Exhibit 99.1 

 

DAKOTA PLAINS 

 

Dakota Plains HOLDINGS, INC.

Reports Fourth Quarter and Full Year 2015 Financial Results

 

WAYZATA, Minnesota, (March 11, 2016) -- Dakota Plains Holdings, Inc. (“Dakota Plains”), (NYSE MKT: DAKP) today announced financial results for the three and twelve months ended December 31, 2015.

 

Full Year 2015 Operational Summary

 

The Company transloaded 16.8 million barrels of crude oil, an increase of approximately 19% compared to 2014.

 

The Company transloaded 605,000 tons of frac sand, an increase of approximately 251% compared to 2014. The Company commenced sand transloading operations in June of 2014.

 

The Company materially reduced operating costs by bringing transloading operations in-house in the second quarter of 2015.

 

The Company completed construction of a 90,000 barrel crude oil storage tank in the second quarter of 2015.

 

Full Year 2015 Financial Summary

 

Adjusted EBITDA (a non-GAAP measure described below) was $8.7 million compared to $3.4 million for 2014.

 

The Company had a net loss of $25.0 million, including a negative non-cash valuation allowance of $27.4 million and an offsetting non-cash adjustment of $11.0 million, compared to a net loss of $3.3 million for 2014 (after adjusting for non-controlling interests).

 

In December 2015 the Company amended its credit facility including extending the maturity of its Tranche B Term Loan to January 5, 2017.

 

Revenue from crude oil transloading was $23.2 million compared to $26.8 million in 2014.

 

Revenue from frac sand transloading was $4.5 million compared to $1.4 million in 2014.

 

Craig McKenzie, Chief Executive Officer of Dakota Plains, said: “The energy industry, including the U.S. midstream segment, experienced a significant downturn in 2015. Despite this challenge, we were able to increase throughput volumes in both oil and sand transloading, and gain significant market share in both businesses. In addition, by materially reducing our operating costs, we were able to increase our cash margin for operations and delivered a 151% increase in EBITDA.”

 

 
 

 

McKenzie continued, “Notwithstanding the recent uptick in oil prices, future development and production levels in the Bakken remain uncertain.  We are maintaining diligent oversight of our operations, as well as our financials, while we also pursue strategic alternatives.”

 

Fourth Quarter 2015 Financial Results

 

Adjusted EBITDA for the fourth quarter of 2015 was $0.3 million compared to $1.9 million for the same period of 2014. The difference was primarily driven by lower crude oil transloading fees.

 

The Company reported a net loss of $3.4 million for the fourth quarter of 2015 compared to a net loss of $0.9 million for the fourth quarter of 2014 (after adjusting for non-controlling interests). The net loss for the fourth quarter of 2015 was primarily driven by the decrease in revenue as a result of lower crude oil transloading fees, which was partially offset by improved operating efficiencies and increased crude oil and frac sand transloading volumes.

 

Revenue from crude oil transloading was $3.7 million for the fourth quarter of 2015 compared to $7.7 million for the same period of 2014. The Company transloaded 4.4 million barrels of crude oil during the fourth quarter of 2015 compared to 4.0 million barrels during the same period of 2014. The decrease in revenue was driven by a 55% reduction in the average transloading fee charged in the fourth quarter of 2015 compared to the same period of 2014. Cost of revenue for crude oil transloading was $1.2 million for the fourth quarter of 2015 compared to $2.1 million during the same period of 2014. This reduction was primarily due to bringing the transloading operations in-house during the second quarter of 2015.

 

Revenue from frac sand transloading was $1.1 million for the fourth quarter of 2015 compared to $0.6 million for the same period of 2014. The increase in revenue was driven by volume as the Company transloaded approximately 159,000 tons of frac sand during the fourth quarter of 2015 compared to approximately 81,000 tons during the same period of 2014, a 97% increase. The cost of revenue related to frac sand transloading was $0.1 million compared to $0.3 million for the fourth quarter of 2014. The decrease was due to improved efficiencies as a result of bringing the transloading operations in-house during the second quarter of 2015.

