30 Jan 2014late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its annual report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2014auditor change▼ BadMajor
On January 24, 2014 the company replaced its auditor M&K CPAS with LBB & Associates for the fiscal year ending October 31, 2013. The filing discloses an unresolved disagreement over how to value shares issued to an employee and a consultant: M&K wanted the market price ($0.45 and $0.75), while the company argued for the private-placement prices ($0.00034 and $0.05). M&K's earlier reports carried a going-concern doubt.
27 Jan 2014asset acquisition disposition● Neutral
On January 22, 2014 the company bought a 37.5% share of the mineral rights on 86.69 acres in Lavaca County, Texas (Eagle Ford Shale) for $270,000 cash plus 2,000,000 shares. No reserves have been found there and no wells are drilled; its royalty is 37.5% of 0.1875% of any sale proceeds, and the existing lease ends if there is no paying production by December 2014. It also sold 8,750,000 shares at $0.05 for $437,500, partly to fund this purchase. This is the company's first oil and gas asset in the filings so far.
5 Dec 2013capital raising announcement● Neutral
Now named Texas South Energy, the company sold 23,480,004 shares at $0.05 each on December 2, 2013 for gross proceeds of $1,174,000, in the first closing of a private placement. The share count reflects a 3-for-1 forward split effective November 12, 2013, and the money is for general corporate purposes.
What it means for a shareholder
23.5m new shares at $0.050 to raise about $1.2m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held $1,000 of shares (20,000 at the issue price), your slice goes from 0.0101% to 0.00903% of the company. To keep it you'd need 2,372 more shares - about $119 at the issue price.
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12 Nov 2013securities registration● Neutral
Texas South Energy, Inc. filed notice of an exempt private placement.
9 Oct 2013capital raising announcement● Neutral
On October 4, 2013 the company (filing under the name INKA Productions Corp.) sold 35 million shares for $35,000 in cash, to Coppinger Ltd. (15 million), Blue Horizont Holding Ltd. (10 million) and White Horse Capital Inc. (10 million). It also issued 1 million shares to a consultant for services valued at $10,000. This is new money from private buyers and dilutes existing shareholders.
13 Sept 2013quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $8 thousand for the period ended 2013-07-31.
12 June 2013quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $8 thousand for the period ended 2013-07-31.
15 Mar 2013quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $5 thousand for the period ended 2013-04-30.
30 Jan 2013late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its annual report would be filed late.
18 Sept 2012quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $3 thousand for the period ended 2012-07-31.
17 Sept 2012late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its quarterly report would be filed late.
19 June 2012quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $3 thousand for the period ended 2012-07-31.
19 June 2012securities registration● Neutral
Texas South Energy, Inc. filed the final prospectus for a registered offering.
15 June 2012late filing notice▼ Bad
Texas South Energy, Inc. notified the SEC that its quarterly report would be filed late.
17 Apr 2012quarterly activities report▼ Bad
Texas South Energy, Inc. reported a quarterly net loss of $12 thousand for the period ended 2012-04-30.
2 Feb 2012securities registration● Neutral
Texas South Energy, Inc. amended a filing by which it registered a securities offering with the SEC.
27 Jan 2012securities registration● Neutral
Texas South Energy, Inc. amended a filing by which it registered a securities offering with the SEC.
14 Dec 2011securities registration● Neutral
Texas South Energy, Inc. amended a filing by which it registered a securities offering with the SEC.
5 Dec 2011securities registration● Neutral
Texas South Energy, Inc. amended a filing by which it registered a securities offering with the SEC.
5 Aug 2011securities registration● Neutral
Texas South Energy, Inc. amended a filing by which it registered a securities offering with the SEC.
4 Feb 2011securities registration● Neutral
Texas South Energy, Inc. amended a filing by which it registered a securities offering with the SEC.
9 Dec 2010securities registration● Neutral
Texas South Energy, Inc. registered a securities offering with the SEC.