IMAGENETIX INC /NV/ - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - June 20, 2014

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8-K - FORM 8-K - IMAGENETIX INC /NV/v381821_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. 17
  Debtor(s).   FOR THE MONTH ENDING:
    April 30, 2014

 

I.  CASH RECEIPTS AND DISBURSEMENTS

A.  (GENERAL ACCOUNT*)

 

1.  TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS      $2,220,494.65 
           
2.  LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS       $2,171,458.25 
           
3.  BEGINNING BALANCE       $49,036.40 
           
4.  RECEIPTS DURING CURRENT PERIOD:          
           
ACCOUNTS RECEIVABLE - PRE-FILING  $-      
ACCOUNTS RECEIVABLE - POST-FILING  $51,944.00      
GENERAL SALES  $-      
OTHER (SPECIFY) Rental sublet  $400.00      
OTHER ** (SPECIFY) _Customer deposits  $40,500.00      
           
TOTAL RECEIPTS THIS PERIOD:   $92,844.00 
5.  BALANCE:       $141,880.40 
           
6.  LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD          
           
TRANSFERS TO OTHER DIP ACCOUNTS  $-      
DISBURSEMENTS  $121,976.85      
TOTAL DISBURSEMENTS THIS PERIOD***:       $121,976.85 
           
7.  ENDING BALANCE:       $19,903.55 
           
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  $20,203.55      
Restricted Cash   _____________      
Accounts Receivable  $417,128.08      
Inventory  $48,548.69      
Notes Receivable   _____________      
Prepaid Expenses   _____________      
Other (Itemize)   _____________      
Total Current Assets       $485,880.32 
           
Property, Plant, and Equipment  $254,873.45      
Accumulated Depreciation/Depletion  $(254,733.64)     
Net Property, Plan, and Equipment       $139.81 
           
Other Assets (Net of Amortization):          
Due from Insiders   _____________      
Other (Itemized) See page 12 disclosure attached  $47,856.15      
Total Other Assets       $47,856.15 
           
TOTAL ASSETS       $533,876.28 
           
LIABILITIES          
Post-Petition Liabilities:          
Accounts Payable  $60,037.11      
Taxes Payable   _____________      
Notes Payable   _____________      
Professional Fees  $325,977.35      
Secured Debt   _____________      
Other (Itemized) See page 12 disclosure attached  $172,588.65      
Total Post-Petition Liabilities       $558,603.11 
           
Pre-Petition Liabilities:          
Secured Liabilities  $3,598,134.23      
Priority Liabilities  $1,895.00      
Unsecured Liabilities  $949,628.01      
Other (Itemized) See page 12 disclosure attached  $21,039.60      
Total Pre-Petition Liabilities       $4,570,696.84 
           
TOTAL LIABILITIES       $5,129,299.95 
           
EQUITY:          
Pre-Petition Owners' Equity  $(5,337,578.31)     
Post-Petition Profit/(Loss)  $742,154.64      
Direct Charges to Equity   _____________      
           
TOTAL EQUITY       $(4,595,423.67)
           
TOTAL LIABILITIES & EQUITY       $533,876.28 
           
         _____________ 

 

 
 

 

IX.  PROFIT AND LOSS STATEMENT

(ACCRUAL BASIS ONLY)

 

   Current Month   CumulativePost-Petition 
Sales/Revenue:          
Gross Sales/Revenue  $129,039.20   $3,409,280.38 
Less:  Returns/Discounts   (_____________)   (_____________)
Net Sales/Revenue  $129,039.20   $3,409,280.38 
           
Cost of Goods Sold:          
Beginning Inventory at cost  $44,973.41   $22,488.00 
Purchases  $30,940.80   $744,830.04 
Less:  Ending Inventory at cost  $(48,548.69)  $(48,548.69)
Cost of Goods Sold (COGS)  $27,365.52   $718,769.35 
           
Gross Profit  $101,673.68   $2,690,511.03 
           
Other Operating Income (Itemize)   _____________    _____________ 
           
Operating Expenses:          
Payroll - Insiders  $43,981.80   $523,232.19 
Payroll - Other Employees  $11,409.51   $201,260.64 
Payroll Taxes  $4,369.58   $56,465.26 
Other Taxes (Itemize)    _____________      _____________  
Depreciation and Amortization  $503.40   $38,025.83 
Rent Expense - Real Property  $9,516.70   $154,011.60 
Lease Expense - Personal Property    _____________      _____________  
Insurance  $2,207.18   $83,251.74 
Real Property Taxes  $-   $2,178.97 
Telephone and Utilities  $1,368.79   $46,168.17 
Repairs and Maintenance    _____________     _____________ 
Travel and Entertainment (Itemize) business meals and parking  $462.62   $8,565.64 
Miscellaneous Operating Expenses (Itemize) see attached  $1,897.87   $167,294.92 
Total Operating Expenses  $(75,717.45)  $(1,280,454.96)
           
  Net Gain/(Loss) from Operations  $25,956.23   $1,410,056.07 
           
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   $74,600.47 
Legal and Professional (Itemize)  $25,785.41   $636,199.96 
Other (Itemize)   _____________    _____________ 
Total Non-Operating Expenses  $(30,262.29)  $(710,800.43)
           
NET INCOME/(LOSS)  $(4,306.06)  $742,154.64 

 

(Attach exhibit listing all itemizations required above)

 

 

 

 

 

IMAGENETIX INC /NV/ Reports