TransCoastal 10-Q 12 Nov 13 2013 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 09, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'TransCoastal Corp	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	22,246,306
Amendment Flag	'false	'
Entity Central Index Key	'0001046057	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
CURRENT ASSETS:	'	'
Cash and cash equivalents	$208,000	$133,000
Accounts receivable, net	1,336,000	584,000
Other current assets	12,000	48,000
Total current assets	1,556,000	765,000
Oil and natural gas properties, full cost method, net of accumulated depletion	24,364,000	22,745,000
Other property and equipment, net of accumulated depreciation	447,000	567,000
Total oil and natural gas properties and other equipment, net	24,811,000	23,312,000
Goodwill	485,000	485,000
Other non-current assets	100,000	105,000
Total other assets	585,000	590,000
Total assets	26,952,000	24,667,000
CURRENT LIABILITIES:	'	'
Accounts payable and accrued liabilities	599,000	536,000
Notes payable, related party	'	125,000
Current asset retirement obligations	16,000	12,000
Current maturities of long term debt	0	150,000
Current derivative liabilities	179,000	'
Total current liabilities	794,000	823,000
Notes payable	17,500,000	15,250,000
Asset retirement obligations	903,000	865,000
Derivative liabilities	45,000	6,000
Total long-term liabilities	18,448,000	16,121,000
Preferred stock, $.001 par value; 25,000,000 shares authorized; 243,750 and 37,500, respectively, of preferred, 0 and 3,721,036, respectively, of Series F, stock issued and outstanding and 260,261 of preferred Series F stock to be issued	'	4,000	[1]
Common stock, $.001 par value; 250,000,000 shares authorized; 21,332,897 and 0, respectively; shares issued and outstanding	21,000	'
Additional paid in capital	46,479,000	45,999,000
Accumulated deficit	-38,790,000	-38,280,000
Total stockholders' equity	7,710,000	7,723,000
Total liabilities and stockholders' equity	$26,952,000	$24,667,000
[1]	Balance is reflective of Claimsnet.com Inc.'s acquisition of TransCoastal Corporation on March 18, 2013, as amended April 24, 2013, as discussed in Note 1.

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Preferred stock, par value (in Dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in Shares)	25,000,000	25,000,000
Stock Issued (in Shares)	243,750	37,500
Stock Outstanding (in Shares)	243,750	37,500
Common stock, par value (in Dollars per share)	$0.00	$0.00
Common stock, shares authorized (in Shares)	250,000,000	250,000,000
Common stock, shares issued (in Shares)	21,332,897	0
Common stock, shares outstanding (in Shares)	21,332,897	0
Series F Preferred Stock [Member]	'	'
Stock Issued (in Shares)	0	3,731,036
Stock Outstanding (in Shares)	0	3,721,036
Preferred stock, preferred Series F stock to be issued (in Shares)	260,261	'

Condensed_Consolidated_Stateme

Condensed Consolidated Statements Of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues	'	'	'	'
Oil, natural gas, and related product sales	$962,000	$1,248,000	$3,274,000	$2,391,000
Derivative losses	-237,000	-250,000	-246,000	-322,000
Drilling revenue, net	'	1,020,000	0	2,716,000
Other revenue	488,000	'	1,082,000	298,000
Total revenues	1,213,000	2,018,000	4,110,000	5,083,000
Expenses	'	'	'	'
Lease operating	132,000	376,000	748,000	920,000
Depreciation, depletion and amortization	178,000	72,000	462,000	511,000
Accretion of discount on asset retirement obligations	21,000	10,000	42,000	29,000
Professional fees	357,000	271,000	517,000	506,000
Payroll	629,000	221,000	1,279,000	863,000
General and administrative	333,000	174,000	1,050,000	619,000
Total expenses	1,650,000	1,124,000	4,098,000	3,448,000
Operating income (loss)	-437,000	894,000	12,000	1,635,000
Other income (expense)	'	'	'	'
Interest income	'	'	'	2,000
Interest expense	-200,000	-179,000	-522,000	-537,000
Other expense	'	-17,000	'	-18,000
Total other expense	-200,000	-196,000	-522,000	-553,000
Net (loss) income	-637,000	698,000	-510,000	1,082,000
Less: dividend on preferred shares	'	'	-40,000	'
Net (loss) income attributable to common stockholders	($637,000)	$698,000	($550,000)	$1,082,000
Net (loss) income per share—basic (in Dollars per share)	($0.03)	$0.03	($0.02)	$0.05
Basic average shares outstanding (in Shares)	22,735,948	22,634,091	22,685,020	22,634,091
Net (loss) income per share—diluted (in Dollars per share)	($0.03)	$0.03	($0.02)	$0.05
Diluted average shares outstanding (in Shares)	22,735,948	22,634,091	22,685,020	22,634,091

