Attached files
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8-K - FORM 8-K - IMAGENETIX INC /NV/ | v355425_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. 8 | ||||
Debtor(s). | FOR THE MONTH ENDING: | |||
7/31/2013 |
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 962,822.62 | ||||||
2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 811,330.73 | ||||||
3. BEGINNING BALANCE | $ | 151,491.89 | ||||||
4. RECEIPTS DURING CURRENT PERIOD: | ||||||||
ACCOUNTS RECEIVABLE - PRE-FILING | $ | - | ||||||
ACCOUNTS RECEIVABLE - POST-FILING | $ | 69,372.00 | ||||||
GENERAL SALES | $ | - | ||||||
OTHER (SPECIFY) _Customer deposits on future sales_ | $ | 15,000.00 | ||||||
OTHER ** (SPECIFY) ________________ | $ | - | ||||||
TOTAL RECEIPTS THIS PERIOD: | $ | 84,372.00 | ||||||
5. BALANCE: | $ | 235,863.89 | ||||||
6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||||
TRANSFERS TO OTHER DIP ACCOUNTS | $ | - | ||||||
DISBURSEMENTS | $ | 133,368.63 | ||||||
TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 133,368.63 | ||||||
7. ENDING BALANCE: | $ | 102,495.26 |
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 | $ | 102,795.26 | ||||||
Restricted Cash | ||||||||
Accounts Receivable | $ | 408,748.23 | ||||||
Inventory | $ | 57,338.26 | ||||||
Notes Receivable | ||||||||
Prepaid Expenses | ||||||||
Other (Itemize) | ||||||||
Total Current Assets | $ | 568,881.75 | ||||||
Property, Plant, and Equipment | $ | 254,873.45 | ||||||
Accumulated Depreciation/Depletion | $ | (250,944.87 | ) | |||||
Net Property, Plan, and Equipment | $ | 3,928.58 | ||||||
Other Assets (Net of Amortization): | ||||||||
Due from Insiders | ||||||||
Other (Itemized) See page 12 disclosure attached | $ | 56,061.90 | ||||||
Total Other Assets | $ | 56,061.90 | ||||||
TOTAL ASSETS | $ | 628,872.23 | ||||||
LIABILITIES | ||||||||
Post-Petition Liabilities: | ||||||||
Accounts Payable | $ | 95,050.82 | ||||||
Taxes Payable | ||||||||
Notes Payable | ||||||||
Professional Fees | $ | 112,347.54 | ||||||
Secured Debt | ||||||||
Other (Itemized) See page 12 disclosure attached | $ | 109,551.49 | ||||||
Total Post-Petition Liabilities | $ | 316,949.85 | ||||||
Pre-Petition Liabilities: | ||||||||
Secured Liabilities | $ | 4,240,134.23 | ||||||
Priority Liabilities | $ | 1,895.00 | ||||||
Unsecured Liabilities | $ | 949,628.01 | ||||||
Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||||
Total Pre-Petition Liabilities | $ | 5,212,696.84 | ||||||
TOTAL LIABILITIES | $ | 5,529,646.69 | ||||||
EQUITY: | ||||||||
Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||||
Post-Petition Profit/(Loss) | $ | 436,803.85 | ||||||
Direct Charges to Equity | ||||||||
TOTAL EQUITY | $ | (4,900,774.46 | ) | |||||
TOTAL LIABILITIES & EQUITY | $ | 628,872.23 |
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
Current Month | Cumulative Post-Petition | |||||||
Sales/Revenue: | ||||||||
Gross Sales/Revenue | $ | 101,800.85 | $ | 1,628,785.11 | ||||
Less: Returns/Discounts | (_____________ | ) | (_____________ | ) | ||||
Net Sales/Revenue | $ | 101,800.85 | $ | 1,628,785.11 | ||||
Cost of Goods Sold: | ||||||||
Beginning Inventory at cost | $ | 65,196.96 | $ | 22,488.00 | ||||
Purchases | $ | 17,226.89 | $ | 305,427.60 | ||||
Less: Ending Inventory at cost | $ | (57,388.26 | ) | $ | (57,338.26 | ) | ||
Cost of Goods Sold (COGS) | $ | 25,035.59 | $ | 270,577.34 | ||||
Gross Profit | $ | 76,765.26 | $ | 1,358,207.77 | ||||
Other Operating Income (Itemize) | ||||||||
Operating Expenses: | ||||||||
Payroll - Insiders | $ | 29,321.20 | $ | 226,505.40 | ||||
Payroll - Other Employees | $ | 14,635.92 | $ | 111,138.08 | ||||
Payroll Taxes | $ | 3,680.18 | $ | 27,215.06 | ||||
Other Taxes (Itemize) | ||||||||
Depreciation and Amortization | $ | 1,436.40 | $ | 26,031.31 | ||||
Rent Expense - Real Property | $ | 9,645.40 | $ | 67,517.80 | ||||
Lease Expense - Personal Property | ||||||||
Insurance | $ | 4,204.44 | $ | 42,979.47 | ||||
Real Property Taxes | $ | - | $ | 2,178.97 | ||||
Telephone and Utilities | $ | 3,838.66 | $ | 26,190.51 | ||||
Repairs and Maintenance | ||||||||
Travel and Entertainment (Itemize) business meals and parking | $ | 427.02 | $ | 4,221.31 | ||||
Miscellaneous Operating Expenses (Itemize) see attached | $ | 10,385.34 | $ | 55,838.12 | ||||
Total Operating Expenses | $ | (77,574.56 | ) | $ | (589,816.03 | ) | ||
Net Gain/(Loss) from Operations | $ | (809.30 | ) | $ | 768,391.74 | |||
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 | $ | 33,860.83 | ||||
Legal and Professional (Itemize) | $ | 26,318.17 | $ | 340,626.06 | ||||
Other (Itemize) | ||||||||
Total Non-Operating Expenses | $ | (30,944.28 | ) | $ | (374,486.89 | ) | ||
NET INCOME/(LOSS) | $ | (31,753.58 | ) | $ | 436,803.85 |