Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 27, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-33292 | ||
Entity Registrant Name | CORENERGY INFRASTRUCTURE TRUST, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 20-3431375 | ||
Entity Address, Address Line One | 1100 Walnut, Ste. 3350 | ||
Entity Address, City or Town | Kansas City | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 64106 | ||
City Area Code | (816) | ||
Local Phone Number | 875-3705 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 36,168,205 | ||
Documents Incorporated by Reference | Portions of the registrant's Proxy Statement for its 2023 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0001347652 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | CORR | ||
Security Exchange Name | NYSE | ||
Series A Cumulative Redeemable Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 7.375% Series A Cumulative Redeemable Preferred Stock | ||
Trading Symbol | CORRPrA | ||
Security Exchange Name | NYSE | ||
Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 15,355,553 | ||
Common Class B | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 683,761 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young, LLP |
Auditor Location | Kansas City, Missouri |
Auditor Firm ID | 42 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Property and equipment, net of accumulated depreciation of $52,908,191 and $37,022,035, respectively (Crimson VIE*, net of depreciation: $340,205,058 and $338,452,392, respectively) | $ 440,148,967 | $ 441,430,193 |
Leased property, net of accumulated depreciation of $299,463 and $258,207, respectively | 1,226,565 | 1,267,821 |
Financing notes and related accrued interest receivable, net of reserve of $600,000 and $600,000, respectively | 858,079 | 1,036,660 |
Cash and cash equivalents (Crimson VIE: $1,874,319 and $2,825,902, respectively) | 17,830,482 | 11,540,576 |
Accounts and other receivables (Crimson VIE: $10,343,769 and $11,291,749, respectively) | 14,164,525 | 15,367,389 |
Due from affiliated companies (Crimson VIE: $167,743 and $676,825, respectively) | 167,743 | 676,825 |
Deferred costs, net of accumulated amortization of $726,619 and $345,775, respectively | 415,727 | 796,572 |
Inventory (Crimson VIE: $5,804,776 and $3,839,865, respectively) | 5,950,051 | 3,953,523 |
Prepaid expenses and other assets (Crimson VIE: $3,414,372 and $5,004,566, respectively) | 9,478,146 | 9,075,043 |
Operating right-of-use assets (Crimson VIE: $5,647,631) | 4,722,361 | 6,075,939 |
Deferred tax asset, net | 0 | 206,285 |
Goodwill | 0 | 16,210,020 |
Total Assets | 494,962,646 | 507,636,846 |
Liabilities and Equity | ||
Secured credit facilities, net of debt issuance costs of $665,547 and $1,275,244, respectively | 100,334,453 | 99,724,756 |
Unsecured convertible senior notes, net of discount and debt issuance costs of $1,726,470 and $2,384,170, respectively | 116,323,530 | 115,665,830 |
Asset retirement obligation | 0 | 0 |
Accounts payable and other accrued liabilities (Crimson VIE: $16,889,980 and $10,699,806, respectively) | 26,316,216 | 16,080,162 |
Income tax liability | 174,849 | 0 |
Due to affiliated companies (Crimson VIE: $209,750 and $648,316, respectively) | 209,750 | 648,316 |
Operating lease liability (Crimson VIE: $4,454,196 and $5,647,036, respectively) | 4,696,410 | 6,046,657 |
Deferred tax liability, net | 1,292,300 | 0 |
Unearned revenue (Crimson VIE: $203,725 and $199,405, respectively) | 5,948,621 | 5,839,602 |
Total Liabilities | 255,296,129 | 244,005,323 |
Commitments and Contingencies (Note 12) | ||
Equity | ||
Additional paid-in capital | 327,016,573 | 338,302,735 |
Retained deficit | (333,785,097) | (321,028,580) |
Total CorEnergy Equity | 122,773,089 | 146,815,407 |
Non-controlling interest | 116,893,428 | 116,816,116 |
Total Equity | 239,666,517 | 263,631,523 |
Total Liabilities and Equity | 494,962,646 | 507,636,846 |
Series A Cumulative Redeemable Preferred Stock | ||
Equity | ||
Series A Cumulative Redeemable Preferred Stock 7.375%, $129,525,675 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 51,810 issued and outstanding at December 31, 2022 and December 31, 2021 | 129,525,675 | 129,525,675 |
Non-Convertible Common Stock | ||
Equity | ||
Common stock | 15,254 | 14,893 |
Common Class B | ||
Equity | ||
Common stock | $ 684 | $ 684 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2020 | Jan. 27, 2015 | |
Property, plant, and equipment, after accumulated depreciation | $ 438,593,056 | $ 441,213,095 | $ 437,328,908 | $ 443,457,382 | $ 438,249,633 | $ 445,250,237 | $ 440,148,967 | $ 441,430,193 | ||
Leased property, accumulated depreciation | 268,522 | 278,838 | 237,579 | 289,154 | 247,893 | 299,463 | 258,207 | |||
Reserve for financing notes and related accrued interest receivable | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | ||
Cash and cash equivalents | 11,242,124 | 17,661,114 | 16,331,670 | 17,147,222 | 20,648,642 | 14,680,067 | 17,830,482 | 11,540,576 | ||
Accounts and other receivables | 12,954,640 | 15,275,036 | 12,571,130 | 14,389,085 | 10,609,744 | 14,573,047 | 14,164,525 | 15,367,389 | ||
Due from affiliates | 169,968 | 827,264 | 231,105 | 1,163,633 | 94,994 | 953,806 | 167,743 | 676,825 | ||
Deferred costs, accumulated amortization | 440,986 | 536,197 | 155,353 | 631,408 | 250,564 | 726,619 | 345,775 | |||
Inventory | 3,968,235 | 1,795,688 | 4,540,818 | 1,625,464 | 6,004,037 | 3,342,111 | 5,950,051 | 3,953,523 | ||
Prepaid expense and other assets | 7,795,241 | 8,424,488 | 7,240,815 | 10,939,625 | 5,699,079 | 10,550,792 | 9,478,146 | 9,075,043 | ||
Operating lease right-of-use asset | 5,730,264 | 6,175,414 | 5,374,148 | 5,914,710 | 5,082,028 | 6,433,505 | 4,722,361 | 6,075,939 | ||
Debt issuance costs | 1,122,820 | 1,732,515 | 970,395 | 1,580,091 | 817,972 | 1,427,667 | 665,547 | 1,275,244 | $ 132,000 | |
Unamortized discount and debt issuance costs | 2,219,745 | 2,877,445 | 2,055,320 | 2,713,020 | 1,890,895 | 2,548,595 | ||||
Accounts payable and other accrued liabilities | 10,942,452 | 16,731,828 | 15,980,616 | 20,232,095 | 18,469,049 | 20,489,468 | 26,316,216 | 16,080,162 | ||
Due to affiliated companies | 423,491 | 2,053,170 | 343,105 | 979,603 | 276,428 | 765,228 | 209,750 | 648,316 | ||
Operating lease liability | 5,388,922 | 5,800,866 | 5,138,409 | 5,651,002 | 4,951,891 | 6,281,014 | 4,696,410 | 6,046,657 | ||
Unearned revenue | $ 5,885,621 | $ 6,294,359 | $ 6,120,397 | $ 6,147,990 | $ 5,990,897 | $ 6,001,622 | $ 5,948,621 | $ 5,839,602 | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | |||||||||
Preferred stock, shares authorized | 69,367,000,000,000 | |||||||||
Preferred stock, shares outstanding | 51,810 | |||||||||
Common stock, par value (in dollars per share) | $ 0.001 | |||||||||
Common stock, shares issued | 13,651,521 | |||||||||
Common stock, shares outstanding | 13,651,521 | |||||||||
Common stock, shares authorized | 100,000,000 | |||||||||
Series A Cumulative Redeemable Preferred Stock | ||||||||||
Preferred stock interest rate | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | ||
Preferred stock, liquidation preference | $ 129,525,675 | $ 125,270,350 | $ 129,525,675 | $ 125,270,350 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | ||
Preferred stock, liquidation preference (in dollars per share) | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized | 69,367,000 | |||||||||
Preferred stock, shares issued | 51,810 | 50,108 | 51,810 | 50,108 | 51,810 | 51,810 | 51,810 | 51,810 | 22,500 | |
Preferred stock, shares outstanding | 51,810 | 50,108 | 51,810 | 50,108 | 51,810 | 51,810 | 51,810 | 51,810 | ||
Common stock, par value (in dollars per share) | $ 0.001 | |||||||||
Non-Convertible Common Stock | ||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common stock, shares issued | 14,960,628 | 15,060,857 | 13,673,326 | 15,176,911 | 14,866,799 | 15,253,958 | 14,893,184 | |||
Common stock, shares outstanding | 14,960,628 | 15,060,857 | 13,673,326 | 15,176,911 | 14,866,799 | 15,253,958 | 14,893,184 | |||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||
Common Class B | ||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Common stock, shares issued | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | ||||
Common stock, shares outstanding | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | ||||
Common stock, shares authorized | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | ||||
Convertible Debt | ||||||||||
Unamortized discount and debt issuance costs | $ 1,726,470 | $ 2,384,170 | ||||||||
VIE | ||||||||||
Property, plant, and equipment, after accumulated depreciation | $ 336,342,641 | $ 335,865,029 | $ 335,765,423 | $ 338,930,724 | $ 337,470,077 | $ 341,422,699 | 340,205,058 | 338,452,392 | ||
Cash and cash equivalents | 3,264,738 | 1,759,070 | 2,989,319 | 2,009,787 | 3,717,809 | 1,874,319 | 2,825,902 | |||
Accounts and other receivables | 8,871,936 | 10,828,844 | 8,577,791 | 11,434,113 | 7,654,757 | 11,426,137 | 10,343,769 | 11,291,749 | ||
Due from affiliates | 169,968 | 827,264 | 231,105 | 1,163,633 | 94,994 | 953,806 | 167,743 | 676,825 | ||
Inventory | 3,829,532 | 1,690,158 | 4,387,216 | 1,512,398 | 5,859,262 | 3,229,161 | 5,804,776 | 3,839,865 | ||
Prepaid expense and other assets | 5,176,012 | 6,313,679 | 3,931,105 | 4,018,467 | 3,946,389 | 5,159,383 | 3,414,372 | 5,004,566 | ||
Operating lease right-of-use asset | 5,357,343 | 6,097,344 | 5,057,314 | 5,844,591 | 4,755,606 | 5,950,501 | 4,452,210 | 5,647,631 | ||
Accounts payable and other accrued liabilities | 7,686,258 | 13,046,352 | 9,854,951 | 11,454,583 | 13,819,708 | 14,005,086 | 16,889,980 | 10,699,806 | ||
Due to affiliated companies | 423,491 | 1,637,540 | 343,105 | 979,603 | 276,428 | 765,228 | 209,750 | 648,316 | ||
Operating lease liability | 5,044,501 | 5,752,045 | 4,849,887 | 5,609,946 | 4,653,594 | 5,826,885 | 4,454,196 | 5,647,036 | ||
Unearned revenue | 205,790 | $ 315,000 | 205,790 | 315,000 | 205,790 | 315,000 | 203,725 | 199,405 | ||
Property, Plant and Equipment, Other Types | ||||||||||
Property, plant, and equipment, accumulated depreciation | $ 40,964,057 | $ 44,870,127 | $ 28,973,654 | $ 48,864,283 | $ 32,592,641 | $ 52,908,191 | $ 37,022,035 |
CONSOLIDATED STATEMENTS OF OPER
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 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) | Total | Common Class B | Series A, Internalization | Common Stock, Internalization | Class B Common Stock, Internalization | Common Stock | Common Stock Common Stock, Internalization | Common Stock | Common Stock Common Class B | Common Stock Class B Common Stock, Internalization | Preferred Stock | Preferred Stock Series A, Internalization | Additional Paid-in Capital | Additional Paid-in Capital Series A, Internalization | Additional Paid-in Capital Common Stock, Internalization | Additional Paid-in Capital Class B Common Stock, Internalization | Retained Deficit | Non-Controlling Interest |
Beginning balance (in shares) at Dec. 31, 2019 | 13,638,916 | 0 | ||||||||||||||||
Beginning balance at Dec. 31, 2019 | $ 476,739,439 | $ 13,639 | $ 0 | $ 125,493,175 | $ 360,844,497 | $ (9,611,872) | $ 0 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | (306,067,579) | (306,067,579) | ||||||||||||||||
Series A preferred stock dividends | (9,242,797) | (9,242,797) | ||||||||||||||||
Preferred stock repurchases | (161,997) | (222,825) | 7,932 | 52,896 | ||||||||||||||
Common Stock dividends | (12,286,368) | (12,286,368) | ||||||||||||||||
Common stock issued upon exchange of convertible notes (in shares) | 12,605 | |||||||||||||||||
Common Stock issued upon exchange of convertible notes | 419,129 | $ 13 | 419,116 | |||||||||||||||
Crimson Class A-2 Units dividends payment in kind | 0 | |||||||||||||||||
Stock issued due to internalized transaction | $ 0 | $ 0 | $ 0 | |||||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 13,651,521 | 0 | ||||||||||||||||
Ending balance at Dec. 31, 2020 | 149,399,827 | $ 13,652 | $ 0 | 125,270,350 | 339,742,380 | (315,626,555) | 0 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | (10,694,263) | (10,694,263) | ||||||||||||||||
Equity attributable to non-controlling interest | 115,323,036 | 115,323,036 | ||||||||||||||||
Series A preferred stock dividends | (2,309,672) | (2,309,672) | ||||||||||||||||
Common Stock dividends | $ (682,576) | (682,576) | ||||||||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 13,651,521 | 13,651,521 | 0 | |||||||||||||||
Ending balance at Mar. 31, 2021 | $ 251,036,352 | $ 13,652 | $ 0 | 125,270,350 | 336,750,132 | (326,320,818) | 115,323,036 | |||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 13,651,521 | 0 | ||||||||||||||||
Beginning balance at Dec. 31, 2020 | 149,399,827 | $ 13,652 | $ 0 | 125,270,350 | 339,742,380 | (315,626,555) | 0 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | (8,266,854) | |||||||||||||||||
Crimson Class A-2 Units dividends payment in kind | (406,000) | |||||||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 13,673,326 | 0 | ||||||||||||||||
Ending balance at Jun. 30, 2021 | 250,882,083 | $ 13,673 | $ 0 | 125,270,350 | 333,890,657 | (324,904,359) | 116,611,762 | |||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 13,651,521 | 0 | ||||||||||||||||
Beginning balance at Dec. 31, 2020 | 149,399,827 | $ 13,652 | $ 0 | 125,270,350 | 339,742,380 | (315,626,555) | 0 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | (2,346,883) | |||||||||||||||||
Crimson Class A-2 Units dividends payment in kind | (610,353) | |||||||||||||||||
Stock issued due to internalized transaction | 4,245,112 | 7,096,153 | 3,288,890 | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 683,761 | 14,866,799 | 683,761 | |||||||||||||||
Ending balance at Sep. 30, 2021 | 267,657,718 | $ 14,866 | $ 684 | 129,525,675 | 341,331,070 | (320,030,693) | 116,816,116 | |||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 13,651,521 | 0 | ||||||||||||||||
Beginning balance at Dec. 31, 2020 | 149,399,827 | $ 13,652 | $ 0 | 125,270,350 | 339,742,380 | (315,626,555) | 0 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | (2,535,558) | (5,402,025) | 2,866,467 | |||||||||||||||
Equity attributable to non-controlling interest | 116,816,115 | 116,816,115 | ||||||||||||||||
Series A preferred stock dividends | (9,395,604) | (9,395,604) | ||||||||||||||||
Common Stock dividends | (2,850,026) | (2,850,026) | ||||||||||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 84,418 | |||||||||||||||||
Reinvestment of dividends paid to common stockholders | 410,580 | $ 84 | 410,496 | |||||||||||||||
Common stock issued under director's compensation plan (in shares) | 3,399 | |||||||||||||||||
Common stock issued under director's compensation plan | 22,500 | $ 3 | 22,497 | |||||||||||||||
Crimson distribution on Class A-1 Units | (2,256,113) | (2,256,113) | ||||||||||||||||
Crimson Class A-2 Units dividends payment in kind | (610,353) | (610,353) | ||||||||||||||||
Stock issued, internalization transaction (in shares) | 1,153,846 | 683,761 | ||||||||||||||||
Stock issued due to internalized transaction | 4,245,112 | 7,096,153 | 3,288,890 | $ 1,154 | $ 684 | $ 4,255,325 | $ (10,213) | $ 7,094,999 | $ 3,288,206 | |||||||||
Ending balance (in shares) at Dec. 31, 2021 | 683,761 | 14,893,184 | 14,893,184 | 683,761 | ||||||||||||||
Ending balance at Dec. 31, 2021 | $ 263,631,523 | $ 14,893 | $ 14,893 | $ 684 | 129,525,675 | 338,302,735 | (321,028,580) | 116,816,116 | ||||||||||
Beginning balance (in shares) at Mar. 31, 2021 | 13,651,521 | 13,651,521 | 0 | |||||||||||||||
Beginning balance at Mar. 31, 2021 | $ 251,036,352 | $ 13,652 | $ 0 | 125,270,350 | 336,750,132 | (326,320,818) | 115,323,036 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 2,427,409 | 1,416,458 | 1,010,951 | |||||||||||||||
Equity attributable to non-controlling interest | 1,288,726 | 1,288,726 | ||||||||||||||||
Series A preferred stock dividends | (2,309,672) | (2,309,672) | ||||||||||||||||
Common Stock dividends | (682,576) | (682,576) | ||||||||||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 21,805 | |||||||||||||||||
Reinvestment of dividends paid to common stockholders | 132,795 | $ 21 | 132,774 | |||||||||||||||
Crimson distribution on Class A-1 Units | (604,951) | (604,951) | ||||||||||||||||
Crimson Class A-2 Units dividends payment in kind | (406,000) | (406,000) | ||||||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 13,673,326 | 0 | ||||||||||||||||
Ending balance at Jun. 30, 2021 | 250,882,083 | $ 13,673 | $ 0 | 125,270,350 | 333,890,657 | (324,904,359) | 116,611,762 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 5,919,971 | 4,873,667 | 1,046,304 | |||||||||||||||
Equity attributable to non-controlling interest | 204,353 | 204,353 | ||||||||||||||||
Series A preferred stock dividends | (2,388,130) | (2,388,130) | ||||||||||||||||
Common Stock dividends | (741,530) | (741,530) | ||||||||||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 36,228 | |||||||||||||||||
Reinvestment of dividends paid to common stockholders | 174,619 | $ 36 | 174,583 | |||||||||||||||
Common stock issued under director's compensation plan (in shares) | 3,399 | |||||||||||||||||
Common stock issued under director's compensation plan | 22,500 | $ 3 | 22,497 | |||||||||||||||
Crimson distribution on Class A-1 Units | (841,950) | (841,950) | ||||||||||||||||
Crimson Class A-2 Units dividends payment in kind | (204,353) | (204,353) | ||||||||||||||||
Stock issued, internalization transaction (in shares) | 1,153,846 | 683,761 | ||||||||||||||||
Stock issued due to internalized transaction | 4,245,112 | 7,096,153 | 3,288,890 | $ 1,154 | $ 684 | $ 4,255,325 | (10,213) | $ 7,094,999 | $ 3,288,206 | |||||||||
Ending balance (in shares) at Sep. 30, 2021 | 683,761 | 14,866,799 | 683,761 | |||||||||||||||
Ending balance at Sep. 30, 2021 | 267,657,718 | $ 14,866 | $ 684 | 129,525,675 | 341,331,070 | (320,030,693) | 116,816,116 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | (188,675) | |||||||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 683,761 | 14,893,184 | 14,893,184 | 683,761 | ||||||||||||||
Ending balance at Dec. 31, 2021 | 263,631,523 | $ 14,893 | $ 14,893 | $ 684 | 129,525,675 | 338,302,735 | (321,028,580) | 116,816,116 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 4,364,757 | 3,555,545 | 809,212 | |||||||||||||||
Series A preferred stock dividends | (2,388,130) | (2,388,130) | ||||||||||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 67,444 | |||||||||||||||||
Reinvestment of dividends paid to common stockholders | 207,053 | $ 67 | 206,986 | |||||||||||||||
Crimson distribution on Class A-1 Units | (809,212) | (809,212) | ||||||||||||||||
Ending balance (in shares) at Mar. 31, 2022 | 683,761 | 14,960,628 | 683,761 | |||||||||||||||
Ending balance at Mar. 31, 2022 | 264,261,332 | $ 14,960 | $ 684 | 335,376,932 | (317,473,035) | 116,816,116 | ||||||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 683,761 | 14,893,184 | 14,893,184 | 683,761 | ||||||||||||||
Beginning balance at Dec. 31, 2021 | 263,631,523 | $ 14,893 | $ 14,893 | $ 684 | 129,525,675 | 338,302,735 | (321,028,580) | 116,816,116 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 6,534,883 | 4,916,459 | 1,618,424 | |||||||||||||||
Series A preferred stock dividends | (4,776,260) | $ (4,776,260) | ||||||||||||||||
Common Stock dividends | (1,492,690) | (1,492,690) | ||||||||||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 136,756 | |||||||||||||||||
Reinvestment of dividends paid to common stockholders | 403,204 | $ 136 | 403,068 | |||||||||||||||
Common stock issued under director's compensation plan (in shares) | 30,917 | |||||||||||||||||
Crimson distribution on Class A-1 Units | (1,618,424) | (1,618,424) | ||||||||||||||||
Stock-based compensation | 151,359 | $ 31 | 151,328 | |||||||||||||||
Ending balance (in shares) at Jun. 30, 2022 | 683,761 | 15,060,857 | 15,060,857 | 683,761 | ||||||||||||||
Ending balance at Jun. 30, 2022 | 262,833,595 | $ 15,060 | $ 15,060 | $ 684 | 129,525,675 | 332,588,181 | (316,112,121) | 116,816,116 | ||||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 683,761 | 14,893,184 | 14,893,184 | 683,761 | ||||||||||||||
Beginning balance at Dec. 31, 2021 | 263,631,523 | $ 14,893 | $ 14,893 | $ 684 | 129,525,675 | 338,302,735 | (321,028,580) | 116,816,116 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | (8,966,821) | (11,394,457) | 2,427,636 | |||||||||||||||
Series A preferred stock dividends | (7,164,390) | (7,164,390) | ||||||||||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 221,362 | |||||||||||||||||
Reinvestment of dividends paid to common stockholders | 601,184 | $ 221 | 600,963 | |||||||||||||||
Common Stock, accrued dividend equivalent | (34,145) | (34,145) | ||||||||||||||||
Common stock issued under director's compensation plan (in shares) | 62,365 | |||||||||||||||||
Crimson distribution on Class A-1 Units | (2,427,636) | (2,427,636) | ||||||||||||||||
Stock-based compensation | 384,383 | $ 63 | 336,619 | 47,701 | ||||||||||||||
Ending balance (in shares) at Sep. 30, 2022 | 683,761 | 15,176,911 | 683,761 | |||||||||||||||
Ending balance at Sep. 30, 2022 | 243,778,365 | $ 15,177 | $ 684 | 129,525,675 | 329,796,049 | (332,423,037) | 116,863,817 | |||||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 683,761 | 14,893,184 | 14,893,184 | 683,761 | ||||||||||||||
Beginning balance at Dec. 31, 2021 | 263,631,523 | $ 14,893 | $ 14,893 | $ 684 | 129,525,675 | 338,302,735 | (321,028,580) | 116,816,116 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | (9,519,669) | (12,756,517) | 3,236,848 | |||||||||||||||
Series A preferred stock dividends | (9,552,519) | (9,552,519) | ||||||||||||||||
Common Stock dividends | (3,004,579) | (3,004,579) | ||||||||||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 279,957 | |||||||||||||||||
Reinvestment of dividends paid to common stockholders | 803,923 | $ 280 | 803,643 | |||||||||||||||
Common Stock, accrued dividend equivalent | (67,431) | (67,431) | ||||||||||||||||
Common stock issued under director's compensation plan (in shares) | 80,817 | |||||||||||||||||
Crimson distribution on Class A-1 Units | (3,236,848) | (3,236,848) | ||||||||||||||||
Stock-based compensation | 612,117 | $ 81 | 534,724 | 77,312 | ||||||||||||||
Crimson Class A-2 Units dividends payment in kind | 0 | |||||||||||||||||
Stock issued due to internalized transaction | $ 0 | $ 0 | $ 0 | |||||||||||||||
Ending balance (in shares) at Dec. 31, 2022 | 683,761 | 15,253,958 | 683,761 | |||||||||||||||
Ending balance at Dec. 31, 2022 | 239,666,517 | $ 15,254 | $ 684 | 129,525,675 | 327,016,573 | (333,785,097) | 116,893,428 | |||||||||||
Beginning balance (in shares) at Mar. 31, 2022 | 683,761 | 14,960,628 | 683,761 | |||||||||||||||
Beginning balance at Mar. 31, 2022 | 264,261,332 | $ 14,960 | $ 684 | 335,376,932 | (317,473,035) | 116,816,116 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 2,170,126 | 1,360,914 | 809,212 | |||||||||||||||
Series A preferred stock dividends | (2,388,130) | (2,388,130) | ||||||||||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 69,312 | |||||||||||||||||
Reinvestment of dividends paid to common stockholders | 196,151 | $ 69 | 196,082 | |||||||||||||||
Common stock issued under director's compensation plan (in shares) | 30,917 | |||||||||||||||||
Crimson distribution on Class A-1 Units | (809,212) | (809,212) | ||||||||||||||||
Stock-based compensation | 151,359 | $ 31 | 151,328 | |||||||||||||||
Ending balance (in shares) at Jun. 30, 2022 | 683,761 | 15,060,857 | 15,060,857 | 683,761 | ||||||||||||||
Ending balance at Jun. 30, 2022 | 262,833,595 | $ 15,060 | $ 15,060 | $ 684 | 129,525,675 | 332,588,181 | (316,112,121) | 116,816,116 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | (15,501,704) | (16,310,916) | 809,212 | |||||||||||||||
Series A preferred stock dividends | (2,388,130) | (2,388,130) | ||||||||||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 84,606 | |||||||||||||||||
Reinvestment of dividends paid to common stockholders | 197,980 | $ 85 | 197,895 | |||||||||||||||
Common Stock, accrued dividend equivalent | (34,145) | (34,145) | ||||||||||||||||
Common stock issued under director's compensation plan (in shares) | 31,448 | |||||||||||||||||
Crimson distribution on Class A-1 Units | (809,212) | (809,212) | ||||||||||||||||
Stock-based compensation | 233,024 | $ 32 | 185,291 | 47,701 | ||||||||||||||
Ending balance (in shares) at Sep. 30, 2022 | 683,761 | 15,176,911 | 683,761 | |||||||||||||||
Ending balance at Sep. 30, 2022 | 243,778,365 | $ 15,177 | $ 684 | 129,525,675 | 329,796,049 | (332,423,037) | 116,863,817 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | (552,849) | |||||||||||||||||
Ending balance (in shares) at Dec. 31, 2022 | 683,761 | 15,253,958 | 683,761 | |||||||||||||||
Ending balance at Dec. 31, 2022 | $ 239,666,517 | $ 15,254 | $ 684 | $ 129,525,675 | $ 327,016,573 | $ (333,785,097) | $ 116,893,428 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | |||
Net loss | $ (9,519,669) | $ (2,535,558) | $ (306,067,579) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Deferred income tax | 1,498,584 | 4,076,290 | 310,985 |
Depreciation, amortization and ARO accretion | 16,076,326 | 14,801,676 | 13,654,429 |
Amortization of debt issuance costs | 1,648,242 | 1,604,881 | 1,270,035 |
Loss on impairment of goodwill | 16,210,020 | 0 | 0 |
Loss on impairment of leased property | 0 | 0 | 140,268,379 |
Loss on impairment and disposal of leased property | 0 | 5,811,779 | 146,537,547 |
Loss on termination of lease | 0 | 165,644 | 458,297 |
Deferred rent receivable write-off, noncash | 0 | 0 | 30,105,820 |
(Gain) loss on extinguishment of debt | 0 | 861,814 | (11,549,968) |
Gain on sale of equipment | (39,678) | (16,508) | (13,683) |
Stock-based compensation | 612,117 | 22,500 | 0 |
Changes in assets and liabilities: | |||
Deferred rent receivables | 0 | 0 | (247,718) |
Accounts and other receivables | (786,145) | 1,121,365 | 467,257 |
Financing note accrued interest receivable | 0 | (8,780) | (18,069) |
Inventory | (1,996,528) | (2,183,946) | 0 |
Prepaid expenses and other assets | (6,314,654) | (4,840,831) | (1,424,332) |
Due from affiliated companies, net | 70,516 | (28,509) | 0 |
Management fee payable | 0 | (971,626) | (698,324) |
Accounts payable and other accrued liabilities | 12,133,378 | (562,870) | (1,903,936) |
Income tax payable | 174,849 | 0 | 0 |
Unearned revenue | 109,019 | (601,126) | (766,070) |
Other changes, net | 3,331 | 156 | 0 |
Net cash provided by operating activities | 29,879,708 | 16,716,351 | 10,383,070 |
Investing Activities | |||
Acquisition of Crimson Midstream Holdings, net of cash acquired | 0 | (69,002,052) | 0 |
Acquisition of Corridor InfraTrust Management, net of cash acquired | 0 | 952,487 | 0 |
Purchases of property and equipment, net | (13,893,812) | (20,228,454) | (2,186,155) |
Proceeds from reimbursable projects | 2,523,196 | 3,131,391 | 0 |
Proceeds from sale of property and equipment | 55,075 | 97,210 | 15,000 |
Proceeds from insurance recovery | 0 | 60,153 | 0 |
Principal payment on financing note receivable | 178,581 | 155,008 | 43,333 |
Decrease in financing note receivable | 0 | 26,849 | 0 |
Net cash used in investing activities | (11,136,960) | (84,807,408) | (2,127,822) |
Financing Activities | |||
Debt financing costs | 0 | (2,735,922) | 0 |
Cash paid for maturity of convertible notes | 0 | 0 | (1,676,000) |
Cash paid for repurchase of convertible notes | 0 | 0 | (1,316,250) |
Cash paid for settlement of Pinedale Secured Credit Facility | 0 | 0 | (3,074,572) |
Repurchases of Series A preferred stock | 0 | 0 | (161,997) |
Dividends paid on Series A preferred stock | (9,552,519) | (9,395,604) | (9,242,797) |
Dividends paid on Common Stock | (2,200,656) | (2,439,446) | (12,286,368) |
Distributions to non-controlling interest | (3,236,848) | (2,256,113) | 0 |
Advances on revolving line of credit | 14,000,000 | 24,000,000 | 0 |
Payments on revolving line of credit | (6,000,000) | (22,000,000) | 0 |
Principal payments on secured credit facility | (8,000,000) | (6,000,000) | (1,764,000) |
Proceeds from financing arrangement | 5,814,435 | 3,882,392 | 0 |
Payments on financing arrangement | (3,277,254) | (3,020,581) | 0 |
Net cash used in financing activities | (12,452,842) | (19,965,274) | (29,521,984) |
Net change in cash and cash equivalents | 6,289,906 | (88,056,331) | (21,266,736) |
Cash and cash equivalents at beginning of year | 11,540,576 | 99,596,907 | 120,863,643 |
Cash and cash equivalents at end of year | 17,830,482 | 11,540,576 | 99,596,907 |
Supplemental Disclosure of Cash Flow Information | |||
Interest paid | 11,343,702 | 11,224,582 | 9,272,409 |
Income tax refunds | 12,055 | 635,730 | 466,236 |
Non-Cash Investing Activities | |||
Proceeds from sale of leased property provided directly to secured lender | 0 | 0 | 18,000,000 |
Purchases of property, plant and equipment in accounts payable and other accrued liabilities | 2,099,287 | 113,847 | 591,421 |
In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition | 0 | 48,873,169 | 0 |
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition | 0 | 105,000,000 | 0 |
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition | 0 | 116,205,762 | 0 |
Non-Cash Financing Activities | |||
Proceeds from sale of leased property used in settlement of Pinedale Secured Credit Facility | 0 | 0 | (18,000,000) |
Reinvestment of dividends paid to common stockholders | 803,923 | 410,580 | 0 |
Common Stock issued upon exchange and conversion of convertible notes | 0 | 0 | 419,129 |
Crimson Class A-2 Units dividends payment in-kind | 0 | 610,353 | 0 |
Dividend equivalents accrued on RSUs | 67,431 | 0 | 0 |
Assets acquired under financing arrangement | 3,672,910 | 1,617,825 | 0 |
As Previously Reported | |||
Operating Activities | |||
Net loss | (2,535,558) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Deferred income tax | 4,076,290 | ||
Depreciation, amortization and ARO accretion | 16,406,557 | ||
Amortization of debt issuance costs | 0 | ||
Loss on impairment and disposal of leased property | 5,811,779 | ||
Loss on termination of lease | 165,644 | ||
(Gain) loss on extinguishment of debt | 861,814 | ||
Gain on sale of equipment | (16,508) | ||
Stock-based compensation | 0 | ||
Changes in assets and liabilities: | |||
Accounts and other receivables | (92,089) | ||
Financing note accrued interest receivable | (8,780) | ||
Inventory | (2,183,946) | ||
Prepaid expenses and other assets | (958,283) | ||
Due from affiliated companies, net | (28,509) | ||
Management fee payable | (971,626) | ||
Accounts payable and other accrued liabilities | (2,627,549) | ||
Unearned revenue | (601,126) | ||
Other changes, net | 0 | ||
Net cash provided by operating activities | 17,298,110 | ||
Investing Activities | |||
Acquisition of Crimson Midstream Holdings, net of cash acquired | (69,002,052) | ||
Acquisition of Corridor InfraTrust Management, net of cash acquired | 952,487 | ||
Purchases of property and equipment, net | (15,883,609) | ||
Proceeds from reimbursable projects | 0 | ||
Proceeds from sale of property and equipment | 97,210 | ||
Proceeds from insurance recovery | 60,153 | ||
Principal payment on financing note receivable | 155,008 | ||
Decrease in financing note receivable | 26,849 | ||
Net cash used in investing activities | (83,593,954) | ||
Financing Activities | |||
Debt financing costs | (2,735,922) | ||
Dividends paid on Series A preferred stock | (9,395,604) | ||
Dividends paid on Common Stock | (2,439,446) | ||
Distributions to non-controlling interest | (2,256,113) | ||
Advances on revolving line of credit | 24,000,000 | ||
Payments on revolving line of credit | (22,000,000) | ||
Principal payments on secured credit facility | (6,000,000) | ||
Net cash used in financing activities | (20,804,585) | ||
Net change in cash and cash equivalents | (87,100,429) | ||
Cash and cash equivalents at beginning of year | 12,496,478 | 99,596,907 | |
Cash and cash equivalents at end of year | 12,496,478 | 99,596,907 | |
Non-Cash Financing Activities | |||
Crimson Class A-2 Units dividends payment in-kind | 610,353 | ||
Assets acquired under financing arrangement | 0 | ||
Series A, Internalization | |||
Non-Cash Investing Activities | |||
Stock issued, value, internalization transaction | 0 | 4,245,112 | 0 |
Series A, Internalization | As Previously Reported | |||
Non-Cash Investing Activities | |||
Stock issued, value, internalization transaction | 4,245,112 | ||
Common Stock, Internalization | |||
Non-Cash Investing Activities | |||
Stock issued, value, internalization transaction | 0 | 7,096,153 | 0 |
Common Stock, Internalization | As Previously Reported | |||
Non-Cash Investing Activities | |||
Stock issued, value, internalization transaction | 7,096,153 | ||
Class B Common Stock, Internalization | |||
Non-Cash Investing Activities | |||
Stock issued, value, internalization transaction | $ 0 | 3,288,890 | $ 0 |
Class B Common Stock, Internalization | As Previously Reported | |||
Non-Cash Investing Activities | |||
Stock issued, value, internalization transaction | $ 3,288,890 |
INTRODUCTION AND BASIS OF PRESE
INTRODUCTION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