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements Of Changes In Stockholders’ Equity (Unaudited) (USD $)	Common Stock [Member]	Preferred Stock [Member]	Series F Preferred Stock [Member]	Series F Preferred Stock To Be Issued [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
	USD ($)	USD ($)	USD ($)		USD ($)	USD ($)	USD ($)
Balances at Dec. 31, 2012	'	'	$4,000	'	$45,999,000	($38,280,000)	$7,723,000
Balances (in Shares) at Dec. 31, 2012	'	37,500	3,721,036	260,261	'	'	0
	1	1	1	'	'	'	'
Recapitalization with Claimsnet	'	'	'	'	-2,000	'	-2,000
Recapitalization with Claimsnet (in Shares)	178,250	'	'	'	'	'	'
Spin-off of ANC Holdings, Inc.	'	'	'	'	2,000	'	2,000
Issuance of preferred stock	'	'	'	'	412,000	'	412,000
Issuance of preferred stock (in Shares)	'	206,250	'	'	'	'	'
Forgiveness of notes payable, related party	'	'	'	'	125,000	'	125,000
Conversion of Series F preferred stock	21,000	'	-4,000	'	-17,000	'	21,000
Conversion of Series F preferred stock (in Shares)	21,154,647	'	-3,721,036	'	'	'	'
Preferred dividend payment	'	'	'	'	-40,000	'	-40,000
Net Loss	'	'	'	'	'	-510,000	-510,000
Balances at Sep. 30, 2013	$21,000	'	'	'	$46,479,000	($38,790,000)	$7,710,000
Balances (in Shares) at Sep. 30, 2013	21,332,897	243,750	'	260,261	'	'	21,332,897

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements Of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
OPERATING ACTIVITIES:	'	'
Net (loss) income	($510)	$1,082
Depreciation, depletion and amortization	462	511
Accretion	42	29
Unrealized derivative loss	246	320
Accounts receivable	-752	-18
Other current assets	8	'
Other non-current assets	5	'
Accounts payable	63	587
Net cash provided by (used in) operating activities	-436	2,511
INVESTING ACTIVITIES:	'	'
Acquisition of other property and equipment	'	-48
Disposition of oil and natural gas properties	'	207
Development of oil and natural gas properties	-1,961	-1,319
Net cash used in investing activities	-1,961	-1,160
FINANCING ACTIVITIES:	'	'
Borrowings under credit facility	2,100	792
Repayments of notes payable	'	-500
Borrowings under notes payable, related party	'	125
Disbursements for notes receivables, related parties	'	-1,478
Dividends paid on preferred stock	-40	'
Proceeds from issuance of Series B Redeemable Preferred Units	412	'
Net cash provided by (used in) financing activities	2,472	-1,061
INCREASE IN CASH AND CASH EQUIVALENTS	75	290
CASH AND CASH EQUIVALENTS—Beginning of period	133	800
CASH AND CASH EQUIVALENTS—End of period	208	1,090
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING & FINANCING ACTIVITIES	'	'
Forgiveness of notes payable, related party	125	'
Net assets acquired and liabilities assumed through TransCoastal acquisition	2	'
Settlement of notes payable through sale of non-oil and gas assets and liabilities	2	'
Conversion of Series F preferred stock to common stock	21	'
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	'	'
Cash paid during the period for interest	$483	$537

