Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.23.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenue                              
Revenue from contracts with customers             $ 32,296,578                
Lease   $ 111,725 $ 30,825 $ 34,225   $ 32,915 701,525 $ 474,475 $ 65,050 $ 1,176,000 $ 176,775 $ 1,208,915 $ 210,800 $ 1,246,090 $ 21,351,123
Deferred rent receivable write-off                         0 0 (30,105,820)
Total Revenue $ 36,292,134 32,961,686 31,521,436 32,872,351 $ 35,767,838 37,028,882 32,296,578 23,040,498 64,393,787 55,337,076 97,355,473 92,365,958 133,647,607 128,133,796 11,338,071
Expenses                              
General and administrative   5,743,342 5,276,363 5,142,865   5,156,087 5,381,654 9,836,793 10,419,228 15,218,447 16,162,570 20,374,534 22,367,912 26,641,161 12,231,922
Depreciation, amortization and ARO accretion   4,028,800 3,992,314 3,976,667   3,690,856 3,748,453 2,898,330 7,968,981 6,646,783 11,997,781 10,337,639 16,076,326 14,801,676 13,654,429
Loss on impairment of goodwill   16,210,020                 16,210,020   16,210,020 0 0
Loss on impairment of leased property                         0 0 140,268,379
Loss on impairment and disposal of leased property               5,811,779   5,811,779   5,811,779 0 5,811,779 146,537,547
Loss on termination of lease               165,644   165,644   165,644 0 165,644 458,297
Total Expenses 31,605,915 45,014,863 25,971,341 25,258,024 29,384,749 27,654,395 26,717,163 30,003,999 51,229,365 56,721,162 96,244,228 84,375,557 127,850,143 113,760,306 319,210,281
Operating Income (Loss) 4,686,219 (12,053,177) 5,550,095 7,614,327 6,383,089 9,374,487 5,579,415 (6,963,501) 13,164,422 (1,384,086) 1,111,245 7,990,401 5,797,464 14,373,490 (307,872,210)
Other Income (Expense)                              
Other income   76,050 136,023 120,542   4,040 299,293 63,526 256,565 362,819 332,615 366,859 283,217 769,682 471,449
Interest expense   (3,483,208) (3,342,906) (3,146,855)   (3,351,967) (3,295,703) (2,931,007) (6,489,761) (6,226,710) (9,972,969) (9,578,677) (13,928,439) (12,742,157) (10,301,644)
Gain (loss) on extinguishment of debt               (861,814)   (861,814)   (861,814) 0 (861,814) 11,549,968
Total Other Income (Expense)   (3,407,158) (3,206,883) (3,026,313)   (3,347,927) (2,996,410) (3,729,295) (6,233,196) (6,725,705) (9,640,354) (10,073,632) (13,645,222) (12,834,289) 1,719,773
Income (Loss) before income taxes   (15,460,335) 2,343,212 4,588,014   6,026,560 2,583,005 (10,692,796) 6,931,226 (8,109,791) (8,529,109) (2,083,231) (7,847,758) 1,539,201 (306,152,437)
Taxes                              
Current tax expense (benefit)   35,187 156,877 151,044   (6,927) 20,374 27,867 307,921 48,241 343,108 41,313 173,327 (1,531) (395,843)
Deferred tax expense   6,182 16,209 72,213   113,516 135,222 (26,400) 88,422 108,822 94,604 222,339 1,498,584 4,076,290 310,985
Income tax expense (benefit), net   41,369 173,086 223,257   106,589 155,596 1,467 396,343 157,063 437,712 263,652 1,671,911 4,074,759 (84,858)
Net Loss (552,849) (15,501,704) 2,170,126 4,364,757 (188,675) 5,919,971 2,427,409 (10,694,263) 6,534,883 (8,266,854) (8,966,821) (2,346,883) (9,519,669) (2,535,558) (306,067,579)
Less: Net Income attributable to non-controlling interest 809,212 809,212 809,212 809,212 809,212 1,046,304 1,010,951 0 1,618,424 1,010,951 2,427,636 2,057,255 3,236,848 2,866,467 0
Net Loss attributable to CorEnergy Infrastructure Trust, Inc. (1,362,061) (16,310,916) 1,360,914 3,555,545 (997,887) 4,873,667 1,416,458 (10,694,263) 4,916,459 (9,277,805) (11,394,457) (4,404,138) (12,756,517) (5,402,025) (306,067,579)
Preferred dividend requirements   2,388,130 2,388,130 2,388,130   2,388,130 2,309,672 2,309,672 4,776,260 4,619,344 7,164,390 7,007,474 9,552,519 9,395,604 9,189,809
Net Loss attributable to common stockholders $ (3,750,191) $ (18,699,046) $ (1,027,216) $ 1,167,415 $ (3,386,017) $ 2,485,537 $ (893,214) $ (13,003,935) $ 140,199 $ (13,897,149) $ (18,558,847) $ (11,411,612) $ (22,309,036) $ (14,797,629) $ (315,257,388)
Weighted Average Shares of Common Stock Outstanding:                              
Basic weighted average shares outstanding (in shares)               13,651,521             13,650,718
Diluted weighted average shares outstanding (in shares)               13,651,521             13,650,718
Earnings Per Share [Abstract]                              
Basic loss per share (in dollars per share)             $ (0.07) $ (0.95)   $ (1.02)         $ (23.09)