 

General and administrative expenses were $3.2 million for the fourth quarter of 2015, which was flat compared to the same period of 2014.

 

Interest expense was $2.0 million for the fourth quarter of 2015 compared to $1.3 million for the fourth quarter of 2014. The increase was primarily driven by the interest expense related to the operational override liability and the additional debt resulting from the acquisition of 50% of the outstanding interest in the transloading and marketing joint ventures in the fourth quarter of 2014.

 

2
 

 

Full Year 2015 Financial Results

 

Adjusted EBITDA for the fiscal year ended December 31, 2015, was $8.7 million compared to $3.4 million in 2014. The increase in 2015 Adjusted EBITDA was primarily driven by company high crude oil and frac sand transloading throughput volumes, revenues from railcar storage, and improved operating efficiencies in the crude oil and frac sand transloading operations.

 

The Company experienced a net loss of $25.0 million for the fiscal year ended December 31, 2015, compared to a net loss of $3.3 million for the fiscal year ended December 31, 2014. The 2015 net loss was driven by a non-cash valuation allowance on the Company’s deferred tax assets of approximately $27.4 million, which was partially offset by an $11 million gain from a revaluation of the operational override liability. In addition, higher crude oil and frac sand transloading throughput, revenues from railcar storage, and bringing the transloading operations in-house partially offset the valuation allowance. The net loss in 2014 was driven by a significant decrease in income from the Company’s indirect investment in its marketing joint venture.

 

Revenue from crude oil transloading was $23.2 million in 2015 compared to $26.8 million in 2014. The decrease in revenue was driven by a 28% drop in average crude oil transloading fees. The impact of lower fees was partially offset by volume, as the Company transloaded 16.8 million barrels of crude oil (46,000 barrels per day) during 2015 compared to 14.2 million barrels of crude oil (39,000 barrels per day) during 2014, a 19% increase. Total cost of revenue related to crude oil transloading for 2015 was $6.0 million compared to $7.9 million for 2014, a 23% decrease driven by bringing the transloading operations in-house.

 

Revenue from frac sand transloading was $4.5 million in 2015 compared to $1.4 million in 2014. Cost of revenue related to frac sand transloading was $1.2 million in 2015 compared to $0.6 million in 2014. The increases in both revenue and cost of revenue were due to higher volume as the frac sand transloading operations did not commence until June 2014. The Company transloaded 605,000 tons of frac sand during 2015 compared to 172,000 tons of frac sand during 2014. The 46% decrease in cost of revenue per ton transloaded during 2015 was primarily the result of bringing the transloading operations in-house during the second quarter of 2015.

 

General and administrative expenses were $10.3 million for the fiscal year ended December 31, 2015, compared to $9.1 million for the fiscal year ended December 31, 2014. The 13% increase was primarily due to the $1.1 million in fees and costs related to the strategic alternatives process.

 

3
 

 

Interest expense was $8.1 million for the fiscal year ended December 31, 2015, compared to $2.8 million for the fiscal year ended December 31, 2014. The increase was primarily driven by the interest expense related to the operational override liability and additional debt from the acquisition of 50% of the outstanding interests in the transloading and marketing joint ventures in the fourth quarter of 2014.

 

The operational override liability was reduced $11.0 million for the fiscal year ended December 31, 2015, as compared to the fiscal year ended December 31, 2014, due to a decrease in the long-term estimated daily crude oil transloading volume used to calculate the liability.

 

The provision for income taxes was $29.3 million for the fiscal year ended December 31, 2015, compared to a benefit from income taxes of $0.9 million for the fiscal year ended December 31, 2014. The increase in the provision for income taxes was primarily due to the valuation allowance placed on the net deferred tax asset in 2015.

