FREESTONE RESOURCES, INC.

CIK:0001089319|SEC Filings

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations - USD ($)	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Revenue
Tipping Fee Revenue	$ 135,344	$ 140,502	$ 502,954	$ 467,810
Tire Repair Revenue	67,642	78,939	248,114	283,975
Used Tire Sales	7,289	25,525	38,188	85,250
Scrap Material Sales	8,462	13,841	37,071	43,830
Total Revenue	218,737	258,907	826,327	880,865
Costs of Revenue
Tipping Fee Operations	63,508	74,711	193,380	209,603
Tire Repair	34,826	37,288	107,679	112,202
Used Tire Sales	282	1,742	3,435	9,350
Tire Disposal	127,478	121,051	251,917	293,117
Scrap and Other Costs	0	0	0	8,912
Total Cost of Revenue	226,094	234,792	553,411	633,184
GROSS PROFIT	(7,357)	24,015	272,916	247,681
Operating Expenses
Joint Venture Start Up Costs	50,690	54,213	144,946	156,803
Selling	29,930	31,535	91,022	92,563
General and Administrative	175,815	172,771	731,019	552,727
Depreciation and Amortization	40,338	31,843	99,494	94,469
Total Operating Expenses	296,873	290,362	1,066,481	896,562
INCOME (LOSS) FROM OPERATIONS	(304,230)	(266,347)	(793,734)	(648,881)
OTHER INCOME (EXPENSES)
Interest Expense, net	(64,280)	(54,610)	(193,734)	(163,857)
Total Other Income (Expense)	(64,280)	(54,610)	(193,734)	(163,857)
NET INCOME (LOSS)	(368,510)	(320,957)	(987,299)	(812,738)
Loss Attributable to Non-Controlling Interest	16,468	17,537	47,277	50,869
NET INCOME (LOSS) ATTRIBUTABLE TO FREESTONE	$ (352,042)	$ (303,420)	$ (940,022)	$ (761,869)
Basic and diluted income (loss) per share
Net income (loss) per share	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.01)
Weighted average shares outstanding, basic and diluted	98,238,773	91,864,536	97,106,973	91,738,633

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Cash Flows From Operating Activities
Net Income (Loss)	$ (987,299)	$ (812,738)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation	99,494	94,469
Shares Issued for Services	189,000	18,750
Changes in operating assets and liabilities
(Increase) Decrease in Accounts Receivable	31,214	9,624
(Increase) Decrease in Inventory	1,533	10,195
(Increase) Decrease in Prepaid Expenses	640	(26,422)
Increase (Decrease) in Accounts Payable	3,282	13,437
Increase (Decrease) in Accrued Liabilities	284,967	216,220
Net Cash Used in Operating Activities	(377,169)	(476,395)
Cash Flows From Investing Activities
Purchase of Fixed Assets	0	(6,700)
Net Cash Provided by (Used in) Investing Activities	0	(6,700)
Cash Flows From Financing Activities
Contributions to LLC by Holders of Non-Controlling Interest in FDEP	151,470	183,852
Proceeds from Convertible Notes Payable - Related party	240,474	640,292
Capital Lease Payments	(9,310)	(8,886)
Repayment of Long-Term Debt	(8,114)	(331,947)
Net Cash Provided by Financing Activities	374,520	483,311
Net Increase (Decrease) in Cash	(2,649)	216
Cash at Begining of Period	2,966	4,109
Cash at End of Period	317	4,325
Cash Transactions
Interest paid	109,330	118,905
Income taxes paid	0	0
Non Cash financing and Investing Activities
Capital Lease Obligation Incurred	387,350	0
Conversion of Convertible Related Party Note to Common Stock	$ 125,000	$ 0

Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Jun. 30, 2018
Current Assets
Cash	$ 317	$ 2,966
Accounts receivable, net of allowance for doubtful accounts of $4,000 and $4,000	108,558	139,772
Inventory	28,858	30,391
Prepaid and Other Assets	66,425	67,065
Total Current Assets	204,158	240,194
Property, plant and equipment, net of accumulated depreciation of $448,867 and $349,373	1,647,828	1,359,972
TOTAL ASSETS	1,851,986	1,600,166
Current Liabilities
Accounts payable	94,568	91,286
Accrued liabilities	865,091	580,124
Environmental liability	400,000	400,000
Convertible notes payable - related parties	1,695,393	1,579,919
Current portion of capital lease obligations	127,267	12,484
Current portion of long-term debt	348,109	339,858
Total Current Liabilities	3,530,428	3,003,926
Capital lease obligation, less current portion	276,381	13,124
Long-term debt, less current portion	604,310	715,131
Notes payable – related party, less current portion	94,456	0
TOTAL LIABILITIES	4,505,575	2,731,926
Stockholders' Equity:
Preferred Stock, 10,000,000 shares authorized, 0 shares issued and outstanding	0	0
Common stock, $.001 par value, 600,000,000 shares authorized 98,288,177 and 91,988,177 shares issued and outstanding as of March 31, 2019 and June 30, 2018, respectively	98,288	91,988
Additional paid in capital	21,166,578	20,858,878
Accumulated deficit	(24,769,260)	(23,829,238)
Total Freestone Resources, Inc. stockholders' deficit	(3,504,394)	(2,878,372)
Non-Controlling Interest	850,805	746,612
Total equity (deficit)	(2,653,589)	(2,131,760)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)	$ 1,851,986	$ 1,600,166