Quarterly report pursuant to Section 13 or 15(d)

Mogas Acquisition (Tables)

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Mogas Acquisition (Tables)
9 Months Ended
Sep. 30, 2015
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed, which the Company determined using Level 1, Level 2 and Level 3 inputs:
Acquisition Date Fair Values
 
Amount
Leased Property:
 
Land
$
210,000

Buildings and improvements
1,188,000

Total Leased Property
$
1,398,000

 
 
Property and Equipment:
 
Land
$
580,000

Depreciable property:
 
Natural Gas Pipeline
119,081,732

Vehicles and Trailers
378,000

Office Equipment
43,400

Total Property and Equipment
$
119,503,132

 
 
Goodwill
$
1,718,868

Cash and cash equivalents
4,098,274

Accounts receivable
1,357,905

Prepaid assets
125,485

Accounts payable and other accrued liabilities
(3,781,664
)
 
 
Net assets acquired
$
125,000,000

Business Acquisition, Pro Forma Information
For comparative purposes, the following table illustrates the effect on the Consolidated Statements of Income and Comprehensive Income as well as earnings per share - basic and diluted as if the Company had consummated the MoGas Transaction as of January 1, 2014:
 
Three Months Ended September 30, 2014
 
Nine Months Ended September 30, 2014
Total Revenue (1)
$
13,328,988

 
$
39,986,963

Total Expenses (2)
8,935,739

 
26,807,218

Operating Income
4,393,249

 
13,179,745

Other Income (Expense) (3)
(999,479
)
 
(2,998,437
)
Tax Benefit (Expense) (4)
160,326

 
480,978

Net Income
3,554,096

 
10,662,286

Less: Net Income attributable to non-controlling interest
389,485

 
1,167,734

Net Income attributable to CORR Stockholders
$
3,164,611

 
$
9,494,552

Earnings per share:
 
 
 
Basic and Diluted
$
0.07

 
$
0.21

Weighted Average Shares of Common Stock Outstanding:
 
 
 
Basic and Diluted (5)
46,591,851

 
46,040,370

(1) Includes elimination adjustments for intercompany sales and rent.
(2) Includes adjustments for an increase in management fee payable, elimination of intercompany purchases and rent, depreciation, and other miscellaneous expenses.
(3) Includes adjustments for interest expense and other miscellaneous income.
(4) Includes an adjustment for a deferred tax benefit.
(5) Shares outstanding were adjusted for the November 17, 2014, follow-on equity offering mentioned above.