INTRODUCTION AND BASIS OF PRESENTATION | INTRODUCTION AND BASIS OF PRESENTATION Introduction CorEnergy Infrastructure Trust, Inc. (referred to as "CorEnergy" or "the Company"), was organized as a Maryland corporation and commenced operations on December 8, 2005. The Company's common stock, par value $0.001 per share ("Common Stock") is listed on the New York Stock Exchange ("NYSE") under the symbol "CORR" and its depositary shares representing the Company's 7.375% Series A Cumulative Redeemable Preferred Stock, par value $0.001 per share (Series A Preferred Stock") is listed on the NYSE under the symbol "CORR PrA". The Company's Class B Common Stock, par value $0.001 per share ("Class B Common Stock"), is not listed on an exchange. The Company owns and operates critical energy midstream infrastructure connecting the upstream and downstream sectors within the industry. The Company currently generates revenue from the transportation, via pipeline systems, of crude oil and natural gas for its customers in California and Missouri, respectively. The pipelines are located in areas where it would be difficult to replicate rights-of-way or transport natural gas or crude oil via non-pipeline alternatives, resulting in the Company's assets providing utility-like criticality in the midstream supply chain for its customers. Prior to 2021, the Company focused primarily on entering into long-term triple-net participating leases with energy companies. Over the last 24 months, the Company's asset portfolio has undergone significant changes. The Company divested all of its leased assets, including the Grand Isle Gathering System ("GIGS") and Pinedale Liquids Gathering System ("Pinedale LGS"), which are described in these notes to consolidated financial statements. CorEnergy's Private Letter Rulings ("PLRs") enable the Company to invest in a broader set of revenue contracts within its real estate investment trust ("REIT") structure, including the opportunity to not only own, but also operate infrastructure assets. CorEnergy considers its investments in these energy infrastructure assets to be a single reportable business segment and reports them accordingly in its consolidated financial statements. The principal executive office of the Company is located at 1100 Walnut, Suite 3350, Kansas City, Missouri 64106. Basis of Presentation and Consolidation The accompanying consolidated financial statements include CorEnergy accounts and the accounts of its wholly owned subsidiaries and variable interest entities ("VIE's") for which CorEnergy is the primary beneficiary. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") set forth in the Accounting Standards Codification ("ASC"), as published by the Financial Accounting Standards Board ("FASB"), and with the Securities and Exchange Commission ("SEC") instructions to Form 10-K and Article 10 of Regulation S-X. The accompanying consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. There were no adjustments that, in the opinion of management, were not of a normal and recurring nature. All intercompany transactions and balances have been eliminated in consolidation, and the Company's net earnings have been reduced by the portion of net earnings attributable to non-controlling interests, when applicable. Prior reporting period amounts have been recast to conform with the current presentation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The Company consolidates a VIE when it is the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE's economic performance and (ii) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to determine whether it has a variable interest in a VIE, the Company performs a qualitative analysis of the entity's design, primary decision makers, key agreements governing the VIE, voting interests and significant activities impacting the VIE's economic performance. The Company continually monitors VIEs to determine if any events have occurred that could cause the primary beneficiary to change. In February 2021, the Company acquired a 49.50% voting interest in Crimson Midstream Holdings, LLC ("Crimson"), which is a legal entity that meets the VIE criteria. As a result of its consolidation analysis more fully described in Note 18 ("Variable Interest Entity"), the Company determined it is the primary beneficiary of Crimson due to its related-party relationship with Crimson's 50.50% voting interest holder. Therefore, beginning February 1, 2021 (the effective date of the acquisition), Crimson is consolidated in the Company's consolidated financial statements and the non-controlling interest is presented as a component of equity. Net income from Crimson is allocated to the non-controlling interest based on Crimson's contractual rights to earnings and distributions associated with the Crimson Class A-1, A-2 and A-3 Units. Refer to Note 16 ("Stockholders' Equity") for further discussion of the non-controlling interest in Crimson. The consolidated financial statements also include the accounts of any limited partnerships where the Company represents the general partner and, based on all facts and circumstances, controls such limited partnerships, unless the limited partner has substantive participating rights or substantive kick-out rights. Refer to Note 18 ("Variable Interest Entity"), for further discussion of the Company's consolidated VIEs. The FASB issued Accounting Standards Update ("ASU") 2015-02 Consolidations (Topic 810) - Amendments to the Consolidation Analysis ("ASU 2015-02"), which amended previous consolidation guidance and introduced a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities are considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. Management determined that Crimson, Pinedale Corridor, LP, ("Pinedale LP") and Grand Isle Corridor LP are VIEs under the amended guidance because the limited partners of both partnerships lack both substantive kick-out rights and participating rights. As such, management evaluated the qualitative criteria under FASB ASC Topic 810 in conjunction with ASU 2015-02 to make a determination whether these partnerships should be consolidated in the Company's financial statements. ASC Topic 810-10 requires the primary beneficiary of a VIE's activities to consolidate the VIE. The primary beneficiary is identified as the enterprise that has (i) the power to direct the activities of the VIE that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. The standard requires an ongoing analysis to determine whether the variable interest gives rise to a controlling financial interest in the VIE. Based on the general partners' roles and rights under the partnership agreements and its exposure to losses and benefits of each of the partnerships through its significant limited partner interests, management determined that CorEnergy is the primary beneficiary of Crimson, Pinedale LP, and Grand Isle Corridor LP. Based upon this evaluation, and the Company's 100% ownership interest in Pinedale LP, and Grand Isle Corridor LP, the consolidated financial statements presented include full consolidation with respect to these partnerships. Crimson is managed by a board of managers (the "Crimson Board"), which is made up of four managers of which the Company and the Grier Members (as defined below) are each represented by two managers. The Crimson Board is responsible for governing the significant activities that impact Crimson's economic performance, including a number of activities that are managed by an approved budget requiring super-majority approval or joint approval. In assessing the primary beneficiary, the Company determined that power is shared; however, the Company and the Grier Members as a related-party group have characteristics of a primary beneficiary. The Company performed the "most closely associated" test and determined that CorEnergy is the entity in the related-party group most closely associated with the VIE. In performing this assessment, the Company considered, among other factors, that (i) its influence over the tax structure of Crimson so its operations could be included in the Company's REIT structure under its PLR, which allows fees received for the usage of storage and pipeline capacity to qualify as rents from real property; (ii) the activities of the Company are substantially similar in nature to the activities of Crimson because the Company owns existing transportation and distribution assets in MoGas Pipeline LLC ("MoGas") and Omega Pipeline Company, LLC ("Omega"); (iii) Crimson's assets represent a substantial portion of the Company's total assets; and (iv) the Grier Members' interest in Crimson in Class A-1, Class A-2, and Class A-3 Units of Crimson will earn distributions if the CorEnergy Board of Directors declares a common or preferred dividend for Series A Preferred, and Class B Common Stock. Therefore, CorEnergy was determined as the primary beneficiary of Crimson and, therefore, consolidates the Crimson VIE. The Grier Members' ownership interest in Crimson is reflected as a non-controlling interest in the consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES A. Use of Estimates – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. B. Leased Property and Leases – In February of 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02" or "ASC 842"), which amends the existing accounting standards for lease accounting and requires, lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. Beginning in 2019, for the underlying asset class related to single-use office space, the Company accounts for each separate lease component and non-lease component as a single lease component. For the underlying lessor asset class related to pipelines residing on military bases, the Company accounts for each separate lease component and non-lease component as a single lease component if the non-lease components otherwise are accounted for in accordance with the revenue standard, and both the following criteria are met: (i) the timing and pattern of revenue recognition are the same for the non-lease component(s) and the related lease component and (ii) the lease component will be classified as an operating lease. The Company carried forward the accounting treatment for land easements under existing agreements, which are currently accounted for within property, plant and equipment. Land easements are reassessed under ASC 842 when such agreements are modified. The Company's current leased properties are classified as operating leases and are recorded as leased property, net of accumulated depreciation, in the Consolidated Balance Sheets. Initial direct costs incurred in connection with the creation and execution of a lease prior to January 1, 2019 are capitalized and amortized over the lease term. Subsequent to January 1, 2019, initial direct costs under ASC 842 are incremental costs of a lease that would not have been incurred if the lease had not been obtained and may include commissions or payments made to an existing tenant as an incentive to terminate its lease. Base rent related to the Company's leased property is recognized on a straight-line basis over the term of the lease when collectability is probable. Participating rent is recognized when it is earned, based on the achievement of specified performance criteria. Base and participating rent are recorded as lease revenue in the Consolidated Statements of Operations. Rental payments received in advance are classified as unearned revenue and included as a liability within the Consolidated Balance Sheets. Unearned revenue is amortized ratably over the lease period as revenue recognition criteria are met. Rental payments received in arrears are accrued and classified as deferred rent receivable and included in assets within the Consolidated Balance Sheets. Under the Company's previously held triple-net leases, the tenant was required to pay property taxes and insurance directly to the applicable third-party providers. Consistent with guidance in ASC 842, the Company will present the cost and the lessee's direct payment to the third-party under the triple-net leases on a net basis in the Consolidated Statements of Operations. C. Property and Equipment – Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the asset. Expenditures for repairs and maintenance are charged to operations as incurred, and improvements, which maintain the existing operating capacity of assets or extend their useful lives, are capitalized and depreciated over the remaining estimated useful life of the asset. The Company initially records long-lived assets at their purchase price plus any direct acquisition costs, unless the transaction is accounted for as a business combination, in which case the acquisition costs are expensed as incurred. If the transaction is accounted for as a business combination, the Company allocates the purchase price to the acquired tangible and intangible assets and liabilities based on their estimated fair values. D. Long-Lived Asset Impairment – The Company's long-lived assets consist primarily of oil and natural gas pipelines that have been obtained through asset acquisitions and a business combination. Management continually monitors its business, the business environment and performance of its operations to determine if an event has occurred that indicates that the carrying value of a long-lived asset group may be impaired. When a triggering event occurs, which is a determination that involves judgment, management utilizes cash flow projections to assess its ability to recover the carrying value of the asset group based on the long-lived assets' ability to generate future cash flows on an undiscounted basis over the remaining useful life of the primary asset. This differs from the evaluation of goodwill, for which the recoverability assessment utilizes fair value estimates that include discounted cash flows in the estimation process and accordingly any goodwill impairment recognized may not be indicative of a similar impairment of the related underlying long-lived assets. Management's projected cash flows of long-lived assets are primarily based on contractual cash flows that extend many years into the future. If those cash flow projections indicate that the long-lived asset's carrying value is not recoverable, management records an impairment charge for the excess of carrying value of the asset over its fair value. The estimate of fair value considers a number of factors, including the potential value that would be received if the asset were sold, discount rates and projected cash flows. Due to the imprecise nature of these projections and assumptions, actual results can differ from management's estimates. For the year ended December 31, 2021, the Company recognized a loss on impairment and disposal for the GIGS asset of $5.8 million, as more fully described in Note 5 ("Leased Properties And Leases"). For the year ended December 31, 2020, the Company recognized a loss on impairment for the GIGS asset of $140.3 million and a loss on impairment and disposal of the Pinedale LGS of $146.5 million, respectively, as more fully described in Note 5 ("Leased Properties And Leases"). There was no impairment of long-lived assets recorded during the year ended December 31, 2022. E. Financing Notes Receivable – Financing notes receivable are presented at face value plus accrued interest receivable and deferred loan origination costs and net of related direct loan origination income. Each quarter, the Company reviews its financing notes receivable to determine if the balances are realizable based on factors affecting the collectability of those balances. Factors may include credit quality, timeliness of required periodic payments, past due status and management discussions with obligors. The Company evaluates the collectability of both interest and principal of each of its loans to determine if an allowance is needed. An allowance will be recorded when based on current information and events, the Company determines it is probable that it will be unable to collect all amounts due according to the existing contractual terms. If the Company determines an allowance is necessary, the amount deemed uncollectible is expensed in the period of determination. An insignificant delay or shortfall in the amount of payments does not necessarily result in the recording of an allowance. Generally, when interest and/or principal payments on a loan become past due, or if the Company does not otherwise expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will typically cease recognizing financing revenue on that loan until all principal and interest have been brought current. Interest income recognition is resumed if and when the previously reserved-for financing notes become contractually current and performance has been demonstrated. Payments received subsequent to the recording of an allowance will be recorded as a reduction to principal. During the years ended December 31, 2022, and 2021, the Company did not record provisions for loan loss. The Company's financing notes receivable are discussed more fully in Note 6 ("Financing Notes Receivable"). F. Fair Value Measurements – FASB ASC 820, Fair Value Measurements and Disclosure ("ASC 820"), defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Various inputs are used in determining the fair value of the Company's assets and liabilities. These inputs are summarized in the three broad levels listed below: • Level 1 - quoted prices in active markets for identical investments • Level 2 - other significant observable inputs (including quoted prices for similar investments, market corroborated inputs, etc.) • Level 3 - significant unobservable inputs (including the Company's own assumptions in determining the fair value of investments) See Note 13 ("Fair Value") for further discussion of the Company's fair value measurements. G. Cash and Cash Equivalents – The Company maintains cash balances at financial institutions in amounts that regularly exceed FDIC-insured limits. The Company's cash equivalents are comprised of short-term, liquid money market instruments. H. Accounts and other receivables – Accounts receivable are presented at face value net of an allowance for doubtful accounts within accounts and other receivables on the balance sheet. Accounts are considered past due based on the terms of sale with the customers. The Company reviews accounts for collectability based on an analysis of specific outstanding receivables, current economic conditions and past collection experience. For the years ended December 31, 2022 and 2021, the Company determined that an allowance for doubtful accounts was not necessary. I. Deferred rent receivables – Lease receivables are determined according to the terms of the lease agreements entered into by the Company and its lessees. Lease receivables primarily represent timing differences between straight-line revenue recognition and contractual lease receipts. Beginning April 1, 2020, lease payments by the Company's GIGS tenant lapsed due to conditions related to the COVID-19 pandemic and energy markets, which resulted in the write-off of the deferred rent receivable of $30.1 million for the year ended December 31, 2020. Refer to Note 5 ("Leased Properties And Leases") for further details. J. Goodwill – Goodwill represents the excess of the amount paid for the Corridor InfraTrust Management, Inc. ("Corridor") and MoGas business over the fair value of the net identifiable assets acquired. To comply with ASC 350, Intangibles - Goodwill and Other ("ASC 350"), the Company performs an impairment test for goodwill annually, or more frequently in the event that a triggering event has occurred. December 31st is the Company's annual testing date associated with its goodwill. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , which simplifies how an entity is required to test goodwill for impairment by eliminating step two from the goodwill impairment test. ASU 2017-04, Simplifying the Test for Goodwill Impairment became effective for all public entities on January 1, 2017. In accordance with ASC 350, a company may elect to perform a qualitative assessment to determine whether the quantitative impairment test is required. If the company elects to perform a qualitative assessment, the quantitative impairment test is required only if the conclusion is that it is more likely than not that the reporting unit's fair value is less than its carrying amount. If a company bypasses the qualitative assessment, the quantitative goodwill impairment test should be followed in Step 1. Step 1 compares the fair value of the reporting unit to its carrying value to identify and measure any potential impairment. The reporting unit fair value is based upon consideration of various valuation methodologies. Declines in volumes or rates from those forecasted, or other changes in assumptions, may result in a change in management's estimate and result in an impairment. K. Debt Discount and Debt Issuance Costs – Costs incurred for the issuance of new debt are capitalized and amortized into interest expense over the debt term. Issuance costs related to long-term debt are recorded as a direct deduction from the carrying amount of that debt liability, net of accumulated amortization. Issuance costs related to line-of-credit arrangements however, are presented as an asset instead of a direct deduction from the carrying amount of the debt. In accordance with ASC 470, Debt ("ASC 470"), the Company recorded its 5.875% Convertible Senior Notes due 2025 ("5.875% Convertible Notes") at the aggregate principal amount, less discount. The Company is amortizing the debt discount over the life of the 5.875% Convertible Notes as additional non-cash interest expense utilizing the effective interest method. Refer to Note 14 ("Debt") for additional information. L. Asset Retirement Obligations – The Company follows ASC 410-20, Asset Retirement Obligations ("ARO") , which requires that an asset retirement obligation ("ARO") associated with the retirement of a long-lived asset be recognized as a liability in the period in which it is incurred and becomes determinable, with an offsetting increase in the carrying amount of the associated asset. The Company recognized an existing ARO in conjunction with the acquisition of the GIGS in June of 2015. The Company measures changes in the ARO liability due to passage of time by applying an interest method of allocation to the amount of the liability at the beginning of the period. The increase in the carrying amount of the liability is recognized as an expense classified as an operating item in the Consolidated Statements of Operations, hereinafter referred to as ARO accretion expense. The Company periodically reassesses the timing and amount of cash flows anticipated associated with the ARO and adjusts the fair value of the liability accordingly under the guidance in ASC 410-20. The fair value of the obligation at the acquisition date was capitalized as part of the carrying amount of the related long-lived assets and is being depreciated over the asset's remaining useful life. The useful lives of most pipeline gathering systems are primarily derived from available supply resources and ultimate consumption of those resources by end users. Adjustments to the ARO resulting from reassessments of the timing and amount of cash flows will result in changes to the retirement costs capitalized as part of the carrying amount of the asset. Upon decommissioning of the ARO or a portion thereof, the Company reduces the fair value of the liability and recognizes a (gain) loss on settlement of ARO as an operating item in the Consolidated Statements of Operations for the difference between the liability and actual decommissioning costs incurred. On February 4, 2021, the Company disposed of the ARO upon providing the GIGS asset as partial consideration for the Crimson Transaction. Refer to Note 5 ("Leased Properties And Leases") for further details. Refer to Note 15 ("Asset Retirement Obligation") for additional information. M. Revenue Recognition – In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09" or "ASC 606"), which became effective for all public entities on January 1, 2018. ASC 606 supersedes previously existing revenue recognition standards with a single model unless those contracts are within the scope of other standards (e.g. leases). The model requires an entity to recognize as revenue the amount of consideration to which it expects to be entitled for the transfer of promised goods or services to customers. Specific recognition policies for the Company's revenue items are as follows: • Transportation and distribution revenue – The Company's contracts related to transportation and distribution revenue are primarily comprised of a mix of oil and natural gas supply, transportation and distribution performance obligations, as well as limited performance obligations related to system maintenance and improvement. Transportation revenues are recognized by Crimson and MoGas and distribution revenues are recognized by Omega and Omega Gas Marketing, LLC. ◦ Under the Company's oil and natural gas supply, transportation and distribution performance obligations, the customer simultaneously receives and consumes the benefit of the services as the commodities are delivered. Therefore, the transaction price is allocated proportionally over the series of identical performance obligations with each contract. The transaction price is calculated based on (i) index price, plus a contractual markup in the case of natural gas supply agreements (considered variable due to fluctuations in the index), (ii) Federal Energy Regulatory Commission ("FERC") regulated rates or negotiated rates in the case of transportation agreements and (iii) contracted amounts (with annual CPI escalators) in the case of the Company's distribution agreement. Based on the nature of the agreements, revenue for all but one of the Company's oil and natural gas supply, transportation and distribution performance obligations is recognized on a right to invoice basis as the performance obligations are met, which represents what the Company expects to receive in consideration and is representative of value delivered to the customer. The Company has a contract with one customer, Spire, Inc. ("Spire"), that has fixed pricing which varies over the contract term. For this specific contract, the transaction price has been allocated ratably over the contractual performance obligation beginning in 2018 with the adoption of ASC 606. All invoicing is done in the month following service, with payment typically due a month from invoice date. • Pipeline loss allowance - The Company's crude oil transportation revenue includes amounts earned for pipeline loss allowance ("PLA"). PLA revenue, recorded within transportation revenue, represents the estimated realizable value of the earned loss allowance volumes received by the Company as applicable under the tariff or contract. As is common in the pipeline transportation industry, as crude oil is transported, the Company earns a small percentage of the crude oil volume transported to offset any measurement uncertainty or actual volumes lost in transit. The Company will settle the PLA with its shippers either in-kind or in cash. PLA received by the Company typically exceeds actual pipeline losses in transit and typically results in a benefit to the Company. For PLA volumes received in-kind, the Company records these in inventory. ◦ When PLA is paid in-kind, the barrels are valued at current market price less standard deductions, recorded as inventory and recognized as non-cash consideration revenue, concurrent with related transportation services. PLA paid in cash is treated in the same way as in-kind, but no inventory is created. In accordance with ASC 606, when control of the PLA volumes has been transferred to the purchaser, the Company records this as revenue at the contractual sales price within PLA revenue and PLA cost of revenues. ◦ Under a contract with the Department of Defense ("DOD"), gas sales and cost of gas sales are presented on a net basis in the transportation and distribution revenue line. The Company continues to present the gas sales and cost of gas sales on a net basis upon adoption of ASC 606. • Pipeline loss allowance subsequent sales and cost of revenue - PLA volumes received in-kind by the Company that are initially recorded in inventory and subsequently sold are recorded in pipeline loss allowance subsequent sales at the market price less standard deductions for which they are contractually sold. At the time of the sale, the cost of the PLA volumes sold are expensed in pipeline loss allowance subsequent sales cost of revenue based on the carrying value of those volumes, which is valued using an average costing method at the lower of cost or net realizable value. • Financing revenue – Historically, financing notes receivable have been considered a core product offering and therefore the related income is presented as a component of operating income. For increasing rate loans, base interest income is recorded ratably over the life of the loan, using the effective interest rate. The net amount of deferred loan origination income and costs are amortized on a straight-line basis over the life of the loan and reported as an adjustment to yield in financing revenue. Participating financing revenues are recorded when specific performance criteria have been met. • Lease revenue – Refer to Note 5 ("Leased Properties And Leases") , for the Company's lease revenue recognition policy. N. Transportation and distribution expense – Included here are Crimson's cost of operating and maintaining the crude oil pipelines, MoGas' costs of operating and maintaining the natural gas transmission line, and Omega's costs of operating and maintaining the natural gas distribution system. These costs are incurred both internally and externally. The internal costs relate to system control, pipeline operations, maintenance, insurance and taxes. Other internal costs include payroll for employees associated with gas control, field employees and management. The external costs consist of professional services such as audit and accounting, legal and regulatory and engineering. Under the Company's contract with the DOD, amounts paid by Omega for gas and propane are netted against sales and are presented in the transportation and distribution revenue line. See paragraph (M) above. O. Other Income Recognition – Specific policies for the Company's other income items are as follows: • Net distributions and other income – Includes interest income earned on the Company's money market instruments and distributions and dividends from historical investments. Distributions and dividends from investments were recorded on their ex-dates and were reflected as other income within the accompanying Consolidated Statements of Operations. Distributions received from the Company's investments were generally characterized as ordinary income, capital gains and distributions received from investment securities. The portion characterized as return of capital was paid by the Company's investees from their cash flow from operations. The Company recorded investment income, capital gains and distributions received from investment securities based on estimates made at the time such distributions were received. Such estimates were based on information available from each company and other industry sources. These estimates may have subsequently been revised based on information received from the entities after their tax reporting periods were concluded, as the actual character of these distributions was not known until after the fiscal year end of the Company. • Net realized and unrealized gain (loss) from investments – Securities transactions were accounted for on the date the securities were purchased or sold. Realized gains and losses were reported on an identified cost basis. The Company recorded investment income and return of capital based on estimates made at the time such distributions were received. Such estimates were based on information available from the portfolio company and other industry sources. These estimates may have subsequently been revised based on information received from the portfolio company after their tax reporting periods were concluded, as the actual character of these distributions were not known until after the Company's fiscal year end. P. Asset Acquisition Expenses – Costs incurred in connection with the research of real property acquisitions not accounted for as business combinations are expensed until it is determined that the acquisition of the real property is probable. Upon such determination, costs incurred in connection with the acquisition of the property are capitalized as described in paragraph (C) above. Deferred costs related to an acquisition that the Company has determined, based on management's judgment, not to pursue are expensed in the period in which such determination is made. Costs incurred in connection with a business combination are expensed as incurred. Q. Offering Costs – Offering costs related to the issuance of common or preferred stock are charged to additional paid-in capital when the stock is issued. R. Stock-based Compensation - The fair value of share-based payments is estimated using the quoted market price of the Company's common stock and pricing models as of the date of grant as further discussed in Note 16 ("Stockholder's Equity"). The resulting cost is recognized on a straight-line basis over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. Forfeitures are accounted for in the period in which they occur. In addition to service-based awards, the Company grants fully vested Common Stock to the Board of Directors and certain members of the executive team. S. Earnings (Loss) Per Share – Subsequent to the issuance of our Class B Common Stock in July of 2021, the Company applies the two-class method for calculating and presenting earnings (loss) per common share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared or accumulated and participation rights in undistributed earnings and losses of all participating securities. Under this method: i. Income or loss from continuing operations (“net income”) is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be accumulated for the current period. ii. The remaining earnings or loss (“undistributed earnings or loss”) are allocated to the participating securities to the extent each security may share in earnings as if all the earnings or losses for the period had been distributed. iii. The total distributed and undistributed earnings and losses are allocated to each participating security which is then divided by the number of weighted average outstanding shares of the participating security to which the earnings are allocated to determine the earnings or loss per share for the participating security. iv. Basic and diluted net income or loss per share data are presented for each class of common stock. In applying the two-class method, the Company determined undistributed earnings and losses should be allocated equally on a pro rata basis between the Common Stock and the Class B Common Stock due to the contractual participation rights of the Class B Common Stock which participate pari-passu with Common Stock in regard to undistributed earnings and losses. T. Federal and State Income Taxation – The Company is treated as a REIT for federal income tax purposes. Because certain of its assets may not produce REIT-qualifying income or be treated as interests in real property, those assets are held in wholly owned taxable REIT subsidiaries ("TRSs") in order to limit the potential that such assets and income could prevent the Company from qualifying as a REIT. As a REIT, the Company holds and operates certain of its assets through one or more wholly owned TRSs. The Company's use of TRSs enables it to continue to engage in certain businesses while complying with REIT qualification requirements and also allows it to retain income generated by these businesses for reinvestment without the requirement of distributing those earnings. In the future, the Company may elect to reorganize and transfer certain assets or operations from its TRSs to the Company or other subsidiaries, including qualified REIT subsidiaries. The Company's other investments were limited partnerships or limited liability companies which were treated as partnerships for federal and state income tax purposes. As a limited partner, the Company reported its allocable share of taxable income in computing its own taxable income. To the extent held by a TRS, the TRS's tax expense or benefit was included in the Consolidated Statements of Operations based on the component of income or gains and losses to which such expense or benefit related. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. It is expected that for the year ended December 31, 2022, and future periods, any deferred tax liability or asset generated will be related entirely to the assets and activities of the Company's TRSs. If the Company ceased to qualify as a REIT, the Company, as a C corporation, would be obligated to pay federal and state income tax on its taxable income. U. Recent Accounting Pronouncements – In June of 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses ("ASU 2016-13"), which introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. The new model, referred to as the current expected credit losses ("CECL model"), will apply to financial assets subject to credit losses and measured at amortized cost, and certain off-balance sheet credit exposures. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November of 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates , which deferred the effective dates of these standards for certain entities. Based on the guidance for smaller reporting companies, the effective date of ASU 2016-13 is deferred for the Company until fiscal year 2023, and the Company has elected to defer adoption of this standard. Although the Company has elected to defer adoption of ASU 2016-13, it will continue to evaluate the potential impact of the standard on its consolidated financial statements. As part of its ongoing assessment work, the Company has formed an implementation team, completed training on the CECL model and has begun developing policies, processes and internal controls. In March of 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)" |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONSOn February 4, 2021 (effective February 1, 2021), the Company completed the acquisition of an interest in Crimson (which includes a 49.50% voting interest and all of the Class B-1 Units of Crimson which encompasses the right to receive 100.0% of the economic benefit of Crimson's business, after satisfying the priority rights of (i) the Class A-1 Units to receive distributions on each unit equal to the dividends on a share of the Company’s Series A Preferred Stock and (ii) the Class A-2 and A-3 Units to receive distributions on each unit equal to dividends on a share of the Company’s Class B Common Stock (the "Crimson Transaction") for total consideration with a fair value of $343.8 million after giving effect to the initial working capital adjustments. The Company has the right to acquire the remaining 50.50% voting interest, subject to approval by the California Public Utility Commission ("CPUC"). After giving effect to initial working capital adjustments, the consideration consisted of a combination of cash on hand of $74.6 million, commitments to issue new common and preferred equity valued at $115.3 million, contribution to the sellers of the GIGS asset with a fair value of $48.9 million and $105.0 million in new term loan and revolver borrowings, all as detailed further below. The consideration was subject to a final working capital adjustment. Crimson is a CPUC-regulated crude oil pipeline owner and operator, and its assets include four critical infrastructure pipeline systems spanning approximately 2,000 miles (including approximately 1,100 active miles) across northern, central and southern California, connecting California crude production to in-state refineries. To effect the Crimson Transaction, on February 4, 2021, the Company entered into and consummated a Membership Interest Purchase Agreement (the "MIPA") with CGI Crimson Holdings, L.L.C. ("Carlyle"), Crimson, and John D. Grier and certain affiliated trusts of Grier (the "Grier Members"). Pursuant to the terms of the MIPA, the Company acquired all of the economic interests of Crimson owned by Carlyle for consideration consisting of approximately $66.0 million in cash (net of initial working capital adjustments) and the transfer to Carlyle of the Company's interest in GIGS (as further described in Note 5 ("Leased Properties And Leases")). Crimson Midstream Operating LLC ("Crimson Midstream Operating"), a subsidiary of Crimson, and Corridor MoGas, Inc. ("Corridor MoGas"), a subsidiary of the Company, also entered into a $105.0 million Amended and Restated Credit Agreement with Wells Fargo (as further described below and in Note 14 ("Debt")). Simultaneously, Crimson, the Company, and the Grier Members entered into the Third Amended and Restated Limited Liability Company Agreement ("Third LLC Agreement”) of Crimson. Pursuant to the terms of the Third LLC Agreement, the Grier Members' outstanding membership interests in Crimson were exchanged for 1,613,202 Class A-1 Units of Crimson, 2,436,000 Class A-2 Units of Crimson and 2,450,142 Class A- 3 Units of Crimson, which, as described in Note 16 ("Stockholders' Equity"), may eventually be exchangeable for shares of the Company's common and preferred stock. The Company received 10,000 Class B-1 Units, which represent the Company's economic interest in Crimson. The Class A-1 Units issued were subject to a final working capital adjustment. Additionally, 495,000 Class C-1 Units (representing 49.50% of the voting interests under the Third LLC Agreement) were issued to the Company in exchange for the former Class C Units acquired from Carlyle and 505,000 Class C-1 Units (representing 50.50% of the voting interests under the Third LLC Agreement) were issued to the Grier Members, in exchange for the Class C Units held by the Grier Members prior to the Crimson Transaction. In June 2021, a working capital adjustment was made for the Crimson Transaction, which resulted in an increase in the assets acquired of $1.8 million. As a result the Company issued an additional 37,043 Class A-1 Units to the Grier Members for their 50.50% ownership interest and paid an additional $908 thousand in cash for the ownership interest the Company purchased. The newly issued units resulted in an increase in the aggregate value of non-controlling interest of $883 thousand and increased the Grier Members' total Class A-1 Units to 1,650,245. The acquisition was treated as a business combination in accordance with ASC 805, Business Combinations , which requires allocation of the purchase price to the estimated fair values of assets and liabilities acquired in the transaction. The allocation of purchase price was based on management's judgment after evaluating several factors, including a valuation assessment. The following is a summary of the final allocation of the purchase price: Crimson Midstream Holdings, LLC Assets Acquired Cash and cash equivalents $ 6,554,921 Accounts and other receivables 11,394,441 Inventory 1,681,637 Prepaid expenses and other assets 6,144,932 Property and equipment (1) 333,715,139 Operating right-of-use asset 6,268,077 Total assets acquired: $ 365,759,147 Liabilities Assumed Accounts payable and other accrued liabilities (1) $ 13,540,164 Operating lease liability 6,268,077 Unearned revenue 315,000 Total liabilities assumed: $ 20,123,241 Fair Value of Net Assets Acquired: $ 345,635,906 Non-controlling interest at fair value (2)(3) $ 116,205,762 (1) Amounts recorded for property and equipment include land, buildings, lease assets, leasehold improvements, furniture, fixtures and equipment. During