0001144204-14-069880.txt : 20141120 0001144204-14-069880.hdr.sgml : 20141120 20141119182930 ACCESSION NUMBER: 0001144204-14-069880 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20141120 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141120 DATE AS OF CHANGE: 20141119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMAGENETIX INC /NV/ CENTRAL INDEX KEY: 0000839441 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 870463772 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-24138-D FILM NUMBER: 141236977 BUSINESS ADDRESS: STREET 1: 10845 RANCHO BERNARDO ROAD STREET 2: SUITE 105 CITY: SAN DIEGO STATE: CA ZIP: 92127 BUSINESS PHONE: 858 674 8455 MAIL ADDRESS: STREET 1: 10845 RANCHO BERNARDO ROAD STREET 2: SUITE 105 CITY: SAN DIEGO STATE: CA ZIP: 92127 FORMER COMPANY: FORMER CONFORMED NAME: CAPITAL GROWTH INC DATE OF NAME CHANGE: 19920703 8-K 1 v394803_8k.htm FORM 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

 

Date of Report (Date of earliest event reported):
November 20, 2014

 

 

IMAGENETIX, INC.

(Exact name of registrant as specified in its charter)

         
Nevada   033-24138-D   87-0463772
         
(State or Other Jurisdiction of
Incorporation)
  (Commission File Number)   (I.R.S. Employer Identification
Number)
         
10845 Rancho Bernardo Road, Suite 105    
San Diego, California   92127
     
(Address of Principal Executive Offices)   (Zip Code)
         
(858) 674-8455
  (Registrant’s Telephone Number, Including Area Code)
         
N/A
 
(Former Name or Former Address, If Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

    o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
    o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
    o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
    o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 
 

 

TABLE OF CONTENTS

 

 

   
  Section 2 — Financial Information
  Item 2.02. Results of Operations and Financial Condition.
  Section 9 — Financial Statements and Exhibits
  Item 9.01. Financial Statements and Exhibits.
SIGNATURE
Exhibit Index
Press Release

 

 
 

Table of Contents

 

Section 2 — Financial Information

 

Item 2.02. Results of Operations and Financial Condition.

 

On November 19, 2014, Imagenetix, Inc. publicly announced, among other things, its results of operations for the period ended September 30, 2014. For further information, please refer to the press release attached hereto as Exhibit 99.1, which is incorporated by reference herein.

 

The information contained in this report and the exhibit hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filings made by Imagenetix, Inc. under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

 

Section 9 — Financial Statements and Exhibits

 

Item 9.01. Financial Statements and Exhibits.

 

     (c) Exhibits.

 

Exhibit No.   Description
99.1   Press Release issued November 19, 2014

 

 

 

SIGNATURE

 

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  IMAGENETIX, INC.  
     
  By:   /s/ WILLIAM P. SPENCER    
    William P. Spencer   
    Chief Executive Officer and President   
 

  

Dated: November 20, 2014

 

 
 

Table of Contents

 

 

IMAGENETIX, INC.

FORM 8-K

Exhibit Index

 

Exhibit No.   Description   Method of Filing
99.1   Press Release issued November 19, 2014   Filed herewith

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EX-99.1 2 v394803_ex99-1.htm EXHIBIT 99.1

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


(858)385-2797

Chief Executive Officer



Imagenetix, Inc.



Tel: (858) 674-8455

Imagenetix, Inc.

 Condensed Consolidated Statement of Income

(Unaudited)










Period Ended





September 30,





2014






Net sales





Product sales


$

315


Licenses and royalties



163,991


  Total net sales



164,306






Cost of sales



3,031






Gross profit



161,275






Operating expenses:





General and administrative



3,656


Payroll expense



21,292


Consulting expense



6,403

Operating expenses 



31,351






Operating income 



129,924






Other income (expense):





Other income



-






Income before income taxes



129,924






Income tax expense 



-






Net income 


$

129,924






Basic net income per share


$

0.00

Fully diluted net income per share


$

0.00






Basic weighted average common shares outstanding



28,272,955

Fully diluted weighted average common shares outstanding



29,350,386

Imagenetix, Inc.

 Condensed Consolidated Balance Sheets











 September 30,



 September 16,




2014



2014




(Unaudited)



(Unaudited)

ASSETS 













Current assets:







Cash 

$

255,545


$

1,493,709


Accounts receivable, net


324,793



160,802


Inventories, net


75,474



48,740


Prepaid expenses and other current assets


23,899



23,899

Total current assets


679,711



1,727,150








Property and equipment, net 


25,487



25,487

Goodwill on fresh start from bankruptcy


8,205,597



8,205,597

Other assets 


22,969



23,166

Long-term deferred tax assets


-



-

Total Assets

$

8,933,764


$

9,981,400








LIABILITIES AND STOCKHOLDERS' EQUITY  













Current liabilities:







Secured note payable   

$

-


$

726,250


Accounts payable


137,078



277,638


Accrued liabilities


84,163



244,913


Customer deposits


8,250



8,250

Total current liabilities


229,491



1,257,051








Long term claims payable


2,250,000



2,400,000








Stockholders' equity  







Preferred stock, $.001 par value; 5,000,000 shares







  authorized: none outstanding


-



-


Common stock, $.001 par value; 50,000,000 shares







  authorized: 28,272,955 issued and outstanding at 







  September 30, 2014 and September 16, 2014, respectively


28,272



28,272


Capital in excess of par value


6,296,077



6,296,077


Retained earnings


129,924



-

Total stockholders' equity 


6,454,273



6,324,349

Total Liabilities and Stockholders' Equity

$

8,933,764


$

9,981,400