Exhibit 99.1

 

Dakota Plains HOLDINGS, INC.

Reports Fourth Quarter and Full Year 2013 Financial Results

Repositions as Operating Company to Manage New, State-of-the-Art Terminal in the Bakken

Strengthens Balance Sheet and Consolidates Reporting

WAYZATA, Minnesota, (March 14, 2014) Dakota Plains Holdings, Inc. (“Dakota Plains” and “DAKP”), (OTCQB: DAKP) today announced financial results for the three and twelve months ended December 31, 2013.

Full Year 2013 Operational Summary

·The Company repositioned itself from a passive holding company to a company providing management oversight of the construction and the operations of the Pioneer Terminal, a 192 acre site with two 8,300 foot loop tracks each capable of 120 car unit trains, 180,000 barrels of crude oil storage, a high speed loading facility that can accommodate 10 rail cars simultaneously, and transfer stations to receive crude oil from local gathering pipelines and trucks. Nameplate capacity has increased from 30,000 bpd to 80,000 bpd as a result.
·Transloading joint venture volumes increased approximately 13% compared to 2012 with 8.6 million barrels transloaded in 2013, while construction of the Pioneer Terminal expansion was underway.
·Marketing joint venture volumes increased approximately 22% compared to 2012 with 9.4 million barrels sold in 2013.
·Trucking joint venture volumes, which commenced in the fourth quarter of 2012, were 5.6 million barrels in 2013 and the number of trucks increased from 8 to 27.
·The Company executed a new agreement with UNIMIN Corporation (“UNIMIN”) to construct a 750,000 ton per year frac sand automated terminal, which remains on schedule for completion in May 2014. The facility, whose construction is being funded entirely by UNIMIN, will comprise 8,000 tons of sand storage and four new ladder tracks, with Dakota Plains providing management oversight of the joint venture operations.

Full Year 2013 Financial Summary

·The Company completed a $15.0 million equity offering, reduced its senior notes from $26.6 million to $7.7 million, and ended the year with positive working capital.
·The transloading joint venture experienced a 23% increase in net income compared to 2012 primarily as a result of the 13% increase in barrels transloaded.
·The marketing joint venture recorded a 72% reduction in net income compared to 2012 primarily due to a significant narrowing of the Brent to WTI price spread from March through October 2013.
 
 

 

 

·The trucking joint venture recorded a modest income of $130,000 in 2013.
·Net loss was $(1.7) million compared to a net loss of $(2.0) million in 2012.
·EBITDA was $2.4 million compared to $11.8 million in 2012, primarily due to a collapsed Brent to WTI pricing spread, Pioneer Terminal expansion, and costs associated with the transition to managing operations.
·The Company began consolidating reporting of the transloading joint venture at the end of the fourth quarter of 2013, which increases total assets to approximately $87 million and increases stockholders’ equity from $37 million to over $62 million when compared to the equity accounting method applied previously.

Craig M. McKenzie, Chairman and Chief Executive Officer of Dakota Plains, said: “Last year was pivotal for Dakota Plains: we successfully completed the construction of the Pioneer Terminal expansion, transforming our operations in New Town, North Dakota; reduced corporate debt by $19 million; launched our inbound business with a major frac sand supplier; and expanded our organization to provide management oversight of all transloading operations. We accomplished these operational successes amidst a narrow Brent-WTI spread that prevailed over much of the year and negatively impacted returns from our marketing business.”

McKenzie added: ”For 2014 we are focused on increasing throughput rates at Pioneer to achieve our forecast average rate of 45,000 barrels per day and are considering further growth initiatives to leverage the Pioneer asset. We remain committed to improving the predictability and profitability of our marketing business.”