 

Adjusted EBITDA

 

Adjusted EBITDA and adjusted EBITDA attributable to stockholders of Dakota Plains Holdings, Inc., 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 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 operating the Pioneer Terminal transloading facility. The Pioneer Terminal is centrally located in Mountrail County, North Dakota, for Bakken and Three Forks development and production activity. For more information please visit the corporate website at: www.dakotaplains.com.

 

4
 

 

Forward Looking Statements

 

Statements made by representatives of Dakota Plains in this press release that are not historical facts are forward-looking statements. These statements are based on certain assumptions and expectations made by the Company which reflect management’s experience, estimates and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to global economics or politics, the Company’s ability to obtain additional capital needed to implement our business plan, minimal operating history, loss of key personnel, lack of business diversification, reliance on strategic, third-party relationships, financial performance and results, prices and demand for oil, the Company’s ability to make acquisitions on economically acceptable terms, and other factors described from time to time in the Company’s periodic reports filed with the SEC that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Dakota Plains undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information or future events.

 

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 -

 

5
 

 

DAKOTA PLAINS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2015 AND 2014

 

ASSETS

           
   December 31, 
   2015   2014 
CURRENT ASSETS          
Cash and Cash Equivalents  $1,821,482   $4,690,706 
Trade Receivables, Net   8,936,062    3,268,386 
Income Tax Receivable   9,648    14,803 
Other Current Assets   439,309    99,776 
Other Receivables   42,038    781,135 
Deferred Tax Asset   110,000    2,266,000 
Total Current Assets   11,358,539    11,120,806 
PROPERTY AND EQUIPMENT          
Land   3,191,521    3,191,521 
Site Development   5,829,639    5,829,640 
Terminal   21,437,077    21,383,972 
Machinery   18,218,163    18,133,754 
Storage Tanks   15,299,541    9,307,570 
Construction in Progress   -    1,886,470 
Other Property and Equipment   3,123,163    2,603,417 
Total Property and Equipment   67,099,104    62,336,344 
Less – Accumulated Depreciation   10,908,003    6,143,159 
Total Property and Equipment, Net   56,191,101    56,193,185 
FINANCE COSTS, NET   2,271,201    1,537,795 
RESTRICTED CASH   3,000,593    3,000,000 
DEFERRED TAX ASSET   -    26,762,000 
OTHER ASSETS   512,901    512,901 
Total Assets  $73,334,335   $99,126,687 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT 
CURRENT LIABILITIES          
Accounts Payable  $4,791,157   $7,387,612 
Accrued Expenses   4,149,601    1,696,358 
Promissory Notes, SunTrust   3,225,000    23,250,000 
Operational Override Liability   1,879,607    715,497 
Notes Payable – Vehicles   57,623    - 
Total Current Liabilities   14,102,988    33,049,467 
LONG-TERM LIABILITIES          
Promissory Notes, SunTrust   53,525,000    25,250,000 
Operational Override Liability   32,426,367    44,595,370 
Notes Payable – Vehicles   168,270    - 
Deferred Tax Liability   110,000    - 
Other Non-Current Liabilities   2,917    9,917 
Total Long-Term Liabilities   86,232,554    69,855,287 
Total Liabilities   100,335,542    102,904,754 
COMMITMENTS AND CONTINGENCIES (NOTE 14)          
           
STOCKHOLDERS’ DEFICIT          
Preferred Stock – Par Value $.001; 10,000,000 Shares Authorized; None Issued or Outstanding   -    - 
Common Stock – Par Value $.001; 100,000,000 Shares Authorized; 55,175,363 and 55,044,829 Issued and Outstanding, Respectively   55,175    55,044 
Additional Paid-In Capital   8,012,268    6,267,788 
Accumulated Deficit   (35,068,650)   (10,100,899)
Total Stockholders’ Deficit   (27,001,207)   (3,778,067)
Total Liabilities and Stockholders’ Deficit  $73,334,335   $99,126,687 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

6
 

 

