Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data (Unaudited)

v3.20.4
Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited) QUARTERLY FINANCIAL DATA (Unaudited)
For the Fiscal 2020 Quarters Ended
March 31 June 30 September 30 December 31
Revenue
Lease revenue $ 15,746,504  $ 5,554,368  $ 20,126  $ 30,125 
Deferred rent receivable write-off (30,105,820) —  —  — 
Transportation and distribution revenue 5,200,500  4,382,706  4,573,155  5,815,990 
Financing revenue 26,307  29,913  32,099  32,098 
Total Revenue (9,132,509) 9,966,987  4,625,380  5,878,213 
Expenses
Transportation and distribution expenses 1,375,229  1,222,135  1,438,443  2,023,900 
General and administrative 3,076,143  4,325,924  2,793,568  2,036,287 
Depreciation, amortization and ARO accretion expense 5,647,067  3,662,926  2,169,806  2,174,630 
Loss on impairment of leased property 140,268,379  —  —  — 
Loss on impairment and disposal of leased property —  146,537,547  —  — 
Loss on termination of lease —  458,297  —  — 
Total Expenses 150,366,818  156,206,829  6,401,817  6,234,817 
Operating Loss $ (159,499,327) $ (146,239,842) $ (1,776,437) $ (356,604)
Other Income (Expense)
Net distributions and other income $ 317,820  $ 102,038  $ 29,654  $ 21,937 
Interest expense (2,885,583) (2,920,424) (2,247,643) (2,247,994)
Gain on extinguishment of debt —  11,549,968  —  — 
Total Other Income (Expense) (2,567,763) 8,731,582  (2,217,989) (2,226,057)
Loss before income taxes (162,067,090) (137,508,260) (3,994,426) (2,582,661)
Taxes
Current tax expense (benefit) (394,643) (2,431) (2,431) 3,662 
Deferred tax expense (benefit) 369,921  (71,396) (72,897) 85,357 
Income tax expense (benefit), net (24,722) (73,827) (75,328) 89,019 
Net loss attributable to CorEnergy Stockholders $ (162,042,368) $ (137,434,433) $ (3,919,098) $ (2,671,680)
Preferred dividend requirements 2,260,793  2,309,672  2,309,672  2,309,672 
Net loss attributable to Common Stockholders $ (164,303,161) $ (139,744,105) $ (6,228,770) $ (4,981,352)
Loss Per Common Share:
Basic $ (12.04) $ (10.24) $ (0.46) $ (0.36)
Diluted $ (12.04) $ (10.24) $ (0.46) $ (0.36)
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