Power REIT
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
PW$6.75+0.7%Stored close · as of Nov 6, 2026
Contents
Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended June 30, · Six Months Ended June 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 · 2023 · 2024 · 2023 | ||||||||
| REVENUE | ||||||||
| Lease income from direct financing lease – railroad | $228,750 | $228,750 | $457,500 | $457,500 | ||||
| Rental income | 229,779 | (70,385) | 490,418 | 624,307 | ||||
| Other income | 60,820 | 59,533 | 106,043 | 140,823 | ||||
| TOTAL REVENUE | 519,349 | 217,898 | 1,053,961 | 1,222,630 | ||||
| EXPENSES | ||||||||
| Amortization of intangible assets | 56,872 | 56,872 | 113,744 | 113,744 | ||||
| General and administrative | 359,474 | 464,504 | 813,127 | 891,788 | ||||
| Property expenses | 378,850 | 509,784 | 763,745 | 1,035,496 | ||||
| Property taxes | 92,284 | 121,937 | 149,952 | 194,169 | ||||
| Depreciation expense | 183,410 | 604,710 | 671,607 | 1,209,418 | ||||
| Impairment expense | 17,449,424 | - | 17,998,981 | - | ||||
| Interest expense | 1,144,204 | 651,530 | 2,159,366 | 1,188,952 | ||||
| TOTAL EXPENSES | 19,664,518 | 2,409,337 | 22,670,522 | 4,633,567 | ||||
| OTHER INCOME (EXPENSE) | ||||||||
| Gain on sale of properties | - | - | 394,394 | 1,040,452 | ||||
| Loan modification expense | - | - | - | (160,000) | ||||
| TOTAL OTHER INCOME (EXPENSE) | - | - | 394,394 | 880,452 | ||||
| NET LOSS | (19,145,169) | (2,191,439) | (21,222,167) | (2,530,485) | ||||
| Preferred Stock Dividends | (163,207) | (163,207) | (326,414) | (326,414) | ||||
| NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $(19,308,376) | $(2,354,646) | $(21,548,581) | $(2,856,899) | ||||
| Loss Per Common Share: | ||||||||
| Basic | $(5.70) | $(0.69) | $(6.36) | $(0.84) | ||||
| Diluted | (5.70) | (0.69) | (6.36) | (0.84) | ||||
| Weighted Average Number of Shares Outstanding: | ||||||||
| Basic | 3,389,661 | 3,389,661 | 3,389,661 | 3,389,661 | ||||
| Diluted | 3,389,661 | 3,389,661 | 3,389,661 | 3,389,661 | ||||
| Cash dividend per Series A Preferred Share: | $ | - | $ | - | $ | - | $ | - |
| Accumulated dividend accrued per Series A Preferred Shares: | 0.48 | 0.48 | 0.97 | 0.97 | ||||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.