DAKOTA PLAINS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013

                
   Year Ended December 31, 
   2015   2014   2013 
REVENUES               
Transloading Revenue  $23,161,752   $26,781,637   $- 
Sand Revenue   4,532,393    1,379,520    - 
Rental Income   120,000    120,000    - 
Rental Income – Related Party   -    -    349,372 
Other   1,398,950    -    - 
Total Revenues   29,213,095    28,281,157    349,372 
                
COST OF REVENUES   6,796,772    8,040,016    - 
(exclusive of items shown separately below)               
OPERATING EXPENSES               
Transloading Operating Expenses   4,176,658    2,799,268    - 
General and Administrative Expenses   10,343,262    9,131,788    8,449,125 
Depreciation and Amortization   4,764,844    4,332,900    179,546 
Total Operating Expenses   19,284,764    16,263,956    8,628,671 
                
INCOME (LOSS) FROM OPERATIONS   3,131,559    3,977,185    (8,279,299)
                
OTHER INCOME (EXPENSE)               
Income from Investment in Dakota Petroleum Transport Solutions, LLC   -    -    4,312,394 
Income (Loss) from Investment in DPTS Marketing LLC   -    (355,265)   2,961,671 
Income from Investment in Dakota Plains Services, LLC   -    606,977    130,305 
Interest Expense (Net of Interest Income)   (8,071,283)   (2,793,190)   (3,630,950)
Gain on Extinguishment of Debt   -    -    1,726,515 
Change in Operational Override   10,958,375    -    - 
Other Income (Expense)   (1,704,618)   (34,022)   - 
Total Other Income (Expense)   1,182,474    (2,575,500)   5,499,935 
INCOME (LOSS) BEFORE TAXES   4,314,033    1,401,685    (2,779,364)
                
INCOME TAX PROVISION (BENEFIT)   29,281,784    (854,993)   (1,054,000)
                
NET INCOME (LOSS)   (24,967,751)   2,256,678    (1,725,364)
                
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS   -    5,520,752    - 
NET LOSS ATTRIBUTABLE TO SHAREHOLDERS OF DAKOTA PLAINS HOLDINGS, INC.  $(24,967,751)  $(3,264,074)  $(1,725,364)
                
Net Loss Per Common Share – Basic and Diluted  $(0.46)  $(0.06)  $(0.04)
                
Weighted Average Shares Outstanding – Basic and Diluted   54,228,266    53,971,183    42,338,999 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

7
 

 

DAKOTA PLAINS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013

 

