SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[ X ]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended SeptemberJune 30, 20132014

OR

[    ]TRANSITION REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT OF 1934

From the transition period from ___________ to ____________.

Commission File Number 333-138111333-168089

PREMIER OIL FIELD SERVICES,AMERICAN METALS RECOVERY AND RECYCLING INC.

(Exact name of small business issuer as specified in its charter)

61 Broadway, 32^nd Floor

New York, NY 10006

534 Savanna Hill Lane, Rockwall, Texas 75032

(Address of principal executive offices)

(917) 289-1998(972) 772-9493

(Issuer's telephone number)

N/A

(1713 Moorish Lane, Heath, Texas 75032)Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:.  Yes [    X ]   No [ X  ].

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large“large accelerated filer,” “accelerated filer”“accelerated filer” and “smaller“smaller reporting company”company” in Rule 12b-2 of the Exchange Act:

Indicate by a check mark whether the company is a shell company (as defined by Rule 12b-2 of the Exchange Act: Yes[  ] No [X].

Indicate by check mark whether the registrant has submitted electronically and posted on its website, if any, every Interactive File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (SS325.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files),  Yes [   ]   No [X ]

As of November 15, 2013,August 19, 2014, there were 7,346,3369,996,336  shares of Common Stock of the issuer outstanding.

TABLE OF CONTENTS

Items

Page

PART I –FINANCIAL INFORMATION

Item 1. Financial Statements

AMERICAN METALS RECOVERY AND RECYCLING, INC.

Notes to Condensed Consolidated Financial Statements

June 30, 2014 and 2013

See accompanying summary of accounting policies and notes to consolidated financial statements.

PREMIER OIL FIELD SERVICES, INC.

NOTES TO THE CONSOLIDATEDNOTE 1 - CONDENSED FINANCIAL STATEMENTS

September 30, 2013

(Unaudited)

NOTE 1 – NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Activities, History and Organization:

Premier Oil Field Services, Inc. (The “Company” or "Premier")serves the oil and gas industry with down-hole drilling motors. These motors are used in the oil and gas well drilling process to drill out frac plugs and other debris in the well bore.  The Company is located in Rockwall, Texas and was incorporated on June 29, 2009 under the laws of the State of Nevada.

Premier Oil Field Services, Inc., is the parent company of Coil Tubing Motors Corporation, (“CTM”), a company incorporated under the laws of the State of Texas. CTM was established in June 2006.

Premier is a private holding company established under the laws of Nevada on June 29, 2009, was formed in order to acquire 100% of the outstanding membership interests of CTM.  On September 30, 2009, Premier issued 7,000,000 shares of common stock in exchange for a 100% equity interest in CTM.  As a result of the share exchange, CTM became the wholly owned subsidiary of Premier.  As a result, the members of CTM owned a majority of the voting stock of Premier.  The transaction was accounted for as a reverse merger whereby CTM was considered to be the accounting acquirer as its members retained control of Premier after the exchange, although Premier is the legal parent company.  The share exchange was treated as a recapitalization of Premier.  As such, CTM, (and its historical financial statements) is the continuing entity for financial reporting purposes. Theaccompanying financial statements have been prepared as if Premier had always been the reporting company and then on the share exchange date, had changed its name and reorganized its capital stock.  The share exchange transaction was effected to change the state of incorporation to allow the opportunity for a reduction of franchise taxes under the new Texas franchise tax calculations and to facilitate the initial public offering.  At the time of the exchange transaction, Premier had no assets or liabilities and CTM had assets of approximately $409,000 with equity of approximately $81,800.

The capital structure of Premier is presented as a consolidated entity as if the transaction had been effected in 2006 to consistently reflect the number of shares outstanding. However, the capital structure as presented is different that the capital structure that appears in the historical statements of CTM, in earlier periods due to the recapitalization accounting.

The Company operates on a calendar year-end.    Due to the nature of their operations,by the Company operates in only one business segment.

Basis of Accounting and Consolidation:

The Company prepares its financial statements on the accrual basis of accounting.  It has one wholly owned subsidiary, Coil Tubing Motors, Corporation, which is consolidated. All intercompany balances and transactions are eliminated.  

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable Securities and Exchange Commission (“SEC”) regulations.

