Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.22.2
Consolidated Statements of Operations - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenue        
Lease $ 30,825 $ 701,525 $ 65,050 $ 1,176,000
Total Revenue 31,521,436 32,296,578 64,393,787 55,337,076
Expenses        
General and administrative expense 5,276,363 5,381,654 10,419,228 15,218,447
Depreciation, amortization and ARO accretion 3,992,314 3,748,453 7,968,981 6,646,783
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 25,971,341 26,717,163 51,229,365 56,721,162
Operating Income (loss) 5,550,095 5,579,415 13,164,422 (1,384,086)
Other Income (expense)        
Other income 136,023 299,293 256,565 362,819
Interest expense (3,342,906) (3,295,703) (6,489,761) (6,226,710)
Loss on extinguishment of debt 0 0 0 (861,814)
Total Other Expense (3,206,883) (2,996,410) (6,233,196) (6,725,705)
Income (Loss) before income taxes 2,343,212 2,583,005 6,931,226 (8,109,791)
Taxes        
Current tax expense 156,877 20,374 307,921 48,241
Deferred tax expense 16,209 135,222 88,422 108,822
Total income tax expense, net 173,086 155,596 396,343 157,063
Net Income (loss) 2,170,126 2,427,409 6,534,883 (8,266,854)
Less: Net income attributable to non-controlling interest 966,671 2,014,870 3,026,965 3,620,178
Net income (loss) attributable to CorEnergy 1,203,455 412,539 3,507,918 (11,887,032)
Preferred stock dividends 2,388,130 2,309,672 4,776,260 4,619,344
Net loss attributable to Common Stockholders $ (1,184,675) $ (1,897,133) $ (1,268,342) $ (16,506,376)
Net Loss Per Common Share:        
Basic (in dollars per share) $ (0.08) $ (0.14) $ (0.08) $ (1.21)
Diluted (in dollars per share) $ (0.08) $ (0.14) $ (0.08) $ (1.21)
Weighted Average Shares of Common Stock Outstanding:        
Basic (in shares) 15,673,703 13,659,667 15,637,515 13,655,617
Diluted (in shares) 15,673,703 13,659,667 15,637,515 13,655,617
Dividends declared per share (in dollars per share) $ 0.050 $ 0.050 $ 0.100 $ 0.100
Transportation and distribution        
Revenue        
Revenue from contracts with customers $ 28,112,834 $ 28,100,343 $ 57,874,188 $ 49,395,482
Expenses        
Cost of revenue 14,263,677 15,363,410 28,209,520 25,706,007
Pipeline loss allowance subsequent sales        
Revenue        
Revenue from contracts with customers 3,074,436 2,915,533 5,806,199 3,991,255
Expenses        
Cost of revenue 2,438,987 2,223,646 4,631,636 3,172,502
Other        
Revenue        
Revenue from contracts with customers $ 303,341 $ 579,177 $ 648,350 $ 774,339