Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - IMAGENETIX INC /NV/ | v390770_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. 21 | |||
| Debtor(s). | FOR THE MONTH ENDING: | ||
| August 31, 2014 | |||
| I. CASH RECEIPTS AND DISBURSEMENTS |
| A. (GENERAL ACCOUNT*) |
| 1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 3,045,871.53 | ||||||
| 2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 2,873,543.41 | ||||||
| 3. BEGINNING BALANCE | $ | 172,328.12 | ||||||
| 4. RECEIPTS DURING CURRENT PERIOD: | ||||||||
| ACCOUNTS RECEIVABLE - PRE-FILING | $ | — | ||||||
| ACCOUNTS RECEIVABLE - POST-FILING | $ | 60,624.00 | ||||||
| GENERAL SALES | $ | — | ||||||
| OTHER (SPECIFY) _Rental sublet_ | $ | 200.00 | ||||||
| OTHER ** (SPECIFY) _Client trust acct/ other | $ | 19,802.63 | ||||||
| TOTAL RECEIPTS THIS PERIOD: | $ | 80,626.63 | ||||||
| 5. BALANCE: | $ | 252,954.75 | ||||||
| 6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||||
TRANSFERS TO OTHER DIP ACCOUNTS | $ | — | ||||||
| DISBURSEMENTS | $ | 156,129.25 | ||||||
| TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 156,129.25 | ||||||
| 7. ENDING BALANCE: | $ | 96,825.50 | ||||||
| 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 | $ | 97,125.50 | ||||||
| Restricted Cash | ||||||||
| Accounts Receivable | $ | 463,882.86 | ||||||
| Inventory | $ | 131,260.53 | ||||||
| Notes Receivable | ||||||||
| Prepaid Expenses | ||||||||
| Other (Itemize) | ||||||||
| Total Current Assets | $ | 692,268.89 | ||||||
| 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 | $ | 47,065.15 | ||||||
| Total Other Assets | $ | 47,065.15 | ||||||
| TOTAL ASSETS | $ | 739,334.04 | ||||||
| LIABILITIES | ||||||||
| Post-Petition Liabilities: | ||||||||
| Accounts Payable | $ | 100,885.72 | ||||||
| Taxes Payable | ||||||||
| Notes Payable | ||||||||
| Professional Fees | $ | 498,437.61 | ||||||
| Secured Debt | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 134,678.58 | ||||||
| Total Post-Petition Liabilities | $ | 734,001.91 | ||||||
| Pre-Petition Liabilities: | ||||||||
| Secured Liabilities | $ | 3,321,134.23 | ||||||
| Priority Liabilities | $ | 1,895.00 | ||||||
| Unsecured Liabilities | $ | 949,628.01 | ||||||
| Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||||
| Total Pre-Petition Liabilities | $ | 4,293,696.84 | ||||||
| TOTAL LIABILITIES | $ | 5,027,698.75 | ||||||
| EQUITY: | ||||||||
| Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||||
| Post-Petition Profit/(Loss) | $ | 1,049,213.60 | ||||||
| Direct Charges to Equity | ||||||||
| TOTAL EQUITY | $ | (4,288,364.71 | ) | |||||
| TOTAL LIABILITIES & EQUITY | $ | 739,334.04 | ||||||
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
| Current Month | Cumulative Post-Petition | |||||||
| Sales/Revenue: | ||||||||
| Gross Sales/Revenue | $ | 218,661.13 | $ | 4,136,347.89 | ||||
| Less: Returns/Discounts | (_____________) | (_____________) | ||||||
| Net Sales/Revenue | $ | 218,661.13 | $ | 4,136,347.89 | ||||
| Cost of Goods Sold: | ||||||||
| Beginning Inventory at cost | $ | 192,274.38 | $ | 22,488.00 | ||||
| Purchases | $ | 67,454.50 | $ | 1,049,184.20 | ||||
| Less: Ending Inventory at cost | $ | (131,260.53 | ) | $ | (131,260.53 | ) | ||
| Cost of Goods Sold (COGS) | $ | 128,468.35 | $ | 940,411.67 | ||||
