v3.22.2.2
Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue        
Lease $ 111,725 $ 32,915 $ 176,775 $ 1,208,915
Total Revenue 32,961,686 37,028,882 97,355,473 92,365,958
Expenses        
General and administrative expense 5,743,342 5,156,087 16,162,570 20,374,534
Depreciation, amortization and ARO accretion 4,028,800 3,690,856 11,997,781 10,337,639
Loss on impairment of goodwill 16,210,020 0 16,210,020 0
Loss on impairment and disposal of leased property 0 0 0 5,811,779
Loss on termination of lease 0 0 0 165,644
Total Expenses 45,014,863 27,654,395 96,244,228 84,375,557
Operating Income (loss) (12,053,177) 9,374,487 1,111,245 7,990,401
Other Income (expense)        
Other income 76,050 4,040 332,615 366,859
Interest expense (3,483,208) (3,351,967) (9,972,969) (9,578,677)
Loss on extinguishment of debt 0 0 0 (861,814)
Total Other Expense (3,407,158) (3,347,927) (9,640,354) (10,073,632)
Income (Loss) before income taxes (15,460,335) 6,026,560 (8,529,109) (2,083,231)
Taxes        
Current tax expense (benefit) 35,187 (6,927) 343,108 41,313
Deferred tax expense 6,182 113,516 94,604 222,339
Total income tax expense, net 41,369 106,589 437,712 263,652
Net Income (Loss) (15,501,704) 5,919,971 (8,966,821) (2,346,883)
Less: Net income attributable to non-controlling interest 601,048 3,155,685 3,628,013 6,775,863
Net Income (Loss) attributable to CorEnergy (16,102,752) 2,764,286 (12,594,834) (9,122,746)
Preferred stock dividends 2,388,130 2,388,130 7,164,390 7,007,474
Net Income (Loss) attributable to Common Stockholders - basic $ (18,490,882) $ 376,156 $ (19,759,224) $ (16,130,220)
Net Income (Loss) Per Common Share:        
Basic (in dollars per share) $ (1.17) $ 0.02 $ (1.26) $ (1.13)
Diluted (in dollars per share) $ (1.17) $ 0.02 $ (1.26) $ (1.13)
Weighted Average Shares of Common Stock Outstanding:        
Basic (in shares) 15,773,469 15,426,226 15,683,331 14,252,305
Diluted (in shares) 15,773,469 15,426,226 15,683,331 14,252,305
Dividends declared per share (in dollars per share) $ 0.050 $ 0.050 $ 0.150 $ 0.150
Transportation and distribution        
Revenue        
Revenue from contracts with customers $ 31,305,546 $ 34,286,394 $ 89,179,734 $ 83,681,876
Expenses        
Cost of revenue 17,647,673 16,089,414 45,857,193 41,795,421
Pipeline loss allowance subsequent sales        
Revenue        
Revenue from contracts with customers 1,477,251 2,124,581 7,283,450 6,115,836
Expenses        
Cost of revenue 1,385,028 2,718,038 6,016,664 5,890,540
Other        
Revenue        
Revenue from contracts with customers $ 67,164 $ 584,992 $ 715,514 $ 1,359,331

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