Unaudited Interim Financial Statements:

The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States and applicable Securities and Exchange Commission (“SEC”) regulations for interim financial information. These financial statements are unaudited and, inwithout audit. In the opinion of management, include all adjustments (consisting of(which include only normal recurring accruals)adjustments) necessary to present fairly the balance sheets, statementsfinancial position, results of operations and statements of cash flows at June 30, 2014 and for theall periods presented in accordance with accounting principles generally accepted in the United States. have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to SEC rules and regulations.omitted. It is presumedsuggested that users of this interimthese condensed financial information havestatements be read or have access toin conjunction with the financial statements and notes thereto included in the Company's December 31, 2013 audited financial statements and footnote disclosure for the preceding year containedfiled in the Company’s Annual Report on Form 10-K.an 8-K filed on April 16, 2013 and amended on April 19, 2013. Operating11, 2014. The results of operations for the interim periods presentedperiod ended June 30, 2014 and 2013 are not necessarily indicative of the operating results that may be expected for the year ending December 31, 2013.full years.

Significant Accounting Policies:

The Company’s management selects accounting principles generally accepted inOn April 7, 2014, the United States of AmericaCompany (fka Premier Oil Field Services, Inc.), entered into a Share Exchange Agreement (the “Exchange Agreement”) with Perfect Metals Inc., a Nevada corporation (“Perfect Metals”) and adopts methods for their application.  The application of accounting principles requires the estimating, matching and timing of revenue and expense.

The financial statements and notes are representationsshareholders (the “PM Shareholders”) holding all of the Company’s management which is responsible forissued and outstanding common stock (“PM Common Stock”) of Perfect Metals. Under the Exchange Agreement, the PM Shareholders sold, transferred, conveyed and assigned all their integrityshare of PM Common Stock to the Company and objectivity. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a systemthe Company issued to the PM Shareholders an aggregate of internal accounting control and preventing and detecting fraud.  The Company's system of internal  accounting control is designed to assure, among other items, that  1) recorded  transactions  are valid;  2) valid  transactions  are recorded;  and  3) transactions  are  recorded in the proper  period in a timely  manner to produce financial  statements which present fairly the financial  condition,  results of operations  and cash  flows9,000,000 newly issued common stock, par value $.001 per share, of the Company for(“Premier Common Stock”). As a result of the respective  periods  being presented.

CashExchange Agreement, Perfect Metals became the Company’s wholly-owned subsidiary (the “Acquisition”) and Cash Equivalents:

All highly liquid investments with original maturities of six months or less are included in cashthe Company changed its name to American Metals Recovery and cash equivalents.  All deposits are maintained in FDIC insured depository accounts in local financial institutions and balances are insured up to $250,000.

Fair Value of Financial Instruments:Recycling, Inc.

In accordanceaddition, pursuant to the terms and conditions of the Exchange Agreement Immediately following the Acquisition the Company cancelled 6,350,000 shares of Common Stock, in connection with the reporting requirementsAgreement of ASC 820,Conveyance, Transfer and Assignment of  Assets and Assumption of Obligations (the Agreement). Under terms of the Agreement the Company calculatesreturned all of the fair value of its assets and liabilities which qualify as financial  instruments  under this statement and includes this additional information in the notesobligations of Premier Oil Field Services, Inc. to the transferring shareholders.

After the completion of the agreements described above the shareholders of the Perfect Metals became the controlling shareholders of the Company. Accordingly, the transaction is accounted for as a recapitalization of Perfect Metals, whereby the historical financial statements when the fair value is different  than the  carrying  value of Perfect Metals are presented as those financial instruments.  

The carrying amounts of cash, cash equivalents, accounts receivable, accounts payable and notes payable approximate  their fair values due to the short-term maturities of these instruments.  The carrying amount of the Company’s marketable securities and capital leases approximate fair value due to the stated interest rates approximating market rates.combined entity.

NOTE 2 –SIGNIFICANT ACCOUNTING POLICIES

Accounts Receivable:Principles of Consolidation

Accounts receivable are carried at their face amount, less an allowance for doubtful accounts.  OnThe accompanying financial statements present on a periodicconsolidated basis the Company evaluates accounts receivablefinancial position and establishesoperations of Whispers and Perfect as the allowance for doubtful accounts based on a combination of specific customer circumstances and credit conditions, based on a history of write offs and collections.  The Company’s policy is generally notpredecessors to charge interest on trade receivables after the invoice becomes past due.  A receivable is considered past due if payments have not been received within agreed upon invoice terms.   The Company provides an allowance for all receivables that are greater than 90 days old. Allowances for Doubtful Accounts totaled $0 and $0 at September 30, 2013 and December 31, 2012, respectively.  Write offs are recorded at a time when a customer receivable is deemed uncollectible.

