10-Q Filing

TEXAS GULF ENERGY INC CIK: 1429627 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001144204-13-036073`
Period End Date	20130331
Filing Date	20130621
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	txge-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 28 Cash Flow Statement 48

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$86.61K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.85M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.65M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	49.30M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.32M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.37M	shares	Point-in-time
Federal income taxes receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	49.30M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.37M	shares	Point-in-time
Federal income taxes receivable	`IncomeTaxesReceivable`	$115.22K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`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, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$398.22K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$616.65K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$6.94M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.91M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.43M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.30M	USD	Point-in-time
Goodwill and other assets	`GoodwillAndOtherAssets`	$942.23K	USD	Point-in-time
Goodwill and other assets	`GoodwillAndOtherAssets`	$942.23K	USD	Point-in-time
Total assets	`Assets`	$15.68M	USD	Point-in-time
Total assets	`Assets`	$10.28M	USD	Point-in-time
Total assets	`Assets`	$9.18M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.29M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.26M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.35M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$672.55K	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrent`	$9.40K	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrent`	$204.56K	USD	Point-in-time
Federal income taxes payable	`AccruedIncomeTaxesCurrent`	$20.45K	USD	Point-in-time
Federal income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Lines of Credit	`LinesOfCreditCurrent`	$1.97M	USD	Point-in-time
Lines of Credit	`LinesOfCreditCurrent`	$2.62M	USD	Point-in-time
Note payable	`NotesPayableCurrent`	$233.13K	USD	Point-in-time
Note payable	`NotesPayableCurrent`	$209.13K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.71M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.14M	USD	Point-in-time
Convertible debt	`ConvertibleDebtNoncurrent`	$1.28M	USD	Point-in-time
Convertible debt	`ConvertibleDebtNoncurrent`	$1.28M	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`	$7.02M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.45M	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; 500,000,000 shares authorized; 51,373,307 shares issued and outstanding as of March 31, 2013, and 49,300,156 December 31, 2012	`CommonStockValue`	$514.00	USD	Point-in-time
Common stock - $.00001 par value; 500,000,000 shares authorized; 51,373,307 shares issued and outstanding as of March 31, 2013, and 49,300,156 December 31, 2012	`CommonStockValue`	$493.00	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$3.41M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$3.22M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$316.49K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$41.71K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.72M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.26M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$10.28M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$9.18M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$9.07M	USD	1 Quarter
Revenues	`Revenues`	$7.30M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$5.51M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$7.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.78M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.96M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.90M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.42M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$363.08K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$60.95K	USD	1 Quarter
Interest expense	`InterestExpense`	$85.04K	USD	1 Quarter
Interest expense	`InterestExpense`	$5.42K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$134.38K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$55.53K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$412.42K	USD	1 Quarter
Benefit (Provision) for federal, state and foreign income taxes	`IncomeTaxExpenseBenefit`	$-24.83K	USD	1 Quarter
Benefit (Provision) for federal, state and foreign income taxes	`IncomeTaxExpenseBenefit`	$137.64K	USD	1 Quarter
Net income	`NetIncomeLoss`	$80.36K	USD	1 Quarter
Net income	`NetIncomeLoss`	$274.77K	USD	1 Quarter
Basic earnings per common share (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic earnings per common share (in dollars per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Diluted earnings per common share (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted earnings per common share (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	49.99M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	45.68M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	141.63M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	137.93M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$80.36K	USD	1 Quarter
Net income	`NetIncomeLoss`	$274.77K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$89.99K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$160.07K	USD	1 Quarter
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$213.58K	USD	1 Quarter
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$186.59K	USD	1 Quarter
Change in accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$419.06K	USD	1 Quarter
Change in accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-328.54K	USD	1 Quarter
Change in federal income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$230.58K	USD	1 Quarter
Change in federal income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-135.68K	USD	1 Quarter
Change in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$78.18K	USD	1 Quarter
Change in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-218.43K	USD	1 Quarter
Change in accounts payable	`IncreaseDecreaseInAccountsPayable`	$720.07K	USD	1 Quarter
Change in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-37.48K	USD	1 Quarter
Change in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-680.50K	USD	1 Quarter
Change in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$137.53K	USD	1 Quarter
Change in due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-195.17K	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`	$390.93K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$25.14K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$668.60K	USD	1 Quarter
Acquisitions	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$371.02K	USD	1 Quarter
Acquisitions	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfOtherAssets`	-	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfOtherAssets`	$94.09K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-945.53K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.14K	USD	1 Quarter
Payment of notes payable	`RepaymentsOfNotesPayable`	$24.00K	USD	1 Quarter
Payment of notes payable	`RepaymentsOfNotesPayable`	$189.28K	USD	1 Quarter
Proceeds from line of Credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$2.07M	USD	1 Quarter
Proceeds from line of Credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-649.49K	USD	1 Quarter
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-673.49K	USD	1 Quarter
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.88M	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-307.70K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$97.97K	USD	1 Quarter
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$86.61K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$2.85M	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$86.61K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$2.85M	USD	Point-in-time
Federal income tax	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Federal income tax	`IncomeTaxesPaidNet`	$300.00K	USD	1 Quarter
Interest expense	`InterestPaid`	$5.48K	USD	1 Quarter
Interest expense	`InterestPaid`	$85.57K	USD	1 Quarter

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