| **UNITED    STATES**SECURITIES    AND EXCHANGE COMMISSION**Washington, DC    20549   **FORM    10-KSB/A   
[X]    ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For    the fiscal year ended December 31, 1998   
[     ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1994
For    the transition period from _______ to _______  
COMMISSION    FILE NUMBER: 0-16179   **GEXA CORP.
(Name    of Small Business Issuer in Its Charter)   
Texas
75-0670175
(State or Other    Jurisdiction of Incorporation or Organization)
(IRS Employer    Identification Number)    
24 Greenway Plaza, Suite    1826, Houston, TX
77046
(Address of Principal    Executive Offices)
(Zip Code)   
(713)-961-9399
(Issuer's    telephone number)   
Securities    registered under Section 12 (b) of the Act:
None
(Title of class)   
Securities    registered under Section 12(g) of the Exchange Act:
Common Stock,    par value $.01
(Title of class)
Check whether    the issuer: (i) filed all reports required to be filed by Section 13 or 15(d) of the    Exchange Act during the past 12 months (or for such shorter period that the registrant was    required to file such reports), and (ii) has been subject to the filing requirements for    the past 90 days. Yes [  ] No [X]  Check if there is no disclosure of    delinquent filers in response to Item 405 of Regulation S-B contained in this form, and no    disclosure will be contained, to the best of the registrant's knowledge, in definitive    proxy or information statements incorporated by reference in Part III of this Form 10-KSB    or any amendment to this Form 10-KSB. [  ]  
Issuer’s    revenues for its most recent fiscal year: None  
At September    30, 2001, there were 5,866,922 shares of the issuer's common stock issued and outstanding.    The Company's shares are not listed on any exchange and are not subject to quotation on    the OTC:BB market. The shares of the Company are thinly-traded and are traded only from    time to time on the pink sheets. The Company believes that there is no active trading    market in the shares of its common stock at the date of the filing of this Annual Report    on Form 10-KSB. The Issuer will seek to become current in its reporting requirements under    the Exchange Act by filing all Annual Reports and Quarterly Reports due under the Exchange    Act. Affiliates of the Issuer own 4,009,000 shares of the Issuer’s issued and    outstanding common stock.(*) The remaining    1,857,922 shares are held by non-affiliates. 
DOCUMENTS    INCORPORATED BY REFERENCE:
There are no    documents incorporated by reference in this Annual Report on Form 10-KSB other than as set    forth in Part III, Item 13.(*) Affiliates for the purposes of    this Annual Report refer to the officers, directors and/or persons or firms owning 5% or    more of Issuer’s common stock, both of record and beneficially.
 

 
**TABLE OF CONTENTS
  
Page
**PART I**
Item 1. Description of    Business.2
Item 2. Description of    Property.9
Item 3. Legal Proceedings. 9
Item 4. Submission of Matters    to a Vote of Security Holders. 9   **PART II
Item 5. Market for Common    Equity and Related Stockholder Matters. 9
Item 6. Management's Plan of    Operation. 10
Item 7. Financial Statements. 11
Item 8. Changes In and    Disagreements With Accountants on Accounting and Financial 15               Disclosure.   **PART III
Item 9. Directors, Executive    Officers, Promoters and Control Persons.15
Item 10. Executive    Compensation. 16
Item 11. Security Ownership of    Certain Beneficial Owners and Management. 16
Item 12. Certain Relationships    and Related Transactions. 17
Item 13. Exhibits and Reports    on Form 8-K.17
 

**PART I**

ITEM 1. DESCRIPTION OF BUSINESS

Forward-Looking Statements: This Annual Report on Form 10-KSB and otherstatements issued or made from time to time by Gexa Corp., a Texas corporation containstatements which may constitute "Forward-Looking Statements" within the meaningof the Securities Act of 1933, as amended (the "Act") and the SecuritiesExchange Act of 1934 (the "Exchange Act") by the Private Securities LitigationReform Act of 1995, 15 U.S.C.A. Sections  77Z-2 and 78U-5 (SUPP. 1996). Thosestatements include statements regarding the intent, belief or current expectations of GexaCorp. and its officers and directors as well as the assumptions on which such statementsare based. Prospective investors are cautioned that any such forward-looking statementsare not guarantees of future performance and involve risks and uncertainties, and thatactual results may differ materially from those contemplated by such forward-lookingstatements. 

General Background and Reports under the Exchange Act

Gexa Corp., a Texas corporation, is sometimes referred to herein as"we", "us", "our" and the "Company". We are filingour Annual Reports on Form 10-KSB for the years ended December 31, 1992, 1993, 1994, 1995,1997, 1998, 1999 and 2000, all of which contain our audited financial statements for therespective periods. No material change in our business occurred following its filing forbankruptcy under Chapter XI of the US Bankruptcy Code and its discharge by the BankruptcyCourt in 1992 through the year ended December 31, 2000. The disclosure contained hereinrefers to the time period covered under this report, except updated disclosure regardingour change of address, telephone and principal executive officers. We also make referenceto our Quarterly Report for the period ended June 30, 2001 that was filed with the SEC onJuly 25, 2001, which Quarterly Report contains disclosure regarding our intent to enterinto the business of reselling electricity in Texas. The resale of electricity becomes aderegulated industry in the State of Texas effective January 1, 2002. 

We were incorporated under the laws of Nevada on April 1, 1985. InMarch 2001, concurrent with our share recapitalization, we were reincorporated under thelaws of the State of  Texas. Prior to the filing of Chapter XI under the Federalbankruptcy laws in the United States Bankruptcy Court for the District of Idaho during theperiod ended June 30, 1992, we were engaged in the business of acquiring, exploring anddeveloping mining properties. We emerged from this proceeding and our plan ofreorganization was approved by creditors and by the United States Bankruptcy Court in1992. During the period following our discharge from bankruptcy through 2000,  weconducted no commercial mining operations and had no other significant businessactivities. Following the bankruptcy we redirected our efforts and limited resources toseeking potential new business opportunities. 

During the second quarter of 2001, Gexa submitted an application to thePublic Utility Commission of the State of Texas for the purpose of becoming a retailreseller of electricity to residential and small commercial customers in Texas. UnderTexas law, beginning January 1, 2002, customers may elect to purchase electricity fromindependent resellers. 

Business Objective

Following our discharge from bankruptcy, and subject to our limitedassets and personnel, our management considered pursuit of other business opportunities,including the possibility of entering into a business combination. We did not limitourselves to a particular industry. In considering any potential acquisition, weconsidered, without limitation, businesses which (i) offered or provided services ordeveloped or were developing the ability to manufacture or distribute goods in the UnitedStates or abroad; or (ii) were engaged in wholesale or retail distribution, among otherpotential opportunities. We do not intend nor was it ever our intent to register as abroker-dealer, merge with or acquire a registered broker-dealer, or otherwise become amember of the NASD. 

Our common stock was subject for quotation on the pink sheets under thesymbol "GEXC"  during the years after our common stock was delisted fromthe OTC:BB due to our bankruptcy filing in 1992 and as a result of our not being currentin our reporting requirements under the Exchange Act. We do not believe that there was anysignificant trading activity in our common stock following our bankruptcy filing in 1992,notwithstanding the fact that our common stock has been quoted from time to time on the"pink sheets".

At the time present, we have two officers and six directors. See Item9. Part III. If we decide to seek to acquire another business or otherwise pursue abusiness opportunity, we would have substantial flexibility in identifying and selecting aprospective business. As a result, we would be entirely dependent on the judgment of ourcurrent management in connection with the selection process. In evaluating a prospectivebusiness opportunity, we would consider, among other factors, the following: (i) costsassociated with effecting a transaction; (ii) equity interest in and opportunity tocontrol the prospective candidate, if any; (iii) growth potential of the candidate; (iv)experience and skill of management and availability of additional personnel; (v) capitalrequirements necessary; (vi) the prospective candidate's competitive position; (vii) stageof development of the the business opportunity; (viii) degree of current or potentialmarket acceptance of the business, products or services; (ix) proprietary features anddegree of intellectual property; (x) the availability of audited financial statements ofthe any potential business opportunity; and (xi) the regulatory environment that may beapplicable to any prospective business.