   Year Ended December 31, 
   2015   2014   2013 
CASH FLOWS FROM OPERATING ACTIVITIES               
Net Income (Loss)  $(24,967,751)  $2,256,678   $(1,725,364)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities               
Depreciation and Amortization   4,764,844    4,332,900    179,546 
Amortization of Debt Discount   -    640,985    349,632 
Amortization of Finance Costs   1,017,844    203,394    70,728 
Gain on Extinguishment of Debt   -    -    (1,726,515)
Gain on Sale of Dakota Plains Services, LLC   -    (472,624)   - 
Deferred Income Taxes   29,280,000    (1,033,000)   (26,000)
Share-Based Consulting Fees   -    -    299,288 
Decrease in Deferred Rental Income   -    -    (24,793)
Income from Investment in Dakota Petroleum Transport Solutions, LLC   -    -    (4,312,394)
Loss (Income) from Investment in DPTS Marketing LLC   -    355,265    (2,961,671)
Income for Investment in Dakota Plains Services, LLC   -    (606,977)   (130,305)
Decrease in Operational Override Liability   (10,958,375)   -    - 
Non-Cash Rental (Income) Expense   -    17,941    (12,169)
Amortization of Deferred Rent   (7,000)   (7,000)   (4,083)
Share-Based Compensation   2,513,258    2,330,651    2,753,817 
Changes in Working Capital and Other Items, Net of Purchase of Membership Interest and Consolidation of VIE:               
Increase in Trade Receivables   (5,667,676)   (3,245,923)   - 
Decrease (Increase) in Other Receivables   739,097    (712,239)   - 
Decrease (Increase) in Income Taxes Receivable   5,155    1,105,254    (1,120,057)
Decrease (Increase) in Other Current Assets   (339,533)   460,724    (55,986)
Decrease in Due from Related Party   -    1,676,006    46,018 
Increase (Decrease) in Accounts Payable   (2,886,173)   2,251,463    69,318 
Decrease in Income Taxes Payable   -    -    (1,028,000)
Increase in Accrued Expenses   1,314,493    129,769    1,307,740 
Decrease in Deferred Rental Income   -    -    (8,062)
Increase in Due from Related Party   -    (24,484)   - 
Increase in Restricted Cash   (593)   -    - 
Increase in Other Assets   -    (496,999)   (15,500)
Net Cash Provided By (Used In) Operating Activities   (5,192,410)   9,161,784    (8,074,812)
CASH FLOWS FROM INVESTING ACTIVITIES               
Purchases of Property and Equipment   (5,136,844)   (12,285,389)   (159,621)
Cash Received from DPTS Marketing LLC   -    10,646,038    12,910,000 
Preferred Dividends Received from DPTS Marketing LLC   -    709,589    1,065,753 
Cash Received from Dakota Plains Services, LLC   -    -    59,906 
Cash Received from Sale of Dakota Plains Service, LLC   -    1,150,000    - 
Cash Paid for Investment in Dakota Petroleum Transport Solutions, LLC   -    -    (17,500,000)
Cash Paid for Purchase of Non Controlling Interests   -    (44,196,600)   - 
Cash Received from Dakota Petroleum Transport Solutions, LLC   -    -    1,757,896 
Cash Received from Consolidation of Dakota Petroleum Transport Solutions, LLC   -    -    6,921,264 
Cash Received from Consolidation of DPTS Marketing LLC   -    3,396,957    - 
Net Cash Provided By (Used In) Investing Activities   (5,136,844)   (40,579,405)   5,055,198 
CASH FLOWS FROM FINANCING ACTIVITIES               
Finance Costs Paid   (612,500)   (1,430,459)   (9,783)
Common Shares Surrendered   (356,845)   (645,679)   (568,058)
Proceeds from Issuance of Common Stock – Net of Issuance Costs   -    -    13,910,305 
Cash Distributions to Non-Controlling Interests   -    (5,110,826)   - 
Capital Contribution to DPTS Sand, LLC   -    1,000    - 
Cash Paid for Debt Extinguishment Costs   -    -    (218,641)
Increase in Restricted Cash   -    (3,000,000)   - 
Repayment of Promissory Notes   -    (7,717,317)   (6,922,684)
Proceeds from Promissory Note, Pioneer Project   -    -    7,500,000 
Principal Payments on Promissory Note, Pioneer Project   -    (7,500,000)   - 
Advances on Promissory Notes, SunTrust   9,000,000    48,500,000    - 
Payments on Promissory Notes, SunTrust   (750,000)   -    - 
Proceeds from Notes Payable – Vehicles   270,165    -    - 
Payments on Notes Payable – Vehicles   (44,272)   -    - 
Payments on Operational Override Liability   (46,518)   -    - 
Net Cash Provided By Financing Activities   7,460,030    23,096,719    13,691,139 
                
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   (2,869,224)   (8,320,902)   10,671,525 
                
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD   4,690,706    13,011,608    2,340,083 
                