Note_1_Basis_of_Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Business Description and Basis of Presentation [Text Block]	'
	1. Basis of presentation
	In the opinion of management, the accompanying unaudited consolidated financial statements include all necessary adjustments (consisting of normal recurring adjustments) and present fairly the consolidated financial position of TransCoastal Corporation and Subsidiaries (the "Company" or “TransCoastal”) as of September 30, 2013 and December 31, 2012 and the results of their operations for the three and nine months ended September 30, 2013 and 2012 and the results of their cash flows for the nine months ended September 30, 2013 and 2012, in conformity with generally accepted accounting principles for interim financial information applied on a consistent basis. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year.
	Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Registration Statement filed on form S-1, as filed with the Securities and Exchange Commission on October 4, 2013, as well as all subsequent reports on forms 8-K and 14C. Certain reclassifications have been made to the consolidated financial statements for prior periods in order to conform to the current period presentation.
	Prior to May 9, 2013 our business plan was to develop an electronic commerce company engaged in healthcare transaction processing for the medical and dental industries by means of the internet. On May 9, 2013 we acquired a majority interest in TransCoastal Corporation, a Texas corporation through an Acquisition Agreement. We issued a total of 3,721,036 shares of our Series F Preferred Stock ("Preferred Stock"), with an additional 260,261 Preferred Stock to be issued as of September 30, 2013, in consideration for the common stock of TransCoastal. Each share of Preferred Stock issued has the attribute of having the voting right equal to 1,170.076 shares of common stock thereby giving the selling TransCoastal stockholders control of the corporation with the ability to vote 99.2% of all the votes eligible to vote for any matter brought before our equity holders.
	Claimsnet.com, Inc. (“Claimsnet”) acquired TransCoastal Corporation, a Texas corporation under the Acquisition Agreement, dated March 18, 2013, as amended by the Amended Acquisition Agreement, dated April 24, 2013, through the issuance of shares of our convertible preferred stock. This resulted in the owners of TransCoastal (the “accounting acquirer”) having actual or effective operating control of Claimsnet after the transaction, with the shareholders of Claimsnet (the “legal acquirer”) Continuing only as passive investors. TransCoastal is an oil and gas exploration and production company focused primarily in the development of oil and gas reserves in Texas and the Southwest region of the United States. Pursuant to the Amended Acquisition Agreement, on June 27, 2013 the Company placed, at the time of the Closing, all of the assets and liabilities constituting the current non-oil and gas assets of our business operations into a separate wholly-owned subsidiary of the Company (the “ANC Holdings”) and sold that subsidiary to certain debt holders of the Company, who were affiliates of the Company prior to the exchange, in consideration for cancellation by such debt holders of the Company indebtedness owed to them. See 8-K filed with the SEC on July 3, 2013.
	Additionally, during the nine months ended September 30, 2013, TransCoastal Partners LLC, an entity under common control of TransCoastal, contributed all of its assets and liabilities to TransCoastal. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and are presented in accordance with Accounting Standard Codification (“ASC”) 805, Business Combinations, which requires that entities under common control be reflected at their historical cost. Accordingly, the accompanying consolidated financial statements reflect the historical combined result of the common controlled entity prior to the reverse recapitalization date.
	The Company formally changed its name and declared a reverse 200 to 1 stock split effective July 1, 2013.
	Recently adopted accounting pronouncements
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented.