The foregoing criteria are not intended to be exhaustive and anyevaluation relating to the merits of any business opportunity was or would be based, tothe extent relevant, on the above factors as well as other considerations deemed relevantby management in connection with effecting prospective new business opportunities. Inconnection with an evaluation of a prospective or potential business opportunities,management, with the possible assistance of an independent investment banking firm, orthird party consultants, anticipated that it would conduct a due diligence review.

The time and costs required to pursue new business opportunities or toseek to acquire other businesses and their evaluation, which includes negotiating anddocumenting relevant agreements and preparing requisite documents for filing pursuant toapplicable securities laws and state "blue sky" and corporation laws, was  ascertained with any degree of certainty. 

Our current executive officers and directors intend to devote anappropriate portion of their time to our affairs and, accordingly, the length of timerequired for the pursuit and negotiations related to any new business opportunities isuncertain. However, each officer and director will devote such time as they deemreasonably necessary to carry out our business affairs including our pursuit of businessopportunities necessary to commence operations, although no assurance can be made that wewill be successful in our efforts. 

As a general rule, if we decide to enter into a business combination,Federal and state tax laws and regulations have a significant impact upon the structuringof business combinations. We will evaluate the possible tax consequences of anyprospective business combination and will endeavor to structure a business combination soas to achieve the most favorable tax treatment to us and our shareholders. There can be noassurance that the Internal Revenue Service or state tax authorities will ultimately agreewith our tax treatment of a potential business combination. To the extent the InternalRevenue Service or any relevant state tax authorities ultimately disagree with ourproposed tax treatment and in fact prevail in recharacterizing the tax treatment of abusiness combination, there may be adverse tax consequences to us and our shareholders.Tax considerations as well as other relevant factors will be evaluated in determining theprecise structure of a potential business combination, which could be effected throughvarious forms of a merger, consolidation or stock or asset acquisition.

Our registration statement on Form 10-12g was filed on September 3,1987, following which we became a reporting company under the Exchange Act. As of the dateof this Annual Report on Form 10-KSB, we continue to be subject to the reportingrequirements under the Exchange Act, including the requirement to file Quarterly Reportsand Annual Reports, with the SEC and to continue to file such reports as are requiredunder the Exchange Act. Pursuant to Section 13 and 15(d) of the Exchange Act, in the eventsignificant acquisitions take place, we will also be required to file reports with the SECwhich will include certified financial statements for the acquired company typicallycovering the last two fiscal two years. Consequently, acquisition prospects that do nothave or are unable to obtain the required certified financial statements will not beappropriate for acquisition so long as the reporting requirements of the Exchange Act areapplicable.

Various impediments to an acquisition of a business or company or amerger may arise such as appraisal rights afforded the shareholders of a potential targetbusiness under the laws of the state under which the prospective business is organized.This may prove to be deterrent to a particular transaction. In addition, under the TexasBusiness Corporation Act and Article 5.01 Merger, Article 5.02 Share Exchange orAcquisition and Article 5.03. Action on Plan of Merger or Exchange, a businesscombination, including a merger or share exchange, generally requires the approval by theBoard of Directors and a majority of all shareholder votes entitled to vote. See Exhibit99.2 to this Annual Report, Texas Business Corporation Ac, Part V, Articles 5.1, 5.2 and5.3.

Business Experience of Principals

The present management of the Company consists of Mr. Neil M. Leibman,who serves as our Chief Executive Officer and Chairman of the Board and Ms. Marcie C.Zlotnik, President and Director. 

Mr. Leibman, age 41 is our CEO and Chairman: Mr. Neil Leibman has anundergraduate degree from Emroy University and a Juris Doctor and Master of BusinessAdministration degree from the State University of New York at Buffalo. Since 1984, Mr.Leibman has been practicing law in Texas. His law firm is specialized in corporate law andbusiness litigation. Mr. Leibman currently sits on the Board of Directors of SundownerPools & Landscape, Inc. and EZUtilities Corp. In addition, he serves as Vice Chairmanof the Board of Trustee of The Fay School and on the Development Council of TexasChildrin's Hospital.

Ms. Marcie Zlotnik, age 39, is our President and a Director: Ms. Zlotnik graduated in1987 from the University of Texas at Austin with a Bachelor of Business Administration inAccounting. Ms. Zlotnik has been working in the telecommunication industry for the last 10years. During these years, Mr. Zlotnik was Chief Operating Officer for Coastal TelephoneCompany, which was sold to Broadwing Communication. Following her managing position atCoastal Telephone Company, Ms. Zlotnik became President of TotalNet Communications, Inc.,a long distance telephone company in Houston, Texas.

Our current officers do not hold anymanagement position or directorship in other reporting companies.

RISK FACTORS

The following important factors, among others, could cause actualresults to differ from those indicated in forward-looking statements made in thisdocument. Further, reference is made to the disclosure in "all capitalizedletters" on the first page following the cover page of this Annual Report. 

The following factors contain certain forward-looking statements.Forward-looking statements give our current expectations or forecasts of future events.You can identify these statements by the fact that they do not relate strictly tohistorical or current facts. They use words such as "anticipate,""estimate," "expect," "project," "intend,""plan," "believe," and other words and terms of similar meaning inconnection with any discussion of future operating or financial performance. From time totime, we also may provide oral or written forward-looking statements in other materials werelease to the public.

Any or all of our forward-looking statements in this document and inany other public statements we make may turn out to be wrong. They can be affected byinaccurate assumptions we might make or by known or unknown risks and uncertainties. Manyfactors mentioned in the discussion below will be important in determining future results.Consequently, no forward-looking statement can be guaranteed. Actual future results mayvary materially.

LIMITED RESOURCES; NO PRESENT SOURCE OF REVENUES.At present we have no on-going business operations and our business activities are limitedto consideration of potential business opportunities. Our historical financial informationcontained in this Annual Report is of limited value to potential investors in evaluatingany investment in our securities. Due to our limited financial and personnel resources,there is only a limited basis upon which to evaluate our prospects for achieving ourintended business objectives. We have only limited resources and have no operating incomeor revenues. Our current management is providing us with limited funding, on a asneeded basis, necessary for us to continue our corporate existence and our businessobjective to seek new business opportunities, as well as funding the costs of becomingcurrent in the reporting requirements under the Exchange Act. Our management has notagreed in writing to provide any interim financing for any period. In addition, we willnot achieve any revenues unless and until we enter into a new business or acquire anentity that generates revenues, of which there can be no assurance. Moreover, there can beno assurance that any business that may be acquired by us will derive any materialrevenues from its operations or operate on a profitable basis.

BROAD DISCRETION OF MANAGEMENT.The filing of this Annual Report on Form 10-KSB under the Exchange Act does not involvethe offering of any securities. While there can be no assurance, it may be expected thatupon our becoming current under the reporting requirements of the Exchange Act a tradingmarket may develop for our securities, however limited. Therefore, any persons who investin our securities will do so without an opportunity to evaluate the specific merits orrisks of any potential new prospective business in which we may engage. As a result,investors will be entirely dependent on the broad discretion and judgment of management inconnection the selection of a prospective business. There can be no assurance thatdeterminations ultimately made by our management will permit us to achieve our businessobjectives.

ABSENCE OF SUBSTANTIVE DISCLOSURE RELATING TO PROSPECTIVE BUSINESS As of the period covered by this Annual Report, we have not yet identified any prospectivebusiness or industry in which we may seek to become involved. Accordingly, shareholdersand any person contemplating any investment in our shares, in the event that any activetrading market commences, of which there can be no assurance, have no substantiveinformation concerning consummation of any prospective business. There can be no assurancethat any prospective business which we may enter into will ultimately prove to be morefavorable to shareholders than any other investment, if such opportunity were available,to shareholders and investors.