Fourth Quarter 2013 Financial Results

The Company reported net income of $337,000 for the three months ended December 31, 2013, compared to net income of $10.3 million for the three months ended December 31, 2012. The net income for the fourth quarter of 2012 was primarily the result of a gain related to the November 2012 debt restructuring. Income from the Company’s indirect ownership interest in both the transloading and marketing joint ventures were relatively flat for the three months ended December 31, 2013, compared to the three months ended December 31, 2012. General and administrative expenses were $2.5 million for the three months ended December 31, 2013, compared to $0.8 million for the three months ended December 31, 2012. General and administrative expenses were higher due to the non-cash expenses related to share issuances to employees and the board of directors, the additional expenses related to employees hired in 2013, and an increase in professional fees.

Income from the Company’s investment in the transloading joint venture was $0.9 million for the three months ended December 31, 2013, compared to $0.9 million for the three months ended December 31, 2012. The total volume transloaded increased to 2.3 million barrels of crude oil compared to 2.1 million barrels of crude oil for the three months ended December 31, 2012.

 

 
 

 

 

Income from the Company’s indirect investment in the marketing joint venture was $1.4 million for the three months ended December 31, 2013, compared to $1.4 million for the three months ended December 31, 2012. The total volume sold for the three months ended December 31, 2013, increased to 2.4 million barrels of crude oil compared to 2.0 million barrels of crude oil for the three months ended December 31, 2012. The increase in barrels sold was offset by a narrow spread between Brent and WTI that continued into the fourth quarter. Income from the Company’s indirect investment in the marketing joint venture during the month of December 2013 was $2.7 million or net income of $3.34 per barrel.

The Company’s indirect investment in the trucking joint venture resulted in a loss of $82,000 for the three months ended December 31, 2013. The trucking joint venture commenced operations in September 2012 and income for the three months ended December 31, 2012, was not recognized. Generally Accepted Accounting Principles (“GAAP”) prohibited the Company from reporting income unless the Company provided financial support to the trucking joint venture, which was not the case. The trucking joint venture hauled 1.7 million barrels of crude oil for the three months ended December 31, 2013, compared to 378,000 barrels of crude oil for the three months ended December 31, 2012. The loss reflects the financing of 27 trucks and 55 drivers employed.

The Company recognized rental income of $78,000 for the three months ended December 31, 2013, compared to $57,000 for the three months ended December 31, 2012. The increase is a result of the Company having secured additional acreage at the end of 2012 and charging it back to the transloading joint venture.

Adjusted EBITDA for the three months ended December 31, 2013, was $97,000 compared to $1.8 million for the three months ended December 31, 2012. The difference was primarily driven by the increase in general and administrative expenses related to share issuances to employees and the board of directors, the additional expenses related to employees hired in 2013, and an increase in professional fees.

Full Year 2013 Financial Results

Net loss for the full year ended December 31, 2013, was $(1.7) million, or $(0.04) per diluted share compared to a net loss of $(2.0) million, or $(0.05) per diluted share for the full year ended December 31, 2012. The net loss for the full year ended December 31, 2013 was driven primarily by the 72% reduction in income from the Company’s indirect ownership interest in the marketing joint venture, as a result of a lower per barrel margin due to the significant narrowing of the Brent to WTI price spread experienced from early March through October and increased legal and insurance expenses. In addition, general and administrative expenses were higher due to the recognition of non-cash expenses related to share issuances to employees and the board of directors, additional expenses related to employees hired in 2013, and an increase in professional fees. The 2012 net loss was mainly driven by the expense related to an embedded derivative. The charge was partially offset by the $14.7 million reported as a gain on extinguishment of debt and by higher income from the Company’s indirect ownership interest in its marketing joint venture.

 
 

 

 

The Company recognized rental income of $349,000 for the full year ended December 31, 2013 compared to $266,000 for the full year ended December 31, 2012. The increased rental income is a result of the Company having secured additional acreage at the end of 2012 and charging it back to the transloading joint venture.

Income from the Company’s investment in the transloading joint venture was $4.3 million for the year ended December 31, 2013 compared to $3.5 million for the year ended December 31, 2012, a 23% increase. Volume for the year ended December 31, 2013, was 8.6 million barrels of crude oil transloaded compared to 7.6 million barrels for the year ended December 31, 2012, a 13% increase.

