x
|
Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
For the fiscal year ended September 30, 2010 | |
o
|
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
For the transition period from _________________ to __________________
|
|
Commission File No. 0-32335
|
Georgia
|
58-2558702
|
(State or Other Jurisdiction
Of Incorporation or Organization)
|
(I.R.S. Employer
Identification No.)
|
Check whether the issuer is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. o
|
Check whether the issuer is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. o Yes No x
|
Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for past 90 days. Yes x No o
|
Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-K (paragraph 229.405 of this chapter) contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x
|
Indicate by check mark whether the issuer is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in rule 12b-2 of the Exchange Act.
|
Large Accelerated Filer o Accelerated Filer o Non-Accelerated Filer o Smaller Reporting Company x
|
The Registrant had revenues for the fiscal year ended September 30, 2010 of $20,252.
|
Indicate by check mark whether the registered is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
|
The aggregate market value of the Common Stock held by non-affiliates, based on the average closing bid and asked price of the Common Stock on January 19 2011 was $ 1,319,639
|
There are approximately 43,987,960 shares of common voting stock of the Registrant held by non-affiliates. On January 19, 2011 the average bid and asked price was $0.03
|
As of January 19, 2011 there were 53,041,897 shares of common stock outstanding.
|
Ÿ
|
business strategy;
|
|
Ÿ
|
estimated quantities of oil and natural gas reserves;
|
|
Ÿ
|
technology;
|
|
Ÿ
|
financial strategy;
|
|
Ÿ
|
oil and natural gas realized prices;
|
|
Ÿ
|
timing and amount of future production of oil and natural gas;
|
|
Ÿ
|
the amount, nature and timing of capital expenditures;
|
|
Ÿ
|
drilling of wells;
|
|
Ÿ
|
competition and government regulations;
|
|
Ÿ
|
marketing of oil and natural gas;
|
|
Ÿ |
exploitation or property acquisitions;
|
|
Ÿ
|
costs of exploiting and developing our properties and conducting other operations;
|
Ÿ
|
general economic and business conditions;
|
|
Ÿ
|
cash flow and anticipated liquidity;
|
|
Ÿ
|
uncertainty regarding our future operating results; and
|
|
Ÿ
|
plans, objectives, expectations and intentions contained in this annual report that are not historical.
|
5
|
||
5
|
||
10
|
||
16
|
||
17
|
||
17
|
||
18
|
||
18
|
||
20
|
||
22
|
||
50
|
||
50
|
||
50
|
||
51
|
||
|
51
|
|
52
|
||
55
|
||
55
|
||
56
|
||
58
|
||
Exhibit 23.1 | ||
CERTIFICATIONS
|
||
Exhibit 31.1
|
||
Exhibit 31.2
|
||
Exhibit 32.1
|
||
Exhibit 32.2 |
|
o
|
restrict the types, quantities and concentration of various substances that can be released into the environment in connection with drilling and production activities;
|
|
o
|
limit or prohibit drilling activities on certain lands lying within wilderness, wetlands and other protected areas; and
|
|
o
|
impose substantial liabilities for pollution resulting from our operations.
|
|
o
|
unit production expenses primarily related to the control and limitation of air emissions and the disposal of produced water;
|
|
o
|
capital costs to drill exploration and development wells primarily related to the management and disposal of drilling fluids and other oil and natural gas exploration wastes; and
|
|
o
|
capital costs to construct, maintain and upgrade equipment and facilities.
|
|
o
|
to remove or remediate previously disposed wastes, including wastes disposed or released by prior owners or operators;
|
|
o
|
to clean up contaminated property, including contaminated groundwater; or to perform remedial operations to prevent future contamination;
|
|
o
|
to clean up contaminated property, including contaminated groundwater; or to perform remedial operations to prevent future contamination.
|
|
o
|
changes in global supply and demand for oil and natural gas;
|
|
o
|
actions by the Organization of Petroleum Exporting countries, or OPEC;
|
|
o
|
political conditions, including embargoes, which affect other oil-producing activities;
|
|
o
|
levels of global oil and natural gas exploration and production activity;
|
|
o
|
levels of global oil and natural gas inventories;
|
|
o
|
weather conditions affecting energy consumption;
|
|
o
|
technological advances affecting energy consumption; and
|
|
o
|
prices and availability of alternative fuels.
|
|
o
|
delays imposed by or resulting from compliance with regulatory requirements;
|
|
o
|
pressure or irregularities in geological formations;
|
|
o
|
shortages of or delays in obtaining equipment and qualified personnel;
|
|
o
|
equipment failures or accidents;
|
|
o
|
adverse weather conditions;
|
|
o
|
reductions in oil and natural gas prices;
|
|
o
|
land title problems; and
|
|
o
|
limitations in the market for oil and natural gas.
