x
|
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
|
|
ACT OF 1934
|
o
|
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
|
|
ACT OF 1934
|
GEORGIA
|
58-2558702
|
(State or other jurisdiction of
|
(I.R.S. Employer Identification. No.)
|
incorporation or organization)
|
TX Holdings, Inc.
|
||||||||
A CORPORATION IN THE DEVELOPMENT STAGE
|
||||||||
March 31, 2011 and September 30, 2010
|
||||||||
Unaudited
|
Audited
|
|||||||
March 31,
|
September 30,
|
|||||||
2011
|
2010
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 654 | $ | 5,848 | ||||
Accounts Receivable-(Net of Allowance for Doubtful Accounts)
|
_
|
_
|
||||||
Total current assets
|
654 | 5,848 | ||||||
Unproved oil and gas properties-successful efforts, net
|
186,010 | 188,702 | ||||||
Other
|
50,000 | 50,000 | ||||||
Total Assets
|
$ | 236,664 | $ | 244,550 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Notes payable to a stockholder
|
$ | 289,997 | $ | 289,997 | ||||
Accounts payable and accrued liabilities
|
1,122,846 | 1,003,737 | ||||||
Accounts payable-related party
|
158,308 | 158,308 | ||||||
Advances from stockholder/officer
|
107,697 | 51,397 | ||||||
Convertible debt to stockholder/officer
|
1,199,886 | 1,199,886 | ||||||
Total current liabilities
|
2,878,734 | 2,703,325 | ||||||
Asset Retirement Obligation
|
23,012 | 50,981 | ||||||
Total Liabilities
|
2,901,746 | 2,754,306 | ||||||
Commitments and contingencies
|
||||||||
Stockholders' deficit:
|
||||||||
Preferred stock: no par value, 1,000,000 shares authorized
|
||||||||
no shares outstanding as of March 31, 2011 and September 30, 2010
|
_
|
_
|
||||||
Common stock:no par value, 250,000,000 shares
|
||||||||
authorized, 53,041,897 issued and outstanding at March 31, 2011
|
||||||||
and September 30, 2010
|
10,558,437 | 10,558,437 | ||||||
Additional paid-in capital
|
1,379,409 | 1,379,409 | ||||||
Accumulated deficit
|
(1,803,507 | ) | (1,803,507 | ) | ||||
Losses accumulated in the development stage
|
(12,799,421 | ) | (12,644,095 | ) | ||||
Total stockholders' deficit
|
(2,665,082 | ) | (2,509,756 | ) | ||||
Total liabilities and stockholders' deficit
|
$ | 236,664 | $ | 244,550 | ||||
The accompanying notes are an integral part of these financial statements.
|
TX HOLDINGS, INC.
|
||||||||||||||||||||
A CORPORATION IN THE DEVELOPMENT STAGE
|
||||||||||||||||||||
For the Three and Six Months Ended March 31, 2011 and 2010 and for the Period From
|
||||||||||||||||||||
Inception of the Development Stage, October 1, 2004 to March 31, 2011
|
||||||||||||||||||||
Inception of
|
||||||||||||||||||||
Development
|
||||||||||||||||||||
THREE MONTHS ENDED
|
SIX MONTHS ENDED
|
Stage to
|
||||||||||||||||||
March 31,
|
March 31,
|
March 31,
|
March 31,
|
March 31,
|
||||||||||||||||
2011
|
2010
|
2011
|
2010
|
2011
|
||||||||||||||||
Revenue
|
$ | 9,086 | $ | 592 | $ | 9,245 | $ | 6,998 | $ | 45,709 | ||||||||||
Operating expenses, except items shown
|
||||||||||||||||||||
separately below
|
55,667 | 47,682 | 98,241 | 102,809 | 2,395,727 | |||||||||||||||
Stock-based compensation
|
_
|
62,385 | 239,885 | 7,452,389 | ||||||||||||||||
Professional fees
