IMAGENETIX INC /NV/ - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - November 20, 2013

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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. 10  
  Debtor(s).   FOR THE MONTH ENDING:  
    9/30/2013  

 

I. CASH RECEIPTS AND DISBURSEMENTS

A. (GENERAL ACCOUNT*)

 

1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS      $1,110,634.33 
           
2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS       $1,047,815.90 
           
3. BEGINNING BALANCE       $62,818.43 
           
4. RECEIPTS DURING CURRENT PERIOD:          
           
ACCOUNTS RECEIVABLE - PRE-FILING  $-      
ACCOUNTS RECEIVABLE - POST-FILING  $164,113.60      
GENERAL SALES     $-      
           OTHER (SPECIFY) Customer deposits on future sales  $-      
           OTHER ** (SPECIFY)  Insurance refunds    $4,302.90      
           
TOTAL RECEIPTS THIS PERIOD:       $168,416.50 
5. BALANCE:       $231,234.93 
           
6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD          
           
TRANSFERS TO OTHER DIP ACCOUNTS  $-      
DISBURSEMENTS  $106,805.57      
TOTAL DISBURSEMENTS THIS PERIOD***:       $106,805.57 
           
7. ENDING BALANCE:       $124,429.36 
           
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  $124,729.36     
Restricted Cash   ____________      
Accounts Receivable  $362,302.48      
Inventory  $82,976.88      
Notes Receivable   ____________      
Prepaid Expenses   ____________      
Other (Itemize)   ____________      
Total Current Assets       $570,008.72 
           
Property, Plant, and Equipment  $254,873.45      
Accumulated Depreciation/Depletion  $(251,815.67)     
Net Property, Plan, and Equipment       $3,057.78 
           
Other Assets (Net of Amortization):          
Due from Insiders   ____________      
Other (Itemized) See page 12 disclosure attached  $54,059.90      
Total Other Assets       $54,059.90 
           
TOTAL ASSETS       $627,126.40 
           
LIABILITIES          
Post-Petition Liabilities:          
Accounts Payable  $109,786.13      
Taxes Payable   ____________      
Notes Payable   ____________      
Professional Fees  $191,020.40      
Secured Debt          
Other (Itemized) See page 12 disclosure attached  $93,516.37      
Total Post-Petition Liabilities       $394,322.90 
           
Pre-Petition Liabilities:          
Secured Liabilities  $4,114,134.23      
Priority Liabilities  $1,895.00      
Unsecured Liabilities  $949,628.01      
Other (Itemized) See page 12 disclosure attached  $21,039.60      
Total Pre-Petition Liabilities       $5,086,696.84 
           
TOTAL LIABILITIES       $5,481,019.74 
           
EQUITY:          
Pre-Petition Owners' Equity  $(5,337,578.31)     
Post-Petition Profit/(Loss)  $483,684.97      
Direct Charges to Equity   ____________      
           
TOTAL EQUITY       $(4,853,893.34)
           
TOTAL LIABILITIES & EQUITY       $627,126.40 

 

 
 

 

IX. PROFIT AND LOSS STATEMENT

(ACCRUAL BASIS ONLY)

 

   Current Month   Cumulative
Post-Petition		 
Sales/Revenue:          
Gross Sales/Revenue  $305,169.60   $2,023,172.96 
Less: Returns/Discounts   (____________)   (____________)
Net Sales/Revenue  $305,169.60   $2,023,172.96 
           
Cost of Goods Sold:          
Beginning Inventory at cost  $72,372.69   $22,488.00 
Purchases  $58,986.83   $429,279.63 
Less: Ending Inventory at cost  $(82,976.88)  $(82,976.88)
Cost of Goods Sold (COGS)  $48,382.64   $368,790.75 
           
Gross Profit  $256,786.96   $1,654,382.21 
           
Other Operating Income (Itemize)   ____________    ____________ 
           
Operating Expenses:          
Payroll - Insiders  $32,835.99   $288,662.59 
Payroll - Other Employees  $14,635.92   $140,409.92 
Payroll Taxes  $2,772.24   $33,384.67 
Other Taxes (Itemize)   ____________    ____________ 
Depreciation and Amortization  $1,436.40   $28,904.11 
Rent Expense - Real Property  $9,645.40   $86,808.60 
Lease Expense - Personal Property   ____________    ____________ 
Insurance  $176.54   $45,063.56 
Real Property Taxes  $-   $2,178.97 
Telephone and Utilities  $2,364.56   $29,853.58 
Repairs and Maintenance   ____________    ____________ 
Travel and Entertainment (Itemize) business meals and parking  $573.37   $5,245.02 
Miscellaneous Operating Expenses (Itemize) see attached  $8,398.70   $84,822.47 
Total Operating Expenses  $(72,839.12)  $(745,333.49)
           
Net Gain/(Loss) from Operations  $183,947.84   $909,048.72 
           
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   $42,963.83 
Legal and Professional (Itemize)  $32,477.96   $425,298.92 
Other (Itemize)   ____________    ____________ 
Total Non-Operating Expenses  $(36,954.84)  $(468,262.75)
           
NET INCOME/(LOSS)  $146,993.00   $483,684.97 

 

 

 

IMAGENETIX INC /NV/ Reports