Power REIT
For the period ended Sep 30, 2024. Filed Oct 31, 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.
Sep 30, 2024 · Filed Oct 31, 2024
PW$6.75+0.7%Stored close · as of Nov 6, 2026
Contents
Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 · 2023 · 2024 · 2023 | ||||||||
| REVENUE | ||||||||
| Lease income from direct financing lease – railroad | $228,750 | $228,750 | $686,250 | $686,250 | ||||
| Rental income | 353,504 | 233,152 | 843,922 | 857,459 | ||||
| Rental income – related parties | 785,000 | - | 785,000 | - | ||||
| Other income | 58,858 | 26,629 | 164,901 | 140,850 | ||||
| TOTAL REVENUE | 1,426,112 | 488,531 | 2,480,073 | 1,684,559 | ||||
| EXPENSES | ||||||||
| Amortization of intangible assets | 56,872 | 56,872 | 170,616 | 170,616 | ||||
| General and administrative | 338,008 | 439,046 | 1,151,135 | 1,330,834 | ||||
| Property expenses | 398,044 | 405,886 | 1,161,789 | 1,441,382 | ||||
| Property taxes | 95,457 | 141,495 | 245,409 | 335,664 | ||||
| Depreciation expense | 145,587 | 565,742 | 817,194 | 1,775,160 | ||||
| Impairment expense | 195,403 | 8,235,136 | 18,194,384 | 8,235,136 | ||||
| Interest expense | 872,460 | 667,090 | 3,031,826 | 1,856,042 | ||||
| TOTAL EXPENSES | 2,101,831 | 10,511,267 | 24,772,353 | 15,144,834 | ||||
| OTHER INCOME (EXPENSE) | ||||||||
| Gain on sale of properties | - | - | 394,394 | 1,040,452 | ||||
| Loan modification expense | - | - | - | (160,000) | ||||
| Forgiveness of accounts payable | 350,704 | - | 350,704 | 26,602 | ||||
| TOTAL OTHER INCOME (EXPENSE) | 350,704 | - | 745,098 | 907,054 | ||||
| NET LOSS | (325,015) | (10,022,736) | (21,547,182) | (12,553,221) | ||||
| Preferred Stock Dividends | (163,207) | (163,207) | (489,621) | (489,621) | ||||
| NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $(488,222) | $(10,185,943) | $(22,036,803) | $(13,042,842) | ||||
| Loss Per Common Share: | ||||||||
| Basic | $(0.14) | $(3.01) | $(6.50) | $(3.85) | ||||
| Diluted | (0.14) | (3.01) | (6.50) | (3.85) | ||||
| 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 undeclared dividend per Series A Preferred Share: | 0.48 | 0.48 | 1.45 | 1.45 | ||||
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