10-K Filing

TEXAS GULF ENERGY INC CIK: 1429627 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0001144204-12-020966`
Period End Date	20111231
Filing Date	20120411
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	txge-20111231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 29 Cash Flow Statement 42 Stockholders Equity 10

Balance Sheet 53 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$245.36K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$329.38K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	39.31M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	29.41M	shares	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.46M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.40M	USD	Point-in-time
Federal income taxes receivable	`IncomeTaxesReceivable`	$1.30M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Deferred federal income tax	`DeferredTaxAssetsNetCurrent`	$83.00K	USD	Point-in-time
Deferred federal income tax	`DeferredTaxAssetsNetCurrent`	$130.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$545.22K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$875.33K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.63M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.16M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$191.16K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$235.46K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$8.35M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$3.87M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$201.09K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$198.53K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.67M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.94M	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrent`	$1.43M	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrent`	$2.63M	USD	Point-in-time
Federal income tax payable	`AccruedIncomeTaxesCurrent`	$455.00K	USD	Point-in-time
Current maturities on long term debt	`LongTermDebtCurrent`	$21.04K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.52M	USD	Point-in-time
Deferred federal income tax	`DeferredTaxLiabilitiesNoncurrent`	$29.00K	USD	Point-in-time
Deferred federal income tax	`DeferredTaxLiabilitiesNoncurrent`	$43.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.06M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.56M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.00001 par value per share; 500,000,000 authorized and 39,307,554 and 29,411,765 outstanding	`CommonStockValue`	$294.00	USD	Point-in-time
Common stock, $.00001 par value per share; 500,000,000 authorized and 39,307,554 and 29,411,765 outstanding	`CommonStockValue`	$393.00	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$-394.00	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$2.91M	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$385.21K	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$-692.19K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$2.52M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$3.29M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-692.19K	USD	Point-in-time
TOTAL LIABILITES AND STOCKHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$3.87M	USD	Point-in-time
TOTAL LIABILITES AND STOCKHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$8.35M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$23.98M	USD	Annual
Revenues	`Revenues`	$30.88M	USD	Annual
Cost of revenues	`CostOfRevenue`	$22.49M	USD	Annual
Cost of revenues	`CostOfRevenue`	$25.41M	USD	Annual
Gross profit	`GrossProfit`	$1.49M	USD	Annual
Gross profit	`GrossProfit`	$5.47M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.76M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$5.11M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$1.71M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-3.62M	USD	Annual
Interest expense, net	`InterestExpense`	$10.88K	USD	Annual
Interest expense, net	`InterestExpense`	$2.54K	USD	Annual
Other income	`OtherNonoperatingIncome`	$45.16K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$34.28K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-2.54K	USD	Annual
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.74M	USD	Annual
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.62M	USD	Annual
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$-1.01M	USD	Annual
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$663.94K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-2.61M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$1.08M	USD	Annual
Income (loss) per share - basic	`EarningsPerShareBasic`	$-0.09	USD	Annual
Income (loss) per share - basic	`EarningsPerShareBasic`	$0.04	USD	Annual
Income (loss) per share - diluted	`EarningsPerShareDiluted`	$0.01	USD	Annual
Income (loss) per share - diluted	`EarningsPerShareDiluted`	$-0.09	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.41M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.44M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.41M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	122.38M	shares	Annual

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-2.61M	USD	Annual
Net (loss) income	`NetIncomeLoss`	$1.08M	USD	Annual
Depreciation	`Depreciation`	$114.79K	USD	Annual
Depreciation	`Depreciation`	$86.38K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$189.74K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$235.00K	USD	Annual
Change in accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$3.13M	USD	Annual
Change in accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-1.78M	USD	Annual
Change in federal income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-1.75M	USD	Annual
Change in federal income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$322.11K	USD	Annual
Change in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-761.43K	USD	Annual
Change in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$330.11K	USD	Annual
Change in accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.55K	USD	Annual
Change in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-215.46K	USD	Annual
Change in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.27M	USD	Annual
Change in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-554.99K	USD	Annual
Change in due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-1.20M	USD	Annual
Change in due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$1.37M	USD	Annual
Change in deferred income tax	`IncreaseDecreaseInDeferredIncomeTaxes`	$9.00K	USD	Annual
Change in deferred income tax	`IncreaseDecreaseInDeferredIncomeTaxes`	$61.00K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$551.18K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-340.72K	USD	Annual
Purchase/Return of property and equipment	`PaymentsForProceedsFromOtherInvestingActivities`	$42.07K	USD	Annual
Purchase/Return of property and equipment	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.60K	USD	Annual
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$2.60K	USD	Annual
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-42.07K	USD	Annual
Repayments of loans	`RepaymentsOfDebt`	$21.04K	USD	Annual
Repayments of loans	`RepaymentsOfDebt`	$35.66K	USD	Annual
Proceeds from issuance of Series A preferred stock	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$2.91M	USD	Annual
Dividends	`PaymentsOfDividends`	$602.14K	USD	Annual
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-637.80K	USD	Annual
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.89M	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-84.02K	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.50M	USD	Annual
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$245.36K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$329.38K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$245.36K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$329.38K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Interest expense	`InterestPaid`	$10.88K	USD	Annual
Interest expense	`InterestPaid`	$2.75K	USD	Annual

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$2.52M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$3.29M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-692.19K	USD	Point-in-time
Series A convertible preferred stock for cash	`StockIssuedDuringPeriodValueNewIssues`	$2.91M	USD	Annual
Dividends	`Dividends`	$602.14K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-2.61M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$1.08M	USD	Annual
Ending Balance	`StockholdersEquity`	$2.52M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$3.29M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-692.19K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.