10-K Filing

TEXAS GULF ENERGY INC CIK: 1429627 FY 2013

Filing Information

Form Type	10-K
Accession Number	`0001144204-14-022735`
Period End Date	20131231
Filing Date	20140415
Fiscal Year	2013
Fiscal Period	FY
XBRL Instance	txge-20131231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 42 Cash Flow Statement 74 Stockholders Equity 19

Balance Sheet 69 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
Common stock, par value (in dollars per share)	`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
Common stock, shares authorized	`CommonStockSharesAuthorized`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$339.69K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	50.98M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	0.00	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	49.30M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	49.30M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	50.98M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.25M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.51M	USD	Point-in-time
Federal income taxes receivable	`IncomeTaxesReceivable`	-	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
Federal income taxes receivable	`IncomeTaxesReceivable`	$290.22K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Deferred federal income tax - current	`DeferredTaxAssetsNetCurrent`	$130.00K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Deferred federal income tax - current	`DeferredTaxAssetsNetCurrent`	$313.84K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$762.21K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$329.69K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.23M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$370.22K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.43M	USD	Point-in-time
Other assets	`GoodwillAndOtherAssets`	$257.44K	USD	Point-in-time
Other assets	`GoodwillAndOtherAssets`	$942.23K	USD	Point-in-time
Deferred federal income tax - non current	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	-	USD	Point-in-time
Deferred federal income tax - non current	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$45.11K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$10.46M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$3.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$917.35K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.29M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.35M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$171.94K	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrent`	$25.66K	USD	Point-in-time
Due to related parties, net	`DueToRelatedPartiesCurrent`	$204.56K	USD	Point-in-time
Federal income tax payable	`AccruedIncomeTaxesCurrent`	$175.00K	USD	Point-in-time
Federal income tax payable	`AccruedIncomeTaxesCurrent`	$134.30K	USD	Point-in-time
Lines of credit	`LinesOfCreditCurrent`	$714.96K	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`	$393.60K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.36M	USD	Point-in-time
Convertible debt	`ConvertibleDebtNoncurrent`	$1.28M	USD	Point-in-time
Convertible debt	`ConvertibleDebtNoncurrent`	$585.97K	USD	Point-in-time
Deferred federal income tax	`DeferredTaxLiabilitiesNoncurrent`	$29.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$7.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.94M	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; 50,977,165 and 49,300,156 shares issued and outstanding as of December 31, 2013 and 2012, respectively	`CommonStockValue`	$510.00	USD	Point-in-time
Common stock, $.00001 par value per share; 500,000,000 authorized; 50,977,165 and 49,300,156 shares issued and outstanding as of December 31, 2013 and 2012, respectively	`CommonStockValue`	$493.00	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$3.22M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$1.20M	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$41.71K	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$-247.62K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$3.29M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$957.55K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$3.26M	USD	Point-in-time
TOTAL LIABILITES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$3.90M	USD	Point-in-time
TOTAL LIABILITES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$10.46M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$9.50M	USD	Annual
Revenues	`Revenues`	$26.81M	USD	Annual
Cost of revenues	`CostOfRevenue`	$7.77M	USD	Annual
Cost of revenues	`CostOfRevenue`	$20.63M	USD	Annual
Gross profit	`GrossProfit`	$1.73M	USD	Annual
Gross profit	`GrossProfit`	$6.19M	USD	Annual
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.62M	USD	Annual
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.87M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-4.13M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-1.43M	USD	Annual
Interest expense, net	`InterestExpense`	$211.74K	USD	Annual
Interest expense, net	`InterestExpense`	$166.75K	USD	Annual
Gain on sale of subsidiaries	`GainOrLossOnSaleOfStockInSubsidiary`	$398.00K	USD	Annual
Gain on sale of subsidiaries	`GainOrLossOnSaleOfStockInSubsidiary`	-	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$44.70K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$221.22K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$9.48K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$275.95K	USD	Annual
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-4.12M	USD	Annual
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.15M	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-139.82K	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-1.17M	USD	Annual
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-1.01M	USD	Annual
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-2.95M	USD	Annual
Income from discontinued operations, net of tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$1.26M	USD	Annual
Income from discontinued operations, net of tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$669.58K	USD	Annual
Gain on sale of discontinued operations, net of tax	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$1.40M	USD	Annual
Gain on sale of discontinued operations, net of tax	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	-	USD	Annual
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$669.58K	USD	Annual
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$2.66M	USD	Annual
Net loss	`NetIncomeLoss`	$-343.49K	USD	Annual
Net loss	`NetIncomeLoss`	$-289.33K	USD	Annual
Loss per share from continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.02	USD	Annual
Loss per share from continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.05	USD	Annual
Earnings per share from discontinued operations (in dollars per share)	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicAndDilutedShare`	$0.05	USD	Annual
Earnings per share from discontinued operations (in dollars per share)	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicAndDilutedShare`	$0.01	USD	Annual
Net loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	Annual
Net loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	53.70M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	47.63M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.63M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	53.70M	shares	Annual

