CorEnergy Infrastructure Trust, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Mogas Acquisition (Tables)

Mogas Acquisition (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2014
Total Revenue ⁽¹⁾	$	13,328,988
Total Expenses ⁽²⁾	8,935,739
Operating Income	4,393,249
Other Income (Expense) ⁽³⁾	(999,479		)
Tax Benefit (Expense) ⁽⁴⁾	160,326
Net Income	3,554,096
Less: Net Income attributable to non-controlling interest	391,114
Net Income attributable to CORR Stockholders	$	3,162,982
Earnings per share:
Basic and Diluted	$	0.07
Weighted Average Shares of Common Stock Outstanding:
Basic and Diluted ⁽⁵⁾	44,923,357

(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.