|
1,183,016 | |||||||||||||||||||
Impairment Expense
|
686,648 | |||||||||||||||||||
Lease expense
|
_
|
_
|
17,392 | |||||||||||||||||
Loss on write-off of leases and equipment
|
263,383 | |||||||||||||||||||
Depreciation expense
|
1,235 | 1,389 | 2,123 | 1,389 | 8,820 | |||||||||||||||
Advertising expense
|
_
|
_
|
83,265 | |||||||||||||||||
Total Operating Expenses
|
56,902 | 111,456 | 100,364 | 344,083 | 12,090,640 | |||||||||||||||
Loss from operations
|
(47,816 | ) | (110,864 | ) | (91,119 | ) | (337,085 | ) | (12,044,931 | ) | ||||||||||
Other income and (expense):
|
||||||||||||||||||||
Legal settlement
|
_
|
_
|
204,000 | |||||||||||||||||
Other income
|
_
|
125 | 125 | 838 | ||||||||||||||||
Forbearance agreement costs
|
_
|
_
|
(211,098 | ) | ||||||||||||||||
Interest expense
|
(31,517 | ) | (32,016 | ) | (64,207 | ) | (64,304 | ) | (748,230 | ) | ||||||||||
Total other income and (expenses), net
|
(31,517 | ) | (31,891 | ) | (64,207 | ) | (64,179 | ) | (754,490 | ) | ||||||||||
Net loss
|
$ | (79,333 | ) | $ | (142,755 | ) | $ | (155,326 | ) | $ | (401,264 | ) | $ | (12,799,421 | ) | |||||
Net loss per common share
|
||||||||||||||||||||
basic and diluted | $ |
_
|
$ | _ | $ | _ | $ | (0.01 | ) | |||||||||||
Weighted average number of common shares
|
||||||||||||||||||||
outstanding-basic and diluted
|
53,041,897 | 51,851,342 | 53,041,897 | 48,824,405 | ||||||||||||||||
The accompanying notes are an integral part of the financial statements.
|
TX HOLDINGS, INC.
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
For the Period from Develop,ment Stage through March 31, 2011
|
Losses | ||||||||||||||||||||||||||||||||
Additional | Accumulated | |||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Paid-In | Accumulated | Develop- | ||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Captial | Deficit | ment Stage | Total | |||||||||||||||||||||||||
Balance at September 30, 2004
|
- | $ | - | 15,793,651 | $ | 1,532,111 | $ | - | $ | (1,912,397 | ) | $ | - | $ | (380,286 | ) | ||||||||||||||||
Inception of the development
|
||||||||||||||||||||||||||||||||
stage on October 1, 2004
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Common stock issued for
|
||||||||||||||||||||||||||||||||
professional services
|
- | - | 450,000 | 40,000 | - | - | - | 40,000 | ||||||||||||||||||||||||
Common stock issued for
|
||||||||||||||||||||||||||||||||
prepaid services
|
- | - | 100,000 | 10,000 | - | - | - | 10,000 | ||||||||||||||||||||||||
Common stock issued to
|
||||||||||||||||||||||||||||||||
settle accounts payable
|
- | - | 361,942 | 36,194 | - | - | - | 36,194 | ||||||||||||||||||||||||
Warrants issued under
|
||||||||||||||||||||||||||||||||
forbearence agreement
|
- | - | - | - | 211,098 | - | - | 211,098 | ||||||||||||||||||||||||
Net income (loss)
|
- | - | - | - | - | 108,890 | (449,790 | ) | (340,900 | ) | ||||||||||||||||||||||
Balance at September 30, 2005
|
- | $ | - | 16,705,593 | $ | 1,618,305 | $ | 211,098 | $ | (1,803,507 | ) | $ | (449,790 | ) | $ | (423,894 | ) |
The accompanying notes are an integral part of the financial statements
|
TX HOLDINGS, INC.