|
|
o
|
that a broker or dealer approve a person's account for transactions in penny stocks; and
|
|
o
|
that broker or dealer receives from the investor a written agreement to the transaction, setting forth the identity and quantity of the penny stock to be purchased.
|
|
o
|
obtain financial information and investment experience objectives of the person; and
|
|
o
|
make a reasonable determination that the transactions in penny stocks are suitable for that person and the person has sufficient knowledge and experience in financial matters to be capable of evaluating the risks of transactions in penny stocks.
|
|
o
|
sets forth the basis on which the broker or dealer made the suitability determination; and
|
|
o
|
that the broker or dealer received a signed, written agreement from the investor prior to the transaction.
|
Closing Prices ($)
|
||||||||
Quarter Ended
|
High
|
Low
|
||||||
September 30, 2010
|
0.05 | 0.02 | ||||||
June, 30, 2010
|
0.10 | 0.02 | ||||||
March, 31, 2010
|
0.11 | 0.05 | ||||||
December 31, 2009
|
0.13 | 0.05 | ||||||
September 30, 2009
|
0.16 | 0.05 | ||||||
June, 30, 2009
|
0.08 | 0.05 | ||||||
March, 31, 2009
|
0.13 | 0.04 | ||||||
December 31, 2008
|
0.16 | 0.09 |
TX HOLDINGS, INC.
|
||||||
A CORPORATION IN THE DEVELOPMENT STAGE
|
||||||
FINANCIAL STATEMENTS - TABLE OF CONTENTS
|
||||||
As of and For the Years Ended September 30, 2010 and 2009 and for the period from inception of the Development Stage, October 1, 2004 to September 30, 2010
|
||||||
Page(s)
|
||||||
Reports Of Independent Registered Public Accounting Firms
|
24
|
|||||
Audited Financial Statements:
|
||||||
|
||||||
Balance Sheets at September 30, 2010 and 2009
|
26
|
|||||
Statements of Operations for the years ended September 30, 2010 and 2009, and
|
||||||
for the period from inception of the development stage, October 1, 2004, to
|
||||||
September 30, 2010
|
27
|
|||||
Statements of Changes In Stockholders' Deficit for the years ended
|
||||||
September 30, 2010 and 2009 and for the period from inception of the development
|
||||||
stage, October 1, 2004, to September 30, 2010
|
28
|
|||||
Statements of Cash Flows for the years ended September 30, 2010 and 2009, and
|
||||||
for the period from inception of the development stage, October 1, 2004, to
|
||||||
September 30, 2010
|
34
|
|||||
Notes to Financial Statements
|
36
|
TX HOLDINGS, INC,
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
BALANCE SHEETS
|
September 30, 2010 and 2009
|
September 30,
|
September 30,
|
|||||||
2010
|
2009 | |||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 5,848 | $ | 6,588 | ||||
Accounts Receivable-(Net of Allowance for Doubtful Account)(Note 1)
|
- | - | ||||||
Total current assets
|
5,848 | 6,588 | ||||||
Unproved oil and gas properties-successful efforts, net (Note2)
|
188,702 | 771,752 | ||||||
Performance Bond
|
50,000 | 50,000 | ||||||
Total Assets
|
$ | 244,550 | $ | 828,340 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Notes payable to a stockholder
|
$ | 289,997 | $ | 289,997 | ||||
Accounts payable and accrued liabilities
|
1,003,737 | 755,285 | ||||||
Accounts payable-related party
|
158,308 | 158,308 | ||||||
Advances from stockholder/officer
|
51,397 | 49,247 | ||||||
Convertible debt to stockholder/officer
|
1,199,886 | 1,199,886 | ||||||
Total current liabilities
|
2,703,325 | 2,452,723 | ||||||
Asset Retirement Obligation
|
50,981 | 86,455 | ||||||
Total Liabilities
|
2,754,306 | 2,539,178 | ||||||
Commitments and contingencies
|
||||||||
Stockholders' deficit:
|
||||||||
Preferred stock: no par value, 1,000,000 shares authorized
|
||||||||
no shares outstanding as of September 30,2010 and September 30,2009
|
- | - | ||||||
Common stock:no par value, 250,000,000 shares
|
||||||||
authorized, 53,041,897 and 47,636,897 shares
|
||||||||
issued and outstanding at September 30, 2010
|
||||||||
and September 30, 2009, respectively
|
10,558,437 | 10,216,052 | ||||||
Additional paid-in capital
|
1,379,409 | 1,379,409 | ||||||
Accumulated deficit
|
(1,803,507 | ) | (1,803,507 | ) | ||||
Losses accumulated in the development stage
|
(12,644,095 | ) | (11,502,792 | ) | ||||
Total stockholders' deficit
|
(2,509,756 | ) | (1,710,838 | ) | ||||
Total liabilities and stockholders' deficit
|
$ | 244,550 | $ | 828,340 |
The accompanying notes are an integral part of these financial statements.
|
TX HOLDINGS, INC.
