18 Feb 2010debt financing● Neutral
On February 16, 2010 the company borrowed $35,000 from director Thomas Michel on an unsecured 3% demand note, for working capital. It is another loan from Michel after his October 2009 $30,000 loan.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Oct 2009debt financing● Neutral
On October 13, 2009 the company borrowed $30,000 from director Thomas Michel on an unsecured 3% demand note, for working capital. It follows his two loans totalling $50,000 in September 2008.
12 May 2009debt financing● Neutral
On May 11, 2009 the company borrowed a further $100,000 from related party National Financial Corporation on an unsecured 3% demand note, for working capital. Interest rises to the highest legal rate only upon default.
6 Feb 2009debt financing● Neutral
On February 4, 2009 the company borrowed another $100,000 from related party National Financial Corporation on an unsecured demand note, this time at 3% interest rather than 5%, for working capital.
12 Jan 2009debt financing● Neutral
On January 6, 2009 the company borrowed $100,000 from related party National Financial Corporation on an unsecured 5% demand note, with proceeds to repay maturing debt and fund working capital.
1 Dec 2008debt financing● Neutral
On November 27, 2008 the company borrowed another $50,000 from related party National Financial Corporation on an unsecured 5% demand note, for working capital. It is the third NFC loan of this size reported since August 2008.
3 Nov 2008debt financing● Neutral
On October 28, 2008 the company borrowed $50,000 from related party National Financial Corporation on an unsecured 5% note payable on demand, for working capital. It adds to the NFC demand borrowing from August.
28 Oct 2008debt financing● Neutral
This amendment reports a separate loan: on September 29, 2008 the company borrowed $20,000 from director Thomas Michel on an unsecured 5% demand note, for working capital. It corrects the earlier October 2 filing, which had repeated the September 16 $30,000 loan details, so Michel's loans now total $50,000 across the two notes.
2 Oct 2008debt financing● Neutral
This repeats the September 16, 2008 report of a $30,000 unsecured 5% demand note from director Thomas Michel, for working capital. It appears to be a re-filing and adds no new loan; the next filing says the later one is a separate $20,000 loan dated September 29.
22 Sept 2008debt financing● Neutral
On September 16, 2008 the company borrowed $30,000 from director Thomas Michel on an unsecured 5% note payable on demand, for working capital. This is the first reported loan from Michel, who had previously been reported buying shares on the open market.
26 Aug 2008debt financing● Neutral
On August 20, 2008 the company borrowed $50,000 from related party National Financial Corporation on an unsecured 5% note payable on demand, for working capital. Default only occurs after seven days' written notice if repayment is demanded and not made.
16 May 2008debt financing● NeutralMajor
On May 13, 2008 the company borrowed another $200,000 from Elmira United Corp. on a 4% convertible note due March 31, 2013, convertible at 47,500 shares per $10,000 invested. Proceeds are for repaying maturing debt and working capital, continuing the pattern of borrowing from this shareholder.
24 Mar 2008debt financing● NeutralMajor
On March 20, 2008 the company changed the December 2007 $100,000 note from National Financial Corporation (a related party), which had been due January 31, 2008: it is now payable on demand and the interest rate is 5%. The same day it borrowed $250,000 from Elmira United Corp. on a 3.5% convertible note due March 31, 2011 (conversion at $0.16 per share) and another $250,000 on a 4% convertible note due March 31, 2013 (conversion at $0.21 per share), with proceeds to repay maturing debt and fund working capital. This continues the company's reliance on related-party and shareholder borrowing; the NFC note due date it had left open is now replaced by a demand term.
21 Feb 2008asset acquisition disposition▲ GoodMajor
On February 20, 2008 the company signed and completed the purchase of substantially all the assets of Acceptius, Inc., resolving the December 2007 proposal. It paid $25,000 cash, issued 1,700,000 restricted shares, and owes a further $5,000 within six months. The deal adds paper conversion and claims repricing; the company also reported a director exercising 50,000 warrants at $0.20 for $10,000.
