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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
27 June 2008director interest notice● Neutral
TransCoastal Corp director Thomas Michel bought 16,620 shares on the open market.
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.
18 Mar 2008director interest notice● Neutral
TransCoastal Corp director Thomas Michel bought 27,000 shares on the open market.
12 Mar 2008director interest notice● Neutral
TransCoastal Corp director Thomas Michel bought 12,500 shares on the open market.
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.
2 Jan 2008director interest notice● Neutral
TransCoastal Corp director Thomas Michel bought 12,340 shares on the open market.
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.
26 July 2007director interest notice● Neutral
TransCoastal Corp director Thomas Michel bought 3,960 shares on the open market at $0.10.
29 June 2007director interest notice● Neutral
TransCoastal Corp director Thomas Michel bought 5,000 shares on the open market at $0.11.
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.
3 Jan 2007director interest notice● Neutral
TransCoastal Corp director Thomas Michel bought 10,000 shares on the open market.
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).
29 Aug 2006director interest notice● Neutral
TransCoastal Corp director Thomas Michel bought 22,000 shares on the open market.
21 July 2006listing compliance notice● NeutralMajor
TransCoastal Corp's exchange filed to remove a class of its securities from listing.
20 June 2006director interest notice● Neutral
TransCoastal Corp director Thomas Michel bought 3,200 shares on the open market.
16 June 2006director interest notice● Neutral
Richard Kent Mcree became a TransCoastal Corp President and company insider (initial ownership filing).
28 Feb 2006director interest notice● Neutral
TransCoastal Corp director Thomas Michel bought 10,000 shares on the open market.
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.
2 May 2005director interest notice● Neutral
TransCoastal Corp director Thomas Michel bought 5,000 shares on the open market at $0.14.