Income from the Company’s indirect investment in the marketing joint venture was $3.0 million for the full year ended December 31, 2013, compared to $10.4 million for the full year ended December 31, 2012, a 72% decrease. The marketing joint venture experienced a 22% increase in volume sold (9.4 million barrels of crude oil) during the year ended December 31, 2013, compared to volume sold (7.7 million barrels of crude oil) during the year ended December 31, 2012. The increase in volume sold was offset by lower per barrel margins as a result of significant contraction in the price spread between Brent and WTI from March through October, in addition to increased legal and insurance expenses.

Income from the Company’s indirect investment in the trucking joint venture was $130,000 for the full year ended December 31, 2013. The trucking joint venture hauled 5.7 million barrels of crude oil and increased its trucking fleet to 27 trucks. The trucking joint venture continues to haul crude oil for the marketing joint venture as well as for third parties. The trucking joint venture commenced operations in September 2012, had eight trucks by year-end, and had hauled 407,000 barrels of crude oil for the year.

Adjusted EBITDA for the full year ended December 31, 2013, was $2.4 million compared to $11.8 million in 2012. The decrease in Adjusted EBITDA was primarily due to the decrease in income from the Company’s indirect investment in the marketing joint venture as well as the increase in general and administrative expenses.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP measure. A reconciliation of this measure to its most directly comparable GAAP measure is included in the accompanying financial tables found later in this release. Management believes the use of this non-GAAP financial measure provides useful information to investors to gain an overall understanding of current financial performance. Specifically, management believes the non-GAAP results included herein provide useful information to both management and investors by excluding certain expenses and gains and losses on the extinguishment of debt that management believes are not indicative of Dakota Plains’ core operating results. In addition, this non-GAAP financial measure is used by management for budgeting and forecasting as well as subsequently measuring Dakota Plains’ performance, and management believes it is providing investors with a financial measure that most closely aligns to its internal measurement processes.

 
 

 

 

About Dakota Plains Holdings, Inc.

Dakota Plains Holdings, Inc. is an integrated midstream energy company, which competes through its 50/50 joint ventures to provide customers with crude oil off take services that include marketing, transloading and trucking of crude oil and related products. Direct and indirect assets include a proprietary trucking fleet, over 1000 railroad tank cars, and the Pioneer Terminal transloading facility centrally located in Mountrail County, North Dakota, for Bakken and Three Forks related Energy & Production activity. For more information please visit the corporate website at: www.dakotaplains.com.

Cautionary Note Regarding Forward Looking Statements

This announcement contains forward-looking statements that reflect the current views of Dakota Plains, including, but not limited to, statements regarding our future growth and plans for our business and operations. We do not undertake to update our forward-looking statements. These statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of lack of diversification, dependency upon strategic relationships, dependency on a limited number of major customers, competition for the loading, marketing and transporting of crude oil and related products, difficulty in obtaining additional capital that will be needed to implement business plans, difficulties in attracting and retaining talented personnel, risks associated with building and operating a transloading facility, changes in commodity prices and the demand for crude oil and natural gas, competition from other energy sources, inability to obtain necessary facilities, difficulty in obtaining crude oil to transport, increases in our operating expenses, an economic downturn or change in government policy that negatively impacts demand for our services, penalties we may incur, costs imposed by environmental laws and regulations, inability to obtain or maintain necessary licenses, challenges to our properties, technological unavailability or obsolescence, and future acts of terrorism or war, as well as the threat of war and other factors described from time to time in the company’s reports filed with the U.S. Securities and Exchange Commission.

