FRONTIER OILFIELD SERVICES INC

CIK:0001108645|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Revenues	$ 4,540,082	$ 930,277	$ 6,836,123	$ 5,139,133
Cost of revenues	4,632,496	698,256	7,594,864	3,827,429
Gross (loss) profit	(92,414)	232,021	(758,741)	1,311,704
Operating expenses
General and administrative	730,764	805,756	2,857,624	2,195,003
Stock-based compensation	328,025	458,986	2,127,101	1,043,361
Legal and professional	426,814	465,977	1,104,568	1,098,221
Depreciation and amortization	92,170	89,841	276,521	152,485
Total operating expenses	1,577,773	1,820,560	6,365,814	4,489,070
Loss from operations	(1,670,187)	(1,588,539)	(7,124,555)	(3,177,366)
Other income (expense)
Interest expense	(20,319)	(183,273)	(431,289)	(437,524)
Amortization of debt discount	(242,675)	(1,611,905)	(4,181,295)	(3,700,034)
Financing costs	(230,000)	0	(270,000)	(4,156,291)
Loss on settlement of liabilities	0	0	(16,861,344)	0
Loss on disposition of assets	(132,497)	0	(132,497)	0
Other income	1,209	0	4,403	0
Change in fair value of derivative liability	0	0	0	3,107,808
Total other income (expense)	(624,282)	(1,795,178)	(21,872,022)	(5,186,041)
Net loss	$ (2,294,469)	$ (3,383,717)	$ (28,996,577)	$ (8,363,407)
Basic and diluted loss per share	$ (0.04)	$ (0.09)	$ (0.60)	$ (0.23)
Weighted average shares outstanding - basic and diluted	61,507,189	36,175,490	48,196,456	35,937,305

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (28,996,577)	$ (8,363,407)
Adjustments to reconcile net loss to net cash used in
Depreciation and amortization	276,521	152,485
Amortization of debt discount	4,181,295	3,700,034
Stock issued for services	0	187,655
Stock-based compensation	2,127,101	1,043,361
Financing costs	270,000	4,156,291
Loss on settlement of liabilities	16,861,344	0
Loss on disposition of assets	132,497	0
Change in fair value of derivative liability	0	(3,107,808)
Changes in operating assets and liabilities:
Accounts receivable	341,124	0
Contract assets	(2,310,057)	556,082
Prepaid expenses and other current assets	(164,794)	(301,589)
Accounts payable	5,267,094	(114,656)
Accrued expenses	128,069	(401,629)
Customer deposits	(220,200)	3,076,771
Net cash (used in) provided by operating activities	(2,106,583)	583,590
Investing activities
Purchase of property and equipment	(79,196)	(65,785)
Purchase of intangible assets	0	(400,000)
Net cash used in investing activities	(79,196)	(465,785)
Financing activities
Proceeds from issuance of notes payable	1,487,015	0
Proceeds from issuance of convertible notes payable	250,000	3,474,950
Repayment of notes payable	(645,607)	(470,800)
Net cash provided by financing activities	1,091,408	3,004,150
Net increase (decrease) in cash	(1,094,371)	3,121,955
Cash - beginning of period	1,412,379	96,308
Cash - end of period	318,008	3,218,263
Cash paid for income taxes	0	0
Cash paid for interest	190,231	245,136
Supplemental schedule of non-cash investing and financing activities
Shares issued for settlement of accrued interest	38,382	32,657
Discount on notes payable from issuance of warrants	353,272	1,350,982
Discount on convertible notes payable from issuance of warrants	118,356	0
Discount on notes payable from issuance of common stock	232,205	0
Discount on notes payable	342,970	0
Discount on notes payable from derivative liability	0	1,563,929
Discount on convertible notes payable from derivative liability	0	2,564,950
Accrued interest settled through note payable	0	78,929
Settlement of derivative liability	0	5,895,190
Shares issued for intangible assets	0	250,000
Shares issued for property and equipment	0	57,507
Returnable shares issued in connection with notes payable	0	120
Return of returnable shares issued in connection with notes payable	$ 0	$ 136

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash	$ 318,008	$ 1,412,379
Accounts receivable	67,692	408,816
Contract assets	2,363,502	53,445
Prepaid expenses and other current assets	1,175,575	1,010,781
Total current assets	4,347,443	2,885,421
Property and equipment
Property and equipment, net	82,445	172,354
Total property and equipment	82,445	172,354
Other assets
Intangible assets - customer relationships, net	105,210	140,280
Intangible assets - development rights, net	394,941	599,784
Goodwill	762,851	762,851
Total other assets	1,263,002	1,502,915
Total assets	5,270,224	4,560,690
Current liabilities
Accounts payable	5,391,848	304,400
Accounts payable, related party	471,000	800,346
Accrued expenses	836,395	1,136,099
Customer deposits	1,567,539	1,787,739
Shareholder advances	0	96,519
Line of credit	30,000	30,000
Notes payable, current portion, net of discount	1,397,216	1,229,773
Convertible notes payable, current portion, net of discount	213,031	1,420,160
Total current liabilities	9,907,029	6,805,036
Convertible notes payable, net of current portion and discount	0	935,307
Total liabilities	9,907,029	7,740,343
Stockholders' deficit
Preferred stock $.0001 par value; authorized 50,000,000 shares with 5,154.32 and -0- issued and outstanding at September 30, 2024 and December 31, 2023, respectively	1	0
Common stock $0.0001 par value; authorized 400,000,000 shares with 78,280,884 and 36,270,674 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	7,827	3,627
Additional paid-in capital	45,408,769	17,873,545
Accumulated deficit	(50,053,402)	(21,056,825)
Total stockholders' deficit	(4,636,805)	(3,179,653)
Total liabilities and stockholders' deficit	$ 5,270,224	$ 4,560,690