Attached files
| file | filename |
|---|---|
| 8-K - 8-K - IMAGENETIX INC /NV/ | v375632_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. 15 | |||
| Debtor(s). | FOR THE MONTH ENDING: | ||
| 2/28/2014 | |||
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
| 1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 1,911,879.27 | ||||||
| 2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 1,759,501.18 | ||||||
| 3. BEGINNING BALANCE | $ | 152,378.09 | ||||||
| 4. RECEIPTS DURING CURRENT PERIOD: | ||||||||
| ACCOUNTS RECEIVABLE - PRE-FILING | $ | - | ||||||
| ACCOUNTS RECEIVABLE - POST-FILING | $ | 38,200.00 | ||||||
| GENERAL SALES | $ | - | ||||||
| OTHER (SPECIFY) Customer deposits on future sales | $ | - | ||||||
| OTHER ** (SPECIFY) Rental sublet | $ | 200.00 | ||||||
| TOTAL RECEIPTS THIS PERIOD: | $ | 38,400.00 | ||||||
| 5. BALANCE: | $ | 190,778.09 | ||||||
| 6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||||
| TRANSFERS TO OTHER DIP ACCOUNTS | $ | - | ||||||
| DISBURSEMENTS | $ | 153,188.45 | ||||||
| TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 153,188.45 | ||||||
| 7. ENDING BALANCE: | $ | 37,589.64 | ||||||
| — |
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. |
IX. BALANCE SHEET
(ACCRUAL BASIS ONLY)
| Current Month End | ||||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Unrestricted Cash | $ | 37,889.64 | ||||||
| Restricted Cash | — | |||||||
| Accounts Receivable | $ | 354,412.88 | ||||||
| Inventory | $ | 89,077.92 | ||||||
| Notes Receivable | — | |||||||
| Prepaid Expenses | — | |||||||
| Other (Itemize) | — | |||||||
| Total Current Assets | $ | 481,380.44 | ||||||
| Property, Plant, and Equipment | $ | 254,873.45 | ||||||
| Accumulated Depreciation/Depletion | $ | (253,992.60 | ) | |||||
| Net Property, Plan, and Equipment | $ | 880.85 | ||||||
| Other Assets (Net of Amortization): | ||||||||
| Due from Insiders | — | |||||||
| Other (Itemized) See page 12 disclosure attached | $ | 49,054.90 | ||||||
| Total Other Assets | $ | 49,054.90 | ||||||
| TOTAL ASSETS | $ | 531,316.19 | ||||||
| LIABILITIES | ||||||||
| Post-Petition Liabilities: | ||||||||
| Accounts Payable | $ | 111,473.85 | ||||||
| Taxes Payable | — | |||||||
| Notes Payable | — | |||||||
| Professional Fees | $ | 252,310.60 | ||||||
| Secured Debt | — | |||||||
| Other (Itemized) See page 12 disclosure attached | $ | 143,043.78 | ||||||
| Total Post-Petition Liabilities | $ | 506,828.23 | ||||||
| Pre-Petition Liabilities: | ||||||||
| Secured Liabilities | $ | 3,754,134.23 | ||||||
| Priority Liabilities | $ | 1,895.00 | ||||||
| Unsecured Liabilities | $ | 949,628.01 | ||||||
| Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||||
| Total Pre-Petition Liabilities | $ | 4,726,696.84 | ||||||
| TOTAL LIABILITIES | $ | 5,233,525.07 | ||||||
| EQUITY: | ||||||||
| Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||||
| Post-Petition Profit/(Loss) | $ | 635,369.43 | ||||||
| Direct Charges to Equity | — | |||||||
| TOTAL EQUITY | $ | (4,702,208.88 | ) | |||||
| TOTAL LIABILITIES & EQUITY | $ | 531,316.19 | ||||||
| — | ||||||||
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
| Current Month | Cumulative Post-Petition | |||||||
| Sales/Revenue: | ||||||||
| Gross Sales/Revenue | $ | 145,500.00 | $ | 2,974,511.80 | ||||
| Less: Returns/Discounts | (— | ) | (— | ) | ||||
| Net Sales/Revenue | $ | 145,500.00 | $ | 2,974,511.80 | ||||
| Cost of Goods Sold: | ||||||||
| Beginning Inventory at cost | $ | 36,576.59 | $ | 22,488.00 | ||||
| Purchases | $ | 101,143.23 | $ | 698,048.24 | ||||
| Less: Ending Inventory at cost | $ | (89,077.92 | ) | $ | (89,077.92 | ) | ||
| Cost of Goods Sold (COGS) | $ | 48,641.90 | $ | 631,458.32 | ||||
| Gross Profit | $ | 96,858.10 | $ | 2,343,053.48 | ||||
| Other Operating Income (Itemize) | — | — | ||||||
| Operating Expenses: | ||||||||
| Payroll - Insiders | $ | 29,321.20 | $ | 449,929.19 | ||||
| Payroll - Other Employees | $ | 7,606.34 | $ | 182,244.79 | ||||
| Payroll Taxes | $ | 3,006.19 | $ | 49,045.48 | ||||
| Other Taxes (Itemize) | — | — | ||||||
| Depreciation and Amortization | $ | 1,436.39 | $ | 36,086.04 | ||||
| Rent Expense - Real Property | $ | 9,716.70 | $ | 134,578.20 | ||||
| Lease Expense - Personal Property | — | — | ||||||
| Insurance | $ | 4,999.47 | $ | 77,315.44 | ||||
| Real Property Taxes | $ | - | $ | 2,178.97 | ||||
| Telephone and Utilities | $ | 3,733.36 | $ | 42,224.84 | ||||
| Repairs and Maintenance | — | — | ||||||
| Travel and Entertainment (Itemize) business meals and parking | $ | 984.07 | $ | 7,703.00 | ||||
| Miscellaneous Operating Expenses (Itemize) see attached | $ | 3,202.41 | $ | 140,093.29 | ||||
| Total Operating Expenses | $ | (64,006.13 | ) | $ | (1,121,399.24 | ) | ||
| Net Gain/(Loss) from Operations | $ | 32,851.97 | $ | 1,221,654.24 | ||||
| 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 | $ | 4,178.43 | $ | 65,497.48 | ||||
| Legal and Professional (Itemize) | $ | 14,245.19 | $ | 563,686.33 | ||||
| Other (Itemize) | — | — | ||||||
| Total Non-Operating Expenses | $ | (18,423.62 | ) | $ | (629,183.81 | ) | ||
| NET INCOME/(LOSS) | $ | 14,428.35 | $ | 635,369.43 | ||||
| (Attach exhibit listing all itemizations required above) | ||||||||