| **UNITED STATES****SECURITIES AND EXCHANGE COMMISSION**Washington, DC 20549  **Form 10-QSB/A                          (Mark one)
[ X ] QUARTERLY    REPORT UNDER SECTION 13 OR 15 (d) OF THE 
SECURITIES    EXCHANGE ACT OF 1934  
For the    quarterly period ended: June 30, 2001  
[  ]    TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE 
SECURITIES    EXCHANGE ACT OF 1934
For    the transition period from ____________ to _____________  
Commission    file number: 0-16179  **Gexa    Corp.
(Exact    name of small business issuer as specified in its charter)** **
Texas
76-0670175
(State or    other jurisdiction of incorporation or organization) 
(IRS Employer    Identification No.)  
24    Greenway Plaza, Suite 1826, Houston, TX**77046
(Address of    principal executive offices)
(Zip Code)  **(713)-961-9399
(Issuer’s    telephone number)   
Gexa    Gold Corp.
(Former    Name, former address and former fiscal year, if changed since last report)
Check    whether the issuer (1) 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 report (s), and (2) has been subject to such filing requirements    for the past 90 days. Yes [ ] No [X]
APPLICABLE ONLY TO    CORPORATE ISSUERSState the number of shares outstanding of    each of the issuer’s classes of common equity, as of the latest practicable date:
Common Stock, $.01 par    value 5,866,922 shares outstanding as of September 30, 2001
Transitional Small Business    Disclosure Format: Yes __ No X** **
 

 

 

 

 

 
**TABLE    OF CONTENTS** **
**PART I. FINANCIAL    INFORMATION**
Page   Item 1. Financial Statements2Item 2. Management’s Plan of Operation5  **PART II. OTHER    INFORMATION   Item 1. Legal Proceedings6Item 2. Changes in Security6Item 3. Default Upon Senior Securities7Item 4. Submission of Matters to a Vote of    Security Holders7Item 5. Other Information7Item 6. Exhibits and Reports on Form 8-K7** ****PART I FINANCIAL INFORMATION

Item 1. Financial Statements**
Set forth below are the financial statements for the Company for thethree month periods ended June 30, 2001 and 2000.

**INDEX    TO FINANCIAL STATEMENTS**
Page
     Balance Sheets June 30, 2001 (Unaudited) and December 31, 2000 2
     Statement of Operations for the Three and Six-Months ended June 30, 2001 and 2000    (Unaudited)3
     Statement of Cash Flow for the Six-Months ended June 30, 2001 and 2000 (Unaudited)3  Notes to Financial    Statements4
 

**GEXA    CORP.**
Balance    Sheets
ASSETS
June    30, 2001
December    31, 2000(Unaudited)Current Assets:   Cash and cash    equivalents
$202,079
$-     Total    current assets202,079-       Total    Assets
$
202,079
$
-  
LIABILITIES    AND STOCKHOLDERS' EQUITY  Current liabilities:   Notes payable
$100,000$
-     Total    current liabilities100,000
-Long-term liabilities:   Notes    payable-officer100,000-          Total liabilities200,000
-Stockholders' equity:   Preferred stock,    $.05 par value; 2,500,000 shares   authorized; no    preferred convertible shares issued and   outstanding at    June 30, 2001 and 944,495 at December 31, 2000-
47,225   Common stock, $.01    par value; 75,000,000 shares    authorized;    4,960,922 shares issued and outstanding at June 30, 2001    and    8,504,425 shares issued and outstanding at December 31, 200049,60985,044   Additional paid-in    capital
2,825,422
2,685,512   Retained earnings    (Accumulated deficit)
(2,872,952)
(2,817,781)     Total    stockholders' equity
2,079
-          Total stockholders' equity and liabilities
$
202,079
$
-
See    accompanying notes to financial statements.
 

**GEXA    CORP.**
Statement    of Operations
(Unaudited)       Three Months Ended June 30,
Six Months Ended June 30,20012000
2001
2000Revenues$-$-
$-
$-Operating    expense
-      Administrative14,421-55,171-Net    income (loss)$(14,421)$-
$
(55,171)
$
-Basic    net income (loss) per share$(0.00)$-
$
(0.02)
$
-Diluted    net income (loss) per common share$(0.00)$-
$
(0.02)
$
-Basic    weighted average common      shares outstanding4,856,526348,1422,850,154348,142Diluted    weighted average common       shares outstanding4,856,526385,9222,850,154385,922
See    accompanying notes to financial statements.
 
**GEXA CORP.
Statement    of Cash Flow
(Unaudited)   
For the six    months ended
For the six    months ended
June 30, 2001
June 30, 2000Cash flows from operating    activities:   Net income (loss)
$
(55,171)
$
-   Adjustments to    reconcile net income (loss)    to net cash    used by operating activities:   Stock issued to    officers, directors and consultants for services
40,750
-          Net cash provided by (used in) operating activities
-
-Cash flows from investing    activities:
(14,421)          Net cash provided by (used in) investing activities
-
-Cash flow from financing    activities:   Proceeds from notes    payable200,000   Proceeds from sale    of common stock50,000   Payments to    corporation consultants(33,500)          Net cash provided by (used in) financing activities
216,500
-Increase (decrease) in cash and    cash equivalents
202,079
-Cash and cash equivalents at the    beginning of period
-
-Cash and cash equivalents at the    end of period
$
202,079
$
-Supplemental disclosure of cash    flow data:   Cash paid for    interest during the period
$
-
$
-
See    accompanying notes to financial statements.
 