| Gross Profit | $ | 90,192.78 | $ | 3,195,936.22 | ||||
| Other Operating Income (Itemize) | ||||||||
| Operating Expenses: | ||||||||
| Payroll - Insiders | $ | 29,321.20 | $ | 643,516.99 | ||||
| Payroll - Other Employees | $ | 7,606.34 | $ | 231,686.00 | ||||
| Payroll Taxes | $ | 9,344.42 | $ | 75,004.53 | ||||
| Other Taxes (Itemize) | ||||||||
| Depreciation and Amortization | $ | 197.75 | $ | 38,956.64 | ||||
| Rent Expense - Real Property | $ | 9,516.70 | $ | 192,678.40 | ||||
| Lease Expense - Personal Property | ||||||||
| Insurance | $ | 1,611.95 | $ | 105,109.60 | ||||
| Real Property Taxes | $ | — | $ | 2,178.97 | ||||
| Telephone and Utilities | $ | 1,594.68 | $ | 59,072.27 | ||||
| Repairs and Maintenance | ||||||||
| Travel and Entertainment (Itemize) business meals and parking | $ | 967.26 | $ | 12,180.30 | ||||
| Miscellaneous Operating Expenses (Itemize) see attached | $ | 4,206.51 | $ | 208,338.80 | ||||
| Total Operating Expenses | $ | (64,366.81 | ) | $ | (1,568,722.50 | ) | ||
| Net Gain/(Loss) from Operations | $ | 25,825.97 | $ | 1,627,213.72 | ||||
| Non-Operating Income: | ||||||||
| Interest Income | ||||||||
| Net Gain on Sale of Assets (Itemize) | ||||||||
| Other (Itemize) | $ | — | $ | 335,399.00 | ||||
| Total Non-Operating Income | $ | — | $ | 335,399.00 | ||||
| Non-Operating Expense: | ||||||||
| Interest Expense | $ | 4,626.12 | $ | 92,955.70 | ||||
| Legal and Professional (Itemize) | $ | 33,356.98 | $ | 820,443.42 | ||||
| Other (Itemize) | ||||||||
| Total Non-Operating Expenses | $ | (37,983.10 | ) | $ | (913,399.12 | ) | ||
| NET INCOME/(LOSS) | $ | (12,157.13 | ) | $ | 1,049,213.60 | |||
(Attach exhibit listing all itemizations required above)
| 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. 22 | |||
| Debtor(s). | FOR THE MONTH ENDING: | ||
| September 16, 2014 (Final) | |||
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
| 1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 3,126,498.16 | ||||||
| 2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 3,029,672.66 | ||||||
| 3. BEGINNING BALANCE | $ | 96,825.50 | ||||||
| 4. RECEIPTS DURING CURRENT PERIOD: | ||||||||
| ACCOUNTS RECEIVABLE - PRE-FILING | $ | — | ||||||
| ACCOUNTS RECEIVABLE - POST-FILING | $ | 176,468.93 | ||||||
| GENERAL SALES | $ | — | ||||||
| OTHER (SPECIFY) _Rental sublet_ | $ | 200.00 | ||||||
| OTHER ** (SPECIFY) _Client trust acct/ other | $ | — | ||||||
| TOTAL RECEIPTS THIS PERIOD: | $ | 176,668.93 | ||||||
| 5. BALANCE: | $ | 273,494.43 | ||||||
| 6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||||
| TRANSFERS TO OTHER DIP ACCOUNTS | $ | 37,872.70 | ||||||
| DISBURSEMENTS | $ | — | ||||||
| TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 37,872.70 | ||||||
| 7. ENDING BALANCE: | $ | 235,621.73 | ||||||
| 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 | $ | 235,621.73 | ||||||
| Restricted Cash | ||||||||
| Accounts Receivable | $ | 206,493.93 | ||||||
| Inventory | $ | 31,780.00 | ||||||
| Notes Receivable | ||||||||
| Prepaid Expenses | ||||||||
| Other (Itemize) | ||||||||
| Total Current Assets | $ | 473,895.66 | ||||||
| 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 | $ | 47,065.15 | ||||||
| Total Other Assets | $ | 47,065.15 | ||||||
| TOTAL ASSETS | $ | 520,960.81 | ||||||
| LIABILITIES | ||||||||
