10-Q Filing

TEXAS GULF ENERGY INC CIK: 1429627 Q3 2013

Filing Information

Form Type	10-Q
Accession Number	`0001144204-13-062723`
Period End Date	20130930
Filing Date	20131118
Fiscal Year	2013
Fiscal Period	Q3
XBRL Instance	txge-20130930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 60 Cash Flow Statement 64

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`	$2.75M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$483.81K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$182.62K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	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`	49.30M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	58.49M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.32M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.51M	USD	Point-in-time
Federal income taxes receivable	`IncomeTaxesReceivable`	$303.75K	USD	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
Common stock, shares outstanding	`CommonStockSharesOutstanding`	58.49M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$130.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$245.00K	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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$545.35K	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
Total current assets	`AssetsCurrent`	$6.90M	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`	$988.28K	USD	Point-in-time
Goodwill and other assets	`GoodwillAndOtherAssets`	$935.95K	USD	Point-in-time
Goodwill and other assets	`GoodwillAndOtherAssets`	$942.23K	USD	Point-in-time
Total assets	`Assets`	$10.28M	USD	Point-in-time
Total assets	`Assets`	$8.48M	USD	Point-in-time
Total assets	`Assets`	$8.82M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.37M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.29M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$604.77K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.35M	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrent`	$36.75K	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrent`	$204.56K	USD	Point-in-time
Lines of credit	`LinesOfCreditCurrent`	$2.04M	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`	$484.08K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.54M	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`	$29.00K	USD	Point-in-time
Deferred federal income tax	`DeferredTaxLiabilitiesNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$7.02M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.82M	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; 58,485,479 shares issued and outstanding as of September 30, 2013, and 49,300,156December 31, 2012	`CommonStockValue`	$493.00	USD	Point-in-time
Common stock - $.00001 par value; 500,000,000 shares authorized; 58,485,479 shares issued and outstanding as of September 30, 2013, and 49,300,156December 31, 2012	`CommonStockValue`	$585.00	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$3.96M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$3.22M	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$-957.60K	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$41.71K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.00M	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`	$8.82M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$6.19M	USD	1 Quarter
Revenues	`Revenues`	$8.08M	USD	1 Quarter
Revenues	`Revenues`	$25.41M	USD	3 Qtrs
Revenues	`Revenues`	$20.25M	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$4.81M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$15.83M	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$19.74M	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$6.57M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.67M	USD	3 Qtrs
Gross profit	`GrossProfit`	$4.43M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.38M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.51M	USD	1 Quarter
General and administrative expense	`SellingGeneralAndAdministrativeExpense`	$2.18M	USD	1 Quarter
General and administrative expense	`SellingGeneralAndAdministrativeExpense`	$6.67M	USD	3 Qtrs
General and administrative expense	`SellingGeneralAndAdministrativeExpense`	$2.11M	USD	1 Quarter
General and administrative expense	`SellingGeneralAndAdministrativeExpense`	$5.52M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-725.73K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.09M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-664.98K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-998.10K	USD	3 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	$404.82K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$133.50K	USD	3 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-881.00	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$405.50K	USD	3 Qtrs
Interest expense	`InterestExpense`	$16.63K	USD	1 Quarter
Interest expense	`InterestExpense`	$244.80K	USD	3 Qtrs
Interest expense	`InterestExpense`	$79.74K	USD	1 Quarter
Interest expense	`InterestExpense`	$89.09K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$316.42K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-111.30K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$388.19K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-80.62K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-806.35K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-276.79K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-681.68K	USD	3 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.20M	USD	3 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-200.99K	USD	3 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-205.27K	USD	3 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-52.81K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-60.34K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-999.31K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-216.44K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-480.69K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-753.54K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.02	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.02	USD	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	52.91M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	48.85M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	47.31M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	56.61M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.61M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.85M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.31M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	52.91M	shares	3 Qtrs

