Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.21.2
Consolidated Statements of Operations - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenue        
Lease revenue $ 701,525 $ 5,554,368 $ 1,176,000 $ 21,300,872
Deferred rent receivable write-off 0 0 0 (30,105,820)
Total Revenue 32,296,578 9,966,987 55,337,076 834,478
Expenses        
General and administrative 5,381,654 4,325,924 15,218,447 7,402,067
Depreciation, amortization and ARO accretion expense 3,748,453 3,662,926 6,646,783 9,309,993
Loss on impairment of leased property 0 0 0 140,268,379
Loss on impairment and disposal of leased property 0 146,537,547 5,811,779 146,537,547
Loss on termination of lease 0 458,297 165,644 458,297
Total Expenses 26,717,163 156,206,829 56,721,162 306,573,647
Operating Income (Loss) 5,579,415 (146,239,842) (1,384,086) (305,739,169)
Other Income (Expense)        
Other income 299,293 102,038 362,819 419,858
Interest expense (3,295,703) (2,920,424) (6,226,710) (5,806,007)
Gain (loss) on extinguishment of debt 0 11,549,968 (861,814) 11,549,968
Total Other Income (Expense) (2,996,410) 8,731,582 (6,725,705) 6,163,819
Income (Loss) before income taxes 2,583,005 (137,508,260) (8,109,791) (299,575,350)
Taxes        
Current tax expense (benefit) 20,374 (2,431) 48,241 (397,074)
Deferred tax expense (benefit) 135,222 (71,396) 108,822 298,525
Income tax expense (benefit), net 155,596 (73,827) 157,063 (98,549)
Net Income (Loss) 2,427,409 (137,434,433) (8,266,854) (299,476,801)
Less: Net income attributable to non-controlling interest 2,014,870 0 3,620,178 0
Net Income (Loss) attributable to CorEnergy Stockholders 412,539 (137,434,433) (11,887,032) (299,476,801)
Preferred dividend requirements 2,309,672 2,309,672 4,619,344 4,570,465
Net loss attributable to Common Stockholders $ (1,897,133) $ (139,744,105) $ (16,506,376) $ (304,047,266)
Loss Per Common Share:        
Basic (in dollars per share) $ (0.14) $ (10.24) $ (1.21) $ (22.27)
Diluted (in dollars per share) $ (0.14) $ (10.24) $ (1.21) $ (22.27)
Weighted Average Shares of Common Stock Outstanding:        
Basic (in shares) 13,659,667 13,651,521 13,655,617 13,649,907
Diluted (in shares) 13,659,667 13,651,521 13,655,617 13,649,907
Dividends declared per share (in dollars per share) $ 0.050 $ 0.050 $ 0.050 $ 0.800
Transportation and distribution revenue        
Revenue        
Revenue from contracts with customers $ 28,100,343 $ 4,382,706 $ 49,395,482 $ 9,583,206
Expenses        
Cost of revenue 15,363,410 1,222,135 25,706,007 2,597,364
Pipeline loss allowance subsequent sales        
Revenue        
Revenue from contracts with customers 2,915,533 0 3,991,255 0
Expenses        
Cost of revenue 2,223,646 0 3,172,502 0
Other revenue        
Revenue        
Revenue from contracts with customers $ 579,177 $ 29,913 $ 774,339 $ 56,220