Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - TRICCAR INC. | d427846d8ka.htm |
| EX-99.2 - THE AUDITED CONSOLIDATED BALANCE SHEETS OF CHICO COFFMAN TRUCKING, INC. - TRICCAR INC. | d427846dex992.htm |
| EX-99.3 - THE UNAUDITED INTERIM FINANCIAL STATEMENTS OF COFFMAN - TRICCAR INC. | d427846dex993.htm |
Exhibit 99.4
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
The following unaudited pro forma consolidated financial statements reflect the acquisition, which was completed on July 24, 2012, of Chico Coffman Tank Trucks, Inc. by Frontier Oilfield Services Inc. (the Company). The preliminary purchase price of the transaction is $16,986,939.
The unaudited pro forma consolidated balance sheet has been prepared assuming the acquisition was consummated on May 31, 2012. The unaudited pro forma consolidated statements of operations has been prepared assuming the acquisition was consummated in the beginning of the fiscal year presented with the pro forma income statement carried forward through the interim period. The unaudited pro forma financial statements should be read in conjunction with the accompanying notes to the pro forma financial statements and with the historical financial statements and related notes of the Company that have been incorporated by reference herein.
The following unaudited pro forma consolidated financial statements include the Company and CTT unaudited condensed consolidated balance sheets as of May 31, 2012, and unaudited condensed consolidated statements of operations for the six months ended May 31, 2012 and fiscal year ended November 30, 2011
The unaudited pro forma condensed consolidated financial data does not purport to represent what the combined results of operations of the Company and CTT would have been had the acquisition occurred on May 31, 2012 or to project the results of operations or financial condition for any future date or period.
FRONTIER OILFIELD SERVICES, INC
Summary Pro Forma Consolidated Balance Sheet
May 31. 2012
(Unaudited)
| Historical | Consolidated | |||||||||||||||||
| Frontier (1) | CTT (2) | Pro Forma Adjustments |
Pro Forma | |||||||||||||||
| Assets |
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| Current assets |
$ | 155,277 | $ | 3,886,249 | $ | — | $ | 4,041,526 | ||||||||||
| Property and equipment, net |
48,547 | 7,600,222 | 7,648,769 | |||||||||||||||
| Goodwill |
— | — | (4) | 12,521,139 | 12,521,139 | |||||||||||||
| Other assets |
4,545,315 | — | (5) | 864,864 | 5,410,179 | |||||||||||||
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| Total Assets |
$ | 4,749,139 | $ | 11,486,471 | $ | 13,386,003 | $ | 29,621,613 | ||||||||||
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| Liabilities and Stockholder’s Equity |
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| Current liabilities |
$ | 1,550,421 | $ | 8,231,064 | (3) | $ | (3,533,868 | ) | $ | 6,247,617 | ||||||||
| Earn-out obligation |
— | — | (4), (6), (7) | 2,300,000 | 2,300,000 | |||||||||||||
| Common Stock Payable |
— | — | (3), (4), (8) | 4,708,348 | 4,708,348 | |||||||||||||
| Long-term liabilities |
— | 3,227,132 | (3), (4), (8) | 10,143,298 | 13,370,430 | |||||||||||||
| Stockholders’ equity |
3,198,718 | 28,275 | (3), (4), (5) | (231,775 | ) | 2,995,218 | ||||||||||||
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| Total Liabilities and Stockholder’s Equity |
$ | 4,749,139 | $ | 11,486,471 | $ | 13,386,003 | $ | 29,621,613 | ||||||||||
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FRONTIER OILFIELD SERVICES, INC
Summary Pro Forma Consolidated Statement of Operations
For the Six Months Ended May 31, 2012
(Unaudited)
| Historical | Consolidated | |||||||||||||||||
| Frontier (1) | CTT (2) | Pro Forma Adjustments |
Pro Forma | |||||||||||||||
| Revenue |
$ | 2,309 | $ | 20,337,308 | $ | — | $ | 20,339,617 | ||||||||||
| Cost of revenue |
1,701 | 14,554,195 | — | 14,555,896 | ||||||||||||||
| Operating expenses |
1,305,834 | 3,974,986 | — | 5,280,820 | ||||||||||||||
| Depreciation |
1,752 | 1,132,913 | — | 1,134,665 | ||||||||||||||
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| Loss from operations |
(1,306,978 | ) | 675,214 | — | (631,764 | ) | ||||||||||||
| Acquisition related costs |
— | — | (5) | 203,500 | 203,500 | |||||||||||||
| Other expenses |
222,449 | 513,039 | — | 735,488 | ||||||||||||||
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| Net loss |
$ | (1,529,427 | ) | $ | 162,175 | $ | (203,500 | ) | $ | (1,570,752 | ) | |||||||
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| Pro forma net loss per common share |
$ | (0.17 | ) | $ | (0.17 | ) | ||||||||||||
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| Weighted average common shares outstanding |
9,217,222 | 9,217,222 | ||||||||||||||||
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FRONTIER OILFIELD SERVICES, INC
Summary Pro Forma Consolidated Statement of Operations
For the Fiscal Year Ended November 30, 2011
(Unaudited)
| Historical | Consolidated | |||||||||||||||||
| Frontier (1) | CTT (2) | Pro Forma Adjustments |
Pro Forma | |||||||||||||||
| Revenue |
$ | 6,873 | $ | 40,478,368 | $ | — | $ | 40,485,241 | ||||||||||
| Cost of revenue |
4,741 | 30,275,081 | — | 30,279,822 | ||||||||||||||
| Operating expenses |
340,977 | 7,186,268 | — | 7,527,245 | ||||||||||||||
| Depreciation |
59 | 2,523,725 | — | 2,523,784 | ||||||||||||||
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| Loss from operations |
(338,904 | ) | 493,294 | — | 154,390 | |||||||||||||
| Acquisition related costs |
— | — | (5) | 203,500 | 203,500 | |||||||||||||
| Other expenses |
146,127 | 886,190 | — | 1,032,317 | ||||||||||||||
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| Net loss |
$ | (485,031 | ) | $ | (392,896 | ) | $ | (203,500 | ) | $ | (1,081,427 | ) | ||||||
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| Pro forma net loss per common share |
$ | (0.09 | ) | $ | (0.21 | ) | ||||||||||||
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| Weighted average common shares outstanding |
5,205,251 | 5,205,251 | ||||||||||||||||
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Notes to Financial Statements and Pro Forma Adjustments
| (1) | Reflects the historical results of operations and financial position of the Company. |
| (2) | Reflects the historical results of operations as of calendar year end December 31, 2011 and six months ended June 30, 2012 and financial position of CTT as of June 30, 2012. |
| (3) | Adjustment to reflect the assets not acquired and liabilities not assumed by the Company |
| (4) | The unaudited pro forma condensed combined financial information was prepared based on the purchase price of $16,986,939 and allocation to the identifiable assets acquired and liabilities assumed. The purchase price was determined and allocated for accounting purposes as follows: |
| Total purchase price |
16,986,939 | |||
| Est. Fair Value of Net Assets Acquired |
4,465,800 | |||
| Total estimated goodwill recorded |
12,521,139 |
| (5) | Recording of all acquisition related costs as debt issuance costs and acquisition costs. |
| (6) | Recording of earnings based contingent liability as part of acquisition |
| (7) | Recording of share based contingent liability as part of acquisition |
| (8) | Recording of debt incurred by the Company for the acquisition of CTT |