|
||||||||||||||||||||||||||||||||
A CORPORATION IN THE DEVELOPMENT STAGE
|
||||||||||||||||||||||||||||||||
STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT
|
||||||||||||||||||||||||||||||||
Losses
|
||||||||||||||||||||||||||||||||
Additional
|
Accumulated
|
|||||||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid-In
|
Accumulated
|
in the Develop-
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
ment Stage
|
Total
|
|||||||||||||||||||||||||
Balance at September 30, 2005
|
- | $ | - | 16,705,593 | $ | 1,618,305 | $ | 211,098 | $ | (1,803,507 | ) | $ | (449,790 | ) | $ | (423,894 | ) | |||||||||||||||
Common stock issued for
|
||||||||||||||||||||||||||||||||
professional services
|
- | - | 4,649,300 | 2,318,295 | - | - | - | 2,318,295 | ||||||||||||||||||||||||
Common stock issued for cash
|
- | - | 4,633,324 | 1,164,997 | - | - | - | 1,164,997 | ||||||||||||||||||||||||
Common stock issued upon
|
||||||||||||||||||||||||||||||||
exercise of warrants
|
- | - | 294,341 | 2,944 | - | - | - | 2,944 | ||||||||||||||||||||||||
Common stock surrendered
|
- | - | (500,000 | ) | - | - | - | - | - | |||||||||||||||||||||||
Warrants issued for services
|
- | - | - | - | 376,605 | - | - | 376,605 | ||||||||||||||||||||||||
Preferrd stock issued to the
|
||||||||||||||||||||||||||||||||
Company's chief executive
|
||||||||||||||||||||||||||||||||
officer/stockholder
|
1,000 | 1,018,000 | - | - | - | - | - | 1,018,000 | ||||||||||||||||||||||||
Net income (loss)
|
- | - | - | - | - | - | (5,015,719 | ) | (5,015,719 | ) | ||||||||||||||||||||||
Balance at September 30, 2006
|
1,000 | $ | 1,018,000 | 25,782,558 | $ | 5,104,541 | $ | 587,703 | $ | (1,803,507 | ) | $ | (5,465,509 | ) | $ | (558,772 | ) | |||||||||||||||
The accompanying notes are an integral part of the financial statements |
TX HOLDINGS, INC.
|
||||||||||||||||||||||||||||||||
A CORPORATION IN THE DEVELOPMENT STAGE
|
||||||||||||||||||||||||||||||||
STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT
|
||||||||||||||||||||||||||||||||
Losses
|
||||||||||||||||||||||||||||||||
Additional
|
Accumulated
|
|||||||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid-In
|
Accumulated
|
in the Develop-
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
ment Stage
|
Total
|
|||||||||||||||||||||||||
Balance at September 30, 2006
|
1,000 | $ | 1,018,000 | 25,782,558 | $ | 5,104,541 | $ | 587,703 | $ | (1,803,507 | ) | $ | (5,465,509 | ) | $ | (558,772 | ) | |||||||||||||||
Common stock issued for
|
||||||||||||||||||||||||||||||||
professional services
|
- | - | 3,475,555 | 2,501,222 | - | - | 2,501,222 | |||||||||||||||||||||||||
Contribution by stockholder
|
- | - | - | - | 53,325 | - | 53,325 | |||||||||||||||||||||||||
Warrants issued for service
|
- | - | - | - | 159,381 | - | 159,381 | |||||||||||||||||||||||||
Common stock issued upon
|
||||||||||||||||||||||||||||||||
exercise of warrants
|
- | - | 355,821 | 75,461 | - | - | 75,461 | |||||||||||||||||||||||||
Common stock issued in settle-
|
||||||||||||||||||||||||||||||||
ment of notes payable and
|
||||||||||||||||||||||||||||||||
and interest
|
- | - | 833,333 | 546,666 | - | - | 546,666 | |||||||||||||||||||||||||
Common stock issued in settle-
|
||||||||||||||||||||||||||||||||
of accounts payable
|
- | - | 1,437,088 | 215,114 | - | - | 215,114 | |||||||||||||||||||||||||
- | - | - | - | - | - | (4,085,033 | ) | (4,085,033 | ) | |||||||||||||||||||||||
Balance at June 30, 2007
|
1,000 | $ | 1,018,000 | 31,884,355 | $ | 8,443,004 | $ | 800,409 | $ | (1,803,507 | ) | $ | (9,550,542 | ) | $ | (1,092,636 | ) |
TX HOLDINGS, INC.
