30 Oct 2012quarterly activities report● Neutral
TransCoastal Corp reported quarterly revenue of $2.0 million and net income of $698 thousand for the period ended 2012-09-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Sept 2012debt financing▼ Bad
On September 7, 2012 the company borrowed another $25,000 from related party J. R. Schellenberg on an unsecured 1.75% demand note, for working capital.
19 July 2012quarterly activities report● Neutral
TransCoastal Corp reported quarterly revenue of $1.5 million and net income of $373 thousand for the period ended 2012-06-30.
24 May 2012securities registration● Neutral
TransCoastal Corp amended an already-effective registration statement.
8 May 2012quarterly activities report▼ Bad
TransCoastal Corp reported quarterly revenue of $637 thousand and a net loss of $54 thousand for the period ended 2012-03-31.
27 Apr 2012debt financing▼ Bad
On April 26, 2012 the company borrowed another $25,000 from related party J. R. Schellenberg on an unsecured 1.75% demand note, for working capital.
9 Feb 2012debt financing▼ Bad
On February 8, 2012 the company borrowed another $25,000 from related party J. R. Schellenberg on an unsecured 1.75% demand note, for working capital. It follows his January 2012 loan of the same size.
19 Jan 2012debt financing▼ Bad
On January 17, 2012 the company borrowed a further $25,000 from related party J. R. Schellenberg on an unsecured 1.75% demand note, for working capital.
2 Dec 2011debt financing▼ Bad
On November 30, 2011 the company borrowed another $25,000 from related party J. R. Schellenberg on an unsecured 1.75% demand note, for working capital. It is the fourth $25,000 loan from him since July 2011.
3 Nov 2011quarterly activities report▼ Bad
TransCoastal Corp reported quarterly revenue of $582 thousand and a net loss of $32 thousand for the period ended 2011-09-30.
30 Sept 2011debt financing● Neutral
On September 29, 2011 the company borrowed a further $25,000 from related party J. R. Schellenberg on an unsecured 1.75% demand note, for working capital. Separately, the $50,000 Novinvest (Elmira United) note from September 2010 had its due date extended from September 9, 2011 to September 9, 2013, with other terms unchanged. The filing calls this Amendment Number 2.
31 Aug 2011debt financing▼ Bad
On August 29, 2011 the company borrowed another $25,000 from related party J. R. Schellenberg on an unsecured 1.75% demand note, for working capital. It is his second $25,000 loan in about a month.
16 Aug 2011quarterly activities report▼ Bad
TransCoastal Corp reported quarterly revenue of $586 thousand and a net loss of $31 thousand for the period ended 2011-06-30.
9 Aug 2011quarterly activities report▼ Bad
TransCoastal Corp reported quarterly revenue of $586 thousand and a net loss of $31 thousand for the period ended 2011-06-30.
29 July 2011debt financing▼ Bad
On July 27, 2011 the company borrowed $25,000 from related party J. R. Schellenberg on an unsecured 1.75% demand note, for working capital. It follows his $15,000 loan in March 2011.
9 May 2011quarterly activities report▼ Bad
TransCoastal Corp reported quarterly revenue of $573 thousand and a net loss of $42 thousand for the period ended 2011-03-31.
6 May 2011debt financing● NeutralMajor
On May 3, 2011 the company borrowed $40,000 from related party National Financial Corporation on an unsecured 1.75% demand note, for working capital. Separately, on May 6, 2011 the board decided the first-quarter 2011 results in the April 29 10-Q should no longer be relied upon: a $138,000 impairment loss was wrongly booked in the income statement and should have been a cumulative adjustment to accumulated deficit on adopting accounting guidance ASU 2010-28. A corrected 10-Q/A will remove that loss from the reported net loss.
29 Apr 2011quarterly activities report▼ Bad
TransCoastal Corp reported quarterly revenue of $573 thousand and a net loss of $42 thousand for the period ended 2011-03-31.
8 Mar 2011debt financing▼ Bad
On March 2, 2011 the company borrowed $15,000 from director Thomas Michel and $15,000 from related party J. R. Schellenberg, each on an unsecured demand note at 1.75%, for working capital. Schellenberg appears for the first time as a lender here, and the rate is lower than the 3% on Michel's earlier notes. This continues reliance on insider borrowing.
28 Oct 2010quarterly activities report▼ Bad
TransCoastal Corp reported quarterly revenue of $566 thousand and a net loss of $93 thousand for the period ended 2010-09-30.
14 Sept 2010debt financing● NeutralMajor
On September 9, 2010 the company borrowed $50,000 from Novinvest Associated S.A., a division of its 5% shareholder Elmira United, on an unsecured 3% note due September 9, 2011. The proceeds paid the $50,000 non-refundable retainer to Blackhawk Partners, which the company engaged the same day to seek debt or equity financing, potentially in connection with a merger or acquisition. Blackhawk is also owed an advisory fee of 6% of equity and 3% of debt it raises from outside sources, plus $12,000 a month for six months starting six months after the effective date; the fee applies for 18 months after termination.
29 July 2010quarterly activities report▼ Bad
TransCoastal Corp reported quarterly revenue of $596 thousand and a net loss of $31 thousand for the period ended 2010-06-30.
22 Mar 2010debt financing● Neutral
On March 18, 2010 the company borrowed $80,000 from related party National Financial Corporation on an unsecured 3% demand note, for working capital. The filing's default clause refers to 'Mr. Michel' rather than NFC, which looks like a drafting carry-over from the Michel notes (inference).
5 Mar 2010director interest notice● Neutral
TransCoastal Corp director Thomas Michel bought 65,925 shares on the open market.
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.
15 Jan 2010director interest notice● Neutral
TransCoastal Corp director Thomas Michel bought 35,800 shares on the open market.
15 Dec 2009director interest notice● Neutral
TransCoastal Corp director Thomas Michel bought 33,900 shares on the open market.
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.