0001387131-17-004149.txt : 20170814 0001387131-17-004149.hdr.sgml : 20170814 20170814115717 ACCESSION NUMBER: 0001387131-17-004149 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 32 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170814 DATE AS OF CHANGE: 20170814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRONTIER OILFIELD SERVICES INC CENTRAL INDEX KEY: 0001108645 STANDARD INDUSTRIAL CLASSIFICATION: OIL AND GAS FIELD EXPLORATION SERVICES [1382] IRS NUMBER: 752592165 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-30746 FILM NUMBER: 171028455 BUSINESS ADDRESS: STREET 1: 3030 LBJ FREEWAY STREET 2: SUITE 1320 CITY: DALLAS STATE: TX ZIP: 75234 BUSINESS PHONE: 972-243-2610 MAIL ADDRESS: STREET 1: 3030 LBJ FREEWAY STREET 2: SUITE 1320 CITY: DALLAS STATE: TX ZIP: 75234 FORMER COMPANY: FORMER CONFORMED NAME: TBX RESOURCES INC DATE OF NAME CHANGE: 20000307 10-Q 1 fosi-10q_063017.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

(Mark one) 

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

 

For the quarterly period ended:  June 30, 2017

 

Or

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from:             to             

 

Commission File Number: 0-30746

 

 

FRONTIER OILFIELD SERVICES, INC.  

 (Exact name of registrant as specified in its charter)

 

 

 

Texas 75-2592165

(State or other jurisdiction of 

incorporation or organization)

(I.R.S. Employer 

Identification Number)

   
220 Travis Street, Suite 501, Shreveport, Louisiana 71101 71101
(Address of principal executive offices) (Zip Code)

 

(972) 243-2610 

(Registrant’s telephone number, including area code)

 

N/A 

(Former name, former address and former fiscal year, if changed since last report)

  

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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      ☐  No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 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 

 

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

       
Large Accelerated Filer ☐ Accelerated Filer ☐
       
Non-Accelerated Filer ☐    (Do not check if smaller reporting company) Smaller Reporting Company ☒
       
Emerging Growth Company      ☐
   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐     

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     ☐  Yes    ☒    No

 

As of August 14, 2017, there were 11,855,276 shares of common stock, par value $0.01 per share, outstanding.

 

 

 

 

 

  FRONTIER OILFIELD SERVICES, INC.   

Index 

     
    Pg. No.
PART I — Financial Information    
Item 1. Financial Statements    
Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016 (Unaudited)   3
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2017 and 2016 (Unaudited)   4
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2017 and 2016 (Unaudited)   5
Notes to Consolidated Financial Statements as of June 30, 2017 (Unaudited)   6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   10
Item 3. Quantitative and Qualitative Disclosures about Market Risk   13
Item 4. Controls and Procedures   13
     
PART II — Other Information    
Item 1. Legal Proceedings   14
Item 1A. Risk Factors   14
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   14
Item 3. Defaults Upon Senior Securities   14
Item 5. Other Information   14
Item 6. Exhibits   14
     
SIGNATURES   15

 

  
 

 

PART 1 — FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

FRONTIER OILFIELD SERVICES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS 

(UNAUDITED)

         
   June 30,
2017		   December 31,
2016		 
         
ASSETS          
Current Assets:          
Cash  $31,094   $20,253 
Accounts receivable, net   117,316    73,836 
Advance to shareholder   39,615    132,190 
Total current assets   188,025    226,279 
           
Property and equipment, at cost   8,481,948    8,481,948 
Less: accumulated depreciation   (4,560,093)   (4,366,035)
Property and equipment, net   3,921,855    4,115,913 
           
Intangibles, net   371,952    408,537 
Deposits   2,302    2,302 
Total other assets   374,254    410,839 
Total Assets  $4,484,134   $4,753,031 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
Current Liabilities:          
Current maturities of long-term debt, primarily stockholders, net of deferred loan fees  $7,877,478   $7,773,114 
Accounts payable   2,073,711    2,430,722 
Accrued liabilities   1,084,034    2,171,848 
Total current liabilities   11,035,223    12,375,684 
Long-term debt, less current maturities   —    — 
Total Liabilities   11,035,223    12,375,684 
Commitments and Contingencies (Note 7)          
Stockholders’ Deficit:          
Common stock- $.01 par value; authorized 100,000,000 shares; 11,855,276 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively   118,553    118,553 
Common stock- $.01 par value; to be issued 2,013,546 shares   20,136    — 
Additional paid-in capital   34,918,653    32,925,243 
Accumulated deficit   (41,608,431)   (40,666,449)
Total stockholders’ deficit   (6,551,089)   (7,622,653)
Total Liabilities and Stockholders’ Deficit  $4,484,134   $4,753,031 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 3 
 

 

FRONTIER OILFIELD SERVICES, INC. AND SUBSIDIARIES 

CONSOLIDATED STATEMENTS OF OPERATIONS 

(UNAUDITED)

 

   For the Three Months Ended   For the Six Months Ended 
   June 30,
2017		   June 30,
2016		   June 30,
2017		   June 30,
2016		 
                 
Revenue, net of discounts  $316,388   $375,774   $637,179   $719,815 
Costs and expenses:                    
Operating costs   216,224    303,580    530,198    615,930 
General and administrative   164,944    134,206    241,874    360,273 
Depreciation and amortization   115,321    115,322    230,643    230,643 
Total costs and expenses   496,489    553,108    1.002,715    1,206,846 
Operating loss   (180,101)   (177,334)   (365,536)   (487,031)
Other (income) expense:                    
Interest expense   298,949    288,703    576,446    570,056 
(Gain) loss on disposal of property and equipment   —    (45,420)   —    (45,420)
Loss before provision for income taxes   (479,050)   (420,617)   (941,982)   (1,011,667)
Provision for income taxes   —    —    —    — 
Net loss  $(479,050)  $(420,617)  $(941,982)  $(1,011,667)
                     
Net loss per common share - basic:  $(0.04)  $(0.04)  $(0.08)  $(0.09)
Net loss per common share - diluted:  $(0.04)  $(0.04)  $(0.08)  $(0.09)
                     
Weighted Average Common Shares Outstanding:                    
Basic and Diluted   11,855,276    11,629,143    11,855,276    11,658,133 
Diluted   11,855,276    11,629,143    11,855,276    11,658,133 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 4 
 

 

FRONTIER OILFIELD SERVICES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS 

(UNAUDITED) 

         
   For the Six Months Ended 
   June 30, 2017   June 30, 2016 
Cash Flows from Operating Activities:          
Net loss  $(941,982)  $(1.011,667)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Depreciation and amortization   230,643    230,643 
Amortization of deferred loan fees to interest expense   104,364    103,382 
Stock compensation   —    29,700 
           
Changes in operating assets and liabilities:          
(Increase) decrease in operating assets:          
Accounts receivable   (43,480)   56,741 
Inventory   —    947 
           
Increase (decrease) in operating liabilities:          
Accounts payable   75,222    (104,592)
Accrued liabilities   494,499    460,178 
Net cash provided by (used in) operating activities   (81,734)   (234,668)
           
Cash Flows from Investing Activities:          
Repayment of advance to shareholder   92,575    215,847 
Proceeds from disposition of CD   —    77,614 
Net cash provided by investing activities
   92,575    293,461 
           
Cash Flows from Financing Activities:          
Payments on debt   —    (32,198)
Net cash used in financing activities   —    (32,198)
           
Net increase in cash   10,841    26,595 
Cash at beginning of the period   20,253    22,400 
Cash at end of the period  $31,094   $48,995 
           
Supplemental Cash Flow Disclosures          
Interest paid  $—   $10,500 
Taxes paid  $—   $— 
Settlement of Accounts payable and Accrued expenses through common stock issuance
  $2,013,546   $— 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 5 
 

 

 

FRONTIER OILFIELD SERVICES, INC. AND SUBSIDIARIES  

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  June 30, 2017

(UNAUDITED)

 

1. BASIS OF PRESENTATION

   

The consolidated financial statements included herein have been prepared by Frontier Oilfield Services, Inc. (“the Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. However, in the opinion of management, all adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the financial position and results of operations for the periods presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. These financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2016 (including the notes thereto) set forth in Form 10-K.

 

2. BUSINESS ACTIVITIES

 

Frontier Oilfield Services, Inc. a Texas corporation (and collectively with its subsidiaries, “we”, “our”, “Frontier”, “FOSI”, or the “Company”), was organized on March 24, 1995. The accompanying consolidated financial statements include the accounts of the Company and Frontier Acquisition I, Inc., and its subsidiary Chico Coffman Tank Trucks, Inc. (CTT) and its subsidiary Coffman Disposal, LLC, and Frontier Income and Growth, LLC (FIG) and its subsidiaries Trinity Disposal & Trucking, LLC and Trinity Disposal Wells, LLC.

 

Frontier operates its business in the oilfield service industry and is primarily involved in the disposal of saltwater and other oilfield fluids in Texas. The Company currently owns and operates nine disposal wells in Texas, six within the Barnett Shale in North Texas and three in east Texas near the Louisiana state line. The Company’s customers include national, integrated, and independent oil and gas exploration companies.

 

3. GOING CONCERN

   

The Company’s financial statements are prepared using U.S. generally accepted accounting principles (“U.S. GAAP”) applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As of the date of the financial statements, the Company has generated losses from operations, has an accumulated deficit and working capital deficiency. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.

 

To continue as a going concern and achieve a profitable level of operations, the Company will need, among other things, to increase its business volume and grow revenues, reduce its operating expenses, raise additional capital resources and develop new and stable sources of revenue sufficient to meet its operating expenses.