|
||||||||||||||||||||||||||||||||
A CORPORATION IN THE DEVELOPMENT STAGE
|
||||||||||||||||||||||||||||||||
STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT
|
||||||||||||||||||||||||||||||||
Losses
|
||||||||||||||||||||||||||||||||
Additional
|
Accumulated
|
|||||||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid-In
|
Accumulated
|
in the Develop-
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
ment Stage
|
Total
|
|||||||||||||||||||||||||
Balance at September 30, 2007
|
1,000 | $ | 1,018,000 | 31,884,355 | $ | 8,443,004 | $ | 800,409 | $ | (1,803,507 | ) | $ | (9,550,542 | ) | $ | (1,092,636 | ) | |||||||||||||||
Common stock issued in
|
||||||||||||||||||||||||||||||||
exchange of preferred stock
|
-1,000 | (1,018,000 | ) | 10,715,789 | 1,018,000 | - | - | - | - | |||||||||||||||||||||||
Common stock issued for
|
||||||||||||||||||||||||||||||||
professional services
|
- | - | 450,680 | 128,440 | - | - | - | 128,440 | ||||||||||||||||||||||||
Common stock issued for
|
||||||||||||||||||||||||||||||||
cash
|
- | - | 780,000 | 73,000 | - | - | - | 73,000 | ||||||||||||||||||||||||
Common stock issued in
|
||||||||||||||||||||||||||||||||
settlement of legal claim
|
- | - | 175,000 | 31,500 | - | - | - | 31,500 | ||||||||||||||||||||||||
Contribution by stockholder
|
- | - | - | - | 10,643 | - | - | 10,643 | ||||||||||||||||||||||||
Common stock returned
|
||||||||||||||||||||||||||||||||
to treasury
|
- | - | (300,000 | ) | - | - | - | - | - | |||||||||||||||||||||||
Accrued salary contributed by
|
||||||||||||||||||||||||||||||||
officer/stockholder
|
- | - | - | - | 125,000 | - | - | 125,000 | ||||||||||||||||||||||||
Accounting for employee
|
||||||||||||||||||||||||||||||||
stock warrants
|
- | - | - | - | 190,000 | - | - | 190,000 | ||||||||||||||||||||||||
Accounting for options issued
|
||||||||||||||||||||||||||||||||
to a consultant
|
- | - | - | - | 19,000 | - | - | 19,000 | ||||||||||||||||||||||||
- | - | - | - | - | - | (676,123 | ) | (676,123 | ) | |||||||||||||||||||||||
Balance at September 30, 2008
|
- | $ | - | 43,705,824 | $ | 9,693,944 | $ | 1,145,052 | $ | (1,803,507 | ) | $ | (10,226,665 | ) | $ | (1,191,176 | ) |
TX HOLDINGS, INC.
|
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
|
STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT
|
|
Losses
|
||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||
Additional
|
in the
|
|||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid in
|
Accumulated
|
Development
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Stage
|
Total
|
|||||||||||||||||||||
Balance at September 30, 2008
|
_
|
$ |
_
|
43,705,824 | $ | 9,693,944 | $ | 1,145,052 | $ | (1,803,507 | ) | $ | (10,226,665 | ) | $ | (1,191,176 | ) | |||||||||||
Common stock issued in Payment of
|
||||||||||||||||||||||||||||
Shareholders'advances
|
_
|
_
|
2,581,073 | 258,108 |
_
|
_
|
_
|
258,108 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Common stock issued
|
||||||||||||||||||||||||||||
for professional services
|
_
|
_
|
2,450,000 | 244,000 |
_
|
_
|
_
|
244,000 | ||||||||||||||||||||
Common stock sold
|
||||||||||||||||||||||||||||
to private investors
|
_
|
_
|
200,000 | 20,000 |
_
|
_
|
_
|
20,000 | ||||||||||||||||||||
Common stock returned
|
||||||||||||||||||||||||||||
to treasury
|
_
|
_
|
(1,300,000 | ) |
_
|
_
|
_
|
_
|
_
|
|||||||||||||||||||
