Imagenetix, Inc - Condensed Consolidated Statements of Operations...

Imagenetix, Inc - Recent Material Event

Item 1.	Financial Statements:

	Condensed Consolidated Balance Sheets as of December 31, 2007 (unaudited) and March 31, 2007

	Condensed Consolidated Statements of Operations for the three and nine months ended December 31, 2007 and 2006 (unaudited)

	Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2007 and 2006 (unaudited)

	Notes to Unaudited Condensed Consolidated Financial Statements

Item 2.	Management’s Discussion and Analysis or Plan of Operation

Item 3.	Controls and Procedures

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	*
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	*
Item 3.	Defaults Upon Senior Securities	*
Item 4.	Submission of Matters to a Vote of Security Holders	*
Item 5.	Other Information	*
Item 6.	Exhibits

SIGNATURES

* No information provided due to inapplicability of the item.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Imagenetix, Inc.

Condensed Consolidated Balance Sheets

	December 31,			March 31,
	2007			2007
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	598,525		$	958,896
Accounts receivable, net		1,014,831			1,576,641
Inventories, net		1,332,163			1,284,458
Prepaid expenses		411,132			384,217
Income tax receivable		191,857			269,140
Deferred tax asset		592,197			109,797
Total current assets		4,140,705			4,583,149

Property and equipment, net		120,517			125,456
Other assets		299,021			551,998
	$	4,560,243		$	5,260,603

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	592,245		$	368,089
Accrued liabilities		83,287			64,265
Customer deposits		36,875			136,645
Contract payable		69,300			49,970
Short term license payable		33,583			31,633
Total current liabilities		815,290			650,602

Long term license payable		11,803			37,239

Total liabilities		827,093			687,841

Stockholders' equity
Preferred stock, $.001 par value; 5,000,000 shares
authorized: none outstanding		-			-
Common stock, $.001 par value; 50,000,000 shares
authorized: 10,960,788 and 10,871,400 issued and
outstanding at December 31and March 31, 2007		10,960			10,871
Capital in excess of par value		12,446,260			10,734,945
Accumulated deficit		(8,724,070	)		(6,173,054	)
Total stockholders' equity		3,733,150			4,572,762
	$	4,560,243		$	5,260,603

See accompanying notes to unaudited condensed consolidated financial statements.

Imagenetix, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)