 

For more information, please contact:

Company Contact Investor and Media Contact
Tim Brady, CFO Dan Gagnier, Sard Verbinnen
tbrady@dakotaplains.com DGagnier@sardverb.com
Phone: 952.473.9950 Phone: 212.415.8972
www.dakotaplains.com www.sardverb.com

 

 
 

 

 

- TABLES FOLLOW -

 

 

 

 

 

 

 

 
 

 

 

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2013 AND 2012

 

ASSETS

    December 31,  
    2013     2012  
CURRENT ASSETS                
Cash and Cash Equivalents   $ 13,011,608     $ 2,340,083  
Income Tax Receivable     1,120,057        
Other Current Assets     542,523       30,632  
Due from Related Party     2,840,292       81,175  
Other Receivables     68,896        
Deferred Tax Asset     3,728,000       1,414,000  
Total Current Assets     21,311,376       3,865,890  
                 
PROPERTY AND EQUIPMENT                
Land     3,166,849       3,166,849  
Site Development     5,498,501       2,329,660  
Terminal     19,813,452        
Machinery     12,702,655        
Construction in Progress     7,551,187        
Other Property and Equipment     6,747,349       45,292  
Total Property and Equipment     55,479,993       5,541,801  
Less - Accumulated Depreciation     1,810,259       424,833  
Total Property and Equipment, Net     53,669,734       5,116,968  
                 
PREFERRED DIVIDEND RECEIVABLE     252,057       819,178  
                 
INVESTMENT IN DPTS MARKETING, LLC     11,458,836       21,905,797  
                 
INVESTMENT IN DAKOTA PETROLEUM TRANSPORT SOLUTIONS, LLC           5,331,599  
                 
INVESTMENT IN DAKOTA PLAINS SERVICES, LLC     70,399        
                 
FINANCE COSTS, NET     123,280       184,225  
                 
DEFERRED TAX ASSET     153,000       2,441,000  
                 
OTHER ASSETS     15,902        
                 
Total Assets   $ 87,054,584     $ 39,664,657  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES                
Accounts Payable   $ 8,286,489     $ 239,674  
Accrued Expenses     1,547,645       232,905  
Accounts Payable - Related Parties     722        
Income Taxes Payable           1,028,000  
Deferred Rental Income           20,679  
Total Current Liabilities     9,834,856       1,521,258  
                 
LONG-TERM LIABILITIES                
Promissory Notes, Net of Debt Discount     7,076,332       25,614,683  
Promissory Note, Pioneer Project     7,500,000        
Other Noncurrent Liabilities     16,917        
Deferred Rental Income           165,434  
Total Long-Term Liabilities     14,593,249       25,780,117  
                 
Total Liabilities     24,428,105       27,301,375  
                 
STOCKHOLDERS' EQUITY                
Preferred Stock - Par Value $.001; 10,000,000 Shares Authorized;
None Issued or Outstanding
           
Common Stock, Par Value $.001; 100,000,000 Shares Authorized; 54,206,380
and 41,839,433 Issued and Outstanding, Respectively
    54,206       41,839  
Additional Paid-In Capital     43,836,032       17,432,904  
Accumulated Deficit     (6,836,825 )     (5,111,461 )
Total Equity Dakota Plains Holdings, Inc.     37,053,413       12,363,282  
Non-controlling Interest in Subsidiary     25,573,066        
Total Stockholders' Equity     62,626,479       12,363,282  
                 
Total Liabilities and Stockholders' Equity   $ 87,054,584     $ 39,664,657  

 

 
 

 

 

DAKOTA PLAINS HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011

 

    Year Ended December 31,  
    2013     2012     2011  
REVENUES                        
Rental Income - Related Party   $ 349,372     $ 266,483     $ 314,581  
                         
OPERATING EXPENSES                        
General and Administrative Expenses     8,449,125       2,901,907       3,897,066  
Depreciation and Amortization     179,546       165,313       159,275  
Total Operating Expenses     8,628,671       3,067,220       4,056,341  
                         
LOSS FROM OPERATIONS     (8,279,299 )     (2,800,737 )     (3,741,760 )
                         