 

The Company’s ability to continue as a going concern will be dependent upon management’s ability to successfully implement management’s plans to pursue additional business volumes from new and existing customers, reduce indebtedness through sales of non-performing assets and conversions of debt to equity, and rationalize the Company’s cost structure to achieve profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s continued existence will ultimately be dependent on its ability to generate sufficient cash flows to support its operations as well as provide sufficient resources to retire existing liabilities on a timely basis. The Company faces significant risk in implementing its business plan and there can be no assurance that financing for its operations and business plan will be available or, if available, such financing will be on satisfactory terms.

 

4. SUMMARY OF SELECTED ACCOUNTING POLICIES

   

Recently Adopted Accounting Standards

In April 2015, FASB issued an accounting pronouncement ASU 2015-3 related to the presentation of debt issuance costs (FASB ASC Subtopic 835-30).  This standard will require debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset.  These costs will continue to be amortized to interest expense using the effective interest method.  This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, and retrospective adoption is required.  We have adopted this pronouncement for our fiscal year beginning January 1, 2016.  We do not expect this pronouncement to have a material effect on our consolidated financial statements.

 

 6 
 

 

New Accounting Pronouncements  

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides guidance on a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The effective date for this ASU, which was deferred by ASU 2015-14 issued in August 2015, is for fiscal years beginning after December 15, 2017. In March 2016, the FASB also issued ASU 2016-08, an amendment to the guidance in ASU 2014-09 which revises the structure of the indicators to provide indicators of when the entity is the principal or agent in a revenue transaction, and eliminated two of the indicators (“the entity’s consideration is in the form of a commission” and “the entity is not exposed to credit risk”) in making that determination. This amendment also clarifies that each indicator may be more or less relevant to the assessment depending on the terms and conditions of the contract.  In April 2016, the FASB also issued ASU 2016-10, which clarifies the implementation guidance on identifying promised goods or services and on determining whether an entity’s promise to grant a license with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). The amendments, collectively, should be applied retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. Early adoption of the guidance is not permitted. The Company is currently evaluating the impact of adopting ASU 2014-09 and the related updates to it on its financial position, results of operations and disclosures.

 

In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. The guidance will be effective for the fiscal year beginning after December 15, 2017, including interim periods within that year. The Company is in the process of evaluating the impacts of the adoption of this ASU.

  

In February 2016, the FASB issued ASU 2016-02, Leases, which will, among other impacts, change the criteria under which leases are identified and accounted for as on- or off-balance sheet. The guidance will be effective for the fiscal year beginning after December 15, 2018, including interim periods within that year. Once effective, the new guidance must be applied for all periods presented. The Company is in the process of evaluating the impacts of the adoption of this ASU.

 

In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year. The Company is in the process of evaluating the impacts of the adoption of this ASU.

 

Principles of Consolidation  

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation.

  

Fair Value of Financial Instruments    

In accordance with the reporting requirements of ASC Topic 825, Financial Instruments, the Company calculates the fair value of its assets and liabilities, which qualify as financial instruments under this standard, and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. The Company does not have any assets or liabilities measured at fair value on a recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at the balance sheet dates, nor gains or losses reported in the statements of operations that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held during the six months ended June 30, 2017 and 2016, except as disclosed.

  

Earnings (Loss) Per Share (EPS)  

Basic earnings per common share are calculated by dividing net income or loss by the weighted average number of shares outstanding during the period. Diluted earnings per common share are calculated by adjusting outstanding shares, assuming conversion of all potentially dilutive stock options and warrants. The computation of diluted EPS does not assume conversion, exercise, or contingent issuance of shares that would have an anti-dilutive effect on earnings per common share. Anti-dilution results from an increase in earnings per share or reduction in loss per share from the inclusion of potentially dilutive shares in EPS calculations. Currently there are no stock options in 2017, which have been excluded from EPS that could potentially have a dilutive effect on EPS in the future. The table below sets forth the reconciliation for net loss and weighted average shares used for calculating basic and diluted earnings per share.

 

 7 
 

 

5. STOCK BASED COMPENSATION

 

The Board of Directors of the Company elected to suspend all stock based compensation in 2015 as part of the Company’s cost cutting and restructuring measures.

 

In April 2016, the Board of Directors of the Company approved the issuance of an aggregate of 54,000 shares of common stock to the members of the Board of Directors. The three members of the Board of Directors received 18,000 shares each. 

 

6. BORROWINGS

 

Borrowings as of June 30, 2017 and December 31, 2016 were as follows:

 

   June 30,   December 31, 
   2017   2016 
         
Revolving credit facility and term loan (a)  $747,757   $747,757 
Term note (b)   4,330,820    4,330,820 
Loans from stockholders (c) (d)   2,870,484    2,870,484 
Installment notes (e)   11,941    11,941 
Deferred loan fees (f)   (83,524)   (187,888)
Total debt   7,877,478    7,773,114 
Less current portion   (7,877,478)   (7,773,114)
Total long-term debt  $—   $— 

 

  a. The Revolving Credit Facility and Term Loan (Senior Loan Facility) have a maturity date of July 23, 2017 and a default interest rate which is the base rate plus the applicable margin plus 2% (6.75% and 7.75%, respectively as June 30, 2017, and December 31, 2016). The term loan portion of the Senior Loan Facility requires monthly payments of $100,000 plus interest. The Senior Loan Facility also provides for the payment of an unused commitment fee of .375% per annum. The loans are secured by all of the Company’s properties and assets except for its disposal wells wherein the Senior Loan Facility has a subordinated secured position. On April 11, 2014 an accredited investor, who is also a significant stockholder in the Company, purchased the Senior Loan Facility and related collateral from Capital One Bank N.A. and assumed all the existing terms and conditions of the Credit Agreement and Forbearance Agreements. In September 2016, the holder of the Senior Loan Facility foreclosed on certain land and buildings owned by the Company in settlement of a portion of the outstanding amount of principal on the Senior Loan Facility. Consequently, the Company charged off the net book value of the land and buildings totaling $591,705 against the outstanding principal on the Senior Loan Facility, leaving a principal balance of $747,757 remaining. The Board is considering issuing stock for the deficiency balance of this loan and the related accrued interest.
     
  b. The Company and its subsidiaries entered a Term Loan, Guaranty and Security Agreement on July 23, 2012 with ICON for $5 million (the “Loan Agreement”). On December 27, 2014, an affiliate of an accredited investor who is also a stockholder purchased the note payable under the Loan Agreement. The accredited investor assumed the terms and conditions of the Loan Agreement. The Loan Agreement provides for an annual interest rate of 14% with monthly payments of interest and with repayment of the principal and all accrued but unpaid interest due on February 1, 2018. The Loan Agreement provides the lender with a senior secured position on the Company’s disposal wells and a subordinated position to the Senior Loan Facility on all other Company properties and assets. As of June 30, 2017 and December 31, 2016, the Company did not comply with its debt covenants under the Loan Agreement and the lender had not exercised its rights under the Loan Agreement. The outstanding balance of the note pursuant to the Loan Agreement is included in current liabilities at June 30, 2017 and December 31, 2016 because the Company did not comply with its debt covenants, including the timely payment of interest.
     
  c. On May 27, 2014 an accredited investor, who is also a stockholder in the Company, entered a loan agreement with the Company for $2,783,484. As of June 30, 2017 and December 31, 2016, the principal balance of the note was $2,783,484. The note bears interest at 9% per annum. The terms of the note require the cash payment of one-half of the interest cost monthly (4.5% per annum), and the remaining half is accrued as payment in kind interest. The note and all accrued interest were due and payable in November 27, 2015. The principal and interest on the note payable is past due pursuant to its terms.

 

 8 
 

  

  d. On March 21, 2014 the CEO of the Company, who is also a stockholder in the Company entered a promissory note agreement whereby the CEO loaned the Company $87,000. The promissory note has an interest rate of 7% per annum. The note was to have been repaid in installments throughout the year ended December 31, 2014 with a portion of the repayment conditioned upon the sale of certain of the Company’s disposal wells. The principal and interest on the note payable to the CEO is past due pursuant to its terms.
     
  e. The Company has an installment loan with an outstanding principal balance of approximately $11,941, which was used to acquire property and equipment for use in the Company’s operations. The collateral for the loan was no longer in use in the Company’s operations and was returned to the lender May 2016. The reduction in principal from the surrender of the collateral was less than the total balance owed. The remaining principal balance of the loan is classified as a short-term liability.
     
  f. Unamortized debt issuance costs are amortized as interest expense over the terms of the related notes payable using the effective interest method and are classified as a discount to the related recorded debt balance. Total interest expense on debt discount for the six months ended June 30, 2017 and 2016 was $104,364 and $103,382, respectively.

 

 On June 30, 2017, an affiliate of an accredited investor who is also a principal stockholder agreed to exchange approximately $2.0 million in accounts payable and accrued liabilities for 2,013,546 shares of common stock of the Company. The Board approved the exchange and issuance of the shares on June 30, 2017. The liabilities exchanged for common stock included the affiliates full interest in the accrued interest payable to the stockholder associated with the Term Loan Agreement and the Senior Loan Facility. The 2,013,546 shares of common stock were not issued as of June 30, 2017. Such shares will be issued by August 31, 2017.

