ||
| OTHER ** (SPECIFY) _ADP refund _______________ | $ | 350.00 | ||
| TOTAL RECEIPTS THIS PERIOD: | $ | 219,270.12 | ||
| 5. BALANCE: | $ | 304,027.42 |
| 6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||||
| TRANSFERS TO OTHER DIP ACCOUNTS | $ | - | ||||||
| DISBURSEMENTS | $ | 152,535.53 | ||||||
| TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 152,535.53 | ||||||
| 7. ENDING BALANCE: | $ | 151,491.89 |
| 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 | $ | 151,791.89 | ||||||
| Restricted Cash | ||||||||
| Accounts Receivable | $ | 439,379.38 | ||||||
| Inventory | $ | 65,196.96 | ||||||
| Notes Receivable | ||||||||
| Prepaid Expenses | ||||||||
| Other (Itemize) | ||||||||
| Total Current Assets | $ | 656,368.23 | ||||||
| Property, Plant, and Equipment | $ | 254,873.45 | ||||||
| Accumulated Depreciation/Depletion | $ | (250,509.47 | ) | |||||
| Net Property, Plan, and Equipment | $ | 4,363.98 | ||||||
| Other Assets (Net of Amortization): | ||||||||
| Due from Insiders | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 57,062.90 | ||||||
| Total Other Assets | $ | 57,062.90 | ||||||
| TOTAL ASSETS | $ | 717,795.11 | ||||||
| LIABILITIES | ||||||||
| Post-Petition Liabilities: | ||||||||
| Accounts Payable | $ | 130,625.34 | ||||||
| Taxes Payable | ||||||||
| Notes Payable | ||||||||
| Professional Fees | $ | 86,029.37 | ||||||
| Secured Debt | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 94,464.44 | ||||||
| Total Post-Petition Liabilities | $ | 311,119.15 | ||||||
| Pre-Petition Liabilities: | ||||||||
| Secured Liabilities | $ | 4,303,134.23 | ||||||
| Priority Liabilities | $ | 1,895.00 | ||||||
| Unsecured Liabilities | $ | 949,628.01 | ||||||
| Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||||
| Total Pre-Petition Liabilities | $ | 5,275,696.84 | ||||||
| TOTAL LIABILITIES | $ | 5,586,815.99 | ||||||
| EQUITY: | ||||||||
| Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||||
| Post-Petition Profit/(Loss) | $ | 468,557.43 | ||||||
| Direct Charges to Equity | ||||||||
| TOTAL EQUITY | $ | (4,869,020.88 | ) | |||||
| TOTAL LIABILITIES & EQUITY | $ | 717,795.11 | ||||||
| IX. PROFIT AND LOSS STATEMENT | ||||||||
| (ACCRUAL BASIS ONLY) | ||||||||
| Current Month | Cumulative Post-Petition | |||||||
| Sales/Revenue: | ||||||||
| Gross Sales/Revenue | $ | 323,551.62 | $ | 1,526,984.26 | ||||
| Less: Returns/Discounts | (_) | (_) | ||||||
| Net Sales/Revenue | $ | 323,551.62 | $ | 1,526,984.26 | ||||
| Cost of Goods Sold: | ||||||||
| Beginning Inventory at cost | $ | 74,264.55 | $ | 22,488.00 | ||||
| Purchases | $ | 23,408.38 | $ | 288,250.71 | ||||
| Less: Ending Inventory at cost | $ | (65,196.96 | ) | $ | (65,196.96 | ) | ||
| Cost of Goods Sold (COGS) | $ | 32,475.97 | $ | 245,541.75 | ||||
| Gross Profit | $ | 291,075.65 | $ | 1,281,442.51 | ||||
| Other Operating Income (Itemize) | ||||||||
| Operating Expenses: | ||||||||
| Payroll - Insiders | $ | 29,321.20 | $ | 197,184.20 | ||||
| Payroll - Other Employees | $ | 14,635.92 | $ | 96,502.16 | ||||
| Payroll Taxes | $ | 3,305.08 | $ | 23,534.88 | ||||
| Other Taxes (Itemize) | ||||||||
| Depreciation and Amortization | $ | 1,436.39 | $ | 24,594.91 | ||||
| Rent Expense - Real Property | $ | 9,645.40 | $ | 57,872.40 | ||||
| Lease Expense - Personal Property | ||||||||
| Insurance | $ | 6,018.97 | $ | 38,775.03 | ||||
| Real Property Taxes | $ | 800.00 | $ | 2,178.97 | ||||
| Telephone and Utilities | $ | 5,224.01 | $ | 22,351.85 | ||||
| Repairs and Maintenance | ||||||||
| Travel and Entertainment (Itemize) business meals and parking | $ | 341.24 | $ | 3,794.29 | ||||
| Miscellaneous Operating Expenses (Itemize) see attached | $ | 9,330.90 | $ | 45,452.78 | ||||
| Total Operating Expenses | $ | (80,059.11 | ) | $ | (512,241.47 | ) | ||
| Net Gain/(Loss) from Operations | $ | 211,016.54 | $ | 769,201.04 | ||||
| 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 | $ | 4,476.88 | $ | 29,234.72 | ||||
| Legal and Professional (Itemize) | $ | 18,551.35 | $ | 314,307.89 | ||||
| Other (Itemize) | ||||||||
| Total Non-Operating Expenses | $ | (23,028.23 | ) | $ | (343,542.61 | ) | ||
| NET INCOME/(LOSS) | $ | 187,988.31 | $ | 468,557.43 | ||||