Shareholders' advances previously
|
||||||||||||||||||||||||||||
reported as Additional Paid in Capital
|
_
|
_
|
_
|
_
|
(10,643 | ) |
_
|
_
|
(10,643 | ) | ||||||||||||||||||
Imputed salary contributed
|
||||||||||||||||||||||||||||
by officer/stockholder
|
_
|
_
|
_
|
_
|
125,000 |
_
|
_
|
125,000 | ||||||||||||||||||||
Accounting for employee
|
||||||||||||||||||||||||||||
stock warrant
|
_
|
_
|
_
|
_
|
120,000 |
_
|
_
|
120,000 | ||||||||||||||||||||
Net Loss
|
_
|
_
|
_
|
_
|
_
|
_
|
(1,276,127 | ) | (1,276,127 | ) | ||||||||||||||||||
Balance at September 30, 2009
|
_
|
$ |
_
|
47,636,897 | $ | 10,216,052 | $ | 1,379,409 | $ | (1,803,507 | ) | $ | (11,502,792 | ) | $ | (1,710,838 | ) |
Losses
|
||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||
Additional
|
in the
|
|||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid in
|
Accumulated
|
Development
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Stage
|
Total
|
|||||||||||||||||||||
Balance at September 30, 2009
|
_
|
$ |
_
|
47,636,897 | $ | 10,216,052 | $ | 1,379,409 | $ | (1,803,507 | ) | $ | (11,502,792 | ) | $ | (1,710,838 | ) | |||||||||||
Common stock issued
|
||||||||||||||||||||||||||||
for professional
|
||||||||||||||||||||||||||||
services
|
_
|
_
|
3,355,000 | 239,885 |
_
|
_
|
_
|
239,885 | ||||||||||||||||||||
Common stock sold
|
||||||||||||||||||||||||||||
to private investors
|
_
|
_
|
2,050,000 | 102,500 |
_
|
_
|
_
|
102,500 | ||||||||||||||||||||
Net Loss
|
_
|
_
|
_
|
_
|
_
|
_
|
(1,141,303 | ) | (1,141,303 | ) | ||||||||||||||||||
Balance at September 30, 2010
|
_
|
$ |
_
|
53,041,897 | $ | 10,558,437 | $ | 1,379,409 | $ | (1,803,507 | ) | $ | (12,644,095 | ) | $ | (2,509,756 | ) |
Losses
|
||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||
Additional
|
in the
|
|||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid in
|
Accumulated
|
Development
|
||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Stage
|
Total
|
|||||||||||||||||||
Balance at September 30, 2010
|
_
|
_
|
53,041,897 | $ | 10,558,437 | $ | 1,379,409 | $ | (1,803,507 | ) | $ | (12,644,095 | ) | $ | (2,509,756 | ) | ||||||||||
Net Loss
|
_
|
_
|
_
|
_
|
_
|
_
|
(155,326 | ) | (155,326 | ) | ||||||||||||||||
Balance at March 31, 2011
|
_
|
_
|
53,041,897 | $ | 10,558,437 | $ | 1,379,409 | $ | (1,803,507 | ) | $ | (12,799,421 | ) | $ | (2,665,082 | ) | ||||||||||
Inception of
|
||||||||||||
Development
|
||||||||||||
THREE MONTHS ENDED
|
Stage to
|
|||||||||||
3/31/2011
|
3/31/2010
|
3/31/2011
|
||||||||||
Cash flows used by operating activities:
|
||||||||||||
Net loss
|
$ | (155,326 | ) | $ | (401,264 | ) | $ | (12,799,421 | ) | |||
Adjustments to reconcile net loss to net cash used
|
||||||||||||
in operating activities:
|
||||||||||||
Warrants issued for forbearance agreement
|
_
|
_
|
211,098 | |||||||||
Loss on disposal of equipment
|
_
|
_
|
263,383 | |||||||||
Impairment of unproved oil and gas properties
|
686,648 | |||||||||||
Depreciation expense
|
2,123 | 1,389 | 8,820 | |||||||||
Bad Debt Expense
|
_
|
_
|
1,729 | |||||||||
Common and preferred stock issued for services
|
_
|
239,885 | 6,060,224 | |||||||||
Accounting for Warrants issued to employees and
|
||||||||||||
a consultant
|
_
|
_
|
329,000 | |||||||||
Warrants issued for services
|
_
|
_
|
376,605 | |||||||||
Common stock issued to settle accounts payable
|
_
|
_
|