 

7. COMMITMENTS AND CONTINGENCIES
     
  a. The Company is obligated for approximately $1.3 million under long-term leases for the use of land where seven of its disposal wells are located. Three of the leases are for extended periods. The first lease expires on February 7, 2023 (with two options to renew for an additional 10 years each). The second lease expires on December 1, 2034 with no option to renew and the third lease expires on May 31, 2018 with one-year renewal options. The aggregate monthly lease payment for the disposal well leases is $11,080.
     
  b. The Company was a named defendant along with the previously named officers in certain litigation in the 271st Judicial District Wise County, Texas wherein the Plaintiffs alleged they had been damaged by the failure of the Company to complete a disposal well in a joint venture between the parties. On April 23, 2016, the litigation was settled by agreement of the parties. Under the terms of the settlement, the plaintiffs returned to the Company 53,000 shares of restricted and unregistered stock of the Company issued to them in 2013. The Company issued 317,000 shares of restricted and unregistered shares of stock in the Company to the plaintiffs. The Company will have exclusive trading authority over the shares issued to the plaintiffs and will have the right of first refusal to purchase the shares upon any planned sale by the plaintiffs. The Company will also have a call option on the shares which will entitle the Company to purchase the shares at $1.25 per share at any time. The settlement agreement resulted in the termination of the litigation. As of December 31, 2015, the Company recorded expense of $206,000 associated with the settlement of this litigation.
     
  c. From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs and legal costs associated with these matters when they become probable and the amount can be reasonably estimated. The Company’s management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on the Company’s consolidated financial position, results of operations and cash flows.

 

 

 9 
 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

CAUTIONARY STATEMENT

 

Statements in this report which are not purely historical facts, including statements regarding the Company’s anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Act of 1934, as amended. All forward-looking statements in this report are based upon information available to us on the date of the report. Any forward-looking statements involve risks and uncertainties that could cause actual results or events to differ materially from events or results described in the forward-looking statements. Important factors with respect to any such forward-looking statements, including certain risks and uncertainties that could cause actual results to differ materially from the Company’s expectations (“Cautionary Statements”), are disclosed in the Company’s annual report on Form 10-K, including, without limitation, in conjunction with the forward-looking statements under the caption “Risk Factors.” In addition, important factors that could cause actual results to differ materially from those in the forward-looking statements included herein include, but are not limited to, limited working capital, limited access to capital, changes from anticipated levels of sales and revenues changes in the oil and gas markets especially in the oil field services markets and fluids disposal business, future national or regional economic and competitive conditions, changes in relationships with customers, difficulties in developing new business in the disposal business, difficulties integrating any new businesses or products acquired, replacing the lost customer revenue, regulatory change, the ability of the Company to meet its stated business goals, the Company’s restructuring initiatives, the Company’s ability to sustain profitability, the Company’s ability to service its debt, its ability to comply with covenants contained in its financing arrangements, the current defaults existing under the Company’s senior and subordinated credit arrangements, and general economic and business conditions. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements.  We do not undertake to update any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

 

DESCRIPTION OF PROPERTIES

 

Our principal executive offices are located at 220 Travis St. Suite 501, Shreveport, Louisiana 71101.

 

We owned 7.055 acres at 503 W. Sherman St., Chico, Texas on which we had three buildings. These facilities served as our executive and administrative offices and headquarters for CTT operations including repair & maintenance facilities for its saltwater disposal services business. CTT has three operating wells near Chico, Texas. Two of these disposal well locations have small buildings for well monitoring and operations. We also own 7.49 acres in Harrison County, Texas on which three of our disposal wells are located, along with a small office and repair shop for the operation of these wells.

 

In September 2016, the holder of the Senior Loan Facility foreclosed on certain land and buildings owned by the Company in settlement of a portion of the outstanding amount of principal on the Senior Loan Facility. Consequently, the Company charged off the net book value of the land and buildings totaling $591,705 against the outstanding principal on the Senior Loan Facility, leaving a principal balance of $747,757 remaining. The Board is considering issuing stock for the deficiency balance of this loan and the related accrued interest.

 

We are obligated under long-term leases for the use of land where seven of our disposal wells are located. Three of the leases are for extended periods. The first lease expires on February 7, 2023 (with two options to renew for an additional 10 years each). The second lease expires on December 1, 2034 with a one-year renewal option and the third lease expires on May 31, 2018 with no option to renew. The aggregate monthly lease payments for the disposal well leases are $11,080.

 

SIGNIFICANT ACCOUNTING POLICIES

 

A summary of significant accounting policies is included in Note 3 to the audited consolidated financial statements included on Form 10-K for the year ended December 31, 2016 as filed with the United States Securities and Exchange Commission. Management believes that the application of these policies on a consistent basis enables the Company to provide useful and reliable financial information about our operating results and financial condition.

 

The preparation of financial statements in conformity with US Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

 

RESULTS OF OPERATIONS

 

For the six months ended June 30, 2017, we reported a net loss of $941,982 as compared to a net loss of $1,011,667 for the six months ended June 30, 2016. The components of these results are explained below.

 

Revenue - Total revenue decreased by $82,636 or 11.5% from $719,815 for the six months ended June 30, 2016 to $637,179 for the six months ended June 30, 2017. The decrease was due to the termination of the provisioning of transportation services in late 2016 and lower total volumes disposed in the disposal business.

 

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Expenses- The components of our costs and expenses for the six months ended June 30, 2017 and 2016 are as follows:

 

   For the Six Months Ended   % 
   June 30,   June 30,   Increase 
   2017   2016   (Decrease) 
Costs and expenses:               
Operating costs  $530,198   $615,930    -14%
General and administrative   241,874    360,273    -33%
Depreciation and amortization   230,643    230,643    0%
                
Total cost and expenses  $921,778   $1,206,846    -23%

 

The decrease in the volumes of saltwater and other fluids transported and disposed of necessitated a decrease in operating expenses for the six months ended June 30, 2017. The decrease in operating costs is due to lower volumes disposed. This resulted in the reduction of the number of employees and the related salaries, wages and benefits as well as the elimination of costs for repairs and maintenance for the disposal wells.

 

The decrease in general and administrative costs for the six months ended June 30, 2017, is the result of an overall reduction of administrative costs, especially legal fees, insurance costs and utilities resulting from lower disposal volumes.

 

Interest Expenses- Interest expense for the six months ended June 30, 2017 was $576,446. Interest expense was $570,056 for the six months ended June 30, 2016.

 

Operating results for the six months ended June 30, 2017 and 2016 reflect a net loss of $941,982 and $1,011,667 respectively. We have not recorded any federal income taxes for the six months ended June 30 2017 and 2016 because of our accumulated losses and our substantial net operating loss carry forwards.

 

LIQUIDITY AND CAPITAL RESOURCES

 

Cash Flows and Liquidity

As of June 30, 2017, we had total current assets of approximately $188,000. Our total current liabilities as of June 30, 2017 were $11.0 million, including $7.9 million of debt classified as current liabilities. We had a working capital deficit of $10.8 million and $11.8 million as of June 30, 2017 and December 31, 2016, respectively.

 

Management is focused on working closely with our current lenders to fund operations through current cash flows, and pay interest costs when excess cash becomes available. Management plans to work with our current lenders and debt holders to lower our cost of borrowing by renegotiating the terms of our existing debt and potentially offering debt holders an opportunity to exchange their debt for equity in the Company. Management will seek additional financing in those instances in which we believe such additional financings will assist in accomplishing our goals. There can be no assurance that management’s plan will succeed.

 

On June 30, 2017, an affiliate of an accredited investor who is also a principal stockholder agreed to exchange approximately $2.0 million in accounts payable and accrued liabilities for 2,013,546 shares of common stock of the Company. The Board approved the exchange and issuance of the shares on June 30, 2017. The liabilities exchanged for common stock included the affiliates full interest in the accrued interest payable to the stockholder associated with the Term Loan Agreement and the Senior Loan Facility. The 2,013,546 shares of common stock were not issued as of June 30, 2017. Such shares will be issued by August 31, 2017.

 

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Our ability to obtain access to additional capital through third parties or other debt or equity financing arrangements is strictly contingent upon our ability to locate adequate financing or equity investments on commercially reasonable terms. There can be no assurance that we will be able to obtain such financing on acceptable terms.

 

The following table summarizes our sources and uses of cash for the six months ended June 30, 2017 and 2016:

 

   For the Six Months Ended  
   June 30, 2017   June 30, 2016  
Net cash provided by (used in) operating activities  $(81,734)  $(234,668)
           
Net cash provided by (used in) investing activities   92,575    293,461 
           
Net cash provided by (used in) financing activities   —    (32,198)
           
Net increase (decrease) in cash  $10,841   $26,595 

 

As of June 30, 2017, we had approximately $31,000 in cash, an increase of approximately $10,800 from December 31, 2016 due to cash flow from financing activities.

 

Net cash used by operating activities was approximately $82,000 for the six months ended June 30, 2017 due to the operating loss. Net cash used by operating activities was approximately $235,000 for the six months ended June 30, 2016, due to the larger net loss.

 

Net cash provided by investing activities was $93,000 for the six months ended June 30, 2017 due to repayment of an advance from an entity owned by one of the principal shareholders of the Company. The cash advance is in an investment account of the entity and is due on demand to the Company at any time. Net cash provided by investing activities was $293,000 for the six months ended June 30, 2016 due to a repayment of the advance to the shareholder of $216,000 and proceeds from the disposition of a certificate of deposit for $77,000.

 

Net cash used in financing activities was $0 for the six months ended June 30, 2017. Net cash used in financing activities was approximately $32,000 for the six months ended June 30, 2016, which consisted of debt repayments.

 

Capital Expenditures

The Company suspended capital expenditures during the six months ended June 30, 2017 due to the lower volumes disposed. The Company does not currently anticipate any major capital expenditures for the remainder of 2017. The Company made the decision to no longer provide transportation services to our customers, which led to significant disposal activities on our transportation equipment in 2015.