Revenue Recognition:

The Company recognizes revenue in accordance with ASC 605-10.  Revenue will be recognized only when all of the following criteriaCompany. All significant intercompany transactions have been met:

All services are billed when rendered and payment is due upon receipt of invoice. Revenue is recorded net of any sales taxes charged.

Advertising:

The Company did not incur any advertising expenseseliminated in the three and nine months ended September 30, 2013 and 2012.consolidation.

Cost of Sales:

Cost of sales consists primarily of shop supplies, contract labor, field related expenses, and deprecation on equipment used in providing services.

Income Taxes:

The Company has adopted ASC 740-10 which requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable.

Earnings per Share:

Earnings per share (basic) is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period covered.  As the Company has no potentially dilutive securities, fully diluted earnings per share is equal to earnings per share (basic).

Use of Estimates:Estimates

The preparation of financial statements in conformity with accounting principles generally accepted accounting principlesin the United States requires management to make estimates and assumptions that affect certainthe reported amounts of assets and disclosures.  Accordingly, actualliabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements:Cash and Cash Equivalents

We maintain cash balances in non-interest-bearing accounts, which do not currently exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents.

Accounts Receivable

Management reviews accounts receivable periodically to determine if any receivables will potentially be uncollectible. Management’s evaluation includes several factors including the aging of the accounts receivable balances, a review of significant past due accounts, economic conditions, and our historical write-off experience, net of recoveries. The Company does not expectincludes any accounts receivable balances that are determined to be uncollectible, along with a general reserve, in its allowance for doubtful accounts. After all attempts to collect a receivable have failed, the adoptionreceivable is written off against the allowance. The Company’s allowance for bad doubtful accounts was $-0- and $-0- as of recently issued accounting pronouncementsJune 30, 2014 and 2013, respectively.

Inventory

The Company’s inventory is comprised of scrap metals held for resale to havemetal recyclers and is recorded at the lower of cost or market on a significant impact on the Company’s resultsfirst in first out basis. The Company’s inventory of operations, financial position or cash flow.scrap metals was $110,422 and $93,373  as of June 30, 2014 and December 31, 2013, respectively.

AMERICAN METALS RECOVERY AND RECYCLING, INC.

Notes to Condensed Consolidated Financial Statements

June 30, 2014 and 2013

NOTE 2 –SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Employee Benefit Plans:

The Company has no employee benefit plans.

Emerging Growth Company Critical Accounting Policy DisclosureRevenue Recognition

The Company qualifies as an “emerging growth company” under’s revenues derive from the 2012 JOBS Act. Section 107sale of scrap metals. Revenue is recognized at the JOBS Act providestime of sale if collection is reasonably assured. The time of sale is determined to be the point at which the scrap metals are delivered to and accepted by the customer.  The Company defers any revenue for which the product has not been delivered or is subject to refund until such time that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.   As an emerging grown company, the Company can delayand the adoptioncustomer jointly determine that the product has been delivered or no refund will be required.

NOTE 3 – RELATED-PARTY TRANSACTIONS

During the six months ended June 30, 2014 and 2013 the Company made repayments on notes payable related party of certain accounting standards until those standards would otherwise apply to private companies.  The Company may elect to take advantage$(105,684) and $-0-, respectively.

As of the benefits of this extended transition period in the future.

NOTE 2 – FIXED ASSETS

Fixed assets at SeptemberJune 30, 20132014 and December 31, 2012 are as follows:

Depreciation expense for2013 the three months ended September 30, 2013outstanding balance on the notes payable related party was $170,801 and 2012 was $7,570 and $28,365, respectively. Depreciation expense for the nine months ended September 30, 2013 and 2012 was $44,429 and $78,783,$276,485, respectively.

In January 2013 the Company sold a vehicle for $29,586 and realized a loss of $3,109 on the transaction. In June the Company disposed of a vehicle generating a gain of $16,083.

In February 2012 the Company purchased a trailer for $128,907 and due to misrepresentation by the seller the trailer was returned in August 2012 and the bank released the Company of its obligation which was $114,599 at the time. Other income of $11,613 was recorded on the settlement. In September 2012 the Company purchased a new trailer for $63,118.

