10-Q Filing

TEXAS GULF ENERGY INC CIK: 1429627 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001144204-14-032161`
Period End Date	20140331
Filing Date	20140519
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	txge-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 44 Cash Flow Statement 52

Balance Sheet 62 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, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	53.34M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$86.61K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$92.67K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	50.98M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	53.34M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.25M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$984.01K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Deferred federal income tax - current	`DeferredTaxAssetsNetCurrent`	$313.84K	USD	Point-in-time
Deferred federal income tax - current	`DeferredTaxAssetsNetCurrent`	$313.84K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$235.78K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$329.69K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.63M	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`	$321.33K	USD	Point-in-time
Other assets	`GoodwillAndOtherAssets`	$247.33K	USD	Point-in-time
Other assets	`GoodwillAndOtherAssets`	$257.44K	USD	Point-in-time
Deferred federal income tax - current	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$45.11K	USD	Point-in-time
Deferred federal income tax - current	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$45.11K	USD	Point-in-time
Total assets	`Assets`	$3.90M	USD	Point-in-time
Total assets	`Assets`	$2.24M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$917.35K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$507.50K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$158.64K	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`	$25.66K	USD	Point-in-time
Federal income tax payable	`AccruedIncomeTaxesCurrent`	$134.30K	USD	Point-in-time
Federal income tax payable	`AccruedIncomeTaxesCurrent`	$157.79K	USD	Point-in-time
Lines of credit	`LinesOfCreditCurrent`	$714.96K	USD	Point-in-time
Lines of credit	`LinesOfCreditCurrent`	$148.69K	USD	Point-in-time
Note payable	`NotesPayableCurrent`	$393.60K	USD	Point-in-time
Note payable	`NotesPayableCurrent`	$225.96K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.22M	USD	Point-in-time
Convertible debt	`ConvertibleDebtNoncurrent`	$585.97K	USD	Point-in-time
Convertible debt	`ConvertibleDebtNoncurrent`	$362.62K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.94M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.59M	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 shares authorized; 53,338,405 and 50,977,165 shares issued and outstanding as of March 31, 2014 and as of December 31, 2013, respectively	`CommonStockValue`	$510.00	USD	Point-in-time
Common stock, $.00001 par value per share; 500,000,000 shares authorized; 53,338,405 and 50,977,165 shares issued and outstanding as of March 31, 2014 and as of December 31, 2013, respectively	`CommonStockValue`	$533.00	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$1.20M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$1.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-247.62K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-820.40K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$653.22K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$957.55K	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$2.24M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$3.90M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$3.39M	USD	1 Quarter
Revenues	`Revenues`	$976.42K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$871.83K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$2.78M	USD	1 Quarter
Gross profit	`GrossProfit`	$608.11K	USD	1 Quarter
Gross profit	`GrossProfit`	$104.59K	USD	1 Quarter
General and administrative expense	`SellingGeneralAndAdministrativeExpense`	$1.08M	USD	1 Quarter
General and administrative expense	`SellingGeneralAndAdministrativeExpense`	$664.90K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-560.31K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-467.65K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$4.64K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$68.22K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$134.38K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$66.15K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-4.64K	USD	1 Quarter
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-564.95K	USD	1 Quarter
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-401.49K	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-139.09K	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$7.83K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-572.78K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-262.41K	USD	1 Quarter
Income from discontinued operations, net of tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$537.18K	USD	1 Quarter
Income from discontinued operations, net of tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	-	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$537.18K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-572.78K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$274.77K	USD	1 Quarter
Loss per share from continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.01	USD	1 Quarter
Loss per share from continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.01	USD	1 Quarter
Earnings per share from discontinued operations (in dollars per share)	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare`	-	USD	1 Quarter
Earnings per share from discontinued operations (in dollars per share)	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare`	$0.01	USD	1 Quarter
Net income (loss) per share (in dollars per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Net income (loss) per share (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Loss per share from continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	-	USD	1 Quarter
Loss per share from continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.01	USD	1 Quarter
Earnings per share from discontinued operations (in dollars per share)	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare`	-	USD	1 Quarter
Earnings per share from discontinued operations (in dollars per share)	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare`	-	USD	1 Quarter
Net income (loss) per share (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Net income (loss) per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	52.24M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	49.99M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	141.63M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	52.24M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-262.41K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-572.78K	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	-	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$537.18K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-572.78K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$274.77K	USD	1 Quarter
Depreciation	`Depreciation`	$160.07K	USD	1 Quarter
Depreciation	`Depreciation`	$50.49K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$45.00K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$186.59K	USD	1 Quarter
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-328.54K	USD	1 Quarter
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-1.26M	USD	1 Quarter
Federal income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$135.68K	USD	1 Quarter
Federal income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$23.50K	USD	1 Quarter
Change in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-104.01K	USD	1 Quarter
Change in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-218.43K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-409.86K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-37.48K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-13.20K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-680.50K	USD	1 Quarter
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-195.17K	USD	1 Quarter
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	-	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$390.93K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$488.51K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$25.14K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.61K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.61K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.14K	USD	1 Quarter
Repayments of loans	`RepaymentsOfNotesPayable`	$24.00K	USD	1 Quarter
Repayments of loans	`RepaymentsOfNotesPayable`	$167.65K	USD	1 Quarter
Proceeds (repayments) of lines of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-566.27K	USD	1 Quarter
Proceeds (repayments) of lines of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-649.49K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-673.49K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-733.92K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-247.01K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-307.70K	USD	1 Quarter
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$92.67K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$86.61K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$339.69K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$339.69K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$86.61K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$92.67K	USD	Point-in-time
Interest expense	`InterestPaid`	$85.57K	USD	1 Quarter
Interest expense	`InterestPaid`	$4.64K	USD	1 Quarter
Federal income tax	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Federal income tax	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Conversion of note payable and accrued interest to common stock	`ConversionOfNotesPayableToCommonStock`	$223.45K	USD	1 Quarter
Conversion of note payable and accrued interest to common stock	`ConversionOfNotesPayableToCommonStock`	-	USD	1 Quarter

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