10-Q Filing

TEXAS GULF ENERGY INC CIK: 1429627 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001144204-14-068247`
Period End Date	20140930
Filing Date	20141114
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	txge-20140930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 76 Cash Flow Statement 64

Balance Sheet 66 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$339.69K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$483.81K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	54.97M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$118.92K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	50.98M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.25M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	50.98M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	54.97M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$385.58K	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
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Deferred federal income tax - current	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Federal income tax receivable	`IncomeTaxesReceivable`	$17.21K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Federal income tax receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$329.69K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$144.68K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$666.38K	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`	$221.47K	USD	Point-in-time
Other assets	`OtherAssets`	$108.69K	USD	Point-in-time
Other assets	`OtherAssets`	$257.44K	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`	$3.90M	USD	Point-in-time
Total assets	`Assets`	$996.54K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$917.35K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$339.73K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$135.23K	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`	-	USD	Point-in-time
Lines of credit	`LinesOfCreditCurrent`	$714.96K	USD	Point-in-time
Lines of credit	`LinesOfCreditCurrent`	$153.64K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$393.60K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$172.31K	USD	Point-in-time
Convertible debt (current portion)	`ConvertibleDebtCurrent`	$362.62K	USD	Point-in-time
Convertible debt (current portion)	`ConvertibleDebtCurrent`	$223.35K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.19M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.58M	USD	Point-in-time
Convertible debt (non-current portion)	`ConvertibleDebtNoncurrent`	$362.62K	USD	Point-in-time
Convertible debt (non-current portion)	`ConvertibleDebtNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$2.94M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.19M	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; 54,968,405 and 50,977,165 shares issued and outstanding as of September 30, 2014 and as of December 31, 2013, respectively	`CommonStockValue`	$550.00	USD	Point-in-time
Common stock, $.00001 par value per share; 500,000,000 shares authorized; 54,968,405 and 50,977,165 shares issued and outstanding as of September 30, 2014 and as of December 31, 2013, respectively	`CommonStockValue`	$510.00	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$1.20M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$1.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-247.62K	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$957.55K	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$-192.64K	USD	Point-in-time
Total liabilities and stockholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$996.54K	USD	Point-in-time
Total liabilities and stockholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$3.90M	USD	Point-in-time

Income Statement 76 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$3.14M	USD	3 Qtrs
Revenues	`Revenues`	$1.69M	USD	1 Quarter
Revenues	`Revenues`	$7.80M	USD	3 Qtrs
Revenues	`Revenues`	$925.25K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$762.82K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$6.41M	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$2.65M	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$1.29M	USD	1 Quarter
Gross profit	`GrossProfit`	$490.74K	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.39M	USD	3 Qtrs
Gross profit	`GrossProfit`	$397.08K	USD	1 Quarter
Gross profit	`GrossProfit`	$162.44K	USD	1 Quarter
General and administrative expense	`SellingGeneralAndAdministrativeExpense`	$1.70M	USD	3 Qtrs
General and administrative expense	`SellingGeneralAndAdministrativeExpense`	$477.80K	USD	1 Quarter
General and administrative expense	`SellingGeneralAndAdministrativeExpense`	$1.68M	USD	1 Quarter
General and administrative expense	`SellingGeneralAndAdministrativeExpense`	$4.29M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-315.36K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.90M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.28M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.21M	USD	3 Qtrs
Interest expense, net	`InterestExpense`	$10.79K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$180.82K	USD	3 Qtrs
Interest expense, net	`InterestExpense`	$50.15K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$30.87K	USD	3 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-37.07K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$133.53K	USD	3 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-843.00	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-134.24K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-47.86K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-165.12K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-47.28K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-50.99K	USD	1 Quarter
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.95M	USD	3 Qtrs
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.33M	USD	1 Quarter
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.38M	USD	3 Qtrs
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-363.23K	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-230.99K	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-747.68K	USD	3 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-185.76K	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$184.47K	USD	3 Qtrs
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-1.10M	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-1.56M	USD	3 Qtrs
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-177.47K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-2.20M	USD	3 Qtrs
Income from discontinued operations, net of tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	3 Qtrs
Income from discontinued operations, net of tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$345.88K	USD	1 Quarter
Income from discontinued operations, net of tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
Income from discontinued operations, net of tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$1.20M	USD	3 Qtrs
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	-	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$1.20M	USD	3 Qtrs
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$345.88K	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	-	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-753.54K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-999.31K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-177.47K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.56M	USD	3 Qtrs
Loss per share from continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.03	USD	3 Qtrs
Loss per share from continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.02	USD	1 Quarter
Loss per share from continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	-	USD	1 Quarter
Loss per share from continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.04	USD	3 Qtrs
Earnings (Loss) per share from discontinued operations (in dollars per share)	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare`	$0.01	USD	1 Quarter
Earnings (Loss) per share from discontinued operations (in dollars per share)	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare`	-	USD	3 Qtrs
Earnings (Loss) per share from discontinued operations (in dollars per share)	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare`	$0.02	USD	3 Qtrs
Earnings (Loss) per share from discontinued operations (in dollars per share)	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare`	-	USD	1 Quarter
Net loss per share (in dollars per share)	`EarningsPerShareBasic`	$-0.02	USD	3 Qtrs
Net loss per share (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net loss per share (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Net loss per share (in dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	54.97M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	56.61M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	54.49M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	52.91M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.61M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	54.49M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	54.97M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	52.91M	shares	3 Qtrs

