UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
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(Mark one) |
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QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: March 31, 2004
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TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number: 0-16179
Gexa Corp.
(Exact name of registrant as specified in its charter)
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Texas |
76-0670175 |
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(State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification No.) |
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24 Greenway Plaza, Suite 1826, Houston, TX |
77046 |
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(Address of principal executive offices) |
(Zip Code) |
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(713)-961-9399 |
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(Issuer’s telephone number) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15 (d) of the Securities Exchange Act of 1934 during the past 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 the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common Stock, $.01 par value 8,444,032 shares outstanding as of May 18, 2004
TABLE OF CONTENTS
2
Item 1. Financial Statements
Set forth below are the unaudited condensed financial statements for the Company for the three month periods ended March 31, 2004 and 2003.
INDEX TO CONDENSED FINANCIAL STATEMENTS
3
GEXA CORP.
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March 31, |
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December 31, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
7,886,691 |
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$ |
10,829,281 |
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Cash- restricted |
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4,113,026 |
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3,613,221 |
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Accounts receivable, net of allowance for doubtful accounts |
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25,331,834 |
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22,138,806 |
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Other receivables |
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174,578 |
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187,404 |
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Deferred tax asset |
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732,500 |
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458,000 |
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Other current assets |
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102,661 |
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82,246 |
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Total current assets |
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38,341,290 |
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37,308,958 |
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Property and equipment, net |
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389,293 |
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373,983 |
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Deferred tax asset |
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286,500 |
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292,000 |
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Other assets |
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388,069 |
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226,594 |
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Total assets |
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$ |
39,405,152 |
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$ |
38,201,535 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Term loans- current portion |
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$ |
811,111 |
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$ |
608,333 |
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Advance customer payments |
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183,545 |
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179,258 |
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Accrued electricity costs |
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10,043,370 |
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16,554,598 |
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Accounts payable and other accrued expenses |
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9,419,805 |
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6,083,872 |
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Sales tax payable |
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1,463,739 |
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1,445,993 |
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Income tax payable |
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2,672,056 |
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1,476,923 |
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Customer deposits |
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4,045,930 |
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3,197,233 |
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Total current liabilities |
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28,639,556 |
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29,546,210 |
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Term loans- long term portion, net of discount |
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2,212,142 |
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2,381,826 |
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Puttable warrant obligation |
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2,145,000 |
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4,125,000 |
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Accrued interest payable- officer |
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22,515 |
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20,404 |
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Total liabilities |
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33,019,213 |
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36,073,440 |
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Shareholders’ equity: |
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Common stock, $.01 par value; 75,000,000
shares authorized; |
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84,420 |
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82,611 |
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Additional paid-in capital |
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8,112,302 |
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7,347,795 |
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Treasury stock, at cost; 13,847 shares |
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(14,447 |
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(14,447 |
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Accumulated deficit |
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(1,796,336 |
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(5,287,864 |
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Total shareholders’ equity |
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6,385,939 |
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2,128,095 |
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Total liabilities and shareholders’ equity |
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$ |
39,405,152 |
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$ |
38,201,535 |
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See accompanying notes to condensed financial statements.
4
GEXA CORP.
CONDENSED STATEMENTS OF OPERATIONS
(unaudited)
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For the Three |
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For the Three |
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Sales |
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$ |
50,512,716 |
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$ |
12,920,302 |
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Cost of goods sold |
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44,459,556 |
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12,184,582 |
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Gross profit |
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6,053,160 |
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735,720 |
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General and administrative expenses |
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3,389,197 |
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1,121,607 |
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Income (loss) from operations |
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2,663,963 |
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(385,887 |
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Interest income |
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4,966 |
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1,960 |
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Interest expense |
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(231,267 |
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(7,318 |
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Other financing income (see Note 6) |
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1,980,000 |
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— |
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Income before income tax expense |
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4,417,662 |
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(391,245 |
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Income tax expense (benefit) |
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926,133 |
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(131,793 |
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Net income (loss) |
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3,491,529 |
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(259,452 |
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Preferred stock dividend |
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— |
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(41,722 |
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Net income (loss) available to common stockholders |
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$ |
3,491,529 |
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$ |
(301,174 |
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