Can someone explain why in the last Q they say CEO paid back the $ but on balance sheet they have it as Other receivables-related party 1,088,934 ??
what part of the Q is true or fallse?
Filing Date: 11/13/2009 Form Type: 10-Q
11. OTHER RECEIVABLES - RELATED PARTY
During the quarter ended September 30, 2009, the Company remitted $1,088,934 to its Chief Executive Officer as over funding of previous borrowings made by the Company from him. The amount remitted was inadvertently calculated to be in excess of the amount actually owed by the Company to its CEO. Accordingly, upon realizing the miscalculations, the Company CEO immediately transferred the net receivable balance back to the Company subsequent to September 30, 2009.
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
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IMAGING3, INC.
BALANCE SHEETS
AT SEPTEMBER 30, 2009 (UNAUDITED) AND DECEMBER 31, 2008
ASSETS
9/30/2009 12/31/2008
---------------- ---------------
(UNAUDITED)
CURRENT ASSETS:
Cash and cash equivalents $ 154,412 $ 73,447
Accounts receivable, net 55,267 64,149
Other receivables-related party 1,088,934 -
Inventory, net 332,014 328,740
Prepaid expenses 31,240 21,148
---------------- ---------------
Total current assets 1,661,867 487,484
PROPERTY AND EQUIPMENT, NET 17,244 23,755
OTHER ASSETS 31,024 31,024
---------------- ---------------
Total assets $ 1,710,135 $ 542,263
================ ===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable $ 131,140 $ 175,329
Accrued expenses 2,307,091 2,270,638
Deferred revenue 195,846 119,052
Equipment deposits 223,360 116,368
Due to an officer - 784,210
---------------- ---------------
Total current liabilities 2,857,437 3,465,597
STOCKHOLDERS' DEFICIT:
Common stock, no par value; authorized shares 500,000,000;
375,709,898 and 249,924,052 issued and outstanding
at September 30, 2009 and December 31, 2008, respectively 10,988,572 7,763,772
Accumulated deficit (12,135,874) (10,687,106)
---------------- ---------------
Total stockholders' deficit (1,147,302) (2,923,334)
---------------- ---------------
Total liabilities and stockholders' deficit $ 1,710,135 $ 542,263
================ ===============
The accompanying notes form an integral part of these unaudited financial statements
-2-
but after selling 120m stock at 2.5c a share they still have only 150k in the bank
COMMON STOCK
During the nine month period ended September 30, 2009, the Company issued 119,934,027 shares of common stock for cash proceeds of $3,083,854 net of offering costs of $113,622 as part of its private placement.
During the nine month period ended September 30, 2009, the Company issued 5,164,319 shares of common stock for the conversation of $100,000 in debt owed. Per the terms of the conversion feature of the note, the principal balance was convertible into 5,000,000 shares. The excess of the shares issued was recorded as a loss on conversion of debt of $6,571.
During the nine month period ended September 30, 2009, the Company issued 687,500 shares of common stock for services rendered for a total of $34,375.
ASSETS
9/30/2009 12/31/2008
---------------- ---------------
(UNAUDITED)
CURRENT ASSETS:
Cash and cash equivalents $ 154,412 $ 73,447
Accounts receivable, net 55,267 64,149
Other receivables-related party 1,088,934 -
Inventory, net 332,014 328,740
Prepaid expenses 31,240 21,148
---------------- ---------------
AI