CASH AND CASH EQUIVALENTS – END OF PERIOD  $1,821,482   $4,690,706   $13,011,608 
Supplemental Disclosure of Cash Flow Information               
Cash Paid During the Period for Interest  $5,204,872   $1,536,450   $3,085,750 
Cash Paid During the Period for Income Taxes  $1,784   $11,852   $1,073,308 
Non-Cash Financing and Investing Activities:               
Property and Equipment Included in Accounts Payable  $380,549   $754,815   $10,215 
Finance Costs Included in Accrued Expenses  $1,138,750   $-   $- 
Purchase of Property and Equipment Paid Subsequent to Period End Related to Consolidation of VIE  $-   $-   $6,173,638 
Preferred Dividend Receivable  $-   $457,532   $498,632 
Satisfaction of Promissory Notes through issuance of Common Stock  $-   $-   $10,020,143 
Fair Value of Common Stock Issued for Finance Costs  $-   $187,450   $- 
Non-Cash Amounts Related to Equity Transaction:               
Decrease in Additional Paid In Capital  $411,802   $39,439,828   $- 
Increase in Deferred Tax Asset  $-   $24,114,000   $- 
Increase in Contingent Liability  $-   $45,310,867   $- 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

8 
 

 

DAKOTA PLAINS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013

 

                             Total 
             Additional        Non-Controlling   Stockholders’ 
    Common Stock   Paid-In   Accumulated   Interest In   Equity 
    Shares   Amount   Capital   Deficit   Subsidiary   (Deficit) 
                               
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 Common 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 
Share-Based Compensation   -    -    1,364,816    -    -    1,364,816 
Issuance of Restricted Common Shares   589,483    590    (590)   -    -    - 
Issuance of Common Shares to Executives and Employees   287,237    287    641,957    -    -    642,244 
Issuance of Common Shares to Board Directors   144,477    144    323,447    -    -    323,591 
Issuance of Common Shares for Consulting Services   115,000    115    187,335              187,450 
Common Shares Surrendered   (297,749)   (298)   (645,381)   -    -    (645,679)
Distributions Paid to Non-Controlling Interest   -    -    -    -    (5,110,826)   (5,110,826)
Increase in Joint Venture Ownership Pursuant to Equity Method Transaction   -    -    (39,439,828)   -    (25,982,992)   (65,422,820)
Net Income (Loss)   -    -    -    (3,264,074)   5,520,752    2,256,678 
Balance – December 31, 2014   55,044,828    55,044    6,267,788    (10,100,899)   -    (3,778,067)
Share-Based Compensation   -    -    2,155,258    -    -    2,155,258 
Issuance of Restricted Common Shares   66,667    67    (67)   -    -    - 
Common Shares Surrendered   (237,399)   (237)   (356,608)   -    -    (356,845)
Issuance of Common Shares to Board Directors   267,934    268    349,732    -    -    350,000 
Issuance of Common Shares to Employee   33,333    33    7,967    -    -    8,000 
Increase in Joint Venture Ownership Pursuant to Equity Method Transaction   -    -    (411,802)   -    -    (411,802)
Net Loss   -    -    -    (24,967,751)   -    (24,967,751)
Balance – December 31, 2015   55,175,363   $55,175   $8,012,268   $(35,068,650)  $-   $(27,001,207)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

9 
 

 

Dakota Plains Holdings, Inc. and Subsidiaries
Reconciliation of Adjusted EBITDA 

                
   Year Ended December 31, 
   2015   2014   2013 
Net Income (Loss)  $(24,967,751)  $2,256,678   $(1,725,364)
Add back:               
Income Tax Provision (Benefit)   29,281,784    (854,993)   (1,054,000)
Depreciation and Amortization   4,764,843    4,332,900    179,546 
Share Based Compensation – Employees and Directors   2,513,258    2,330,651    2,753,817 
Share Based Compensation – Consultants   -    -    299,288 
Interest Expense   8,071,283    2,793,190    3,630,950 
Decrease in Operational Override Liability   (10,958,374)   -    - 
Gain on Extinguishment of Debt   -    -    (1,726,515)
Adjusted EBITDA  $8,705,043   $10,858,426   $2,357,722 
                
Adjusted EBITDA Attributable to Non-Controlling Interests   -    7,411,785    - 
                
Adjusted EBITDA Attributable to Shareholders of Dakota Plains Holdings, Inc.  $8,705,043   $3,446,641   $2,357,722 

 

10 

 


The following information was filed by Dakota Plains Holdings, Inc. (DAKP) on Friday, March 11, 2016 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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