Attached files
| file | filename |
|---|---|
| 8-K - 8-K - IMAGENETIX INC /NV/ | v369177_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. 13 | |||
| Debtor(s). | FOR THE MONTH ENDING: | ||
| 12/31//2013 | |||
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
| 1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 1,467,376.59 | ||||||
| 2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 1,430,122.52 | ||||||
| 3. BEGINNING BALANCE | $ | 37,254.07 | ||||||
| 4. RECEIPTS DURING CURRENT PERIOD: | ||||||||
| ACCOUNTS RECEIVABLE - PRE-FILING | $ | - | ||||||
| ACCOUNTS RECEIVABLE - POST-FILING | $ | 254,115.23 | ||||||
| GENERAL SALES | $ | - | ||||||
| OTHER (SPECIFY) _Customer deposits on future sales_ | $ | 8,250.00 | ||||||
| OTHER ** (SPECIFY) _Rental sublet _ | $ | 200.00 | ||||||
| TOTAL RECEIPTS THIS PERIOD: | $ | 262,565.23 | ||||||
| 5. BALANCE: | $ | 299,819.30 | ||||||
| 6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||||
| TRANSFERS TO OTHER DIP ACCOUNTS | $ | - | ||||||
| DISBURSEMENTS | $ | 113,284.53 | ||||||
| TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 113,284.53 | ||||||
| 7. ENDING BALANCE: | $ | 186,534.77 | ||||||
| 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 | $ | 186,834.77 | ||||||
| Restricted Cash | ||||||||
| Accounts Receivable | $ | 429,146.33 | ||||||
| Inventory | $ | 36,473.26 | ||||||
| Notes Receivable | ||||||||
| Prepaid Expenses | ||||||||
| Other (Itemize) | ||||||||
| Total Current Assets | $ | 652,454.36 | ||||||
| Property, Plant, and Equipment | $ | 254,873.45 | ||||||
| Accumulated Depreciation/Depletion | $ | (253,121.82 | ) | |||||
| Net Property, Plan, and Equipment | $ | 1,751.63 | ||||||
| Other Assets (Net of Amortization): | ||||||||
| Due from Insiders | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 51,056.90 | ||||||
| Total Other Assets | $ | 51,056.90 | ||||||
| TOTAL ASSETS | $ | 705,262.89 | ||||||
| LIABILITIES | ||||||||
| Post-Petition Liabilities: | ||||||||
| Accounts Payable | $ | 102,811.45 | ||||||
| Taxes Payable | ||||||||
| Notes Payable | ||||||||
| Professional Fees | $ | 290,234.80 | ||||||
| Secured Debt | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 140,778.30 | ||||||
| Total Post-Petition Liabilities | $ | 533,824.55 | ||||||
| Pre-Petition Liabilities: | ||||||||
| Secured Liabilities | $ | 3,910,134.23 | ||||||
| Priority Liabilities | $ | 1,895.00 | ||||||
| Unsecured Liabilities | $ | 949,628.01 | ||||||
| Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||||
| Total Pre-Petition Liabilities | $ | 4,882,696.84 | ||||||
| TOTAL LIABILITIES | $ | 5,416,521.39 | ||||||
| EQUITY: | ||||||||
| Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||||
| Post-Petition Profit/(Loss) | $ | 626,319.81 | ||||||
| Direct Charges to Equity | ||||||||
| TOTAL EQUITY | $ | (4,711,258.50 | ) | |||||
| TOTAL LIABILITIES & EQUITY | $ | 705,262.89 | ||||||
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
| Current Month | Cumulative Post-Petition | |||||||
| Sales/Revenue: | ||||||||
| Gross Sales/Revenue | $ | 288,715.38 | $ | 2,701,457.80 | ||||
| Less: Returns/Discounts | (_____________ | ) | (_____________ | ) | ||||
| Net Sales/Revenue | $ | 288,715.38 | $ | 2,701,457.80 | ||||
| Cost of Goods Sold: | ||||||||
| Beginning Inventory at cost | $ | 34,670.36 | $ | 22,488.00 | ||||
| Purchases | $ | 20,397.28 | $ | 557,932.14 | ||||
| Less: Ending Inventory at cost | $ | (36,473.26 | ) | $ | (36,473.26 | ) | ||
| Cost of Goods Sold (COGS) | $ | 18,594.38 | $ | 543,946.88 | ||||
| Gross Profit | $ | 270,121.00 | $ | 2,157,510.92 | ||||
| Other Operating Income (Itemize) | ||||||||
| Operating Expenses: | ||||||||
| Payroll - Insiders | $ | 29,321.20 | $ | 391,286.79 | ||||
| Payroll - Other Employees | $ | 7,606.34 | $ | 167,032.11 | ||||
| Payroll Taxes | $ | 2,008.85 | $ | 40,687.47 | ||||
| Other Taxes (Itemize) | ||||||||
| Depreciation and Amortization | $ | 1,436.41 | $ | 33,213.26 | ||||
| Rent Expense - Real Property | $ | 9,445.40 | $ | 115,344.80 | ||||
| Lease Expense - Personal Property | ||||||||
| Insurance | $ | 6,353.68 | $ | 61,939.69 | ||||
| Real Property Taxes | $ | - | $ | 2,178.97 | ||||
| Telephone and Utilities | $ | 751.19 | $ | 37,401.15 | ||||
| Repairs and Maintenance | ||||||||
| Travel and Entertainment (Itemize) business meals and parking | $ | 307.66 | $ | 6,127.73 | ||||
| Miscellaneous Operating Expenses (Itemize) see attached | $ | 8,673.70 | $ | 123,605.63 | ||||
| Total Operating Expenses | $ | (65,904.43 | ) | $ | (978,817.60 | ) | ||
| Net Gain/(Loss) from Operations | $ | 204,216.57 | $ | 1,178,693.32 | ||||
| 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 | $ | 56,692.94 | ||||
| Legal and Professional (Itemize) | $ | (6,417.37 | ) | $ | 538,579.57 | |||
| Other (Itemize) | ||||||||
| Total Non-Operating Expenses | $ | 1,791.26 | $ | (595,272.51 | ) | |||
| NET INCOME/(LOSS) | $ | 206,007.83 | $ | 626,319.81 | ||||