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:
PREMIER (Legal Parent Accounting Acquiree) | CTM (Legal Subsidiary Accounting Acquirer) | |||||||
Current assets | ||||||||
Cash | $ | - | $ | 11,306 | ||||
Accounts receivable, net | - | 6,000 | ||||||
Total Current Assets | - | 17,306 | ||||||
Fixed assets | ||||||||
Equipment | - | 533,137 | ||||||
Accumulated depreciation | - | (142,459 | ) | |||||
Net fixed assets | - | 390,678 | ||||||
Total assets | - | 409,425 | ||||||
Current Liabilities | ||||||||
Accounts Payable | $ | - | $ | 133,372 | ||||
Accrued Expenses | - | 88,516 | ||||||
Short-term portion of long-term debt | - | 15,000 | ||||||
Total liabilities | - | 236,888 | ||||||
Long term liabilities | ||||||||
Loan from Shareholder | - | 29,223 | ||||||
Notes Payable | - | 76,522 | ||||||
Short-term portion of long-term debt | - | (15,000 | ) | |||||
Total long term liabilities | - | 90,745 | ||||||
Stockholders' Equity | ||||||||
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 | ||||