Attached files
| file | filename |
|---|---|
| 8-K - 8-K - IMAGENETIX INC /NV/ | v387113_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. 19 | |||
| Debtor(s). | FOR THE MONTH ENDING: | ||
| June 30, 2014 | |||
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
| 1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 2,392,619.40 | ||||||
| 2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 2,374,926.62 | ||||||
| 3. BEGINNING BALANCE | $ | 17,692.78 | ||||||
| 4. RECEIPTS DURING CURRENT PERIOD: | ||||||||
| ACCOUNTS RECEIVABLE - PRE-FILING | $ | - | ||||||
| ACCOUNTS RECEIVABLE - POST-FILING | $ | 134,317.98 | ||||||
| GENERAL SALES | $ | - | ||||||
| OTHER (SPECIFY) Rental sublet | $ | - | ||||||
| OTHER ** (SPECIFY) _Customer deposits | $ | 40,770.00 | ||||||
| TOTAL RECEIPTS THIS PERIOD: | $ | 175,087.98 | ||||||
| 5. BALANCE: | $ | 192,780.76 | ||||||
| 6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||||
| TRANSFERS TO OTHER DIP ACCOUNTS | $ | - | ||||||
| DISBURSEMENTS | $ | 139,558.12 | ||||||
| TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 139,558.12 | ||||||
| 7. ENDING BALANCE: | $ | 53,222.64 | ||||||
| 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. |
| *** | 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 | $ | 53,522.64 | ||||||
| Restricted Cash | _____________ | |||||||
| Accounts Receivable | $ | 362,138.88 | ||||||
| Inventory | $ | 193,966.42 | ||||||
| Notes Receivable | _____________ | |||||||
| Prepaid Expenses | _____________ | |||||||
| Other (Itemize) | _____________ | |||||||
| Total Current Assets | $ | 609,627.94 | ||||||
| Property, Plant, and Equipment | $ | 254,873.45 | ||||||
| Accumulated Depreciation/Depletion | $ | (254,873.45 | ) | |||||
| Net Property, Plan, and Equipment | $ | - | ||||||
| Other Assets (Net of Amortization): | ||||||||
| Due from Insiders | _____________ | |||||||
| Other (Itemized) See page 12 disclosure attached | $ | 47,460.65 | ||||||
| Total Other Assets | $ | 47,460.65 | ||||||
| TOTAL ASSETS | $ | 657,088.59 | ||||||
| LIABILITIES | ||||||||
| Post-Petition Liabilities: | ||||||||
| Accounts Payable | $ | 125,349.12 | ||||||
| Taxes Payable | _____________ | |||||||
| Notes Payable | _____________ | |||||||
| Professional Fees | $ | 438,991.04 | ||||||
| Secured Debt | _____________ | |||||||
| Other (Itemized) See page 12 disclosure attached | $ | 227,334.47 | ||||||
| Total Post-Petition Liabilities | $ | 791,674.63 | ||||||
| Pre-Petition Liabilities: | ||||||||
| Secured Liabilities | $ | 3,447,134.23 | ||||||
| Priority Liabilities | $ | 1,895.00 | ||||||
| Unsecured Liabilities | $ | 949,628.01 | ||||||
| Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||||
| Total Pre-Petition Liabilities | $ | 4,419,696.84 | ||||||
| TOTAL LIABILITIES | $ | 5,211,371.47 | ||||||
| EQUITY: | ||||||||
| Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||||
| Post-Petition Profit/(Loss) | $ | 783,295.43 | ||||||
| Direct Charges to Equity | _____________ | |||||||
| TOTAL EQUITY | $ | (4,554,282.88 | ) | |||||
| TOTAL LIABILITIES & EQUITY | $ | 657,088.59 | ||||||
| _____________ | ||||||||
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
Current Month | CumulativePost-Petition | |||||||
| Sales/Revenue: | ||||||||
| Gross Sales/Revenue | $ | 234,733.34 | $ | 3,727,599.91 | ||||
| Less: Returns/Discounts | (_____________) | (_____________) | ||||||
| Net Sales/Revenue | $ | 234,733.34 | $ | 3,727,599.91 | ||||
| Cost of Goods Sold: | ||||||||
| Beginning Inventory at cost | $ | 51,206.69 | $ | 22,488.00 | ||||
| Purchases | $ | 150,039.62 | $ | 903,011.49 | ||||
| Less: Ending Inventory at cost | $ | (193,966.42 | ) | $ | (193,966.42 | ) | ||
| Cost of Goods Sold (COGS) | $ | 7,279.89 | $ | 731,533.07 | ||||
| Gross Profit | $ | 227,453.45 | $ | 2,996,066.84 | ||||
| Other Operating Income (Itemize) | _____________ | _____________ | ||||||
| Operating Expenses: | ||||||||
| Payroll - Insiders | $ | 29,321.20 | $ | 581,874.59 | ||||
| Payroll - Other Employees | $ | 7,606.34 | $ | 216,473.32 | ||||
| Payroll Taxes | $ | 3,084.97 | $ | 62,540.73 | ||||
| Other Taxes (Itemize) | _____________ | _____________ | ||||||
| Depreciation and Amortization | $ | 197.75 | $ | 38,561.14 | ||||
| Rent Expense - Real Property | $ | 9,916.70 | $ | 173,645.00 | ||||
| Lease Expense - Personal Property | _____________ | _____________ | ||||||
| Insurance | $ | 12,011.96 | $ | 99,022.34 | ||||
| Real Property Taxes | $ | - | $ | 2,178.97 | ||||
| Telephone and Utilities | $ | 3,890.74 | $ | 53,975.30 | ||||
| Repairs and Maintenance | _____________ | _____________ | ||||||
| Travel and Entertainment (Itemize) business meals and parking | $ | 1,501.69 | $ | 10,522.19 | ||||
| Miscellaneous Operating Expenses (Itemize) see attached | $ | 8,394.40 | $ | 178,252.33 | ||||
| Total Operating Expenses | $ | (75,925.75 | ) | $ | (1,417,045.91 | ) | ||
| Net Gain/(Loss) from Operations | $ | 151,527.70 | $ | 1,579,020.93 | ||||
| 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 | $ | 83,703.47 | ||||
| Legal and Professional (Itemize) | $ | 70,089.35 | $ | 754,921.03 | ||||
| Other (Itemize) | _____________ | _____________ | ||||||
| Total Non-Operating Expenses | $ | (74,566.23 | ) | $ | (838,624.50 | ) | ||
| NET INCOME/(LOSS) | $ | 76,961.47 | $ | 783,295.43 | ||||
(Attach exhibit listing all itemizations required above) | ||||||||