 

Indebtedness

On June 30, 2017, an affiliate of an accredited investor who is also a principal stockholder agreed to exchange approximately $2.0 million in accounts payable and accrued liabilities for 2,013,546 shares of common stock of the Company. The Board approved the exchange and issuance of the shares on June 30, 2017. The liabilities exchanged for common stock included the affiliates full interest in the accrued interest payable to the stockholder associated with the Term Loan Agreement and the Senior Loan Facility. The 2,013,546 shares of common stock were not issued as of June 30, 2017. Such shares will be issued by August 31, 2017.

 

On April 11, 2014 an accredited investor, who is also a stockholder in the Company purchased the Capital One Note from Capital One and assumed all the existing terms and conditions of the Senior Loan Facility including Capital One’s security interest in the Company’s assets.

 

The Company and its subsidiaries entered a Term Loan, Guaranty and Security Agreement (the “Loan Agreement”) on July 23, 2012 with ICON for $5 million. The Loan Agreement has a senior secured position in the Company’s disposal wells and a subordinated position to the Senior Loan Facility on all other Company properties and assets. The covenants in the Loan Agreement are, in all material respects, the same as in the Senior Loan Facility. On December 27, 2014, an affiliate of an accredited investor who is also a stockholder purchased the note payable associated with the Loan Agreement. The accredited investor assumed the terms and conditions of the Loan Agreement. As of June 30, 2017, the Company did not comply with its debt covenants under the Loan Agreement and the lender had not exercised their rights under the Loan Agreement. The outstanding balance of the Loan Agreement note is included in current liabilities at June 30, 2017 and December 31, 2016 because the Company did not comply with its debt covenants.

 

 12 
 

 

In September 2016, the holder of the Senior Loan Facility foreclosed on certain land and buildings owned by the Company in settlement of a portion of the outstanding amount of principal on the Senior Loan Facility. Consequently, the Company charged off the net book value of the land and buildings totaling $591,705 against the outstanding principal on the Senior Loan Facility, leaving a principal balance of $747,757 remaining. The Board is considering issuing stock for the deficiency balance of this loan and the related accrued interest.

 

Outlook

Management may seek to acquire other profitable oilfield service companies to broaden the Company’s customer base and capabilities. Management believes that certain acquisitions could be potentially achieved through the issuance of the company’s equity securities or through other financings. Management may need to incur additional financing in those instances in which we believe such additional financings will assist in accomplishing our goals. There can be no assurance that management’s plan will succeed.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not required for smaller reporting companies.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Disclosure Controls and Procedures

Our management evaluated, with the participation of our Chief Executive Officer (CEO) and Chief Accounting Officer (CAO), the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the quarter covered by this quarterly report on Form 10-Q. In making this assessment, the Company used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework. Based on that evaluation, the Company’s management, including the CEO, concluded that the Company’s internal controls over financial reporting were not effective in that there was a material weakness as of September 30, 2016.

 

A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the Company’s internal controls.

 

The Company’s management has identified a material weakness in the effectiveness of internal control over financial reporting related to a shortage of resources in the accounting department required to assure appropriate segregation of duties with employees having appropriate accounting qualifications related to the Company’s unique industry accounting and disclosure rules. Management has outsourced certain financial functions to mitigate the material weakness in internal control over financial reporting. The Company is reviewing its finance and accounting staffing requirements.

 

Internal Control Over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. As a result, no corrective actions were required or undertaken.

 

Limitations on the Effectiveness of Controls

Our management, including the CEO, does not expect that its disclosure controls or its internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple errors or mistakes. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 

 13 
 

 

PART II. OTHER INFORMATION

 

Item 1. LEGAL PROCEEDINGS

 

The Company was a named defendant along with the previously named officers in certain litigation in the 271st Judicial District Wise County, Texas wherein the Plaintiffs alleged they had been damaged by the failure of the Company to complete a disposal well in a joint venture between the parties. On April 23, 2016, the litigation was settled by agreement of the parties. Under the terms of the settlement, the plaintiffs returned to the Company 53,000 shares of restricted and unregistered stock of the Company issued to them in 2013. The Company issued 317,000 shares of restricted and unregistered shares of stock in the Company to the plaintiffs. The Company will have exclusive trading authority over the shares issued to the plaintiffs and will have the right of first refusal to purchase the shares upon any planned sale by the plaintiffs. The Company will also have a call option on the shares which will entitle the Company to purchase the shares at $1.25 per share at any time. The settlement agreement resulted in the termination of the litigation. As of December 31, 2015, the Company recorded expense of $206,000 associated with the settlement of this litigation. 

 

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

Item 3. DEFAULTS UPON SENIOR SECURITIES

 

The outstanding principal balance of the Senior Loan Facility, the Loan Agreement and the two stockholder loans are included in current liabilities at June 30, 2017 because the Company was not compliant with the debt covenants or payment terms on the indebtedness, including the timely payment of interest and principal in accordance with all of these loan agreements. To date, none of the holders of the Senior Loan Facility, the Loan Agreement or the two stockholder loans have declared that the Company is in default or have otherwise sought remedies under the respective terms of these loan agreements.

 

In September 2016, the holder of the Senior Loan Facility foreclosed on certain land and buildings owned by the Company in settlement of a portion of the outstanding amount of principal on the Senior Loan Facility. Consequently, the Company charged off the net book value of the land and buildings totaling $591,705 against the outstanding principal on the Senior Loan Facility totaling $1,339,462, leaving a principal balance of $747,757 remaining. The Board is considering issuing stock for the deficiency balance of this loan and the related accrued interest.

 

Item 5. OTHER INFORMATION

 

The Board of Directors and management of the Company are currently evaluating transactions that may provide the Company with an opportunity to improve its current financial condition including; (i) refinancing of all or a portion of our existing debt, (ii) the acquisition of profitable oilfield service companies that could increase the scale of our operations and improve cash flows and (iii) raising additional equity to pay down debt. There can be no assurance the Company will be successful in finding and closing any of the above options.

 

Item 6. EXHIBITS

 

(a)   EXHIBITS:
     
31.1   Certification of Chief Executive Officer and Chief Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1   Certification of Chief Executive Officer/Chief Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101   101.INS XBRL Instance Document
    101.SCH XBRL Taxonomy Schema
    101.CAL XBRL Taxonomy Calculation Linkbase
    101.LAB XBRL Taxonomy Label Linkbase
    101.PRE XBRL Taxonomy Presentation Linkbase
    101.DEF XBRL Taxonomy Definition Linkbase

 

 14 
 

 

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on August 14, 2017.

 

FRONTIER OILFIELD SERVICES, INC.

     
SIGNATURE: /s/ Donald Ray Lawhorne  
  Donald Ray Lawhorne, Chief Executive Officer and Chief Accounting Officer  

 

 15 

 EX-31.1 2 ex31-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF ACCOUNTING OFFICER
 

Frontier Oilfield Services, Inc. 10-Q

 

Exhibit 31.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Donald Ray Lawhorne, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Frontier Oilfield Services, Inc.

 

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, considering the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report.

 

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report.

 

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

 

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

 

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5. I have disclosed, based on my most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

 

(a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and

 

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls.

 

Dated this August 14, 2017

 

/s/ Donald Ray Lawhorne    
Donald Ray Lawhorne,  
Chief Executive Officer and Chief Accounting Officer  

 

 

 EX-32.1 3 ex32-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER/CHIEF ACCOUNTING OFFICER
 

Frontier Oilfield Services, Inc. 10-Q

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO 

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Frontier Oilfield Services, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “ Report ”), I, Donald Ray Lawhorne, Chief Executive Officer and Chief Accounting Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

 

Dated this August 14, 2017

 

/s/ Donald Ray Lawhorne    
Donald Ray Lawhorne,  
Chief Executive Officer and Chief Accounting Officer  

 

 

 

