Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue      
Total Revenue $ 131,567,907 $ 133,647,607 $ 128,133,796
Expenses      
General and administrative 27,916,082 22,367,912 26,641,161
Depreciation and amortization 14,111,980 16,076,326 14,801,676
Loss on impairment of goodwill 0 16,210,020 0
Loss on impairment and disposal of leased property 0 0 5,811,779
Loss on termination of lease 0 0 165,644
Loss on impairment of leased property 258,315,556 0 0
Total Expenses 387,900,844 127,850,143 113,760,306
Operating Income (Loss) (256,332,937) 5,797,464 14,373,490
Other Income (Expense)      
Other income 749,423 283,217 769,682
Interest expense (18,087,219) (13,928,439) (12,742,157)
Loss on extinguishment of debt 0 0 (861,814)
Total Other Expense (17,337,796) (13,645,222) (12,834,289)
Income (Loss) before income taxes (273,670,733) (7,847,758) 1,539,201
Taxes      
Current tax expense (benefit) 26,808 173,327 (1,531)
Deferred tax expense (benefit) (867,451) 1,498,584 4,076,290
Income tax expense (benefit), net (840,643) 1,671,911 4,074,759
Net Loss (272,830,090) (9,519,669) (2,535,558)
Less: Net Income attributable to non-controlling interest 3,236,848 3,236,848 2,866,467
Net Loss attributable to CorEnergy Infrastructure Trust, Inc. (276,066,938) (12,756,517) (5,402,025)
Preferred dividend requirements 9,552,519 9,552,519 9,395,604
Net Loss attributable to common stockholders $ (285,619,457) $ (22,309,036) $ (14,797,629)
Common Stock      
Dividends declared (in dollars per share) $ 0 $ 0.200 $ 0.200
Common Stock      
Taxes      
Net Loss attributable to common stockholders $ (273,426,193) $ (21,208,970) $ (14,391,804)
Weighted Average Shares of Common Stock Outstanding:      
Basic weighted average shares outstanding (in shares) 15,332,905 15,050,266 14,246,526
Diluted weighted average shares outstanding (in shares) 15,797,862 15,515,223 14,246,526
Common Stock      
Basic net loss per share (in dollars per share) $ (17.83) $ (1.41) $ (1.01)
Diluted net loss per share (in dollars per share) $ (18.08) $ (1.44) $ (1.01)
Common Stock | Common Class B      
Taxes      
Net Loss attributable to common stockholders $ (12,193,265) $ (1,100,066) $ (405,825)
Weighted Average Shares of Common Stock Outstanding:      
Basic weighted average shares outstanding (in shares) 683,761 683,761 335,324
Diluted weighted average shares outstanding (in shares) 683,761 683,761 335,324
Common Stock      
Basic net loss per share (in dollars per share) $ (17.83) $ (1.61) $ (1.21)
Diluted net loss per share (in dollars per share) $ (17.83) $ (1.61) $ (1.21)
Transportation and distribution      
Revenue      
Revenue from contracts with customers $ 118,460,499 $ 122,367,155 $ 117,855,364
Expenses      
Cost of revenue 75,134,129 63,825,083 58,146,006
Pipeline loss allowance subsequent sales      
Revenue      
Revenue from contracts with customers 12,699,864 10,753,732 8,606,850
Expenses      
Cost of revenue 12,423,097 9,370,802 8,194,040
Lease and other revenue      
Revenue      
Revenue from contracts with customers $ 407,544 $ 526,720 $ 1,671,582