Note_2_Summary_of_Significant_

Note 2 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	2. Summary of significant accounting policies
	Fair Value Measurements
	The Company has adopted and follows ASC 820, Fair Value Measurements and Disclosures, for measurement and disclosures about fair value of its financial instruments. ASC 820 establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by ASC 820 are:
	Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
	Level 2 — Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
	Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.
	As defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants at the measurement date. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, oil and natural gas sales receivable, and accounts payable and accrued liabilities, approximate their fair values because of the short maturity of these instruments.
	Cash and Cash Equivalents
	The Company considers all highly-liquid debt instruments with original maturities of three months or less to be cash equivalents.
	The Company maintains its cash balances in financial institutions which are insured by the Federal Deposit Insurance Corporation (“FDIC”). The interest bearing cash accounts maintain FDIC coverage of up to $250,000 per institution. Non-interest bearing accounts are fully covered subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”). The provision of the Act expired on December 31, 2012 reducing coverage for interest and non-interest bearing accounts to a combined $250,000 per institution. As of September 30, 2013 and December 31, 2012, the Company did not have any amounts in excess of its FDIC coverage.
	Accounts Receivable, Net
	Accounts receivable, net is comprised of billings for services as the operator on certain wells, that TransCoastal has no working interest in, and accrued natural gas and crude oil sales. The Company performs ongoing credit evaluations of its customers’ and extends credit to virtually all of its customers. Credit losses to date have not been significant and have been within management’s expectations. In the event of complete non-performance by the Company’s customers, the maximum exposure to the Company is the outstanding accounts receivable, net balance at the date of non-performance. The amounts billed to third parties for services as the operator have rights of offset against revenues generated from the sale of oil and gas commodities. For the three and nine months ended September 30, 2013 and 2012, the Company had no bad debt expense.
	Derivative Activities
	The Company utilized oil and natural gas derivative contracts to mitigate it’s exposure to commodity price risk associated with its future oil and natural gas production. These derivative contracts have historically consisted of options, in the form of price floors or collars. The Company’s derivative financial instruments are recorded on the consolidated balance sheets as either an asset or a liability measured at fair value. The Company does not apply hedge accounting to its oil and natural gas derivative contracts and accordingly the changes in the fair value of these instruments are recognized in the consolidated statements of operations in the period of change.
	The Company’s derivative instruments are issued to manage the price risk attributable to our expected natural gas and oil production. While there is risk that the financial benefit of rising natural gas and oil prices may not be captured, Company management believes the benefits of stable and predictable cash flow are more important. Among these benefits are more efficient utilization of existing personnel and planning for future staff additions, the flexibility to enter into long-term projects requiring substantial committed capital, smoother and more efficient execution of our ongoing development drilling and production enhancement programs, more consistent returns on invested capital and better access to bank and other capital markets. Every unsettled derivative instrument is recorded on the accompanying consolidated balance sheets as either an asset or a liability measured at its fair value. Changes in a derivative’s fair value are recognized in earnings unless specific hedge accounting criteria are met. Cash flows from natural gas and oil derivative contract settlements are reflected in operating activities in the accompanying consolidated statements of cash flows.
	Realized and unrealized gains and losses on derivatives are accounted for using the mark-to-market accounting method. We recognize all unrealized and realized gains and losses related to these contracts in each period in derivative gains or (losses) in the accompanying consolidated statements of operations.
	Oil and Gas Natural Gas Properties
	The Company uses the full-cost method of accounting for its oil and natural gas producing activities as further defined under ASC 932, Extractive Activities -Oil and natural gas. Under these provisions, all costs incurred for both successful and unsuccessful exploration and development activities, including salaries, benefits and other internal costs directly identified with these activities, and oil and natural gas property acquisitions are capitalized. All costs related to production, general corporate overhead or similar activities are expensed as incurred.
	Proved properties are amortized using the units of production method (“UOP”). The UOP calculation, in its simplest terms, multiplies the percentage of estimated proved reserves produced at year end by the cost of those reserves.
	The amortization base in the UOP calculation includes the sum of proved property, net of accumulated depreciation, depletion and amortization (“DD&A”), estimated future development costs (future costs to access and develop reserves) and asset retirement costs that are not already included in oil and natural gas property, less related salvage value.
	The cost of unproved properties and properties under development are excluded from the amortization calculation until it is determined whether or not proved reserves can be assigned to such properties or until development projects are placed in service. Geological and geophysical costs not associated with specific properties are recorded to proved properties. Unproved properties and properties under development are reviewed for impairment at least quarterly. In countries where proved reserves exist, exploratory drilling costs associated with dry holes are transferred to proved properties immediately upon determination that a well is dry and amortized accordingly. As of September 30, 2013 and December 31, 2012, no unproved properties or properties under development were included in the oil and natural gas properties of the accompanying condensed consolidated financial statements.
	Proceeds from the sale or disposition of oil and natural gas properties are accounted for as a reduction to capitalized costs unless a significant portion (greater than 25 percent) of the Company’s reserve quantities in a particular country are sold, in which case a gain or loss is recognized in income. For the three and nine months ended September 30, 2013 and 2012 no gain or loss from the sale or disposition of oil and natural gas properties occurred.