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The Company issued 317,000 shares of restricted and unregistered shares of stock in the Company to the plaintiffs. The Company will have exclusive trading authority over the shares issued to the plaintiffs and will have the right of first refusal to purchase the shares upon any planned sale by the plaintiffs. The Company will also have a call option on the shares which will entitle the Company to purchase the shares at $1.25 per share at any time.</font></p> 317000 206000 1.25 <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: top"> <td style="width: 3%; padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>1.</b></font></td> <td style="width: 97%; padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>BASIS OF PRESENTATION</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The consolidated financial statements included herein have been prepared by Frontier Oilfield Services, Inc. (&#8220;the Company&#8221;), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. However, in the opinion of management, all adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the financial position and results of operations for the periods presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. 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Consequently, the Company charged off the net book value of the land and buildings totaling $591,705 against the outstanding principal on the Senior Loan Facility, leaving a principal balance of $747,757 remaining. The Board is considering issuing stock for the deficiency balance of this loan and the related accrued interest. The Company and its subsidiaries entered a Term Loan, Guaranty and Security Agreement on July 23, 2012 with ICON for $5 million (the "Loan Agreement"). On December 27, 2014, an affiliate of an accredited investor who is also a stockholder purchased the note payable under the Loan Agreement. The accredited investor assumed the terms and conditions of the Loan Agreement. The Loan Agreement provides for an annual interest rate of 14% with monthly payments of interest and with repayment of the principal and all accrued but unpaid interest due on February 1, 2018. The Loan Agreement provides the lender with a senior secured position on the Company's disposal wells and a subordinated position to the Senior Loan Facility on all other Company properties and assets. As of June 30, 2017 and December 31, 2016, the Company did not comply with its debt covenants under the Loan Agreement and the lender had not exercised its rights under the Loan Agreement. The outstanding balance of the note pursuant to the Loan Agreement is included in current liabilities at June 30, 2017 and December 31, 2016 because the Company did not comply with its debt covenants, including the timely payment of interest. On May 27, 2014 an accredited investor, who is also a stockholder in the Company, entered a loan agreement with the Company for $2,783,484. As of June 30, 2017 and December 31, 2016, the principal balance of the note was $2,783,484. The note bears interest at 9% per annum. The terms of the note require the cash payment of one-half of the interest cost monthly (4.5% per annum), and the remaining half is accrued as payment in kind interest. The note and all accrued interest were due and payable in November 27, 2015. The principal and interest on the note payable is past due pursuant to its terms. On March 21, 2014 the CEO of the Company, who is also a stockholder in the Company entered a promissory note agreement whereby the CEO loaned the Company $87,000. The promissory note has an interest rate of 7% per annum. The note was to have been repaid in installments throughout the year ended December 31, 2014 with a portion of the repayment conditioned upon the sale of certain of the Company's disposal wells. The principal and interest on the note payable to the CEO is past due pursuant to its terms. The Company has an installment loan with an outstanding principal balance of approximately $11,941, which was used to acquire property and equipment for use in the Company's operations. The collateral for the loan was no longer in use in the Company's operations and was returned to the lender May 2016. The reduction in principal from the surrender of the collateral was less than the total balance owed. The remaining principal balance of the loan is classified as a short-term liability. Unamortized debt issuance costs are amortized as interest expense over the terms of the related notes payable using the effective interest method and are classified as a discount to the related recorded debt balance. Total interest expense on debt discount for the six months ended June 30, 2017 and 2016 was $104,364 and $103,382, respectively. 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Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Number of directors receiving common stock. Arrangement in which loan proceeds can continuously be obtained following repayments, but the total amount borrowed cannot exceed a specified maximum amount. Senior Term Note Loans From Shareholder [Member]. Installment Notes [Member]. Total Notes Payable [Member] Promissory Note Agreement With CEO [Member] Default interest rate for the funds borrowed under the debt agreement. One half of interest rate for funds borrowed, under the debt agreement that is to be paid as interest. Use of land under operating lease. Use of land under operating lease. Information related to restricted and unregistered shares. Number of disposal wells located on leased land. Number of operating leases that have extended period of times. Number of options to renew operating leases. Number of shares issued to plaintiff. The fair value of stock issued in noncash financing activities. It refers to amount of non cash from settlement of accounts payable and accrued expenses through common stock issuance during the period. 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Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2017
Aug. 14, 2017
Document And Entity Information    
Entity Registrant Name FRONTIER OILFIELD SERVICES INC  
Entity Central Index Key 0001108645  
Document Type 10-Q  
Trading Symbol FOSI  
Document Period End Date Jun. 30, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity a Well-known Seasoned Issuer No  
Entity a Voluntary Filer No  
Entity's Reporting Status Current Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   11,855,276
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2017  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current Assets:    
Cash $ 31,094 $ 20,253
Accounts receivable, net 117,316 73,836
Advance to shareholder 39,615 132,190
Total current assets 188,025 226,279
Property and equipment, at cost 8,481,948 8,481,948
Less: accumulated depreciation (4,560,093) (4,366,035)
Property and equipment, net 3,921,855 4,115,913
Intangibles, net 371,952 408,537
Deposits 2,302 2,302
Total other assets 374,254 410,839
Total Assets 4,484,134 4,753,031
Current Liabilities:    
Current maturities of long-term debt, primarily stockholders, net of deferred loan fees 7,877,478 7,773,114
Accounts payable 2,073,711 2,430,722
Accrued liabilities 1,084,034 2,171,848
Total current liabilities 11,035,223 12,375,684
Long-term debt, less current maturities  
Total Liabilities 11,035,223 12,375,684
Commitments and Contingencies (Note 7)  
Stockholders' Deficit:    
Common stock- $.01 par value; authorized 100,000,000 shares; 11,855,276 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively 118,553 118,553
Common stock- $.01 par value; to be issued 2,013,546 shares 20,136  
Additional paid-in capital 34,918,653 32,925,243
Accumulated deficit (41,608,431) (40,666,449)
Total stockholders' deficit (6,551,089) (7,622,653)
Total Liabilities and Stockholders' Deficit $ 4,484,134 $ 4,753,031
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 11,855,276 11,855,276
Common stock, shares outstanding 11,855,276 11,855,276
Common stock, shares to be issued 2,013,546  
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Revenue, net of discounts $ 316,388 $ 375,774 $ 637,179 $ 719,815
Costs and expenses:        
Operating costs 216,224 303,580 530,198 615,930
General and administrative 164,944 134,206 241,874 360,273
Depreciation and amortization 115,321 115,322 230,643 230,643
Total costs and expenses 496,489 553,108 1,002,715 1,206,846
Operating loss (180,101) (177,334) (365,536) (487,031)
Other (income) expense:        
Interest expense 298,949 288,703 576,446 570,056
(Gain) loss on disposal of property and equipment   (45,420)   (45,420)
Loss before provision for income taxes (479,050) (420,617) (941,982) (1,011,667)
Provision for income taxes      
Net loss $ (479,050) $ (420,617) $ (941,982) $ (1,011,667)
Net loss per common share - basic: (in dollars per share) $ (0.04) $ (0.04) $ (0.08) $ (0.09)
Net loss per common share - diluted: (in dollars per share) $ (0.04) $ (0.04) $ (0.08) $ (0.09)
Weighted Average Common Shares Outstanding:        
Basic and Diluted (in shares) 11,855,276 11,629,143 11,855,276 11,658,133
Diluted (in shares) 11,855,276 11,629,143 11,855,276 11,658,133
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows from Operating Activities:    
Net loss $ (941,982) $ (1,011,667)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 230,643 230,643
Amortization of deferred loan fees to interest expense 104,364 103,382
Stock compensation   29,700
(Increase) decrease in operating assets:    
Accounts receivable (43,480) 56,741
Inventory   947
Increase (decrease) in operating liabilities:    
Accounts payable 75,222 (104,592)
Accrued liabilities 494,499 460,178
Net cash provided by (used in) operating activities (81,734) (234,668)
Cash Flows from Investing Activities:    
Repayment of advance to shareholder 92,575 215,847
Proceeds from disposition of CD   77,614
Net cash provided by investing activities 92,575 293,461
Cash Flows from Financing Activities:    
Payments on debt   (32,198)
Net cash used in financing activities   (32,198)
Net increase in cash 10,841 26,595
Cash at beginning of the period 20,253 22,400
Cash at end of the period 31,094 48,995
Supplemental Cash Flow Disclosures    
Interest paid   $ 10,500
Taxes paid  
Settlement of Accounts payable and Accrued expenses through common stock issuance $ 2,013,546  
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BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION
1. BASIS OF PRESENTATION

 

The consolidated financial statements included herein have been prepared by Frontier Oilfield Services, Inc. (“the Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. However, in the opinion of management, all adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the financial position and results of operations for the periods presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. These financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2016 (including the notes thereto) set forth in Form 10-K.
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BUSINESS ACTIVITIES
 6 Months Ended
Jun. 30, 2017
Business Activities  
BUSINESS ACTIVITIES
2. BUSINESS ACTIVITIES

 

Frontier Oilfield Services, Inc. a Texas corporation (and collectively with its subsidiaries, “we”, “our”, “Frontier”, “FOSI”, or the “Company”), was organized on March 24, 1995. The accompanying consolidated financial statements include the accounts of the Company and Frontier Acquisition I, Inc., and its subsidiary Chico Coffman Tank Trucks, Inc. (CTT) and its subsidiary Coffman Disposal, LLC, and Frontier Income and Growth, LLC (FIG) and its subsidiaries Trinity Disposal & Trucking, LLC and Trinity Disposal Wells, LLC. 

 

Frontier operates its business in the oilfield service industry and is primarily involved in the disposal of saltwater and other oilfield fluids in Texas. The Company currently owns and operates nine disposal wells in Texas, six within the Barnett Shale in North Texas and three in east Texas near the Louisiana state line. The Company’s customers include national, integrated, and independent oil and gas exploration companies.
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GOING CONCERN
 6 Months Ended
Jun. 30, 2017
Going Concern  
GOING CONCERN
3. GOING CONCERN

 

The Company’s financial statements are prepared using U.S. generally accepted accounting principles (“U.S. GAAP”) applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As of the date of the financial statements, the Company has generated losses from operations, has an accumulated deficit and working capital deficiency. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.

 

To continue as a going concern and achieve a profitable level of operations, the Company will need, among other things, to increase its business volume and grow revenues, reduce its operating expenses, raise additional capital resources and develop new and stable sources of revenue sufficient to meet its operating expenses. 

 

The Company’s ability to continue as a going concern will be dependent upon management’s ability to successfully implement management’s plans to pursue additional business volumes from new and existing customers, reduce indebtedness through sales of non-performing assets and conversions of debt to equity, and rationalize the Company’s cost structure to achieve profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s continued existence will ultimately be dependent on its ability to generate sufficient cash flows to support its operations as well as provide sufficient resources to retire existing liabilities on a timely basis. The Company faces significant risk in implementing its business plan and there can be no assurance that financing for its operations and business plan will be available or, if available, such financing will be on satisfactory terms.
XML 18 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUMMARY OF SELECTED ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2017
Accounting Policies [Abstract]  
SUMMARY OF SELECTED ACCOUNTING POLICIES
4. SUMMARY OF SELECTED ACCOUNTING POLICIES

 

Recently Adopted Accounting Standards

 

In April 2015, FASB issued an accounting pronouncement ASU 2015-3 related to the presentation of debt issuance costs (FASB ASC Subtopic 835-30).  This standard will require debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset.  These costs will continue to be amortized to interest expense using the effective interest method.  This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, and retrospective adoption is required.  We have adopted this pronouncement for our fiscal year beginning January 1, 2016.  We do not expect this pronouncement to have a material effect on our consolidated financial statements. 