| Post-Petition Liabilities: | ||||||||
| Accounts Payable | $ | 33,901.36 | ||||||
| Taxes Payable | ||||||||
| Notes Payable | ||||||||
| Professional Fees | $ | 498,437.61 | ||||||
| Secured Debt | ||||||||
| Other (Itemized) See page 12 disclosure attached | $ | 161,580.42 | ||||||
| Total Post-Petition Liabilities | $ | 693,919.39 | ||||||
| Pre-Petition Liabilities: | ||||||||
| Secured Liabilities | $ | 3,321,134.23 | ||||||
| Priority Liabilities | $ | 1,895.00 | ||||||
| Unsecured Liabilities | $ | 949,628.01 | ||||||
| Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||||
| Total Pre-Petition Liabilities | $ | 4,293,696.84 | ||||||
| TOTAL LIABILITIES | $ | 4,987,616.23 | ||||||
| EQUITY: | ||||||||
| Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||||
| Post-Petition Profit/(Loss) | $ | 870,922.89 | ||||||
| Direct Charges to Equity | ||||||||
| TOTAL EQUITY | $ | (4,466,655.42 | ) | |||||
| TOTAL LIABILITIES & EQUITY | $ | 520,960.81 | ||||||
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
| Current Month | Cumulative Post-Petition | |||||||
| Sales/Revenue: | ||||||||
| Gross Sales/Revenue | $ | — | $ | 4,136,347.89 | ||||
| Less: Returns/Discounts | (_____________) | (_____________) | ||||||
| Net Sales/Revenue | $ | — | $ | 4,136,347.89 | ||||
| Cost of Goods Sold: | ||||||||
| Beginning Inventory at cost | $ | 131,260.53 | $ | 22,488.00 | ||||
| Purchases | $ | 19,623.16 | $ | 1,068,807.36 | ||||
| Less: Ending Inventory at cost | $ | (31,780.00 | ) | $ | (31,780.00 | ) | ||
| Cost of Goods Sold (COGS) | $ | 119,103.69 | $ | 1,059,515.36 | ||||
| Gross Profit | $ | (119,103.69 | ) | $ | 3,076,832.53 | |||
| Other Operating Income (Itemize) | ||||||||
| Operating Expenses: | ||||||||
| Payroll - Insiders | $ | 29,321.20 | $ | 672,838.19 | ||||
| Payroll - Other Employees | $ | 7,606.34 | $ | 239,292.34 | ||||
| Payroll Taxes | $ | 142.66 | $ | 75,147.19 | ||||
| Other Taxes (Itemize) | ||||||||
| Depreciation and Amortization | $ | — | $ | 38,956.64 | ||||
| Rent Expense - Real Property | $ | 9,716.70 | $ | 202,395.10 | ||||
| Lease Expense - Personal Property | ||||||||
| Insurance | $ | 224.48 | $ | 105,334.08 | ||||
| Real Property Taxes | $ | — | $ | 2,178.97 | ||||
| Telephone and Utilities | $ | 2,770.94 | $ | 61,843.21 | ||||
| Repairs and Maintenance | ||||||||
| Travel and Entertainment (Itemize) business meals and parking | $ | 638.25 | $ | 12,818.55 | ||||
| Miscellaneous Operating Expenses (Itemize) see attached | $ | 7,001.09 | $ | 215,339.89 | ||||
| Total Operating Expenses | $ | (57,421.66 | ) | $ | (1,626,144.16 | ) | ||
| Net Gain/(Loss) from Operations | $ | (176,525.35 | ) | $ | 1,450,688.37 | |||
| Non-Operating Income: | ||||||||
| Interest Income | ||||||||
| Net Gain on Sale of Assets (Itemize) | ||||||||
| Other (Itemize) | $ | — | $ | 335,399.00 | ||||
| Total Non-Operating Income | $ | — | $ | 335,399.00 | ||||
| Non-Operating Expense: | ||||||||
| Interest Expense | $ | 3,283.04 | $ | 96,238.74 | ||||
| Legal and Professional (Itemize) | $ | (1,517.68 | ) | $ | 818,925.74 | |||
| Other (Itemize) | ||||||||
| Total Non-Operating Expenses | $ | (1,765.36 | ) | $ | (915,164.48 | ) | ||
| NET INCOME/(LOSS) | $ | (178,290.71 | ) | $ | 870,922.89 | |||
(Attach exhibit listing all itemizations required above)