Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v3.21.1
Acquisition (Tables)
 3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]  
Summary of Preliminary Allocation of Purchase Price The following is a summary of a preliminary allocation of the purchase price:
Crimson Midstream Holdings, LLC As of February 1, 2021
Assets Acquired
Cash and cash equivalents $ 6,554,921 
Accounts and other receivables 11,394,441 
Inventory 1,681,637 
Prepaid expenses and other assets 6,144,932 
Property and equipment 332,174,531 
Operating right-of-use asset 6,268,077 
Total assets acquired: $ 364,218,539 
Liabilities Assumed
Accounts payable and other accrued liabilities $ 13,790,011 
Operating lease liability 6,268,077 
Unearned revenue 315,000 
Total liabilities assumed: $ 20,373,088 
Fair Value of Net Assets Acquired:
 $ 343,845,451 
Non-controlling interest at fair value(1)
$ 115,323,036 
(1) Includes a non-controlling interest for Grier's equity consideration in the A-1, A-2 and A-3 units with a fair value of $115.3 million. Refer to "Fair Value of Non-controlling Interest" below and Note 13 ("Stockholders' Equity") for further details.
Pro Forma Results of Operations (Unaudited)
The following selected comparative unaudited pro forma revenue information for the quarter ended March 31, 2021 assumes that the Crimson acquisition occurred at the beginning of 2020, and reflects the full results for the period presented. The pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations which would actually have occurred had the combination been in effect on the dates indicated, or which may occur in the future. These amounts have been calculated after applying the Company's accounting policies. The Company has excluded pro forma information related to net earnings (loss) as it is impracticable to provide the information as Crimson was part of a larger entity that was separated via a common control transfer at the closing of the Crimson Transaction. As a result, quarterly financial information has not been carved-out for the Crimson entities acquired in prior quarterly periods.

Pro Forma Three Months Ended
March 31, 2021 March 31, 2020
Revenues $ 31,828,521  $ 6,639,924