10-K/A Filing

TEXAS GULF ENERGY INC CIK: 1429627 FY 2012

Filing Information

Form Type	10-K/A
Accession Number	`0001144204-13-038330`
Period End Date	20121231
Filing Date	20130705
Fiscal Year	2012
Fiscal Period	FY
XBRL Instance	txge-20121231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 32 Cash Flow Statement 60 Stockholders Equity 14

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`	$245.36K	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`	$394.31K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	39.31M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	49.30M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.40M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.51M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	39.31M	shares	Point-in-time
Federal income taxes receivable	`IncomeTaxesReceivable`	$115.22K	USD	Point-in-time
Federal income taxes receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	49.30M	shares	Point-in-time
Deferred federal income tax	`DeferredTaxAssetsNetCurrent`	$130.00K	USD	Point-in-time
Deferred federal income tax	`DeferredTaxAssetsNetCurrent`	$130.00K	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$875.33K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$762.21K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$7.91M	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`	$1.43M	USD	Point-in-time
Other assets	`OtherAssets`	-	USD	Point-in-time
Other assets	`OtherAssets`	$942.23K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$10.28M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$8.35M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$201.09K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.29M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.94M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.35M	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrent`	$1.43M	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrent`	$204.56K	USD	Point-in-time
Federal income tax payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Federal income tax payable	`AccruedIncomeTaxesCurrent`	$455.00K	USD	Point-in-time
Lines of credit	`LinesOfCreditCurrent`	-	USD	Point-in-time
Lines of credit	`LinesOfCreditCurrent`	$2.62M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$233.13K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.71M	USD	Point-in-time
Convertible debt	`ConvertibleDebt`	$1.28M	USD	Point-in-time
Convertible debt	`ConvertibleDebt`	-	USD	Point-in-time
Convertible debt	`ConvertibleDebt`	$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`	$5.06M	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; 49,300,156 and 39,307,554 shares issued and outstanding as of December 31, 2012 and 2011, respectively	`CommonStockValue`	$493.00	USD	Point-in-time
Common stock, $.00001 par value per share; 500,000,000 authorized; 49,300,156 and 39,307,554 shares issued and outstanding as of December 31, 2012 and 2011, respectively	`CommonStockValue`	$393.00	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$2.91M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$3.22M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$385.21K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$41.71K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.29M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-692.19K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.26M	USD	Point-in-time
TOTAL LIABILITES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$8.35M	USD	Point-in-time
TOTAL LIABILITES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$10.28M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$30.88M	USD	Annual
Revenues	`Revenues`	$36.04M	USD	Annual
Cost of revenues	`CostOfRevenue`	$25.41M	USD	Annual
Cost of revenues	`CostOfRevenue`	$27.79M	USD	Annual
Gross profit	`GrossProfit`	$5.47M	USD	Annual
Gross profit	`GrossProfit`	$8.25M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.76M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$8.99M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-733.28K	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$1.71M	USD	Annual
Interest expense, net	`InterestExpense`	$10.88K	USD	Annual
Interest expense, net	`InterestExpense`	$193.77K	USD	Annual
Gain on sale of subsidiaries	`GainOrLossOnSaleOfStockInSubsidiary`	$398.00K	USD	Annual
Gain on sale of subsidiaries	`GainOrLossOnSaleOfStockInSubsidiary`	-	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$45.16K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$45.73K	USD	Annual
Total other income (expense)	`OtherNonoperatingIncome`	$249.97K	USD	Annual
Total other income (expense)	`OtherNonoperatingIncome`	$34.28K	USD	Annual
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.74M	USD	Annual
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-483.31K	USD	Annual
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$663.94K	USD	Annual
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$-139.82K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$1.08M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-343.49K	USD	Annual
Income per share - basic (In dollar per share)	`EarningsPerShareBasic`	$0.04	USD	Annual
Income per share - basic (In dollar per share)	`EarningsPerShareBasic`	$-0.01	USD	Annual
Income per share - diluted (In dollar per share)	`EarningsPerShareDiluted`	$-0.01	USD	Annual
Income per share - diluted (In dollar per share)	`EarningsPerShareDiluted`	$0.01	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	29.44M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	47.63M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	122.38M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.63M	shares	Annual

