Annual report pursuant to Section 13 and 15(d)

QUARTERLY FINANCIAL DATA (UNAUDITED) - Revised Consolidated Statements of Operations (Details)

v3.23.1
QUARTERLY FINANCIAL DATA (UNAUDITED) - Revised Consolidated Statements of Operations (Details) - 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 expense   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 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
Common Stock dividends   753,043 748,031 744,659     682,576 682,576     2,245,733        
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)
Basic weighted average shares outstanding (in shares)               13,651,521             13,650,718
Basic (in dollars per share)             $ (0.07) $ (0.95)   $ (1.02)         $ (23.09)
Diluted weighted average shares outstanding (in shares)               13,651,521             13,650,718
Diluted (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 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)  
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
Basic (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 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
Diluted (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                              
Taxes                              
Basic (in dollars per share) $ (0.23) (1.18) (0.06) 0.08 $ (0.21) 0.16 (0.07) (0.95)              
Diluted (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 Class B                              
Taxes                              
Basic (in dollars per share) (0.28) (1.23) (0.11) 0.03 (0.26) 0.11                  
Diluted (in dollars per share) $ (0.28) $ (1.23) $ (0.11) $ 0.03 $ (0.26) 0.11                  
Common Class B | Common Stock                              
Taxes                              
Diluted (in dollars per share)           $ 0.11           $ (0.95)      
Common Class B | Common Stock                              
Taxes                              
Net Loss attributable to common stockholders   $ (843,225) $ (77,445) $ 18,529   $ 73,100           $ (206,680) $ (1,100,066) $ (405,825)  
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  
Basic (in dollars per share)   $ (1.23) $ (0.11) $ 0.03   $ 0.11     $ (0.09)   $ (1.33) $ (0.95) $ (1.61) $ (1.21)  
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  
Diluted (in dollars per share)   $ (1.23) $ (0.11) $ 0.03   $ 0.11     $ (0.09)   $ (1.33) $ (0.95) $ (1.61) $ (1.21)  
As Previously Reported                              
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   $ 1,246,090  
Total Revenue   32,961,686 31,521,436 32,872,351   37,028,882   23,040,498 64,393,787 55,337,076 97,355,473 92,365,958   128,133,796  
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   26,641,161  
Depreciation, amortization and ARO accretion expense   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   14,801,676  
Loss on impairment and disposal of leased property               5,811,779   5,811,779   5,811,779   5,811,779  
Loss on termination of lease               165,644   165,644   165,644   165,644  
Total Expenses   45,014,863 25,971,341 25,258,024   27,654,395 26,717,163 30,003,999 51,229,365 56,721,162 96,244,228 84,375,557   113,760,306  
Operating Income (Loss)   (12,053,177) 5,550,095 7,614,327   9,374,487 5,579,415 (6,963,501) 13,164,422 (1,384,086) 1,111,245 7,990,401   14,373,490  
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   769,682  
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)   (12,742,157)  
Gain (loss) on extinguishment of debt               (861,814)   (861,814)   (861,814)   (861,814)  
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)   (12,834,289)  
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)   1,539,201  
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   (1,531)  
Deferred tax expense   6,182 16,209 72,213   113,516 135,222 (26,400) 88,422 108,822 94,604 222,339   4,076,290  
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   4,074,759  
Net Loss   (15,501,704) 2,170,126 4,364,757   5,919,971 2,427,409 (10,694,263) 6,534,883 (8,266,854) (8,966,821) (2,346,883)   (2,535,558)  
Less: Net Income attributable to non-controlling interest   601,048 966,671 2,060,294   3,155,685 2,014,870 1,605,308 3,026,965 3,620,178 3,628,013 6,775,863   8,995,523  
Net Loss attributable to CorEnergy Infrastructure Trust, Inc.   (16,102,752) 1,203,455 2,304,463   2,764,286 412,539 (12,299,571) 3,507,918 (11,887,032) (12,594,834) (9,122,746)   (11,531,081)  
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   9,395,604  
Common Stock dividends   753,043 748,031 744,659     682,576 682,576     2,245,733        
Net Loss attributable to common stockholders   $ (18,490,882) $ (1,184,675) $ (83,667)   $ 376,156 $ (1,897,133) $ (14,609,243) $ (1,268,342) $ (16,506,376) $ (19,759,224) $ (16,130,220)   $ (20,926,685)  
Dividends declared per share (in dollars per share)   $ 0.050 $ 0.050 $ 0.050   $ 0.050 $ 0.050   $ 0.100 $ 0.050 $ 0.150 $ 0.150   $ 0.20  
As Previously Reported | Common Stock                              
Taxes                              
Net Loss attributable to common stockholders                 $ 199,338   $ (17,651,810)        
Basic weighted average shares outstanding (in shares)   15,773,469 15,673,703 15,600,926   15,426,226 13,659,667 13,651,521 15,637,515 13,655,617 15,683,331 14,252,305   14,581,850  
Basic (in dollars per share)   $ (1.17) $ (0.08) $ (0.01)   $ 0.02 $ (0.14) $ (1.07) $ (0.08) $ (1.21) $ (1.26) $ (1.13)   $ (1.44)  
Diluted weighted average shares outstanding (in shares)   15,773,469 15,673,703 15,600,926   15,426,226 13,659,667 13,651,521 15,637,515 13,655,617 15,683,331 14,252,305   14,581,850  