	Under the full-cost method of accounting, the net book value of oil and natural gas properties, less related deferred income taxes, may not exceed a calculated “ceiling.” The ceiling limitation is the estimated after-tax future net cash flows from proved oil and natural gas reserves, discounted at 10 percent per annum based on industry standards and adjusted for cash flow hedges. Estimated future net cash flows exclude future cash outflows associated with settling accrued asset retirement obligations. Any excess of the net book value of proved oil and gas properties, less related deferred income taxes, over the ceiling is charged to expense and reflected as additional DD&A in the accompanying consolidated statements of operations. For the three and nine months ended September 30, 2013 and 2012 no impairment charge occurred.
	During the three and nine months ended September 30, 2013 the Company determined approximately $14,000 and $41,000 of interest costs were incurred during the development period of our wells. During the three and nine months ended September 30, 2012 the Company determined approximately $28,000 and $84,000 of interest costs were incurred during the development period of our wells.
	Other Property and Equipment
	Other property and equipment, which includes buildings, field equipment, vehicles, and office equipment, is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Vehicles and office equipment are generally depreciated over a useful life of five or six years, field equipment is generally depreciated over a useful life of ten years and buildings are generally depreciated over a useful life of twenty years.
	Impairment of Long-Lived Assets
	The Company assesses the impairment of long-lived assets when circumstances indicate that the carrying value may not be recoverable. The Company determines if impairment has occurred through adverse changes. When it is determined that the estimated future net cash flows of an asset will not be sufficient to recover its carrying amount, an impairment loss must be recorded to reduce the carrying amount to its estimated fair value. For the three and nine months ended September 30, 2013, and 2012 no circumstances indicated an unrecoverable carrying value of the long-lived assets.
	Goodwill
	Goodwill was generated as part of the CTO (CoreTerra Operating LLC) acquisition during the year ended December 31, 2011 and represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition. Goodwill is not amortized; rather, it is tested for impairment annually and when events or changes in circumstances indicate that fair value of a reporting unit with goodwill has been reduced below carrying value. To assess impairment, the Company has the option to qualitatively assess if it is more likely than not that the fair value of the reporting unit is less than the book value. Absent a qualitative assessment, or, through the qualitative assessment, if the Company determines it is more likely than not that the fair value of the reporting unit is less than the book value, a quantitative assessment is prepared to calculate the fair market value of the reporting unit. If it is determined that the fair value of the reporting unit is less than the book value, the recorded goodwill is impaired to its implied fair value with a charge to operating expenses. For the three and nine months ended September 30, 2013, and 2012 no impairment charge occurred.
	Asset Retirement Obligations
	The Company follows the provisions of ASC 410-20, Asset Retirement Obligations. ASC 410-20 requires entities to record the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. When the liability is initially recorded, the entity capitalizes a cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depleted as part of the oil and natural gas property. Upon settlement of the liability, an entity either settles the obligation for its recorded amount or incurs a gain or loss upon settlement. The Company’s asset retirement obligations relate to the plugging, dismantlement, removal, site reclamation and similar activities of its oil and natural gas properties.
	Asset retirement obligations are estimated at the present value of expected future net cash flows and are discounted using the Company’s credit adjusted risk free rate. The Company uses unobservable inputs in the estimation of asset retirement obligations that include, but are not limited to, costs of labor, costs of materials, profits on costs of labor and materials, the effect of inflation on estimated costs, and the discount rate. Accordingly, asset retirement obligations are considered a Level 3 measurement under ASC 820. Additionally, because of the subjectivity of assumptions and the relatively long lives of the Company’s wells, the costs to ultimately retire the Company’s wells may vary significantly from prior estimates.
	Revenue Recognition and Natural Gas Imbalances
	The Company utilizes the accrual method of accounting for natural gas and crude oil revenues, whereby revenues are recognized based on the Company’s net revenue interest in the wells. The Company will also enter into physical contract sale agreements through its normal operations. These contracts are not considered derivative contracts by the Company in accordance with the normal purchases and normal sales provision of ASC 815-10-15.
	Gas imbalances are accounted for using the sales method. Under this method, revenues are recognized based on actual volumes of oil and gas sold to purchasers. However, the Company has no history of significant gas imbalances.
	Drilling Revenue
	The Company follows the provisions of ASC 605-45, Revenue Recognition – Principal Agent Considerations, which requires the Company to record drilling revenues at net given such services are on behalf of third party oil and natural gas property operators. The Company does not own a participating interest in the wells for which drilling revenues, net are recorded. During the nine months ended September 30, 2013 and 2012, the Company recognized net drilling revenues of approximately $0 and $2,716,000, respectively, which is included in the accompanying consolidated statements of operations. During the three months ended September 30, 2012 the Company recognized $1,020,000 in drilling revenues.
	Earnings Per Share
	The Company complies with ASC Topic 260, Earnings Per Share. ASC 260 requires dual presentation of basic and diluted income per share for all periods presented. Basic income per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then share in the income of the Company. The difference between the number of shares used to compute basic income per share and diluted income per share relates to additional shares to be issued upon the assumed exercise of convertible preferred shares. During the three and nine month periods ended September 30, 2013 the dilutive shares from preferred units were approximately 487,500 for both periods respectively. Basic weighted average shares outstanding consisted of equivalent common shares of the Series F Preferred stock, and the common stock received in the recapitalization with Claimsnet. During any period there is a loss in income any adjustment that results in an increase in the outstanding number of shares would be considered antidilutive and therefore basic and fully diluted loss per share will be equivalent.
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		Unaudited		Unaudited		Unaudited		Unaudited
	Basic shares of common stockholders from predecessor		22,735,948		22,634,091		22,685,020		22,634,091
	Convertible preferred shares from predecessor		487,500		-		487,500		-
	Fully diluted shares		23,223,448		22,634,091		23,172,520		22,634,091