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Income (loss) from continuing operations	`IncomeLossFromContinuingOperations`	$-1.01M	USD	Annual
Income (loss) from continuing operations	`IncomeLossFromContinuingOperations`	$-2.95M	USD	Annual
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$669.58K	USD	Annual
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$2.66M	USD	Annual
Net loss	`NetIncomeLoss`	$-289.33K	USD	Annual
Net loss	`NetIncomeLoss`	$-343.49K	USD	Annual
Depreciation	`Depreciation`	$520.94K	USD	Annual
Depreciation	`Depreciation`	$588.00K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$500.28K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	$-12.85K	USD	Annual
Loss on disposal of fixed assets	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Gain on sale of assets	`GainLossOnSaleOfOtherAssets`	$2.12M	USD	Annual
Gain on sale of assets	`GainLossOnSaleOfOtherAssets`	$43.19K	USD	Annual
Gain on sale of business	`GainLossOnSaleOfBusiness`	$398.00K	USD	Annual
Gain on sale of business	`GainLossOnSaleOfBusiness`	-	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$1.09M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$699.67K	USD	Annual
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$1.49M	USD	Annual
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-3.18M	USD	Annual
Federal income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	Annual
Federal income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$570.22K	USD	Annual
Change in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-240.51K	USD	Annual
Change in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-15.70K	USD	Annual
Deferred tax asset	`DeferredIncomeTaxExpenseBenefit`	$-228.95K	USD	Annual
Deferred tax asset	`DeferredIncomeTaxExpenseBenefit`	-	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.08M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-375.33K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.00M	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.69M	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-178.90K	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-1.28M	USD	Annual
Deferred income tax	`IncreaseDecreaseInDeferredIncomeTaxes`	$-220.52K	USD	Annual
Deferred income tax	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.11M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.25M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.03M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$96.54K	USD	Annual
Acquisition of Fishbone, net	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	Annual
Acquisition of Fishbone, net	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$421.19K	USD	Annual
Acquisition of TGOG, net	`PaymentsForProceedsFromPreviousAcquisition`	-	USD	Annual
Acquisition of TGOG, net	`PaymentsForProceedsFromPreviousAcquisition`	$-50.17K	USD	Annual
Disposal of business	`DisposalOfBusiness`	$135.34K	USD	Annual
Disposal of business	`DisposalOfBusiness`	$2.54M	USD	Annual
Proceeds from sale of assets	`ProceedsFromSaleOfOtherAssets1`	$90.38K	USD	Annual
Proceeds from sale of assets	`ProceedsFromSaleOfOtherAssets1`	-	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$2.44M	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.18M	USD	Annual
Proceeds (repayments) of loans, net	`RepaymentsOfNotesPayable`	$303.44K	USD	Annual
Proceeds (repayments) of loans, net	`RepaymentsOfNotesPayable`	$-160.47K	USD	Annual
Proceeds from lines of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$2.23M	USD	Annual
Proceeds from lines of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-1.91M	USD	Annual
Redemption of Series A convertible preferred stock	`AdjustmentsToAdditionalPaidInCapitalOther`	-	USD	Annual
Redemption of Series A convertible preferred stock	`AdjustmentsToAdditionalPaidInCapitalOther`	$2.00M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.75M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.93M	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.35M	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-54.62K	USD	Annual
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$339.69K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$339.69K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Interest expense	`InterestPaid`	$181.88K	USD	Annual
Interest expense	`InterestPaid`	$211.74K	USD	Annual
Federal income tax	`IncomeTaxesPaidNet`	$494.41K	USD	Annual
Federal income tax	`IncomeTaxesPaidNet`	$-1.17M	USD	Annual
Issuance of note payable for preferred and common stock redemption	`IssuanceOfNotePayableForPreferredAndCommonStockRedemption`	$1.00M	USD	Annual
Issuance of note payable for preferred and common stock redemption	`IssuanceOfNotePayableForPreferredAndCommonStockRedemption`	-	USD	Annual
Conversion of note payable and accrued interest to common stock	`ConversionOfNotesPayableToCommonStock`	$105.74K	USD	Annual
Conversion of note payable and accrued interest to common stock	`ConversionOfNotesPayableToCommonStock`	-	USD	Annual
Issuance of common stock shares for payment of payables	`PaymentOfFinancingAndStockIssuanceCosts`	$177.95K	USD	Annual
Issuance of common stock shares for payment of payables	`PaymentOfFinancingAndStockIssuanceCosts`	-	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$3.29M	USD	Point-in-time
Balance	`StockholdersEquity`	$957.55K	USD	Point-in-time
Balance	`StockholdersEquity`	$3.26M	USD	Point-in-time
Stock grants, Restricted	`StockIssuedDuringPeriodValueNewIssues`	$1.07M	USD	Annual
Stock grants, Restricted	`StockIssuedDuringPeriodValueNewIssues`	$699.67K	USD	Annual
Stock grants, Restricted (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	4.00M	shares	Point-in-time
Texas Gulf Oil & Gas acquisition	`StockIssuedDuringPeriodValueAcquisitions`	$400.00K	USD	Annual
Texas Gulf Oil & Gas sale	`StockRepurchasedDuringPeriodSaleOfInterestInSubsidiaryValue`	$1.17M	USD	Annual
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$17.00K	USD	Annual
Net loss (restated)	`NetLossRestated`	$-343.49K	USD	Annual
Net income	`NetIncomeLoss`	$-289.33K	USD	Annual
Net income	`NetIncomeLoss`	$-343.49K	USD	Annual
Shares issued for accounts payable	`SockIssuedDuringPeriodValuesForAccountsPayable`	$177.95K	USD	Annual
Redemption of Series A convertible preferred stock	`RedeemableConvertiblePreferredStockValueIssued`	$2.00M	USD	Annual
Redemption of Series A convertible preferred and common stock	`RedeemableConvertiblePreferredAndCommonStockValueIssued`	$1.00M	USD	Annual
Shares issued for note payable conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$105.74K	USD	Annual
Balance	`StockholdersEquity`	$3.29M	USD	Point-in-time
Balance	`StockholdersEquity`	$957.55K	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.