IMAGENETIX INC /NV/ - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - September 19, 2014

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8-K - FORM 8-K - IMAGENETIX INC /NV/v389667_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. 20
  Debtor(s).   FOR THE MONTH ENDING:
    July 31, 2014

 

I.  CASH RECEIPTS AND DISBURSEMENTS
A.  (GENERAL ACCOUNT*)

 

1.  TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS       $2,567,707.38 
           
2.  LESS:   TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL
ACCOUNT REPORTS		       $2,514,484.74 
           
3.  BEGINNING BALANCE       $53,222.64 
           
4.  RECEIPTS DURING CURRENT PERIOD:          
           
ACCOUNTS RECEIVABLE - PRE-FILING  $-      
ACCOUNTS RECEIVABLE - POST-FILING  $27,720.00      
GENERAL SALES  $-      
OTHER (SPECIFY) _Rental sublet_  $400.00      
OTHER ** (SPECIFY) _Client trust acct/ other  $450,044.15      
           
TOTAL RECEIPTS THIS PERIOD:       $478,164.15 
5.  BALANCE:       $531,386.79 
           
6.  LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD          
           
TRANSFERS TO OTHER DIP ACCOUNTS  $-      
DISBURSEMENTS  $359,058.67      
TOTAL DISBURSEMENTS THIS PERIOD***:       $359,058.67 
           
7.  ENDING BALANCE:       $172,328.12 

 

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  $172,628.12      
Restricted Cash   _____________      
Accounts Receivable  $410,975.73      
Inventory  $192,274.38      
Notes Receivable   _____________      
Prepaid Expenses   _____________      
Other (Itemize)   _____________      
Total Current Assets       $775,878.23 
           
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  $47,262.90      
Total Other Assets       $47,262.90 
           
TOTAL ASSETS       $823,141.13 
           
LIABILITIES          
Post-Petition Liabilities:          
Accounts Payable  $94,573.90      
Taxes Payable   _____________      
Notes Payable   _____________      
Professional Fees  $471,156.45      
Secured Debt   _____________      
Other (Itemized) See page 12 disclosure attached  $176,921.52      
Total Post-Petition Liabilities       $742,651.87 
           
Pre-Petition Liabilities:          
Secured Liabilities  $3,384,134.23      
Priority Liabilities  $1,895.00      
Unsecured Liabilities  $949,628.01      
Other (Itemized) See page 12 disclosure attached  $21,039.60      
Total Pre-Petition Liabilities       $4,356,696.84 
           
TOTAL LIABILITIES       $5,099,348.71 
           
EQUITY:          
Pre-Petition Owners' Equity  $(5,337,578.31)     
Post-Petition Profit/(Loss)  $1,061,370.73      
Direct Charges to Equity   _____________      
           
TOTAL EQUITY       $(4,276,207.58)
           
TOTAL LIABILITIES & EQUITY       $823,141.13 
         _____________ 

 

 
 

 

IX. PROFIT AND LOSS STATEMENT

(ACCRUAL BASIS ONLY)

 

   Current Month  

Cumulative

Post-Petition

 
Sales/Revenue:          
Gross Sales/Revenue  $190,086.85   $3,917,686.76 
Less: Returns/Discounts   (_____________)    (_____________) 
Net Sales/Revenue  $190,086.85   $3,917,686.76 
           
Cost of Goods Sold:          
Beginning Inventory at cost  $193,966.42   $22,488.00 
Purchases  $78,718.21   $981,729.70 
Less: Ending Inventory at cost  $(192,274.38)  $(192,274.38)
Cost of Goods Sold (COGS)  $80,410.25   $811,943.32 
           
Gross Profit  $109,676.60   $3,105,743.44 
           
Other Operating Income (Itemize)   _____________    _____________ 
           
Operating Expenses:          
Payroll - Insiders  $32,321.20   $614,195.79 
Payroll - Other Employees  $7,606.34   $224,079.66 
Payroll Taxes  $3,119.38   $65,660.11 
Other Taxes (Itemize)   _____________    _____________ 
Depreciation and Amortization  $197.75   $38,758.89 
Rent Expense - Real Property  $9,516.70   $183,161.70 
Lease Expense - Personal Property   _____________    _____________ 
Insurance  $4,475.31   $103,497.65 
Real Property Taxes  $-   $2,178.97 
Telephone and Utilities  $3,502.29   $57,477.59 
Repairs and Maintenance   _____________    _____________ 
Travel and Entertainment (Itemize) business meals and parking  $690.85   $11,213.04 
Miscellaneous Operating Expenses (Itemize) see attached  $25,879.96   $204,132.29 
Total Operating Expenses  $(87,309.78)  $(1,504,355.69)
           
Net Gain/(Loss) from Operations  $22,366.82   $1,601,387.75 
           
Non-Operating Income:          
Interest Income   _____________    _____________ 
Net Gain on Sale of Assets (Itemize)   _____________    _____________ 
Other (Itemize)  $292,500.00   $335,399.00 
Total Non-Operating Income  $292,500.00   $335,399.00 
           
Non-Operating Expense:          
Interest Expense  $4,626.11   $88,329.58 
Legal and Professional (Itemize)  $32,165.41   $787,086.44 
Other (Itemize)   _____________    _____________ 
Total Non-Operating Expenses  $(36,791.52)  $(875,416.02)
           
NET INCOME/(LOSS)  $278,075.30   $1,061,370.73 

(Attach exhibit listing all itemizations required above)

 

 

IMAGENETIX INC /NV/ Reports