the three months ended June 30, 2021, the Company recorded a $1.8 million working capital adjustments primarily related to the valuation of land. During the three months ended December 31, 2021, the Company recorded measurement period adjustments relating to (i) rights-of-way and pipelines, which resulted in $734 thousand additional depreciation for the year ended December 31, 2021 and (ii) accrued office lease in the amount of $250 thousand, which is netted against the $1.8 million working capital adjustment. (2) Includes a non-controlling interest for Grier Members' equity consideration in the Crimson Class A-1, Class A-2, and Class A-3 Units (including the 37,043 newly issued Class A-1 Units) with a total fair value of $116.2 million. Refer to "Fair Value of Non-controlling Interest" below and Note 16 ("Stockholders' Equity") for further details. (3) In addition to the newly issued Class A-1 Units, CorEnergy also paid $908 thousand in cash as a contribution to Crimson Midstream Holdings, LLC. Fair Value of Assets and Liabilities Acquired The fair value of property and equipment was determined from an external valuation performed by an unrelated third-party specialist based on the cost methodology. The preliminary fair value measurement of tangible assets is based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value measurement hierarchy. The significant unobservable input used includes a discount rate based on an estimated weighted average cost of capital of a theoretical market participant. The Company utilized a weighted average discount rate of 14.0% when deriving the fair value of the property and equipment acquired. The weighted average discount rate reflects management's best estimate of inputs a market participant would utilize. In addition, the Company utilized revenue, cost and growth projections in its discounted cash flows to value the assets and liabilities acquired as well as relevant third-party valuation data for the pipeline right of ways. The carrying value of cash and cash equivalents, accounts and other receivables, prepaid expenses and other assets, and accounts payable and other accrued liabilities, approximate fair value due to their short term, highly liquid nature. Inventory was valued based on average crude oil inventory prices, less an applicable discount to sell, at the acquisition date. Fair Value of Non-controlling Interest The fair value of the non-controlling interest for each of the Crimson Class A-1, Class A-2 and Class A-3 Units was determined from an external valuation performed by an unrelated third-party specialist. As described in Note 16 ("Stockholders' Equity"), the holders of the Crimson A-1, Class A-2 and Class A-3 Units have the right to receive any distributions that the Company's Board of Directors determines would be payable as if they held (initially) the shares of Series C Preferred Stock, Series B Preferred Stock and Class B Common Stock, respectively, with all distributions on Class A-1 Units becoming tied to the Company's Series A Preferred Stock as of June 30, 2021 and distributions on the Class A-2 Units becoming tied to the Class B Common Stock as of July 7, 2021, as further described in Note 16 ("Stockholders' Equity"). To determine the fair value of the units on February 1, 2021, the third-party valuation specialists developed a Monte Carlo model to simulate a distribution of future prices underlying the CorEnergy securities associated with the Crimson Class A-1, Class A-2, and Class A-3 Units. The fair value measurement is based on observable inputs related to the Company's Common Stock and Series A Preferred Stock, including stock price, historical volatility and dividend yield. The fair value measurement is also based on significant inputs not observable in the market and thus represent Level 3 measurements. The significant unobservable inputs include a discount rate of 11.88% for the Class A-1 Units and 11.75% for the Class A-3 Units. The valuation for the Class A-2 Units assumed stockholder approval would be received to exchange the Class A-2 Units to Class B Common Stock instead of Series B Preferred Stock. Therefore, the valuation mirrors the assumptions utilized for the Class A-3 Units. During the year ended December 31, 2021, the Company incurred transaction costs and financing costs at closing of approximately $2.0 million and $2.8 million, respectively. The Company also incurred due diligence costs and other financing costs of $783 thousand and $235 thousand, respectively for year ended December 31, 2021. Total transaction, due diligence and financing costs, including $1.5 million incurred for the year ended December 31, 2020, for the Crimson Transaction were $7.3 million. Transaction and due diligence costs are recorded in general and administrative expenses in the Consolidated Statements of Operation. Financing costs were capitalized as deferred debt issuance costs in the Consolidated Balance Sheet. For the period from February 1, 2021 (effective date of the acquisition) to December 31, 2021, revenues for Crimson were $106.3 million and net income was $17.8 million. Pro Forma Results of Operations (Unaudited) The following selected comparative unaudited pro forma revenue information for the year ended December 31, 2021, assumes that the Crimson acquisition occurred at the beginning of 2021, and reflects the full results for the period presented. The pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations which would actually have occurred had the combination been in effect on the dates indicated, or which may occur in the future. These amounts have been calculated after applying the Company's accounting policies. The Company has excluded pro forma information related to net earnings (loss) as it is impracticable to provide the information because Crimson was part of a larger entity that was separated via a common control transfer at the closing of the Crimson Transaction. As a result, quarterly financial information has not been carved-out for the Crimson entities acquired in prior quarterly periods. Pro Forma Year Ended December 31, 2021 Revenues $ 136,921,819 Corridor InfraTrust Management, LLC On July 6, 2021, the Company consummated the internalization (the "Internalization") of the Company’s management company, Corridor, pursuant to the previously announced Contribution Agreement, dated as of February 4, 2021 (the Contribution Agreement”), by and among the Company and the contributors a party thereto (the Contributors"). Pursuant to the Contribution Agreement and following approval by the Company’s stockholders, the Company, acquired Corridor, which owns the assets used by Corridor to perform management functions previously provided to the Company under the Management Agreement. Upon closing of the Internalization, the Company became an internally managed REIT. Prior to the Internalization, the Company and Corridor were parties to that certain Management Agreement, dated May 8, 2015 (as amended the "Management Agreement"), and that certain Administrative Agreement, dated December 1, 2011 (as amended, the "Administrative Agreement"). As an internally managed company, the Company no longer pays Corridor any fees or expense reimbursements arising from the Management Agreement but rather incurs Corridor's direct employee compensation and office-related expenses. The Internalization was consummated for a purchase price of approximately $14.6 million, payable in equity. Pursuant to the Contribution Agreement, the Company issued to the Contributors, based on each Contributor's percentage ownership in Corridor, an aggregate of: (i) 1,153,846 shares of Common Stock, (ii) 683,761 shares of Class B Common Stock, and (iii) 170,213 depositary shares of Series A Preferred Stock (collectively with the Common Stock and Class B Common Stock, the "Internalization Consideration"). At closing, the Management Agreement and Administrative Agreement were both effectively terminated. The acquisition was treated as a business combination in accordance with ASC 805, Business Combinations , which requires allocation of the purchase price to the estimated fair values of assets and liabilities acquired in the transaction. The allocation of purchase price was based on management's judgment after evaluating several factors, including a valuation assessment. The following is a summary of the final allocation of the purchase price: Corridor InfraTrust Management, LLC Assets Acquired Cash and cash equivalents $ 952,487 Accounts and other receivables 344,633 Prepaid expenses and other assets 14,184 Property and equipment 87,101 Operating right-of-use asset 453,396 Goodwill 14,491,152 Total assets acquired: $ 16,342,953 Liabilities Assumed Accounts payable and other accrued liabilities $ 1,259,402 Operating lease liability 453,396 Total liabilities assumed: $ 1,712,798 Fair Value of Net Assets Acquired: $ 14,630,155 Fair Value of Assets and Liabilities Acquired |
TRANSPORTATION AND DISTRIBUTION
TRANSPORTATION AND DISTRIBUTION REVENUE | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
TRANSPORTATION AND DISTRIBUTION REVENUE | TRANSPORTATION AND DISTRIBUTION REVENUE The Company's contracts related to transportation and distribution revenue are primarily comprised of a mix of crude oil, natural gas supply, and natural gas transportation and distribution performance obligations, as well as limited performance obligations related to system maintenance and improvement. Refer to Note 2 ("Significant Accounting Policies") for additional details on the Company's revenue recognition policies under ASC 606. Crude Oil and Natural Gas Transportation and Distribution Under the Company's (i) crude oil and natural gas transportation, (ii) natural gas supply, and (iii) natural gas distribution performance obligations, the customer simultaneously receives and consumes the benefit of the services as the commodity is delivered. Therefore, the transaction price is allocated proportionally over the series of identical performance obligations with each contract, and the Company satisfies performance obligations over time as midstream transportation and distribution services are performed. The transaction price is calculated based on (i) index price, plus a contractual markup in the case of natural gas supply agreements (considered variable due to fluctuations in the index), (ii) CPUC and FERC regulated rates or negotiated rates in the case of transportation agreements and (iii) contracted amounts (with annual CPI escalators) in the case of the Company's distribution agreement. The Company's crude oil transportation revenue also includes amounts earned for pipeline loss allowance ("PLA"). PLA revenue, recorded within transportation revenue, represents the estimated realizable value of the earned loss allowance volumes received by the Company as applicable under the tariff or contract. As is common in the pipeline transportation industry, as crude oil is transported, the Company earns a small percentage of the crude oil volume transported to offset any measurement uncertainty or actual volumes lost in transit. The Company will settle the PLA with its shippers either in-kind or in cash. PLA received by the Company typically exceeds actual pipeline losses in transit and typically results in a benefit to the Company. When PLA is paid in-kind, the barrels are valued at current market price less standard deductions, recorded as inventory and recognized as non-cash consideration revenue, concurrent with related transportation services. PLA paid in cash is treated in the same way as in-kind, but no inventory is created. In accordance with ASC 606, when control of the PLA volumes has been transferred to the purchaser, the Company records this non-cash consideration as revenue at the contractual sales price within PLA revenue and PLA cost of revenues. Based on the nature of the agreements, revenue for all but one of the Company's natural gas supply, transportation and distribution performance obligations is recognized on a right to invoice basis as the performance obligations are met, which represents what the Company expects to receive in consideration and is representative of value delivered to the customer. System Maintenance & Improvement System maintenance and improvement contracts are specific and tailored to the customer's needs, have no alternative use and have an enforceable right to payment as the services are provided. Revenue is recognized on an input method, based on the actual cost of service as a measure of the performance obligation satisfaction. Differences between amounts invoiced and revenue recognized under the input method are reflected as an asset or liability on the Consolidated Balance Sheets. The costs of system improvement projects are recognized as a financing arrangement in accordance with guidance in the ASC 842 lease standard while the margin is recognized in accordance with the ASC 606 revenue standard as discussed above. The table below summarizes the Company's contract liability balance related to its transportation and distribution revenue contracts as of December 31, 2022 and 2021: Contract Liability (1) December 31, 2022 December 31, 2021 Beginning Balance January 1 $ 5,339,364 $ 6,104,979 Unrecognized Performance Obligations 1,175,824 199,405 Recognized Performance Obligations (587,315) (965,020) Ending Balance December 31 $ 5,927,873 $ 5,339,364 (1) The contract liability balance is included in unearned revenue in the Consolidated Balance Sheets. The Company's contract asset balances were immaterial as of both December 31, 2022 and 2021. The Company also recognized deferred contract costs related to incremental costs to obtain a transportation performance obligation contract, which are amortized on a straight-line basis over the remaining term of the contract. As of December 31, 2022, the remaining unamortized deferred contract costs balance was $756 thousand. The contract asset and deferred contract costs balances are included in prepaid expenses and other assets in the Consolidated Balance Sheets. The following is a breakout of the Company's transportation and distribution revenue for the years ended December 31, 2022, 2021 and 2020: For the Years Ended December 31, 2022 2021 2020 Crude oil transportation revenue $ 100,351,627 82.2 % $ 94,935,160 81.5 % $ — — % Natural gas transportation contracts 15,415,891 12.6 % 15,222,145 13.1 % 12,840,795 64.3 % Natural gas distribution contracts 4,899,750 4.0 % 4,785,548 4.1 % 4,782,284 23.9 % Other 1,341,500 1.2 % 1,593,759 1.3 % 2,349,272 11.8 % Total $ 122,008,768 100.0 % $ 116,536,612 100.0 % $ 19,972,351 100.0 % |
LEASED PROPERTIES AND LEASES
LEASED PROPERTIES AND LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
LEASED PROPERTIES AND LEASES | LEASED PROPERTIES AND LEASES Prior to 2021, the Company primarily acquired midstream and downstream assets in the U.S. energy sector such as pipelines, storage terminals, and gas and electric distribution systems, and, historically, leased many of these assets to operators under triple-net leases. The Company's leased property was classified as an operating lease and was recorded as leased property in the Consolidated Balance Sheets. Base rent related to the Company's leased property was recognized on a straight-line basis over the term of the lease when collectability was probable. Participating rent was recognized when it was earned, based on the achievement of specified performance criteria. Base and participating rent were recorded as lease revenue in the Consolidated Statements of Operations. The Company regularly evaluated the collectability of any deferred rent receivable on a lease-by-lease basis. The evaluation primarily included assessment of the financial condition and credit quality of the Company's tenants, changes in tenants' payment history and current economic factors. When the collectability of the deferred rent receivable or future lease payments were no longer probable, the Company recognized a write-off of the deferred rent receivable as a reduction of revenue in the Consolidated Statements of Operations. The Company divested the last of its material leased assets, including (i) GIGS on February 4, 2021 as described further below and (ii) the Pinedale LGS on June 30, 2020 in a sale to its tenant, Ultra Wyoming, LLC ("Ultra Wyoming") pursuant to the terms of the sale agreement approved by the U.S. Bankruptcy Court overseeing the bankruptcy proceedings of Ultra Wyoming and its parent company, Ultra Petroleum Corp ("UPL"). Sale and Impairment of the Grand Isle Gathering System During 2020, the nonpayment of rent by the tenant of the GIGS (the "EGC Tenant") along with the significant decline in the global oil market triggered indicators of impairment for the GIGS asset. As a result, the Company recognized a $140.3 million loss on impairment of leased property related to the GIGS asset in the Consolidated Statements of Operations for the year ended December 31, 2020. The Company also previously recognized deferred rent receivable for the lease agreement for the Grand Isle Gathering Lease (the Grand Isle Lease Agreement"), which primarily represented timing differences between the straight-line revenue recognition and contractual lease receipts over the lease term. Given the EGC Tenant's nonpayment of rent and the Company's expectations surrounding the collectability of the contractual lease payments under the lease, the Company recognized a non-cash write-off of the deferred rent receivable of $30.1 million. The non-cash write-off was recognized as a reduction of revenue in the Consolidated Statements of Operations for the year ended December 31, 2020. As discussed in Note 3 ("Acquisitions"), on February 4, 2021, the GIGS asset was used as partial consideration for the acquisition of the Company's interest in Crimson resulting in its disposal, along with the ARO (collectively, the "GIGS Disposal Group"), which was assumed by the sellers. Upon meeting the held-for-sale criteria in mid-January 2021, the Company ceased recording depreciation on the GIGS asset. The GIGS asset had a carrying value of $63.5 million and the ARO had a carrying value of $8.8 million, or a net carrying value of $54.7 million for the GIGS Disposal Group. The GIGS asset had a fair value of approximately $48.9 million at the time of disposal, which was determined by a discounted cash flow model and utilized the forecast of a market participant and its expected operation of the asset. The fair value measurement is also based on significant inputs not observable in the market and thus represent Level 3 measurements. The significant unobservable inputs include a discount rate of 11.75%. The contribution of the GIGS Disposal Group resulted in a loss on impairment and disposal of leased property of $5.8 million in the Consolidated Statements of Operations in the first quarter of 2021. Termination of the Grand Isle Lease Agreement As described in Note 12 ("Commitments And Contingencies"), in connection with the GIGS disposition, the Company and Grand Isle Corridor entered into a Settlement and Mutual Release Agreement (the "Settlement Agreement") with the EGC Tenant and related parties related to the previously reported litigation between them and terminated the Grand Isle Lease Agreement. The termination of the Grand Isle Lease Agreement resulted in the write-off of deferred lease costs of $166 thousand, which is recorded as a loss on termination of lease in the Consolidated Statements of Operations for the year ended December 31, 2021. Sale and Impairment of the Pinedale Liquids Gathering System On April 14, 2020, UPL, the parent and guarantor of the lease obligations of the tenant and operator of the Company's Pinedale LGS, announced that its significant indebtedness and extremely challenging current market conditions raised a substantial doubt about its ability to continue as a going concern. The going concern qualification in UPL's financial statements filed in its 2019 Annual Report on Form 10-K resulted in defaults under UPL's credit and term loan agreement. UPL also disclosed that it elected not to make interest payments on certain outstanding indebtedness, triggering a 30-day grace period. If such interest payments were not made by the end of the grace period, an event of default would occur, potentially causing its outstanding indebtedness to become immediately due and payable. UPL further disclosed that if it was unable to obtain sufficient additional capital to repay the outstanding indebtedness and sufficient liquidity to meet its operating needs, it may be necessary for UPL to seek protection from creditors under Chapter 11 of the U.S. Bankruptcy Code. On May 14, 2020, UPL filed a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code. The filing included Ultra Wyoming, the operator of the Pinedale LGS and tenant under the lease agreement for Pinedale LGS (the "Pinedale Lease Agreement") with the Company's indirect wholly owned subsidiary Pinedale Corridor, LP ("Pinedale LP"). The bankruptcy filing of both the guarantor, UPL, and the tenant constituted defaults under the terms of the Pinedale Lease Agreement. The bankruptcy filing imposed a stay of CorEnergy's ability to exercise remedies for the foregoing defaults. Ultra Wyoming also filed a motion to reject the Pinedale Lease Agreement, with a request that such motion be effective June 30, 2020. Pending the effective date of the rejection, Section 365 of the Bankruptcy Code generally requires Ultra Wyoming to comply on a timely basis with the provisions of the Pinedale Lease Agreement, including the payment provisions. Accordingly, the Company received the rent payments due on the first day of April, May and June 2020. Pinedale LP, along with the Prudential Insurance Company of America ("Prudential"), the lender under the Amended Pinedale Term Credit Facility discussed in Note 14 ("Debt"), commenced discussions with UPL, which resulted in UPL presenting an initial offer to purchase the Pinedale LGS. The Amended Pinedale Term Credit Facility was secured by the Pinedale LGS and was not secured by any assets of CorEnergy or its other subsidiaries. On June 5, 2020, Pinedale LP filed a motion with the U.S. Bankruptcy Court objecting to Ultra Wyoming's motion to reject the Pinedale Lease Agreement while continuing its negotiations with UPL. Pinedale LP and the Company agreed in principle to terms with Ultra Wyoming to sell the Pinedale LGS for $18.0 million cash as set forth in a non-binding term sheet that was filed with the U.S. Bankruptcy Court in UPL’s Chapter 11 case along with a motion for approval of the transaction on June 22, 2020. A copy of the draft definitive purchase and sale agreement was also filed with the motion. On June 26, 2020, the U.S. Bankruptcy Court in UPL’s Chapter 11 case approved the sale of the Pinedale LGS. Following such approval, on June 29, 2020, Pinedale LP entered into the purchase and sale agreement (the "Sale Agreement") with Ultra Wyoming. On June 30, 2020, Pinedale LP closed on the sale of the Pinedale LGS to its tenant, Ultra Wyoming, for total cash consideration of $18.0 million, and the Pinedale Lease Agreement was terminated. The sale was completed pursuant to the terms of the Sale Agreement previously approved by the bankruptcy court as discussed above. In connection with the closing of the sale, the Company and Pinedale LP entered into a mutual release of all claims related to the Pinedale LGS and the Pinedale Lease Agreement with UPL and Ultra Wyoming, including a release by Pinedale LP of all claims against UPL and Ultra Wyoming arising from the rejection or termination of the Pinedale Lease Agreement. In conjunction with the sale of the Pinedale LGS described above, Pinedale LP and the Company entered into a compromise and release agreement (the "Release Agreement") with Prudential related to the Amended Pinedale Term Credit Facility, which had an outstanding balance of approximately $32.0 million, net of $132 thousand of deferred debt issuance costs. Pursuant to the Release Agreement, the $18.0 million sale proceeds from the Sale Agreement were provided by Ultra Wyoming directly to Prudential. The Company also provided the remaining cash available at Pinedale LP of approximately $3.3 million (including $198 thousand for accrued interest) to Prudential in exchange for (i) the release of all liens on the Pinedale LGS and the other assets of Pinedale LP, (ii) the termination of the Company’s pledge of equity interests of the general partner of Pinedale LP, (iii) the termination and satisfaction in full of the obligations of Pinedale LP under the Amended Pinedale Term Credit Facility and (iv) a general release of any other obligations of Pinedale LP and/or the Company and their respective directors, officers, employees or agents pertaining to the Amended Pinedale Term Credit Facility. During the negotiation and closing of the sale of the Pinedale LGS to Ultra Wyoming, the Company determined that impairment indicators existed because the value to be received from the sale was less than the carrying value of the asset of $164.5 million. As a result of these indicators and the sale of the Pinedale LGS, the Company recognized a loss on impairment and disposal of leased property in the Consolidated Statement of Operations of approximately $146.5 million for the year ended December 31, 2020. Further, the sale of the Pinedale LGS resulted in the termination of the Pinedale Lease Agreement, and the Company recognized a loss on termination of lease of approximately $458 thousand for the year ended December 31, 2020. These losses were partially offset by the settlement of the Amended Pinedale Term Credit Facility with Prudential (as discussed above and in Note 14 ("Debt"), which resulted in a gain on extinguishment of debt of $11.0 million for year ended December 31, 2020. LESSOR - LEASED PROPERTIES Beginning in 2019, the Company concluded that Omega's long-term contract with the DOD to provide natural gas distribution to Fort Leonard Wood through the Omega Pipeline System meets the definition of a lease under ASC 842. Omega is the lessor in the contract and the lease is classified as an operating lease. The Company noted the non-lease component is the predominant component in the lease, and the timing and pattern of transfer of the lease component and the associated non-lease component are the same. As discussed in Note 2 ("Significant Accounting Policies"), the Company elected not to separate lease and related non-lease components if the non-lease components otherwise would be accounted for in accordance with the revenue standard under ASC 606; therefore, the Company continues to account for the DOD contract under the revenue standard. In the second quarter of 2019, the Company started a system improvement project on Omega's pipeline distribution system, which is considered a "built to suit" transaction under ASC 842. The system improvement project is a separate lease component and the DOD is deemed to control the system improvement due to certain contract provisions. As a result, the Company accounted for the costs of the system improvement as a financing arrangement, which is included in accounts and other receivables in the Consolidated Balance Sheets. The margin the Company earned on the system improvement project is a non-lease component accounted for under the revenue standard. Refer to Note 2 ("Significant Accounting Policies") for further details. LESSEE - LEASED PROPERTIES The Company's operating subsidiaries currently lease land, corporate office space, single-use office space and equipment. During the year ended December 31, 2021, the Company acquired additional right-of-use assets and lease liabilities in connection with the Crimson Transaction and the Internalization, and the Company signed a new lease for the Denver corporate office. Crimson entered into a new corporate office lease which will commence upon possession of the property, which is anticipated during the first-half of 2023. No lease payments are due for the first year. No right-of-use asset or operating lease liability has been recorded as of December 31, 2022. The Company's leases are classified as operating leases and are presented as operating right-of-use assets and operating lease liability on the Consolidated Balance Sheet. The Company recognizes lease expense in the Consolidated Statements of Operations on a straight-line basis over the remaining lease term. The Company noted the following information regarding its operating leases for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 December 31, 2021 Lease cost: Operating lease cost $ 1,786,402 $ 1,462,136 Short term lease cost — 229,166 Total lease cost $ 1,786,402 $ 1,691,302 The following table reflects the weighted average lease term and discount rate for leases in which the Company is a lessee: December 31, 2022 December 31, 2021 Weighted-average remaining lease term - operating leases (in years) 11.0 10.0 Weighted-average discount rate - operating leases 7.45 % 7.04 % The following table represents cash flow and supplemental information for leases in which the Company is a lessee: For the Year Ended December 31, 2022 December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used on operating leases $ 1,783,822 $ 1,691,894 Supplemental disclosure of noncash leasing activities: Right-of-use assets obtained in exchange for new operating lease liabilities (1) 66,385 372,380 (1) Includes lease extension. The following table reflects the undiscounted cash flows for future minimum lease payments under non-cancellable operating leases reconciled to the Company's lease liabilities on our Consolidated Balance Sheet as of December 31, 2022: For the Years Ending December 31, Operating Leases 2023 1,215,193 2024 475,209 2025 419,068 2026 464,849 2027 464,849 Thereafter 3,972,700 Total 7,011,868 Less: Present Value Discount 2,315,458 Operating Lease Liabilities $ 4,696,410 |
LEASED PROPERTIES AND LEASES | LEASED PROPERTIES AND LEASES Prior to 2021, the Company primarily acquired midstream and downstream assets in the U.S. energy sector such as pipelines, storage terminals, and gas and electric distribution systems, and, historically, leased many of these assets to operators under triple-net leases. The Company's leased property was classified as an operating lease and was recorded as leased property in the Consolidated Balance Sheets. Base rent related to the Company's leased property was recognized on a straight-line basis over the term of the lease when collectability was probable. Participating rent was recognized when it was earned, based on the achievement of specified performance criteria. Base and participating rent were recorded as lease revenue in the Consolidated Statements of Operations. The Company regularly evaluated the collectability of any deferred rent receivable on a lease-by-lease basis. The evaluation primarily included assessment of the financial condition and credit quality of the Company's tenants, changes in tenants' payment history and current economic factors. When the collectability of the deferred rent receivable or future lease payments were no longer probable, the Company recognized a write-off of the deferred rent receivable as a reduction of revenue in the Consolidated Statements of Operations. The Company divested the last of its material leased assets, including (i) GIGS on February 4, 2021 as described further below and (ii) the Pinedale LGS on June 30, 2020 in a sale to its tenant, Ultra Wyoming, LLC ("Ultra Wyoming") pursuant to the terms of the sale agreement approved by the U.S. Bankruptcy Court overseeing the bankruptcy proceedings of Ultra Wyoming and its parent company, Ultra Petroleum Corp ("UPL"). Sale and Impairment of the Grand Isle Gathering System During 2020, the nonpayment of rent by the tenant of the GIGS (the "EGC Tenant") along with the significant decline in the global oil market triggered indicators of impairment for the GIGS asset. As a result, the Company recognized a $140.3 million loss on impairment of leased property related to the GIGS asset in the Consolidated Statements of Operations for the year ended December 31, 2020. The Company also previously recognized deferred rent receivable for the lease agreement for the Grand Isle Gathering Lease (the Grand Isle Lease Agreement"), which primarily represented timing differences between the straight-line revenue recognition and contractual lease receipts over the lease term. Given the EGC Tenant's nonpayment of rent and the Company's expectations surrounding the collectability of the contractual lease payments under the lease, the Company recognized a non-cash write-off of the deferred rent receivable of $30.1 million. The non-cash write-off was recognized as a reduction of revenue in the Consolidated Statements of Operations for the year ended December 31, 2020. As discussed in Note 3 ("Acquisitions"), on February 4, 2021, the GIGS asset was used as partial consideration for the acquisition of the Company's interest in Crimson resulting in its disposal, along with the ARO (collectively, the "GIGS Disposal Group"), which was assumed by the sellers. Upon meeting the held-for-sale criteria in mid-January 2021, the Company ceased recording depreciation on the GIGS asset. The GIGS asset had a carrying value of $63.5 million and the ARO had a carrying value of $8.8 million, or a net carrying value of $54.7 million for the GIGS Disposal Group. The GIGS asset had a fair value of approximately $48.9 million at the time of disposal, which was determined by a discounted cash flow model and utilized the forecast of a market participant and its expected operation of the asset. The fair value measurement is also based on significant inputs not observable in the market and thus represent Level 3 measurements. The significant unobservable inputs include a discount rate of 11.75%. The contribution of the GIGS Disposal Group resulted in a loss on impairment and disposal of leased property of $5.8 million in the Consolidated Statements of Operations in the first quarter of 2021. Termination of the Grand Isle Lease Agreement As described in Note 12 ("Commitments And Contingencies"), in connection with the GIGS disposition, the Company and Grand Isle Corridor entered into a Settlement and Mutual Release Agreement (the "Settlement Agreement") with the EGC Tenant and related parties related to the previously reported litigation between them and terminated the Grand Isle Lease Agreement. The termination of the Grand Isle Lease Agreement resulted in the write-off of deferred lease costs of $166 thousand, which is recorded as a loss on termination of lease in the Consolidated Statements of Operations for the year ended December 31, 2021. Sale and Impairment of the Pinedale Liquids Gathering System On April 14, 2020, UPL, the parent and guarantor of the lease obligations of the tenant and operator of the Company's Pinedale LGS, announced that its significant indebtedness and extremely challenging current market conditions raised a substantial doubt about its ability to continue as a going concern. The going concern qualification in UPL's financial statements filed in its 2019 Annual Report on Form 10-K resulted in defaults under UPL's credit and term loan agreement. UPL also disclosed that it elected not to make interest payments on certain outstanding indebtedness, triggering a 30-day grace period. If such interest payments were not made by the end of the grace period, an event of default would occur, potentially causing its outstanding indebtedness to become immediately due and payable. UPL further disclosed that if it was unable to obtain sufficient additional capital to repay the outstanding indebtedness and sufficient liquidity to meet its operating needs, it may be necessary for UPL to seek protection from creditors under Chapter 11 of the U.S. Bankruptcy Code. On May 14, 2020, UPL filed a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code. The filing included Ultra Wyoming, the operator of the Pinedale LGS and tenant under the lease agreement for Pinedale LGS (the "Pinedale Lease Agreement") with the Company's indirect wholly owned subsidiary Pinedale Corridor, LP ("Pinedale LP"). The bankruptcy filing of both the guarantor, UPL, and the tenant constituted defaults under the terms of the Pinedale Lease Agreement. The bankruptcy filing imposed a stay of CorEnergy's ability to exercise remedies for the foregoing defaults. Ultra Wyoming also filed a motion to reject the Pinedale Lease Agreement, with a request that such motion be effective June 30, 2020. Pending the effective date of the rejection, Section 365 of the Bankruptcy Code generally requires Ultra Wyoming to comply on a timely basis with the provisions of the Pinedale Lease Agreement, including the payment provisions. Accordingly, the Company received the rent payments due on the first day of April, May and June 2020. Pinedale LP, along with the Prudential Insurance Company of America ("Prudential"), the lender under the Amended Pinedale Term Credit Facility discussed in Note 14 ("Debt"), commenced discussions with UPL, which resulted in UPL presenting an initial offer to purchase the Pinedale LGS. The Amended Pinedale Term Credit Facility was secured by the Pinedale LGS and was not secured by any assets of CorEnergy or its other subsidiaries. On June 5, 2020, Pinedale LP filed a motion with the U.S. Bankruptcy Court objecting to Ultra Wyoming's motion to reject the Pinedale Lease Agreement while continuing its negotiations with UPL. Pinedale LP and the Company agreed in principle to terms with Ultra Wyoming to sell the Pinedale LGS for $18.0 million cash as set forth in a non-binding term sheet that was filed with the U.S. Bankruptcy Court in UPL’s Chapter 11 case along with a motion for approval of the transaction on June 22, 2020. A copy of the draft definitive purchase and sale agreement was also filed with the motion. On June 26, 2020, the U.S. Bankruptcy Court in UPL’s Chapter 11 case approved the sale of the Pinedale LGS. Following such approval, on June 29, 2020, Pinedale LP entered into the purchase and sale agreement (the "Sale Agreement") with Ultra Wyoming. On June 30, 2020, Pinedale LP closed on the sale of the Pinedale LGS to its tenant, Ultra Wyoming, for total cash consideration of $18.0 million, and the Pinedale Lease Agreement was terminated. The sale was completed pursuant to the terms of the Sale Agreement previously approved by the bankruptcy court as discussed above. In connection with the closing of the sale, the Company and Pinedale LP entered into a mutual release of all claims related