Attached files
Below is a schedule that combines the balance sheets of Premier Oil Field Services, Inc. (“PREMIER”) and Coil Tubing Motors, Corp, (“CTM”) prior to the merger transaction. As PREMIER was a new entity it had no expenses and no operations therefore we are not presenting a schedule combing the statements operations for PREMIER and CTM.
The statements of financial position of PREMIER and CTM immediately before the business combination:
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PREMIER (Legal Parent Accounting Acquiree)
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CTM (Legal Subsidiary Accounting Acquirer)
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Current assets
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Cash
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$ | - | $ | 11,306 | ||||
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Accounts receivable, net
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- | 6,000 | ||||||
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Total Current Assets
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- | 17,306 | ||||||
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Fixed assets
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Equipment
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- | 533,137 | ||||||
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Accumulated depreciation
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- | (142,459 | ) | |||||
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Net fixed assets
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- | 390,678 | ||||||
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Total assets
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- | 409,425 | ||||||
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Current Liabilities
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Accounts Payable
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$ | - | $ | 133,372 | ||||
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Accrued Expenses
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- | 88,516 | ||||||
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Short-term portion of long-term debt
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- | 15,000 | ||||||
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Total liabilities
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- | 236,888 | ||||||
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Long term liabilities
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Loan from Shareholder
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- | 29,223 | ||||||
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Notes Payable
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- | 76,522 | ||||||
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Short-term portion of long-term debt
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- | (15,000 | ) | |||||
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Total long term liabilities
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- | 90,745 | ||||||
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Stockholders' Equity
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| Common stock | - | 1,000 | ||||||
| Additional paid in capital | - | 18,456 | ||||||
| Retained Earnings | - | 56,336 | ||||||
| Total stockholder's equity | - | 81,792 | ||||||
| Total liabilities and stockholders' equity | $ | - | $ | 409,425 | ||||