OTHER INCOME (EXPENSE)                        
Income from Investment in Dakota Petroleum Transport Solutions, LLC     4,312,394       3,511,999       4,236,779  
Income from Investment in DPTS Marketing LLC     2,961,671       10,410,596       2,314,279  
Income from Investment in Dakota Plains Services, LLC     130,305              
Interest Expense (Net of Interest Income)     (3,630,950 )     (29,211,978 )     (3,371,812 )
Gain (Loss) on Extinguishment of Debt     1,726,515       14,708,909       (4,552,500 )
Other Expense                 (2,777 )
Total Other Income (Expense)     5,499,935       (580,474 )     (1,376,031 )
                         
LOSS BEFORE  TAXES     (2,779,364 )     (3,381,211 )     (5,117,791 )
                         
INCOME TAX BENEFIT     (1,054,000 )     (1,380,541 )     (2,007,000 )
                         
NET LOSS   $ (1,725,364 )   $ (2,000,670 )   $ (3,110,791 )
                         
Net Loss Per Common Share – Basic and Diluted   $ (0.04 )   $ (0.05 )   $ (0.09 )
                         
Weighted Average Shares Outstanding - Basic and Diluted     42,338,999       39,792,973       35,214,940  

 

 

 

 

 
 

 

 

DAKOTA PLAINS HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011

 

                Additional     Retained
Earnings
    Non-controlling     Total  
    Common Stock     Paid-In     (Accumulated     Interest In     Stockholders'  
    Shares     Amount     Capital     Deficit)     Subsidiary     Equity  
                                     
Balance - December 31, 2010     30,592,744     $ 30,592     $ 2,238,763     $ 610,013     $     $ 2,879,368  
                                                 
Sale of Common Shares at $2.125 Per Share     1,500,000       1,500       3,186,000                   3,187,500  
                                                 
Sale of Common Shares at $4.00 Per Share     500,000       500       1,999,500                   2,000,000  
                                                 
Issuance of Common Shares Related to Consulting Agreements     2,280,000       2,280       2,161,470                   2,163,750  
                                                 
Issuance of Common Share Related to Administrative Services Agreement     2,000       2       4,248                   4,250  
                                                 
Issuance of Restricted Common Shares     600,000       600       (600 )                  
                                                 
Issuance of Common Shares as a Stock Dividend     1,441,774       1,442       (1,442 )                  
                                                 
Issuance of Common Shares to Board of Directors     40,000       40       84,960                   85,000  
                                                 
Issuance of Common Shares for Finance Costs     7,500       8       29,992                   30,000  
                                                 
Cash Dividend Paid                 (1,331,619 )     (610,013 )           (1,941,632 )
                                                 
Share-Based Compensation                 425,756                   425,756  
                                                 
Issuance of Common Shares Pursuant to Exercise of Warrants     50,000       50       14,200                   14,250  
                                                 
Warrants Issue Included in Debt Discount                 1,346,816                   1,346,816  
                                                 
Net Loss                       (3,110,791 )           (3,110,791 )
                                                 
Balance - December 31, 2011     37,014,018       37,014       10,158,044       (3,110,791 )           7,084,267  
                                                 
Acquisition of MCT Holding Corporation     640,200       640       (640 )                  
                                                 
Issuance of Common Shares Pursuant to Exercise of Warrants     2,386,578       2,387       (2,387 )                  
                                                 
Share-Based Compensation                 477,604                   477,604  
                                                 
Issuance of Restricted Common Shares     38,437       38       (38 )                  
                                                 
Issuance of Common Shares Pursuant to Debt Restructure     1,757,075       1,757       6,130,435                   6,132,192  
                                                 
Issuance of Common Shares to Board of Directors     3,125       3       24,997                   25,000  
                                                 
Warrants Issued Included in Debt Discount                 644,889                   644,889  
                                                 
Net Loss                       (2,000,670 )           (2,000,670 )
                                                 
Balance - December 31, 2012     41,839,433       41,839       17,432,904       (5,111,461 )           12,363,282  
                                                 
Share- Based Compensation                 1,469,442                   1,469,442  
                                                 
Sale of Common Shares at $2.15 per share     7,000,000       7,000       15,043,000                   15,050,000  
                                                 