Diluted net loss per share (in dollars per share)             (0.07) (0.95)   (1.02)         (23.09)
Dividends declared per share (in dollars per share)           $ 0.050 0.050     $ 0.050 $ 0.150 $ 0.150 $ 0.200 $ 0.20 $ 0.900
Common Class B                              
Earnings Per Share [Abstract]                              
Basic loss per share (in dollars per share) $ (0.28) $ (1.23) $ (0.11) $ 0.03 $ (0.26) 0.11                  
Diluted net loss per share (in dollars per share) (0.28) (1.23) (0.11) 0.03 (0.26) 0.11                  
Common Stock                              
Earnings Per Share [Abstract]                              
Basic loss per share (in dollars per share) (0.23) (1.18) (0.06) 0.08 (0.21) 0.16 (0.07) (0.95)              
Diluted net loss per share (in dollars per share) $ (0.24) $ (1.20) $ (0.07) $ 0.08 $ (0.22) $ 0.16 $ (0.07) (0.95)              
Dividends declared per share (in dollars per share)               $ 0.050              
Common Stock | Common Class B                              
Taxes                              
Net Loss attributable to common stockholders   $ (843,225) $ (77,445) $ 18,529   $ 73,100           $ (206,680) $ (1,100,066) $ (405,825)  
Weighted Average Shares of Common Stock Outstanding:                              
Basic weighted average shares outstanding (in shares)   683,761 683,761 683,761   646,600     683,761   683,761 217,902 683,761 335,324  
Diluted weighted average shares outstanding (in shares)   683,761 683,761 683,761   646,600     683,761   683,761 217,902 683,761 335,324  
Earnings Per Share [Abstract]                              
Basic loss per share (in dollars per share)   $ (1.23) $ (0.11) $ 0.03   $ 0.11     $ (0.09)   $ (1.33) $ (0.95) $ (1.61) $ (1.21)  
Diluted net loss per share (in dollars per share)   $ (1.23) $ (0.11) $ 0.03   $ 0.11     $ (0.09)   $ (1.33) $ (0.95) $ (1.61) $ (1.21)  
Common Stock                              
Taxes                              
Net Loss attributable to common stockholders   $ (17,855,821) $ (949,771) $ 1,148,886   $ 2,412,437           $ (11,204,932) $ (21,208,970) $ (14,391,804)  
Weighted Average Shares of Common Stock Outstanding:                              
Basic weighted average shares outstanding (in shares)   15,089,708 14,989,942 14,917,165   14,779,625 13,659,667 13,651,521 14,953,754 13,655,617 14,999,570 14,034,403 15,050,266 14,246,526 13,650,718
Diluted weighted average shares outstanding (in shares)   15,554,665 15,454,899 15,382,122   15,244,582 13,659,667 13,651,521 15,460,047 13,655,617 15,464,527 14,034,403 15,515,223 14,246,526 13,650,718
Earnings Per Share [Abstract]                              
Basic loss per share (in dollars per share)   $ (1.18) $ (0.06) $ 0.08   $ 0.16 $ (0.07) $ (0.95) $ 0.01 $ (1.02) $ (1.18) $ (0.80) $ (1.41) $ (1.01) $ (23.09)
Diluted net loss per share (in dollars per share)   $ (1.20) $ (0.07) $ 0.08   0.16 $ (0.07) $ (0.95) $ 0.01 $ (1.02) $ (1.20) (0.80) $ (1.44) $ (1.01) $ (23.09)
Common Stock | Common Class B                              
Earnings Per Share [Abstract]                              
Diluted net loss per share (in dollars per share)           $ 0.11           $ (0.95)      
Transportation and distribution                              
Revenue                              
Revenue from contracts with customers   $ 31,305,546 $ 28,112,834 $ 29,761,354   $ 34,286,394 $ 28,100,343 $ 21,295,139 $ 57,874,188 $ 49,395,482 $ 89,179,734 $ 83,681,876 $ 122,008,768 $ 116,536,612 $ 19,972,351
Expenses                              
Cost of revenue   17,647,673 14,263,677 13,945,843   16,089,414 15,363,410 10,342,597 28,209,520 25,706,007 45,857,193 41,795,421 63,825,083 58,146,006 6,059,707
Pipeline loss allowance subsequent sales                              
Revenue                              
Revenue from contracts with customers   1,477,251 3,074,436 2,731,763   2,124,581 2,915,533 1,075,722 5,806,199 3,991,255 7,283,450 6,115,836 10,753,732 8,606,850 0
Expenses                              
Cost of revenue   1,385,028 2,438,987 2,192,649   2,718,038 2,223,646 948,856 4,631,636 3,172,502 6,016,664 5,890,540 9,370,802 8,194,040 0
Other                              
Revenue                              
Revenue from contracts with customers   $ 67,164 $ 303,341 $ 345,009   $ 584,992 $ 579,177 $ 195,162 $ 648,350 $ 774,339 $ 715,514 $ 1,359,331 $ 674,307 $ 1,744,244 $ 120,417