 

New Accounting Pronouncements  

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides guidance on a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The effective date for this ASU, which was deferred by ASU 2015-14 issued in August 2015, is for fiscal years beginning after December 15, 2017. In March 2016, the FASB also issued ASU 2016-08, an amendment to the guidance in ASU 2014-09 which revises the structure of the indicators to provide indicators of when the entity is the principal or agent in a revenue transaction, and eliminated two of the indicators (“the entity’s consideration is in the form of a commission” and “the entity is not exposed to credit risk”) in making that determination. This amendment also clarifies that each indicator may be more or less relevant to the assessment depending on the terms and conditions of the contract. In April 2016, the FASB also issued ASU 2016-10, which clarifies the implementation guidance on identifying promised goods or services and on determining whether an entity’s promise to grant a license with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). The amendments, collectively, should be applied retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. Early adoption of the guidance is not permitted. The Company is currently evaluating the impact of adopting ASU 2014-09 and the related updates to it on its financial position, results of operations and disclosures. 

 

In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. The guidance will be effective for the fiscal year beginning after December 15, 2017, including interim periods within that year. The Company is in the process of evaluating the impacts of the adoption of this ASU.  

 

In February 2016, the FASB issued ASU 2016-02, Leases, which will, among other impacts, change the criteria under which leases are identified and accounted for as on- or off-balance sheet. The guidance will be effective for the fiscal year beginning after December 15, 2018, including interim periods within that year. Once effective, the new guidance must be applied for all periods presented. The Company is in the process of evaluating the impacts of the adoption of this ASU. 

 

In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year. The Company is in the process of evaluating the impacts of the adoption of this ASU. 

 

Principles of Consolidation  

 

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation.  

 

Fair Value of Financial Instruments    

 

In accordance with the reporting requirements of ASC Topic 825, Financial Instruments, the Company calculates the fair value of its assets and liabilities, which qualify as financial instruments under this standard, and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. The Company does not have any assets or liabilities measured at fair value on a recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at the balance sheet dates, nor gains or losses reported in the statements of operations that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held during the six months ended June 30, 2017 and 2016, except as disclosed.  

 

Earnings (Loss) Per Share (EPS)  

 

Basic earnings per common share are calculated by dividing net income or loss by the weighted average number of shares outstanding during the period. Diluted earnings per common share are calculated by adjusting outstanding shares, assuming conversion of all potentially dilutive stock options and warrants. The computation of diluted EPS does not assume conversion, exercise, or contingent issuance of shares that would have an anti-dilutive effect on earnings per common share. Anti-dilution results from an increase in earnings per share or reduction in loss per share from the inclusion of potentially dilutive shares in EPS calculations. Currently there are no stock options in 2017, which have been excluded from EPS that could potentially have a dilutive effect on EPS in the future. The table below sets forth the reconciliation for net loss and weighted average shares used for calculating basic and diluted earnings per share.
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK BASED COMPENSATION
 6 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK BASED COMPENSATION
5. STOCK BASED COMPENSATION

 

The Board of Directors of the Company elected to suspend all stock based compensation in 2015 as part of the Company’s cost cutting and restructuring measures. 

 

In April 2016, the Board of Directors of the Company approved the issuance of an aggregate of 54,000 shares of common stock to the members of the Board of Directors. The three members of the Board of Directors received 18,000 shares each. 
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
BORROWINGS
 6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
BORROWINGS
6. BORROWINGS

 

Borrowings as of June 30, 2017 and December 31, 2016 were as follows: 

 

    June 30,     December 31,  
    2017     2016  
             
Revolving credit facility and term loan (a)   $ 747,757     $ 747,757  
Term note (b)     4,330,820       4,330,820  
Loans from stockholders (c) (d)     2,870,484       2,870,484  
Installment notes (e)     11,941       11,941  
Deferred loan fees (f)     (83,524 )     (187,888 )
Total debt     7,877,478       7,773,114  
Less current portion     (7,877,478 )     (7,773,114 )
Total long-term debt   $ —     $ —  

 

  a. The Revolving Credit Facility and Term Loan (Senior Loan Facility) have a maturity date of July 23, 2017 and a default interest rate which is the base rate plus the applicable margin plus 2% (6.75% and 7.75%, respectively as June 30, 2017, and December 31, 2016). The term loan portion of the Senior Loan Facility requires monthly payments of $100,000 plus interest. The Senior Loan Facility also provides for the payment of an unused commitment fee of .375% per annum. The loans are secured by all of the Company’s properties and assets except for its disposal wells wherein the Senior Loan Facility has a subordinated secured position. On April 11, 2014 an accredited investor, who is also a significant stockholder in the Company, purchased the Senior Loan Facility and related collateral from Capital One Bank N.A. and assumed all the existing terms and conditions of the Credit Agreement and Forbearance Agreements. In September 2016, the holder of the Senior Loan Facility foreclosed on certain land and buildings owned by the Company in settlement of a portion of the outstanding amount of principal on the Senior Loan Facility. Consequently, the Company charged off the net book value of the land and buildings totaling $591,705 against the outstanding principal on the Senior Loan Facility, leaving a principal balance of $747,757 remaining. The Board is considering issuing stock for the deficiency balance of this loan and the related accrued interest.
     
  b. The Company and its subsidiaries entered a Term Loan, Guaranty and Security Agreement on July 23, 2012 with ICON for $5 million (the “Loan Agreement”). On December 27, 2014, an affiliate of an accredited investor who is also a stockholder purchased the note payable under the Loan Agreement. The accredited investor assumed the terms and conditions of the Loan Agreement. The Loan Agreement provides for an annual interest rate of 14% with monthly payments of interest and with repayment of the principal and all accrued but unpaid interest due on February 1, 2018. The Loan Agreement provides the lender with a senior secured position on the Company’s disposal wells and a subordinated position to the Senior Loan Facility on all other Company properties and assets. As of June 30, 2017 and December 31, 2016, the Company did not comply with its debt covenants under the Loan Agreement and the lender had not exercised its rights under the Loan Agreement. The outstanding balance of the note pursuant to the Loan Agreement is included in current liabilities at June 30, 2017 and December 31, 2016 because the Company did not comply with its debt covenants, including the timely payment of interest.
     
  c. On May 27, 2014 an accredited investor, who is also a stockholder in the Company, entered a loan agreement with the Company for $2,783,484. As of June 30, 2017 and December 31, 2016, the principal balance of the note was $2,783,484. The note bears interest at 9% per annum. The terms of the note require the cash payment of one-half of the interest cost monthly (4.5% per annum), and the remaining half is accrued as payment in kind interest. The note and all accrued interest were due and payable in November 27, 2015. The principal and interest on the note payable is past due pursuant to its terms.

 

  d. On March 21, 2014 the CEO of the Company, who is also a stockholder in the Company entered a promissory note agreement whereby the CEO loaned the Company $87,000. The promissory note has an interest rate of 7% per annum. The note was to have been repaid in installments throughout the year ended December 31, 2014 with a portion of the repayment conditioned upon the sale of certain of the Company’s disposal wells. The principal and interest on the note payable to the CEO is past due pursuant to its terms.
     
  e. The Company has an installment loan with an outstanding principal balance of approximately $11,941, which was used to acquire property and equipment for use in the Company’s operations. The collateral for the loan was no longer in use in the Company’s operations and was returned to the lender May 2016. The reduction in principal from the surrender of the collateral was less than the total balance owed. The remaining principal balance of the loan is classified as a short-term liability.
     
  f. Unamortized debt issuance costs are amortized as interest expense over the terms of the related notes payable using the effective interest method and are classified as a discount to the related recorded debt balance. Total interest expense on debt discount for the six months ended June 30, 2017 and 2016 was $104,364 and $103,382, respectively.

 

 On June 30, 2017, an affiliate of an accredited investor who is also a principal stockholder agreed to exchange approximately $2.0 million in accounts payable and accrued liabilities for 2,013,546 shares of common stock of the Company. The Board approved the exchange and issuance of the shares on June 30, 2017. The liabilities exchanged for common stock included the affiliates full interest in the accrued interest payable to the stockholder associated with the Term Loan Agreement and the Senior Loan Facility. The 2,013,546 shares of common stock were not issued as of June 30, 2017. Such shares will be issued by August 31, 2017.
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
7. COMMITMENTS AND CONTINGENCIES
     
  a. The Company is obligated for approximately $1.3 million under long-term leases for the use of land where seven of its disposal wells are located. Three of the leases are for extended periods. The first lease expires on February 7, 2023 (with two options to renew for an additional 10 years each). The second lease expires on December 1, 2034 with no option to renew and the third lease expires on May 31, 2018 with one-year renewal options. The aggregate monthly lease payment for the disposal well leases is $11,080.
     
  b. The Company was a named defendant along with the previously named officers in certain litigation in the 271st Judicial District Wise County, Texas wherein the Plaintiffs alleged they had been damaged by the failure of the Company to complete a disposal well in a joint venture between the parties. On April 23, 2016, the litigation was settled by agreement of the parties. Under the terms of the settlement, the plaintiffs returned to the Company 53,000 shares of restricted and unregistered stock of the Company issued to them in 2013. The Company issued 317,000 shares of restricted and unregistered shares of stock in the Company to the plaintiffs. The Company will have exclusive trading authority over the shares issued to the plaintiffs and will have the right of first refusal to purchase the shares upon any planned sale by the plaintiffs. The Company will also have a call option on the shares which will entitle the Company to purchase the shares at $1.25 per share at any time. The settlement agreement resulted in the termination of the litigation. As of December 31, 2015, the Company recorded expense of $206,000 associated with the settlement of this litigation.
     
  c. From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs and legal costs associated with these matters when they become probable and the amount can be reasonably estimated. The Company’s management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on the Company’s consolidated financial position, results of operations and cash flows.
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2017
Accounting Policies [Abstract]  
Recently Adopted Accounting Standards and New Accounting Pronouncements

Recently Adopted Accounting Standards

 

In April 2015, FASB issued an accounting pronouncement ASU 2015-3 related to the presentation of debt issuance costs (FASB ASC Subtopic 835-30).  This standard will require debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset.  These costs will continue to be amortized to interest expense using the effective interest method.  This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, and retrospective adoption is required.  We have adopted this pronouncement for our fiscal year beginning January 1, 2016.  We do not expect this pronouncement to have a material effect on our consolidated financial statements. 

