| 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.
|
|