Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data (Unaudited)

v3.19.3.a.u2
Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
QUARTERLY FINANCIAL DATA (Unaudited)
 
For the Fiscal 2019 Quarters Ended
 
March 31
 
June 30
 
September 30
 
December 31
Revenue
 
 
 
 
 
 
 
Lease revenue
$
16,717,710

 
$
16,635,876

 
$
16,984,903

 
$
16,712,017

Transportation and distribution revenue
4,871,582

 
4,868,144

 
4,068,338

 
4,970,173

Financing revenue
33,540

 
27,989

 
28,003

 
27,295

Total Revenue
21,622,832

 
21,532,009

 
21,081,244

 
21,709,485

Expenses
 
 
 
 
 
 
 
Transportation and distribution expenses
1,503,143

 
1,246,755

 
1,116,194

 
1,376,152

General and administrative
2,870,407

 
2,739,855

 
2,494,240

 
2,492,346

Depreciation, amortization and ARO accretion expense
5,645,096

 
5,645,250

 
5,645,342

 
5,646,254

Total Expenses
10,018,646

 
9,631,860

 
9,255,776

 
9,514,752

Operating Income
$
11,604,186

 
$
11,900,149

 
$
11,825,468

 
$
12,194,733

Other Income (Expense)
 
 
 
 
 
 
 
Net distributions and other income
$
256,615

 
$
285,259

 
$
360,182

 
$
426,797

Interest expense
(2,507,294
)
 
(2,297,783
)
 
(2,777,122
)
 
(2,996,512
)
Loss on extinguishment of debt
(5,039,731
)
 

 
(28,920,834
)
 

Total Other Expense
(7,290,410
)

(2,012,524
)

(31,337,774
)

(2,569,715
)
Income (loss) before income taxes
4,313,776

 
9,887,625

 
(19,512,306
)
 
9,625,018

Taxes
 
 
 
 
 
 
 
Current tax expense (benefit)
353,744

 

 
(1,270
)
 
(472,498
)
Deferred tax expense (benefit)
93,591

 
62,699

 
(91,436
)
 
289,788

Income tax expense (benefit), net
447,335

 
62,699

 
(92,706
)
 
(182,710
)
Net income (loss) attributable to CorEnergy Stockholders
$
3,866,441

 
$
9,824,926

 
$
(19,419,600
)
 
$
9,807,728

Preferred dividend requirements
2,314,128

 
2,313,780

 
2,313,780

 
2,313,780

Net income (loss) attributable to Common Stockholders
$
1,552,313

 
$
7,511,146

 
$
(21,733,380
)
 
$
7,493,948

 
 
 
 
 
 
 
 
Earnings (Loss) Per Common Share:
 
 
 
 
 
 
 
Basic
$
0.12

 
$
0.59

 
$
(1.65
)
 
$
0.55

Diluted
$
0.12

 
$
0.59

 
$
(1.65
)
 
$
0.55


 
For the Fiscal 2018 Quarters Ended
 
March 31
 
June 30
 
September 30
 
December 31
Revenue
 
 
 
 
 
 
 
Lease revenue
$
17,591,859

 
$
18,275,859

 
$
18,391,983

 
$
18,487,661

Transportation and distribution revenue
3,952,979

 
3,874,157

 
4,244,722

 
4,412,378

Total Revenue
21,544,838

 
22,150,016

 
22,636,705

 
22,900,039

Expenses
 
 
 
 
 
 
 
Transportation and distribution expenses
1,572,896

 
1,534,524

 
2,241,999

 
1,861,329

General and administrative
2,727,057

 
3,107,776

 
3,046,481

 
4,161,533

Depreciation, amortization and ARO accretion expense
6,289,330

 
6,290,082

 
6,289,459

 
6,078,582

Provision for loan (gain) loss
500,000

 

 

 
(536,867
)
Total Expenses
11,089,283

 
10,932,382

 
11,577,939

 
11,564,577

Operating Income
$
10,455,555

 
$
11,217,634

 
$
11,058,766

 
$
11,335,462

Other Income (Expense)
 
 
 
 
 
 
 
Net distributions and other income
$
3,951

 
$
55,714

 
$
5,627

 
$
41,503

Net realized and unrealized gain (loss) on other equity securities
13,966

 
(881,100
)
 
(930,147
)
 
(48,028
)
Interest expense
(3,210,590
)
 
(3,196,248
)
 
(3,183,589
)
 
(3,168,583
)
Gain on the sale of leased property, net

 

 

 
11,723,257

Total Other Income (Expense)
(3,192,673
)
 
(4,021,634
)
 
(4,108,109
)
 
8,548,149

Income before income taxes
7,262,882

 
7,196,000

 
6,950,657

 
19,883,611

Taxes
 
 
 
 
 
 
 
Current tax benefit
(35,549
)
 
(10,785
)
 
(8,393
)
 
(530,659
)
Deferred tax benefit
(409,277
)
 
(604,064
)
 
(738,274
)
 
(81,725
)
Income tax benefit, net
(444,826
)
 
(614,849
)
 
(746,667
)
 
(612,384
)
Net Income attributable to CorEnergy Stockholders
$
7,707,708

 
$
7,810,849

 
$
7,697,324

 
$
20,495,995

Preferred dividend requirements
2,396,875

 
2,396,875

 
2,396,875

 
2,357,752

Net Income attributable to Common Stockholders
$
5,310,833

 
$
5,413,974

 
$
5,300,449

 
$
18,138,243

 
 
 
 
 
 
 
 
Earnings Per Common Share:
 
 
 
 
 
 
 
Basic
$
0.45

 
$
0.45

 
$
0.44

 
$
1.52

Diluted
$
0.45

 
$
0.45

 
$
0.44

 
$
1.32