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-343.49K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$1.08M	USD	Annual
Depreciation	`Depreciation`	$86.38K	USD	Annual
Depreciation	`Depreciation`	$520.94K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$189.74K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Gain on sale of assets	`GainLossOnSaleOfOtherAssets`	-	USD	Annual
Gain on sale of assets	`GainLossOnSaleOfOtherAssets`	$43.19K	USD	Annual
Gain on sale of business	`GainLossOnSaleOfBusiness`	-	USD	Annual
Gain on sale of business	`GainLossOnSaleOfBusiness`	$398.00K	USD	Annual
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$1.09M	USD	Annual
Stock based compensation	`AllocatedShareBasedCompensationExpense`	-	USD	Annual
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$1.49M	USD	Annual
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$3.13M	USD	Annual
Federal income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$570.22K	USD	Annual
Federal income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-1.75M	USD	Annual
Change in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-15.70K	USD	Annual
Change in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$330.11K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.08M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.55K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.27M	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.69M	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-1.20M	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-1.28M	USD	Annual
Deferred income tax	`IncreaseDecreaseInDeferredIncomeTaxes`	$61.00K	USD	Annual
Deferred income tax	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-340.72K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.11M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.03M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$42.07K	USD	Annual
Acquisition of Fishbone, net	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	$421.19K	USD	Annual
Acquisition of Fishbone, net	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	-	USD	Annual
Acquisition of TGOG, net	`PaymentsForProceedsFromPreviousAcquisition`	$-50.17K	USD	Annual
Acquisition of TGOG, net	`PaymentsForProceedsFromPreviousAcquisition`	-	USD	Annual
Disposal of business	`ProceedsFromDisposalOfBusiness`	$135.34K	USD	Annual
Disposal of business	`ProceedsFromDisposalOfBusiness`	-	USD	Annual
Proceeds from sale of assets	`ProceedsFromSaleOfOtherAssets`	$90.38K	USD	Annual
Proceeds from sale of assets	`ProceedsFromSaleOfOtherAssets`	-	USD	Annual
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-42.07K	USD	Annual
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.18M	USD	Annual
Repayments of loans	`RepaymentsOfNotesPayable`	$21.04K	USD	Annual
Repayments of loans	`RepaymentsOfNotesPayable`	$303.44K	USD	Annual
Proceeds from lines of credit, net	`ProceedsFromLinesOfCredit`	-	USD	Annual
Proceeds from lines of credit, net	`ProceedsFromLinesOfCredit`	$2.23M	USD	Annual
Proceeds from issuance of Series A preferred stock	`ProceedsFromIssuanceOfDebt`	$2.91M	USD	Annual
Proceeds from issuance of Series A preferred stock	`ProceedsFromIssuanceOfDebt`	-	USD	Annual
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.93M	USD	Annual
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.89M	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.50M	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.35M	USD	Annual
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$245.36K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$245.36K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Interest expense	`InterestPaid`	$10.88K	USD	Annual
Interest expense	`InterestPaid`	$181.88K	USD	Annual
Federal income tax	`IncomeTaxesPaidNet`	$494.41K	USD	Annual
Federal income tax	`IncomeTaxesPaidNet`	$300.00K	USD	Annual

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$3.29M	USD	Point-in-time
Balance	`StockholdersEquity`	$-692.19K	USD	Point-in-time
Balance	`StockholdersEquity`	$3.26M	USD	Point-in-time
Series A convertible preferred stock for cash	`StockIssuedDuringPeriodValueIssuedForCash`	$2.91M	USD	Annual
Recapitalization	`StockIssuedDuringPeriodValueOther`	-	USD	Annual
Stock grants, Restricted	`StockIssuedDuringPeriodValueNewIssues`	$1.07M	USD	Annual
Texas Gulf Oil & Gas acquisition	`StockIssuedDuringPeriodValueAcquisitions`	$400.00K	USD	Annual
Texas Gulf Oil & Gas sale	`StockRepurchasedDuringPeriodSaleOfInterestInSubsidiaryValue`	$1.17M	USD	Annual
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationForfeited`	$17.00K	USD	Annual
Net income	`NetIncomeLoss`	$-343.49K	USD	Annual
Net income	`NetIncomeLoss`	$1.08M	USD	Annual
Balance	`StockholdersEquity`	$3.29M	USD	Point-in-time
Balance	`StockholdersEquity`	$-692.19K	USD	Point-in-time
Balance	`StockholdersEquity`	$3.26M	USD	Point-in-time

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