Issuance of Common Shares Pursuant to Debt Restructure     4,660,535       4,660       10,015,483                   10,020,143  
                                                 
Issuance of Restricted Common Shares     794,063       794       (794 )                  
                                                 
Issuance of Shares to Executive     62,500       63       234,937                   235,000  
                                                 
Issuance of Warrants Pursuant to Consulting Agreements                 208,663                   208,663  
                                                 
Issuance of Common Shares to Board of Directors     308,108       308       1,139,692                   1,140,000  
                                                 
Common Shares Surrendered     (458,259 )     (458 )     (567,600 )                 (568,058 )
                                                 
Cost of Capital Raise                 (1,139,695 )                 (1,139,695 )
                                                 
Creation of Non-controlling Interest in Subsidiary                             25,573,066       25,573,066  
                                                 
Net Loss                       (1,725,364 )           (1,725,364 )
                                                 
Balance - December 31, 2013     54,206,380     $ 54,206     $ 43,836,032     $ (6,836,825 )   $ 25,573,066     $ 62,626,479  


 
 

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011

 

    Year Ended December 31,  
    2013     2012     2011  
CASH FLOWS FROM OPERATING ACTIVITIES                        
Net Loss   $ (1,725,364 )   $ (2,000,670 )   $ (3,110,791 )
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities                        
Depreciation and Amortization     179,546       165,313       159,275  
Amortization of Debt Discount     349,632       58,272       1,346,816  
Amortization of Finance Costs     70,728       10,837        
(Gain) Loss on Extinguishment of Debt     (1,726,515 )     (14,708,909 )     4,552,500  
Loss on Disposal of Property and Equipment                 2,776  
Loss on Derivative Liability           27,311,802       1,167,500  
Deferred Income Taxes     (26,000 )     (2,412,000 )     (2,010,000 )
Share-Based Consulting Fees     299,288             2,168,000  
Increase (Decrease) in Deferred Rental Income     (24,793 )     40,271       (100,546 )
Income from Investment in Dakota Petroleum Transport Solutions, LLC     (4,312,394 )     (3,511,999 )     (4,236,779 )
Income from Investment in DPTS Marketing LLC     (2,961,671 )     (10,410,596 )     (2,314,279 )
Income for Investment in Dakota Plains Services, LLC     (130,305 )            
Non-cash Rental Income     (12,169 )     (42,783 )     (80,986 )
Amortization of Deferred Rent     (4,083 )            
Share-Based Compensation     2,753,817       502,604       510,756  
Changes in Working Capital and Other Items, Net of Consolidation of VIE:                        
Increase in Income Taxes Receivable     (1,120,057 )            
Increase  in Other Current Assets     (55,986 )     (13,876 )     (16,756 )
Decrease in Due from Related Party     46,018       (81,175 )      
Increase (Decrease) in Accounts Payable     69,318       207,058       (6,184 )
Increase (Decrease) in Income Taxes Payable     (1,028,000 )     1,028,000       (220,000 )
Increase (Decrease) in Accrued Expenses     1,307,740       152,244       80,661  
Increase (Decrease) in Deferred Rental Income     (8,062 )     (104,485 )     12,310  
Increase in Other Assets     (15,500 )            
Net Cash Used In Operating Activities     (8,074,812 )     (3,810,092 )     (2,095,727 )
                         
CASH FLOWS FROM INVESTING ACTIVITIES                        
Purchases of Property and Equipment     (159,621 )     (2,116,490 )     (788,126 )
Cash Received from DPTS Marketing LLC     12,910,000              
Preferred Dividends Received from DPTS Marketing LLC     1,065,753              
Cash Received from Dakota Plains Services, LLC     59,906              
Cash Paid for Investment in Dakota Petroleum Transport Solutions, LLC     (17,500,000 )            
Cash Paid for Investment in DPTS Marketing LLC                 (10,000,100 )
Cash Received from Dakota Petroleum Transport Solutions, LLC     1,757,896       1,113,463       1,952,210  
Cash Received from Consolidation of Dakota Petroleum Transport Solutions, LLC     6,921,264              
Net Cash Provided By (Used In) Investing Activities     5,055,198       (1,003,027 )     (8,836,016 )
                         