to the Pinedale LGS and the Pinedale Lease Agreement with UPL and Ultra Wyoming, including a release by Pinedale LP of all claims against UPL and Ultra Wyoming arising from the rejection or termination of the Pinedale Lease Agreement. In conjunction with the sale of the Pinedale LGS described above, Pinedale LP and the Company entered into a compromise and release agreement (the "Release Agreement") with Prudential related to the Amended Pinedale Term Credit Facility, which had an outstanding balance of approximately $32.0 million, net of $132 thousand of deferred debt issuance costs. Pursuant to the Release Agreement, the $18.0 million sale proceeds from the Sale Agreement were provided by Ultra Wyoming directly to Prudential. The Company also provided the remaining cash available at Pinedale LP of approximately $3.3 million (including $198 thousand for accrued interest) to Prudential in exchange for (i) the release of all liens on the Pinedale LGS and the other assets of Pinedale LP, (ii) the termination of the Company’s pledge of equity interests of the general partner of Pinedale LP, (iii) the termination and satisfaction in full of the obligations of Pinedale LP under the Amended Pinedale Term Credit Facility and (iv) a general release of any other obligations of Pinedale LP and/or the Company and their respective directors, officers, employees or agents pertaining to the Amended Pinedale Term Credit Facility. During the negotiation and closing of the sale of the Pinedale LGS to Ultra Wyoming, the Company determined that impairment indicators existed because the value to be received from the sale was less than the carrying value of the asset of $164.5 million. As a result of these indicators and the sale of the Pinedale LGS, the Company recognized a loss on impairment and disposal of leased property in the Consolidated Statement of Operations of approximately $146.5 million for the year ended December 31, 2020. Further, the sale of the Pinedale LGS resulted in the termination of the Pinedale Lease Agreement, and the Company recognized a loss on termination of lease of approximately $458 thousand for the year ended December 31, 2020. These losses were partially offset by the settlement of the Amended Pinedale Term Credit Facility with Prudential (as discussed above and in Note 14 ("Debt"), which resulted in a gain on extinguishment of debt of $11.0 million for year ended December 31, 2020. LESSOR - LEASED PROPERTIES Beginning in 2019, the Company concluded that Omega's long-term contract with the DOD to provide natural gas distribution to Fort Leonard Wood through the Omega Pipeline System meets the definition of a lease under ASC 842. Omega is the lessor in the contract and the lease is classified as an operating lease. The Company noted the non-lease component is the predominant component in the lease, and the timing and pattern of transfer of the lease component and the associated non-lease component are the same. As discussed in Note 2 ("Significant Accounting Policies"), the Company elected not to separate lease and related non-lease components if the non-lease components otherwise would be accounted for in accordance with the revenue standard under ASC 606; therefore, the Company continues to account for the DOD contract under the revenue standard. In the second quarter of 2019, the Company started a system improvement project on Omega's pipeline distribution system, which is considered a "built to suit" transaction under ASC 842. The system improvement project is a separate lease component and the DOD is deemed to control the system improvement due to certain contract provisions. As a result, the Company accounted for the costs of the system improvement as a financing arrangement, which is included in accounts and other receivables in the Consolidated Balance Sheets. The margin the Company earned on the system improvement project is a non-lease component accounted for under the revenue standard. Refer to Note 2 ("Significant Accounting Policies") for further details. LESSEE - LEASED PROPERTIES The Company's operating subsidiaries currently lease land, corporate office space, single-use office space and equipment. During the year ended December 31, 2021, the Company acquired additional right-of-use assets and lease liabilities in connection with the Crimson Transaction and the Internalization, and the Company signed a new lease for the Denver corporate office. Crimson entered into a new corporate office lease which will commence upon possession of the property, which is anticipated during the first-half of 2023. No lease payments are due for the first year. No right-of-use asset or operating lease liability has been recorded as of December 31, 2022. The Company's leases are classified as operating leases and are presented as operating right-of-use assets and operating lease liability on the Consolidated Balance Sheet. The Company recognizes lease expense in the Consolidated Statements of Operations on a straight-line basis over the remaining lease term. The Company noted the following information regarding its operating leases for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 December 31, 2021 Lease cost: Operating lease cost $ 1,786,402 $ 1,462,136 Short term lease cost — 229,166 Total lease cost $ 1,786,402 $ 1,691,302 The following table reflects the weighted average lease term and discount rate for leases in which the Company is a lessee: December 31, 2022 December 31, 2021 Weighted-average remaining lease term - operating leases (in years) 11.0 10.0 Weighted-average discount rate - operating leases 7.45 % 7.04 % The following table represents cash flow and supplemental information for leases in which the Company is a lessee: For the Year Ended December 31, 2022 December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used on operating leases $ 1,783,822 $ 1,691,894 Supplemental disclosure of noncash leasing activities: Right-of-use assets obtained in exchange for new operating lease liabilities (1) 66,385 372,380 (1) Includes lease extension. The following table reflects the undiscounted cash flows for future minimum lease payments under non-cancellable operating leases reconciled to the Company's lease liabilities on our Consolidated Balance Sheet as of December 31, 2022: For the Years Ending December 31, Operating Leases 2023 1,215,193 2024 475,209 2025 419,068 2026 464,849 2027 464,849 Thereafter 3,972,700 Total 7,011,868 Less: Present Value Discount 2,315,458 Operating Lease Liabilities $ 4,696,410 |
FINANCING NOTES RECEIVABLE
FINANCING NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
FINANCING NOTES RECEIVABLE | FINANCING NOTES RECEIVABLE Financing notes receivable are presented at face value plus accrued interest receivable and deferred loan origination costs, and net of related direct loan origination income. Each quarter, the Company reviews its financing notes receivable to determine if the balances are realizable based on factors affecting the collectability of those balances. Factors may include credit quality, timeliness of required periodic payments, past due status, and management discussions with obligors. The Company evaluates the collectability of both interest and principal of each of its loans to determine if an allowance is needed. An allowance will be recorded when, based on current information and events, the Company determines it is probable that it will be unable to collect all amounts due according to the existing contractual terms. Four Wood Corridor Financing Notes Receivable On August 10, 2021, the terms of the financing notes between Four Wood Corridor, LLC, a subsidiary of the Company, and Compass SWD, LLC (the "Compass REIT Loan") were amended (i) to extend the maturity date from November 30, 2024 to July 31, 2026 and (ii) to reduce payments to $24 thousand per month through the maturity date beginning as of August 31, 2021. Additionally, the amended Compass REIT Loan will continue to accrue interest at an annual rate of 12.0%. As of December 31, 2022 and December 31, 2021, the Compass REIT Loan was recorded, net of allowance at $858 thousand and $1.0 million, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes. Components of the Company's deferred tax assets and liabilities as of December 31, 2022 and 2021, are as follows: Deferred Tax Assets and Liabilities December 31, 2022 December 31, 2021 Deferred Tax Assets: Deferred contract revenue $ 1,230,985 $ 1,333,510 Net operating loss carryforwards 7,027,439 6,929,821 Capital loss carryforward 92,418 92,418 Other 338 366 Sub-total $ 8,351,180 $ 8,356,115 Valuation allowance (5,168,148) (3,891,342) Sub-total $ 3,183,032 $ 4,464,773 Deferred Tax Liabilities: Cost recovery of fixed assets $ (4,386,744) $ (4,187,621) Other (88,588) (70,867) Sub-total $ (4,475,332) $ (4,258,488) Total net deferred tax (liability) asset $ (1,292,300) $ 206,285 The total deferred tax assets and liabilities presented above relate to the Company's TRSs. The Company recognizes the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained upon examination by the tax authorities based on the technical merits of the tax position. The Company's policy is to record interest and penalties on uncertain tax positions as part of tax expense. As of December 31, 2022 and 2021, the Company had no uncertain positions. Tax years subsequent to the year ended December 31, 2018, re main open to examination by federal and state tax authorities. As of December 31, 2022 and 2021, the TRSs had cumulative net operating loss carryforwards ("NOL") of $29.2 million a nd $28.7 million, respectively. Net operating losses of $26.4 million generated during the years ended December 31, 2022, 2021, 2020, 2019, and 2018 may be carried forward indefinitely, subject to limitation. Net operating losses generated for years prior to December 31, 2018 may be carried forward for 20 years. If not utilized, the net operating loss will expire as follows: $328 thousand, $176 thousand, $328 thousand, and $1.9 million in the years ending December 31, 2034, 2035, 2036 and 2037, respectively. The Company also has a capital loss carryforward of $440 thousand as of December 31, 2022 and 2021, respectively, which if not utilized, will expire as of December 31, 2024. Management assessed the available evidence and determined that it is more likely than not that the capital loss carryforward will not be utilized prior to expiration. Due to the uncertainty of realizing this deferred tax asset, a valuation allowance of $92 thousand was recorded equal to the amount of the tax benefit of this carryforward at December 31, 2022 and 2021. Additionally, the Company determined that certain of the federal and state net operating losses would not be utilized prior to their expiration. Due to the uncertainty of realizing these deferred tax assets, a valuation allowance of $5.2 million was recorded as of December 31, 2022 and $3.8 million as of December 31, 2021. In the future, if the Company concludes, based on existence of sufficient evidence, that it should realize more or less of the deferred tax assets, the valuation allowance will be adjusted accordingly in the period such conclusion is made. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permitted NOL carryovers and carrybacks to offset 100.0% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allowed NOLs originating in 2018, 2019 and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. Certain of the Company’s TRSs have NOLs totaling approximately $1.2 million were eligible for carryback under the CARES Act. The benefit of these carrybacks has been recorded as an increase to income taxes receivable and a reduction to deferred tax assets. Certain NOLs which were initially measured at the current corporate income tax rate of 21.0% are being carried back to offset taxable income that was taxed at a pre-Tax Cuts and Jobs Act of 2017 rate o f 34%. The benefit received from the rate differential is reflected in the income tax provision for the year ended December 31, 2020. Total income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate of 21% for the years ended December 31, 2022, 2021 and 2020, to income or loss from operations and other income and expense for the years presented, as follows: Income Tax Expense (Benefit) For the Years Ended December 31, As Restated 2022 2021 2020 Application of statutory income tax rate $ (2,327,764) $ (278,726) $ (64,292,012) State income taxes, net of federal tax benefit 68,320 681,342 35,371 Income of Real Estate Investment Trust not subject to tax 2,664,761 532,952 64,331,160 Increase in valuation allowance 1,276,806 3,159,313 — Other (10,212) (20,122) (159,377) Total income tax expense (benefit) $ 1,671,911 $ 4,074,759 $ (84,858) Total income taxes are computed by applying the federal statutory rate of 21% plus a blended state income tax rate. For the years ended December 31, 2022, 2021 and 2020, all of the income tax expense (benefit) presented above relates to the assets and activities held in the Company's TRSs. The components of income tax expense (benefit) include the following for the periods presented: Components of Income Tax Expense (Benefit) For the Years Ended December 31, 2022 2021 2020 Current tax expense (benefit) Federal $ 141,544 $ (7,154) $ (420,074) State (net of federal tax benefit) 31,783 5,623 24,231 Total current tax expense (benefit) $ 173,327 $ (1,531) $ (395,843) Deferred tax expense Federal $ 947,036 $ 3,400,571 $ 299,845 State (net of federal tax benefit) 551,548 675,719 11,140 Total deferred tax expense $ 1,498,584 $ 4,076,290 $ 310,985 Total income tax expense (benefit), net $ 1,671,911 $ 4,074,759 $ (84,858) |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment consist of the following: Property and Equipment December 31, 2022 December 31, 2021 Land $ 24,989,784 $ 24,989,784 Crude oil pipelines 185,047,366 180,663,146 Natural gas pipeline 105,322,987 104,847,405 Right-of-way agreements 87,206,374 85,451,574 Pipeline related facilities 42,647,865 39,995,865 Tanks 33,092,825 30,679,194 Construction work in progress 10,495,266 8,581,560 Vehicles and trailers and other equipment 2,684,993 1,840,609 Office equipment and computers 1,569,698 1,403,090 Gross property and equipment $ 493,057,158 $ 478,452,227 Less: accumulated depreciation (52,908,191) (37,022,034) Net property and equipment $ 440,148,967 $ 441,430,193 |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL Goodwill represents the excess of the purchase price over the fair value of net identifiable assets on acquisition of a business. The carrying value of goodwill is not amortized, rather, it is assessed for impairment annually, or more frequently if events or changes in circumstances arise that suggest the carrying value of goodwill may be impaired. The Company performs its annual impairment test of the carrying value of goodwill on December 31 of each year. Triggering events that potentially warrant an interim goodwill impairment test include, among other factors, declines in historical or projected revenue, operating income or cash flows, and sustained declines in the Company’s stock price or market capitalization, considered both in absolute terms and relative to peers. Based on sustained declines in the trading price of our common stock and other securities with an established trading market, we performed a Step 1 interim quantitative goodwill impairment test as of September 30, 2022, primarily using a market approach to determine the fair value of our reporting units. This assessment involved determining the fair value of our reporting units and comparing those values to the carrying value of each corresponding reporting unit. The carrying values of the reporting units exceeded their fair value and the goodwill impairment was measured at the amount by which the reporting unit’s carrying value exceeded its fair value, limited to a maximum of the goodwill recorded at each reporting unit. Fair value of our reporting units were primarily estimated using earnings multiples techniques as well as a reconciliation of our consolidated market capitalization to the fair value of all reporting units. The determination of fair value using the earnings multiples technique requires significant assumptions to be made in relation to the appropriateness of earnings multipliers for reporting units and other qualitative factors associated with our reporting units and business activities. As a result of this testing, we recorded a goodwill impairment charge of $16.2 million during the year ended December 31, 2022, which was included as a discrete line item on the Consolidated Statement of Operations. The $16.2 million goodwill impairment charge was comprised of $14.5 million associated with the Corridor reporting unit and $1.7 million associated with the MoGas reporting unit. As of December 31, 2022, there was no remaining goodwill recorded and therefore no additional goodwill subject to future risk of additional impairment. As of December 31, 2021, the gross carrying value and net carrying value of the goodwill was $16.2 million. As of December 31, 2022, the gross carrying value and the net carrying value of the goodwill was $0 following the $16.2 million impairment charge recorded during the year ended December 31, 2022. The change in the net book value of goodwill for the years ended December 31, 2022 and 2021, was as follows: 2022 2021 As of January 1, $ 16,210,020 $ 1,718,868 Corridor Infrastructure Trust Acquisition — 14,491,152 Loss on impairment (16,210,020) — As of December 31, $ — $ 16,210,020 |
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS | CONCENTRATIONS The Company has customer concentrations through several major customers that have contracted transportation revenues. Concentrations consist of the following: 2022 2021 2020 Percent of Revenues Percent of Revenues Percent of Revenues (1) Phillips 66 11 % 12 % NA Shell Trading US Company 14 % 17 % NA Chevron Products Company 18 % 20 % NA PBF Holding Company 15 % 13 % NA Valero 7 % 5 % NA Spire 6 % 6 % 16 % Ameren Energy 4 % 4 % 11 % Department of Defense 4 % 4 % 15 % (1) The 2020 percent is calculated using consolidated revenues excluding the deferred rent receivable write-off recorded on GIGS for the year ended December 31, 2021. |
MANAGEMENT AGREEMENT
MANAGEMENT AGREEMENT | 12 Months Ended |
Dec. 31, 2022 | |
Agreements [Abstract] | |
MANAGEMENT AGREEMENT | MANAGEMENT AGREEMENT On February 4, 2021, the Company entered into a Contribution Agreement with the Contributors and Corridor, the Company's former external manager. Consummation of the transaction contemplated in the Contribution Agreement resulted in the Internalization of Corridor, which was approved by stockholders on June 29, 2021. On June 29, 2021, the CorEnergy stockholders approved the Internalization. The Internalization transaction was completed on July 6, 2021. Pursuant to the Contribution Agreement, the Company issued to the Contributors, based on each Contributor's percentage ownership in Corridor, the Internalization Consideration. As a result of the Internalization transaction, the Company now (i) owns all material assets of Corridor used in the conduct of the business, and (ii) is managed by officers and employees who previously worked for Corridor, and have become employees of the Company. Both the Management Agreement and the Administrative Agreement are no longer in effect upon the closing of the Internalization transaction. Additional information on the Internalization Transaction can be found in our Current Report on Form 8-K filed with the SEC on July 12, 2021. Contemporaneously with the execution of the Contribution Agreement, the Company and Corridor entered into the First Amendment (the "First Amendment") to the Management Agreement that had the effect, beginning February 1, 2021, of (i) eliminating the management fee, (ii) providing a one-time, $1.0 million advance to Corridor to fund bonus payments to its employees in connection with the Internalization and (iii) providing payments to Corridor for actual employee compensation and office related expenses. Further, the First Amendment provided that, beginning April 1, 2021, the Company paid Corridor additional cash fees equivalent to the aggregate amount of all distributions that would accrue, if declared, on and after such date with respect to the securities to be issued as the Internalization Consideration pursuant to the Contribution Agreement (an amount, assuming payment on a cash basis equal to approximately $172 thousand per quarter). This agreement was in effect until the closing of the Internalization on July 6, 2021. The Company paid $53 thousand for declared dividends under this agreement. Prior to Internalization, the terms of the Management Agreement provided for a quarterly management fee to be paid to Corridor equal to .25% (1.0% annualized) of the value of the Company's Managed Assets as of the end of each quarter. "Managed Assets" means the total assets of the Company (including any securities receivables, other personal property or real property purchased with or attributable to any borrowed funds) minus (A) the initial invested value of all non-controlling interests, (B) the value of any hedged derivative assets, (C) any prepaid expenses and (D) all of the accrued liabilities other than (1) deferred taxes and (2) debt entered into for the purpose of leverage. For purposes of the definition of Managed Assets, the Company's securities portfolio will be valued at then current market value. For purposes of the definition of Managed Assets, other personal property and real property assets will include real and other personal property owned and the assets of the Company invested, directly or indirectly, in equity interests in or loans secured by real estate or personal property (including acquisition related costs and acquisition costs that may be allocated to intangibles or are unallocated), valued at the aggregate historical cost, before reserves for depreciation, amortization, impairment charges or bad debts or other similar noncash reserves. In light of previous provisions for loan losses on certain of the Company's energy infrastructure financing investments, Corridor voluntarily recommended, and the Company agreed, that effective on and after the Company's March 31, 2016 balance sheet date, solely for the purpose of computing the value of the Company's Managed Assets in calculating the quarterly management fee under the terms of the Management Agreement, that portion of the Management Fee attributable to such loans shall be based on the estimated net realizable value of the loans, which shall not exceed the amount invested in the loans as of the end of the quarter for which the Management Fee is to be calculated. The Management Agreement also provided for payment of a quarterly incentive fee of 10.0% of the increase in distributions paid over a distribution threshold equal to $0.625 per share per quarter, and require that at least half of any incentive fees paid be reinvested in the Company's Common Stock. The foregoing description of the terms of the Management Agreement is qualified in its entirety by reference to the full terms of such agreement, which is incorporated by reference as an exhibit to this Report. Fees incurred under the Management Agreement for the year ended December 31, 2022, 2021 and 2020 were $0, $322 thousand, and $5.1 million, respectively. The Management Agreement effectively terminated upon the signing of the Contribution Agreement on February 4, 2021. Thereafter, the Company paid the fees all related to reimbursement of Corridor employee compensation and office-related expenses under the First Amendment. For the year ended December 31, 2021, the fees incurred include $1.0 million related to a transaction bonus outlined in the Contribution Agreement and $1.6 million for reimbursement of Corridor employee compensation and office related expenses under the First Amendment. The Company also reimbursed Corridor for approximately $50 thousand in legal fees incurred in connection with the Internalization and paid investment advisors $1.9 million in connection with the execution of the Contribution Agreement. Fees incurred are reported in the General and Administrative line item on the Consolidated Statements of Operations. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Crimson Legal Proceedings In June 2016, Crimson discovered a leak on its Ventura pipeline located in Ventura County, California, at which time Crimson began remediation of the observed release and concurrently took the pipeline out of service. The pipeline was properly repaired and returned to service in June 2016. The remediation efforts are complete, the affected area has been restored, and Crimson has implemented a monitoring program for the area. In November 2018, Crimson was notified by the California State Water Resources Board of a Forthcoming Assessment of Administrative Civil Liability concerning alleged violations of the California Water Code related to this incident. Through pre-enforcement settlement discussion, Crimson and the California State Water Board reached a settlement requiring Crimson to pay a penalty which, in connection with final approval from the State of California, was set at $330 thousand, (including incidental charges) and was paid during the year ended December 31, 2021. Pursuant to such settlement, Crimson also must annually perform certain ongoing monitoring obligations related to the condition of the affected barranca. Additionally, in July 2020 Crimson entered into a Stipulation of Final Judgment related to the same incident with the Ventura County, California Department of Fish and Wildlife, Office of Oil Spill Response, pursuant to which Crimson agreed to pay penalties of $900 thousand plus reimbursement of certain investigative costs. Half of this settlement was paid during 2020 prior to the Crimson Transaction, and the remainder was paid during the three months ended September 30, 2021. The Company also is subject to various other claims and legal proceedings covering a wide range of matters that arose in the ordinary course of business. In the opinion of management, all such matters are without merit or are of such kind, or involve such amounts, as would not have a material adverse effect on the financial position, results of operations or cash flows of the Company. California Bonds Indemnification The Company maintains certain agreements for indemnity and surety bonds with various California regulatory bodies. The total annual premium paid for the bonds currently outstanding is approximately $115 thousand, recorded in general and administrative expense. |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE The following section describes the valuation methodologies used by the Company to estimate fair value of financial instruments for disclosure purposes only, as required under disclosure guidance related to the fair value of financial instruments. Cash and Cash Equivalents — The carrying value of cash, amounts due from banks, federal funds sold and securities purchased under resale agreements approximates fair value. Financing Notes Receivable — The carrying value of financing notes receivable approximates fair value. The financing notes receivable are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Financing notes with carrying values that are not expected to be recovered through future cash flows are written-down to their estimated net realizable value. Estimates of realizable value are determined based on unobservable inputs, including estimates of future cash flow generation and value of collateral underlying the notes. The carrying value of financing notes receivable approximates fair value. Inventory — Inventory primarily consists of crude oil earned as in-kind PLA payments and is valued using an average costing method at the lower of cost or net realizable value. Secured Credit Facilities — The fair value of the Company's long-term variable-rate debt under its secured credit facilities approximates carrying value. Unsecured Convertible Senior Notes — The fair value of the unsecured convertible senior notes is estimated using quoted market prices from either active (Level 1) or generally active (Level 2) markets. Carrying and Fair Value Amounts Level within Fair Value Hierarchy December 31, 2022 December 31, 2021 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Financial Assets: 5.875% Unsecured convertible senior notes Level 2 116,323,530 79,093,500 115,665,830 111,144,075 (1) The carrying value of debt balances are presented net of unamortized original issuance discount and debt issuance costs. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following is a summary of debt facilities and balances as of December 31, 2022 and 2021: Total Commitment Quarterly Principal Payments (2) December 31, 2022 December 31, 2021 Maturity Amount Outstanding Interest Amount Outstanding Interest Crimson Secured Credit Facility: Crimson Revolver $ 50,000,000 5/3/2024 $ 35,000,000 8.41 % $ 27,000,000 4.11 % Crimson Term Loan 80,000,000 2,000,000 5/3/2024 66,000,000 8.22 % 74,000,000 4.10 % Crimson Uncommitted Incremental Credit Facility 25,000,000 5/3/2024 — — % — — % 5.875% Unsecured Convertible Senior Notes 120,000,000 — 8/15/2025 118,050,000 5.875 % 118,050,000 5.875 % Total Debt $ 219,050,000 $ 219,050,000 Less: Unamortized deferred financing costs on 5.875% Convertible Senior Notes $ 218,587 $ 301,859 Unamortized discount on 5.875% Convertible Senior Notes 1,507,883 2,082,311 Unamortized deferred financing costs on Crimson Term Loan (1) 665,547 1,275,244 Long-term debt, net of deferred financing costs $ 216,657,983 $ 215,390,586 Debt due within one year $ 10,000,000 $ 8,000,000 (1) Unamortized deferred financing costs related to the Company's revolving credit facility are included in Deferred Costs in the Assets section of the Consolidated Balance Sheets. Refer to the "Deferred Financing Costs" paragraph below. (2) The required quarterly principal payments will increase from $2.0 million to $3.0 million beginning with the payment due September 30, 2023. Crimson Credit Facility On February 4, 2021, in connection with the Crimson Transaction, Crimson Midstream Operating and Corridor MoGas, (collectively, the "Borrowers"), together with Crimson, MoGas Debt Holdco LLC, MoGas, CorEnergy Pipeline Company, LLC, United Property Systems, Crimson Pipeline, LLC and Cardinal Pipeline, L.P. (collectively, the "Guarantors") entered into the Crimson Credit Facility with the lenders from time to time party thereto and Wells Fargo Bank, National Association, as administrative agent for other participating lenders. The Crimson Credit Facility provides borrowing capacity of up to $155.0 million, consisting of: a $50.0 million revolving credit facility ("Crimson Revolver"), an $80.0 million term loan ("Crimson Term Loan") and an uncommitted incremental credit facility of $25.0 million. Upon closing of the Crimson Transaction described in Note 3 ("Acquisitions"), the Borrowers drew the $80.0 million Crimson Term Loan and $25.0 million on the Crimson Revolver. Subsequent to the initial closing, on March 25, 2021, Crimson contributed all of its equity interests in Crimson Midstream Services, LLC and Crimson Midstream I Corporation to Crimson Midstream Operating, and, effective as of May 4, 2021, such subsidiaries have become additional Guarantors pursuant to the Amended and Restated Guaranty Agreement and parties to the Amended and Restated Security Agreement and (in the case of Crimson Midstream I Corporation) the Amended and Restated Pledge Agreement. On September 14, 2022, the Borrowers completed the first amendment to the Amended and Restated Credit Agreement, which replaced the use of a LIBOR reference rate with the Secured Overnight Financing Rate ("SOFR"). On March 6, 2023, the Company completed the second amendment to the Amended and Restated Credit Agreement, which extended the maturity of the Crimson Credit Facility from its maturity on February 4, 2024 to May 3, 2024 and amended the applicable total leverage ratio in the first two quarters of 2023 from 2.50 to 2.75. Beginning in Q3 2023, the total leverage ratio steps down to 2.50 for the remainder of the term. Additionally, the required quarterly amortization of the term loan was increased from $2.0 million to $3.0 million beginning in the third quarter of 2023. The loans under the Crimson Credit Facility mature on May 3, 2024. The Crimson Term Loan requires quarterly payments of $2.0 million in arrears on the last business day of March, June, September and December, commencing on June 30, 2021 and increasing to $3.0 million per quarter beginning September 30, 2023. Subject to certain conditions, all loans made under the Crimson Credit Facility shall, at the option of the Borrowers, bear interest at either (a) SOFR plus an adjustment based tenor ("Adjusted SOFR") plus a spread of 325 to 450 basis points, or (b) a rate equal to the highest of (i) the prime rate established by the Administrative Agent, (ii) the federal funds rate plus 0.5%, or (iii) the one-month Adjusted SOFR rate plus 1.0%, plus a spread of 225 to 350 basis points. The a pplicable spread for each interest rate is based on the Total Leverage Ratio (as defined in the Crimson Credit Facility). The effective interest rate for the Crimson Credit Facility was approximately 8.3% as of December 31, 2022. Outstanding balances under the facility are guaranteed by the Guarantors pursuant to the Amended and Restated Guaranty Agreement and secured by all assets of the Borrowers and Guarantors (including the equity in such parties), other than any assets regulated by the CPUC and other customary excluded assets, pursuant to an Amended and Restated Pledge Agreement and an Amended and Restated Security Agreement. Pursuant to the second amendment, under certain circumstances, the stock and assets of the Company's Omega Gas Pipeline, LLC and Omega Gas Marketing subsidiaries must be pledged as collateral. Also, under certain circumstances, the proceeds from specified asset sales must be used to repay the term loan and revolving credit facility after which the borrowing availability under the revolving credit facility will be reduced to $30.0 million. Under the terms of the Crimson Credit Facility, as amended, the Borrowers and their restricted subsidiaries will be subject to certain financial covenants commencing with the fiscal quarter ended June 30, 2021 as follows (i): the total leverage ratio shall not be greater than: (a) 3.00 to 1.00 commencing with the fiscal quarter ended June 30, 2021 through and including the fiscal quarter ending December 31, 2021; (b) 2.75 to 1.00 commencing with the fiscal quarter ending March 31, 2022 through and including the fiscal quarter ending June 30, 2023; and (c) 2.50 to 1.00 commencing with the fiscal quarter ending September 30, 2023 and for each fiscal quarter thereafter and (ii) the debt service coverage ratio, shall not be less than 2.00 to 1.00. Cash distributions to the Company from the Borrowers are subject to certain restrictions, including without limitation, no default or event of default, compliance with financial covenants, minimum undrawn availability and available free cash flow. Pursuant to the second amendment, no distributions may be made from the co-borrowers to their parent until the proceeds of specified asset sales have been used to repay the loans and other financial conditions have been met. The Borrowers and their re stricted subsidiaries are also subject to certain additional affirmative and negative covenants customary for credit transactions of this type. The Crimson Credit Facility contains default and cross-default provisions (with applicable customary grace or cure periods) customary for transactions of this type. Upon the occurrence of an event of default, payment of all amounts outstanding under the Crimson Credit Facility may become immediately due and payable at the election of the Required Lenders (as defined in the Crimson Credit Facility). Contractual Payments The remaining contractual principal payments as of December 31, 2022 are as follows: Year Crimson Term Loan Crimson Revolver 5.875% Convertible Notes Total 2023 10,000,000 — — 10,000,000 2024 56,000,000 35,000,000 — 91,000,000 2025 — — 118,050,000 118,050,000 Total Remaining Contractual Payments $ 66,000,000 $ 35,000,000 $ 118,050,000 $ 219,050,000 Deferred Financing Costs A summary of deferred financing cost amortization expenses for the years ended December 31, 2022, 2021 and 2020 is as follows: Deferred Financing Cost Amortization Expense (1)(2) For the Years Ended December 31, 2022 2021 2020 Crimson Credit Facility $ 990,540 $ 899,304 $ — CorEnergy Credit Facility — 47,879 574,541 Amended Pinedale Term Credit Facility — — 26,410 Total Deferred Debt Cost Amortization $ 990,540 $ 947,183 $ 600,951 (1) Amortization of deferred debt issuance costs is included in interest expense in the Consolidated Statements of Operations. (2) For the amount of deferred debt costs amortization relating to the 5.875% Convertible Notes included in the Consolidated Statements of Operations, refer to the Convertible Note Interest Expense table below. CorEnergy Credit Facilities Prior to the July 28, 2017 credit facility amendment and restatement, previously existing deferred financing costs related to the CorEnergy Credit Facility were approximately $1.8 million, of which approximately $1.6 million continued to be deferred and amortized under the amended and restated facility. Additionally, the Company incurred approximately $1.3 million in new debt issuance costs which were deferred and were being amortized over the term of the new facility. The total deferred financing costs of $2.9 million were being amortized on a straight-line basis over the 5-year term of the amended and restated CorEnergy Credit Facility prior to its termination in February 2021 (as described above). In connection with such termination, the Company wrote-off the remaining deferred debt costs of approximately $862 thousand as a loss on extinguishment of debt in the Consolidated Statement of Operations in the first quarter of 2021. Convertible Debt 5.875% Convertible Notes On August 12, 2019, the Company completed a private placement offering of $120.0 million aggregate principal amount of 5.875% Convertible Notes to the initial purchasers of such notes for cash in reliance on a registration exemption provided by Section 4(a)(2) of the Securities Act. The initial purchasers then resold the 5.875% Convertible Notes for cash equal to 100% of the aggregate principal amount thereof to qualified institutional buyers, as defined in Rule 144A under the Securities Act, in reliance on a registration exemption provided by Rule 144A. The 5.875% Convertible Notes mature on August 15, 2025 and bear interest at a rate of 5.875% per annum, payable semiannually in arrears on February 15 and August 15 of each year, beginning on February 15, 2020. The 5.875% Convertible Notes were issued with an initial purchasers' discount of $3.5 million, which is being amortized over the life of the notes. The Company also incurred approximately $508 thousand of deferred debt costs in issuing the 5.875% Convertible Notes, which are also being amortized over the life of the notes. Holders may convert all or any portion of their 5.875% Convertible Notes into shares of the Company's Common Stock at their option at any time prior to the close of business on the business day immediately preceding the maturity date. The initial conversion rate for the 5.875% Convertible Notes is 20.0 shares of Common Stock per $1,000 principal amount of the 5.875% Convertible Notes, equivalent to an initial conversion price of $50.00 per share of the Company's Common Stock. Such conversion rate will be subject to adjustment in certain events as specified in the Indenture. Upon the occurrence of a make-whole fundamental change (as defined in the indenture governing the notes, and which includes the failure to maintain the Company’s common stock listing on the NYSE or Nasdaq), holders may require the Company to repurchase for cash all or any portion of their 5.875% Convertible Notes at a fundamental change repurchase price equal to 100.0% of the principal amount of the 5.875% Convertible Notes to be repurchased, plus any accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date as prescribed in the Indenture. Following the occurrence of a make- whole fundamental change, or if the Company delivers a notice of redemption (as discussed below), the Company will, in certain circumstances, increase the applicable conversion rate for a holder that elects to convert its notes in connection with such make-whole fundamental change or notice of redemption. The Company may not redeem the 5.875% Convertible Notes prior to August 15, 2023. On or after August 15, 2023, the Company may redeem for cash all or part of the 5.875% Convertible Notes, at its option, if the last reported sale price of its Common Stock has been at least 125.0% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will equal 100.0% of the principal amount of the 5.875% Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The indenture for the 5.875% Convertible Notes specifies events of default, including default by the Company or any of its subsidiaries with respect to any debt agreements under which there may be outstanding, or by which there may be secured or evidenced, any debt in excess of $25.0 million in the aggregate of the Company and/or any such subsidiary, resulting in such indebtedness becoming or being declared due and payable prior to its stated maturity. The 5.875% Convertible Notes rank equal in right of payment to any other current and future unsecured obligations of the Company and senior in right of payment to any other current and future indebtedness of the Company that is contractually subordinated to the 5.875% Convertible Notes. The 5.875% Convertible Notes are structurally subordinated to all liabilities (including trade payables) of the Company’s subsidiaries. The 5.875% Convertible Notes are effectively junior to all of the Company’s existing or future secured debt, to the extent of the value of the collateral securing such debt. On April 29, 2020, the Company repurchased approximately $2.0 million face amount of its 5.875% Convertible Notes for approximately $1.3 million, including $24 thousand of accrued interest. The repurchase resulted in a gain on extinguishment of debt of $576 thousand recorded in the Consolidated Statements of Operations for the year ended December 31, 2020. As of December 31, 2022, the Company has $118.1 million aggregate principal amount of 5.875% Convertible Notes outstanding. 7.00% Convertible Notes During the first quarter of 2020, certain holders elected to convert $416 thousand of 7.00% Convertible Notes for approximately 12,605 shares of Common Stock. On June 12, 2020, the Company paid $1.7 million in aggregate principal and $59 thousand in accrued interest upon maturity of the 7.00% Convertible Notes to extinguish the remaining debt outstanding. The following is a summary of the impact of the Company's convertible notes on interest expense for the years ended December 31, 2022, 2021 and 2020: Convertible Note Interest Expense For the Years Ended December 31, 2022 2021 2020 5.875% Convertible Notes: Interest Expense $ 6,935,438 $ 6,935,438 $ 6,972,988 Discount Amortization 574,428 574,428 577,539 Deferred Debt Issuance Amortization 83,272 83,272 83,723 Total 5.875% Convertible Notes $ 7,593,138 $ 7,593,138 $ 7,634,250 7.00% Convertible Notes: Interest Expense $ — $ — $ 55,331 Discount Amortization — — 6,682 Deferred Debt Issuance Cost Amortization — — 1,140 Total 7.00% Convertible Notes $ — $ — $ 63,153 Total Convertible Notes $ 7,593,138 $ 7,593,138 $ 7,697,403 Including the impact of the convertible debt discount and related deferred debt issuance costs, the effective interest rate on the 5.875% Convertible Notes is approximately 6.4% for the years ended December 31, 2022, 2021, and 2020. Note Payable |
