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| 8-K - FORM 8-K - IMAGENETIX INC /NV/ | v394803_8k.htm |
Imagenetix, Inc. Reports September 30, 2014 Results
SAN DIEGO, Nov. 19, 2014 /PRNewswire/ -- Imagenetix, Inc. (OTCBB:IAGX) announced today results for the period ended September 30, 2014, the first reporting period subsequent to its emergence from a Chapter 11 proceeding under the U.S. Bankruptcy Code. Net sales were $164,000 and net income was $130,000 for the shortened period of September 17, 2014 through September 30, 2014. Earnings per share were $0.00. Due to the adoption of "Fresh Start Reporting" as a result of the bankruptcy proceeding, there are no comparisons reflected for previous periods.
Commenting on the results of the period, William P. Spencer, President of Imagenetix, stated, "I am delighted that we are now moving forward. The successful results obtained from the reorganization and the ability to reflect profitability already reflect an increase in shareholder value and a positive future direction. We have emerged successfully from Chapter 11 as a profitable, stronger company with a much healthier balance sheet and much of our debt satisfied or substantially reduced."
About Imagenetix
Imagenetix, based in San Diego, California, is an innovator of scientifically tested, natural-based, proprietary, bioceutical products developed to enhance human health on a global basis. Imagenetix develops and formulates proprietary over-the-counter topical creams, skincare products and nutritional supplements to be marketed globally through multiple channels of distribution. In addition, the company develops patentable compounds for entering into licensing agreements with pharmaceutical partners.
Certain matters in this news release are forward-looking statements which are subject to risks and uncertainties that could cause actual results to vary materially from those projected. Such risks and uncertainties include, but are not limited to, adverse fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, the size and timing of customer contracts, new or increased competition, changes in market demand, and seasonality of purchases of the company's products and services. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in the company's SEC filings.
Contact | Imagenetix Investor Relations | William P. Spencer |
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| (858)385-2797 | Chief Executive Officer |
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| Imagenetix, Inc. |
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| Tel: (858) 674-8455 |
Imagenetix, Inc. | ||||
Condensed Consolidated Statement of Income | ||||
(Unaudited) | ||||
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| Period Ended |
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| September 30, |
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| 2014 |
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Net sales |
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| Product sales |
| $ | 315 |
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| Licenses and royalties |
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| 163,991 |
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| Total net sales |
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| 164,306 |
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Cost of sales |
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| 3,031 | |
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Gross profit |
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| 161,275 | |
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Operating expenses: |
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| General and administrative |
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| 3,656 |
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| Payroll expense |
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| 21,292 |
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| Consulting expense |
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| 6,403 |
Operating expenses |
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| 31,351 | |
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Operating income |
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| 129,924 | |
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Other income (expense): |
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| Other income |
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| - |
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Income before income taxes |
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| 129,924 | |
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Income tax expense |
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| - | |
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Net income |
| $ | 129,924 | |
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Basic net income per share |
| $ | 0.00 | |
Fully diluted net income per share |
| $ | 0.00 | |
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Basic weighted average common shares outstanding |
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| 28,272,955 | |
Fully diluted weighted average common shares outstanding |
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| 29,350,386 | |
Imagenetix, Inc. | ||||||
Condensed Consolidated Balance Sheets | ||||||
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| September 30, |
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| September 16, |
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| 2014 |
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| 2014 |
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| (Unaudited) |
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| (Unaudited) |
ASSETS |
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Current assets: |
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| Cash | $ | 255,545 |
| $ | 1,493,709 |
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| Accounts receivable, net |
| 324,793 |
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| 160,802 |
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| Inventories, net |
| 75,474 |
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| 48,740 |
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| Prepaid expenses and other current assets |
| 23,899 |
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| 23,899 |
Total current assets |
| 679,711 |
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| 1,727,150 | |
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Property and equipment, net |
| 25,487 |
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| 25,487 | |
Goodwill on fresh start from bankruptcy |
| 8,205,597 |
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| 8,205,597 | |
Other assets |
| 22,969 |
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| 23,166 | |
Long-term deferred tax assets |
| - |
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| - | |
Total Assets | $ | 8,933,764 |
| $ | 9,981,400 | |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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| Secured note payable | $ | - |
| $ | 726,250 |
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| Accounts payable |
| 137,078 |
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| 277,638 |
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| Accrued liabilities |
| 84,163 |
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| 244,913 |
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| Customer deposits |
| 8,250 |
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| 8,250 |
Total current liabilities |
| 229,491 |
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| 1,257,051 | |
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Long term claims payable |
| 2,250,000 |
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| 2,400,000 | |
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Stockholders' equity |
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| Preferred stock, $.001 par value; 5,000,000 shares |
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| authorized: none outstanding |
| - |
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| - |
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| Common stock, $.001 par value; 50,000,000 shares |
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| authorized: 28,272,955 issued and outstanding at |
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| September 30, 2014 and September 16, 2014, respectively |
| 28,272 |
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| 28,272 |
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| Capital in excess of par value |
| 6,296,077 |
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| 6,296,077 |
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| Retained earnings |
| 129,924 |
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| - |
Total stockholders' equity |
| 6,454,273 |
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| 6,324,349 | |
Total Liabilities and Stockholders' Equity | $ | 8,933,764 |
| $ | 9,981,400 | |