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
STATEMENTS OF OPERATIONS
|
For the Years Ended September 30, 2010 and 2009 and for the Period From
|
Inception of the Development Stage, October 1, 2004 to September 30, 2010
|
Inception of
|
||||||||||||
Development
|
||||||||||||
Stage to
|
||||||||||||
September 30,
|
September 30,
|
September 30,
|
||||||||||
2010
|
2009
|
2010
|
||||||||||
Revenue
|
$ | 20,252 | $ | 6,904 | $ | 36,464 | ||||||
Operating expenses, except items shown
|
||||||||||||
separately below
|
224,007 | 387,954 | 2,297,486 | |||||||||
Stock-based compensation
|
239,885 | 314,000 | 7,452,389 | |||||||||
Professional fees
|
11,226 | 138,153 | 1,183,016 | |||||||||
Impairment of unproved oil and gas properties
|
302,560 | 315,866 | 686,648 | |||||||||
Lease expense
|
-
|
17,392 | ||||||||||
Loss on write-off of leases and equipment
|
252,181 |
-
|
263,383 | |||||||||
Depreciation expense
|
3,551 |
-
|
6,697 | |||||||||
Advertising expense
|
-
|
83,265 | ||||||||||
Total operating expenses
|
1,033,410 | 1,155,973 | 11,990,276 | |||||||||
Loss from operations
|
(1,013,158 | ) | (1,149,069 | ) | (11,953,812 | ) | ||||||
Other income and (expense):
|
||||||||||||
Legal settlement
|
-
|
204,000 | ||||||||||
Other income
|
125 | 4 | 838 | |||||||||
Forbearance agreement costs
|
-
|
(211,098 | ) | |||||||||
Interest expense
|
(128,270 | ) | (127,062 | ) | (684,023 | ) | ||||||
Total other income and (expenses), net
|
(128,145 | ) | (127,058 | ) | (690,283 | ) | ||||||
Net loss
|
$ | (1,141,303 | ) | $ | (1,276,127 | ) | $ | (12,644,095 | ) | |||
Net loss per common share
|
||||||||||||
basic and diluted
|
$ | (0.02 | ) | $ | (0.03 | ) | ||||||
Weighted average number of common shares
|
||||||||||||
outstanding-basic and diluted
|
51,649,099 | 46,183,593 | ||||||||||
The accompanying notes are an integral part of these financial statements.
|
TX HOLDINGS, INC.
|
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
|
STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT
|
|
For the Period from Inception of the Development Stage, October 1, 2004, to September 30, 2010
|
Losses | ||||||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||||||
Additional
|
in the
|
|||||||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid-In
|
Accumulated
|
Develop-
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
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 | ) | |||||||||||||||
TX HOLDINGS, INC.
|
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
|
STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT
|
|
For the Period from Inception of the Development Stage, October 1, 2004, to September 30, 2010
|
Losses | ||||||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||||||
Additional
|
in the
|
|||||||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid-In
|
Accumulated
|
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 these financial statements
|
TX HOLDINGS, INC.
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT
|
For the Period from Inception of the Development Stage, October 1, 2004, to September 30, 2010
|
Losses | ||||||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||||||
Additional
|
in the
|
|||||||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid-In
|
Accumulated
|
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 | ||||||||||||||||||||||||
Net loss
|
- | - | - | - | - | - | (4,085,033 | ) | (4,085,033 | ) | ||||||||||||||||||||||
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 | ) | |||||||||||||||
The accompanying notes are an integral part of these financial statements
|
TX HOLDINGS, INC.
|
||||||||||||||||||||||||||||||||
A CORPORATION IN THE DEVELOPMENT STAGE
|
||||||||||||||||||||||||||||||||
STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT
|
||||||||||||||||||||||||||||||||
For the Period from Inception of the Development Stage, October 1, 2004, to September 30, 20010
|
||||||||||||||||||||||||||||||||
Losses | ||||||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||||||
Additional
|
in the
|
|||||||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid-In
|
Accumulated
|
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 | ||||||||||||||||||||||||
Net loss
|
- | - | - | - | - | - | (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 | ) | |||||||||||||||
The accompanying notes are an integral part of these financial statements
|
TX HOLDINGS INC.
|
||||||||||||||||||||||||||||||||
A CORPORATION IN THE DEVELOPMENT STAGE
|
||||||||||||||||||||||||||||||||
STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT
|
||||||||||||||||||||||||||||||||
For the Period from Inception of the Development Stage , October 1, 2004 to September 30, 2009
|
||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||
The accompanying notes are an integral part of these financial statements.
|
TX HOLDINGS INC.
