TX Holdings, Inc. - Quarter Report: 2013 December (Form 10-Q)

---

---

WASHINGTON, D. C. 20549

 

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2013
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

 

 

 

FOR THE QUARTER ENDED DECEMBER 31, 2013

NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

 

●

information concerning possible or assumed future results of operations, trends in financial results and business plans, including those related to earnings, earnings growth, revenue and revenue growth;

●

statements about the level of our costs and operating expenses relative to our revenues, and about the expected composition of our revenues;

●

statements about expected future sales trends for our products;

●

statements about our future capital requirements and the sufficiency of our cash, cash equivalents, and available bank borrowings to meet these requirements;

●

other statements about our plans, objectives, expectations and intentions; and

●

other statements that are not historical fact.

 

 

You should not unduly rely on these forward-looking statements, which speak only as of the date of this report. We undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this report, or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks we describe in the reports we file from time to time with the Securities and Exchange Commission (“SEC”).

 

 

 

 

TX HOLDINGS, INC.
STATEMENT OF CHANGES IN STOCKHOLDER’S DEFICIT (UNAUDITED)
For the Three Months Ended December 31, 2013
																		Additional
		Preferred Stock								Common Stock								Paid in				Accumulated
		Shares				Amount				Shares				Amount				Capital				Deficit				Total
Balance at September 30, 2013			–				–				48,053,084			$	9,293,810			$	4,304,280			$	(14,721,502	)		$	(1,123,412	)
Net Income																							19,647				19,647
Balance at December 31, 2013			–				–				48,053,084			$	9,293,810			$	4,304,280			$	(14,701,855	)		$	(1,103,765	)

 

 

 

TX HOLDINGS, INC.
STATEMENTS OF CASH FLOWS
For the Three Months Ended December 31, 2013 and 2012
		Unaudited
		December 31,				December 31,
		2013				2012
Cash flows used by operating activities:
Net income/(loss)		$	19,647			$	(87,247	)
Adjustments to reconcile net income/(loss) to net cash used in operating activities:
Depreciation expense			2,500				4,445
Loss on settlement of accounts payable			–				10,116
Gain on sale of equipment			–				(500	)
Gain on extinguishment of debt			(93,167	)			–
Deposit write-off			200				–
Changes in operating assets and liabilities:
Commission advances			(12,623	)			(2,783	)
Finished goods inventory			(573,382	)			(536,768	)
Other current assets			12,418				28,771
Accounts receivable			184,665				(122,343	)
Accrued liabilities			27,182				57,584
Accounts payable			401,241				440,915
Stockholder advances for operations			6,000				6,000
Net cash used in operating activities			(25,319	)			(201,810	)
Cash flows used in investing activities:
Purchase of equipment			–				(13,144	)
Proceeds received on sale of equipment			–				500
Net cash used in investing activities			–				(12,644	)
Cash flows provided by financing activities:
Proceeds from line of credit			–				240,000
Proceeds from stockholder/officer advances			900				30,000
Payments of stockholders advances			(50,000	)			(42,000	)
Net cash used in financing activities			(49,100	)			228,000
Increase/(decrease) in cash and cash equivalents			(74,419	)			13,546
Cash and cash equivalents at beginning of period			175,028				3,135
Cash and cash equivalents at end of period			100,609			$	16,681
Non-cash investing and financing activities:
Accounts payable exchanged for common stock			–			$	49,884