251,308 | |||||||||
Common stock issued in payment of interest expense
|
_
|
_
|
196,666 | |||||||||
Common stock issued by an officer/stockholder to
|
||||||||||||
satisfy expenses of the Company and increase
|
||||||||||||
stockholder advances
|
_
|
_
|
616,750 | |||||||||
Common stock issued in settlement of legal claim
|
_
|
_
|
31,500 | |||||||||
Accrued salary contributed by stockholder/former officer
|
_
|
_
|
250,000 | |||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Accrued stock-based compensation reversal
|
||||||||||||
resulting from legal claim settlement
|
_
|
_
|
(231,000 | ) | ||||||||
Prepaid expenses and other assets
|
_
|
(2,000 | ) | (49,750 | ) | |||||||
Accounts receivable
|
_
|
_
|
(1,729 | ) | ||||||||
Accounts payable and accrued liabilities
|
119,109 | 91,848 | 2,028,043 | |||||||||
Net cash used in operating activities
|
$ | (34,094 | ) | (70,142 | ) | (1,770,126 | ) | |||||
Cash flows used in investing activities:
|
||||||||||||
Deposits paid for oil and gas property acquisitions
|
_
|
_
|
(378,000 | ) | ||||||||
Purchase of oil and gas properties
|
(27,400 | ) | (8,400 | ) | (452,729 | ) | ||||||
Net cash used in investing activities
|
_
|
(8,400 | ) | (830,729 | ) | |||||||
Cash flows provided by financing activities:
|
||||||||||||
Proceeds from stockholder/officer contribution
|
_
|
_
|
10,643 | |||||||||
Repayment of note payable to a bank
|
_
|
_
|
(20,598 | ) | ||||||||
Proceeds from note payable to stockholder
|
_
|
_
|
520,000 | |||||||||
Proceeds from sale of common stock
|
_
|
92,500 | 1,360,497 | |||||||||
Proceeds from exercise of warrants
|
_
|
_
|
78,404 | |||||||||
Proceeds from stockholder/officer advances
|
56,300 |
_
|
659,463 | |||||||||
Payments of stockholders advances
|
_
|
(6,900 | ) | (6,900 | ) | |||||||
Net cash provided by financing activities
|
56,300 | 85,600 | 2,601,509 | |||||||||
Increase (decrease) in cash and cash equivalents
|
(5,194 | ) | 7,058 | 654 | ||||||||
Cash and cash equivalents at beginning of period
|
5,848 | 6,588 |
_
|
|||||||||
Cash and Cash Equivalent at end of period
|
$ | 654 | $ | 13,646 | $ | 654 | ||||||
Non-cash investing and financing activities:
|
||||||||||||
Common stock issued in payment of shareholder's activities
|
_
|
_
|
$ | 258,107 | ||||||||
Shareholders'advances converted to notes payable from stockholder
|
_
|
_
|
$ | 119,997 | ||||||||
Shareholders' advances previously reported as paid-in capital
|
_
|
_
|
$ | (10,643 | ) | |||||||
Increase in property and equipment from recognition of asset retirement obligation
|
$ | (27,969 | ) |
_
|
$ | 23,012 |
Exhibit 31.1
|
Section 302 Certification of Chief Executive Officer
|
Exhibit 31.2
|
Section 302 Certification of Chief Financial Officer
|
Exhibit 32.1
|
Section 906 Certification of Chief Executive Officer
|
Exhibit 32.2
|
Section 906 Certification of Chief Financial Officer
|
/s/ William “Buck” Shrewsbury
|
Chairman of the Board of Directors and
|
||||
William “Buck” Shrewsbury
|
Chief Executive Officer
|
||||
April 28, 2011
|
|
/s/ Richard (Rick) Novack
|
President and Director
|
||||
Richard (Rick) Novack
|
|
||||
April 28, 2011
|
|
/s/ Jose Fuentes
|
Chief Financial Officer
|
||||
Jose Fuentes
|
|
||||
April 28, 2011
|
|
/s/ Bobby S. Fellers
|
Director
|
||||
Bobby S. Fellers
|
|
||||
April 28, 2011
|
|
/s/ Martin Lipper
|
Director
|
||||
Martin Lipper
|
|
||||
April 28, 2011
|
|