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
|
For the Period from Inception of the Development Stage , October 1, 2004 to September 30, 2010
|
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 | ) | |||||||||||||
The accompanying notes are an integral part of these financial statements.
|
TX HOLDINGS, INC
|
||||||||||||
A CORPORATION IN THE DEVELOPMENT STAGE
|
||||||||||||
STATEMENTS OF CASH FLOWS
|
||||||||||||
For the Years Ended September 30, 2010 and 2009 and for the Period From
|
||||||||||||
Inception of the Development stage , October 1, 2004 to September 30, 2010
|
||||||||||||
Inception of
|
||||||||||||
Development
|
||||||||||||
Stage to
|
||||||||||||
9/30/2010
|
9/30/2009
|
9/30/2010
|
||||||||||
Cash flows provided by (used by) operating activities:
|
||||||||||||
Net loss
|
$ | (1,141,303 | ) | $ | (1,276,127 | ) | $ | (12,644,095 | ) | |||
Adjustments to reconcile net loss to net cash provided by
|
||||||||||||
(used by) operating activities
|
||||||||||||
Warrants issued for forbearance agreement
|
- | - | 211,098 | |||||||||
Loss on write-off of leases and equipment
|
252,181 | - | 263,383 | |||||||||
Impairment of unproved oil and gas properties
|
302,560 | 384,088 | 686,648 | |||||||||
Depreciation expense
|
3,551 | - | 6,697 | |||||||||
Bad Debt Expense
|
- | 1,729 | 1,729 | |||||||||
Common and preferred stock issued for services
|
239,885 | 244,000 | 6,060,224 | |||||||||
Warrants issued to employees and a consultant
|
- | 120,000 | 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
|
- | 125,000 | 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
|
- | - | (49,750 | ) | ||||||||
Accounts receivable
|
- | (448 | ) | (1,729 | ) | |||||||
Accounts payable and accrued liabilities
|
248,452 | 310,981 | 1,908,934 | |||||||||
Net cash used in operating activities
|
(94,674 | ) | (90,777 | ) | (1,736,032 | ) |
TX HOLDINGS, INC
|
||||||||||||
A CORPORATION IN THE DEVELOPMENT STAGE
|
||||||||||||
STATEMENTS OF CASH FLOWS
|
||||||||||||
For the Years Ended September 30, 2010 and 2009 and for the Period From
|
||||||||||||
Inception of the Development stage , October 1, 2004 to September 30, 2010
|
||||||||||||
Inception of
|
||||||||||||
CASH FLOWS -Continued
|
Development
|
|||||||||||
Stage to
|
||||||||||||
9/30/2010
|
9/30/2009
|
9/30/2010
|
||||||||||
Cash flows used in investing activities:
|
||||||||||||
Deposits paid for oil and gas property acquisitions
|
- | - | (378,000 | ) | ||||||||
Property and equipment additions
|
(10,716 | ) | (58,057 | ) | (425,329 | ) | ||||||
Net cash used in investing activities
|
(10,716 | ) | (58,057 | ) | (803,329 | ) | ||||||
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
|
102,500 | 20,000 | 1,360,497 | |||||||||
Proceeds from exercise of warrants
|
- | - | 78,404 | |||||||||
Proceeds from stockholder/officer advances
|
9,050 | 131,864 | 603,163 | |||||||||
Payments of stock holders advances
|
(6,900 | ) | (6,900 | ) | ||||||||
Net cash provided by financing activities
|
104,650 | 151,864 | 2,545,209 | |||||||||
Increase (Decrease) in cash and cash equivalents
|
104,650 | 151,864 | 2,545,209 | |||||||||
Cash and cash equivalents at beginning of period
|
6,588 | 3,558 | - | |||||||||
Cash and cash equivalents at end of period
|
$ | 111,238 | $ | 155,422 | $ | 2,545,209 | ||||||
Non-cash investing and financing activities:
|
||||||||||||
Common stock issued in payment of Shareholders' advances
|
- | $ | 258,107 | $ | 258,107 | |||||||
Shareholders'advances converted to notes payable from stockholder
|
- | $ | 119,997 | $ | 119,997 | |||||||
Shareholders' advances previously reported as paid-in capital
|
- | $ | (10,643 | ) | $ | (10,643 | ) | |||||
Increase in property and equipment from recognition of asset retirement obligation
|
- | - | $ | 86,455 | ||||||||
The accompanying notes are an integral part of these financial statements.