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATION | ASSET RETIREMENT OBLIGATION On February 4, 2021, the Company disposed of the ARO upon providing the GIGS asset as partial consideration for the Crimson Transaction. Refer to Note 5 ("Leased Properties And Leases") for further details. A component of the consideration exchanged to purchase the GIGS assets in June 2015 was the assumption of the seller's ARO associated with such assets. The ARO represents the estimated costs of decommissioning the GIGS pipelines and onshore oil receiving and separation facilities in Grand Isle, Louisiana at retirement. The Company recognized the ARO at its estimated fair value on the date of acquisition with a corresponding ARO asset capitalized as part of the carrying amount of the related long-lived assets to be depreciated over the assets' remaining useful lives. The Company's former tenant, EGC Tenant, had an ARO related to the platform which was attached to the GIGS pipelines. If EGC Tenant was unable to fulfill their obligation, the Company would have been required to assume the liability for the related asset removal costs. In periods subsequent to the initial measurement of an ARO, the Company recognized changes in the liability resulting from (a) the passage of time through accretion expense and (b) revisions to either the timing or the amount of the estimate of undiscounted cash flows based on periodic revaluations. Future expected cash flows were based on subjective estimates and assumptions, which inherently included significant uncertainties which were beyond the Company's control. These assumptions represent Level 3 inputs in the fair value hierarchy. The Company has no assets that are legally restricted for purposes of settling asset retirement obligations. In 2020, the Company revised its estimates to reflect a decrease in timing of the cash flows due to a change in the useful life of the ARO segments identified during the GIGS asset impairment discussed in Note 5 ("Leased Properties And Leases"). The following table is a reconciliation of the ARO as of December 31, 2022 and 2021: Asset Retirement Obligation For the Years Ended December 31, 2022 2021 Beginning asset retirement obligation $ — $ 8,762,579 ARO accretion expense — 40,546 ARO disposed — (8,803,125) Ending asset retirement obligation $ — $ — |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY STOCK-BASED COMPENSATION On May 25, 2022, the Stockholders of the Company approved the CorEnergy Infrastructure Trust, Inc. Omnibus Equity Incentive Plan (the "Omnibus Plan") (3,000,000 shares of Common Stock authorized) which will allow the Company to grant equity awards to its employees, non-employee directors, and consultants in its employ or service (or the employ or service of any parent, subsidiary or affiliate). Incentive compensation programs play a pivotal role in the Company's effort to (i) attract and retain key personnel essential to its long-term growth and financial success, and (ii) align long term interests of recipients with the Company's stockholders. Under the Omnibus Plan, awards may be granted in the form of options, restricted stock, restricted stock units ("RSU"s), stock appreciation rights, Common Stock awards, cash-based awards and performance-based awards. On May 26, 2022, the Company filed a Form S-8 registration statement with the SEC, pursuant to which it registered 3,000,000 shares of Common Stock for issuance under the Omnibus Plan. As of December 31, 2022, the Company has issued 80,817 shares of Common Stock and 674,312 RSUs (net of forfeitures) to directors and certain of the Company’s employees, respectively, under the Omnibus Plan resulting in remaining availability of 2,244,871 shares of Common Stock under the plan. Director Stock-Based Compensation During the year ended December 31, 2022, members of the Board of Directors were granted 80,817 fully vested shares of Common Stock at an aggregated weighted average grant date fair value of $2.23 per share. The Company recognized $180 thousand of expense in general and administrative expense for the year ended December 31, 2022 in connection with these grants. Restricted Stock Units The Company’s Board of Directors approved awards of restricted stock units, to certain of the Company’s employees under the Omnibus Plan. The number of awards granted to each employee is derived from the employee's bonus target and a 20-day volume weighted average price (VWAP) of CorEnergy's Common Stock with the number of RSUs fixed as of the grant date. The Company records stock-based compensation expense on a straight-line recognition method over the requisite service period for the entire award. Each RSU represents the right to receive one share of Common Stock at a future date. The RSUs vest over three years, with 1/3 vesting on March 15th each year. These RSUs will be settled within 30 days of vesting, and will accrue dividend equivalents equal to dividends declared on the Company's Common Stock over the vesting period which will be paid to the holder in cash or, at the discretion of the Compensation and Corporate Governance Committee of the Board, in the form of additional shares of Common Stock having a fair market value equal to the amount of such dividend equivalents upon vesting of the units. Forfeitures for the RSU's and dividend equivalents will be accounted for when they occur. The following table represents the nonvested RSU activity for the year ended December 31, 2022: Restricted Stock Units Weighted Average Grant Date Outstanding at January 1, 2022 — $ — Granted 682,890 2.58 Vested — — Forfeited (8,578) 2.58 Outstanding at December 31, 2022 674,312 $ 2.58 Expected to vest as of December 31, 2022 674,312 As of December 31, 2022, the estimated remaining unrecognized compensation cost related to stock-based compensation arrangements was $1.3 million. The weighted average period over which this remaining compensation expense is expected to be recognized is 2.20 years. The following table presents the Company's stock-based compensation expense: For the Year Ended December 31, 2022 December 31, 2021 General and administrative expense $ 540,891 $ — Transportation and distribution expense 71,226 — Total $ 612,117 $ — PREFERRED STOCK The Company's authorized preferred stock consists of 69,367,000 shares with a par value of $0.001 per share. On January 27, 2015, the Company sold, in an underwritten public offering, 2,250,000 depositary shares, each representing 1/100th of a share of Series A Preferred Stock. Pursuant to this offering, the Company issued 22,500 whole shares of Series A Preferred Stock. On April 18, 2017, the Company closed a follow-on underwritten public offering of 2,800,000 depositary shares, each representing 1/100th of a share of 7.375% Series A Preferred Stock, at a price of $25.00 per depositary share. On May 10, 2017, the Company sold an additional 150,000 depositary shares at a public offering price of $25.00 per depositary share in connection with the underwriters' exercise of their over-allotment option to purchase additional shares. Following the offering, the Company had a total of 5,200,000 depositary shares outstanding, or 52,000 whole shares. The depositary shares pay an annual dividend of $1.84375 per share, equivalent to 7.375% of the $25.00 liquidation preference. The depositary shares may be redeemed on or after January 27, 2020, at the Company's option, in whole or in part, at the $25.00 liquidation preference plus all accrued and unpaid dividends to, but not including, the date of redemption. The depositary shares have no stated maturity, are not subject to any sinking fund or mandatory redemption and are not convertible into any other securities of the Company except in connection with certain changes of control. Holders of the depositary shares generally have no voting rights, except for limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not consecutive) and in certain other circumstances. The depositary shares representing the Series A Preferred Stock trade on the NYSE under the ticker "CORRPrA." The Company's Board of Directors authorized a securities repurchase program for the Company to buy up to the remaining amount of its 7.00% Convertible Notes prior to maturity on June 15, 2020 and up to $5.0 million of its Common Stock and Series A Preferred Stock, which commenced March 21, 2020. Purchases were made through the program until it expired on August 20, 2020. During 2020, the Company repurchased 8,913 depositary shares of Series A Preferred Stock for approximately $162 thousand in cash. As of December 31, 2022, the Company had a total of 5,181,027 depositary shares outstanding, or approximately 51,810 whole shares, with an aggregate par value of $51.81. See Note 22 ("Subsequent Events"), for further information regarding the declaration and payment of a dividend on the Series A Preferred Stock. COMMON STOCK As of December 31, 2022, the Company had 15,253,958 of common shares issued and outstanding. CLASS B COMMON STOCK On June 29, 2021, the stockholders approved (i) the issuance of Class B Common Stock upon conversion of the Series B Preferred Stock issuable pursuant to the terms of the Crimson Transaction, which will effectively make the Crimson Class A-2 Units exchangeable directly for Class B Common Stock following receipt of CPUC approval, and (ii) the issuance of Class B Common Stock pursuant to the terms of the Internalization. On July 6, 2021, the Company issued 683,761 Class B common shares to the Contributors as partial consideration for the Internalization transaction. The Crimson Class A-3 Units are also exchangeable directly for Class B Common Stock following receipt of CPUC approval. NON-CONTROLLING INTEREST As disclosed in Note 3 ("Acquisitions") as part of the Crimson Transaction, the Company and the Grier Members entered into the Third LLC Agreement of Crimson. Pursuant to the terms of the Third LLC Agreement, the Grier Members and the Company's interests in Crimson are summarized in the table below: As of December 31, 2022 Grier Members CorEnergy (in units, except as noted) Economic ownership interests in Crimson Midstream Holdings, LLC Class A-1 Units 1,650,245 — Class A-2 Units 2,460,414 — Class A-3 Units 2,450,142 — Class B-1 Units — 10,000 Voting ownership interests in Crimson Midstream Holdings, LLC Class C-1 Units 505,000 495,000 Voting Interests of Class C-1 Units (%) 50.50 % 49.50 % In June 2021, the final working capital adjustment was made for the Crimson Transaction, which resulted in an increase in the assets acquired of $1.8 million (as further described above in Note 3 ("Acquisition"). This resulted in 37,043 Class A-1 Units being issued to the Grier Members. The newly issued units resulted in an increase in non-controlling interest of $883 thousand. After working capital adjustments, the fair value of the Grier Members' noncontrolling interest, which is represented by the Crimson Class A-1, Class A-2, and Class A-3 Units listed above, was $116.2 million as of the acquisition date (as further described in Note 3 ("Acquisitions")) . As described further below, the Class A-1, Class A-2, and Class A-3 Units may eventually be exchanged for shares of the Company's common and preferred stock subject to the approval of the CPUC ("CPUC Approval"). The Crimson Class A-1, Class A-2, and Class A-3 Units held by the Grier Members and the Class B-1 Units held by the Company represent economic interests in Crimson while the Class C-1 Units represent voting interests. Upon CPUC Approval, the parties will enter into a Fourth Amended and Restated LLC Agreement of Crimson ("Fourth LLC Agreement"), which will, among other things, (i) give the Company voting control of Crimson and its assets, in connection with an anticipated further restructuring of the Company's asset ownership structure and (ii) provide the Grier Members and management members (as defined below) the right to exchange their entire interest in Crimson for securities of the Company as follows: • Class A-1 Units will become exchangeable for up to 1,755,579, (which includes the addition of 37,043 shares as a result of the working capital adjustment) of the Company's depositary shares, each representing 1/100th of a share of the Company's Series A Preferred Stock (prior to the changes made, effective June 30, 2021, pursuant to the Stock Exchange Agreement described in the Company’s Current Report Form 8-K filed July 12, 2021, the Class A-1 Units would have become exchangeable into the Company's 9.0% Series C Preferred Stock); • Class A-2 units will become exchangeable for up to 8,762,158 additional shares of the non-listed Class B Common Stock of the Company, and • Class A-3 Units will become exchangeable for up to 2,450,142 shares of the non-listed Class B Common Stock. Class B Common Stock will eventually be converted into Common Stock on the occurrence of the earlier of the following: (i) the occurrence of the third anniversary of the closing date of the Crimson Transaction or (ii) the satisfaction of certain conditions related to an increase in the relative dividend rate of the Common Stock. Prior to exchange of the Crimson Class A-1, Class A-2, and Class A-3 Units into corresponding Company securities (and after giving effect to the changes to the Company securities into which the Class A-1 and Class A-2 Units may be exchanged, as described above), the Grier Members only have the right to receive distributions to the extent that the Company's Board of Directors determines dividends would be payable if they held the shares of Series A Preferred (for the Class A-1 Units), Series B Preferred (for the Class A-2 Units prior to July 7, 2021), and Class B Common Stock (for the Class A-2 Units (on and after July 7, 2021) and Class A-3 Units), respectively, regardless of whether the securities are outstanding. If the respective shares of Series A Preferred, Series B Preferred and Class B Common Stock are not outstanding, the Company's Board of Directors must consider that they would be outstanding when declaring dividends on the Common Stock. Following CPUC Approval, the terms of the Fourth LLC Agreement provide that such rights will continue until the Grier Members elect to exchange the Crimson Class A-1, Class A-2, and Class A-3 Units for the related securities of the Company. In addition, after CPUC Approval, certain Crimson Units held by the Grier Members are expected to be transferred to other individuals currently managing Crimson (the "Management Members"). The following table summarizes the distributions payable under the Crimson Class A-1, Class A-2, and Class A-3 Units as if the Grier Members held the respective underlying Company securities. The Crimson Class A-1, Class A-2, and Class A-3 Units are entitled to the distribution regardless of whether the corresponding Company security is outstanding. Units Distribution Rights of CorEnergy Securities Annual Distribution per Share Class A-1 Units 7.375% Series A Cumulative Redeemable Preferred Stock (1) $ 1.84 Class A-2 Units Class B Common Stock (3) (4) Varies (2)(3) Class A-3 Units Class B Common Stock (3) (4) Varies (2)(3) (1) On June 29, 2021, the Board of the Company authorized management to enter into an agreement to convert the right to receive the Company’s 9.00% Series C Preferred Stock into 7.375% Series A Cumulative Redeemable Preferred Stock. (2) On July 7, 2021, the Company converted the right that holders of Class A-2 Units would have had to exchange such units for shares of the Company’s 4.00% Series B Preferred Stock into a right to exchange such units for shares of the Company’s Class B Common Stock with the effective date, for dividend purposes, of June 30, 2021. (3) (A) For the fiscal quarters of the Company ending June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022, the Common Stock Base Dividend Per Share shall equal $0.05 per share per quarter; (B) for the fiscal quarters of the Company ending June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, the Common Stock Base Dividend Per Share shall equal $0.055 per share per quarter; and (C) for the fiscal quarters of the Company ending June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, the Common Stock Base Dividend Per Share shall equal $0.06 per share per quarter. The Class B Common Stock dividend is subordinated based on a distribution formula described in footnote (4) below. (4) For each fiscal quarter ending June 30, 2021 through and including the fiscal quarter ending March 31, 2024, each share of Class B Common Stock will be entitled to receive dividends (the "Class B Common Stock Dividends"), subject to Board approval, equal to the quotient of (i) difference of (A) CAD of the most recently completed quarter and (B) 1.25 multiplied by the Common Stock Base Dividend, divided by (ii) shares of Class B Common Stock issued and outstanding multiplied by 1.25. During the year ended December 31, 2021, distributions of $2.3 million were paid to the Grier Members for the Class A-1 Units. A paid-in-kind distribution of 24,414 additional Class A-2 Units ($610 thousand) based on distributions that would have been payable on the Series B Preferred Stock. No distributions were paid to the Class A-3 Units as no distributions were declared on the Class B Common Stock. During the year ended December 31, 2022, distributions in the amount of $3.2 million were paid to the Grier Members for the Class A-1 Units. No distributions were paid for the Class A-2 or Class A-3 Units as no distributions were declared on the Class B Common Stock. SHELF REGISTRATION On October 30, 2018, the Company filed a shelf registration statement with the SEC, pursuant to which it registered 1,000,000 shares of Common Stock for issuance under its dividend reinvestment plan. As of December 31, 2022, the Company has issued 386,379 shares of Common Stock under its dividend reinvestment plan pursuant to the shelf registration, resulting in remaining availability (subject to the current limitation discussed below) of 613,621 shares of Common Stock. On September 16, 2021, the Company had a resale shelf registration statement declared effective by the SEC, pursuant to which it registered the following securities that were issued in connection with the Internalization for resale by the Contributors: 1,837,607 shares of Common Stock (including both (i) 1,153,846 shares of Common Stock issued at the closing of the Internalization transaction and (ii) up to 683,761 additional shares of Common Stock which may be acquired by the Contributors upon the conversion of outstanding shares of our unlisted Class B Common Stock issued at the closing of the Internalization) and 170,213 depositary shares, each representing 1/100th fractional interest of a share of Series A Preferred Stock issued at the closing of the Internalization transaction. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE Basic and diluted earnings (loss) per share data is computed using the two-class method for the years ended December 31, 2022 and December 31, 2021, based on the weighted-average number of shares of Common Stock and Class B Common Stock outstanding during the periods. The undistributed earnings and losses are allocated between Common Stock and Class B Common Stock as if all earnings and losses had been distributed during the period. Common Stock and Class B Common Stock have equal rights to undistributed earnings and losses. For the year ended December 31, 2020, the two-class method was not applicable as there was only one outstanding class of common stock. As described in Note 20 ("Restatement Of Prior Period"), the Company previously reported earnings per share for its Common Stock and Class B Common Stock on a combined basis, however, beginning with the quarter ended September 30, 2021 when the Class B Common Stock was first issued, the Company should have reported earnings per share using the two-class method, under which earnings per share for its Common Stock and Class B Common Stock should have been separately calculated and reported, during these periods. Additionally, due to the error in calculating net income allocable to non-controlling interest that is further described in Note 20 ("Restatement Of Prior Period"), the numerator used in calculating earnings per share was incorrect beginning with the quarter ended March 31, 2021. The following table sets forth the computation of basic net loss and diluted net loss per share under the two-class method for the periods ended December 31, 2022 and December 31, 2021. LOSS PER SHARE For the Years Ended December 31, 2022 2021 (As Restated) Numerator for basic and diluted losses per Common Stock and Class B Common Stock Net Loss $ (9,519,669) $ (2,535,558) Less: Net Income attributable to non-controlling interest 3,236,848 2,866,467 Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (12,756,517) $ (5,402,025) Less dividends and distributions: Preferred dividend requirements 9,552,519 9,395,604 Common Stock dividends 3,004,579 2,850,026 Total undistributed losses $ (25,313,615) $ (17,647,655) Common Stock undistributed losses - basic $ (24,213,549) $ (17,241,830) Class B Common Stock undistributed losses - basic (1,100,066) (405,825) Total undistributed losses - basic $ (25,313,615) $ (17,647,655) Common Stock undistributed losses - diluted $ (25,313,615) $ (17,241,830) Class B Common Stock undistributed losses - diluted (1,100,066) (405,825) Total undistributed losses - diluted $ (26,413,681) $ (17,647,655) Common Stock dividends $ 3,004,579 $ 2,850,026 Common Stock undistributed losses - basic (24,213,549) (17,241,830) Numerator for basic net loss per Common Stock share: $ (21,208,970) $ (14,391,804) Class B Common Stock dividends $ — $ — Class B Common Stock undistributed losses - basic (1,100,066) (405,825) Numerator for basic net loss per Class B Common Stock share: $ (1,100,066) $ (405,825) Common Stock dividends $ 3,004,579 $ 2,850,026 Common Stock undistributed losses - diluted (25,313,615) (17,241,830) Numerator for diluted net loss per Common Stock share: $ (22,309,036) $ (14,391,804) Class B Common Stock dividends $ — $ — Class B Common Stock undistributed losses - diluted (1,100,066) (405,825) Numerator for diluted net loss per Class B Common Stock share: $ (1,100,066) $ (405,825) Denominator for basic net loss per Common Stock and Class B Common Stock share: Common Stock weighted average shares outstanding - basic 15,050,266 14,246,526 Class B Common Stock weighted average shares outstanding - basic 683,761 335,324 Denominator for diluted net loss per Common Stock and Class B Common Stock share: Common Stock weighted average shares outstanding - diluted (1)(2) 15,515,223 14,246,526 Class B Common Stock weighted average shares outstanding - diluted (3) 683,761 335,324 Basic net loss per share: Common Stock $ (1.41) $ (1.01) Class B Common Stock $ (1.61) $ (1.21) Diluted net loss per share: Common Stock $ (1.44) $ (1.01) Class B Common Stock $ (1.61) $ (1.21) NOTES TO TABLE (1) For purposes of the diluted net loss per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted at a ratio of 1 Class B Common Stock share to .68 Common Stock share; therefore, 100% of undistributed losses is allocated to Common Stock (2) For the period ended December 31, 2022, 2,361,000 shares of Common Stock are excluded from the computation of diluted net loss per share because their effect would be antidilutive. These shares are related to the 5.875% Convertible Debt. For the period ended December 31, 2021, 2,825,957 shares of Common Stock are excluded from the computation of diluted net loss per share because their effect would be antidilutive. This is comprised of 464,957 shares of converted Class B Common Stock and 2,361,000 shares of converted 5.875% convertible debt. (3) For purposes of the diluted net loss per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed not converted to Common Stock. Loss Per Share For the Year Ended December 31, 2020 Basic loss per share data is computed based on the weighted-average number of shares of common stock outstanding during the periods. Diluted loss per share data is computed based on the weighted-average number of shares of common stock outstanding, including all potentially issuable shares of common stock. Diluted loss per share for the year ended December 31, 2020 excludes the impact to income and the number of shares outstanding from the conversion of the 7.00% Convertible Notes and the 5.875% Convertible Notes, as applicable, because such impact is antidilutive. The remaining 7.00% Convertible Notes matured on June 15, 2020. Under the if converted method, the 5.875% Convertible Notes would result in an additional 2,361,000 common shares outstanding for the year ended December 31, 2020. LOSS PER SHARE For the Year Ended December 31, 2020 Net Loss attributable to CorEnergy Stockholders $ (306,067,579) Less: preferred dividend requirements (1) 9,189,809 Net Loss attributable to Common Stockholders $ (315,257,388) Weighted average shares - basic 13,650,718 Basic loss per share $ (23.09) Net Loss attributable to Common Stockholders (from above) $ (315,257,388) Add: After tax effect of convertible interest — Loss attributable for dilutive securities $ (315,257,388) Weighted average shares - diluted 13,650,718 Diluted loss per share $ (23.09) (1) In connection with the repurchases of Series A Preferred Stock during the year ended December 31, 2020, preferred dividend requirements were reduced by $52,896, representing the discount in the repurchase price paid compared to the carrying amount derecognized. |
VARIABLE INTEREST ENTITY
VARIABLE INTEREST ENTITY | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITY | VARIABLE INTEREST ENTITY Crimson Midstream Holdings Since February 1, 2021, CorEnergy has held a 49.50% voting interest in Crimson and the Grier Members hold the remaining 50.50% voting interest. Crimson is a VIE because the legal entity is structured with non-substantive voting rights resulting from (i) the disproportionality between the voting interests of its members and certain economics of the distribution waterfall in the Third LLC Agreement and (ii) the de facto agent relationship between CorEnergy and Grier, who was appointed to CorEnergy's Board of Directors and Chief Operating Officer upon closing of the Crimson Transaction. As a result of this related-party relationship, substantially all of Crimson's activities either involve or are conducted on behalf of CorEnergy, which has disproportionately few voting rights, including Grier as a de facto agent. Crimson is managed by the Crimson Board, which is made up of four managers of which the Company and the Grier Members are each represented by two managers. The Crimson Board is responsible for governing the significant activities that impact Crimson's economic performance, including a number of activities which are managed by an approved budget that requires super-majority approval or joint approval. In assessing the primary beneficiary, the Company determined that power is shared; however, the Company and the Grier Members as a related-party group, have characteristics of a primary beneficiary. The Company performed the "most closely associated" test and determined that CorEnergy is the entity in the related-party group most closely associated with the VIE. In performing this assessment, the Company considered, among other factors, that (i) its influence over the tax structure of Crimson so its operations could be included in the Company's REIT structure under its PLR, which allows fees received for the usage of storage and pipeline capacity to qualify as rents from real property; (ii) the activities of the Company are substantially similar in nature to the activities of Crimson as the Company owns existing transportation and distribution assets at MoGas and Omega; (iii) Crimson's assets represent a substantial portion of the Company's total assets; and (iv) the Grier Members' interest in Crimson in Class A-1, Class A-2, and Class A-3 Units will earn distributions if the CorEnergy Board of Directors declares a common or preferred dividend for Series A Preferred and Class B Common Stock. Therefore, CorEnergy is the primary beneficiary and consolidates the Crimson VIE, and the Grier Members' equity ownership interest (after the working capital adjustment and paid-in-kind dividends) is reflected as a non-controlling interest in the consolidated financial statements. The Company noted that Crimson's assets cannot be used to settle CorEnergy's liabilities with the exception of quarterly distributions, if declared by the Crimson Board. The quarterly distributions are used to fund current obligations, projected working capital requirements, debt service payments and dividend payments. As discussed in Note 14 ("Debt"), cash distributions to the Company from the borrowers under the Crimson Credit Facility are subject to certain restrictions, including without limitation, no default or event of default, compliance with financial covenants, minimum undrawn availability and available free cash flow. Further, the Crimson Credit Facility is secured by assets at both Crimson Midstream Operating and Corridor MoGas, Inc. For the year ended December 31, 2022, the Company received $10.5 million in cash distributions from Crimson, which were in accordance with the terms of the Crimson Credit Facility. For the year ended December 31, 2021, the Company received $10.0 million, in cash distributions from Crimson, which were in accordance with the terms of the Crimson Credit Facility. The Company's interest in Crimson is significant to its financial position, financial performance and cash flows. A significant decline in Crimson's ability to fund quarterly distributions to the Company could have a significant impact on the Company's financial performance, including its ability to fund the obligations described above. Limited Partnerships Under the consolidation guidance, limited partnerships and other similar entities are considered VIEs unless the limited partners hold substantive kick-out rights or participating rights. Management determined that Pinedale LP and Grand Isle Corridor LP are VIEs because the limited partners of both partnerships lack both substantive kick-out rights and participating rights. However, based on the general partners' roles and rights as afforded by the partnership agreements and its exposure to losses and benefits of each of the partnerships through its significant limited partner interests, management determined that CorEnergy is the primary beneficiary of both Pinedale LP and Grand Isle Corridor LP. Based upon this evaluation and the Company's 100.0% ownership of the limited partnership interest in both Pinedale LP and Grand Isle Corridor LP, the consolidated financial statements presented include full consolidation with respect to both partnerships. |
RELATED PARTY TRANSCATIONS
