| Schedule of Quarterly Financial Information |
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For the Fiscal 2020 Quarters Ended |
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March 31 |
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June 30 |
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September 30 |
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December 31 |
| Revenue |
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| Lease revenue |
$ |
15,746,504 |
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$ |
5,554,368 |
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$ |
20,126 |
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$ |
30,125 |
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| Deferred rent receivable write-off |
(30,105,820) |
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— |
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— |
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— |
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| Transportation and distribution revenue |
5,200,500 |
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4,382,706 |
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4,573,155 |
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5,815,990 |
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| Financing revenue |
26,307 |
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29,913 |
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32,099 |
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32,098 |
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| Total Revenue |
(9,132,509) |
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9,966,987 |
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4,625,380 |
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5,878,213 |
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| Expenses |
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| Transportation and distribution expenses |
1,375,229 |
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1,222,135 |
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1,438,443 |
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2,023,900 |
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| General and administrative |
3,076,143 |
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4,325,924 |
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2,793,568 |
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2,036,287 |
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| Depreciation, amortization and ARO accretion expense |
5,647,067 |
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3,662,926 |
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2,169,806 |
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2,174,630 |
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| Loss on impairment of leased property |
140,268,379 |
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— |
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— |
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— |
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| Loss on impairment and disposal of leased property |
— |
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146,537,547 |
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— |
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— |
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| Loss on termination of lease |
— |
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458,297 |
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— |
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— |
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| Total Expenses |
150,366,818 |
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156,206,829 |
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6,401,817 |
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6,234,817 |
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| Operating Loss |
$ |
(159,499,327) |
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$ |
(146,239,842) |
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$ |
(1,776,437) |
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$ |
(356,604) |
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| Other Income (Expense) |
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| Net distributions and other income |
$ |
317,820 |
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$ |
102,038 |
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$ |
29,654 |
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$ |
21,937 |
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| Interest expense |
(2,885,583) |
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(2,920,424) |
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(2,247,643) |
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(2,247,994) |
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| Gain on extinguishment of debt |
— |
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11,549,968 |
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— |
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— |
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| Total Other Income (Expense) |
(2,567,763) |
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8,731,582 |
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(2,217,989) |
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(2,226,057) |
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| Loss before income taxes |
(162,067,090) |
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(137,508,260) |
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(3,994,426) |
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(2,582,661) |
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| Taxes |
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| Current tax expense (benefit) |
(394,643) |
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(2,431) |
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(2,431) |
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3,662 |
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| Deferred tax expense (benefit) |
369,921 |
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(71,396) |
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(72,897) |
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85,357 |
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| Income tax expense (benefit), net |
(24,722) |
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(73,827) |
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(75,328) |
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89,019 |
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| Net loss attributable to CorEnergy Stockholders |
$ |
(162,042,368) |
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$ |
(137,434,433) |
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$ |
(3,919,098) |
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$ |
(2,671,680) |
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| Preferred dividend requirements |
2,260,793 |
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2,309,672 |
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2,309,672 |
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2,309,672 |
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| Net loss attributable to Common Stockholders |
$ |
(164,303,161) |
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$ |
(139,744,105) |
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$ |
(6,228,770) |
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$ |
(4,981,352) |
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| Loss Per Common Share: |
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| Basic |
$ |
(12.04) |
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$ |
(10.24) |
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$ |
(0.46) |
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$ |
(0.36) |
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| Diluted |
$ |
(12.04) |
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$ |
(10.24) |
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$ |
(0.46) |
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$ |
(0.36) |
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For the Fiscal 2019 Quarters Ended |
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March 31 |
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June 30 |
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September 30 |
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December 31 |
| Revenue |
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| Lease revenue |
$ |
16,717,710 |
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$ |
16,635,876 |
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$ |
16,984,903 |
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$ |
16,712,017 |
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| Transportation and distribution revenue |
4,871,582 |
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4,868,144 |
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4,068,338 |
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4,970,173 |
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| Financing revenue |
33,540 |
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27,989 |
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28,003 |
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27,295 |
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| Total Revenue |
21,622,832 |
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21,532,009 |
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21,081,244 |
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21,709,485 |
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| Expenses |
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| Transportation and distribution expenses |
1,503,143 |
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1,246,755 |
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1,116,194 |
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1,376,152 |
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| General and administrative |
2,870,407 |
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2,739,855 |
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2,494,240 |
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2,492,346 |
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| Depreciation, amortization and ARO accretion expense |
5,645,096 |
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5,645,250 |
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5,645,342 |
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5,646,254 |
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| Total Expenses |
10,018,646 |
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9,631,860 |
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9,255,776 |
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9,514,752 |
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| Operating Income |
$ |
11,604,186 |
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$ |
11,900,149 |
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$ |
11,825,468 |
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$ |
12,194,733 |
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| Other Income (Expense) |
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| Net distributions and other income |
$ |
256,615 |
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$ |
285,259 |
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$ |
360,182 |
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$ |
426,797 |
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| Interest expense |
(2,507,294) |
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(2,297,783) |
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(2,777,122) |
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(2,996,512) |
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| Loss on extinguishment of debt |
(5,039,731) |
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— |
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(28,920,834) |
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— |
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| Total Other Expense |
(7,290,410) |
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(2,012,524) |
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(31,337,774) |
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(2,569,715) |
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| Income (loss) before income taxes |
4,313,776 |
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9,887,625 |
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(19,512,306) |
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9,625,018 |
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| Taxes |
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| Current tax expense (benefit) |
353,744 |
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— |
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(1,270) |
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(472,498) |
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| Deferred tax expense (benefit) |
93,591 |
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|
62,699 |
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(91,436) |
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|
289,788 |
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| Income tax expense (benefit), net |
447,335 |
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62,699 |
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(92,706) |
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(182,710) |
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| Net Income (loss) attributable to CorEnergy Stockholders |
$ |
3,866,441 |
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$ |
9,824,926 |
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$ |
(19,419,600) |
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$ |
9,807,728 |
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| Preferred dividend requirements |
2,314,128 |
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2,313,780 |
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2,313,780 |
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2,313,780 |
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| Net Income (loss) attributable to Common Stockholders |
$ |
1,552,313 |
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$ |
7,511,146 |
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$ |
(21,733,380) |
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$ |
7,493,948 |
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| Earnings (Loss) Per Common Share: |
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| Basic |
$ |
0.12 |
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$ |
0.59 |
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$ |
(1.65) |
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$ |
0.55 |
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| Diluted |
$ |
0.12 |
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$ |
0.59 |
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$ |
(1.65) |
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$ |
0.55 |
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