|
TX HOLDINGS, INC
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
NOTES TO FINANCIAL STATEMENTS
|
|
·
|
Wells should be currently producing
|
|
·
|
Production should be broadly distributed across lease
|
|
·
|
Lease should show a 24 month payback (or better)
|
|
·
|
Wells should show upside potential (proved undeveloped reserves of approximately 20%)
|
TX HOLDINGS, INC
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
NOTES TO FINANCIAL STATEMENTS
|
TX HOLDINGS, INC
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
NOTES TO FINANCIAL STATEMENTS
|
TX HOLDINGS, INC
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
NOTES TO FINANCIAL STATEMENTS
|
$ | 2010 | $ | 2009 | |||||
Balance at beginning of Year $
|
86,455 | 86,455 | ||||||
Costs incurred during year
|
(17,248 | ) |
-
|
|||||
Changes in estimate
|
(18,226 | ) |
-
|
|||||
Accretion
|
-
|
-
|
||||||
Balance at end of year
|
$ | 50,981 | $ | 86,455 |
TX HOLDINGS, INC
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
NOTES TO FINANCIAL STATEMENTS
|
TX HOLDINGS, INC
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
NOTES TO FINANCIAL STATEMENTS
|
2010
|
2009
|
||||||
Convertible notes
|
-
|
4,285,306
|
|||||
Warrants issued as compensation
|
1,000,000
|
2,050,000
|
|||||
Total
|
1,000,000
|
6,335,306
|
2010
|
2009
|
|||||||
Oil and Gas properties- successful efforts
|
||||||||
method- unproved
|
$ | 192,253 | $ | 771,752 | ||||
Less accumulated depreciation, depletion and amortization
|
(3,551 | ) | - | |||||
|
||||||||
$ | 188,702 | $ | 771,752 |
TX HOLDINGS, INC
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
NOTES TO FINANCIAL STATEMENTS
|
TX HOLDINGS, INC
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
NOTES TO FINANCIAL STATEMENTS
|
2010
|
2009
|
|||||||
Deferred tax assets:
|
||||||||
Net operating losses
|
$ | 1,757,000 | $ | 1,451,000 | ||||
Accrued expenses
|
257,000 | 257,000 | ||||||
Valuation allowance
|
(2,014,000 | ) | (1,708,000 | ) | ||||
Total deferred tax assets
|
- | - | ||||||
Deferred tax liabilities:
|
||||||||
Basis of property and equipment
|
- | - | ||||||
Net deferred tax asset
|
$ | - | $ | - |
TX HOLDINGS, INC
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
NOTES TO FINANCIAL STATEMENTS
|
2010
|
2009
|
||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
||||||||||||||
Benefits for Income Tax at federal statutory rate
|
388,000
|
34
|
%
|
434,000
|
34
|
%
|
|||||||||||
Change in valuation allowance
|
(306,000
|
) |
(21
|
) |
(268,000
|
) |
(24
|
) | |||||||||
Non-deductible stock-based
|
|||||||||||||||||
Compensation
|
(82,000
|
) |
(13
|
) |
(166,000
|
) |
(10
|
) | |||||||||
$
|
-
|
-
|
%
|
$
|
-
|
-
|
%
|
|
1.
|
Super voting rights: The preferred stock has the right to vote on any item of business submitted to the common shareholders for a vote the equivalent number of votes representing 50% of the outstanding common shares then issued by the Company.
|
|
2.
|
No other rights: The preferred shares have no other rights, including but not limited to no conversion rights; no dividend rights; and no liquidation priority rights.