THERE IS NO ACTIVE MARKET FOR OUR COMMON STOCK AND NONE MAY DEVELOP OR BE SUSTAINEDOur common stock was listed for trading on the OTC:BB under the symbol "GEXC"until we filed for bankruptcy in 1992. We were delisted as a result of our not being acurrent reporting company under the Exchange Act. We do not believe that there was anysignificant trading activity in the our shares of common stock since that date,notwithstanding the fact that our common stock has been quoted from time to time on thepink sheets. There can be no assurance that there will be an active trading market for oursecurities following the consummation of a new prospective business. Further, in the eventthat an active trading market commences, there can be no assurance as to the market priceof our shares of common stock, whether any trading market will provide liquidity toinvestors, or whether any trading market will be sustained. While a consummation of aprospective new business may be desirable for various reasons, a business combination mayinvolve the acquisition of, merger or consolidation with a company which does not needsubstantial additional capital, but which desires to establish a public trading market forits shares, while avoiding what it may deem to be adverse consequences of undertaking apublic offering itself, including time delays, significant expense, loss of votingcontrol, the time and expense incurred to comply and compliance with various Federal andstate securities laws that regulate initial public offerings.

UNSPECIFIED INDUSTRY FOR NEW PROSPECTIVE BUSINESS OPPORTUNITIES; UNASCERTAINABLE RISKSThere is no basis for shareholders to evaluate the possible merits or risks of potentialnew business opportunities or the particular industry in which we may ultimately operate.To the extent that we effect a business combination with a financially unstable company oran entity that is in its early stage of development or growth, including entities withoutestablished records of revenues or income, we will become subject to numerous risksinherent in the business and operations of that financially unstable company. In addition,to the extent that we effect a business combination with an entity in an industrycharacterized by a high degree of risk, we will become subject to the currentlyunascertainable risks of that industry. An extremely high level of risk frequentlycharacterizes certain industries that experience rapid growth. Although management willendeavor to evaluate the risks inherent in a particular new prospective business orindustry, there can be no assurance that we will properly ascertain or assess all suchrisks or that subsequent events may not alter the risks that we perceive at the time ofthe consummation of any new business opportunity.

CONFLICTS OF INTERESTOur officers and directors are not required to commit their full time to our affairs.Therefore, there may be a conflict of interest in allocating management time among theirvarious business activities. However, our officers and directors will devote such time asthey deem reasonably necessary, in their sole discretion, to conduct our business andaffairs, including the evaluation of potential new business opportunities and thenegotiation and consummation of a new business. As a result, the amount of time devoted toour business and affairs may vary significantly, depending upon, among other things,whether we have identified a new prospective business opportunity or are engaged in activenegotiation and consummation of a business combination.

COMPETITIONWe expect to encounter intense competition from other entities seeking to pursue newbusiness opportunities.  Many of these entities, including venture capitalpartnerships, and large industrial and financial institutions, small business investmentcompanies and wealthy individuals, are well-established and have extensive experience inconnection with identifying new prospective business opportunities or in effectingbusiness combinations. Many of these competitors possess greater financial, technical,human and other resources than us and there can be no assurance that we will have theability to compete successfully. Based upon our limited financial resources, we will lackthe resources as compared to those of many of our potential competitors. Further, suchcompetitors may not need to seek the prior approval of their own shareholders to approve anew prospective business opportunity or business combination, which may enable them toclose transaction far more quickly and expeditiously than we may. This inherentcompetitive limitation may compel us to select certain less attractive new businessopportunities or business combinations. There can be no assurance that such prospects willpermit us to achieve our stated business objectives.

ADDITIONAL FINANCING REQUIREMENTSBecause we had no revenues and no material business activities, we were entirely dependentupon the willingness of our  management to fund the costs associated with compliancewith the filing requirements under the Exchange Act, and other  administrative costsof continuing our corporate existence.  During the period covered by this AnnualReport, such costs were not paid and we did not remain current in our reportingobligations. In order for us to become current, as of the date of the preparation andfiling of this Annual Report, our present management engaged the services of GrassanoAccounting P.A. as our new independent public accountant, as reported in our Form 8-Kfiled November 27, 2001. Our present management has advanced approximately $30,000 foradministrative costs related to accounting expenses and the reinstatement of the corporateexistence under the laws of the State of Texas. In addition, we are currently negotiatingwith CR Capital Services, Inc., a company providing corporate securities complianceservices, for payment for services in connection with the preparation and filing of thisForm 10-KSB and our Quarterly Reports due under the Exchange Act. The amount of the legaland related consulting fees has not been determined with certainty at the date of thefiling of this Form 10-KSB, but we expect to be able to pay such expense in shares of ourcommon stock. In fact, we are dependent upon the willingness of  third partyconsultants to provide services to us in consideration for our agreement to issue sharesin lieu of cash compensation, in amounts to be determined, because we will not achieve anyrevenues until, at the earliest, the consummation of a business combination or ourcommencement of business operations. We anticipate that we will have available to ussufficient resources, however limited, to continue to pay accounting fees and othermiscellaneous expenses that may be required until we commence business operations.  In the event that our available resources from our management prove to be insufficient forthe purpose of commencing operations through a business combination or otherwise, we willbe required to seek additional financing. Our failure to secure additional financing couldhave a material adverse effect on our ability to commence operations and pursue ourbusiness plan. We do not have any arrangements with any bank or financial institution tosecure additional financing and there can be no assurance that any such arrangement, ifrequired or otherwise sought, would be available on terms deemed to be commerciallyacceptable and in our best interests.

STATE BLUE SKY REGISTRATION; POTENTIAL LIMITATIONS ON RESALE OF THE SECURITIESBecause the class of common stock registered under the Exchange Act have not beenregistered for resale under the Act or the "blue sky" laws of any state, theholders of such shares and persons who desire to purchase them in any trading market thatmight develop in the future, should be aware that there may be significant state blue-skylaw restrictions upon the ability of investors to resell our securities.  Accordingly, investors should consider the secondary market for the Company's securitiesto be a limited one. 

It is the intention of the management following the consummation of abusiness combination to seek coverage and publication of information regarding the Companyin an accepted publication manual which permits a manual exemption. The manual exemptionpermits a security to be distributed in a particular state without being registered if thecompany issuing the security has a listing for that security in a securities manualrecognized by the state. However, it is not enough for the security to be listed in arecognized manual. The listing entry must contain (1) the names of issuers, officers, anddirectors, (2) an issuer’s balance sheet, and (3) a profit and loss statement foreither the fiscal year preceding the balance sheet or for the most recent fiscal year ofoperations. Furthermore, the manual exemption is a nonissuer exemption restricted tosecondary trading transactions, making it unavailable for issuers selling newly issuedsecurities.

Most of the accepted manuals are those published in Standard and Poor’s,Moody’s Investor Service, Fitch’s Investment Service, and Best’s InsuranceReports, and many states expressly recognize these manuals. A smaller number of statesdeclare that they "recognize securities manuals" but do not specify therecognized manuals. The following states do not have any provisions and therefore do notexpressly recognize the manual exemption: Alabama, Georgia, Illinois, Kentucky, Louisiana,Montana, South Dakota, Tennessee, Vermont and Wisconsin. 

DIVIDENDS UNLIKELYWe do not expect to pay dividends for the foreseeable future because we have no revenuesor capital and any potential business operations or acquisition will require the use ofany financial resources prior to the consummation of a Business Combination. The paymentof dividends after consummating a Business Combination, if any, will be contingent uponour revenues and earnings, if any, capital requirements and general financial conditionsubsequent to consummation of a Business Combination. The payment of any dividendssubsequent to a Business Combination will be within the discretion of our Board ofDirectors as then constituted. It is our expectation that any future management followinga Business Combination will determine to retain all earnings, if any, for use in thefuture business operations and accordingly, we do not anticipate declaring any dividendsin the foreseeable future. 

POSSIBLE ISSUANCE OF ADDITIONAL SECURITIESOur Articles of Incorporation authorize the issuance of 75,000,000 shares of Common Stock,par value $0.01. We may issue additional shares in consideration for legal and consultingservices as well as a substantial number of additional shares in connection with ourintent to pursue new business opportunities. To the extent that additional shares ofCommon Stock are issued, our shareholders would experience dilution of their respectiveownership interests in the Company. Additionally, if we issue a substantial number ofshares of Common Stock in connection with our intent to pursue new business opportunities,a change in control of the Company may occur which may affect, among other things, ourability to utilize net operating loss carry forwards, if any. Furthermore, the issuance ofa substantial number of shares of Common Stock may adversely affect prevailing marketprices, if any, for the Common Stock and could impair our ability to raise additionalcapital through the sale of its equity securities.