RELATED PARTY TRANSCATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS As previously disclosed, John D. Grier, a director and Chief Operating Officer of the Company, together with the Grier Members, own the Class A-1, Class A-2, and Class A-3 equity ownership interest in Crimson, which the Company has a right to acquire in the future, pursuant to the terms of the MIPA, following receipt of CPUC approval for a change of control of Crimson's CPUC-regulated assets. The Grier Members also retain equity interests in Crescent Midstream Holdings, LLC (“Crescent Midstream Holdings”) which they held prior to the Crimson Transaction, as well as Crescent Louisiana Midstream, LLC ("CLM"), Crimson Renewable Energy, L.P. (“CRE”) and Delta Trading, L.P. (“Delta”). As of December 31, 2022, the Company is owed $168 thousand from related parties, including CLM, CRE and Delta, which is included in due from affiliated companies in the Consolidated Balance Sheet. These balances are primarily related to payroll, employee benefits and other services discussed below. The amounts billed to CLM are cash settled and the amounts billed to Crescent Midstream will reduce a prepaid TSA (as defined below) liability on the Company's books until such time as the TSA liability is reduced to zero. As of December 31, 2022, the prepaid TSA liability related to Crescent Midstream was $210 thousand and recorded in due to affiliated companies in the Consolidated Balance Sheets. For the year ended December 31, 2022 and 2021, Crimson billed TSA and Services Agreement (as defined below) related costs and benefits to related parties totaling $1.1 million and $9.9 million , respectively. Total transition services reimbursements for the TSAs discussed below are presented in the Consolidated Statements of Operations as a reduction within transportation and distribution expense and general and administrative expense. Transition Services Agreements The subsidiaries of Crescent Midstream Holdings, LLC ("Crescent Midstream Holdings") were formerly a part of Crimson prior to the Crimson Transaction and received various business services from Crimson or certain of its subsidiaries. Effective February 4, 2021, Crimson, certain of Crimson's subsidiaries or a combination thereof, entered into several transition services agreements (collectively, the "Transition Services Agreements" or "TSAs") with Crescent Midstream Holdings to facilitate its transition to operating independently. Each of the TSAs are described in more detail below. Also, effective February 4, 2021, Crimson and certain of its subsidiaries entered into an Assignment and Assumption Agreement to assign all of the TSAs to Crimson's direct, wholly owned TRS, Crimson Midstream I Corporation ("Crimson Midstream I"). Crimson and/or certain of its subsidiaries were reimbursed approximately $156 thousand per month for services provided under the TSAs during 2021, for which the billed amount was allocated 50.0% to Crescent Midstream, LLC ("Crescent Midstream"), a wholly owned subsidiary of Crescent Midstream Holdings, and 50.0% to CLM, a 70.0% owned subsidiary of Crescent Midstream. These TSA agreements ended on February 3, 2022 and Crimson entered into a Services Agreement for some of the business services previously provided as described below. Employee TSA - Crimson and Crescent Midstream Holdings entered into a transition services agreement (the "Employee TSA") whereby an indirect, wholly owned subsidiary of Crimson provided payroll, employee benefits and other related employment services to Crescent Midstream Holdings and its subsidiaries. Under the Employee TSA, Crimson's indirect, wholly owned subsidiary made available and assigned to Crescent Midstream Holdings and its subsidiaries certain employees to provide services primarily to Crescent Midstream Holdings and its subsidiaries. While the Employee TSA was in effect, Crescent Midstream Holdings was responsible for the daily supervision of and assignment of work to the employees providing services to Crescent Midstream Holdings and its subsidiaries. Additionally, Crimson's indirect, wholly owned subsidiary Crimson Midstream Services entered into an Employee Sharing Agreement with Crimson Midstream I to make available all employees performing services under the Employee TSA to Crimson Midstream I. The Employee Sharing Agreement was effective beginning February 1, 2021. The Employee Sharing Agreement together with the Assignment and Assumption Agreement described above, effectively bound Crimson Midstream I to the terms of the Employee TSA in the same manner as Crimson's indirect, wholly owned subsidiary. The Employee TSA and the Employee Sharing Agreement ended on February 3, 2022. Control Center TSA - Crimson Midstream Operating, a wholly owned subsidiary of Crimson, entered into a transition services agreement (the "Control Center TSA") with Crescent Midstream Holdings to provide certain customary control center services and field transition support services necessary to operate a pipeline system. The Control Center TSA was assigned from Crimson Midstream Operating to Crimson Midstream I by the Assignment and Assumption Agreement discussed above. This agreement ended on February 3, 2022. Insurance Coverage TSA - Crimson Midstream Operating and Crescent Midstream Operating, LLC ("Crescent Midstream Operating") (collectively, the "Insurance TSA Parties") entered into a transition services agreement (the "Insurance Coverage TSA") related to the remaining term of coverage on certain insurance policies which were shared by Crimson, certain of its subsidiaries (including Crimson Midstream Operating), Crescent Midstream Operating and certain other entities related to Crescent Midstream Operating (collectively, the "Insureds"). Under the Insurance Coverage TSA, the Insurance TSA Parties agreed to retain and maintain the certain insurance policies, and continue to split the premium payments among the Insureds in line with the historical practices prior to Crescent Midstream Holdings' spin-off from Crimson. By entering into the Insurance Coverage TSA, the Insurance TSA Parties acknowledged that any claims made which result in a loss by one of the Insureds will erode and may exhaust the shared limits and/or aggregates stated in any of the certain insurance policies. Additionally, under the terms of the Insurance Coverage TSA, it was agreed that the Insurance TSA Party which was directly responsible for any incident that results in any loss of coverage under any of the certain shared insurance policies may be primarily financially responsible for such self-insurance and/or covering any increase in costs of the certain insurance policy that occurred as a result of such incident. The Insurance Coverage TSA expired on May 31, 2021, and simultaneously, the Company, Crimson, and certain other subsidiaries of the Company obtained alternative insurance coverage effective through October 31, 2022. As of December 31, 2022, there is no relationship associated with the insurance coverage of the Company and its subsidiaries and Crescent Midstream Operating and its subsidiaries. Services Agreement Effective February 4, 2022, Crimson Midstream Operating entered into a services agreement (the "Services Agreement") to provide administrative-related services to Crescent Midstream Holdings through February 3, 2023, or upon receipt of Crescent Midstream Holdings' written notice to terminate the Services Agreement prior to February 3, 2023. This agreement was subsequently extended to February 1, 2024. Under the Services Agreement, Crimson and/or certain of its subsidiaries are reimbursed at a fixed fee of approximately $44 thousand per month. |
RESTATEMENT OF PRIOR PERIOD
RESTATEMENT OF PRIOR PERIOD | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
RESTATEMENT OF PRIOR PERIOD | RESTATEMENT OF PRIOR PERIOD Beginning with the quarter ended March 31, 2021, the Company previously reported its net income attributable to non-controlling interest and resulting net income attributable to the Company based on an allocation of Crimson’s net income using the proportion of ownership interests held by the non-controlling interest to total outstanding ownership interest of Crimson, which was approximately 51%. The Company has determined the relative ownership interest in Crimson was not an appropriate basis for allocating Crimson’s earnings to the non-controlling interest as a substantive profit sharing arrangement exists. The Company has determined that it should have allocated the net income from Crimson to the non-controlling interest based on their contractual rights to earnings and distributions associated with the Crimson Class A-1, A-2 and A-3 Units. Additionally, the Company previously reported earnings per share for its Common Stock and Class B Common Stock on a combined basis, however, beginning with the quarter ended September 30, 2021 when the Class B Common Stock was first issued it should have reported earnings per share using the two-class method, under which earnings per share for its Common Stock and Class B Common Stock should have been separately calculated and reported, during these periods. As a result of the above items, the Company updated its calculation of Crimson net income allocated to the non-controlling interest and its calculation of earnings per share for its Common Stock and Class B Common Stock and restated its consolidated financial statements as of and for the year ended December 31, 2021 and the consolidated financial statements for each of the interim periods during the years ended December 31, 2022 and 2021. The tables below represent our restated consolidated financial statements for the year ended December 31, 2021. Refer to Note 21 ("Quarterly Financial Data (Unaudited)") for such restated information for the relevant interim periods. In addition to the errors described above, the Company is correcting certain items that were primarily identified during the preparation of its consolidated financial statements for the fiscal year ended December 31, 2022, including: i) correction of cash and cash equivalents and accounts payable and other accrued liabilities in the Consolidated Balance Sheets for outstanding disbursements, ii) reclassification and presentation of gross cash payments made for reimbursable projects and associated payments received that were previously netted in the Consolidated Statement of Cash Flows and iii) reclassification and presentation of activity associated with the Company's proceeds received associated with the third-party financing of insurance and associated payments made on that financing arrangement in the Consolidated Statements of Cash Flows. These previously uncorrected and immaterial adjustments to prior periods are being corrected as a part of the restatement. Description of Annual Restatement Tables The following tables present the impact of the restatement on our previously reported consolidated statement of operations, balance sheet, statement of equity, and statement of cash flows for the year ended December 31, 2021, for which the values were derived from our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed on March 14, 2022. Certain reclassifications between captions on the statement of cash flows are included in the effect of restatement column to conform to current reporting. As of and for the year ended December 31, 2021 The effects of the restatement on the consolidated balance sheet as of December 31, 2021 are summarized in the following table: As Previously Reported Effect of Restatement As Restated Assets Property and equipment, net of accumulated depreciation of $37,022,035 (Crimson VIE: $338,452,392) $ 441,430,193 $ — $ 441,430,193 Leased property, net of accumulated depreciation of $258,207 1,267,821 — 1,267,821 Financing notes and related accrued interest receivable, net of reserve of $600,000 1,036,660 — 1,036,660 Cash and cash equivalents (Crimson VIE: $2,825,902) 12,496,478 (955,902) 11,540,576 Accounts and other receivables (Crimson VIE: $11,291,749) 15,367,389 — 15,367,389 Due from affiliated companies (Crimson VIE: $676,825) 676,825 — 676,825 Deferred costs, net of accumulated amortization of $345,775 796,572 — 796,572 Inventory (Crimson VIE: $3,839,865 ) 3,953,523 — 3,953,523 Prepaid expenses and other assets (Crimson VIE: $5,004,566) 9,075,043 — 9,075,043 Operating right-of-use assets (Crimson VIE: $5,647,631) 6,075,939 — 6,075,939 Deferred tax asset, net 206,285 — 206,285 Goodwill 16,210,020 — 16,210,020 Total Assets $ 508,592,748 $ (955,902) $ 507,636,846 Liabilities and Equity Secured credit facilities, net of debt issuance costs of $1,275,244 $ 99,724,756 $ — $ 99,724,756 Unsecured convertible senior notes, net of discount and debt issuance costs of $2,384,170 115,665,830 — 115,665,830 Accounts payable and other accrued liabilities (Crimson VIE: $10,699,806 ) 17,036,064 (955,902) 16,080,162 Due to affiliated companies (Crimson VIE: $648,316) 648,316 — 648,316 Operating lease liability (Crimson VIE: $5,647,036) 6,046,657 — 6,046,657 Unearned revenue (Crimson VIE: $199,405) 5,839,602 — 5,839,602 Total Liabilities $ 244,961,225 $ (955,902) $ 244,005,323 Equity Series A Cumulative Redeemable Preferred Stock 7.375%, $129,525,675 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 51,810 issued and outstanding at December 31, 2021 $ 129,525,675 $ — $ 129,525,675 Common stock, non-convertible, $0.001 par value; 14,893,184 shares issued and outstanding at December 31, 2021 (100,000,000 shares authorized) 14,893 — 14,893 Class B Common Stock, $0.001 par value; 683,761 issued and outstanding at December 31, 2021 (11,896,100 shares authorized) 684 — 684 Additional paid-in capital 338,302,735 — 338,302,735 Retained deficit (327,157,636) 6,129,056 (321,028,580) Total CorEnergy Equity 140,686,351 6,129,056 146,815,407 Non-controlling Interest 122,945,172 (6,129,056) 116,816,116 Total Equity 263,631,523 — 263,631,523 Total Liabilities and Equity $ 508,592,748 $ (955,902) $ 507,636,846 The effects of the restatement on the consolidated statement of operations for the year ended December 31, 2021 are summarized in the following table: For the Year Ended December 31, 2021 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 116,536,612 $ — $ 116,536,612 Pipeline loss allowance subsequent sales 8,606,850 — 8,606,850 Lease revenue 1,246,090 — 1,246,090 Other revenue 1,744,244 — 1,744,244 Total Revenue 128,133,796 — 128,133,796 Expenses Transportation and distribution expenses 58,146,006 — 58,146,006 Pipeline loss allowance subsequent sales cost of revenue 8,194,040 — 8,194,040 General and administrative 26,641,161 — 26,641,161 Depreciation, amortization and ARO accretion expense 14,801,676 — 14,801,676 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Total Expenses 113,760,306 — 113,760,306 Operating Income $ 14,373,490 $ — $ 14,373,490 Other Income (Expense) Other income $ 769,682 $ — $ 769,682 Interest expense (12,742,157) — (12,742,157) Loss on extinguishment of debt (861,814) — (861,814) Total Other Income (Expense) (12,834,289) — (12,834,289) Income before income taxes 1,539,201 — 1,539,201 Taxes Current tax benefit (1,531) — (1,531) Deferred tax expense 4,076,290 — 4,076,290 Income tax expense, net 4,074,759 — 4,074,759 Net Loss $ (2,535,558) $ — $ (2,535,558) Less: Net Income attributable to non-controlling interest 8,995,523 (6,129,056) 2,866,467 Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (11,531,081) 6,129,056 $ (5,402,025) Preferred dividend requirements 9,395,604 — 9,395,604 Net Loss attributable to Common Stockholders $ (20,926,685) $ 6,129,056 $ (14,797,629) Common Stock Basic weighted average shares outstanding 14,581,850 (335,324) 14,246,526 Basic net loss per share $ (1.44) $ 0.43 $ (1.01) Diluted weighted average shares outstanding 14,581,850 (335,324) 14,246,526 Diluted net loss per share $ (1.44) $ 0.43 $ (1.01) Class B Common Stock Basic and diluted weighted average shares outstanding — 335,324 335,324 Basic and diluted net loss per share $ — $ (1.21) $ (1.21) Dividends declared per Common share $ 0.20 — $ 0.20 The effects of the restatement on the consolidated statement of equity for the year ended December 31, 2021 are summarized in the following table: Common Stock Class B Common Stock Preferred Stock Additional Retained Non-controlling Interest Total Equity Shares Amount Shares Amount Amount Total As Previously Reported Balance at December 31, 2020 13,651,521 $ 13,652 — $ — $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net income (loss) — — — — — — (11,531,081) 8,995,523 (2,535,558) Equity attributable to non-controlling interest — — — — — — — 116,816,115 116,816,115 Series A preferred stock dividends — — — — — (9,395,604) — — (9,395,604) Common Stock dividends — — — — — (2,850,026) — — (2,850,026) Reinvestment of dividends paid to common stockholders 84,418 84 — — — 410,496 — — 410,580 Common stock issued under director's compensation plan 3,399 3 — — — 22,497 — — 22,500 Crimson cash distribution on A-1 Units — — — — — — — (2,256,113) (2,256,113) Crimson A-2 Units dividends payment in kind — — — — — — — (610,353) (610,353) Series A preferred stock issued due to internalization transaction — — — — 4,255,325 (10,213) — — 4,245,112 Common Stock issued due to internalization transaction 1,153,846 1,154 — — — 7,094,999 — — 7,096,153 Class B Common Stock issued due to internalization transaction — — 683,761 684 — 3,288,206 — — 3,288,890 Balance at December 31, 2021 14,893,184 $ 14,893 683,761 $ 684 $ 129,525,675 $ 338,302,735 $ (327,157,636) $ 122,945,172 $ 263,631,523 Restatement Impacts Net income (loss) — $ — — $ — $ — $ — $ 6,129,056 $ (6,129,056) $ — Balance at December 31, 2021 (restatement impacts) — $ — — $ — $ — $ — $ 6,129,056 $ (6,129,056) $ — As Restated Balance at December 31, 2020 13,651,521 $ 13,652 — $ — $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net income (loss) — — — — — — (5,402,025) 2,866,467 (2,535,558) Equity attributable to non-controlling interest — — — — — — — 116,816,115 116,816,115 Series A preferred stock dividends — — — — — (9,395,604) — — (9,395,604) Common Stock dividends — — — — — (2,850,026) — — (2,850,026) Reinvestment of dividends paid to common stockholders 84,418 84 — — — 410,496 — — 410,580 Common stock issued under director's compensation plan 3,399 3 — — — 22,497 — — 22,500 Crimson cash distribution on A-1 Units — — — — — — — (2,256,113) (2,256,113) Crimson A-2 Units dividends payment in kind — — — — — — — (610,353) (610,353) Series A preferred stock issued due to internalization transaction — — — — 4,255,325 (10,213) — — 4,245,112 Common Stock issued due to internalization transaction 1,153,846 1,154 — — — 7,094,999 — — 7,096,153 Class B Common Stock issued due to internalization transaction — — 683,761 684 — 3,288,206 — — 3,288,890 Balance at December 31, 2021 14,893,184 $ 14,893 683,761 684 $ 129,525,675 $ 338,302,735 $ (321,028,580) $ 116,816,116 $ 263,631,523 The effects of the restatement on the consolidated statement of cash flow for year ended December 31, 2021 are summarized in the following table: For the Year Ended December 31, 2021 As Previously Reported Effect of Restatement As Restated Operating Activities Net loss $ (2,535,558) $ — $ (2,535,558) Adjustments to reconcile net loss to net cash provided by operating activities: Deferred income tax 4,076,290 — 4,076,290 Depreciation, amortization and ARO accretion 16,406,557 (1,604,881) 14,801,676 Amortization of debt issuance costs — 1,604,881 1,604,881 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Loss on extinguishment of debt 861,814 — 861,814 Gain on sale of equipment (16,508) — (16,508) Stock-based compensation — 22,500 22,500 Changes in assets and liabilities: Accounts and other receivables (92,089) 1,213,454 1,121,365 Financing note accrued interest receivable (8,780) — (8,780) Inventory (2,183,946) — (2,183,946) Prepaid expenses and other assets (958,283) (3,882,548) (4,840,831) Due from affiliated companies, net (28,509) — (28,509) Management fee payable (971,626) — (971,626) Accounts payable and other accrued liabilities (2,627,549) 2,064,679 (562,870) Unearned revenue (601,126) — (601,126) Other changes, net — 156 156 Net cash provided by operating activities $ 17,298,110 $ (581,759) $ 16,716,351 Investing Activities Acquisition of Crimson Midstream Holdings, net of cash acquired (69,002,052) — (69,002,052) Acquisition of Corridor InfraTrust Management, net of cash acquired 952,487 — 952,487 Purchases of property and equipment, net (15,883,609) (4,344,845) (20,228,454) Proceeds from reimbursable projects — 3,131,391 3,131,391 Proceeds from sale of property and equipment 97,210 — 97,210 Proceeds from insurance recovery 60,153 — 60,153 Principal payment on financing note receivable 155,008 — 155,008 Decrease in financing note receivable 26,849 — 26,849 Net cash used in investing activities $ (83,593,954) $ (1,213,454) $ (84,807,408) Financing Activities Debt financing costs (2,735,922) — (2,735,922) Dividends paid on Series A preferred stock (9,395,604) — (9,395,604) Dividends paid on Common Stock (2,439,446) — (2,439,446) Common Stock issued under the director's compensation plan 22,500 (22,500) — Distributions to non-controlling interest (2,256,113) — (2,256,113) Advances on revolving line of credit 24,000,000 — 24,000,000 Payments on revolving line of credit (22,000,000) — (22,000,000) Principal payments on secured credit facility (6,000,000) — (6,000,000) Proceeds from financing arrangement — 3,882,392 3,882,392 Payments on financing arrangement — (3,020,581) (3,020,581) Net cash used in financing activities $ (20,804,585) $ 839,311 $ (19,965,274) Net change in cash and cash equivalents $ (87,100,429) $ (955,902) $ (88,056,331) Cash and cash equivalents at beginning of year 99,596,907 — 99,596,907 Cash and cash equivalents at end of year $ 12,496,478 $ (955,902) $ 11,540,576 For the Year Ended December 31, 2021 As Previously Reported Effect of Restatement As Restated Supplemental Disclosure of Cash Flow Information Interest paid $ 11,224,582 $ — $ 11,224,582 Income tax refunds 635,730 — 635,730 Non-Cash Investing Activities Purchases of property, plant and equipment in accounts payable and other accrued liabilities $ 113,847 $ — $ 113,847 In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition 48,873,169 — 48,873,169 Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition 105,000,000 — 105,000,000 Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition 116,205,762 — 116,205,762 Series A preferred stock issued due to Internalization transaction 4,245,112 — 4,245,112 Common stock issued due to Internalization transaction 7,096,153 — 7,096,153 Class B Common Stock issued due to Internalization transaction 3,288,890 — 3,288,890 Non-Cash Financing Activities Crimson Class A-2 Units dividends payment in-kind $ 610,353 $ — $ 610,353 Reinvestment of dividends paid to common stockholders 410,580 — 410,580 Assets acquired under financing arrangement — 1,617,825 1,617,825 The effects of the restatement on the consolidated statement of equity for the three and six months ended June 30, 2022 are summarized in the following tables: Series A Cumulative Redeemable Preferred Stock Common Stock Class B Common Stock Additional Retained Non-controlling Interest Total Amount Shares Amount Shares Amount As Previously Reported Balance at December 31, 2021 $ 129,525,675 14,893,184 $ 14,893 683,761 $ 684 $ 338,302,735 $ (327,157,636) $ 122,945,172 $ 263,631,523 Net income — — — — — — 2,304,463 2,060,294 4,364,757 Series A preferred stock dividends — — — — — (2,388,130) — — (2,388,130) Common stock dividends — — — — — (744,659) — — (744,659) Reinvestment of dividends paid to common stockholders — 67,444 67 — — 206,986 — — 207,053 Crimson cash dividends on A-1 units — — — — — — — (809,212) (809,212) Balance at March 31, 2022 (Unaudited) $ 129,525,675 14,960,628 $ 14,960 683,761 $ 684 $ 335,376,932 $ (324,853,173) $ 124,196,254 $ 264,261,332 Net income — — — — — — 1,203,455 966,671 2,170,126 Series A preferred stock dividends — — — — — (2,388,130) — — (2,388,130) Common stock dividends — — — — — (748,031) — — (748,031) Reinvestment of dividends paid to common stockholders — 69,312 69 — — 196,082 — — 196,151 Crimson cash distribution on A-1 Units — — — — — — — (809,212) (809,212) Stock-based compensation — 30,917 31 — — 151,328 — — 151,359 Balance at June 30, 2022 (Unaudited) $ 129,525,675 15,060,857 $ 15,060 683,761 $ 684 $ 332,588,181 $ (323,649,718) $ 124,353,713 $ 262,833,595 Restatement Impact Adjustments to 2021 Net Income (loss) $ — — $ — — $ — $ — $ 6,129,056 $ (6,129,056) $ — Net income (loss) — — — — — — 1,251,082 (1,251,082) — Balance at March 31, 2022 (Unaudited) $ — — $ — — $ — $ — $ 7,380,138 $ (7,380,138) $ — Net income — — — — — — 157,459 (157,459) — Balance at June 30, 2022 (Unaudited) $ — — $ — — $ — $ — $ 7,537,597 $ (7,537,597) $ — As Restated Balance at December 31, 2021 $ 129,525,675 14,893,184 $ 14,893 683,761 $ 684 $ 338,302,735 $ (321,028,580) $ 116,816,116 $ 263,631,523 Net income — — — — — — 3,555,545 809,212 4,364,757 Series A preferred stock dividends — — — — — (2,388,130) — — (2,388,130) Common Stock dividends — — — — — (744,659) — — (744,659) Reinvestment of dividends paid to common stockholders — 67,444 67 — — 206,986 — — 207,053 Crimson cash dividends on A-1 units — — — — — — — (809,212) (809,212) Balance at March 31, 2022 (Unaudited) $ 129,525,675 14,960,628 $ 14,960 683,761 $ 684 $ 335,376,932 $ (317,473,035) $ 116,816,116 $ 264,261,332 Net income — — — — — — 1,360,914 809,212 2,170,126 Series A preferred stock dividends — — — — — (2,388,130) — — (2,388,130) Common stock dividends — — — — — (748,031) — — (748,031) Reinvestment of dividends paid to common stockholders — 69,312 69 — — 196,082 — — 196,151 Crimson cash distribution on A-1 Units — — — — — — — (809,212) (809,212) Stock-based compensation — 30,917 31 — — 151,328 — — 151,359 Balance at June 30, 2022 (Unaudited) $ 129,525,675 15,060,857 $ 15,060 683,761 $ 684 $ 332,588,181 $ (316,112,121) $ 116,816,116 $ 262,833,595 The effects of the restatement on the consolidated statement of cash flow for the six months ended June 30, 2022 are summarized in the following table: For the Six Months Ended June 30, 2022 As Previously Reported Effect of Restatement As Restated Operating Activities Net income $ 6,534,883 $ — $ 6,534,883 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Deferred income tax 88,422 — 88,422 Depreciation, amortization and ARO accretion 8,793,101 (824,120) 7,968,981 Amortization of debt issuance costs — 824,120 824,120 Gain on sale of equipment (22,678) — (22,678) Stock-based compensation 151,359 — 151,359 Changes in assets and liabilities: Accounts and other receivables 1,024,635 — 1,024,635 Inventory (587,295) — (587,295) Prepaid expenses and other assets 2,487,362 (701,791) 1,785,571 Due from affiliated companies, net 140,509 — 140,509 Accounts payable and other accrued liabilities 363,137 707,953 1,071,089 Income tax liability 305,205 — 305,205 Operating lease liability (908,248) 908,248 — Unearned revenue 280,795 — 280,795 Other changes, net — (206,457) (206,457) Net cash provided by operating activities $ 18,651,187 $ 707,953 $ 19,359,139 Investing Activities Purchases of property and equipment (4,141,485) — (4,141,485) Proceeds from reimbursable projects 2,103,544 — 2,103,544 Proceeds from sale of property and equipment 38,075 — 38,075 Principal payment on financing note receivable 86,626 — 86,626 Net cash used in investing activities $ (1,913,240) $ — $ (1,913,240) Financing Activities Dividends paid on Series A preferred stock (4,776,260) — (4,776,260) Dividends paid on Common Stock (1,492,690) — (1,492,690) Reinvestment of Dividends Paid to Common Stockholders 403,204 — 403,204 Distributions to non-controlling interest (1,618,424) — (1,618,424) Advances on revolving line of credit 4,000,000 — 4,000,000 Payments on revolving line of credit (4,000,000) — (4,000,000) Principal payments on Crimson secured credit facility (4,000,000) — (4,000,000) Payments on financing arrangement — (1,170,635) (1,170,635) Net cash used in financing activities $ (11,484,170) $ (1,170,635) $ (12,654,805) Net change in Cash and Cash Equivalents $ 5,253,777 $ (462,682) $ 4,791,094 Cash and Cash Equivalents at beginning of period 12,496,478 (955,902) 11,540,576 Cash and Cash Equivalents at end of period $ 17,750,255 $ (1,418,584) $ 16,331,670 Supplemental Disclosure of Cash Flow Information Interest paid $ 4,999,845 $ — $ 4,999,845 Income taxes paid (net of refunds) (12,055) — (12,055) Non-Cash Investing Activities Purchases of property, plant and equipment in accounts payable and other accrued liabilities $ 771,180 $ — $ 771,180 Non-Cash Financing Activities Assets acquired under financing arrangement $ — $ 1,226,402 $ 1,226,402 As of and For the Three and Nine Months Ended September 30, 2022 The effects of the restatement on the consolidated balance sheet as of September 30, 2022 are summarized in the following table: September 30, 2022 As Previously Reported Effect of Restatement As Restated Assets Property and equipment, net of accumulated depreciation of $48,864,283 (Crimson VIE*: $337,470,077) $ 438,249,633 $ — $ 438,249,633 Leased property, net of accumulated depreciation of $289,154 1,236,873 — 1,236,873 Financing notes and related accrued interest receivable, net of reserve of $600,000 904,743 — 904,743 Cash and cash equivalents (Crimson VIE: $2,009,787) 21,776,263 (1,127,621) 20,648,642 Accounts and other receivables (Crimson VIE: $7,654,757) 10,609,744 — 10,609,744 Due from affiliated companies (Crimson VIE: $94,994) 94,994 — 94,994 Deferred costs, net of accumulated amortization of $631,408 510,939 — 510,939 Inventory (Crimson VIE: $5,859,262) 6,004,037 — 6,004,037 Prepaid expenses and other assets (Crimson VIE: $3,946,389) 5,699,079 — 5,699,079 Operating right-of-use assets (Crimson VIE: $4,755,606) 5,082,028 — 5,082,028 Deferred tax asset, net 111,681 — 111,681 Goodwill — — — Total Assets $ 490,280,014 $ (1,127,621) $ 489,152,393 Liabilities and Equity Secured credit facilities, net of deferred financing costs of $817,972 $ 99,182,028 $ — $ 99,182,028 Unsecured convertible senior notes, net of discount and debt issuance costs of $1,890,895 116,159,105 — 116,159,105 Accounts payable and other accrued liabilities (Crimson VIE: $13,819,708) 19,596,670 (1,127,621) 18,469,049 Income tax payable 344,630 — 344,630 Due to affiliated companies (Crimson VIE: $276,428) 276,428 — 276,428 Operating lease liability (Crimson VIE: $4,653,594) 4,951,891 — 4,951,891 Unearned revenue (Crimson VIE: $205,790) 5,990,897 — 5,990,897 Total Liabilities $ 246,501,649 $ (1,127,621) $ 245,374,028 Equity Series A Cumulative Redeemable Preferred Stock 7.375%, $129,525,675 liquidation preference ($2,500 per share, $0.001 par value); 69,367,000 authorized; 51,810 issued and outstanding at September 30, 2022 $ 129,525,675 $ — $ 129,525,675 Common stock, non-convertible, $0.001 par value; 15,176,911 shares issued and outstanding at September 30, 2022 (100,000,000 shares authorized) 15,177 — 15,177 Class B Common Stock, $0.001 par value; 683,761 shares issued and outstanding at September 30, 2022 (11,896,100 shares authorized) 684 — 684 Additional paid-in capital 329,796,049 — 329,796,049 Retained deficit (339,752,470) 7,329,433 (332,423,037) Total CorEnergy Equity 119,585,115 7,329,433 126,914,548 Non-controlling interest 124,193,250 (7,329,433) 116,863,817 Total Equity 243,778,365 — 243,778,365 Total Liabilities and Equity $ 490,280,014 $ (1,127,621) $ 489,152,393 The effects of the restatement on the consolidated statement of operations for the three months ended September 30, 2022 are summarized in the following table: For the Three Months Ended September 30, 2022 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution $ 31,305,546 $ — $ 31,305,546 Pipeline loss allowance subsequent sales 1,477,251 — 1,477,251 Lease 111,725 — 111,725 Other 67,164 — 67,164 Total Revenue 32,961,686 — 32,961,686 Expenses Transportation and distribution 17,647,673 — 17,647,673 Pipeline loss allowance subsequent sales cost of revenue 1,385,028 — 1,385,028 General and administrative 5,743,342 — 5,743,342 Depreciation, amortization and ARO accretion 4,028,800 — 4,028,800 Loss on impairment of goodwill 16,210,020 — 16,210,020 Total Expenses 45,014,863 — 45,014,863 Operating Loss $ (12,053,177) $ — $ (12,053,177) Other Income (expense) Other income $ 76,050 $ — $ 76,050 Interest expense (3,483,208) — (3,483,208) Total Other Expense (3,407,158) — (3,407,158) Loss before income taxes (15,460,335) — (15,460,335) Taxes Current tax expense 35,187 — 35,187 Deferred tax expense 6,182 — 6,182 Income tax expense, net 41,369 — 41,369 Net Loss $ (15,501,704) $ — $ (15,501,704) Less: Net income attributable to non-controlling interest 601,048 208,164 809,212 Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (16,102,752) $ (208,164) $ (16,310,916) Preferred dividend requirements 2,388,130 — 2,388,130 Net Loss attributable to Common Stockholders $ (18,490,882) $ (208,164) $ (18,699,046) Common Stock Basic weighted average shares outstanding 15,773,469 (683,761) 15,089,708 Basic net loss per share $ (1.17) $ (0.01) $ (1.18) Diluted weighted average shares outstanding 15,773,469 (218,804) 15,554,665 Diluted net loss per share $ (1.17) $ (0.03) $ (1.20) Class B Common Stock Basic and diluted weighted average shares outstanding — 683,761 683,761 Basic and diluted net loss per share $ — $ (1.23) $ (1.23) Dividends declared per Common share $ 0.050 $ — $ 0.050 The effects of the restatement on the consolidated statement of operations for the nine months ended September 30, 2022 are summarized in the following table: For the Nine Months Ended September 30, 2022 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution $ 89,179,734 $ — $ 89,179,734 Pipeline loss allowance subsequent sales 7,283,450 — 7,283,450 Lease 176,775 — 176,775 Other 715,514 — 715,514 Total Revenue 97,355,473 — 97,355,473 Expenses Transportation and distribution 45,857,193 — 45,857,193 Pipeline loss allowance subsequent sales cost of revenue 6,016,664 — 6,016,664 General and administrative 16,162,570 — 16,162,570 Depreciation, amortization and ARO accretion 11,997,781 — 11,997,781 Loss on impairment of goodwill 16,210,020 — 16,210,020 Total Expenses 96,244,228 — 96,244,228 Operating Income $ 1,111,245 $ — $ 1,111,245 Other Income (expense) Other income $ 332,615 $ — $ 332,615 Interest expense (9,972,969) — $ (9,972,969) Total Other Expense (9,640,354) — (9,640,354) Loss before income taxes (8,529,109) — (8,529,109) Taxes Current tax expense 343,108 — 343,108 Deferred tax expense 94,604 — 94,604 Income tax expense, net 437,712 — 437,712 Net Loss $ (8,966,821) $ — $ (8,966,821) Less: Net income attributable to non-controlling interest 3,628,013 (1,200,377) 2,427,636 Net Loss attributable to CorEnergy $ (12,594,834) $ 1,200,377 $ (11,394,457) Preferred dividend requirements 7,164,390 — 7,164,390 Net Loss attributable to Common Stockholders $ (19,759,224) $ 1,200,377 $ (18,558,847) Common Stock Basic weighted average shares outstanding 15,683,331 (683,761) 14,999,570 Basic net loss per share $ (1.26) $ 0.08 $ (1.18) Diluted weighted average shares outstanding 15,683,331 (218,804) 15,464,527 Diluted net loss per share $ (1.26) $ 0.06 $ (1.20) Class B Common Stock Basic and diluted weighted average shares outstanding — 683,761 683,761 Basic and diluted net loss per share $ — $ (1.33) $ (1.33) Dividends declared per Common share $ 0.150 $ — $ 0.150 |