CASH FLOWS FROM FINANCING ACTIVITIES                        
Finance Costs Paid     (9,783 )     (195,062 )      
Common Shares Surrendered     (568,058 )            
Proceeds from Issuance of Common Stock - Net of Issuance Costs     13,910,305             5,187,500  
Proceeds from Exercise of Warrants                 14,250  
Cash Paid for Debt Extinguishment Costs     (218,641 )     (45,401 )     (150,000 )
Cash Dividend Paid                 (1,941,632 )
Repayment of Promissory Notes     (6,922,684 )     (500,000 )      
Proceeds from Promissory Notes           6,140,000        
Proceeds from Promissory Note, Pioneer Project     7,500,000              
Proceeds from Senior Promissory Notes                 3,500,000  
Proceeds from Junior Promissory Notes                 5,500,000  
Net Cash Provided By Financing Activities     13,691,139       5,399,537       12,110,118  
                         
NET INCREASE IN CASH AND CASH EQUIVALENTS     10,671,525       586,418       1,178,375  
                         
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD     2,340,083       1,753,665       575,290  
                         
CASH AND CASH EQUIVALENTS – END OF PERIOD   $ 13,011,608     $ 2,340,083     $ 1,753,665  
                         
Supplemental Disclosure of Cash Flow Information                        
Cash Paid During the Period for Interest   $ 3,085,750     $ 1,831,353     $ 858,082  
Cash Paid During the Period for Income Taxes   $ 1,073,308     $ 3,459     $ 211,220  
                         
Non-Cash Financing and Investing Activities:                        
Purchase of Property and Equipment Paid Subsequent to Period End   $ 10,215     $ 30,800     $ 30,800  
Fair Value of Warrants Issued for Debt Discount   $     $ 1,048,889     $ 1,346,816  
Payment of Debt Extinguishment Costs through issuance of Common Stock   $     $     $ 30,000  
Satisfaction of Derivative Liability with Common Stock   $     $ 6,132,192     $  
Loss on Extinguishment of Debt Related to Derivative Liability   $     $     $ 4,372,500  
Promissory Notes Issued to Satisfy Derivative Liability   $     $ 11,965,300     $  
Preferred Dividend Receivable   $ 498,632     $ 501,370     $ 317,808  
Satisfaction of Promissory Notes through issuance of Common Stock   $ 10,020,143     $     $  

 

 
 

 

 

Dakota Plains Holdings, Inc.

Reconciliation of Adjusted EBITDA

 

 


    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2013     2012     2013     2012     2011  
Net Income (Loss)   $ 337,304     $ 10,342,009     $ (1,725,364 )   $ (2,000,670 )   $ (3,110,791 )
Add Back:                                        
Income Tax Provision (Benefit)     228,000       5,985,000       (1,054,000 )     (1,380,541 )     (2,007,000 )
Depreciation and Amortization     47,623       41,378       179,546       165,313       159,275  
Share Based Compensation - Employees and Directors     323,152       128,644       2,753,817       502,604       510,756  
Share Based Compensation - Consultants     18,574             299,288             2,168,000  
Interest Expense     868,775       (7,851 )     3,630,950       29,211,978       3,371,812  
Gain (Loss) on Extinguishment of Debt     (1,726,515 )     (14,708,909 )     (1,726,515 )     (14,708,909 )     4,552,500  
Adjusted EBITDA   $ 96,913     $ 1,780,271     $ 2,357,722     $ 11,789,775     $ 5,644,552  

 

 

 

 

 

 

 

 

 

 

The following information was filed by Dakota Plains Holdings, Inc. (DAKP) on Friday, March 14, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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