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.
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Contact
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Imagenetix Investor
Relations
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William P.
Spencer
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(858)385-2797
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Chief Executive
Officer
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Imagenetix,
Inc.
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Tel: (858)
674-8455
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Imagenetix,
Inc.
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Condensed
Consolidated Statement of Income
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(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
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$
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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
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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
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$
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129,924
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Basic net income per
share
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$
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0.00
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Fully diluted net
income per share
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$
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0.00
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Basic weighted
average common shares outstanding
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28,272,955
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Fully diluted
weighted average common shares outstanding
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29,350,386
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Imagenetix,
Inc.
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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)
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ASSETS
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Current
assets:
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Cash
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$
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255,545
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$
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1,493,709
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Accounts receivable,
net
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324,793
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160,802
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Inventories,
net
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75,474
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48,740
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Prepaid expenses and
other current assets
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23,899
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23,899
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Total current
assets
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679,711
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1,727,150
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Property and
equipment, net
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25,487
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25,487
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Goodwill on fresh
start from bankruptcy
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8,205,597
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8,205,597
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Other
assets
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22,969
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23,166
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Long-term deferred
tax assets
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-
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-
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Total
Assets
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$
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8,933,764
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$
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9,981,400
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LIABILITIES AND
STOCKHOLDERS' EQUITY
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Current
liabilities:
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Secured note
payable
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$
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-
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$
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726,250
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Accounts
payable
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137,078
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277,638
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Accrued
liabilities
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84,163
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244,913
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Customer
deposits
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8,250
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8,250
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Total current
liabilities
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229,491
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1,257,051
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Long term claims
payable
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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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-
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Common stock, $.001
par value; 50,000,000 shares
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authorized:
28,272,955 issued and outstanding at
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September 30,
2014 and September 16, 2014, respectively
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28,272
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28,272
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Capital in excess of
par value
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6,296,077
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6,296,077
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Retained
earnings
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129,924
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-
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Total stockholders'
equity
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6,454,273
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6,324,349
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Total Liabilities and
Stockholders' Equity
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$
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8,933,764
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$
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9,981,400
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SOURCE Imagenetix, Inc.
