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., | OPERATING REPORT NO. 5 | |
| FOR THE MONTH ENDING: | ||
| 4/30/2013 | ||
| Debtor(s). | ||
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
| 1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | $ | 501,599.95 | ||||
| 2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL | ||||||
| ACCOUNT REPORTS | $ | 371,975.21 | ||||
| 3. BEGINNING BALANCE | $ | 129,624.74 | ||||
| 4. RECEIPTS DURING CURRENT PERIOD: | ||||||
| ACCOUNTS RECEIVABLE - PRE-FILING | $ | - | ||||
| ACCOUNTS RECEIVABLE - POST-FILING | $ | 98,161.50 | ||||
| GENERAL SALES | $ | - | ||||
| OTHER (SPECIFY) _Customer deposits on future sales | $ | 30,000.00 | ||||
| OTHER ** (SPECIFY) _ADP refund | $ | 525.00 | ||||
| TOTAL RECEIPTS THIS PERIOD: | $ | 128,686.50 | ||||
| 5. BALANCE: | $ | 258,311.24 | ||||
| 6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | ||||||
| TRANSFERS TO OTHER DIP ACCOUNTS | $ | - | ||||
| DISBURSEMENTS | $ | 168,254.86 | ||||
| TOTAL DISBURSEMENTS THIS PERIOD***: | $ | 168,254.86 | ||||
| 7. ENDING BALANCE: | $ | 90,056.38 | ||||
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. |
Debtor-in-Possession Monthly Operating Report (Business) - Page 1 of 14
ORR-page 22 (rev. 03/01/08) 150328
IX. BALANCE SHEET
(ACCRUAL BASIS ONLY)
| Current Month End | ||||||
| ASSETS | ||||||
| Current Assets: | ||||||
| Unrestricted Cash | $ | 90,356.38 | ||||
| Restricted Cash | ||||||
| Accounts Receivable | $ | 391,991.93 | ||||
| Inventory | $ | 94,560.81 | ||||
| Notes Receivable | ||||||
| Prepaid Expenses | ||||||
| Other (Itemize) | ||||||
| Total Current Assets | $ | 576,909.12 | ||||
| Property, Plant, and Equipment | $ | 254,873.45 | ||||
| Accumulated Depreciation/Depletion | $ | (249,638.69 | ) | |||
| Net Property, Plan, and Equipment | $ | 5,234.76 | ||||
| Other Assets (Net of Amortization): | ||||||
| Due from Insiders | ||||||
| Other (Itemized) See page 12 disclosure attached | $ | 59,064.90 |
| |||
| Total Other Assets | $ | 59,064.90 | ||||
| TOTAL ASSETS | $ | 641,208.78 | ||||
| LIABILITIES | ||||||
| Post-Petition Liabilities: | ||||||
| Accounts Payable | $ | 33,458.36 | ||||
| Taxes Payable | ||||||
| Notes Payable | ||||||
| Professional Fees | $ | 212,408.23 | ||||
| Secured Debt | ||||||
| Other (Itemized) See page 12 disclosure attached | $ | 57,629.56 | ||||
| Total Post-Petition Liabilities | $ | 303,496.15 | ||||
| Pre-Petition Liabilities: | ||||||
| Secured Liabilities | $ | 4,429,134.23 | ||||
| Priority Liabilities | $ | 1,895.00 | ||||
| Unsecured Liabilities | $ | 949,628.01 | ||||
| Other (Itemized) See page 12 disclosure attached | $ | 21,039.60 | ||||
| Total Pre-Petition Liabilities | $ | 5,401,696.84 | ||||
| ||||||
| TOTAL LIABILITIES | $ | 5,705,192.99 | ||||
| EQUITY: | ||||||
| Pre-Petition Owners' Equity | $ | (5,337,578.31 | ) | |||
| Post-Petition Profit/(Loss) | $ | 273,594.10 | ||||
| Direct Charges to Equity | ||||||
| TOTAL EQUITY | $ | (5,063,984.21) | ||||
| TOTAL LIABILITIES & EQUITY | $ | 641,208.78 | ||||
Debtor-in-Possession Monthly Operating Report (Business) - Page 12 of 14
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IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
| Current Month | Cumulative Post-Petition | |||||||
| Sales/Revenue: | ||||||||
| Gross Sales/Revenue | $ | 136,778.05 | $ | 1,015,730.64 | ||||
| Less: Returns/Discounts | ( | ) | ( | ) | ||||
| Net Sales/Revenue | $ | 136,778.05 | $ | 1,015,730.64 | ||||
| Cost of Goods Sold: | ||||||||
| Beginning Inventory at cost | $ | 71,249.81 | $ | 22,488.00 | ||||
| Purchases | $ | 56,712.49 | $ | 214,733.21 | ||||
| Less: Ending Inventory at cost | $ | (94,560.81 | ) | $ | (94,560.81 | ) | ||
| Cost of Goods Sold (COGS) | $ | 33,401.49 | $ | 142,660.40 | ||||
| Gross Profit | $ | 103,376.56 | $ | 873,070.24 | ||||
| Other Operating Income (Itemize) | ||||||||
| Operating Expenses: | ||||||||
| Payroll - Insiders | $ | 29,320.00 | $ | 123,883.00 | ||||
| Payroll - Other Employees | $ | 14,635.92 | $ | 59,912.36 | ||||
| Payroll Taxes | $ | 10,906.96 | $ | 23,421.30 | ||||
| Other Taxes (Itemize) | ||||||||
| Depreciation and Amortization | $ | 1,436.39 | $ | 21,722.13 | ||||
| Rent Expense - Real Property | $ | 7,596.40 | $ | 38,581.60 | ||||
| Lease Expense - Personal Property | ||||||||
| Insurance | $ | 3,218.26 | $ | 28,526.16 | ||||
| Real Property Taxes | $ | - | $ | 1,318.38 | ||||
| Telephone and Utilities | $ | 529.83 | $ | 15,235.22 | ||||
| Repairs and Maintenance | ||||||||
| Travel and Entertainment (Itemize) business meals and parking | $ | 699.69 | $ | 2,922.74 | ||||
| Miscellaneous Operating Expenses (Itemize) see attached | $ | 7,606.31 | $ | 32,484.65 | ||||
| Total Operating Expenses | $ | (75,949.76 | ) | $ | (348,007.54 | ) | ||
| Net Gain/(Loss) from Operations | $ | 27,426.80 | $ | 525,062.70 | ||||
| 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 | $ | 20,131.72 | ||||
| Legal and Professional (Itemize) | $ | 34,233.33 | $ | 274,235.88 | ||||
| Other (Itemize) | ||||||||
| Total Non-Operating Expenses | $ | (38,710.21 | ) | $ | (294,367.60 | ) | ||
| NET INCOME/(LOSS) | $ | (11,283.41 | ) | $ | 273,594.10 |
Debtor-in-Possession Monthly Operating Report (Business) - Page 11 of 14
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