Note_3_Oil_and_Natural_Gas_Pro

Note 3 - Oil and Natural Gas Properties	9 Months Ended
	Sep. 30, 2013
Oil and Gas Property [Abstract]	'
Oil and Gas Properties [Text Block]	'
	3. Oil and natural gas properties
	The Company has invested in proved properties:
	(in thousands)	Acquisition and		Accumulated			Total
		Development Costs		Depletion
	Balance at December 31, 2012	$	24,318	$	(1,573	)	$	22,745
	Activity from January 1, 2013 through September 30, 2013		1,961		(342	)		1,619
		$	26,279	$	(1,915	)	$	24,364

Note_4_Stockholders_Equity

Note 4 - Stockholder's Equity	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	4. Stockholder’s equity
	Claimsnet.com, Inc. acquired TransCoastal Corporation, as Texas corporation under the Acquisition Agreement, dated March 18, 2013, (as amended by the Amended Acquisition Agreement, dated April 24, 2013), through the issuance of shares of our convertible preferred stock. TransCoastal is an oil and gas exploration and production company focused primarily in the development of oil and gas reserves in Texas and the Southwest region of the United States. Pursuant to the Amended Acquisition Agreement, on June 27, 2013 the Company placed, at the time of the Closing, all of the assets and liabilities constituting the current non-oil and gas assets of our business operations into a separate wholly-owned subsidiary of the Company (the “ANC Holdings”) and sold that subsidiary to certain debt holders of the Company, who were affiliates of the Company prior to the exchange, in consideration for cancellation by such debt holders of the Company indebtedness owed to them. See 8-K filed with the SEC on July 3, 2013.
	On July 30, 2013 the Board of Directors, after receiving approval of the corporate action by FINRA, authorized the completion of the two hundred to one (200 to 1) reverse stock split of the issued and outstanding Common Stock, as may be adjusted (the “Reverse Stock Split”), that reduced the outstanding shares of Common Stock from 35,644,696 to approximately 178,224 shares (recognizing that any resulting fractional shares will be rounded up (to result in a maximum aggregate 178,250 post-split shares) and the name change of the Company to TransCoastal Corporation previously authorized by the Board on May 9, 2013.
	On July 30, 2013 the Board of Directors of the Company also authorized the issuance of Common Stock share certificates of the Company to all the Series F Preferred Stockholders converting the Company's Series F Preferred Stock into Common Stock of the Company. The issuance of the shares of common stock upon conversion will be restricted stock as that term is defined in Rule 144 and will contain a restrictive legend to that effect.