GEXA CORP.
Notes to the Unaudited Financial Statements
(Unaudited)
 June 30, 2001
1. Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance withgenerally accepted accounting principles for interim financial information and with theinstructions to Form 10-QSB and Regulation S-B of the Securities and Exchange Commission.Accordingly, they do not include all of the information and footnotes required bygenerally accepted accounting principles for complete financial statements and should beread in conjunction with Notes to Financial Statements contained in the Company’sAnnual Report on Form 10-KSB for the year ended December 31, 2000. In the opinion ofmanagement, all adjustments (consisting of normal recurring accruals) considered necessaryfor a fair presentation have been included. Operating results for the six months endedJune 30, 2001 are not necessarily indicative of the results that may be expected for theyear ended December 31, 2001.

For the statements of cash flows, cash and cash equivalents include one demand accountand two ninety-day certificates of deposit.

The preparation of financial statements in accordance with generally acceptedaccounting principles requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities and the disclosure of contingent assets andliabilities at the date of the financial statements and revenues and expenses during thereporting period. Actual results could differ from those estimates.

2. Notes Payable

On June 30, 2001, the CEO of the Company lent the Company $100,000 for five yearsevidenced by an unsecured non-interest bearing promissory note. On the same date, anunrelated individual advanced the Company $100,000 and will receive 10,000 shares ofcommon stock as interest within ninety days.

 3. Stock Transactions

On February 10, 2001, the 944,495 shares of convertible preferred stock were convertedinto 944,495 shares of common stock. On the same day, the board of directors voted toexecute a 1 to 25 reverse stock split.On March 21, 2001, the board authorized the issuance of 3,200,000 shares of common stockto the Company’s chief executive officer, 320,000 shares to the Company’s chiefoperating officer, 400,000 shares to three directors, and 155,000 shares to consultantsfor services rendered at a price of $.01 per share.On April 19, 2001, the Company sold 500,000 shares of stock to an unaffiliated corporationfor $50,000.

4. Earnings Per Share

The basic weighted average number of shares was computed as if the February 10, 2001 1to 25 reverse stock split occurred on December 31, 1999. The diluted weighted averagenumber of common shares for 2000 includes the conversion of the preferred stock intocommon. The diluted weighted average for 2001 includes 320,000 shares authorized by theboard to be issued to the Company’s chief operating officer on September 1, 2001 forservices rendered.

5. Going Concern

The accompanying financial statements have been prepared assuming that the Company willcontinue as a going concern.

As shown in the accompanying financial statements, the Company has had no sales. Thefuture of the Company is dependent upon its ability to obtain financing and on the successof its new operations.

6. Subsequent Event

On July 1, the Company purchased the assets, which consisted of software developmentand contracts with vendors, of EZ Utilities for 300,000 shares of common stock and theassumption of a $25,000 note payable to the Company’s chairman and CEO. The stock waspriced at $.202 per share.

 

**Item 2. Management’s Plan of Operation**

As used in this Quarterly Report, the terms "we","us", "our" and the "Company" mean Gexa Corp., a Texascorporation.We changed our name during this quarter from Gexa Gold Corp. to Gexa Corp. Wealso filed a d/b/a in the State of Texas for Gexa Corp. to do business under the name ofGexa Energy.

Forward-Looking Statements; Market Data

To the extent that we make any forward-looking statements in the"Management’s Plan of Operation" in this Quarterly Report, we emphasizethat forward-looking statements involve risks and uncertainties and our actual results maydiffer materially from those expressed or implied by our forward-looking statements. Allforward-looking statements in this Quarterly Report reflect our current views about futureevents and are based on assumptions and are subject to risks and uncertainties. Generally,forward-looking statements include phrases with words such as  "expect","anticipate", "intend", "plan", "believe","seek", "estimate" and similar expressions to identify forward-lookingstatements.

This Quarterly Report contains disclosure related to our intent toenter into the business of reselling electricity which becomes a deregulated industryeffective January 1, 2002. On June 19, 2001, Gexa submitted an applicationto the Public Utility Commission of the State of Texas for the purpose of becoming aretail reseller of electricity to residential and small commercial customers in Texas.Under Texas law, beginning January 1, 2002, customers may elect to purchase electricityfrom independent resellers, such as Gexa. Our plan to pursue this new businessopportunity may involve certain estimates and plans related to the business of resellingelectricity, which is a newly deregulated industry, which assumes certain events, trendsand activities will occur and the projected information based on those assumptions. We donot know that any assumptions that we may make will be accurate. In particular, we do notknow and cannot predict with any degree of certainty the growth of industry of resellingelectricity in the market in State of Texas in which we seek to operate. If ourassumptions are wrong about any events, trends and activities, and specifically about thisnew business opportunity. Our efforts regarding this new business opportunity may be wrongbecause of our limited resources.