|
TX HOLDINGS, INC
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
NOTES TO FINANCIAL STATEMENTS
|
TX HOLDINGS, INC
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
NOTES TO FINANCIAL STATEMENTS
|
Number of
|
Exercise
|
Weighted
|
||||||||||
Shares
|
Price
|
Average Price
|
||||||||||
Warrants at September 30, 2008
|
7,483,324 | $ | 0.28 – 0.50 | $ | 0.43 | |||||||
Forefeitures
|
(1,000,000 | ) | 0.28 | 0.28 | ||||||||
Expired
|
(4,433,324 | ) | 0.50 | 0.50 | ||||||||
Warrants at September 30,2009
|
2,050,000 | 0.28 - 0.30 | 0.29 | |||||||||
Expired
|
(1,050,000 | ) | 0.30 | 0.30 | ||||||||
Warrants at September 30, 2010
|
1,000,000 | $ | 0.28 | $ | 0.28 |
TX HOLDINGS, INC
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
NOTES TO FINANCIAL STATEMENTS
|
Exercise
|
Contractual
|
||||||
Number of
|
Price
|
Remaining
|
|||||
Expiration Date
|
Shares
|
$
|
Life (Years)
|
||||
September 30, 2011
|
1,000,000
|
0.28
|
1.0
|
TX HOLDINGS, INC
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
NOTES TO FINANCIAL STATEMENTS
|
2010
|
2009
|
|||||||
Beginning balance
|
$ | 49,247 | $ | 284,845 | ||||
Proceeds from stockholder/officer advances of stockholders advances
|
9,050 | 131,863 | ||||||
Payments of stockholders advances
|
(6,900 | ) |
-
|
|||||
Common stock issued at fair market value for services
|
||||||||
and added to advances
|
-
|
-
|
||||||
Stockholders advances previously reported as
|
||||||||
Paid-in capital
|
10,643 | |||||||
Advances repaid in Common Stock
|
-
|
(258,107 | ) | |||||
Converted to convertible promissory note
|
-
|
(119,997 | ) | |||||
Ending Balance
|
$ | 51,397 | $ | 49,247 |
2010
|
2009
|
|||||||
Advances from stockholders converted to
|
||||||||
common stock
|
- | $ | 258,107 | |||||
Stockholder advances previously reported as paid-in capital
|
$ | (10,643 | ) | |||||
Advances from stockholders converted to
|
||||||||
notes payable to a stockholder
|
- | $ | 119,997 |
TX HOLDINGS, INC
|
A CORPORATION IN THE DEVELOPMENT STAGE
|
NOTES TO FINANCIAL STATEMENTS
|
|
Years Ended September 30,
|
|||||||
2010
|
2009
|
|||||||
Capitalized Costs:
|
||||||||
Oil & gas properties
|
$ |
192,253
|
$ |
771,752
|
||||
Total Capitalized Costs
|
192,253
|
771,752
|
||||||
Less: Accumulated depreciation, depletion,
|
||||||||
amortization, and valuation allowance
|
(3,551)
|
|
||||||
Net Capitalized Costs
|
$
|
188,702
|
$
|
771,752
|
Years Ended September 30,
|
||||||||
2010
|
2009
|
|||||||
Acquisition of properties
|
$ | - | $ | - | ||||
Exploration
|
- | - | ||||||
Development
|
10,716 | 58,057 | ||||||
Total Costs Incurred
|
$ | 10,716 | $ | 58,057 |
Years Ended September 30,
|
||||||||
2010
|
2009
|
|||||||
Revenues from Oil and Gas Producing Activity:
|
$
|
20,252
|
$
|
6,904
|
||||
Revenue Distributions
|
-
|
-
|
||||||
Net Revenues from Producing Activities
|
20,252
|
6,904
|
||||||
Production Costs
|
(31,096
|
)
|
(10,968
|
)
|
||||
Exploration Expenses
|
-
|
-
|
||||||
Depreciation, depletion, amortization, & valuation allowance
|
(3,551
|
)
|
-
|
|||||
Pretax Income from Producing Activities
|
(14,395
|
)
|
(4,064
|
)
|
||||
Income tax expenses/estimated loss carry forward benefit
|
-
|
-
|
||||||
Results of oil and gas producing activities
|
$
|
(14,395
|
)
|
$
|
(4,064
|
)
|
Name
|
Age
|
Position
|
William Shrewsbury
|
66
|
Chairman of the Board of Directors/CEO
|
|
||
Richard Novack
|
52
|
Director/President
|
Jose Fuentes
|
63
|
Chief Financial Officer
|
|
||
Martin Lipper
|
76
|
Director
|
Bobby S. Fellers
|
60
|
Director
|
Name and Principal Position
|
Year
|
Salary
($)
|
Bonus
($)
|
Stock
Awards
($) (1)
|
Option
Awards
($)
|
Non-Equity
Incentive Plan
Compensation
($)
|
Change
in Pension
Value and
Nonqualified
Deferred
Compensation
Earnings
($)
|
All Other
Compensation
($)
|
Total
($)
|
William Shrewsbury
Chairman and Chief Executive Officer
|
2010
2009
|
–
–
|
–
–
|
–
–
|
–
–
|
–
–
|
–
–
|
–
–
|
–
–
|
Richard Novack
Director and President
|
2010
2009
|
–
–
|
–
–
|
–
–
|
–
–
|
–
–
|
–
–
|
–
–
|
–
–
|
Jose Fuentes (1)
Chief Financial Officer
|
2010
2009
|