Our Articles of Incorporation also authorizes the issuance of 2,500,000shares of preferred stock (the "Preferred Stock"), par value $0.05, with suchdesignations, powers, preferences, rights, qualifications, limitations and restrictionsand in such series as our Board of Directors, subject to the laws of the State of Texas,may determine from time to time. Accordingly, our Board of Directors is empowered, withoutshareholder approval, to issue Preferred Stock with dividend, liquidation, conversion,voting or other rights that could adversely affect the voting power or other rights of theholders of Common Stock. In addition, the Preferred Stock could be utilized, under certaincircumstances, as a method of discouraging, delaying or preventing a change in control ofthe Company. Although we do not currently intend to issue any shares of Preferred Stock,there can be no assurance that we will not do so in the future. As of the date hereof, wehave no shares of Preferred Stock issued and outstanding.

COMPLIANCE WITH PENNY STOCK RULESOur securities will initially be considered a "penny stock" as defined in theExchange Act and the rules thereunder, since the price of our shares of Common Stock isless than $5. Unless our Common Stock is otherwise excluded from the definition of"penny stock," the penny stock rules apply with respect to that particularsecurity. The penny stock rules require a broker-dealer prior to a transaction in pennystock not otherwise exempt from the rules, to deliver a standardized risk disclosuredocument prepared by the SEC that provides information about penny stocks and the natureand level of risks in the penny stock market. The broker-dealer also must provide thecustomer with current bid and offer quotations for the penny stock, the compensation ofthe broker-dealer and its sales person in the transaction, and monthly account statementsshowing the market value of each penny stock held in the customer's account. In addition,the penny stock rules require that the broker-dealer, not otherwise exempt from suchrules, must make a special written determination that the penny stock is suitable for thepurchaser and receive the purchaser's written agreement to the transaction. Thesedisclosure rules have the effect of reducing the level of trading activity in thesecondary market for a stock that becomes subject to the penny stock rules. So long as thecommon stock is subject to the penny stock rules, it may become more difficult to sellsuch securities. Such requirements, if applicable, could result in reduction in the levelof trading activity for that particular security of Gexa and could make it more difficultfor investors to sell that particular security. 

ITEM 2. DESCRIPTION OF PROPERTY

The Company's offices are presently located at 24 Greenway Plaza, Suite1826, Houston, Texas, which space is provided to us on a rent-free basis by Mr. NeilLeibman. The office facility consist of approximately 800 square feet of office space. Itis anticipated that this arrangement for rent-free space will remain until such time as wesuccessfully consummate a new business opportunity. The space made available to us at theoffices of Mr. Leibman are sufficient for the foreseeable future, until such time as weshall consummate a new business opportunity.

ITEM 3. LEGAL PROCEEDINGS

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

 
**PART II**
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

(A) Market Information

Our Common Stock was listed for trading on the OTC Bulletin Board (OTCBB) under thesymbol "GEXA" until our Common Stock was delisted in 1992 following ourbankruptcy filing under Chapter XI after which date our Common Stock was quoted from timeto time on the pink sheets under the symbol GEXA. The Company changed its symbol to GECXin March 31, 2001. We were also delisted from the OTCBB as a result of our not being acurrent reporting company under the Exchange Act. We do not believe that there was everany significant trading activity in our Common Stock at any time. 

(B) Holders of Common Stock

At September 30, 2001, there were approximately 2,606 holders of record of Gexa GoldCorp.'s common stock.

(C) Dividends

We have never paid any of dividends on our Common Stock, have no fundsfrom which to pay dividends and do not intend to pay dividends for the foreseeable future.We intend to retain earnings, if any, to finance the development and expansion of ourbusiness. Payment of dividends in the future will depend, among other things, upon ourability to generate earnings, its need for capital and its overall financial condition.

Recent sales of unregistered Securities

The Company has not sold any unregistered securities during 1996, 1997and 1998. 

ITEM 6. MANAGEMENT'S PLAN OF OPERATION

The following discussion and analysis and plan of operation containsome forward-looking statements. Forward-looking statements give our current expectationsor forecasts of future events. You can identify these statements by the fact that they donot relate strictly to historical or current facts. They use words such as"anticipate," "estimate," "expect," "project,""intend," "plan," "believe," and other words and terms ofsimilar meaning in connection with any discussion of future operating or financialperformance. From time to time, we also may provide forward-looking statements in othermaterials we release to the public.

Also note that we provide cautionary discussion of risks, uncertaintiesand possibly inaccurate assumptions relevant to our business under the section entitled"Risk Factors" under Item 1 Part 1. Other factors besides those listed couldalso adversely affect us in the future.

Overview

Our current activity is related to seeking new business opportunities. We will use ourlimited personnel and financial resources principally in connection with the search fornew business opportunities. It may be expected that starting any new business opportunitywill involve the issuance of our shares of Common Stock. To the extent that Common Stockis used to fund any new business opportunity, any available cash, of which there can be noassurance, will be used to finance such new business operations. There was no stock issuedfrom December 31, 1990 through April 18, 2001. At December 31, 1998, we have no cashor other current assets.

During the period of this Annual Report, we raised no funds through thesale of securities and we generated no revenues. Our former operations ceased during thesecond quarter of 1992. Mr. Leibman became our chairman in March 2001 by action of theformer board of directors consisting of Justin Rice, Gary Rice and Robert McDougal. As ofthe date of this filing, Mr. Leibman has paid for the benefit of the Company a total ofapproximately $30,000, which monies have been applied principally to pay fees related toour filings and reports under the Exchange Act. These filings are intended to permit us tobecome again current under the reporting requirements of the Exchange Act. While we aredependent upon limited interim payments made on behalf of the Company by Mr. Leibman topay professional fees, we have no written finance agreement with Mr. Leibman to provideany continued funding. Further, the repayment terms of any payments made on behalf of theCompany by Mr. Leibman have not been determined at the date of the filing of this Form10-KSB. Mr. Leibman is presently negotiating on behalf of the Company with its attorneyand CR Capital Services, Inc., its corporate securities compliance firm, to be paid forservices in shares. No determination has been made regarding the amount of shares.

We may determine to seek to raise funds from the sale of equity or debtsecurities, from bank or other borrowings as part of any new business opportunity. We mayissue a substantial number of additional shares and to the extent that such additionalshares are issued, our shareholders will experience a dilution in their ownershipinterest. Additionally, if a substantial number of shares of Common Stock are issued inconnection with a new business opportunity, a change in control of Gexa may be expected tooccur.

There currently are no limitations on our ability to borrow fundspursue new business opportunity. However, our limited resources and may make it difficultto borrow funds. The amount and nature of any borrowing by us will depend on numerousfactors, including Gexa's capital requirements, potential lenders' evaluation of Gexa'sability to meet debt service on borrowing and the then prevailing conditions in thefinancial markets, as well as general economic conditions. The inability of Gexa to borrowfunds required to pursue new business opportunities, or to provide funds for an additionalinfusion of capital, may have a material adverse effect on Gexa financial condition andfuture prospects. To the extent that debt financing ultimately proves to be available, anyborrowing will subject Gexa to various risks.

ITEM 7. FINANCIAL STATEMENTS

Set forth below are the audited financial statements for the Companyfor the year ended December 31, 1998 and 1997.

**INDEX    TO FINANCIAL STATEMENTS**
Page  Independent Auditors'    Report11
     Balance Sheets December 31, 1998 and December 31, 199812
     Statements of Operations12  Stockholders' Equity13
     Statements of Cash Flows13  Notes to Financial    Statements13
 

Board of DirectorsGexa Corp.24 Greenway Plaza, Suite 1826Houston, Texas 77046

**Independent Auditors’ Report**

Members of the Board:

We have audited the accompanying balance sheets of Gexa Corp. as ofDecember 31, 1998 and 1997, and the related statements of operations,stockholders’ equity and cash flows for the year then ended. These financialstatements are the responsibility of Company’s management. Our responsibility is toexpress an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generallyaccepted in the United States of America. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statements are freeof material misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. We believe that our auditprovides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of Gexa Corp. as of December 31,1998 and 1997, and the results of its operations, its changes in stockholders’ equityand its cash flows for the year then ended in conformity with accounting principlesgenerally accepted in the United States of America.