Diluted (in dollars per share)   $ (1.17) $ (0.08) $ (0.01)   $ 0.02 $ (0.14) $ (1.07) $ (0.08) $ (1.21) $ (1.26) $ (1.13)   $ (1.44)  
As Previously Reported | Common Stock                              
Taxes                              
Dividends declared per share (in dollars per share)               $ 0.050              
As Previously Reported | Common Class B | Common Stock                              
Taxes                              
Net Loss attributable to common stockholders                 $ (59,139)   $ (907,037)        
Basic weighted average shares outstanding (in shares)   0 0 0   0     0   0 0   0  
Basic (in dollars per share)   $ 0 $ 0 $ 0   $ 0     $ 0   $ 0 $ 0   $ 0  
Diluted weighted average shares outstanding (in shares)   0 0 0   0     0   0 0   0  
Diluted (in dollars per share)   $ 0 $ 0 $ 0   $ 0     $ 0   $ 0 $ 0   $ 0  
Effect of Restatement                              
Revenue                              
Revenue from contracts with customers             $ 0                
Lease   $ 0 $ 0 $ 0   $ 0 0 $ 0 $ 0 $ 0 $ 0 $ 0   $ 0  
Total Revenue   0 0 0   0   0 0 0 0 0   0  
Expenses                              
General and administrative   0 0 0   0 0 0 0 0 0 0   0  
Depreciation, amortization and ARO accretion expense   0 0 0   0 0 0 0 0 0 0   0  
Loss on impairment and disposal of leased property               0   0   0   0  
Loss on termination of lease               0   0   0   0  
Total Expenses   0 0 0   0 0 0 0 0 0 0   0  
Operating Income (Loss)   0 0 0   0 0 0 0 0 0 0   0  
Other Income (Expense)                              
Other income   0 0 0   0 0 0 0 0 0 0   0  
Interest expense   0 0 0   0 0 0 0 0 0 0   0  
Gain (loss) on extinguishment of debt               0   0   0   0  
Total Other Income (Expense)   0 0 0   0 0 0 0 0 0 0   0  
Income (Loss) before income taxes   0 0 0   0 0 0 0 0 0 0   0  
Taxes                              
Current tax expense (benefit)   0 0 0   0 0 0 0 0 0 0   0  
Deferred tax expense   0 0 0   0 0 0 0 0 0 0   0  
Income tax expense (benefit), net   0 0 0   0 0 0 0 0 0 0   0  
Net Loss   0 0 0   0 0 0 0 0 0 0   0  
Less: Net Income attributable to non-controlling interest   208,164 (157,459) (1,251,082)   (2,109,381) (1,003,919) (1,605,308) (1,408,541) (2,609,227) (1,200,377) (4,718,608)   (6,129,056)  
Net Loss attributable to CorEnergy Infrastructure Trust, Inc.   (208,164) 157,459 1,251,082   2,109,381 1,003,919 1,605,308 1,408,541 2,609,227 1,200,377 4,718,608   6,129,056  
Preferred dividend requirements   0 0 0   0 0 0 0 0 0 0   0  
Common Stock dividends               0              
Net Loss attributable to common stockholders   $ (208,164) $ 157,459 $ 1,251,082   $ 2,109,381 $ 1,003,919 $ 1,605,308 $ 1,408,541 $ 2,609,227 $ 1,200,377 $ 4,718,608   $ 6,129,056  
Dividends declared per share (in dollars per share)   $ 0 $ 0   $ 0 $ 0   $ 0 $ 0 $ 0 $ 0   $ 0  
Effect of Restatement | Common Stock                              
Taxes                              
Basic weighted average shares outstanding (in shares)   (683,761) (683,761) (683,761)   (646,600) 0 0 (683,761) 0 (683,761) (217,902)   (335,324)  
Basic (in dollars per share)   $ (0.01) $ 0.02 $ 0.09   $ 0.14 $ 0.07 $ 0.12 $ 0.09 $ 0.19 $ 0.08 $ 0.33   $ 0.43  
Diluted weighted average shares outstanding (in shares)   (218,804) (218,804) (218,804)   181,644 0 0 (177,468) 0 (218,804) (217,902)   (335,324)  
Diluted (in dollars per share)   $ (0.03) $ 0.01 $ 0.09   $ 0.14 $ 0.07 $ 0.12 $ 0.09 $ 0.19 $ 0.06 $ 0.33   $ 0.43  
Effect of Restatement | Common Stock                              
Taxes                              
Dividends declared per share (in dollars per share)               $ 0              
Effect of Restatement | Common Class B | Common Stock                              
Taxes                              
Basic weighted average shares outstanding (in shares)   683,761 683,761 683,761   646,600     683,761   683,761 217,902   335,324  
Basic (in dollars per share)   $ (1.23) $ (0.11) $ 0.03   $ 0.11         $ (1.33) $ (0.95)   $ (1.21)  
Diluted weighted average shares outstanding (in shares)   683,761 683,761 683,761   646,600     683,761   683,761 217,902   335,324  
Diluted (in dollars per share)   $ (1.23) $ (0.11) $ 0.03   $ 0.11         $ (1.33) $ (0.95)   $ (1.21)  
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
Transportation and distribution | As Previously Reported                              
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   116,536,612  
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   58,146,006  
Transportation and distribution | Effect of Restatement                              
Revenue                              
Revenue from contracts with customers   0 0 0   0 0 0 0 0 0 0   0  
Expenses                              
Cost of revenue   0 0 0   0 0 0 0 0 0 0   0  
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
Pipeline loss allowance subsequent sales | As Previously Reported                              
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   8,606,850  
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   8,194,040  
Pipeline loss allowance subsequent sales | Effect of Restatement                              
Revenue                              
Revenue from contracts with customers   0 0 0   0 0 0 0 0 0 0   0  
Expenses                              
Cost of revenue   0 0 0   0 0 0 0 0 0 0   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
Other | As Previously Reported                              
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   1,744,244  
Other | Effect of Restatement                              
Revenue                              
Revenue from contracts with customers   $ 0 $ 0 $ 0   $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0   $ 0