EXHIBIT 99.1
CorEnergy Infrastructure Trust, Inc. Financial Information
CorEnergy Infrastructure Trust, Inc. | |||||
Consolidated Balance Sheet | |||||
December 31, 2023 | |||||
Unaudited | |||||
Assets | |||||
Property and equipment, net of accumulated depreciation of $36,909,023 | $ | 86,056,269 | |||
Financing notes and related accrued interest receivable, net of reserve of $50,000 | 606,850 | ||||
Cash and cash equivalents | 9,200,695 | ||||
Accounts and other receivables | 10,357,380 | ||||
Due from affiliated companies | 12,500 | ||||
Deferred costs, net of accumulated amortization of $1,039,918 | 102,428 | ||||
Inventory | 2,283,592 | ||||
Prepaid expenses and other assets | 9,072,383 | ||||
Operating right-of-use assets | 6,070,298 | ||||
Deferred tax asset, net | 206,630 | ||||
Assets held-for-sale | 109,324,629 | ||||
Total Assets | $ | 233,293,654 | |||
Liabilities and Equity | |||||
Secured credit facilities, net of debt issuance costs of $163,980 | $ | 105,864,684 | |||
Unsecured convertible senior notes, net of discount and debt issuance costs of $1,068,771 | 116,952,565 | ||||
Accounts payable and other accrued liabilities | 27,600,005 | ||||
Income tax payable | 21,982 | ||||
Due to affiliated companies | 118,775 | ||||
Operating lease liability | 6,480,693 | ||||
Unearned revenue | 390,749 | ||||
Liabilities held-for-sale | 5,969,221 | ||||
Total Liabilities | $ | 263,398,674 | |||
Equity | |||||
Series A Cumulative Redeemable Preferred Stock 7.375%, $139,078,195 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 51,810 issued and outstanding at December 31, 2023 | $ | 129,525,675 | |||
Common stock, non-convertible, $0.001 par value; 15,353,833 shares issued and outstanding at December 31, 2023 (100,000,000 shares authorized) | 15,354 | ||||
Class B Common Stock, $0.001 par value; 683,761 shares issued and outstanding at December 31, 2023 (11,896,100 shares authorized) | 684 | ||||
Additional paid-in capital | 327,285,007 | ||||
Retained deficit | (607,062,016) | ||||
Total CorEnergy Equity | (150,235,296) | ||||
Non-controlling interest | 120,130,276 | ||||
Total Equity | (30,105,020) | ||||
Total Liabilities and Equity | $ | 233,293,654 |
EXHIBIT 99.1
CorEnergy Infrastructure Trust, Inc. Financial Information
CorEnergy Infrastructure Trust, Inc. | |||||
Consolidated Statement of Operations | |||||
For the Year Ended December 31, 2023 | |||||
Unaudited | |||||
Revenue | |||||
Transportation and distribution | $ | 118,460,499 | |||
Pipeline loss allowance subsequent sales | 12,699,864 | ||||
Lease and other revenue | 407,544 | ||||
Total Revenue | 131,567,907 | ||||
Expenses | |||||
Transportation and distribution | 75,788,377 | ||||
Pipeline loss allowance subsequent sales cost of revenue | 12,423,097 | ||||
General and administrative | 27,953,275 | ||||
Depreciation and amortization | 14,111,980 | ||||
Loss on impairment of long-lived assets | 254,917,560 | ||||
Total Expenses | 385,194,289 | ||||
Operating Loss | $ | (253,626,382) | |||
Other Income (Expense) | |||||
Other Income | $ | 882,887 | |||
Interest expense | (18,087,219) | ||||
Total Other Expense | (17,204,332) | ||||
Loss before income taxes | (270,830,714) | ||||
Taxes | |||||
Current tax expense | 26,808 | ||||
Deferred tax benefit | (867,451) | ||||
Income tax benefit, net | (840,643) | ||||
Net Loss | $ | (269,990,071) | |||
Less: Net Income attributable to non-controlling interest | 3,236,848 | ||||
Net Loss attributable to CorEnergy Infrastructure Trust, Inc. | $ | (273,226,919) | |||
Preferred dividend requirements | 9,552,519 | ||||
Net Loss attributable to Common Stockholders | $ | (282,779,438) |