/ s / Grassano Accounting P.A.Boca Raton, FloridaOctober 26, 2001

 

**GEXA    CORP.**
Balance    Sheets  
ASSETS
Dec.      31, 1998
December    31, 1997     Total    Assets
$
0
$
0  
LIABILITIES    AND STOCKHOLDERS' EQUITY            Total liabilities0
0Stockholders' equity (deficit):   Cumulative    Convertible preferred stock, $.05 par value;    2,500,000 shares    authorized; 944,495   preferred    convertible shares issued and outstanding 47,22547,225   Common stock, $.01    par value; 75,000,000 shares    authorized;    8,504,425 shares issued and outstanding85,04485,044   Additional paid-in    capital
2,685,512
2,685,512      Accumulated deficit
(2,817,781)
(2,817,781)     Total    stockholders' equity
0
0          Total Stockholders' Equity and Liabilities
$
0
$
0
See accompanying notes to financial statements.
 

**GEXA CORP.**
Statements of Operations
         
For the Year Ended December 31,
1998
1997Sales
$0
$0Cost of    sales00        Gross profit00General    and administrative00Net    income (loss)
$
0
$
0Basic    net income (loss) per share
$
0.00
$
0.00Diluted    net income (loss) per share
$
0.00
$
0.00  Basic    weighted average common      shares outstanding348,142348,142Diluted    weighted average common       shares outstanding385,922348,142
See    accompanying notes to financial statements.
 
**GEXA CORP.**Statements of Stockholders' Equity**For the Years Ended December 31, 1998 and 1997              
Retained  
Addi-
Earnings
Total  
Preferred Stock
Common Stock
tional
(Accu-
Stockholders'  
Number
Number
Paid-in
mulated
Equity
of Shares
Amount
of Shares
Amount
Capital
Deficit)
Deficit  Balance,    Dec. 31, 1996944,495
$47,2258,504,425
$85,044
$2,685,512
$(2,817,781)
$0Net    income (loss)           00Balance,    Dec. 31, 1997944,49547,2258,504,42585,0442,685,512(2,817,781)0Net    income (loss)        
0
0Balance,    Dec. 31, 1998
944,495
$47,2258,504,425
$85,044
$2,685,512
$(2,817,781)
$0
See    accompanying notes to financial statements.
 

**GEXA CORP.**
Statements of Cash Flows      
For the Year  Ended December 31,  
1998
1997Cash Flow    from Operating activities:          Net cash provided (used in) operating activities
0
0Cash    flows from investing activities:          Net cash provided by (used in) investing activities00Cash    flows from financing activities:          Net cash provided by (used in) investing activities
0
0Increase    (decrease) in cash00Cash and    cash equivalents, beginning of period
0
0Cash and    cash equivalents, end of period
$
0
$
0Supplemental    disclosure of cash flow data:      Interest paid
$
0
$
0
See    accompanying notes to financial statements.
 

GEXA CORP.Notes to the Financial StatementsDecember 31, 1998 and 1997
**1. Organization and Basis of Presentation:**
GEXA Corporation (the Company or GEXA) was formed on April 1, 1985 forthe purpose of exploring and developing silver and gold mineral properties in the WesternUnited States.

On November 1, 1989, the Company ceased being a development stagecompany with the commencement of commercial production of gold at the Mother Lode mine, aheap leach facility near Beatty, Nevada. 

During the three months ended June 30, 1992, the Company filed forbankruptcy and disposed of all of its assets and liabilities and has been inactive sincethe bankruptcy settlement.
**2. Significant Accounting Policies:
**Use of estimates:**
The preparation of financial statements in conformity with generallyaccepted accounting principles requires management to make estimates and assumptions thataffect certain reported amounts and disclosures. Accordingly, actual results could differfrom those estimates.
**Cash and Cash Equivalents:**
The Company considers all highly liquid short-term investmentspurchased with a maturity of three months or less to be cash equivalents.
**Income Taxes:**
The Company accounts for income taxes pursuant to the asset andliability method which required deferred income tax assets and liabilities to be computedannually for temporary differences between the financial statement and tax bases of assetsand liabilities that will result in taxable or deductible amounts in the future based onenacted tax laws and rates applicable to the periods in which the differences are expectedto affect taxable income. Valuation allowances are established when necessary to reducedeferred tax assets to the amount expected to be realized. The income tax provision orcredit is the tax payable or refundable for the period plus or minus the change during theperiod in deferred tax assets and liabilities.
**Earnings (loss) per share:**
The Company presents "basic" earnings (loss) per share and,if applicable, "diluted" earnings per share pursuant to the provisions ofStatement of Financial Accounting Standards No. 128, Earnings per Share ("SFAS128"). The basic weighted average number of shares was computed as if the February10, 2001 1 to 25 reverse stock split occurred on December 31, 1990. Basic earnings (loss)per share is calculated by dividing net income or loss by the weighted average number ofshares outstanding during each period. The calculation of diluted earnings (loss) pershare is similar to that of basic earnings per share, except that the denominator isincreased to include the number of additional common shares that would have beenoutstanding if all of the preferred shares were converted into common shares.
**Comprehensive income:**
Statement of Financial Accounting Standards No. 130 "ReportingComprehensive Income," (SFAS 130), requires that total comprehensive income bereported in the financial statements. There were no components of comprehensive income;consequently, no separate statement of comprehensive income has been presented.
**Recent accounting pronouncements:**
In the periods reported, the Company was subject to the provisions ofStatement of Financial Accounting Standards No. 131 ("SFAS 131"),"Disclosures about Segments of an Enterprise and Related Information." Thisstatement had no impact on the Company’s financial statements as the Company’sfinancial statements reflect how the "key operating decisions maker" views thebusiness. The Company will continue to review this statement over time to determine if anyadditional disclosures are necessary based on evolving circumstances.
**Income Taxes

At December 31, 1998, the Company has the following net operating losscarryforwards:
Financial Statement BasisIncome Tax BasisYear of Expiration$457,765$385,4682000498,576418,1852001137,978819,3492002424,933992,2972003995,432813,3162004682,1401,047,8352005$3,196,824$4,476,450
The Company’s postacquisition (Note 1) net operating loss (NOL) carryforward isaccorded different treatment than the preacquisition NOL carryforward under the InternalRevenue Code and, accordingly, available amounts of the NOL may be reduced.

 

ITEM 8. CHANGES IN AND DISAGREEMENTS WITHACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

 
**PART III**
ITEM 9. DIRECTORS AND EXECUTIVE OFFICERS OF THEREGISTRANT

At present, we have two executiveofficers and five directors. We have elected to maintain seven board seats to serve threeyear staggered terms. We may elect more additional directors and appoint additionalofficers in connection with a Business Combination transaction. Our director(s) areelected to serve until the next annual meeting of shareholders and until his (their)respective successors will have been elected and will have qualified.

The following table sets forth as the name, age and position held with respect to ourdirectors and executive officer:
Name
Age
Positions
TermNeil Leibman
41
CEO, Chairman
one yearMarcie Zlotnik39President, and    Directorone yearStuart C. Gaylor40Directorone yearDan C. Fogarty37Directorone yearBobby Orr41Directorone year
Mr. Leibman, CEO: Mr. Neil Leibman has an undergraduate degree fromEmroy University and a Juris Doctor and Master of Business Administration degree from theState University of New York at Buffalo. Since 1984, Mr. Leibman has been practicing lawin Texas. His law firm is specialized in corporate law and business litigation. Mr.Leibman currently sits on the Board of Directors of Sundowner Pools & Landscape, Inc.and EZUtilities Corp. In addition, he serves as Vice Chairman of the Board of Trustee ofThe Fay School and on the Development Council of Texas Childrin's Hospital. Mr. Leibmanhas not held any position in a reporting public company during the last five years.

