10-Q Filing

TEXAS GULF ENERGY INC CIK: 1429627 Q2 2013

Filing Information

Form Type	10-Q
Accession Number	`0001144204-13-046743`
Period End Date	20130630
Filing Date	20130819
Fiscal Year	2013
Fiscal Period	Q2
XBRL Instance	txge-20130630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 60 Cash Flow Statement 54

Balance Sheet 63 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`	$373.53K	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 authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.93M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.51M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.76M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	53.45M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	49.30M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	53.45M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	49.30M	shares	Point-in-time
Federal income taxes receivable	`IncomeTaxesReceivable`	$115.22K	USD	Point-in-time
Federal income taxes receivable	`IncomeTaxesReceivable`	$125.88K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$245.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$130.00K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$293.84K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$6.80M	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`	$1.18M	USD	Point-in-time
Goodwill and other assets	`GoodwillAndOtherAssets`	$939.95K	USD	Point-in-time
Goodwill and other assets	`GoodwillAndOtherAssets`	$942.23K	USD	Point-in-time
Total assets	`Assets`	$8.91M	USD	Point-in-time
Total assets	`Assets`	$11.07M	USD	Point-in-time
Total assets	`Assets`	$10.28M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.29M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.20M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$688.27K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.35M	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrent`	$204.56K	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrent`	$23.23K	USD	Point-in-time
Lines of credit	`LinesOfCreditCurrent`	$2.09M	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`	$235.13K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.24M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.71M	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`	-	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`	$5.52M	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; 53,446,457 shares issued and outstanding as of June 30, 2013, and 49,300,156 December 31, 2012	`CommonStockValue`	$493.00	USD	Point-in-time
Common stock - $.00001 par value; 500,000,000 shares authorized; 53,446,457 shares issued and outstanding as of June 30, 2013, and 49,300,156 December 31, 2012	`CommonStockValue`	$534.00	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$3.59M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$3.22M	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$41.71K	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$-204.05K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.39M	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`	$8.91M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$14.06M	USD	2 Qtrs
Revenues	`Revenues`	$17.33M	USD	2 Qtrs
Revenues	`Revenues`	$6.76M	USD	1 Quarter
Revenues	`Revenues`	$8.26M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$13.17M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$6.06M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$11.02M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$5.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.26M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.20M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.16M	USD	2 Qtrs
Gross profit	`GrossProfit`	$3.04M	USD	2 Qtrs
General and administrative expense	`SellingGeneralAndAdministrativeExpense`	$1.99M	USD	1 Quarter
General and administrative expense	`SellingGeneralAndAdministrativeExpense`	$3.41M	USD	2 Qtrs
General and administrative expense	`SellingGeneralAndAdministrativeExpense`	$4.49M	USD	2 Qtrs
General and administrative expense	`SellingGeneralAndAdministrativeExpense`	$2.60M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-367.55K	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$-333.12K	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$-394.07K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-730.63K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$17.14K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$682.00	USD	2 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	$682.00	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$134.38K	USD	2 Qtrs
Interest expense	`InterestExpense`	$165.06K	USD	2 Qtrs
Interest expense	`InterestExpense`	$72.46K	USD	2 Qtrs
Interest expense	`InterestExpense`	$67.03K	USD	1 Quarter
Interest expense	`InterestExpense`	$97.15K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-71.77K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-66.35K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-30.68K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-80.02K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-404.89K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-460.42K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-398.23K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-810.65K	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-290.11K	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-140.64K	USD	2 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-152.47K	USD	2 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-115.81K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-264.25K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-520.54K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-344.61K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-245.77K	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	-	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	-	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	-	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	-	USD	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	47.25M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	52.07M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	45.73M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.03M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.03M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.25M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	52.07M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	45.73M	shares	2 Qtrs

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-264.25K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-520.54K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-344.61K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-245.77K	USD	2 Qtrs
Depreciation	`Depreciation`	$321.10K	USD	2 Qtrs
Depreciation	`Depreciation`	$219.61K	USD	2 Qtrs
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$427.17K	USD	2 Qtrs
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$373.17K	USD	2 Qtrs
Change in accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-167.38K	USD	2 Qtrs
Change in accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-746.74K	USD	2 Qtrs
Change in federal income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$540.80K	USD	2 Qtrs
Change in federal income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$10.66K	USD	2 Qtrs
Change in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-470.65K	USD	2 Qtrs
Change in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$71.93K	USD	2 Qtrs
Change in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-88.97K	USD	2 Qtrs
Change in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-23.02K	USD	2 Qtrs
Change in deferred tax asset	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	2 Qtrs
Change in deferred tax asset	`IncreaseDecreaseInDeferredIncomeTaxes`	$115.00K	USD	2 Qtrs
Change in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-664.77K	USD	2 Qtrs
Change in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$31.73K	USD	2 Qtrs
Change in deferred tax liability	`IncreaseDecreaseInOtherDeferredLiability`	$-29.00K	USD	2 Qtrs
Change in deferred tax liability	`IncreaseDecreaseInOtherDeferredLiability`	-	USD	2 Qtrs
Change in due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-1.38M	USD	2 Qtrs
Change in due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-181.33K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$576.17K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.43M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$65.55K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$617.18K	USD	2 Qtrs
Acquisitions	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$371.02K	USD	2 Qtrs
Acquisitions	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-988.20K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-65.55K	USD	2 Qtrs
Proceeds from notes payable, net	`RepaymentsOfNotesPayable`	$199.89K	USD	2 Qtrs
Proceeds from notes payable, net	`RepaymentsOfNotesPayable`	$-2.00K	USD	2 Qtrs
Payment on line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	2 Qtrs
Payment on line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-533.40K	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.80M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.60M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-531.40K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-818.65K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-20.78K	USD	2 Qtrs
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$373.53K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$1.93M	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$373.53K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$1.93M	USD	Point-in-time
Federal income tax	`IncomeTaxesPaidNet`	$194.41K	USD	2 Qtrs
Federal income tax	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Interest expense	`InterestPaid`	$72.46K	USD	2 Qtrs
Interest expense	`InterestPaid`	$139.92K	USD	2 Qtrs

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