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-1.10M	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-1.56M	USD	3 Qtrs
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-177.47K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperations`	$-2.20M	USD	3 Qtrs
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$345.88K	USD	1 Quarter
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	-	USD	3 Qtrs
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$1.20M	USD	3 Qtrs
Income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-753.54K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-999.31K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-177.47K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.56M	USD	3 Qtrs
Depreciation	`Depreciation`	$482.56K	USD	3 Qtrs
Depreciation	`Depreciation`	$150.36K	USD	3 Qtrs
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	3 Qtrs
Bad debt expense	`ProvisionForDoubtfulAccounts`	$94.76K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$559.75K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$187.50K	USD	3 Qtrs
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-1.77M	USD	3 Qtrs
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-1.19M	USD	3 Qtrs
Federal income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-151.51K	USD	3 Qtrs
Federal income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-188.52K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-223.15K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-333.76K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$81.04K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-577.51K	USD	3 Qtrs
Deferred tax asset	`DeferredIncomeTaxExpenseBenefit`	$358.95K	USD	3 Qtrs
Deferred tax asset	`DeferredIncomeTaxExpenseBenefit`	$-115.00K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-570.32K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-36.72K	USD	3 Qtrs
Deferred tax liability	`IncreaseDecreaseInOtherDeferredLiability`	$-29.00K	USD	3 Qtrs
Deferred tax liability	`IncreaseDecreaseInOtherDeferredLiability`	-	USD	3 Qtrs
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	-	USD	3 Qtrs
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-167.81K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$463.50K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$563.46K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$39.10K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.61K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.61K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-39.10K	USD	3 Qtrs
Proceeds (repayments) of loans	`RepaymentsOfNotesPayable`	$-250.94K	USD	3 Qtrs
Proceeds (repayments) of loans	`RepaymentsOfNotesPayable`	$221.29K	USD	3 Qtrs
Proceeds (repayments) of lines of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-585.84K	USD	3 Qtrs
Proceeds (repayments) of lines of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-561.32K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-782.62K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-334.89K	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-220.76K	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$89.50K	USD	3 Qtrs
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$339.69K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$483.81K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Beginning	`CashAndCashEquivalentsAtCarryingValue`	$118.92K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$339.69K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$483.81K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$394.31K	USD	Point-in-time
Ending	`CashAndCashEquivalentsAtCarryingValue`	$118.92K	USD	Point-in-time
Cash payments (receipts) for: Interest expense	`InterestPaid`	$30.87K	USD	3 Qtrs
Cash payments (receipts) for: Interest expense	`InterestPaid`	$244.80K	USD	3 Qtrs
Cash payments (receipts) for: Federal income tax	`IncomeTaxesPaidNet`	-	USD	3 Qtrs
Cash payments (receipts) for: Federal income tax	`IncomeTaxesPaidNet`	$-190.97K	USD	3 Qtrs
Issuance of common stock for payment of accounts payable	`StockIssued1`	-	USD	3 Qtrs
Issuance of common stock for payment of accounts payable	`StockIssued1`	$177.95K	USD	3 Qtrs
Conversion of note payable and accrued interest to common stock	`ConversionOfNotesPayableToCommonStock`	$223.45K	USD	3 Qtrs
Conversion of note payable and accrued interest to common stock	`ConversionOfNotesPayableToCommonStock`	-	USD	3 Qtrs

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