PREMIER OIL FIELD SERVICES, INC.

CIK:0001488638|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
REVENUE	$ 13,525,837		$ 37,493,114
COST OF REVENUE	10,782,080		29,430,109
Gross Profit	2,743,757		8,063,005
Operating Expenses:
Selling, General and Administrative Expenses	3,773,551	8,483	10,476,908	27,723
Depreciation and Amortization	689,227		1,239,023
Total Operating Expenses	4,462,778	8,483	11,715,931	27,723
NET OPERATING INCOME (LOSS)	(1,719,021)	(8,483)	(3,652,926)	(27,723)
OTHER INCOME (EXPENSE)
Interest Income	58		152
Other Income (Expense)	(63,101)		(63,101)
Transaction Expenses	(14,832)		(149,509)
Gain on Sale of Assets	202,318		936,628
Interest Expense	(1,174,710)	(1,124)	(3,294,743)	(3,374)
TOTAL OTHER INCOME (EXPENSE)	(1,050,267)	(1,124)	(2,570,573)	(3,374)
Net (loss)	$ (2,769,288)	$ (9,607)	$ (6,223,499)	$ (31,097)
Basic Net (Loss) per Common Share	$ (0.24)	$ (0.00)	$ (0.55)	$ (0.00)
Weighted Average Shares Outstanding – Basic	11,081,336	11,081,336	11,081,336	11,081,336
Fully Diluted Net (Loss) per Common Share	$ (0.24)	$ (0.00)	$ (0.55)	$ (0.00)
Weighted Average Shares Outstanding – Diluted	11,081,336	11,081,336	11,081,336	11,081,336

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITES:
Net loss	$ (6,223,499)	$ (31,097)
Adjustments to reconcile net income to cash used in operating activities
Depreciation and Amortization	1,239,023
Change in Operating Assets and Liabilities
Accounts Receivable	431,170
Unbilled Accounts Receivables	699,172
Cost in Excess of Billings	(186,051)
Inventory	(507,500)
Prepaids and Other Current Assets	1,533,104
Right of Use Assets Amortization	102,234
Other Assets	(847,819)
Accounts Payable	472,830	(550)
Accrued Expenses	(1,268,602)
Billings in Excess of Costs	873,912
Accrued Interest – Related Party	5,625	3,375
Accrued Interest Payable	3,110,945
CASH FLOWS USED IN OPERATING ACTIVITIES	(565,456)	(28,272)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of Equipment	(1,233,409)
Sale of Property and Equipment	365,937
Purchase of AMR Resources	(40,407,648)
CASH FLOWS USED IN INVESTING ACTIVITIES	(41,275,120)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Notes Payable	44,000,000
Borrowings on Short Term Debt	760,000
Payments on Short Term Debt	(760,000)
Borrowings on Loans/Lease	1,233,408
Payments on Loans/Leases	(1,256,212)
CASH FLOWS USED IN FINANCING ACTIVITIES	43,977,196
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	2,136,620	(28,272)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	138	43,436
CASH AND CASH EQUIVALENTS AT END OF PERIOD	2,136,758	15,164
SUPPLEMENTAL DISCLOSURES
Cash Paid for Interest	178,173
Cash Paid for Income Taxes
SUPPLEMENTAL DISCLOSURE OF NONCASH ACTIVITIES:
Right-of-use asset obtained in exchange for lease obligations	$ 1,897,389

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and Cash Equivalents	$ 2,136,758	$ 138
Accounts Receivable, net	7,274,139
Unbilled Accounts Receivable	2,699,142
Costs in Excess of Billings	7,083,425
Inventories	797,940
Prepaids and Other Current Assets	737,600
Total Current Assets	20,729,004	138
Property, Plant and Equipment
Property, Plant and Equipment (Net of Accumulated Depreciation of $797,086 and $0)	2,972,885
Right of Use Asset	1,897,389
Total Property, Plant and Equipment	4,870,274
Other Assets
Goodwill	20,154,379
Intangible Assets (Net of Accumulated Amortization of $400,571 and $0)	5,159,944
Other Receivables	78,741
Long Term Assets	769,078
Total Non-Current Assets	31,032,416
TOTAL ASSETS	51,761,420	138
Current Liabilities:
Accounts Payable	2,626,011	1,031
Accrued Expenses	1,424,663
Billings In Excess of Costs	2,222,568
Accrued Interest	3,110,945
Note Payable and Accrued Interest – Related Party	103,857	98,232
Current Portion of Operating Lease Payable	328,174
Current Portion – Capital Leases	600,000
Current Portion of Long-Term Debt	18,895,605
Total Current Liabilities	29,311,823	99,263
Non-Current Liabilities:
Note Payable, Less Current Portion	25,104,395
Capital Leases Payable, Less Current Portion	1,996,377
Operating Lease Payable, Less Current Portion	1,671,449
Total Non-Current Liabilities	28,772,221
TOTAL LIABILITIES	58,084,044	99,263
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ DEFICIT
Common Stock, $0.001 par value, 50,000,000 shares authorized 11,081,336 issued and outstanding, respectively	11,081	11,081
Additional Paid In Capital	507,571	507,571
Accumulated Deficit	(6,841,876)	(618,377)
TOTAL STOCKHOLDERS’ DEFICIT	(6,322,624)	(99,125)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	51,761,420	138
Series A Preferred Stock [Member]
STOCKHOLDERS’ DEFICIT
Preferred Stock, Value, Issued	600	600
Series B Preferred Stock [Member]
STOCKHOLDERS’ DEFICIT
Preferred Stock, Value, Issued