CorEnergy Infrastructure Trust, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Mogas Acquisition (Tables)

Mogas Acquisition (Tables)

12 Months Ended

Dec. 31, 2014

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

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, 2013:



	Year Ended December 31,
	2014			2013
Total Revenue ⁽¹⁾	$	53,315,951		$	42,551,314
Total Expenses ⁽²⁾	35,742,957			33,429,175
Operating Income	17,572,994			9,122,139
Other Income (Expense) ⁽³⁾	(3,997,916		)	1,137,606
Tax Benefit (Expense) ⁽⁴⁾	641,304			(734,461		)
Net Income	14,216,382			9,525,284
Less: Net Income attributable to non-controlling interest	1,556,157			1,466,767
Net Income attributable to CORR Stockholders	$	12,660,225		$	8,058,517

Earnings per share:
Basic and Diluted	$	0.27		$	0.21
Weighted Average Shares of Common Stock Outstanding:
Basic and Diluted ⁽⁵⁾	46,181,724			39,099,396

(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.