During the three and six month periods ended June 30, 2001 and 2000, we generated norevenues from any business operations. During the three month periods ended June 30, 2001,we had administrative expenses of $14,421 and therefore had a net loss in the same amount.We had no expenses nor income during the same periods of  the prior year.

Liquidity and Capital Resources

At June 30, 2001, we had current assets of $202,079 consisting of cashand cash equivalents. The cash and cash equivalents included a ninety day certificateof deposit in the amount of $200,000, which amount is required by the State of TexasPublic Utility Commission in connection with our application to become a reseller ofelectricity after commencement of deregulation on January 1, 2001. Our total assets atJune 20, 2001 were $202,079. At June 30, 2001, we had current liabilities of $100,000,which relates to the issuance of a note payable to a third party in connection with ourapplication to become a reseller of electricity. Our long-term liabilities consisted of anon-interest bearing five year promissory note issued to our CEO. At December 31, 2000, wehad no assets and liabilities. 

During the six-month period ended June 30, 2001, we hadnegative cash flows from operations of $14,421. During the six-month period ended June 30,2001, we had no investing activities. Our financing activities provided as with $216,500,including $50,000 from the sale of restricted shares and $200,000 from the issuance ofnotes. 

We may determine to seek to raise funds from the sale of equity or debtsecurities, from bank or other borrowings or a combination thereof as part of our businessplan to enter into the business of reselling electricity in the State of Texas. There canbe no assurance that we will be able to continue to operate through the issuance of notes,restricted shares of common stock or other instruments, including the issuance of sharesfor services provided to us or will be able to raise funds through the issuance of shares. We have no written agreement with our CEO/chairman or with any other affiliateor unaffiliated person  to provide any continued funding. Our chairman is presentlynegotiating on our behalf with our attorney and CR Capital Services, Inc., our corporatesecurities compliance firm, to be paid for services in shares. No determination has beenmade regarding the amount of shares or the value of the services.

There currently are no limitations on our ability to borrow funds orissue restricted common stock to finance potential new business opportunities. However,our limited resources and lack of operating history may make it difficult to do so. Theamount and nature of any borrowing by us will depend on numerous factors, including ourcapital requirements, potential lenders' evaluation of our ability to meet debt service onborrowing and the then prevailing conditions in the financial markets, as well as generaleconomic conditions. We do not have any arrangements with any bank or financialinstitution to secure additional financing and there can be no assurance that sucharrangements if required or otherwise sought, would be available on terms commerciallyacceptable or otherwise in our best interests. Our inability to borrow funds or to providefunds for an additional infusion of capital may have a material adverse effect on ourfinancial condition and future prospects. To the extent that additional debt financingultimately proves to be available, any borrowing will subject us to various riskstraditionally associated with indebtedness, including the risks of interest ratefluctuations and insufficiency of cash flow to pay principal and interest.

**PART II. OTHER INFORMATION**
**Item 1. Legal Proceedings**
None.
**Item 2. Changes in Security**
(c) Equity securities of the registrant sold by theregistrant during the period ended June 30, 2001 that were not registered under theSecurities Act.:During the three month period ended June 30, 2001, we issued 500,000 restricted sharesof common stock that were not registered under the Act. We relied upon Section 4(2) of theAct as the basis for the exemption from the registration requirements of the Act and therewas public solicitation involved. The shares of common stock were sold to privateinvestors who are "accredited investors" as defined under Rule 501(a)(3) underthe Act. All recipients either received adequate information about the Company or hadaccess, through employment or other relationships, to such information.

Name    of Holder
Date    of Issuance
Number    Common Stock
ConsiderationAffordable    Telecommunications Technology Corp.04-19-2001500,000 $50,000
**Item 3. Default Upon Senior Securities**

None.
**Item 4. Submission of Matters to a Vote of Security Holders**
None.
**Item 5. Other Information**
None.
**Item 6. Exhibits and Reports on Form 8-K**
(a) Exhibits:

Exhibit No. Document    Description
3(i)Articles    of Incorporation and amendments (filed as Exhibits to the Company's Registration Statement    on Form 10-12g filed on September 3, 1987 and are incorporated herein by reference)
3(ii)Bylaws    (filed as Exhibit to the Company's Registration Statement on Form 10-12g, filed on    September 3, 1987 and are incorporated herein by reference)13(i)The    Registrant's Current Report on Form 8-K filed on June 21 and November 27, 2001, which are    incorporated by reference.**(b) Form 8-K.

The Company filed a CurrentReport on Form 8 on June 21, 2001 with disclosure under Item 1, Changes in Control of theRegistrant, Item 5, Other Event and Regulation FD Disclosure and Item 6, Resignation ofRegistrant;s Directors.

**SIGNATURES**

In accordance with Section 13 or 15(d) of the Exchange Act, the smallbusiness issuer has caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.
**Gexa Corp.By: /s/ Marcie ZlotnikMarcie Zlotnik, President and DirectorDated: December 3, 2001Houston, Texas********************** |
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