NOTE 3 4 – EQUITY LINE OF CREDIT

Line of Credit

The Company’s founder has a bank line of credit, in the original amount of $440,000, which is authorized to issue 20,000,000 preferred sharessecured by the Company’s inventory and equipment and is accordingly accounted for as a liability of the Company. The line of credit accrues interest at a par value6.75% per annum and requires monthly payments of $0.001 per share. These shares have full voting rights.  At September$5,000 with the balance due on March 1, 2015. As of June 30, 20132014 and December 31, 2012, there were zero shares issued2013 the outstanding balance on the line of credit was $350,205 and outstanding.

The Company is authorized to issue 50,000,000 common shares at a par value of $0.001 per share. These shares have full voting rights.  At September 30, 2013 and December 31, 2012, there were 7,346,336 and 7,346,336 shares issued and outstanding,$372,609, respectively.

NOTE 4 5 – COMMITMENTS AND CONTINGENCIES

The Company operates outcurrently leases office space and property at a rate of a mobile trailer as it$2,800 per month for an aggregate total of $33,600 annually. The term of the lease is on-site at gas fields.one year beginning April 1, 2012. The Company usesrenewed the President’s home address as its mailing address.

At September 30, 2013, the Company had the following outstanding notes payable:

• Vehicle loan from Alliance Bank, dated September 17, 2012, originally for $52,119, at an annual interest rate of 4.75% due August 17, 2017.  Amount due at September 30, 2013 was $42,426.  The current principal amount due in one year is $10,714.

NOTE 5 – INCOME TAXES

The Company has adopted ASC 740-10, which requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable (deferred tax liability) or benefit (deferred tax asset).   Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

The cumulative tax effect at the expected tax rate of 25% of significant items comprising the Company’s net deferred tax amounts as of September 30, 2013 and Decemberlease through March 31, 2012 are as follows:2015.

Deferred tax asset related to:

The Company now has a cumulative net operating loss at September 30, 2013 of $271,477 and a cumulative net operating loss carry-forward of $94,043 at December 31, 2012,

NOTE 6 – LEGAL PROCEEDINGS

The Company is involved in one legal proceeding. On June 15, 2010, the Company was served with a lawsuit from National Oilwell Varco LP (“VARCO”), a vendor of the Company, for $114,065, related to unpaid invoices from October 25, 2007 to September 30, 2008  During April, 2011 the Company agreed to a settlement that would require the Company to pay $122,304 over the next 24 months in equal installments of $5,096 month. The parties to the settlement also signed a judgment for $140,000 that will only be filed in the event of a default by the Company. As of August 9, 2012 the Company failed to make payments in May, June and July and technically is in default, therefore the Company accrued an additional $29,141 ($25,935 of principal and $3,206 of interest) to true-up the balance to the $140,000 original judgment, as agreed. In August 2012 the Company and VARCO agreed that the Company will resume payments by August 20, 2012 and will continue to make such payments by the 15^th of each month thereafter as set forth in the original agreement. The final payment will now be due by September 15, 2013. In consideration for this agreement the Company agreed to pay VARCO an additional $1,500. VARCO retains the right to execute the original agreement should the Company breach this amendment. The balance owed at September 30, 2013 and December 31, 2012 was $0 and $35,672, respectively.

NOTE 7 – FINANCIAL CONDITION AND GOING CONCERN

The Company has a retained deficit through September 30, 2013 totaling $271,477 and negative working capital of $10,018.   Although the Company has retained earnings it has a history of an accumulated deficit and it is uncertain whether additional working capital will be required to develop its business operations.

The Company has experienced no loan defaults, labor stoppages, legal proceedings or any other operating interruption in 2013.  Therefore, these items will not factor into whether the business continues as a going concern, and accordingly, management has not made any plans to dispose of assets or factor receivables to assist in generating working capital.

The Company intends to raise additional working capital either through private placements, and/or bank financing, or additional loans from Management if there is need for liquidity. Management may also consider reducing administrative costs. There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, and/or bank financing necessary to support the Company’s working capital requirements.  To the extent that funds generated from private placements, and/or bank financing are insufficient, the Company will have to raise additional working capital.   No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company.  If adequate working capital is not generated from operations, financing is not available, or the Management cannot loan sufficient funds, the Company may not be able to continue its operations.

Management believes that the efforts it has made to promote its operation will continue for the foreseeable future.  These conditions raise substantial doubt about the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 8 – REVENUE CONCENTRATION

The Company provides drilling services to the oil and gas industry and has one significant customer from which 100% of revenues were derived during the nine months ended September 30, 2013.