Ms. Marcie Zlotnik, President: Ms. Zlotnik graduated in 1987 from the University ofTexas at Austin with a Bachelor of Business Administration in Accounting. Ms. Zlotnik hasbeen working in the telecommunication industry for the last 10 years. During these years,Mr. Zlotnik was Chief Operating Officer for Coastal Telephone Company, which was sold toBroadwing Communication. Following her managing position at Coastal Telephone Company, Ms.Zlotnik became President of TotalNet Communications, Inc., a long distance telephonecompany in Houston, Texas. Mrs. Zlotnik has not held any position in a reporting publiccompany during the last five years.

Section 16(a) Beneficial Ownership Reporting Compliance:
Name of Officer/Director
Forms Not FiledNeil Leibman
Forms 3, 4  and 5Marcie ZlotnikForms 3, 4  and 5Stuart C. GaylorForms 3, 4  and 5Dan C. FogartyForms 3, 4  and 5Bobby OrrForms 3, 4  and 5
ITEM 10. EXECUTIVE COMPENSATION
          
Long Term Compensation        
Annual Compensation
Awards
Payouts  
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
Name and Principal    Position
Year
Salary
Bonus 
Other Annual    Compensation
Restricted Stock    Award(1) 
Securities Underlying    Options/SAR 
LTIP Payouts 
All other compensation         
($)($)($)($)(#)($)($)
Neil Leibman, CEO,    Director, Since 3-20012000
0000000Marcie Zlotnik, President, Director since    3-200120000000000Stuart C. Gaylor, Director since 3-200120000000000Bobby Orr, Director since 3-200120000000000Justin L. Rice2000-19910000000Gary L. Rice2000-19910000000David E.P. Lindh2000-19910000000Henry C.B. Lindh2000-19910000000Robert McDougal2000-19910000000Dale Stringfellow2000-19910000000Laura B. Kalbfleisch2000-19910000000
(1) All new officers    commenced serving in such positions in March 2001. Since our discharge from bankruptcy in    1992, we paid no executive compensation, because we lacked the cash flow and financial    resources. The Company has no employment agreement with any of its officers and    directors.
ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth certain information regarding thebeneficial ownership of the Common Stock of Gexa as of September 30, 2001, and the date ofthe filing of this Form 10-KSB for the year ended December 31, 1998, beneficially by eachperson owning more than 5% of such common shares and the directors and executive officers,and by all officers and directors, as a group.
Name and Address of Beneficial    Owner
Amount and    Nature of Beneficial Ownership
Percent of    Class Outstanding(a)Neil Leibman, CEO, 24 Greenway,    Suite 1826, Houston, TX 77046(1)3,200,000
53.35%Marcie Zlotnik, President, 24    Greenway, Suite 1826, Houston, TX 77046640,000
10.67%N. Peter Hamilton21,363
6.27%N. A. Degerstorm, Inc.47,899
14.08%Justin L. Rice30,627
9.00%Gary L. Rice
21,880
6.43%All Officers and Directors as a Group (one person)
0
0%(a) Based on 5,866,922    shares of Common Stock outstanding as of September 30, 2001.
(1)    Mr. Leibman became the Company’s CEO and director in March 2001.(2) Ms. Zlotnik became    the Company’s President and director in March 2001.
ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

There were no known transaction during the year covered by this report, or proposedtransactions, to which the Company was or is to be a party, in which any Officer, Directoror Control Person had a direct or indirect material interest. 

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

(A) Exhibits

Exhibit No.
Description
3.1
Articles of Incorporation    (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form 10-12g    filed September 3, 1987.
3.2
Bylaws (incorporated by    reference to Exhibit 3.2 to the Company's Registration Statement on Form 10-12g filed    September 3, 1987.
13(i)The    Registrant's Current Report on Form 8-K filed on June 21, 2001 and November 27, 2001,    which are incorporated by reference.99.2Texas Business Corporation Act Part V, Article    5.1, 5.2 and 5.3.
Description of Exhibits
**EXHIBIT 99.2

Art. 5.01. Merger

     A. A domestic corporation may adopt aplan of merger and one or more domestic corporations may merge with one or more domesticor foreign corporations or other entities if:

     (1) the board of directors of eachdomestic corporation that is a party to the plan of merger acts upon and its shareholders(if required by Article 5.03 of this Act) approve the plan of merger in the mannerprescribed in Article 5.03 of this Act;

     (2) if one or more foreign corporationsor other entities is a party to the merger or is to be created by the terms of the plan ofmerger, (a) the merger is permitted by the laws of the state or country under whose laweach foreign corporation, if any, that is a party to the merger is incorporated, (b) themerger is either permitted by the laws under which each other entity that is a party tothe merger is incorporated or organized or by the constituent documents of the otherentity that are not inconsistent with such laws, and (c) each foreign corporation or otherentity that is a party to the merger complies with such laws or documents in effecting themerger; and

     (3) no shareholder of a domesticcorporation that is a party to the merger will, as a result of such merger, becomepersonally liable, without his consent, for the liabilities or obligations of any otherperson or entity.

     B. A plan of merger shall set forth:

     (1) the name of each domestic or foreigncorporation or other entity that is a party to the merger and the name of each domestic orforeign corporation or other entity, if any, that shall survive the merger, which may beone or more of the domestic or foreign corporations or other entities party to the merger,and the name of each new domestic or foreign corporation or other entity, if any, that maybe created by the terms of the plan of merger;

     (2) the terms and conditions of themerger including, if more than one domestic or foreign corporation or other entity is tosurvive or to be created by the terms of the plan of merger, (a) the manner and basis ofallocating and vesting the real estate and other property of each domestic or foreigncorporation and of each other entity that is a party to the merger among one or more ofthe surviving or new domestic or foreign corporations and other entities, (b) the name ofthe surviving or new domestic or foreign corporation or other entity that is to beobligated for the payment of the fair value of any shares held by a shareholder of anydomestic corporation that is a party to the merger who has complied with the requirementsof Article 5.12 of this Act for the recovery of the fair value of his shares, and (c) themanner and basis of allocating all other liabilities and obligations of each domestic orforeign corporation and other entity that is a party to the merger (or making adequateprovision for the payment and discharge thereof) among one or more of the surviving or newdomestic or foreign corporations and other entities;

     (3) the manner and basis of convertingany of the shares or other evidences of ownership of each domestic or foreign corporationand other entity that is a party to the merger into shares, obligations, evidences ofownership, rights to purchase securities or other securities of one or more of thesurviving or new domestic or foreign corporations or other entities, into cash or otherproperty, including shares, obligations, evidences of ownership, rights to purchasesecurities or other securities of any other person or entity, or into any combination ofthe foregoing, and if any shares or other evidences of ownership of any holder of a classor series of shares or other evidence of ownership is to be converted in a manner or basisdifferent than any other holder of shares of such class or series or other evidence ofownership, the manner and basis applicable to such holder;

     (4) as an exhibit or attachment, thearticles of incorporation of any new domestic corporation to be created by the terms ofthe plan of merger; and

     (5) the articles of incorporation orother organizational documents of each other entity that is a party to the merger and thatis to survive the merger or is to be created by the terms of the plan of merger.

     C. The plan of merger may set forth:

     (1) any amendments to the articles ofincorporation of any surviving corporation;

     (2) provisions relating to a shareexchange; and

     (3) any other provisions relating to themerger.

     D. Upon the merger's taking effect, thesurviving or new foreign corporation or other entity, if any, that is the sole survivingor new foreign corporation or other entity in the merger, or if more than one domestic orforeign corporation or other entity is to survive or to be created by the terms of theplan of merger, the surviving or new foreign corporation or other entity that isdesignated in the plan of merger to be the entity obligated for the payment of the fairvalue of any shares held by a shareholder who has complied with the requirements ofArticle 5.12 of this Act for the recovery of the fair value of his shares, is deemed:

     (1) to appoint the Secretary of State inthis State as its agent for service of process in a proceeding to enforce any obligationor the rights of dissenting shareholders of each domestic corporation that is a party tothe merger; and

     (2) to agree that it will promptly pay tothe dissenting shareholders of each domestic corporation that is a party to the merger theamount, if any, to which they are entitled under Article 5.11 of this Act.

     E. This Article does not limit the powerof a domestic or foreign corporation or other entity to acquire all or part of the sharesof one or more classes or series of a domestic corporation through a voluntary exchange orotherwise.

