Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCFinancial_Report.xls
10-Q/A - FORM 10-Q/A - FRONTIER OILFIELD SERVICES INCd85105qae10vqza.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR6.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR1.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR2.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR3.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR7.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR8.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR5.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR9.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR4.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR17.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR11.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR15.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR14.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR12.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR16.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR13.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR18.htm
XML - IDEA: XBRL DOCUMENT - FRONTIER OILFIELD SERVICES INCR10.htm
v2.3.0.15
Subsequent Events
9 Months Ended
Aug. 31, 2011
Subsequent Events [Abstract] 
SUBSEQUENT EVENTS
14. SUBSEQUENT EVENTS
The Company has recently entered into three material contracts. On September 2, 2011 TBX Resources, Inc. (“TBX”) entered into an Investment Agreement with LoneStar Income and Growth, LLC, a Texas limited liability company, an unrelated third party. The Investment Agreement provides that LoneStar will acquire up to 2,750,000 shares of TBX’s 2011 Series A 8% Preferred Stock (the“Stock”) for the sum of $5,500,000 contingent upon TBX using the proceeds of the Stock to acquire a majority 51% membership interest in Frontier Income and Growth, LLC (“Frontier”), a salt water transportation and disposal company. The Stock has the following attributes in its designation filed with the Texas Secretary of State:
  a.   TBX will pay an annual dividend of eight percent (8%) on the principal value ($2.00) of each share.
 
  b.   Beginning twelve (12) months from the date of issuance, each share of preferred stock is convertible at the request of either the stockholder or TBX into two (2) shares of common stock of TBX and two (2) warrants that will allow the holder to acquire one additional share of TBX common stock for each warrant at the purchase price of $3.50 per share. The warrants may be exercised in whole or in part at any time within three (3) years from the issue date of the warrant.
As of the date hereof LoneStar has tendered the sum of $250,000 to purchase 125,000 shares of the Stock. As of the date hereof, the preferred shares have not been issued.
On September 1, 2011 TBX entered into a Subscription Agreement with Frontier to acquire a majority 51% membership interest in Frontier for the sum of $5,046,000.
TBX president, Tim Burroughs has currently an interest in 25% of the profits of Frontier through his one half ownership of Frontier Asset Management, LLC (“FAM”) which has a contractual agreement with Frontier for its management services. Once the investors in Frontier have been repaid 125% of their initial investment by Frontier, FAM’S share of the profit will increase to 50%. TBX, in a letter agreement executed on September 2, 2011, has agreed to acquire FAM’s contractual interest in the profits of Frontier for the issuance of 4,070,000 common shares to FAM. Given TBX’s current share price of $0.07 per share, as of August 31, 2011, the transaction is valued at an estimated $284,900.
Upon complete performance of each of the three contracts, TBX will own 51% of the voting interests and be entitled to receive 63.25% of the profits of Frontier.
TBX issued the following unregistered common stock shares effective September 1, 2011 for the purposes listed beside each issuance.
  a.   Gulftex Oil & Gas, LLC: 355,846 common shares in return for cancellation of a portion of the debt owed in the sum of $53,377.
 
  b.   Sherri Cecotti: 100,000 common stock shares as compensation for services rendered as Ms. Cecotti has not received compensation from TBX during the last two fiscal years. Ms. Cecotti is an officer of TBX and serves as Secretary.
 
  c.   James Somma: 100,000 common stock shares as compensation for services rendered as an accounting consultant for two years.
 
  d.   Bernard O’Connell: 200,000 common stock shares as compensation for services rendered as Mr. O’Donnell has not received compensation for his services as an officer of the Company, Vice President, for two or more years.