None of the Company’s revenue for the nine months ended September 30, 2013 was generated from services performed for an entity controlled by the Company’s chief executive officer.

NOTE 6 – SUBSEQUENT EVENTS

In accordance with ASC 855, management evaluated subsequent events through the date these consolidated financial statements were issued and the Company had no additional material subsequent events to report.

NOTE 9 – SUBSEQUENT EVENTS

No reportable subsequent events were noted as of the date of the report

Item 2.  MANAGEMENT’SMANAGEMENT’S DISCUSSION AND ANALYSIS

Executive Overview

The first fiscal quarterOn April 7, 2014, the Company (fka Premier Oil Field Services, Inc.), entered into a Share Exchange Agreement (the “Exchange Agreement”) with Perfect Metals Inc., a Nevada corporation (“Perfect Metals”) and the shareholders (the “PM Shareholders”) holding all of 2013the issued and outstanding common stock (“PM Common Stock”) of Perfect Metals. Under the Exchange Agreement, the PM Shareholders sold, transferred, conveyed and assigned all their share of PM Common Stock to the Company and the Company issued to the PM Shareholders an aggregate of 9,000,000 newly issued common stock, par value $.001 per share, of the Company (“Premier Common Stock”). As a result of the Exchange Agreement, Perfect Metals became the Company’s wholly-owned subsidiary (the “Acquisition”) and the Company changed its name to American Metals Recovery and Recycling, Inc.

In addition, pursuant to the terms and conditions of the Exchange Agreement Immediately following the Acquisition the Company cancelled 6,350,000 shares of Common Stock, in connection with the Agreement of Conveyance, Transfer and Assignment of  Assets and Assumption of Obligations (the Agreement). Under terms of the Agreement the Company returned all of the assets and obligations of Premier Oil Field Services, Inc. to the transferring shareholders.

After the completion of the agreements described above the shareholders of the PM became the controlling shareholders of the Company. Accordingly, the transaction is accounted for as a recapitalization of PM, whereby the historical financial statements of PM are presented as those of the combined entity.

Following the Acquisition, the Company carried on the business of PM as the Company’s primary line of business. PM was very positiveincorporated on October 10, 2012 as a closely-held Nevada corporation for the Company. UInfortunately duringpurpose of holding the second fiscal quarterequity interests and assets of a number of related entities in various businesses related to metals recycling and trucking. PM owns all of the revenues declinedoutstanding equity interests of its two subsidiaries, Perfect Metals USA LLC, incorporated in 2010 and Whispers Trucking LLC, incorporated in 2009. Perfect Metals operates these businesses as the Company was unable to renew contracts. This has carried overindividual wholly owned subsidiaries of Perfect Metals. Each operating business earns revenue from different sources but are both related to the fiscal thirdpurchase for resale and fourth quarters as new contacts have not been signed.

Employees

We currently employ one employee, the President. The Company contracted three contract employees, one field technician, one field consultanttrucking of ferrous and one administrative consultant. Currently the Company only contracts the administrative consultant on a temporary basis.

non-ferrous metals for recycling.

RESULTS FOR THE NINETHREE MONTHS ENDED SeptemberJUNE 30, 2014 AND 2013 and 2012

Our quarter ended on September 30, 2013.  Any reference to the end of the fiscal quarter refers to the end of the first quarter for the period discussed herein.

REVENUE.  Revenue for the three months ended SeptemberJune 30, 20132014 was $0$1,055,180 compared to $41,450$897,826 for the three month period ended SeptemberJune 30, 2012.   The decrease in sales of $41,450 is due to the non-renewal of contracts in the fiscal second and third quarters of 2013.

Revenue for the nine months ended September 30, 2013 was $652,450 compared to $253,799 for the nine month period ended September 30, 2012.   The increase in sales of $398,651$157,354 is due to a numberpent up supply of large jobs with our largest customer and additional revenues related to chemical use and reprocessing ofscrap metals after the chemicalsextremely hard winter in the hydraulic fracking process that were started in the fiscal first quarter and completedof 2014 in north central Missouri. We expect revenues to continue at the fiscal second quarter. The sales were $210,300 for comparative fracking services versus 2012 ($253,799) and $442,150same level for the chemical use and reprocessing versus $0 in 2012.remainder of 2014.