QUARTERLY FINANCIAL DATA (Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (Unaudited) | QUARTERLY FINANCIAL DATA (Unaudited) For the Fiscal 2022 Quarters Ended (As Restated) (As Restated) (As Restated) March 31 June 30 September 30 December 31 Total Revenue $ 32,872,351 $ 31,521,436 $ 32,961,686 $ 36,292,134 Total Expenses 25,258,024 25,971,341 45,014,863 31,605,915 Operating Income (Loss) $ 7,614,327 $ 5,550,095 $ (12,053,177) $ 4,686,219 Net Income (Loss) $ 4,364,757 $ 2,170,126 $ (15,501,704) $ (552,849) Less: Net Income attributable to non-controlling interest 809,212 809,212 809,212 809,212 Net Income (Loss) attributable to CorEnergy Infrastructure Trust, Inc. $ 3,555,545 $ 1,360,914 $ (16,310,916) $ (1,362,061) Preferred dividend requirements $ 2,388,130 $ 2,388,130 $ 2,388,130 $ 2,388,130 Net Income (loss) attributable to Common Stockholders $ 1,167,415 $ (1,027,216) $ (18,699,046) $ (3,750,191) Basic net earnings (loss) per share: Common Stock $ 0.08 $ (0.06) $ (1.18) $ (0.23) Class B Common Stock $ 0.03 $ (0.11) $ (1.23) $ (0.28) Diluted net earnings (loss) per share: Common Stock $ 0.08 $ (0.07) $ (1.20) $ (0.24) Class B Common Stock $ 0.03 $ (0.11) $ (1.23) $ (0.28) For the Fiscal 2021 Quarters Ended (As Restated) (As Restated) (As Restated) (As Restated) March 31 June 30 September 30 December 31 Total Revenue $ 23,040,498 $ 32,296,578 $ 37,028,882 $ 35,767,838 Total Expenses 30,003,999 26,717,163 27,654,395 29,384,749 Operating Income (Loss) $ (6,963,501) $ 5,579,415 $ 9,374,487 $ 6,383,089 Net Income (Loss) (10,694,263) 2,427,409 5,919,971 (188,675) Less: Net Income attributable to non-controlling interest — 1,010,951 1,046,304 809,212 Net Income (Loss) attributable to CorEnergy Infrastructure Trust, Inc. $ (10,694,263) $ 1,416,458 $ 4,873,667 $ (997,887) Preferred dividend requirements 2,309,672 2,309,672 2,388,130 2,388,130 Net Income (loss) attributable to Common Stockholders (13,003,935) (893,214) 2,485,537 (3,386,017) Basic net earnings (loss) per share: Common Stock $ (0.95) $ (0.07) $ 0.16 $ (0.21) Class B Common Stock NA NA $ 0.11 $ (0.26) Diluted net earnings (loss) per share: Common Stock $ (0.95) $ (0.07) $ 0.16 $ (0.22) Class B Common Stock NA NA $ 0.11 $ (0.26) Description of Quarterly Restatement Tables In lieu of filing amended quarterly reports on Form 10-Q, the tables below represent our restated unaudited consolidated financial statements for each of the previously completed quarters during the years ended December 31, 2022 and 2021. The following tables present the impact of the restatement on our previously reported consolidated statements of operations, balance sheets, statements of equity, and statements of cash flows for which the values were derived from our Quarterly Reports on Form 10-Q for the interim periods of 2022 and 2021. Certain reclassifications between captions on the statements of cash flows are included in the effect of restatement columns to conform to current reporting. For further information on the restatement, refer to Note 20 ("Restatement Of Prior Period"). As of and For the Three Months Ended March 31, 2021 The effects of the restatement on the consolidated balance sheet as of March 31, 2021 are summarized in the following table: March 31, 2021 As Previously Reported Effect of Restatement As Restated Assets Property and equipment, net of accumulated depreciation of $25,260,543 (Crimson VIE: $335,865,029) $ 441,213,095 $ — $ 441,213,095 Leased property, net of accumulated depreciation of $227,265 1,298,763 — 1,298,763 Financing notes and related accrued interest receivable, net of reserve of $600,000 1,183,950 — 1,183,950 Cash and cash equivalents (Crimson VIE: $(547,104)) 18,839,994 (1,178,880) 17,661,114 Accounts and other receivables (Crimson VIE: $10,828,844) 15,275,036 — 15,275,036 Due from affiliated companies (Crimson VIE: $827,264) 827,264 — 827,264 Deferred costs, net of accumulated amortization of $60,142 1,082,205 — 1,082,205 Inventory (Crimson VIE: $1,690,158) 1,795,688 — 1,795,688 Prepaid expenses and other assets (Crimson VIE: $6,313,679) 8,424,488 — 8,424,488 Operating right-of-use assets (Crimson VIE: $6,097,344) 6,175,414 — 6,175,414 Deferred tax asset, net 4,308,976 — 4,308,976 Goodwill 1,718,868 — 1,718,868 Total Assets $ 502,143,741 $ (1,178,880) $ 500,964,861 Liabilities and Equity Secured credit facilities, net of debt issuance costs of $1,732,515 $ 103,267,485 $ — $ 103,267,485 Unsecured convertible senior notes, net of discount and debt issuance costs of $2,877,445 115,172,555 — 115,172,555 Accounts payable and other accrued liabilities (Crimson VIE: $13,046,352) 17,910,708 (1,178,880) 16,731,828 Management fees payable 608,246 — 608,246 Due to affiliated companies (Crimson VIE: $1,637,540) 2,053,170 — 2,053,170 Operating lease liability (Crimson VIE: $5,752,045) 5,800,866 — 5,800,866 Unearned revenue (Crimson VIE $315,000) 6,294,359 — 6,294,359 Total Liabilities $ 251,107,389 $ (1,178,880) $ 249,928,509 Equity Series A Cumulative Redeemable Preferred Stock 7.375%, $125,270,350 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 50,108 issued and outstanding at March 31, 2021 $ 125,270,350 $ — $ 125,270,350 Common stock, non-convertible, $0.001 par value; 13,651,521 shares issued and outstanding at March 31, 2021 (100,000,000 shares authorized) 13,652 — 13,652 Additional paid-in capital 336,750,132 336,750,132 Retained deficit (327,926,126) 1,605,308 (326,320,818) Total CorEnergy Equity 134,108,008 1,605,308 135,713,316 Non-controlling interest 116,928,344 (1,605,308) 115,323,036 Total Equity 251,036,352 — 251,036,352 Total Liabilities and Equity $ 502,143,741 $ (1,178,880) $ 500,964,861 e The effects of the restatement on the consolidated statement of operations for the three months ended March 31, 2021 are summarized in the following table: For the Three Months Ended March 31, 2021 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 21,295,139 $ — $ 21,295,139 Pipeline loss allowance subsequent sales 1,075,722 — 1,075,722 Lease revenue 474,475 — 474,475 Other revenue 195,162 — 195,162 Total Revenue 23,040,498 — 23,040,498 Expenses — Transportation and distribution expenses 10,342,597 — 10,342,597 Pipeline loss allowance subsequent sales cost of revenue 948,856 — 948,856 General and administrative 9,836,793 — 9,836,793 Depreciation, amortization and ARO accretion expense 2,898,330 — 2,898,330 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Total Expenses 30,003,999 — 30,003,999 Operating Loss $ (6,963,501) $ — $ (6,963,501) Other Income (Expense) — Other income $ 63,526 $ — $ 63,526 Interest expense (2,931,007) — (2,931,007) Loss on extinguishment of debt (861,814) — (861,814) Total Other Expense (3,729,295) — (3,729,295) Loss before income taxes (10,692,796) — (10,692,796) Taxes — Current tax expense 27,867 — 27,867 Deferred tax benefit (26,400) — (26,400) Income tax expense, net 1,467 — 1,467 Net Loss $ (10,694,263) $ — $ (10,694,263) Less: Net income attributable to non-controlling interest 1,605,308 (1,605,308) — Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (12,299,571) $ 1,605,308 $ (10,694,263) Preferred dividend requirements 2,309,672 — 2,309,672 Net Loss attributable to Common Stockholders $ (14,609,243) $ 1,605,308 $ (13,003,935) Common Stock Basic weighted average shares outstanding 13,651,521 — 13,651,521 Basic net loss per share $ (1.07) $ 0.12 $ (0.95) Diluted weighted average shares outstanding 13,651,521 — 13,651,521 Diluted net loss per share $ (1.07) $ 0.12 $ (0.95) Dividends declared per Common share $ 0.050 $ — $ 0.050 The effects of the restatement on the consolidated statement of equity for the three months ended March 31, 2021 are summarized in the following table: Common Stock Preferred Stock Additional Retained Non-controlling Interest Total Shares Amount Amount As Previously Reported Balance at December 31, 2020 13,651,521 $ 13,652 $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net income (loss) — — — — (12,299,571) 1,605,308 (10,694,263) Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common stock dividends — — — (682,576) — — (682,576) Equity attributable to non-controlling interest — — — — — 115,323,036 115,323,036 Balance at March 31, 2021 (Unaudited) 13,651,521 $ 13,652 $ 125,270,350 $ 336,750,132 $ (327,926,126) $ 116,928,344 $ 251,036,352 Restatement Impact Net income (loss) — $ — $ — $ — $ 1,605,308 $ (1,605,308) $ — Series A preferred stock dividends — — — — — — — Common stock dividends — — — — — — — Equity attributable to non-controlling interest — — — — — — — Balance at March 31, 2021 (Unaudited) — $ — $ — $ — $ 1,605,308 $ (1,605,308) $ — As Restated Balance at December 31, 2020 13,651,521 $ 13,652 $ 125,270,350 $ 339,742,380 $ (315,626,555) — 149,399,827 Net loss — — — — (10,694,263) — (10,694,263) Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common stock dividends — — — (682,576) — — (682,576) Equity attributable to non-controlling interest — — — — — 115,323,036 115,323,036 Balance at March 31, 2021 (Unaudited) 13,651,521 $ 13,652 $ 125,270,350 $ 336,750,132 $ (326,320,818) $ 115,323,036 $ 251,036,352 The effects of the restatement on the consolidated statement of cash flow for the three months ended March 31, 2021 are summarized in the following table: For the Three Months Ended March 31, 2021 As Previously Reported Effect of Restatement As Restated Operating Activities Net loss $ (10,694,263) $ — $ (10,694,263) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Deferred income tax (26,400) — (26,400) Depreciation, amortization and ARO accretion 3,267,034 (368,704) 2,898,330 Amortization of debt issuance costs — 368,704 368,704 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Loss on extinguishment of debt 861,814 — 861,814 Non-cash lease expense 178,542 (178,542) — Changes in assets and liabilities: Accounts and other receivables (344,371) — (344,371) Financing note accrued interest receivable (6,714) — (6,714) Inventory (26,111) — (26,111) Prepaid expenses and other assets (249,081) — (249,081) Due to affiliated companies, net 1,225,906 — 1,225,906 Management fee payable (363,380) — (363,380) Accounts payable and other accrued liabilities (1,611,539) (1,178,880) (2,790,419) Operating lease liability (523,652) 523,652 — Unearned revenue (146,369) — (146,369) Other changes, net — (345,110) (345,110) Net cash (used in) provided by operating activities $ (2,481,161) $ (1,178,880) $ (3,660,041) Investing Activities Acquisition of Crimson Midstream Holdings, net of cash acquired (68,094,324) — (68,094,324) Purchases of property and equipment, net (4,625,511) — (4,625,511) Proceeds from sale of property and equipment 79,600 — 79,600 Proceeds from insurance recovery 60,153 — 60,153 Principal payment on financing note receivable 32,500 — 32,500 Net cash (used in) provided by investing activities $ (72,547,582) $ — $ (72,547,582) Financing Activities Debt financing costs (2,735,922) — (2,735,922) Dividends paid on Series A preferred stock (2,309,672) — (2,309,672) Dividends paid on common stock (682,576) — (682,576) Advances on revolving line of credit 3,000,000 — 3,000,000 Payments on revolving line of credit (3,000,000) — (3,000,000) Net cash used in financing activities $ (5,728,170) $ — $ (5,728,170) Net change in Cash and Cash Equivalents $ (80,756,913) $ (1,178,880) $ (81,935,793) For the Three Months Ended March 31, 2021 As Previously Reported Effect of Restatement As Restated Cash and Cash Equivalents at beginning of period 99,596,907 — 99,596,907 Cash and Cash Equivalents at end of period $ 18,839,994 $ (1,178,880) $ 17,661,114 Supplemental Disclosure of Cash Flow Information Interest paid $ 4,254,050 $ — $ 4,254,050 Income taxes paid (net of refunds) 5,026 — 5,026 Non-Cash Investing Activities In-kind consideration for the Grand Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition $ 48,873,169 $ — $ 48,873,169 Crimson Credit Facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition 105,000,000 — 105,000,000 Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition 115,323,036 — 115,323,036 Purchases of property, plant and equipment in accounts payable and other accrued liabilities 868,190 — 868,190 Non-Cash Financing Activities Change in accounts payable and accrued expenses related to debt financing costs $ (235,198) $ — $ (235,198) As of and For the Three and Six Months Ended June 30, 2021 The effects of the restatement on the consolidated balance sheet as of June 30, 2021 are summarized in the following table: June 30, 2021 As Previously Reported Effect of Restatement As Restated Assets Property and equipment, net of accumulated depreciation of $28,973,654 (Crimson VIE: $338,930,724) $ 443,457,382 $ — $ 443,457,382 Leased property, net of accumulated depreciation of $237,579 1,288,449 — 1,288,449 Financing notes and related accrued interest receivable, net of reserve of $600,000 1,149,245 — 1,149,245 Cash and cash equivalents (Crimson VIE: $2,989,319) 17,695,458 (548,236) 17,147,222 Accounts and other receivables (Crimson VIE: $11,434,113) 14,389,085 — 14,389,085 Due from affiliated companies (Crimson VIE: $1,163,633) 1,163,633 — 1,163,633 Deferred costs, net of accumulated amortization of $155,353 986,994 — 986,994 Inventory (Crimson VIE: $1,512,398) 1,625,464 — 1,625,464 Prepaid expenses and other assets (Crimson VIE: $4,018,467) 10,939,625 — 10,939,625 Operating right-of-use assets (Crimson VIE: $5,844,591) 5,914,710 — 5,914,710 Deferred tax asset, net 4,173,754 — 4,173,754 Goodwill 1,718,868 — 1,718,868 Total Assets $ 504,502,667 $ (548,236) $ 503,954,431 Liabilities and Equity Secured credit facilities, net of debt issuance costs of $1,580,091 $ 104,419,909 $ — $ 104,419,909 Unsecured convertible senior notes, net of discount and debt issuance costs of $2,713,020 115,336,979 — 115,336,979 Accounts payable and other accrued liabilities (Crimson VIE: $11,454,583) 20,780,331 (548,236) 20,232,095 Management Fees Payable 304,770 — 304,770 Due to affiliated companies (Crimson VIE: $979,603) 979,603 — 979,603 Operating lease liability (Crimson VIE: $5,609,946) 5,651,002 — 5,651,002 Unearned revenue (Crimson VIE $315,000) 6,147,990 — 6,147,990 Total Liabilities $ 253,620,584 $ (548,236) $ 253,072,348 Equity Series A Cumulative Redeemable Preferred Stock 7.375%, $125,270,350 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 50,108 issued and outstanding at June 30, 2021 $ 125,270,350 $ — $ 125,270,350 Common stock, non-convertible, $0.001 par value; 13,673,326 shares issued and outstanding at June 30, 2021 (100,000,000 shares authorized) 13,673 — 13,673 Additional paid-in capital 333,890,657 — 333,890,657 Retained deficit (327,513,586) 2,609,227 (324,904,359) Total CorEnergy Equity 131,661,094 2,609,227 134,270,321 Non-controlling interest 119,220,989 (2,609,227) 116,611,762 Total Equity 250,882,083 — 250,882,083 Total Liabilities and Equity $ 504,502,667 $ (548,236) $ 503,954,431 The effects of the restatement on the consolidated statement of operations for the three months ended June 30, 2021 are summarized in the following table: For the Three Months Ended June 30, 2021 As Reported Previously Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 28,100,343 $ — $ 28,100,343 Pipeline loss allowance subsequent sales 2,915,533 — 2,915,533 Lease revenue 701,525 — 701,525 Other revenue 579,177 — 579,177 Total Revenue 32,296,578 — 32,296,578 Expenses Transportation and distribution expenses 15,363,410 — 15,363,410 Pipeline loss allowance subsequent sales cost of revenue 2,223,646 — 2,223,646 General and administrative 5,381,654 — 5,381,654 Depreciation, amortization and ARO accretion expense 3,748,453 — 3,748,453 Total Expenses 26,717,163 — 26,717,163 Operating Income $ 5,579,415 $ — $ 5,579,415 Other Income (Expense) Other income $ 299,293 — $ 299,293 Interest expense (3,295,703) — (3,295,703) Total Other Expense (2,996,410) — (2,996,410) Income before income taxes 2,583,005 — 2,583,005 Taxes Current tax expense 20,374 — 20,374 Deferred tax expense 135,222 — 135,222 Income tax expense, net 155,596 — 155,596 Net Income $ 2,427,409 $ — $ 2,427,409 Less: Net income (loss) attributable to non-controlling interest 2,014,870 (1,003,919) 1,010,951 Net Income attributable to CorEnergy Infrastructure Trust, Inc. $ 412,539 $ 1,003,919 $ 1,416,458 Preferred dividend requirements 2,309,672 — 2,309,672 Net Income (Loss) attributable to Common Stockholders $ (1,897,133) $ 1,003,919 $ (893,214) Common Stock Basic weighted average shares outstanding 13,659,667 — 13,659,667 Basic net loss per share $ (0.14) $ 0.07 $ (0.07) Diluted weighted average shares outstanding 13,659,667 — 13,659,667 Diluted net loss per share $ (0.14) $ 0.07 $ (0.07) Dividends declared per Common share $ 0.050 — $ 0.050 The effects of the restatement on the consolidated statement of operations for the six months ended June 30, 2021 are summarized in the following table: For the Six Months Ended June 30, 2021 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 49,395,482 $ — $ 49,395,482 Pipeline loss allowance subsequent sales 3,991,255 — 3,991,255 Lease revenue 1,176,000 — 1,176,000 Other revenue 774,339 — 774,339 Total Revenue 55,337,076 — 55,337,076 Expenses Transportation and distribution expenses 25,706,007 — 25,706,007 Pipeline loss allowance subsequent sales cost of revenue 3,172,502 — 3,172,502 General and administrative 15,218,447 — 15,218,447 Depreciation, amortization and ARO accretion expense 6,646,783 — 6,646,783 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Total Expenses 56,721,162 — 56,721,162 Operating Loss $ (1,384,086) $ — $ (1,384,086) Other Income (Expense) Other income $ 362,819 $ — $ 362,819 Interest expense (6,226,710) — (6,226,710) Loss on extinguishment of debt (861,814) — (861,814) Total Other Expense (6,725,705) — (6,725,705) Loss before income taxes (8,109,791) — (8,109,791) Taxes Current tax expense 48,241 — 48,241 Deferred tax expense 108,822 — 108,822 Income tax expense, net 157,063 — 157,063 Net Loss $ (8,266,854) $ — $ (8,266,854) Less: Net income (loss) attributable to non-controlling interest 3,620,178 (2,609,227) 1,010,951 Net Income (Loss) attributable to CorEnergy Infrastructure Trust, Inc. $ (11,887,032) $ 2,609,227 $ (9,277,805) Preferred dividend requirements 4,619,344 — 4,619,344 Net Income (Loss) attributable to Common Stockholders $ (16,506,376) $ 2,609,227 $ (13,897,149) Common Stock Basic weighted average shares outstanding 13,655,617 — 13,655,617 Basic net loss per share $ (1.21) $ 0.19 $ (1.02) Diluted weighted average shares outstanding 13,655,617 — 13,655,617 Diluted net loss per share $ (1.21) $ 0.19 $ (1.02) Dividends declared per Common share $ 0.050 $ — $ 0.050 The effects of the restatement on the consolidated statement of equity for the three and six months ended June 30, 2021 are summarized in the following table: Common Stock Preferred Stock Additional Retained Non-controlling Interest Total Shares Amount Amount As Previously Reported Balance at December 31, 2020 13,651,521 $ 13,652 $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net income (loss) — — — — (12,299,571) 1,605,308 (10,694,263) Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common Stock dividends — — — (682,576) — — (682,576) Equity attributable to non-controlling interest — — — — — 115,323,036 115,323,036 Balance at March 31, 2021 (Unaudited) 13,651,521 $ 13,652 $ 125,270,350 $ 336,750,132 $ (327,926,126) $ 116,928,344 $ 251,036,352 Net income — — — — 412,539 2,014,870 2,427,409 Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common Stock dividends — — — (682,576) — — (682,576) Reinvestment of dividends paid to common stockholders 21,805 21 — 132,774 — — 132,795 Crimson cash distribution on A-1 Units — — — — — (604,951) (604,951) Crimson A-2 Units dividends payment in kind — — — — — (406,000) (406,000) Equity attributable to non-controlling interest — — — — — 1,288,726 1,288,726 Balance at June 30, 2021 (Unaudited) 13,673,326 $ 13,673 $ 125,270,350 $ 333,890,657 $ (327,513,587) $ 119,220,989 $ 250,882,083 Restatement Impact Net income (loss) — $ — $ — $ — $ 1,605,308 $ (1,605,308) $ — Balance at March 31, 2021 (Unaudited) — $ — $ — $ — $ 1,605,308 $ (1,605,308) $ — Net income (loss) — — — 1,003,919 (1,003,919) — Balance at June 30, 2021 (Unaudited) — $ — $ — $ — $ 2,609,227 $ (2,609,227) $ — As Restated Balance at December 31, 2020 13,651,521 $ 13,652 $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net loss — — — — (10,694,263) — (10,694,263) Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common Stock dividends — — — (682,576) — — (682,576) Equity attributable to non-controlling interest — — — — — 115,323,036 115,323,036 Balance at March 31, 2021 (Unaudited) 13,651,521 $ 13,652 $ 125,270,350 $ 336,750,132 $ (326,320,818) $ 115,323,036 $ 251,036,352 Net income — — — — 1,416,458 1,010,951 2,427,409 Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common Stock dividends — — — (682,576) — — (682,576) Reinvestment of dividends paid to common stockholders 21,805 21 — 132,774 — — 132,795 Crimson cash distribution on A-1 Units — — — — — (604,951) (604,951) Crimson A-2 Units dividends payment in kind — — — — — (406,000) (406,000) Equity attributable to non-controlling interest — — — — — 1,288,726 1,288,726 Balance at June 30, 2021 (Unaudited) 13,673,326 $ 13,673 $ 125,270,350 $ 333,890,657 $ (324,904,359) $ 116,611,762 $ 250,882,083 The effects of the restatement on the consolidated statement of cash flow for the six months ended June 30, 2021 are summarized in the following table: For the Six Months Ended June 30, 2021 As Previously Reported Effect of Restatement As Restated Operating Activities Net loss $ (8,266,854) $ — $ (8,266,854) Adjustments to reconcile net loss to net cash provided by operating activities: Deferred income tax 108,822 — 108,822 Depreciation, amortization and ARO accretion 7,427,544 (780,761) 6,646,783 Amortization of debt issuance costs — 780,761 780,761 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Loss on extinguishment of debt 861,814 — 861,814 Non-cash lease expense 439,246 (439,246) — Changes in assets and liabilities: Accounts and other receivables 541,580 122,976 664,556 Financing note accrued interest receivable (9,926) — (9,926) Inventory 144,113 — 144,113 Prepaid expenses and other assets (2,788,545) (3,882,392) (6,670,937) Due from affiliated companies, net (184,030) — (184,030) Management fee payable (666,856) — (666,856) Accounts payable and other accrued liabilities 1,740,265 (117,333) 1,622,932 Operating lease liability (673,516) 673,516 — Unearned revenue (292,738) — (292,738) Other changes, net — (234,270) (234,270) Net cash provided by operating activities $ 4,358,342 $ (3,876,749) $ 481,593 Investing Activities Acquisition of Crimson Midstream Holdings, net of cash acquired (69,002,053) — (69,002,053) Purchases of property and equipment, net (9,275,334) (709,933) (9,985,267) Proceeds from reimbursable projects — 586,957 586,957 Proceeds from sale of property and equipment 79,600 — 79,600 Proceeds from insurance recovery 60,153 — 60,153 Principal payment on financing note receivable 70,417 — 70,417 Net cash used in investing activities $ (78,067,217) $ (122,976) $ (78,190,193) Financing Activities Debt financing costs (2,735,922) — (2,735,922) Dividends paid on Series A preferred stock (4,619,344) — (4,619,344) Dividends paid on Common Stock (1,232,357) — (1,232,357) Distributions to non-controlling interest (604,951) — (604,951) Advances on revolving line of credit 8,000,000 — 8,000,000 Payments on revolving line of credit (7,000,000) — (7,000,000) Proceeds from financing arrangement — 3,882,392 3,882,392 Payments on financing arrangement — (430,903) (430,903) Net cash used in financing activities $ (8,192,574) $ 3,451,489 $ (4,741,085) Net change in Cash and Cash Equivalents $ (81,901,449) $ (548,236) $ (82,449,685) Cash and Cash Equivalents at beginning of period 99,596,907 — 99,596,907 For the Six Months Ended June 30, 2021 As Previously Reported Effect of Restatement As Restated Cash and Cash Equivalents at end of period $ 17,695,458 $ (548,236) $ 17,147,222 Supplemental Disclosure of Cash Flow Information Interest paid $ 5,750,876 $ — $ 5,750,876 Income taxes paid (net of refunds) (1,286) — (1,286) Non-Cash Investing Activities In-kind consideration for the Grand Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition $ 48,873,169 $ — $ 48,873,169 Crimson Credit Facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition 105,000,000 — 105,000,000 Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition 116,205,762 — 116,205,762 Purchases of property, plant and equipment in accounts payable and other accrued liabilities 386,009 — 386,009 Non-Cash Financing Activities Change in accounts payable and accrued expenses related to debt financing costs $ 235,198 $ — $ 235,198 Crimson A-2 Units dividends payment in kind 406,000 — 406,000 Assets acquired under financing arrangement — 3,554,952 3,554,952 As of and For the Three and Nine Months Ended September 30, 2021 The effects of the restatement on the consolidated balance sheet as of September 30, 2021 are summarized in the following table: September 30, 2021 As Previously Reported Effect of Restatement As Restated Assets Property and equipment, net of accumulated depreciation of $32,592,641 (Crimson VIE: $341,422,699) $ 445,250,237 $ — $ 445,250,237 Leased property, net of accumulated depreciation of $247,893 1,278,135 — 1,278,135 Financing notes and related accrued interest receivable, net of reserve of $600,000 1,078,072 — 1,078,072 Cash and cash equivalents (Crimson VIE: $3,717,809) 15,091,957 (411,890) 14,680,067 Accounts and other receivables (Crimson VIE: $11,426,137) 14,573,047 — 14,573,047 Due from affiliated companies (Crimson VIE: $953,806) 953,806 — 953,806 Deferred costs, net of accumulated amortization of $250,564 891,783 — 891,783 Inventory (Crimson VIE: $3,229,161) 3,342,111 — 3,342,111 Prepaid expenses and other assets (Crimson VIE: $5,159,383) 10,550,792 — 10,550,792 Operating right-of-use assets (Crimson VIE: $5,950,501) 6,433,505 — 6,433,505 Deferred tax asset, net 4,060,239 — 4,060,239 Goodwill 16,210,020 — 16,210,020 Total Assets $ 519,713,704 $ (411,890) $ 519,301,814 Liabilities and Equity Secured credit facilities, net of deferred financing costs of $1,427,667 $ 102,572,333 $ — $ 102,572,333 Unsecured convertible senior notes, net of discount and debt issuance costs of $2,548,595 115,501,404 — 115,501,404 Accounts payable and other accrued liabilities (Crimson VIE: $14,005,086) 20,901,358 (411,890) 20,489,468 Income tax liability 33,027 — 33,027 Due to affiliated companies (Crimson VIE: $765,228) 765,228 — 765,228 Operating lease liability (Crimson VIE: $5,826,885) 6,281,014 — 6,281,014 Unearned revenue (Crimson VIE $315,000) 6,001,622 — 6,001,622 Total Liabilities $ 252,055,986 $ (411,890) $ 251,644,096 Equity Series A Cumulative Redeemable Preferred Stock 7.375%, $129,525,675 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 51,810 issued and outstanding at September 30, 2021 $ 129,525,675 $ — $ 129,525,675 Common stock, non-convertible, $0.001 par value; 14,866,799 shares issued and outstanding at September 30, 2021 (100,000,000 shares authorized) 14,866 — 14,866 Class B Common Stock, $0.001 par value; 683,761 shares issued and outstanding at September 30, 2021 (11,896,100 shares authorized) 684 — 684 Additional paid-in capital 341,331,070 — 341,331,070 Retained deficit (324,749,301) 4,718,608 (320,030,693) Total CorEnergy Equity 146,122,994 4,718,608 150,841,602 Non-controlling interest 121,534,724 (4,718,608) 116,816,116 Total Equity 267,657,718 — 267,657,718 Total Liabilities and Equity $ 519,713,704 $ (411,890) $ 519,301,814 The effects of the restatement on the consolidated statement of operations for the three months ended September 30, 2021 are summarized in the following table: For the Three Months Ended September 30, 2021 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 34,286,394 $ — $ 34,286,394 Pipeline loss allowance subsequent sales 2,124,581 — 2,124,581 Lease revenue 32,915 — 32,915 Other revenue 584,992 — 584,992 Total Revenue 37,028,882 — 37,028,882 Expenses Transportation and distribution expenses 16,089,414 — 16,089,414 Pipeline loss allowance subsequent sales cost of revenue 2,718,038 — 2,718,038 General and administrative 5,156,087 — 5,156,087 Depreciation, amortization and ARO accretion expense 3,690,856 — 3,690,856 Total Expenses 27,654,395 — 27,654,395 Operating Income $ 9,374,487 $ — $ 9,374,487 Other Income (expense) Other income $ 4,040 $ — $ 4,040 Interest expense (3,351,967) — (3,351,967) Total Other Expense (3,347,927) — (3,347,927) Income before income taxes 6,026,560 — 6,026,560 Taxes Current tax benefit (6,927) — (6,927) Deferred tax expense 113,516 — 113,516 Income tax expense, net 106,589 — 106,589 Net Income $ 5,919,971 — $ 5,919,971 Less: Net income attributable to non-controlling interest 3,155,685 (2,109,381) 1,046,304 Net income attributable to CorEnergy Infrastructure Trust, Inc. $ 2,764,286 $ 2,109,381 $ 4,873,667 Preferred dividend requirements 2,388,130 — 2,388,130 Net income attributable to Common Stockholders $ 376,156 $ 2,109,381 $ 2,485,537 Common Stock Basic weighted average shares outstanding 15,426,226 (646,600) 14,779,625 Basic net income per share $ 0.02 $ 0.14 $ 0.16 Diluted weighted average shares outstanding 15,426,226 181,644 15,244,582 Diluted net income per share $ 0.02 $ 0.14 $ 0.16 Class B Common Stock Basic and diluted weighted average shares outstanding — 646,600 646,600 Basic and diluted net income per share $ — $ 0.11 $ 0.11 Dividends declared per Common share $ 0.050 $ — $ 0.050 The effects of the restatement on the consolidated statement of operations for the nine months ended September 30, 2021 are summarized in the following table: For the Nine Months Ended September 30, 2021 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 83,681,876 $ — $ 83,681,876 Pipeline loss allowance subsequent sales 6,115,836 — 6,115,836 Lease revenue 1,208,915 — 1,208,915 Other revenue 1,359,331 — 1,359,331 Total Revenue 92,365,958 — 92,365,958 Expenses Transportation and distribution expenses 41,795,421 — 41,795,421 Pipeline loss allowance subsequent sales cost of revenue 5,890,540 — 5,890,540 General and administrative 20,374,534 — 20,374,534 Depreciation, amortization and ARO accretion expense 10,337,639 — 10,337,639 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Total Expenses 84,375,557 — 84,375,557 Operating Income $ 7,990,401 $ — $ 7,990,401 Other Income (expense) Other income $ 366,859 — $ 366,859 Interest expense (9,578,677) — (9,578,677) Loss on extinguishment of debt (861,814) — (861,814) Total Other Expense (10,073,632) — (10,073,632) Loss before income taxes (2,083,231) — (2,083,231) Taxes Current tax expense 41,313 — 41,313 Deferred tax expense 222,339 — 222,339 Income tax expense, net 263,652 — 263,652 Net Loss $ (2,346,883) — $ (2,346,883) Less: Net income attributable to non-controlling interest 6,775,863 (4,718,608) 2,057,255 Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (9,122,746) $ 4,718,608 $ (4,404,138) Preferred dividend requirements 7,007,474 — 7,007,474 Net Loss attributable to Common Stockholders $ (16,130,220) $ 4,718,608 $ (11,411,612) Common Stock Basic weighted average shares outstanding 14,252,305 (217,902) 14,034,403 Basic net loss per share $ (1.13) $ 0.33 $ (0.80) Diluted weighted average shares outstanding 14,252,305 (217,902) 14,034,403 Diluted net loss per share $ (1.13) $ 0.33 $ (0.80) Class B Common Stock Basic and diluted weighted average shares outstanding — 217,902 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS The Company performed an evaluation of subsequent events through the date of the issuance of these financial statements and determined that no additional items require recognition or disclosure, except for the following: On February 3, 2023, the Company suspended all dividends including dividends on its Common Stock, Series A Preferred Stock, and the Crimson Class A-1 Units. The Series A Preferred Stock and Crimson Class A-1 Units will accrue dividends for pay-out at an undetermined date in the future upon declaration by the Board of Directors. During February 2023, the Company committed to a reduction in force plan to better align its cost structure given the difficult market and current economic environment. The separations resulted in $1.1 million of severance related expense for the three months ended March 31, 2023. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation and Consolidation The accompanying consolidated financial statements include CorEnergy accounts and the accounts of its wholly owned subsidiaries and variable interest entities ("VIE's") for which CorEnergy is the primary beneficiary. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") set forth in the Accounting Standards Codification ("ASC"), as published by the Financial Accounting Standards Board ("FASB"), and with the Securities and Exchange Commission ("SEC") instructions to Form 10-K and Article 10 of Regulation S-X. The accompanying consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. There were no adjustments that, in the opinion of management, were not of a normal and recurring nature. All intercompany transactions and balances have been eliminated in consolidation, and the Company's net earnings have been reduced by the portion of net earnings attributable to non-controlling interests, when applicable. Prior reporting period amounts have been recast to conform with the current presentation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. |
Consolidation | Basis of Presentation and Consolidation The accompanying consolidated financial statements include CorEnergy accounts and the accounts of its wholly owned subsidiaries and variable interest entities ("VIE's") for which CorEnergy is the primary beneficiary. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") set forth in the Accounting Standards Codification ("ASC"), as published by the Financial Accounting Standards Board ("FASB"), and with the Securities and Exchange Commission ("SEC") instructions to Form 10-K and Article 10 of Regulation S-X. The accompanying consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. There were no adjustments that, in the opinion of management, were not of a normal and recurring nature. All intercompany transactions and balances have been eliminated in consolidation, and the Company's net earnings have been reduced by the portion of net earnings attributable to non-controlling interests, when applicable. Prior reporting period amounts have been recast to conform with the current presentation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. |
Variable Interest Entity Consolidation | The Company consolidates a VIE when it is the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE's economic performance and (ii) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to determine whether it has a variable interest in a VIE, the Company performs a qualitative analysis of the entity's design, primary decision makers, key agreements governing the VIE, voting interests and significant activities impacting the VIE's economic performance. The Company continually monitors VIEs to determine if any events have occurred that could cause the primary beneficiary to change. |
Use of Estimates | Use of Estimates – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Leased Property and Leases | Leased Property and Leases – In February of 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02" or "ASC 842"), which amends the existing accounting standards for lease accounting and requires, lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. Beginning in 2019, for the underlying asset class related to single-use office space, the Company accounts for each separate lease component and non-lease component as a single lease component. For the underlying lessor asset class related to pipelines residing on military bases, the Company accounts for each separate lease component and non-lease component as a single lease component if the non-lease components otherwise are accounted for in accordance with the revenue standard, and both the following criteria are met: (i) the timing and pattern of revenue recognition are the same for the non-lease component(s) and the related lease component and (ii) the lease component will be classified as an operating lease. The Company carried forward the accounting treatment for land easements under existing agreements, which are currently accounted for within property, plant and equipment. Land easements are reassessed under ASC 842 when such agreements are modified. The Company's current leased properties are classified as operating leases and are recorded as leased property, net of accumulated depreciation, in the Consolidated Balance Sheets. Initial direct costs incurred in connection with the creation and execution of a lease prior to January 1, 2019 are capitalized and amortized over the lease term. Subsequent to January 1, 2019, initial direct costs under ASC 842 are incremental costs of a lease that would not have been incurred if the lease had not been obtained and may include commissions or payments made to an existing tenant as an incentive to terminate its lease. Base rent related to the Company's leased property is recognized on a straight-line basis over the term of the lease when collectability is probable. Participating rent is recognized when it is earned, based on the achievement of specified performance criteria. Base and participating rent are recorded as lease revenue in the Consolidated Statements of Operations. Rental payments received in advance are classified as unearned revenue and included as a liability within the Consolidated Balance Sheets. Unearned revenue is amortized ratably over the lease period as revenue recognition criteria are met. Rental payments received in arrears are accrued and classified as deferred rent receivable and included in assets within the Consolidated Balance Sheets. Under the Company's previously held triple-net leases, the tenant was required to pay property taxes and insurance directly to the applicable third-party providers. Consistent with guidance in ASC 842, the Company will present the cost and the lessee's direct payment to the third-party under the triple-net leases on a net basis in the Consolidated Statements of Operations. |
Property and Equipment | Property and Equipment – Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the asset. Expenditures for repairs and maintenance are charged to operations as incurred, and improvements, which maintain the existing operating capacity of assets or extend their useful lives, are capitalized and depreciated over the remaining estimated useful life of the asset. The Company initially records long-lived assets at their purchase price plus any direct acquisition costs, unless the transaction is accounted for as a business combination, in which case the acquisition costs are expensed as incurred. If the transaction is accounted for as a business combination, the Company allocates the purchase price to the acquired tangible and intangible assets and liabilities based on their estimated fair values. |
Long-Lived Asset Impairment | Long-Lived Asset Impairment – The Company's long-lived assets consist primarily of oil and natural gas pipelines that have been obtained through asset acquisitions and a business combination. Management continually monitors its business, the business environment and performance of its operations to determine if an event has occurred that indicates that the carrying value of a long-lived asset group may be impaired. When a triggering event occurs, which is a determination that involves judgment, management utilizes cash flow projections to assess its ability to recover the carrying value of the asset group based on the long-lived assets' ability to generate future cash flows on an undiscounted basis over the remaining useful life of the primary asset. This differs from the evaluation of goodwill, for which the recoverability assessment utilizes fair value estimates that include discounted cash flows in the estimation process and accordingly any goodwill impairment recognized may not be indicative of a similar impairment of the related underlying long-lived assets. |
Financing Notes Receivable | Financing Notes Receivable – Financing notes receivable are presented at face value plus accrued interest receivable and deferred loan origination costs and net of related direct loan origination income. Each quarter, the Company reviews its financing notes receivable to determine if the balances are realizable based on factors affecting the collectability of those balances. Factors may include credit quality, timeliness of required periodic payments, past due status and management discussions with obligors. The Company evaluates the collectability of both interest and principal of each of its loans to determine if an allowance is needed. An allowance will be recorded when based on current information and events, the Company determines it is probable that it will be unable to collect all amounts due according to the existing contractual terms. If the Company determines an allowance is necessary, the amount deemed uncollectible is expensed in the period of determination. An insignificant delay or shortfall in the amount of payments does not necessarily result in the recording of an allowance. Generally, when interest and/or principal payments on a loan become past due, or if the Company does not otherwise expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will typically cease recognizing financing revenue on that loan until all principal and interest have been brought current. Interest income recognition is resumed if and when the previously reserved-for financing notes become contractually current and performance has been demonstrated. Payments received subsequent to the recording of an allowance will be recorded as a reduction to principal. |
Fair Value Measurements | Fair Value Measurements – FASB ASC 820, Fair Value Measurements and Disclosure ("ASC 820"), defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Various inputs are used in determining the fair value of the Company's assets and liabilities. These inputs are summarized in the three broad levels listed below: • Level 1 - quoted prices in active markets for identical investments • Level 2 - other significant observable inputs (including quoted prices for similar investments, market corroborated inputs, etc.) • Level 3 - significant unobservable inputs (including the Company's own assumptions in determining the fair value of investments) Cash and Cash Equivalents — The carrying value of cash, amounts due from banks, federal funds sold and securities purchased under resale agreements approximates fair value. Financing Notes Receivable — The carrying value of financing notes receivable approximates fair value. The financing notes receivable are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Financing notes with carrying values that are not expected to be recovered through future cash flows are written-down to their estimated net realizable value. Estimates of realizable value are determined based on unobservable inputs, including estimates of future cash flow generation and value of collateral underlying the notes. The carrying value of financing notes receivable approximates fair value. Inventory — Inventory primarily consists of crude oil earned as in-kind PLA payments and is valued using an average costing method at the lower of cost or net realizable value. Secured Credit Facilities — The fair value of the Company's long-term variable-rate debt under its secured credit facilities approximates carrying value. Unsecured Convertible Senior Notes — The fair value of the unsecured convertible senior notes is estimated using quoted market prices from either active (Level 1) or generally active (Level 2) markets. |
Cash and Cash Equivalents | Cash and Cash Equivalents – The Company maintains cash balances at financial institutions in amounts that regularly exceed FDIC-insured limits. The Company's cash equivalents are comprised of short-term, liquid money market instruments. |