Note_5_Notes_payable

Note 5 - Notes payable	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	5. Notes payable
	On May 19, 2011, as amended from time to time through September 27, 2013, the Company entered into a loan agreement (the “Agreement”) with Green Bank with an initial borrowing base of $15,000,000 and amended to $17,500,000 on May 31, 2013. The Agreement bears interest at the prime rate minus 0.5%, but not less than 3.5%. Interest payments are due monthly with all principal and any unpaid interest being due on October 1, 2014. The interest rate was 4.5% and 4.99% at September 30, 2013 and December 31, 2012, respectively. Additionally, in accordance with the Agreement, for the period from March 1, 2012 through September 30, 2012, monthly borrowing base reductions of $125,000 occurred automatically on the first day of each month. Effective October 1, 2012, the monthly borrowing base reduction increased to $150,000 through January 15, 2013. The monthly borrowing base reductions were amended to $0 on February 11, 2013.
	The Agreement is collateralized by essentially all of the oil and natural gas related assets of the Company, contains personal guarantees from the principal officers, and requires compliance with certain financial covenants including, among others: (1) a requirement to maintain a current ratio of not less than 1.0 to 1.0; (2) a maximum permitted ratio of total liabilities to tangible net worth of not more than 2.0 to 1.0; and (3) a requirement to maintain a ratio of EBITDAX to interest expense of not less than (a) 3.00 to 1.00 for all fiscal quarters prior to December 31, 2011, (b) 3.25 to 1.00 for the fiscal quarter ending March 31, 2012, and (c) 3.50 to 1.00 for all fiscal quarters ending on or after September 30, 2012. The Company was in compliance with all financial covenants as of September 30, 2013 and December 31, 2012.
	As of September 30, 2013 and December 31, 2012, the Company had an outstanding principal balance due to Green Bank of approximately $17,500,000 and $15,400,000, respectively, and $39,000 of accrued interest. As of September 30, 2013 and December 31, 2012, the current maturities of the outstanding principal balance were $0 and $150,000, respectively.

Note_6_Related_Party_Transacti

Note 6 - Related Party Transactions	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	6. Related party transactions
	During the nine month period ended September 30, 2013, an officer of TransCoastal forgave a note payable from TransCoastal in the amount of $125,000. This forgiveness of debt is reflected in the accompanying condensed consolidated statement of changes in stockholders' equity.

Note_2_Summary_of_Significant_1

Note 2 - Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		Unaudited		Unaudited		Unaudited		Unaudited
	Basic shares of common stockholders from predecessor		22,735,948		22,634,091		22,685,020		22,634,091
	Convertible preferred shares from predecessor		487,500		-		487,500		-
	Fully diluted shares		23,223,448		22,634,091		23,172,520		22,634,091

Note_3_Oil_and_Natural_Gas_Pro1

Note 3 - Oil and Natural Gas Properties (Tables)	9 Months Ended
	Sep. 30, 2013
Oil and Gas Property [Abstract]	'
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block]	'
	(in thousands)	Acquisition and		Accumulated			Total
		Development Costs		Depletion
	Balance at December 31, 2012	$	24,318	$	(1,573	)	$	22,745
	Activity from January 1, 2013 through September 30, 2013		1,961		(342	)		1,619
		$	26,279	$	(1,915	)	$	24,364

Note_1_Basis_of_Presentation_D

Note 1 - Basis of Presentation (Details)	1 Months Ended	3 Months Ended
	Jul. 30, 2013	Sep. 30, 2013
Note 1 - Basis of Presentation (Details) [Line Items]	'	'
Stockholders' Equity Note, Stock Split, Conversion Ratio	200	200
Series F Preferred Stock [Member]	'	'
Note 1 - Basis of Presentation (Details) [Line Items]	'	'
Stock Issued During Period, Shares, Acquisitions	'	3,721,036
Preferred Stock, Capital Shares Reserved for Future Issuance	'	260,261
Preferred Stock Voting Rights, Shares	'	1,170.08
Equity Method Investment, Ownership Percentage	'	99.20%

Note_2_Summary_of_Significant_2

Note 2 - Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]	'	'	'	'
Cash, FDIC Insured Amount	$250,000	'	$250,000	'
Proceeds From Sale Or Disposition Of Oil And Gas Properties Recognized As Capitalized Cost Threshold Percentage	'	'	25.00%	'
Oil And Gas Property Full Cost Method Industry Stardard Discount	'	'	10.00%	'
Interest Costs Incurred	14,000	28,000	41,000	84,000
Revenue, Oil and Gas Services	'	$1,020,000	$0	$2,716,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)	487,500	'	487,500	'
Vehicles and Office Equipment [Member] | Minimum [Member]	'	'	'	'
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]	'	'	'	'
Property, Plant and Equipment, Useful Life	'	'	'5 years	'
Vehicles and Office Equipment [Member] | Maximum [Member]	'	'	'	'
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]	'	'	'	'
Property, Plant and Equipment, Useful Life	'	'	'6 years	'
Field Equipment [Member]	'	'	'	'
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]	'	'	'	'
Property, Plant and Equipment, Useful Life	'	'	'10 years	'
Building [Member]	'	'	'	'
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]	'	'	'	'
Property, Plant and Equipment, Useful Life	'	'	'20 years	'