104,000
104,000
|
–
–
|
–
–
|
–
–
|
–
–
|
–
–
|
–
–
|
104,000
104,000
|
(1)
|
On September 28, 2008 the Company granted Jose Fuentes warrants for his services, to purchase 1,000,000 shares of TX Holdings, Inc common stock at an exercise price of $0.28. The warrants expire on September 30, 2011
|
Number of Securities Underlying Unexercised Options at Fiscal Year-
End (#)
|
Value of Unexercised In-the-Money Options at Fiscal Year-
End ($) (1)
|
||||||
Name
|
Shares Acquired
on Exercise (#)
|
Value Realized
|
Exercisable
|
Unexercisable
|
Exercisable | Unexercisable | |
Jose Fuentes
|
N/A
|
N/A
|
1,000,000
|
-0-
|
-0-
|
-0-
|
|
|
(1)
|
Based on the closing price of $0.025 at September 30, 2010
|
DIRECTORS' COMPENSATION TABLE
|
||||||||||||||
Fees
|
||||||||||||||
earned in
|
Non-equity
|
|||||||||||||
Name and
|
paid in
|
Stock
|
Option
|
Incentive plan
|
All other
|
|||||||||
Principal
|
cash
|
Awards
|
Awards
|
compensation
|
compensation
|
Total
|
||||||||
Position
|
Year
|
$
|
$
|
$
|
$
|
$
|
$
|
|||||||
Bobby Fellers
|
2010
|
0
|
0
|
n/a
|
n/a
|
n/a
|
n/a
|
|||||||
2009
|
0
|
0
|
n/a
|
n/a
|
n/a
|
n/a
|
||||||||
Martin Lipper
|
2010
|
0
|
0
|
n/a
|
n/a
|
n/a
|
n/a
|
|||||||
2009
|
0
|
0
|
n/a
|
n/a
|
n/a
|
n/a
|
||||||||
Rob Hutchings
|
2009
|
0
|
0
|
n/a
|
n/a
|
n/a
|
n/a
|
|||||||
Title
|
Name of beneficial owner
(A)
|
Beneficial Ownership
Number of shares
(B)
|
Percent of class
|
Former CEO/Chairman
|
Mark Neuhaus
|
9,323,813
|
17.6 (C)
|
Chairman/CEO
|
William Shrewsbury
|
7,251,184
|
13.7
|
Director
|
Martin Lipper
|
286,166
|
.5
|
President/Director
|
Richard Novack
|
1,016,587
|
1.9
|
Director
|
Bobby Fellers
|
--
|
--
|
CFO
|
Jose Fuentes
|
1,500,000
|
2.8(D)
|
All Officers and Directors
As a group (5)
|
10,053,937
|
18.9(E)
|
ACCOUNTING FEES AND SERVICES
|
2010
|
2009
|
||||||
Audit fees
|
$
|
30,438
|
$
|
39,000
|
||||
Audit-related fees
|
-
|
-
|
||||||
Tax fees
|
-
|
-
|
||||||
All other fees
|
-
|
-
|
||||||
Total
|
$
|
30,438
|
$
|
39,000
|
Exhibit No.
|
Description
|
|
2.1
|
Stock Acquisition Agreement for 51% of the outstanding and issuable Common Stock of R Wireless Corporation dated December 12, 2002 by and between MA&N LLC and R Wireless Corporation (Exhibit B omitted, to be furnished upon request of the Commission) (1)
|
|
2.2
|
Sale of Assets Agreement dated November 15, 2002 between HOM Corporation and Stuckey Enterprises (list of assets omitted, to be furnished upon request of the Commission) (1)
|
|
2.3
|
Stock Acquisition Agreement dated September 4, 2003 between Jim Evans, R Wireless, Inc. and Homes by Owner, Inc. (7)
|
|
2.4
|
Escrow Agreement dated September 4, 2003 between Jim Evans, R Wireless, Inc., Homes by Owner, Inc. and David Baker. (7)
|
|
2.5
|
Extension Agreement dated March 5, 2004 between Jim Evans, R Wireless, Inc., and Homes by Owner, Inc. (7)
|
|
3.1a
|
Composite Articles of Incorporation of R Wireless, Inc, as amended to reflect the change of name from HOM Corporation, effective January 22, 2003 (3)
|
|
3.2
|
By-Laws of HOM Corporation as adopted December 12, 2002 (12)
|
|
4
|
Instrument defining rights of holders (See Exhibit No. 3.1a, Articles of Incorporation - Article Four)
|
|
4.2
|
Warrant to Purchase Shares of Common Stock of R Wireless, Inc. issued to Baker, Johnston and Wilson LLP, dated July 21, 2005(10)
|
|
10.4
|
Agreement to Merge - Freedom Homes, Inc. - Homes By Owners, Inc., dated March 24, 2005 (6)
|
|
10.5
|
Forbearance Agreement between David R. Baker, Baker, Johnston & Wilson LLP, and R Wireless, Inc., dated as of July 21, 2005 Services Settlement Agreement between David. Baker and R Wireless, Inc., dated August 1, 2005(10)
|
|
10.6
|
Amendment to Forbearance Agreement and Warrant between Baker & Johnston LLP, and TX Holdings, Inc., dated as of November 1, 2005(10)
|
|
10.8
|
Convertible Promissory Note between Mark Neuhaus and TX Holdings Inc dated September 28, 2007(11)
|
|
16.1
|
Letter of Elliott Davis LLC (8)
|
|
21.1
|
List of Subsidiaries of R Wireless, Inc. (2)
|
|
*31.1
|
Certification of Mark Neuhaus, CEO of TX Holdings, Inc.