14 Dec 2007debt financing● Neutral
On December 13, 2007 the company borrowed $100,000 from related party National Financial Corporation on a 7% note due January 31, 2008. It also announced it is exploring buying substantially all the assets of Acceptius, Inc., Dallas, but says no binding agreement is signed and there is no guarantee it will be.
19 Jan 2007debt financing● Neutral
On January 16, 2007 the company borrowed $100,000 from Eganoc Services Corp. on a 7% convertible note due November 30, 2010, convertible at 30,000 shares per $10,000. The money is for working capital, and the note has customary default terms.
21 Dec 2006material agreement termination● NeutralMajor
On December 18, 2006 the company and MedAvant (ProxyMed Transaction Services), a 10% customer, signed a new Gateway and Revenue Sharing Agreement and ended their September 11, 2002 services and license agreement. The new deal covers exchanging healthcare transactions on agreed fees and MedAvant assigning certain contracts, data and systems to the company. The filing does not give financial terms.
1 Dec 2006asset acquisition disposition● Neutral
On November 29, 2006 the company borrowed $300,000 from Elmira United Corporation on a 5% convertible note due November 29, 2010, convertible at 36,500 shares per $10,000. On December 1, 2006 it also signed a 36-month capital lease with E-Link Systems for $121,308.92 of computer hardware, software and installation, with a 12.84% finance charge and a $1 buyout.
17 Nov 2006debt financing▼ Bad
On November 16, 2006 the company borrowed $100,000 from National Financial Corporation, a related party, on an unsecured 8% note payable on demand, for working capital. The lender can ask for repayment at any time.
31 Aug 2006debt financing● Neutral
On August 29, 2006 the company borrowed $100,000 from Elmira United Corporation, a 5% shareholder, on an unsecured 7.5% note due December 31, 2008, convertible at $0.25 per share. $26,000 retires current notes payable and the rest funds working capital. This continues the borrowing from Elmira, at a lower conversion price than the 2004 notes ($0.40).
21 July 2006listing compliance notice● NeutralMajor
TransCoastal Corp's exchange filed to remove a class of its securities from listing.
21 Dec 2005material agreement● Neutral
On December 19, 2005 the board immediately vested 1,266,667 of 1,766,667 unvested employee and director equity awards, all out-of-the-money. The filing says this avoids about $173,000 of compensation expense that would otherwise be recorded over two years starting in 2006 under a new accounting rule.
3 Jan 2005debt financing● Neutral
On December 28, 2004 the company borrowed another $150,000 from Elmira United Corporation, a 5% shareholder, on a 7% convertible note due December 28, 2007 and convertible at $0.40 per share. $96,000 is to repay notes owed to National Financial Corporation, a related party, and the rest is for working capital. This continues the pattern of shareholder-funded borrowing.
6 Oct 2004debt financing● Neutral
Between September 22 and October 5, 2004 the company borrowed $250,000 in total through four 7% convertible notes, including $50,000 from Elmira United Corporation, a 5% shareholder. The notes are due in 2007 and can be converted into shares at $0.40 each; the money is for working capital.
28 Apr 2004auditor change▼ Bad
On April 26, 2004, auditor KBA Group LLP (in place since February 2003) said it would not stand for re-election, and the company hired Whitley Penn. The filing says KBA's reports for both of the past two years carried a going-concern doubt paragraph, and no disagreements are reported.
17 Mar 2003auditor change● Neutral
Less than a month later, on March 14, 2003, King Griffin & Adamson P.C. resigned so its successor entity KBA Group LLP could be engaged as auditor. King Griffin had issued no audit reports, and no disagreements are reported.
27 Feb 2003auditor change▼ Bad
The filings are signed as Claimsnet.com inc. (the company filing under the TransCoastal Corp record). On February 20, 2003 it dismissed its auditor Ernst & Young LLP, which had served since 1999, and hired King Griffin & Adamson P.C. The filing says E&Y's report on the most recent year included a going-concern doubt paragraph, and that there were no disagreements.
9 Dec 1998listing compliance notice▼ Bad
TransCoastal Corp withdrew a registration statement, abandoning the offering it covered.