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-999.31K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-216.44K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-480.69K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-753.54K	USD	1 Quarter
Depreciation	`Depreciation`	$377.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$482.56K	USD	3 Qtrs
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$559.75K	USD	3 Qtrs
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$900.75K	USD	3 Qtrs
Gain on sale of assets	`GainLossOnSaleOfOtherAssets`	-	USD	3 Qtrs
Gain on sale of assets	`GainLossOnSaleOfOtherAssets`	$43.19K	USD	3 Qtrs
Gain on sale of business	`GainLossOnSaleOfBusiness`	$348.00K	USD	3 Qtrs
Gain on sale of business	`GainLossOnSaleOfBusiness`	-	USD	3 Qtrs
Change in accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-132.76K	USD	3 Qtrs
Change in accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-1.19M	USD	3 Qtrs
Change in federal income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$631.39K	USD	3 Qtrs
Change in federal income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$188.52K	USD	3 Qtrs
Change in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-175.45K	USD	3 Qtrs
Change in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-223.15K	USD	3 Qtrs
Change in accounts payable	`IncreaseDecreaseInAccountsPayable`	$553.72K	USD	3 Qtrs
Change in accounts payable	`IncreaseDecreaseInAccountsPayable`	$81.04K	USD	3 Qtrs
Change in deferred tax asset	`IncreaseDecreaseInDeferredIncomeTaxes`	$115.00K	USD	3 Qtrs
Change in deferred tax asset	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	3 Qtrs
Change in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-570.32K	USD	3 Qtrs
Change in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.97M	USD	3 Qtrs
Change in deferred tax liability	`IncreaseDecreaseInOtherDeferredLiability`	-	USD	3 Qtrs
Change in deferred tax liability	`IncreaseDecreaseInOtherDeferredLiability`	$-29.00K	USD	3 Qtrs
Change in due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-1.29M	USD	3 Qtrs
Change in due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-167.81K	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.63M	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$463.50K	USD	3 Qtrs
Purchase of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$39.10K	USD	3 Qtrs
Purchase of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$891.51K	USD	3 Qtrs
Acquisitions	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$371.02K	USD	3 Qtrs
Acquisitions	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	3 Qtrs
Disposal of business	`DisposalOfBusiness`	$12.66K	USD	3 Qtrs
Disposal of business	`DisposalOfBusiness`	-	USD	3 Qtrs
Proceeds from sale of assets	`ProceedsFromSaleOfOtherAssets1`	$90.38K	USD	3 Qtrs
Proceeds from sale of assets	`ProceedsFromSaleOfOtherAssets1`	-	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-39.10K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.16M	USD	3 Qtrs
Proceeds from notes payable, net	`RepaymentsOfNotesPayable`	-	USD	3 Qtrs
Proceeds from notes payable, net	`RepaymentsOfNotesPayable`	$-250.94K	USD	3 Qtrs
Payment on line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-585.84K	USD	3 Qtrs
Payment on line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-223.89K	USD	3 Qtrs
Line of credit, net	`ProceedsFromLinesOfCredit`	-	USD	3 Qtrs
Line of credit, net	`ProceedsFromLinesOfCredit`	$1.45M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-334.89K	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.22M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$89.50K	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.57M	USD	3 Qtrs
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$483.81K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$182.62K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$483.81K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$182.62K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Federal income tax	`IncomeTaxesPaidNet`	$194.41K	USD	3 Qtrs
Federal income tax	`IncomeTaxesPaidNet`	-	USD	3 Qtrs
Issuance of common stock for payment of accounts payable	`PaymentOfFinancingAndStockIssuanceCosts`	$177.95K	USD	3 Qtrs
Issuance of common stock for payment of accounts payable	`PaymentOfFinancingAndStockIssuanceCosts`	-	USD	3 Qtrs
Interest paid	`InterestPaid`	$244.80K	USD	3 Qtrs
Interest paid	`InterestPaid`	$89.09K	USD	3 Qtrs

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