     F. This Article does not limit the powerof domestic or foreign corporations to merge pursuant to Article 5.16 of this Act.

Acts 1955, 54th Leg., p. 239, ch. 64, eff. Sept. 6, 1955. Amended byActs 1971, 62nd Leg., p. 1173, ch. 276, Section 2, eff. May 19, 1971.

Sec. B amended by Acts 1983, 68th Leg., p. 1714, ch. 326, Section 1,eff. Aug. 29, 1983; Acts 1983, 68th Leg., p. 2569, ch. 442, Section 7, eff. Sept. 1, 1983.Amended by Acts 1989, 71st Leg., ch. 801, Section 26, eff. Aug. 28, 1989; Secs. B and Damended by Acts 1991, 72nd Leg., ch. 901, Section 25, eff. Aug. 26, 1991; Sec. B amendedby Acts 1997, 75th Leg., ch. 375, Section 24, eff. Sept. 1, 1997.
**Art. 5.02. Share Exchange or Acquisition

     A. One or more domestic or foreigncorporations or other entities may acquire all of the outstanding shares of one or moreclasses or series of one or more domestic corporations if:

     (1) the board of directors of eachdomestic corporation that is a party to the plan of exchange acts on a plan of exchange inthe manner prescribed by Article 

5.03 of this Act and its shareholders (if required by Article 5.03 ofthis Act ) approve the plan of exchange;

     (2) one or more foreign corporations orother entities is to issue shares or other interests as part of the plan of exchange, theissuance of such shares or interests is either permitted by the laws under which suchforeign corporation or other entity is incorporated, organized, or not inconsistent withsuch laws; and

     (3) each acquiring domestic or foreigncorporation or other entity takes all action that may be required by the laws of the stateor country under which it was incorporated or organized and by its constituent documentsto effect the exchange.

     B. A plan of exchange must set forth:

     (1) the name of the corporation orcorporations whose shares will be acquired and the name of each acquiring domestic orforeign corporation and other entity;

     (2) the terms and conditions of theexchange including, if there is more than one acquiring domestic or foreign corporation orother entity, the shares to be acquired by each such corporation or other entity; and

     (3) the manner and basis of exchangingthe shares to be acquired for shares, obligations, evidences of ownership, rights topurchase securities or other securities of one or more of the acquiring domestic orforeign corporations or other entities that is a party to the plan of exchange, or forcash or other property, including shares, obligations, evidences of ownership, rights topurchase securities or other securities of any other person or entity, or for anycombination of the foregoing, and if any shares or other evidences of ownership of anyholder of a class or series of shares or other evidence of ownership is to be exchanged ina manner or basis different than any other holder of shares of such class or series orother evidence of ownership, the manner and basis applicable to such holder.

     C. The plan of exchange may set forth anyother provisions relating to the exchange and may be contained in and be a part of a planof merger.

     D. A plan of exchange may not be effectedif any shareholder of a domestic corporation that is a party to the share exchange will,as a result of the share exchange, become personally liable, without his consent, for theliabilities or obligations of any other person or entity.

     E. This Article does not limit the powerof a domestic or foreign corporation or other entity to acquire all or part of the sharesof one or more classes or series of a domestic corporation through a voluntary exchange orotherwise.

Acts 1955, 54th Leg., p. 239, ch. 64, eff. Sept. 6, 1955. Amended byActs 1971, 62nd Leg., p. 1173, ch. 276, Section 3, eff. May 19, 1971.

Sec. B amended by Acts 1983, 68th Leg., p. 2570, ch. 442, Section 8,eff. Sept. 1, 1983. Amended by Acts 1989, 71st Leg., ch. 801, Section 27, eff. Aug. 28,1989; Sec. B amended by Acts 1991, 72nd Leg., ch. 901, Section 26, eff. Aug. 26, 1991;Secs. A, B amended by Acts 1997, 75th Leg., ch. 375, Section 25, eff. Sept. 1, 1997.
**Art. 5.03. Action on Plan of Merger or Exchange

     A. Except as provided by Sections G and Hof this Article, after acting on a plan of merger or exchange in the manner prescribed bySubsection (1) of Section B of this Article, the board of directors of each domesticcorporation that is a party to the merger, and the board of directors of each domesticcorporation whose shares are to be acquired in the share exchange, shall submit the planof merger or exchange for approval by its shareholders. Unless the articles ofincorporation otherwise require, no approval by shareholders of a plan of merger isrequired under this Article for any corporation that is a party to the plan of mergerunless that corporation is also a party to the merger.

     B. Except as provided by Sections G and Hof this Article, for a plan of merger or exchange to be approved:

     (1) the board of directors of thecorporation shall adopt a resolution recommending that the plan of merger or exchange beapproved by the shareholders of the corporation, unless the board of directors determinesthat for any reason it should not make that recommendation, in which case the board ofdirectors shall adopt a resolution directing that the plan of merger or exchange besubmitted to shareholders for approval without recommendation and, in connection with thesubmission, communicate the basis for its determination that the plan be submitted toshareholders without any recommendation; and

     (2) the shareholders entitled to vote onthe plan of merger or exchange must approve the plan.

     C. The board of directors may conditionits submission to shareholders of a plan of merger or exchange on any basis.

     D. The corporation shall notify eachshareholder, whether or not entitled to vote, of the meeting of shareholders at which theplan of merger or exchange is to be submitted for approval in accordance with Article 2.25of this Act. The notice shall be given at least 20 days before the meeting and shall statethat the purpose, or one of the purposes, of the meeting is to consider the plan of mergeror exchange and shall contain or be accompanied by a copy or summary of the plan.

     E. Unless the board of directors (actingpursuant to Section C of this Article) requires a greater vote or a vote by class orseries, the vote of shareholders required for approval of a plan of merger or exchangeshall be the affirmative vote of the holders of at least two-thirds of the outstandingshares of each corporation entitled to vote thereon, unless any class or series of sharesof any such corporation is entitled to vote as a class thereon, in which event the voterequired for approval by the shareholders of such corporation shall be the affirmativevote of the holders of at least two-thirds of the outstanding shares within each class orseries of shares entitled to vote thereon as a class and at least two-thirds of theoutstanding shares otherwise entitled to vote thereon. Shares entitled to vote as a classshall be entitled to vote only as a class unless otherwise entitled to vote on each mattersubmitted to the shareholders generally or provided in the articles of incorporation.

     F. Separate voting by a class or seriesof shares of a corporation shall be required:

     (1) for approval of a plan of merger if(a) the plan contains a provision that if contained in a proposed amendment to thearticles of incorporation would require approval by that class or series of shares underArticle 4.03 of this Act, or (b) that class or series of shares is entitled under thearticles of incorporation to vote as a class thereon; and

     (2) on a plan of exchange if (a) sharesof that class or series are to be exchanged pursuant to the terms of the plan, or (b) thatclass or series is entitled under the articles of incorporation to vote as a classthereon.

     G. Unless the articles of incorporationotherwise require, approval by the shareholders of a corporation on a plan of merger shallnot be required and the provisions of Sections A, B, C, D, E, and F of this Article do notapply if:

     (1) the corporation is the sole survivingcorporation in the merger;

     (2) the articles of incorporation of thecorporation will not differ from its articles of incorporation before the merger;

     (3) each shareholder of the corporationwhose shares were outstanding immediately before the effective date of the merger willhold the same number of shares, with identical designations, preferences, limitations, andrelative rights, immediately after the effective date of the merger;

     (4) the voting power of the number ofvoting shares outstanding immediately after the merger, plus the voting power of thenumber of voting shares issuable as a result of the merger (either by the conversion ofsecurities issued pursuant to the merger or the exercise of rights to purchase securitiesissued pursuant to the merger), will not exceed by more than 20 percent the voting powerof the total number of voting shares of the corporation outstanding immediately before themerger;

     (5) the number of participating sharesoutstanding immediately after the merger, plus the number of participating shares issuableas a result of the merger (either by the conversion of securities issued pursuant to themerger or the exercise of rights to purchase securities issued pursuant to the merger),will not exceed by more than 20 percent the total number of participating shares of thecorporation outstanding immediately before the merger; and

     (6) the board of directors of thecorporation adopts a resolution approving the plan of merger.