|
|
*31.2
|
Certification of Michael A. Cederstorm, Esq., CFO of TX Holdings, Inc.
|
|
*32.1
|
Certification of Mark Neuhaus pursuant to Section 1350
|
|
*32.2
|
Certification of Michael A, Cederstrom, Esq., pursuant to Section 1350
|
|
33.1
|
R Wireless, Inc. Code of Ethics adopted February 24, 2004 (7)
|
|
99.7
|
Employment Agreement between Registrant and Ned Baramov dated January 15, 2003 (5)
|
|
99.8
|
Employment Agreement between Registrant and Mark Neuhaus dated January 15, 2003 (5)
|
|
99.9
|
Employment Agreement between Registrant and Darren Bloom dated August, 2005 (9)
|
|
99.10
|
Settlement Agreement between Registrant and David R. Baker (10)
|
|
*99.12
|
Settlement Agreement between the SEC and Mark Neuhaus regarding the SEC vs Universal Express
|
|
*99.13
|
Settlement agreement between Registrant and the Investor Relation Group, Inc.
|
|
*99.14
|
Settlement agreement between Registrant and Mark Neuhaus and Nicole Neuhaus
|
(1)
|
Incorporated by reference to the exhibit as filed with Form 8-K of R Wireless, Inc., with Securities and Exchange Commission filing date of December 27, 2002.
|
(2)
|
Incorporated by reference to the exhibit as filed with Form 10-SB of R Wireless, Inc., with Securities and Exchange Commission filing date of February 9, 2001.
|
(3)
|
Incorporated by reference to the exhibit as filed with Form 10-QSB of R Wireless, Inc., with Securities and Exchange Commission filing date of February 19, 2003.
|
(4)
|
Incorporated by reference to the exhibit as filed with Form 10-SB/A2 of R Wireless, Inc., with Securities and Exchange Commission filing date of August 31, 2001.
|
(5)
|
Incorporated by reference to the exhibit as filed with Form S-8 of R Wireless, Inc., with Securities and Exchange Commission filing date of February 19, 2003.
|
(6)
|
Incorporated by reference to the exhibit as filed with Form 8-K of R Wireless, Inc., with Securities and Exchange Commission filing date of March 31, 2005.
|
(7)
|
Incorporated by reference to the exhibit as filed with Form 10-KSB of R Wireless, Inc., with Securities and Exchange Commission filing date of March 12, 2004.
|
(8)
|
Incorporated by reference to the exhibit as filed with Form 8-K of R Wireless, Inc., with Securities and Exchange Commission filing date of August 19, 2005.
|
(9)
|
Incorporated by reference to the exhibit as filed with Form 13D of Darren Bloom with Securities and Exchange Commission filing date of December 14, 2005.
|
(10)
|
Incorporated by reference to the exhibit as filed with Form 10KSB of R Wireless, Inc. with Securities and Exchange Commission filing date of January 20, 2006.
|
(11)
|
Incorporated by reference to the exhibit as filed with Form 10KSB of R Wireless, Inc. with Securities and Exchange Commission filing date of December 31, 2007.
|
(12)
|
Incorporated by reference to the exhibit as filed with Form 10KSB of R Wireless, Inc., with Securities and Exchange Commission filing date of January 14, 2003.
|
TX HOLDINGS, INC. | |||
|
By:
|
/s/ William “Buck” Shrewsbury | |
William “Buck” Shrewsbury | |||
Chief Executive Officer |
/s/ William “Buck” Shrewsbury
|
Chairman of the Board of Directors,
|
William “Buck” Shrewsbury
|
and Chief Executive Officer |
: January 20, 2011
|
|
/s/Richard Novack
|
President
|
Richard Novack
|
|
: January 20, 2011
|
|
/s/Jose Fuentes
|
Chief Financial Officer
|
Jose Fuentes
|
|
: January 20, 2011
|
|
/s/Bobby S. Fellers
|
Director
|
Bobby S. Fellers
|
|
: January 20, 2011
|
|
/s/ Martin Lipper
|
Director
|
Martin Lipper
|
|
: January 20, 2011
|