10-Q Filing

TEXAS GULF ENERGY INC CIK: 1429627 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001144204-12-030963`
Period End Date	20120331
Filing Date	20120521
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	txge-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 26 Cash Flow Statement 40

Balance Sheet 58 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, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$245.36K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	45.68M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	39.31M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.80K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.85M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	39.31M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.44M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	45.68M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.40M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$130.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$130.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$991.88K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$875.33K	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
Total current assets	`AssetsCurrent`	$8.16M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.41M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$191.16K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.88M	USD	Point-in-time
Goodwill and other assets	`GoodwillAndOtherIntangibleAssets`	$1.30M	USD	Point-in-time
Total assets	`Assets`	$12.58M	USD	Point-in-time
Total assets	`Assets`	$8.35M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$935.96K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$201.09K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.14M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.94M	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrent`	$126.61K	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrent`	$1.43M	USD	Point-in-time
Federal income taxes payable	`AccruedIncomeTaxesCurrent`	$224.42K	USD	Point-in-time
Federal income taxes payable	`AccruedIncomeTaxesCurrent`	$455.00K	USD	Point-in-time
Lines of credit	`LinesOfCreditCurrent`	$2.46M	USD	Point-in-time
Note payable	`NotesPayableCurrent`	$180.42K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.03M	USD	Point-in-time
Convertible debt	`ConvertibleDebtNoncurrent`	$1.50M	USD	Point-in-time
Deferred federal income tax	`DeferredTaxLiabilitiesNoncurrent`	$29.00K	USD	Point-in-time
Deferred federal income tax	`DeferredTaxLiabilitiesNoncurrent`	$29.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$8.60M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.06M	USD	Point-in-time
Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock - $.00001 par value; 500,000,000 shares authorized; 45,680,709 shares issued and outstanding as of March 31, 2012, and 39,307,554 December 31, 2011	`CommonStockValue`	$457.00	USD	Point-in-time
Common stock - $.00001 par value; 500,000,000 shares authorized; 45,680,709 shares issued and outstanding as of March 31, 2012, and 39,307,554 December 31, 2011	`CommonStockValue`	$393.00	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$2.91M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$3.52M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$385.21K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$465.57K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.99M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.29M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$12.58M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$8.35M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$5.72M	USD	1 Quarter
Revenues	`Revenues`	$9.07M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$5.40M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$7.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$321.34K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.96M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.90M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$659.73K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$60.95K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-338.39K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.15K	USD	1 Quarter
Interest expense	`InterestExpense`	$5.42K	USD	1 Quarter
Other	`OtherNonoperatingIncome`	$200.00	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-339.34K	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$55.53K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-24.83K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$80.36K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-339.34K	USD	1 Quarter
Basic earnings (loss) per common share	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic earnings (loss) per common share	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Diluted earnings (loss) per common share	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted earnings (loss) per common share	`EarningsPerShareDiluted`	-	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	39.31M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	45.68M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	137.93M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.31M	shares	1 Quarter

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$80.36K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-339.34K	USD	1 Quarter
Depreciation	`Depreciation`	$26.38K	USD	1 Quarter
Depreciation	`Depreciation`	$89.99K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$213.58K	USD	1 Quarter
Change in accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$1.83M	USD	1 Quarter
Change in accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$419.06K	USD	1 Quarter
Change in federal income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$230.58K	USD	1 Quarter
Change in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$286.18K	USD	1 Quarter
Change in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$78.18K	USD	1 Quarter
Change in accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.29M	USD	1 Quarter
Change in accounts payable	`IncreaseDecreaseInAccountsPayable`	$720.07K	USD	1 Quarter
Change in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$708.03K	USD	1 Quarter
Change in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$137.53K	USD	1 Quarter
Change in due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-2.16M	USD	1 Quarter
Change in due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-1.35M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-840.70K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-583.68K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$668.60K	USD	1 Quarter
Proceeds for the disposition of assets	`ProceedsFromSaleOfProductiveAssets`	$94.09K	USD	1 Quarter
Acquisitions	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$371.02K	USD	1 Quarter
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-945.53K	USD	1 Quarter
Payment on notes payable	`RepaymentsOfNotesPayable`	$189.28K	USD	1 Quarter
Proceeds from loans	`ProceedsFromIssuanceOfDebt`	$351.12K	USD	1 Quarter
Lines of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$2.07M	USD	1 Quarter
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.88M	USD	1 Quarter
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$351.12K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$97.97K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-232.56K	USD	1 Quarter
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$2.85M	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$245.36K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$12.80K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$245.36K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$12.80K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$2.85M	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Federal income tax	`IncomeTaxesPaidNet`	$300.00K	USD	1 Quarter
Interest expense	`InterestPaid`	$5.48K	USD	1 Quarter
Interest expense	`InterestPaid`	$1.15K	USD	1 Quarter

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