Note_2_Summary_of_Significant_3

Note 2 - Summary of Significant Accounting Policies (Details) - Earnings Per Share, Basic and Diluted Schedule	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share, Basic and Diluted Schedule [Abstract]	'	'	'	'
Basic shares of common stockholders from predecessor	22,735,948	22,634,091	22,685,020	22,634,091
Convertible preferred shares from predecessor	487,500	'	487,500	'
Fully diluted shares	22,735,948	22,634,091	22,685,020	22,634,091

Note_3_Oil_and_Natural_Gas_Pro2

Note 3 - Oil and Natural Gas Properties (Details) - Proved Oil and Gas Properties (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Proved Oil and Gas Properties [Abstract]	'	'
Acquition and Development Costs	$26,279	$24,318
Accumulated Depletion	-1,915	-1,573
Total	24,364	22,745
Activity from January 1, 2013 through September 30, 2013	1,961	'
Activity from January 1, 2013 through September 30, 2013	-342	'
Activity from January 1, 2013 through September 30, 2013	$1,619	'

Note_4_Stockholders_Equity_Det

Note 4 - Stockholder's Equity (Details)	1 Months Ended	3 Months Ended
	Jul. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
Note 4 - Stockholder's Equity (Details) [Line Items]	'	'	'
Stockholders' Equity Note, Stock Split, Conversion Ratio	200	200	'
Common Stock, Shares, Outstanding	178,250	21,332,897	0
Scenario, Previously Reported [Member]	'	'	'
Note 4 - Stockholder's Equity (Details) [Line Items]	'	'	'
Common Stock, Shares, Outstanding	35,644,696	'	'

Note_5_Notes_payable_Details

Note 5 - Notes payable (Details) (USD $)	1 Months Ended	37 Months Ended
	31-May-13	Jul. 01, 2014	Sep. 30, 2013	Dec. 31, 2012	19-May-11	Feb. 11, 2013	Jan. 15, 2013	Sep. 30, 2012	Jul. 01, 2014
						Monthly Borrowing Base [Member]	Monthly Borrowing Base [Member]	Monthly Borrowing Base [Member]	Minimum [Member]
Note 5 - Notes payable (Details) [Line Items]	'	'	'	'	'	'	'	'	'
Line of Credit Facility, Maximum Borrowing Capacity	$17,500,000	'	'	'	$15,000,000	$0	$150,000	$125,000	'
Debt Instrument, Basis Spread on Variable Rate	0.50%	'	'	'	'	'	'	'	'
Debt Instrument, Interest Rate, Stated Percentage	'	'	4.50%	4.99%	'	'	'	'	3.50%
Debt Instrument, Maturity Date	'	1-Oct-14	'	'	'	'	'	'	'
Line of Credit Facility, Covenant Terms	'	'The Agreement is collateralized by essentially all of the oil and natural gas related assets of the Company, contains personal guarantees from the principal officers, and requires compliance with certain financial covenants including, among others: (1) a requirement to maintain a current ratio of not less than 1.0 to 1.0; (2) a maximum permitted ratio of total liabilities to tangible net worth of not more than 2.0 to 1.0; and (3) a requirement to maintain a ratio of EBITDAX to interest expense of not less than (a) 3.00 to 1.00 for all fiscal quarters prior to December 31, 2011, (b) 3.25 to 1.00 for the fiscal quarter ending March 31, 2012, and (c) 3.50 to 1.00 for all fiscal quarters ending on or after September 30, 2012. The Company was in compliance with all financial covenants as of September 30, 2013 and December 31, 2012.	'	'	'	'	'	'	'
Notes Payable	'	'	17,500,000	15,400,000	'	'	'	'	'
Interest Payable	'	'	39,000	39,000	'	'	'	'	'
Long-term Debt, Current Maturities	'	'	$0	$150,000	'	'	'	'	'

Note_6_Related_Party_Transacti1

Note 6 - Related Party Transactions (Details) (Officer [Member], Notes Payable, Other Payables [Member], USD $)	9 Months Ended
	Sep. 30, 2013
Officer [Member] | Notes Payable, Other Payables [Member]	'
Note 6 - Related Party Transactions (Details) [Line Items]	'
Related Party Transaction, Amounts of Transaction	$125,000