Attached files
| file | filename |
|---|---|
| 8-K - 8-K - IMAGENETIX INC /NV/ | v379147_8k.htm |
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. 16 | ||
| Debtor(s). | FOR THE MONTH ENDING: | |
| March 31, 2014 |
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
| 1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 1,950,279.27 | ||||||
| 2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 1,912,689.63 | ||||||
| 3. BEGINNING BALANCE | $ | 37,589.64 | ||||||
| 4. RECEIPTS DURING CURRENT PERIOD: | ||||||||
| ACCOUNTS RECEIVABLE - PRE-FILING | $ | - | ||||||
| ACCOUNTS RECEIVABLE - POST-FILING | $ | 116,379.38 | ||||||
| GENERAL SALES | $ | - | ||||||
| OTHER (SPECIFY) Void check | $ | 236.00 | ||||||
| OTHER ** (SPECIFY) Equity raise deposited to atty trust acct | $ | 153,600.00 | ||||||
| TOTAL RECEIPTS THIS PERIOD: | $ | 270,215.38 | ||||||
| 5. BALANCE: | $ | 307,805.02 | ||||||
| 6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||||
| TRANSFERS TO OTHER DIP ACCOUNTS | $ | - | ||||||
| DISBURSEMENTS | $ | 258,768.62 | ||||||
| TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 258,768.62 | ||||||
| 7. ENDING BALANCE: | $ | 49,036.40 |
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. |
Exhibit 99.1
IX. BALANCE SHEET
(ACCRUAL BASIS ONLY)
| Current Month End | ||||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Unrestricted Cash | $ | 49,336.40 | ||||||
| Restricted Cash | ||||||||
| Accounts Receivable | $ | 390,362.88 | ||||||
| Inventory | $ | 44,973.41 | ||||||
| Notes Receivable | ||||||||
| Prepaid Expenses | ||||||||
| Other (Itemize) | ||||||||
| Total Current Assets | $ | 484,672.69 | ||||||
| Property, Plant, and Equipment | $ | 254,873.45 | ||||||
| Accumulated Depreciation/Depletion | $ | (254,427.99 | ) | |||||
| Net Property, Plan, and Equipment | $ | 445.46 | ||||||
| Other Assets (Net of Amortization): | ||||||||
| Due from Insiders | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 48,053.90 | ||||||
| Total Other Assets | $ | 48,053.90 | ||||||
| TOTAL ASSETS | $ | 533,172.05 | ||||||
| LIABILITIES | ||||||||
| Post-Petition Liabilities: | ||||||||
| Accounts Payable | $ | 60,509.11 | ||||||
| Taxes Payable | ||||||||
| Notes Payable | ||||||||
| Professional Fees | $ | 300,191.94 | ||||||
| Secured Debt | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 114,891.77 | ||||||
| Total Post-Petition Liabilities | $ | 475,592.82 | ||||||
| Pre-Petition Liabilities: | ||||||||
| Secured Liabilities | $ | 3,676,134.23 | ||||||
| Priority Liabilities | $ | 1,895.00 | ||||||
| Unsecured Liabilities | $ | 949,628.01 | ||||||
| Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||||
| Total Pre-Petition Liabilities | $ | 4,648,696.84 | ||||||
| TOTAL LIABILITIES | $ | 5,124,289.66 | ||||||
| EQUITY: | ||||||||
| Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||||
| Post-Petition Profit/(Loss) | $ | 746,460.70 | ||||||
| Direct Charges to Equity | ||||||||
| TOTAL EQUITY | $ | (4,591,117.61 | ) | |||||
| TOTAL LIABILITIES & EQUITY | $ | 533,172.05 | ||||||
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
| Cumulative | ||||||||
| Current Month | Post-Petition | |||||||
| Sales/Revenue: | ||||||||
| Gross Sales/Revenue | $ | 305,729.38 | $ | 3,280,241.18 | ||||
| Less: Returns/Discounts | (_____________) | (_____________) | ||||||
| Net Sales/Revenue | $ | 305,729.38 | $ | 3,280,241.18 | ||||
| Cost of Goods Sold: | ||||||||
| Beginning Inventory at cost | $ | 89,077.92 | $ | 22,488.00 | ||||
| Purchases | $ | 15,841.00 | $ | 713,889.24 | ||||
| Less: Ending Inventory at cost | $ | (44,973.41 | ) | $ | (44,973.41 | ) | ||
| Cost of Goods Sold (COGS) | $ | 59,945.51 | $ | 691,403.83 | ||||
| Gross Profit | $ | 245,783.87 | $ | 2,588,837.35 | ||||
| Other Operating Income (Itemize) | ||||||||
| Operating Expenses: | ||||||||
| Payroll - Insiders | $ | 29,321.20 | $ | 479,250.39 | ||||
| Payroll - Other Employees | $ | 7,606.34 | $ | 189,851.13 | ||||
| Payroll Taxes | $ | 3,050.20 | $ | 52,095.68 | ||||
| Other Taxes (Itemize) | ||||||||
| Depreciation and Amortization | $ | 1,436.39 | $ | 37,522.43 | ||||
| Rent Expense - Real Property | $ | 9,916.70 | $ | 144,494.90 | ||||
| Lease Expense - Personal Property | ||||||||
| Insurance | $ | 3,729.12 | $ | 81,044.56 | ||||
| Real Property Taxes | $ | - | $ | 2,178.97 | ||||
| Telephone and Utilities | $ | 2,574.54 | $ | 44,799.38 | ||||
| Repairs and Maintenance | ||||||||
| Travel and Entertainment (Itemize) business meals and parking | $ | 400.02 | $ | 8,103.02 | ||||
| Miscellaneous Operating Expenses (Itemize) see attached | $ | 25,303.76 | $ | 165,397.05 | ||||
| Total Operating Expenses | $ | (83,338.27 | ) | $ | (1,204,737.51 | ) | ||
| Net Gain/(Loss) from Operations | $ | 162,445.60 | $ | 1,384,099.84 | ||||
| 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 | $ | 70,123.59 | ||||
| Legal and Professional (Itemize) | $ | 46,728.22 | $ | 610,414.55 | ||||
| Other (Itemize) | ||||||||
| Total Non-Operating Expenses | $ | (51,354.33 | ) | $ | (680,538.14 | ) | ||
| NET INCOME/(LOSS) | $ | 111,091.27 | $ | 746,460.70 | ||||
| (Attach exhibit listing all itemizations required above) | ||||||||