 

New Accounting Pronouncements  

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides guidance on a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The effective date for this ASU, which was deferred by ASU 2015-14 issued in August 2015, is for fiscal years beginning after December 15, 2017. In March 2016, the FASB also issued ASU 2016-08, an amendment to the guidance in ASU 2014-09 which revises the structure of the indicators to provide indicators of when the entity is the principal or agent in a revenue transaction, and eliminated two of the indicators (“the entity’s consideration is in the form of a commission” and “the entity is not exposed to credit risk”) in making that determination. This amendment also clarifies that each indicator may be more or less relevant to the assessment depending on the terms and conditions of the contract.  In April 2016, the FASB also issued ASU 2016-10, which clarifies the implementation guidance on identifying promised goods or services and on determining whether an entity’s promise to grant a license with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). The amendments, collectively, should be applied retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. Early adoption of the guidance is not permitted. The Company is currently evaluating the impact of adopting ASU 2014-09 and the related updates to it on its financial position, results of operations and disclosures. 

 

In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. The guidance will be effective for the fiscal year beginning after December 15, 2017, including interim periods within that year. The Company is in the process of evaluating the impacts of the adoption of this ASU.  

 

In February 2016, the FASB issued ASU 2016-02, Leases, which will, among other impacts, change the criteria under which leases are identified and accounted for as on- or off-balance sheet. The guidance will be effective for the fiscal year beginning after December 15, 2018, including interim periods within that year. Once effective, the new guidance must be applied for all periods presented. The Company is in the process of evaluating the impacts of the adoption of this ASU. 

 

In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year. The Company is in the process of evaluating the impacts of the adoption of this ASU.
Principles of Consolidation

Principles of Consolidation  

 

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation.
Fair Value of Financial Instruments

Fair Value of Financial Instruments    

 

In accordance with the reporting requirements of ASC Topic 825, Financial Instruments, the Company calculates the fair value of its assets and liabilities, which qualify as financial instruments under this standard, and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. The Company does not have any assets or liabilities measured at fair value on a recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at the balance sheet dates, nor gains or losses reported in the statements of operations that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held during the six months ended June 30, 2017 and 2016, except as disclosed.
Earnings (Loss) Per Share (EPS)

Earnings (Loss) Per Share (EPS)  

 

Basic earnings per common share are calculated by dividing net income or loss by the weighted average number of shares outstanding during the period. Diluted earnings per common share are calculated by adjusting outstanding shares, assuming conversion of all potentially dilutive stock options and warrants. The computation of diluted EPS does not assume conversion, exercise, or contingent issuance of shares that would have an anti-dilutive effect on earnings per common share. Anti-dilution results from an increase in earnings per share or reduction in loss per share from the inclusion of potentially dilutive shares in EPS calculations. Currently there are no stock options in 2017, which have been excluded from EPS that could potentially have a dilutive effect on EPS in the future. The table below sets forth the reconciliation for net loss and weighted average shares used for calculating basic and diluted earnings per share.
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
BORROWINGS (Tables)
 6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Schedule of borrowings

Borrowings as of June 30, 2017 and December 31, 2016 were as follows: 

 

    June 30,     December 31,  
    2017     2016  
             
Revolving credit facility and term loan (a)   $ 747,757     $ 747,757  
Term note (b)     4,330,820       4,330,820  
Loans from stockholders (c) (d)     2,870,484       2,870,484  
Installment notes (e)     11,941       11,941  
Deferred loan fees (f)     (83,524 )     (187,888 )
Total debt     7,877,478       7,773,114  
Less current portion     (7,877,478 )     (7,773,114 )
Total long-term debt   $ —     $ —  

 

  a. The Revolving Credit Facility and Term Loan (Senior Loan Facility) have a maturity date of July 23, 2017 and a default interest rate which is the base rate plus the applicable margin plus 2% (6.75% and 7.75%, respectively as June 30, 2017, and December 31, 2016). The term loan portion of the Senior Loan Facility requires monthly payments of $100,000 plus interest. The Senior Loan Facility also provides for the payment of an unused commitment fee of .375% per annum. The loans are secured by all of the Company’s properties and assets except for its disposal wells wherein the Senior Loan Facility has a subordinated secured position. On April 11, 2014 an accredited investor, who is also a significant stockholder in the Company, purchased the Senior Loan Facility and related collateral from Capital One Bank N.A. and assumed all the existing terms and conditions of the Credit Agreement and Forbearance Agreements. In September 2016, the holder of the Senior Loan Facility foreclosed on certain land and buildings owned by the Company in settlement of a portion of the outstanding amount of principal on the Senior Loan Facility. Consequently, the Company charged off the net book value of the land and buildings totaling $591,705 against the outstanding principal on the Senior Loan Facility, leaving a principal balance of $747,757 remaining. The Board is considering issuing stock for the deficiency balance of this loan and the related accrued interest.
     
  b. The Company and its subsidiaries entered a Term Loan, Guaranty and Security Agreement on July 23, 2012 with ICON for $5 million (the “Loan Agreement”). On December 27, 2014, an affiliate of an accredited investor who is also a stockholder purchased the note payable under the Loan Agreement. The accredited investor assumed the terms and conditions of the Loan Agreement. The Loan Agreement provides for an annual interest rate of 14% with monthly payments of interest and with repayment of the principal and all accrued but unpaid interest due on February 1, 2018. The Loan Agreement provides the lender with a senior secured position on the Company’s disposal wells and a subordinated position to the Senior Loan Facility on all other Company properties and assets. As of June 30, 2017 and December 31, 2016, the Company did not comply with its debt covenants under the Loan Agreement and the lender had not exercised its rights under the Loan Agreement. The outstanding balance of the note pursuant to the Loan Agreement is included in current liabilities at June 30, 2017 and December 31, 2016 because the Company did not comply with its debt covenants, including the timely payment of interest.
     
  c. On May 27, 2014 an accredited investor, who is also a stockholder in the Company, entered a loan agreement with the Company for $2,783,484. As of June 30, 2017 and December 31, 2016, the principal balance of the note was $2,783,484. The note bears interest at 9% per annum. The terms of the note require the cash payment of one-half of the interest cost monthly (4.5% per annum), and the remaining half is accrued as payment in kind interest. The note and all accrued interest were due and payable in November 27, 2015. The principal and interest on the note payable is past due pursuant to its terms.

 

  d. On March 21, 2014 the CEO of the Company, who is also a stockholder in the Company entered a promissory note agreement whereby the CEO loaned the Company $87,000. The promissory note has an interest rate of 7% per annum. The note was to have been repaid in installments throughout the year ended December 31, 2014 with a portion of the repayment conditioned upon the sale of certain of the Company’s disposal wells. The principal and interest on the note payable to the CEO is past due pursuant to its terms.
     
  e. The Company has an installment loan with an outstanding principal balance of approximately $11,941, which was used to acquire property and equipment for use in the Company’s operations. The collateral for the loan was no longer in use in the Company’s operations and was returned to the lender May 2016. The reduction in principal from the surrender of the collateral was less than the total balance owed. The remaining principal balance of the loan is classified as a short-term liability.
     
  f. Unamortized debt issuance costs are amortized as interest expense over the terms of the related notes payable using the effective interest method and are classified as a discount to the related recorded debt balance. Total interest expense on debt discount for the six months ended June 30, 2017 and 2016 was $104,364 and $103,382, respectively.
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK BASED COMPENSATION (Details Narrative)
 1 Months Ended
Apr. 30, 2016
Number
shares
Board of Directors Members [Member]  
Number of directors received stock | Number 3
Directors stock grant, quarterly 54,000
Board of Directors Members (Each) [Member]  
Directors stock grant, quarterly 18,000
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
BORROWINGS (Details Narrative) - USD ($)
 1 Months Ended 6 Months Ended
Sep. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
May 27, 2014
Mar. 21, 2014
Jul. 23, 2012
Long-term debt   $ 7,877,478   $ 7,773,114      
Amortization of capitalized loan fees   104,364 $ 103,382        
Term Note [Member]              
Long-term debt [1]   4,330,820   4,330,820      
Debt face amount             $ 5,000,000
Debt Interest Rate             14.00%
Installment Notes [Member]              
Long-term debt [2]   $ 11,941   $ 11,941      
Revolving Credit Facility And Term Loan [Member]              
Maturity Date   Jul. 23, 2017          
Interest rate description   Base Rate Plus Applicable Margin Plus 2%          
Spread on variable rate basis   2.00%          
Default interest rate     6.75% 7.75%      
Loan payment amount - principal   $ 100,000          
Loan payment frequency  

Monthly

          
Unused commitment fee   0.375%          
Charge off of net book value of land and buildings $ 591,705            
Long-term debt $ 747,757 $ 747,757 [3]   $ 747,757 [3]      
Accredited Investor Loan [Member]              
Maturity Date   Nov. 27, 2015          
Loan payment percent         4.50%    
Loan payment frequency  

Monthly

          
Debt face amount         $ 2,783,484    
Principal amount   $ 2,783,484   $ 2,783,484      
Debt Interest Rate         9.00%    
Interest rate terms  

The terms of the note require the cash payment of one-half of the interest cost monthly (4.5% per annum), and the remaining half is accrued as payment in kind interest.

