DAKOTA PLAINS HOLDINGS, INC.

CIK:0001367311|SEC Filings

Condensed Consolidated Statements Of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUES
Transloading Revenue	$ 1,239,076	$ 5,137,567	$ 4,808,021	$ 19,421,100
Sand Revenue	883,545	983,572	2,124,729	3,422,000
Rental Income	30,900	30,000	92,700	90,000
Other	81,000		271,000	1,316,700
Total Revenues	2,234,521	6,151,139	7,296,450	24,249,800
COST OF REVENUES (exclusive of items shown separately below)	741,648	1,303,801	2,630,841	5,594,297
OPERATING EXPENSES
Transloading Operating Expenses	417,707	837,646	3,271,630	3,241,892
General and Administrative Expenses	1,182,681	2,626,713	6,451,999	7,171,360
Depreciation and Amortization	1,260,994	1,256,837	3,786,143	3,505,177
Total Operating Expenses	2,861,382	4,721,196	13,509,772	13,918,429
INCOME (LOSS) FROM OPERATIONS	(1,368,509)	126,142	(8,844,163)	4,737,074
OTHER INCOME (EXPENSE)
Interest Expense (Net of Interest Income)	(2,684,713)	(2,068,419)	(7,089,173)	(6,027,201)
Change in Operational Override	20,131,112	9,987,725	26,896,484	10,469,736
Other Expense				(1,704,618)
Total Other Income (Expense)	17,446,399	7,919,306	19,807,311	2,737,917
INCOME BEFORE TAXES	16,077,890	8,045,448	10,963,148	7,474,991
INCOME TAX PROVISION		29,233,284		29,029,784
NET INCOME (LOSS)	$ 16,077,890	$ (21,187,836)	$ 10,963,148	$ (21,554,793)
Net Income (Loss) Per Common Share - Basic and Diluted	$ 0.29	$ (0.39)	$ 0.20	$ (0.40)
Weighted Average Shares Outstanding - Basic	54,803,454	54,317,463	54,767,046	54,196,842
Weighted Average Shares Outstanding - Diluted	55,025,630	54,317,463	55,158,510	54,196,842

Condensed Consolidated Statements Of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ 10,963,148	$ (21,554,793)
Adjustments to Reconcile Net Income (Loss) to Net Cash Used In Operating Activities:
Depreciation and Amortization	3,786,143	3,505,177
Amortization of Finance Costs	1,157,083	721,023
Loss on Disposal of Property and Equipment	4,301
Deferred Income Taxes		29,028,000
Decrease in Operational Override Liability	(26,896,484)	(10,469,736)
Provision for Losses on Accounts Receivable	1,403,253
Amortization of Deferred Rent	(5,250)	(5,250)
Non-Cash Compensation	33,681
Share-Based Compensation	508,141	1,884,485
Changes in Working Capital and Other Items:
Trade Receivables	1,305,446	(4,332,464)
Other Receivables		(626,239)
Income Taxes Receivable		5,155
Other Current Assets	(375,953)	(1,309,781)
Accounts Payable	(731,009)	(156,000)
Accrued Expenses	5,060,425	407,402
Restricted Cash		(444)
Net Cash Used In Operating Activities	(3,787,075)	(2,903,465)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of Property and Equipment	(392,783)	(4,221,839)
Proceeds from Sale of Property and Equipment	2,500
Cash Paid for Deposits		(30,000)
Tenant Improvements Reimbursed	70,000
Net Cash Used In Investing Activities	(320,283)	(4,251,839)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash Paid for Finance Costs		(43,124)
Payments on Common Shares Surrendered	(96,346)	(346,937)
Decrease in Restricted Cash	3,000,593
Advances on Promissory Notes, SunTrust	1,500,000	5,000,000
Payments on Promissory Notes, SunTrust	(1,325,000)	(562,500)
Proceeds from Notes Payable - Vehicles		270,165
Payments on Notes Payable - Vehicles	(42,968)	(30,278)
Payments on Operational Override Liability		(46,518)
Net Cash Provided By Financing Activities	3,036,279	4,240,808
NET DECREASE IN CASH AND CASH EQUIVALENTS	(1,071,079)	(2,914,496)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	1,821,482	4,690,706
CASH AND CASH EQUIVALENTS - END OF PERIOD	750,403	1,776,210
Supplemental Disclosure of Cash Flow Information
Cash Paid During the Period for Interest	$ 710,351	4,320,449
Cash Paid During the Period for Income Taxes		1,784
Non-Cash Financing and Investing Activities:
Property and Equipment Included in Accounts Payable		$ 1,114,772

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and Cash Equivalents	$ 750,403	$ 1,821,482
Trade Receivables, Net	6,227,363	8,936,062
Income Tax Receivable	9,648	9,648
Other Current Assets	815,262	439,309
Other Receivables	42,038	42,038
Deferred Tax Asset	157,000	110,000
Total Current Assets	8,001,714	11,358,539
PROPERTY AND EQUIPMENT
Land	3,191,521	3,191,521
Site Development	5,829,639	5,829,639
Terminal	21,437,077	21,437,077
Machinery	18,218,163	18,218,163
Storage Tanks	15,299,541	15,299,541
Other Property and Equipment	3,013,914	3,123,163
Total Property and Equipment	66,989,855	67,099,104
Less - Accumulated Depreciation	14,683,145	10,908,003
Total Property and Equipment, Net	52,306,710	56,191,101
RESTRICTED CASH		3,000,593
OTHER ASSETS	512,901	512,901
Total Assets	60,821,325	71,063,134
CURRENT LIABILITIES
Accounts Payable	3,679,599	4,791,157
Accrued Expenses	9,761,943	4,149,601
Promissory Notes, SunTrust, Net	55,256,632	3,225,000
Operational Override Liability		1,879,607
Notes Payable - Vehicles	59,655	57,623
Total Current Liabilities	68,757,829	14,102,988
LONG-TERM LIABILITIES
Promissory Notes, SunTrust, Net		51,253,799
Operational Override Liability	7,409,490	32,426,367
Notes Payable - Vehicles	123,270	168,270
Deferred Tax Liability	157,000	110,000
Other Non-Current Liabilities		2,917
Total Long-Term Liabilities	7,689,760	83,961,353
Total Liabilities	76,447,589	98,064,341
COMMITMENTS AND CONTINGENCIES (NOTE 12)
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; 54,930,696 and 55,175,363 Issued and Outstanding, Respectively	54,930	55,175
Additional Paid-In Capital	8,424,308	8,012,268
Accumulated Deficit	(24,105,502)	(35,068,650)
Total Stockholders' Deficit	(15,626,264)	(27,001,207)
Total Liabilities and Stockholders' Deficit	$ 60,821,325	$ 71,063,134