     H. Unless the articles of incorporationotherwise require, approval by the shareholders of a corporation of a plan of merger shallnot be required and Sections A, B, C, D, E, and F of this Article do not apply if:

     (1) the merger is a merger of thecorporation with or into a direct or indirect wholly owned subsidiary of the corporationand after the merger the corporation or its successor is a direct or indirect wholly ownedsubsidiary of a holding company;

     (2) the corporation and the direct orindirect wholly owned subsidiary of the corporation are the only parties to the merger;

     (3) each share or a fraction of a shareof stock of the corporation outstanding immediately prior to the effectiveness of themerger is converted in the merger into a share or fraction of share of capital stock ofthe holding company having the same designations, preferences, limitations, and relativerights as a share of stock of the corporation being converted in the merger;

     (4) the holding company and thecorporation are domestic corporations;

     (5) the articles of incorporation andbylaws of the holding company immediately following the effective time of the mergercontain provisions identical to the articles of incorporation and bylaws of thecorporation immediately prior to the effective time of the merger (other than provisions,if any, regarding the incorporator or incorporators, the corporate name, the registeredoffice and agent, the initial board of directors, and the initial subscribers of sharesand such provisions contained in any amendment to the certificate as were necessary toeffect a change, exchange, reclassification, or cancellation of shares, if such change,exchange, reclassification, or cancellation has become effective);

     (6) the articles of incorporation andbylaws of the surviving corporation immediately following the effective time of the mergercontain provisions identical to the articles of incorporation and bylaws of thecorporation immediately prior to the effective time of the merger (other than provisions,if any, regarding the incorporator or incorporators, the corporate name, the registeredoffice and agent, the initial board of directors, and the initial subscribers of sharesand such provisions contained in any amendment to the certificate as were necessary toeffect a change, exchange, reclassification, or cancellation of shares, if such change,exchange, reclassification, or cancellation has become effective); provided, however,that:

     (a) the articles of incorporation of thesurviving corporation shall be amended in the merger to contain a provision requiring thatany act or transaction by or involving a surviving corporation that requires for itsapproval under this Act or the corporation's articles of incorporation the approval ofshareholders of the surviving corporation shall, by specific reference to this section,require the approval of the shareholders of the holding company (or any successor bymerger) by the same vote as is required by this Act and the articles of incorporation ofthe surviving corporation; and

     (b) the articles of incorporation of thesurviving corporation may be amended in the merger to change the classes and series ofshares and the number of shares that the surviving corporation is authorized to issue;

     (7) the directors of the corporationbecome or remain directors of the holding company on the effective time of the merger;

     (8) the shareholders of the corporationwill not recognize gain or loss for United States federal income tax purposes asdetermined by the board of directors of the corporation; and

     (9) the board of directors of thecorporation adopts a resolution approving the plan of merger.

     I. As used in this Article:

     (1) "Direct or indirect wholly ownedsubsidiary" means, with respect to any corporation, another corporation, all of theoutstanding voting stock of which is owned by the corporation or by one or more otherdomestic or foreign corporations or other entities, all of the outstanding voting stock orinterests of which is owned by the corporation or one or more of such other wholly owneddomestic or foreign corporations or other entities.

     (2) "Holding company" means acorporation which, from its incorporation until the effectiveness of a merger pursuant toSection H of this Article, was at all times a direct or indirect wholly owned subsidiaryof the corporation and whose stock is issued in the merger permitted by Section H of thisArticle.

     (3) "Participating shares"means shares that entitle the holders thereof to participate without limitation indistributions.

     (4) "Party to the merger"means:

     (a) a domestic corporation that is to bedivided into two or more new domestic corporations or into a surviving corporation and oneor more new domestic or foreign corporations or other entities pursuant to a plan ofmerger; or

     (b) a domestic or foreign corporation orother entity that is to be combined with one or more domestic or foreign corporations orother entities pursuant to a plan of merger resulting in (i) one or more survivingdomestic or foreign corporations or other entities, (ii) the creation of one or more newdomestic or foreign corporations or other entities, or (iii) one or more survivingdomestic or foreign corporations or other entities and the creation of one or more newdomestic or foreign corporations or other entities. A domestic or foreign corporation orother entity that is a party to a plan of merger that is not to be divided or combinedinto or with one or more domestic or foreign corporations or other entities is notconsidered to be a party to the merger even if shares, securities, or other property ofsuch party is to be issued pursuant to the plan of merger.

     (5) "Voting shares" meansshares that entitle the holders thereof to vote unconditionally in elections of directors.

     (6) "Shares" means, withoutlimitation, a receipt or other instrument issued by a depositary representing an interestin one or more shares of stock, or fractions thereof, solely of a domestic or foreigncorporation, which stock is deposited with a depositary.

     J. To the extent the provisions containedin Part Thirteen of this Act apply to the corporation and its shareholders at theeffective time of a merger pursuant to Section H of this Article, those provisions shallcontinue to apply to the holding company and its shareholders immediately after theeffective time of the merger as though it were the corporation, and all shares of theholding company acquired in the merger shall, for purposes of Part Thirteen, be deemed tohave been acquired at the time that the shares of stock of the corporation converted inthe merger were acquired, and any shareholder who, immediately prior to the effective timeof the merger, was not an affiliated shareholder within the meaning of Article 13.02 ofthis Act shall not solely by reason of the merger become an affiliated shareholder of theholding company.

     K. If the corporate name of a holdingcompany immediately following the effective time of a merger pursuant to Section H of thisArticle is the same as the corporate name of the corporation immediately prior to theeffective time of the merger, the shares of the holding company into which the shares ofthe corporation are converted in the merger shall be represented by the stock certificatesthat previously represented the shares of the corporation.

     L. After a merger or share exchange isapproved, and at any time before the merger or share exchange has become effective, theplan of merger or share exchange may be abandoned (subject to any contractual rights) byany of the corporations that are a party to the merger, without shareholder action, inaccordance with the procedures set forth in the plan of merger or exchange or, if no suchprocedures are set forth in the plan, in the manner determined by the board of directors.If articles of merger or exchange have been filed with the Secretary of State but themerger or share exchange has not yet become effective, the merger or share exchange may beabandoned if a statement, executed on behalf of each domestic corporation and foreigncorporation or other entity that is a party to the merger or share exchange by an officeror other duly authorized representative, stating that the plan of merger or exchange hasbeen abandoned in accordance with applicable law is filed with the Secretary of Stateprior to the effectiveness of the merger or share exchange. If the Secretary of Statefinds that such statement conforms to law, he shall, when all fees have been paid asrequired by law:

     (1) Endorse on the original and each copythe word "Filed" and the month, day, and year the filing thereof.

     (2) File the original in his office.

     (3) Issue a certificate of abandonment toeach domestic or foreign corporation or other entity that is a party to the merger orexchange.

Upon the filing of such statement by the Secretary of State, the mergeror share exchange shall be deemed abandoned and shall not become effective.

Acts 1955, 54th Leg., p. 239, ch. 64, eff. Sept. 6, 1955. Amended byActs 1967, 60th Leg., p. 1720, ch. 657, Section 9, eff. June 17, 1967.

Amended by Acts 1989, 71st Leg., ch. 801, Section 28, eff. Aug. 28,1989; Secs. B, E, G, I amended by Acts 1991, 72nd Leg., ch. 901, Section 27, eff. Aug. 26,1991; Secs. A, B, G amended by Acts 1993, 73rd Leg., ch. 215, Section 2.13, eff. Sept. 1,1993. Amended by Acts 1997, 75th Leg., ch. 375, Section 26, eff. Sept. 1, 1997.

 

(B) Reports on Form 8-K

None
**SIGNATURES**
Pursuant to the requirements of Section 13 or 15(d) of the SecuritiesExchange Act of 1934, the Registrant has duly caused this report to be signed on itsbehalf by the undersigned, thereunto duly authorized.

Gexa Corp.  
By: /s/ Marcie ZlotnikMarcie Zlotnik, President
Houston, TX
Dated: November 30, 2001**************************** |
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