          
Promissory Note Agreement With CEO [Member]              
Debt face amount           $ 87,000  
Debt Interest Rate           7.00%  
[1] The Company and its subsidiaries entered a Term Loan, Guaranty and Security Agreement on July 23, 2012 with ICON for $5 million (the "Loan Agreement"). On December 27, 2014, an affiliate of an accredited investor who is also a stockholder purchased the note payable under the Loan Agreement. The accredited investor assumed the terms and conditions of the Loan Agreement. The Loan Agreement provides for an annual interest rate of 14% with monthly payments of interest and with repayment of the principal and all accrued but unpaid interest due on February 1, 2018. The Loan Agreement provides the lender with a senior secured position on the Company's disposal wells and a subordinated position to the Senior Loan Facility on all other Company properties and assets. As of June 30, 2017 and December 31, 2016, the Company did not comply with its debt covenants under the Loan Agreement and the lender had not exercised its rights under the Loan Agreement. The outstanding balance of the note pursuant to the Loan Agreement is included in current liabilities at June 30, 2017 and December 31, 2016 because the Company did not comply with its debt covenants, including the timely payment of interest.
[2] The Company has an installment loan with an outstanding principal balance of approximately $11,941, which was used to acquire property and equipment for use in the Company's operations. The collateral for the loan was no longer in use in the Company's operations and was returned to the lender May 2016. The reduction in principal from the surrender of the collateral was less than the total balance owed. The remaining principal balance of the loan is classified as a short-term liability.
[3] The Revolving Credit Facility and Term Loan (Senior Loan Facility) have a maturity date of July 23, 2017 and a default interest rate which is the base rate plus the applicable margin plus 2% (6.75% and 7.75%, respectively as June 30, 2017, and December 31, 2016). The term loan portion of the Senior Loan Facility requires monthly payments of $100,000 plus interest. The Senior Loan Facility also provides for the payment of an unused commitment fee of .375% per annum. The loans are secured by all of the Company's properties and assets except for its disposal wells wherein the Senior Loan Facility has a subordinated secured position. On April 11, 2014 an accredited investor, who is also a significant stockholder in the Company, purchased the Senior Loan Facility and related collateral from Capital One Bank N.A. and assumed all the existing terms and conditions of the Credit Agreement and Forbearance Agreements. In September 2016, the holder of the Senior Loan Facility foreclosed on certain land and buildings owned by the Company in settlement of a portion of the outstanding amount of principal on the Senior Loan Facility. Consequently, the Company charged off the net book value of the land and buildings totaling $591,705 against the outstanding principal on the Senior Loan Facility, leaving a principal balance of $747,757 remaining. The Board is considering issuing stock for the deficiency balance of this loan and the related accrued interest.
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
BORROWINGS (Details) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Sep. 30, 2016
Long-term debt, net      
Total debt $ 7,877,478 $ 7,773,114  
Deferred loan fees [1] (83,524) (187,888)  
Less current portion (7,877,478) (7,773,114)  
Total long-term debt    
Term Note [Member]      
Long-term debt, net      
Total debt [2] 4,330,820 4,330,820  
Loans From Stockholders [Member]      
Long-term debt, net      
Total debt [3],[4] 2,870,484 2,870,484  
Installment Notes [Member]      
Long-term debt, net      
Total debt [5] 11,941 11,941  
Revolving Credit Facility And Term Loan [Member]      
Long-term debt, net      
Total debt $ 747,757 [6] $ 747,757 [6] $ 747,757
[1] Unamortized debt issuance costs are amortized as interest expense over the terms of the related notes payable using the effective interest method and are classified as a discount to the related recorded debt balance. Total interest expense on debt discount for the six months ended June 30, 2017 and 2016 was $104,364 and $103,382, respectively.
[2] The Company and its subsidiaries entered a Term Loan, Guaranty and Security Agreement on July 23, 2012 with ICON for $5 million (the "Loan Agreement"). On December 27, 2014, an affiliate of an accredited investor who is also a stockholder purchased the note payable under the Loan Agreement. The accredited investor assumed the terms and conditions of the Loan Agreement. The Loan Agreement provides for an annual interest rate of 14% with monthly payments of interest and with repayment of the principal and all accrued but unpaid interest due on February 1, 2018. The Loan Agreement provides the lender with a senior secured position on the Company's disposal wells and a subordinated position to the Senior Loan Facility on all other Company properties and assets. As of June 30, 2017 and December 31, 2016, the Company did not comply with its debt covenants under the Loan Agreement and the lender had not exercised its rights under the Loan Agreement. The outstanding balance of the note pursuant to the Loan Agreement is included in current liabilities at June 30, 2017 and December 31, 2016 because the Company did not comply with its debt covenants, including the timely payment of interest.
[3] On March 21, 2014 the CEO of the Company, who is also a stockholder in the Company entered a promissory note agreement whereby the CEO loaned the Company $87,000. The promissory note has an interest rate of 7% per annum. The note was to have been repaid in installments throughout the year ended December 31, 2014 with a portion of the repayment conditioned upon the sale of certain of the Company's disposal wells. The principal and interest on the note payable to the CEO is past due pursuant to its terms.
[4] On May 27, 2014 an accredited investor, who is also a stockholder in the Company, entered a loan agreement with the Company for $2,783,484. As of June 30, 2017 and December 31, 2016, the principal balance of the note was $2,783,484. The note bears interest at 9% per annum. The terms of the note require the cash payment of one-half of the interest cost monthly (4.5% per annum), and the remaining half is accrued as payment in kind interest. The note and all accrued interest were due and payable in November 27, 2015. The principal and interest on the note payable is past due pursuant to its terms.
[5] The Company has an installment loan with an outstanding principal balance of approximately $11,941, which was used to acquire property and equipment for use in the Company's operations. The collateral for the loan was no longer in use in the Company's operations and was returned to the lender May 2016. The reduction in principal from the surrender of the collateral was less than the total balance owed. The remaining principal balance of the loan is classified as a short-term liability.
[6] The Revolving Credit Facility and Term Loan (Senior Loan Facility) have a maturity date of July 23, 2017 and a default interest rate which is the base rate plus the applicable margin plus 2% (6.75% and 7.75%, respectively as June 30, 2017, and December 31, 2016). The term loan portion of the Senior Loan Facility requires monthly payments of $100,000 plus interest. The Senior Loan Facility also provides for the payment of an unused commitment fee of .375% per annum. The loans are secured by all of the Company's properties and assets except for its disposal wells wherein the Senior Loan Facility has a subordinated secured position. On April 11, 2014 an accredited investor, who is also a significant stockholder in the Company, purchased the Senior Loan Facility and related collateral from Capital One Bank N.A. and assumed all the existing terms and conditions of the Credit Agreement and Forbearance Agreements. In September 2016, the holder of the Senior Loan Facility foreclosed on certain land and buildings owned by the Company in settlement of a portion of the outstanding amount of principal on the Senior Loan Facility. Consequently, the Company charged off the net book value of the land and buildings totaling $591,705 against the outstanding principal on the Senior Loan Facility, leaving a principal balance of $747,757 remaining. The Board is considering issuing stock for the deficiency balance of this loan and the related accrued interest.
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENTS AND CONTINGENCIES (Details Narrative)
 6 Months Ended 8 Months Ended
Apr. 23, 2016
$ / shares
shares
Jun. 30, 2017
USD ($)
Number
Dec. 31, 2016
USD ($)
Texas Litigation [Member]      
Description of litigation

The Company was a named defendant along with the previously named officers in certain litigation in the 271st Judicial District Wise County, Texas wherein the Plaintiffs alleged they had been damaged by the failure of the Company to complete a disposal well in a joint venture between the parties.

    
Settlement date April 23, 2016    
Settlement Terms Description

Under the terms of the settlement, the plaintiffs returned to the Company 53,000 shares of restricted and unregistered stock of the Company issued to them in 2013. The Company issued 317,000 shares of restricted and unregistered shares of stock in the Company to the plaintiffs. The Company will have exclusive trading authority over the shares issued to the plaintiffs and will have the right of first refusal to purchase the shares upon any planned sale by the plaintiffs. The Company will also have a call option on the shares which will entitle the Company to purchase the shares at $1.25 per share at any time.

    
Texas Litigation [Member] | Restricted And Unregistered Shares [Member]      
Number of shares issued to plaintiff | shares 317,000    
Settlement expense | $     $ 206,000
Share price | $ / shares $ 1.25    
Use of Land Leases [Member]      
Total lease obligation | $   $ 1,300,000  
Monthly lease payment for leases | $   $ 11,080  
Number of disposal wells in land lease | Number   7  
Number of leases with extensions for period of time | Number   3  
Number of options to renew leases | Number   2  
Use of Land Leases #2 [Member]      
Lease renewal term   10 years  
Use of Land Leases 1 [Member]      
Lease renewal term   1 year  
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