Accounts and other receivables/Deferred rent receivables | Accounts and other receivables – Accounts receivable are presented at face value net of an allowance for doubtful accounts within accounts and other receivables on the balance sheet. Accounts are considered past due based on the terms of sale with the customers. The Company reviews accounts for collectability based on an analysis of specific outstanding receivables, current economic conditions and past collection experience. For the years ended December 31, 2022 and 2021, the Company determined that an allowance for doubtful accounts was not necessary. I. Deferred rent receivables |
Goodwill | Goodwill – Goodwill represents the excess of the amount paid for the Corridor InfraTrust Management, Inc. ("Corridor") and MoGas business over the fair value of the net identifiable assets acquired. To comply with ASC 350, Intangibles - Goodwill and Other ("ASC 350"), the Company performs an impairment test for goodwill annually, or more frequently in the event that a triggering event has occurred. December 31st is the Company's annual testing date associated with its goodwill. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , which simplifies how an entity is required to test goodwill for impairment by eliminating step two from the goodwill impairment test. ASU 2017-04, Simplifying the Test for Goodwill Impairment became effective for all public entities on January 1, 2017. In accordance with ASC 350, a company may elect to perform a qualitative assessment to determine whether the quantitative impairment test is required. If the company elects to perform a qualitative assessment, the quantitative impairment test is required only if the conclusion is that it is more likely than not that the reporting unit's fair value is less than its carrying amount. If a company bypasses the qualitative assessment, the quantitative goodwill impairment test should be followed in Step 1. Step 1 compares the fair value of the reporting unit to its carrying value to identify and measure any potential impairment. The reporting unit fair value is based upon consideration of various valuation methodologies. Declines in volumes or rates from those forecasted, or other changes in assumptions, may result in a change in management's estimate and result in an impairment. |
Debt Discount and Debt Issuance Costs | Debt Discount and Debt Issuance Costs – Costs incurred for the issuance of new debt are capitalized and amortized into interest expense over the debt term. Issuance costs related to long-term debt are recorded as a direct deduction from the carrying amount of that debt liability, net of accumulated amortization. Issuance costs related to line-of-credit arrangements however, are presented as an asset instead of a direct deduction from the carrying amount of the debt. In accordance with ASC 470, Debt |
Asset Retirement Obligations | Asset Retirement Obligations – The Company follows ASC 410-20, Asset Retirement Obligations ("ARO") , which requires that an asset retirement obligation ("ARO") associated with the retirement of a long-lived asset be recognized as a liability in the period in which it is incurred and becomes determinable, with an offsetting increase in the carrying amount of the associated asset. The Company recognized an existing ARO in conjunction with the acquisition of the GIGS in June of 2015. The Company measures changes in the ARO liability due to passage of time by applying an interest method of allocation to the amount of the liability at the beginning of the period. The increase in the carrying amount of the liability is recognized as an expense classified as an operating item in the Consolidated Statements of Operations, hereinafter referred to as ARO accretion expense. The Company periodically reassesses the timing and amount of cash flows anticipated associated with the ARO and adjusts the fair value of the liability accordingly under the guidance in ASC 410-20. The fair value of the obligation at the acquisition date was capitalized as part of the carrying amount of the related long-lived assets and is being depreciated over the asset's remaining useful life. The useful lives of most pipeline gathering systems are primarily derived from available supply resources and ultimate consumption of those resources by end users. Adjustments to the ARO resulting from reassessments of the timing and amount of cash flows will result in changes to the retirement costs capitalized as part of the carrying amount of the asset. |
Revenue Recognition | Revenue Recognition – In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09" or "ASC 606"), which became effective for all public entities on January 1, 2018. ASC 606 supersedes previously existing revenue recognition standards with a single model unless those contracts are within the scope of other standards (e.g. leases). The model requires an entity to recognize as revenue the amount of consideration to which it expects to be entitled for the transfer of promised goods or services to customers. Specific recognition policies for the Company's revenue items are as follows: • Transportation and distribution revenue – The Company's contracts related to transportation and distribution revenue are primarily comprised of a mix of oil and natural gas supply, transportation and distribution performance obligations, as well as limited performance obligations related to system maintenance and improvement. Transportation revenues are recognized by Crimson and MoGas and distribution revenues are recognized by Omega and Omega Gas Marketing, LLC. ◦ Under the Company's oil and natural gas supply, transportation and distribution performance obligations, the customer simultaneously receives and consumes the benefit of the services as the commodities are delivered. Therefore, the transaction price is allocated proportionally over the series of identical performance obligations with each contract. The transaction price is calculated based on (i) index price, plus a contractual markup in the case of natural gas supply agreements (considered variable due to fluctuations in the index), (ii) Federal Energy Regulatory Commission ("FERC") regulated rates or negotiated rates in the case of transportation agreements and (iii) contracted amounts (with annual CPI escalators) in the case of the Company's distribution agreement. Based on the nature of the agreements, revenue for all but one of the Company's oil and natural gas supply, transportation and distribution performance obligations is recognized on a right to invoice basis as the performance obligations are met, which represents what the Company expects to receive in consideration and is representative of value delivered to the customer. The Company has a contract with one customer, Spire, Inc. ("Spire"), that has fixed pricing which varies over the contract term. For this specific contract, the transaction price has been allocated ratably over the contractual performance obligation beginning in 2018 with the adoption of ASC 606. All invoicing is done in the month following service, with payment typically due a month from invoice date. • Pipeline loss allowance - The Company's crude oil transportation revenue includes amounts earned for pipeline loss allowance ("PLA"). PLA revenue, recorded within transportation revenue, represents the estimated realizable value of the earned loss allowance volumes received by the Company as applicable under the tariff or contract. As is common in the pipeline transportation industry, as crude oil is transported, the Company earns a small percentage of the crude oil volume transported to offset any measurement uncertainty or actual volumes lost in transit. The Company will settle the PLA with its shippers either in-kind or in cash. PLA received by the Company typically exceeds actual pipeline losses in transit and typically results in a benefit to the Company. For PLA volumes received in-kind, the Company records these in inventory. ◦ When PLA is paid in-kind, the barrels are valued at current market price less standard deductions, recorded as inventory and recognized as non-cash consideration revenue, concurrent with related transportation services. PLA paid in cash is treated in the same way as in-kind, but no inventory is created. In accordance with ASC 606, when control of the PLA volumes has been transferred to the purchaser, the Company records this as revenue at the contractual sales price within PLA revenue and PLA cost of revenues. ◦ Under a contract with the Department of Defense ("DOD"), gas sales and cost of gas sales are presented on a net basis in the transportation and distribution revenue line. The Company continues to present the gas sales and cost of gas sales on a net basis upon adoption of ASC 606. • Pipeline loss allowance subsequent sales and cost of revenue - PLA volumes received in-kind by the Company that are initially recorded in inventory and subsequently sold are recorded in pipeline loss allowance subsequent sales at the market price less standard deductions for which they are contractually sold. At the time of the sale, the cost of the PLA volumes sold are expensed in pipeline loss allowance subsequent sales cost of revenue based on the carrying value of those volumes, which is valued using an average costing method at the lower of cost or net realizable value. • Financing revenue – Historically, financing notes receivable have been considered a core product offering and therefore the related income is presented as a component of operating income. For increasing rate loans, base interest income is recorded ratably over the life of the loan, using the effective interest rate. The net amount of deferred loan origination income and costs are amortized on a straight-line basis over the life of the loan and reported as an adjustment to yield in financing revenue. Participating financing revenues are recorded when specific performance criteria have been met. |
Transportation and distribution expense | Transportation and distribution expense – Included here are Crimson's cost of operating and maintaining the crude oil pipelines, MoGas' costs of operating and maintaining the natural gas transmission line, and Omega's costs of operating and maintaining the natural gas distribution system. These costs are incurred both internally and externally. The internal costs relate to system control, pipeline operations, maintenance, insurance and taxes. Other internal costs include payroll for employees associated with gas control, field employees and management. The external costs consist of professional services such as audit and accounting, legal and regulatory and engineering. |
Other Income Recognition | Other Income Recognition – Specific policies for the Company's other income items are as follows: • Net distributions and other income – Includes interest income earned on the Company's money market instruments and distributions and dividends from historical investments. Distributions and dividends from investments were recorded on their ex-dates and were reflected as other income within the accompanying Consolidated Statements of Operations. Distributions received from the Company's investments were generally characterized as ordinary income, capital gains and distributions received from investment securities. The portion characterized as return of capital was paid by the Company's investees from their cash flow from operations. The Company recorded investment income, capital gains and distributions received from investment securities based on estimates made at the time such distributions were received. Such estimates were based on information available from each company and other industry sources. These estimates may have subsequently been revised based on information received from the entities after their tax reporting periods were concluded, as the actual character of these distributions was not known until after the fiscal year end of the Company. • Net realized and unrealized gain (loss) from investments – Securities transactions were accounted for on the date the securities were purchased or sold. Realized gains and losses were reported on an identified cost basis. The Company recorded investment income and return of capital based on estimates made at the time such distributions were received. Such estimates were based on information available from the portfolio company and other industry sources. These estimates may have subsequently been revised based on information received from the portfolio company after their tax reporting periods were concluded, as the actual character of these distributions were not known until after the Company's fiscal year end. |
Asset Acquisition Expenses | Asset Acquisition Expenses – Costs incurred in connection with the research of real property acquisitions not accounted for as business combinations are expensed until it is determined that the acquisition of the real property is probable. Upon such determination, costs incurred in connection with the acquisition of the property are capitalized as described in paragraph (C) above. Deferred costs related to an acquisition that the Company has determined, based on management's judgment, not to pursue are expensed in the period in which such determination is made. Costs incurred in connection with a business combination are expensed as incurred. |
Offering Costs | Offering Costs – Offering costs related to the issuance of common or preferred stock are charged to additional paid-in capital when the stock is issued. |
Stock-based Compensation | Stock-based Compensation - The fair value of share-based payments is estimated using the quoted market price of the Company's common stock and pricing models as of the date of grant as further discussed in Note 16 ("Stockholder's Equity"). The resulting cost is recognized on a straight-line basis over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. Forfeitures are accounted for in the period in which they occur. In addition to service-based awards, the Company grants fully vested Common Stock to the Board of Directors and certain members of the executive team. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share – Subsequent to the issuance of our Class B Common Stock in July of 2021, the Company applies the two-class method for calculating and presenting earnings (loss) per common share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared or accumulated and participation rights in undistributed earnings and losses of all participating securities. Under this method: i. Income or loss from continuing operations (“net income”) is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be accumulated for the current period. ii. The remaining earnings or loss (“undistributed earnings or loss”) are allocated to the participating securities to the extent each security may share in earnings as if all the earnings or losses for the period had been distributed. iii. The total distributed and undistributed earnings and losses are allocated to each participating security which is then divided by the number of weighted average outstanding shares of the participating security to which the earnings are allocated to determine the earnings or loss per share for the participating security. iv. Basic and diluted net income or loss per share data are presented for each class of common stock. |
Federal and State Income Taxation | Federal and State Income Taxation – The Company is treated as a REIT for federal income tax purposes. Because certain of its assets may not produce REIT-qualifying income or be treated as interests in real property, those assets are held in wholly owned taxable REIT subsidiaries ("TRSs") in order to limit the potential that such assets and income could prevent the Company from qualifying as a REIT. In the future, the Company may elect to reorganize and transfer certain assets or operations from its TRSs to the Company or other subsidiaries, including qualified REIT subsidiaries. The Company's other investments were limited partnerships or limited liability companies which were treated as partnerships for federal and state income tax purposes. As a limited partner, the Company reported its allocable share of taxable income in computing its own taxable income. To the extent held by a TRS, the TRS's tax expense or benefit was included in the Consolidated Statements of Operations based on the component of income or gains and losses to which such expense or benefit related. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. It is expected that for the year ended December 31, 2022, and future periods, any deferred tax liability or asset generated will be related entirely to the assets and activities of the Company's TRSs. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements – In June of 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses ("ASU 2016-13"), which introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. The new model, referred to as the current expected credit losses ("CECL model"), will apply to financial assets subject to credit losses and measured at amortized cost, and certain off-balance sheet credit exposures. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November of 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates , which deferred the effective dates of these standards for certain entities. Based on the guidance for smaller reporting companies, the effective date of ASU 2016-13 is deferred for the Company until fiscal year 2023, and the Company has elected to defer adoption of this standard. In March of 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)" |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Preliminary Allocation of Purchase Price | The following is a summary of the final allocation of the purchase price: Crimson Midstream Holdings, LLC Assets Acquired Cash and cash equivalents $ 6,554,921 Accounts and other receivables 11,394,441 Inventory 1,681,637 Prepaid expenses and other assets 6,144,932 Property and equipment (1) 333,715,139 Operating right-of-use asset 6,268,077 Total assets acquired: $ 365,759,147 Liabilities Assumed Accounts payable and other accrued liabilities (1) $ 13,540,164 Operating lease liability 6,268,077 Unearned revenue 315,000 Total liabilities assumed: $ 20,123,241 Fair Value of Net Assets Acquired: $ 345,635,906 Non-controlling interest at fair value (2)(3) $ 116,205,762 (1) Amounts recorded for property and equipment include land, buildings, lease assets, leasehold improvements, furniture, fixtures and equipment. During the three months ended June 30, 2021, the Company recorded a $1.8 million working capital adjustments primarily related to the valuation of land. During the three months ended December 31, 2021, the Company recorded measurement period adjustments relating to (i) rights-of-way and pipelines, which resulted in $734 thousand additional depreciation for the year ended December 31, 2021 and (ii) accrued office lease in the amount of $250 thousand, which is netted against the $1.8 million working capital adjustment. (2) Includes a non-controlling interest for Grier Members' equity consideration in the Crimson Class A-1, Class A-2, and Class A-3 Units (including the 37,043 newly issued Class A-1 Units) with a total fair value of $116.2 million. Refer to "Fair Value of Non-controlling Interest" below and Note 16 ("Stockholders' Equity") for further details. (3) In addition to the newly issued Class A-1 Units, CorEnergy also paid $908 thousand in cash as a contribution to Crimson Midstream Holdings, LLC. Corridor InfraTrust Management, LLC Assets Acquired Cash and cash equivalents $ 952,487 Accounts and other receivables 344,633 Prepaid expenses and other assets 14,184 Property and equipment 87,101 Operating right-of-use asset 453,396 Goodwill 14,491,152 Total assets acquired: $ 16,342,953 Liabilities Assumed Accounts payable and other accrued liabilities $ 1,259,402 Operating lease liability 453,396 Total liabilities assumed: $ 1,712,798 Fair Value of Net Assets Acquired: $ 14,630,155 |
Pro Forma Results of Operations (Unaudited) | The following selected comparative unaudited pro forma revenue information for the year ended December 31, 2021, assumes that the Crimson acquisition occurred at the beginning of 2021, and reflects the full results for the period presented. The pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations which would actually have occurred had the combination been in effect on the dates indicated, or which may occur in the future. These amounts have been calculated after applying the Company's accounting policies. The Company has excluded pro forma information related to net earnings (loss) as it is impracticable to provide the information because Crimson was part of a larger entity that was separated via a common control transfer at the closing of the Crimson Transaction. As a result, quarterly financial information has not been carved-out for the Crimson entities acquired in prior quarterly periods. Pro Forma Year Ended December 31, 2021 Revenues $ 136,921,819 |
TRANSPORTATION AND DISTRIBUTI_2
TRANSPORTATION AND DISTRIBUTION REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Contract Liability Balance | The table below summarizes the Company's contract liability balance related to its transportation and distribution revenue contracts as of December 31, 2022 and 2021: Contract Liability (1) December 31, 2022 December 31, 2021 Beginning Balance January 1 $ 5,339,364 $ 6,104,979 Unrecognized Performance Obligations 1,175,824 199,405 Recognized Performance Obligations (587,315) (965,020) Ending Balance December 31 $ 5,927,873 $ 5,339,364 (1) The contract liability balance is included in unearned revenue in the Consolidated Balance Sheets. |
Schedules of Concentration of Risk | The following is a breakout of the Company's transportation and distribution revenue for the years ended December 31, 2022, 2021 and 2020: For the Years Ended December 31, 2022 2021 2020 Crude oil transportation revenue $ 100,351,627 82.2 % $ 94,935,160 81.5 % $ — — % Natural gas transportation contracts 15,415,891 12.6 % 15,222,145 13.1 % 12,840,795 64.3 % Natural gas distribution contracts 4,899,750 4.0 % 4,785,548 4.1 % 4,782,284 23.9 % Other 1,341,500 1.2 % 1,593,759 1.3 % 2,349,272 11.8 % Total $ 122,008,768 100.0 % $ 116,536,612 100.0 % $ 19,972,351 100.0 % |
LEASED PROPERTIES AND LEASES (T
LEASED PROPERTIES AND LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Information Regarding Operating Leases | The Company noted the following information regarding its operating leases for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 December 31, 2021 Lease cost: Operating lease cost $ 1,786,402 $ 1,462,136 Short term lease cost — 229,166 Total lease cost $ 1,786,402 $ 1,691,302 The following table reflects the weighted average lease term and discount rate for leases in which the Company is a lessee: December 31, 2022 December 31, 2021 Weighted-average remaining lease term - operating leases (in years) 11.0 10.0 Weighted-average discount rate - operating leases 7.45 % 7.04 % |
Schedule of Cash Flow and Supplemental Information for Leases | The following table represents cash flow and supplemental information for leases in which the Company is a lessee: For the Year Ended December 31, 2022 December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used on operating leases $ 1,783,822 $ 1,691,894 Supplemental disclosure of noncash leasing activities: Right-of-use assets obtained in exchange for new operating lease liabilities (1) 66,385 372,380 (1) Includes lease extension. |
Future Minimum Lease Receipts | The following table reflects the undiscounted cash flows for future minimum lease payments under non-cancellable operating leases reconciled to the Company's lease liabilities on our Consolidated Balance Sheet as of December 31, 2022: For the Years Ending December 31, Operating Leases 2023 1,215,193 2024 475,209 2025 419,068 2026 464,849 2027 464,849 Thereafter 3,972,700 Total 7,011,868 Less: Present Value Discount 2,315,458 Operating Lease Liabilities $ 4,696,410 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of deferred tax assets and liabilities | Components of the Company's deferred tax assets and liabilities as of December 31, 2022 and 2021, are as follows: Deferred Tax Assets and Liabilities December 31, 2022 December 31, 2021 Deferred Tax Assets: Deferred contract revenue $ 1,230,985 $ 1,333,510 Net operating loss carryforwards 7,027,439 6,929,821 Capital loss carryforward 92,418 92,418 Other 338 366 Sub-total $ 8,351,180 $ 8,356,115 Valuation allowance (5,168,148) (3,891,342) Sub-total $ 3,183,032 $ 4,464,773 Deferred Tax Liabilities: Cost recovery of fixed assets $ (4,386,744) $ (4,187,621) Other (88,588) (70,867) Sub-total $ (4,475,332) $ (4,258,488) Total net deferred tax (liability) asset $ (1,292,300) $ 206,285 |
Total income tax expense | Total income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate of 21% for the years ended December 31, 2022, 2021 and 2020, to income or loss from operations and other income and expense for the years presented, as follows: Income Tax Expense (Benefit) For the Years Ended December 31, As Restated 2022 2021 2020 Application of statutory income tax rate $ (2,327,764) $ (278,726) $ (64,292,012) State income taxes, net of federal tax benefit 68,320 681,342 35,371 Income of Real Estate Investment Trust not subject to tax 2,664,761 532,952 64,331,160 Increase in valuation allowance 1,276,806 3,159,313 — Other (10,212) (20,122) (159,377) Total income tax expense (benefit) $ 1,671,911 $ 4,074,759 $ (84,858) |
Components of income tax expense | The components of income tax expense (benefit) include the following for the periods presented: Components of Income Tax Expense (Benefit) For the Years Ended December 31, 2022 2021 2020 Current tax expense (benefit) Federal $ 141,544 $ (7,154) $ (420,074) State (net of federal tax benefit) 31,783 5,623 24,231 Total current tax expense (benefit) $ 173,327 $ (1,531) $ (395,843) Deferred tax expense Federal $ 947,036 $ 3,400,571 $ 299,845 State (net of federal tax benefit) 551,548 675,719 11,140 Total deferred tax expense $ 1,498,584 $ 4,076,290 $ 310,985 Total income tax expense (benefit), net $ 1,671,911 $ 4,074,759 $ (84,858) |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following: Property and Equipment December 31, 2022 December 31, 2021 Land $ 24,989,784 $ 24,989,784 Crude oil pipelines 185,047,366 180,663,146 Natural gas pipeline 105,322,987 104,847,405 Right-of-way agreements 87,206,374 85,451,574 Pipeline related facilities 42,647,865 39,995,865 Tanks 33,092,825 30,679,194 Construction work in progress 10,495,266 8,581,560 Vehicles and trailers and other equipment 2,684,993 1,840,609 Office equipment and computers 1,569,698 1,403,090 Gross property and equipment $ 493,057,158 $ 478,452,227 Less: accumulated depreciation (52,908,191) (37,022,034) Net property and equipment $ 440,148,967 $ 441,430,193 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The change in the net book value of goodwill for the years ended December 31, 2022 and 2021, was as follows: 2022 2021 As of January 1, $ 16,210,020 $ 1,718,868 Corridor Infrastructure Trust Acquisition — 14,491,152 Loss on impairment (16,210,020) — As of December 31, $ — $ 16,210,020 |
CONCENTRATIONS (Tables)
CONCENTRATIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenue by Major Customers | The Company has customer concentrations through several major customers that have contracted transportation revenues. Concentrations consist of the following: 2022 2021 2020 Percent of Revenues Percent of Revenues Percent of Revenues (1) Phillips 66 11 % 12 % NA Shell Trading US Company 14 % 17 % NA Chevron Products Company 18 % 20 % NA PBF Holding Company 15 % 13 % NA Valero 7 % 5 % NA Spire 6 % 6 % 16 % Ameren Energy 4 % 4 % 11 % Department of Defense 4 % 4 % 15 % (1) The 2020 percent is calculated using consolidated revenues excluding the deferred rent receivable write-off recorded on GIGS for the year ended December 31, 2021. |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Carrying and Fair Value Amounts | Carrying and Fair Value Amounts Level within Fair Value Hierarchy December 31, 2022 December 31, 2021 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Financial Assets: 5.875% Unsecured convertible senior notes Level 2 116,323,530 79,093,500 115,665,830 111,144,075 (1) The carrying value of debt balances are presented net of unamortized original issuance discount and debt issuance costs. |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following is a summary of debt facilities and balances as of December 31, 2022 and 2021: Total Commitment Quarterly Principal Payments (2) December 31, 2022 December 31, 2021 Maturity Amount Outstanding Interest Amount Outstanding Interest Crimson Secured Credit Facility: Crimson Revolver $ 50,000,000 5/3/2024 $ 35,000,000 8.41 % $ 27,000,000 4.11 % Crimson Term Loan 80,000,000 2,000,000 5/3/2024 66,000,000 8.22 % 74,000,000 4.10 % Crimson Uncommitted Incremental Credit Facility 25,000,000 5/3/2024 — — % — — % 5.875% Unsecured Convertible Senior Notes 120,000,000 — 8/15/2025 118,050,000 5.875 % 118,050,000 5.875 % Total Debt $ 219,050,000 $ 219,050,000 Less: Unamortized deferred financing costs on 5.875% Convertible Senior Notes $ 218,587 $ 301,859 Unamortized discount on 5.875% Convertible Senior Notes 1,507,883 2,082,311 Unamortized deferred financing costs on Crimson Term Loan (1) 665,547 1,275,244 Long-term debt, net of deferred financing costs $ 216,657,983 $ 215,390,586 Debt due within one year $ 10,000,000 $ 8,000,000 (1) Unamortized deferred financing costs related to the Company's revolving credit facility are included in Deferred Costs in the Assets section of the Consolidated Balance Sheets. Refer to the "Deferred Financing Costs" paragraph below. (2) The required quarterly principal payments will increase from $2.0 million to $3.0 million beginning with the payment due September 30, 2023. A summary of deferred financing cost amortization expenses for the years ended December 31, 2022, 2021 and 2020 is as follows: Deferred Financing Cost Amortization Expense (1)(2) For the Years Ended December 31, 2022 2021 2020 Crimson Credit Facility $ 990,540 $ 899,304 $ — CorEnergy Credit Facility — 47,879 574,541 Amended Pinedale Term Credit Facility — — 26,410 Total Deferred Debt Cost Amortization $ 990,540 $ 947,183 $ 600,951 (1) Amortization of deferred debt issuance costs is included in interest expense in the Consolidated Statements of Operations. (2) For the amount of deferred debt costs amortization relating to the 5.875% Convertible Notes included in the Consolidated Statements of Operations, refer to the Convertible Note Interest Expense table below. |
Schedule of Maturities of Long-term Debt | The remaining contractual principal payments as of December 31, 2022 are as follows: Year Crimson Term Loan Crimson Revolver 5.875% Convertible Notes Total 2023 10,000,000 — — 10,000,000 2024 56,000,000 35,000,000 — 91,000,000 2025 — — 118,050,000 118,050,000 Total Remaining Contractual Payments $ 66,000,000 $ 35,000,000 $ 118,050,000 $ 219,050,000 |
Summary of Convertible Note Interest Expense | The following is a summary of the impact of the Company's convertible notes on interest expense for the years ended December 31, 2022, 2021 and 2020: Convertible Note Interest Expense For the Years Ended December 31, 2022 2021 2020 5.875% Convertible Notes: Interest Expense $ 6,935,438 $ 6,935,438 $ 6,972,988 Discount Amortization 574,428 574,428 577,539 Deferred Debt Issuance Amortization 83,272 83,272 83,723 Total 5.875% Convertible Notes $ 7,593,138 $ 7,593,138 $ 7,634,250 7.00% Convertible Notes: Interest Expense $ — $ — $ 55,331 Discount Amortization — — 6,682 Deferred Debt Issuance Cost Amortization — — 1,140 Total 7.00% Convertible Notes $ — $ — $ 63,153 Total Convertible Notes $ 7,593,138 $ 7,593,138 $ 7,697,403 |
ASSET RETIREMENT OBLIGATION (Ta
ASSET RETIREMENT OBLIGATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of asset retirement obligations | The following table is a reconciliation of the ARO as of December 31, 2022 and 2021: Asset Retirement Obligation For the Years Ended December 31, 2022 2021 Beginning asset retirement obligation $ — $ 8,762,579 ARO accretion expense — 40,546 ARO disposed — (8,803,125) Ending asset retirement obligation $ — $ — |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Share-Based Payment Arrangement, Restricted Stock Unit, Activity | The following table represents the nonvested RSU activity for the year ended December 31, 2022: Restricted Stock Units Weighted Average Grant Date Outstanding at January 1, 2022 — $ — Granted 682,890 2.58 Vested — — Forfeited (8,578) 2.58 Outstanding at December 31, 2022 674,312 $ 2.58 Expected to vest as of December 31, 2022 674,312 |
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount | The following table presents the Company's stock-based compensation expense: For the Year Ended December 31, 2022 December 31, 2021 General and administrative expense $ 540,891 $ — Transportation and distribution expense 71,226 — Total $ 612,117 $ — |
Schedule of Noncontrolling Interest | Pursuant to the terms of the Third LLC Agreement, the Grier Members and the Company's interests in Crimson are summarized in the table below: As of December 31, 2022 Grier Members CorEnergy (in units, except as noted) Economic ownership interests in Crimson Midstream Holdings, LLC Class A-1 Units 1,650,245 — Class A-2 Units 2,460,414 — Class A-3 Units 2,450,142 — Class B-1 Units — 10,000 Voting ownership interests in Crimson Midstream Holdings, LLC Class C-1 Units 505,000 495,000 Voting Interests of Class C-1 Units (%) 50.50 % 49.50 % |
Schedule of Distributions Payable | The following table summarizes the distributions payable under the Crimson Class A-1, Class A-2, and Class A-3 Units as if the Grier Members held the respective underlying Company securities. The Crimson Class A-1, Class A-2, and Class A-3 Units are entitled to the distribution regardless of whether the corresponding Company security is outstanding. Units Distribution Rights of CorEnergy Securities Annual Distribution per Share Class A-1 Units 7.375% Series A Cumulative Redeemable Preferred Stock (1) $ 1.84 Class A-2 Units Class B Common Stock (3) (4) Varies (2)(3) Class A-3 Units Class B Common Stock (3) (4) Varies (2)(3) (1) On June 29, 2021, the Board of the Company authorized management to enter into an agreement to convert the right to receive the Company’s 9.00% Series C Preferred Stock into 7.375% Series A Cumulative Redeemable Preferred Stock. (2) On July 7, 2021, the Company converted the right that holders of Class A-2 Units would have had to exchange such units for shares of the Company’s 4.00% Series B Preferred Stock into a right to exchange such units for shares of the Company’s Class B Common Stock with the effective date, for dividend purposes, of June 30, 2021. (3) (A) For the fiscal quarters of the Company ending June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022, the Common Stock Base Dividend Per Share shall equal $0.05 per share per quarter; (B) for the fiscal quarters of the Company ending June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, the Common Stock Base Dividend Per Share shall equal $0.055 per share per quarter; and (C) for the fiscal quarters of the Company ending June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, the Common Stock Base Dividend Per Share shall equal $0.06 per share per quarter. The Class B Common Stock dividend is subordinated based on a distribution formula described in footnote (4) below. (4) For each fiscal quarter ending June 30, 2021 through and including the fiscal quarter ending March 31, 2024, each share of Class B Common Stock will be entitled to receive dividends (the "Class B Common Stock Dividends"), subject to Board approval, equal to the quotient of (i) difference of (A) CAD of the most recently completed quarter and (B) 1.25 multiplied by the Common Stock Base Dividend, divided by (ii) shares of Class B Common Stock issued and outstanding multiplied by 1.25. |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted earnings per share | LOSS PER SHARE For the Years Ended December 31, 2022 2021 (As Restated) Numerator for basic and diluted losses per Common Stock and Class B Common Stock Net Loss $ (9,519,669) $ (2,535,558) Less: Net Income attributable to non-controlling interest 3,236,848 2,866,467 Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (12,756,517) $ (5,402,025) Less dividends and distributions: Preferred dividend requirements 9,552,519 9,395,604 Common Stock dividends 3,004,579 2,850,026 Total undistributed losses $ (25,313,615) $ (17,647,655) Common Stock undistributed losses - basic $ (24,213,549) $ (17,241,830) Class B Common Stock undistributed losses - basic (1,100,066) (405,825) Total undistributed losses - basic $ (25,313,615) $ (17,647,655) Common Stock undistributed losses - diluted $ (25,313,615) $ (17,241,830) Class B Common Stock undistributed losses - diluted (1,100,066) (405,825) Total undistributed losses - diluted $ (26,413,681) $ (17,647,655) Common Stock dividends $ 3,004,579 $ 2,850,026 Common Stock undistributed losses - basic (24,213,549) (17,241,830) Numerator for basic net loss per Common Stock share: $ (21,208,970) $ (14,391,804) Class B Common Stock dividends $ — $ — Class B Common Stock undistributed losses - basic (1,100,066) (405,825) Numerator for basic net loss per Class B Common Stock share: $ (1,100,066) $ (405,825) Common Stock dividends $ 3,004,579 $ 2,850,026 Common Stock undistributed losses - diluted (25,313,615) (17,241,830) Numerator for diluted net loss per Common Stock share: $ (22,309,036) $ (14,391,804) Class B Common Stock dividends $ — $ — Class B Common Stock undistributed losses - diluted (1,100,066) (405,825) Numerator for diluted net loss per Class B Common Stock share: $ (1,100,066) $ (405,825) Denominator for basic net loss per Common Stock and Class B Common Stock share: Common Stock weighted average shares outstanding - basic 15,050,266 14,246,526 Class B Common Stock weighted average shares outstanding - basic 683,761 335,324 Denominator for diluted net loss per Common Stock and Class B Common Stock share: Common Stock weighted average shares outstanding - diluted (1)(2) 15,515,223 14,246,526 Class B Common Stock weighted average shares outstanding - diluted (3) 683,761 335,324 Basic net loss per share: Common Stock $ (1.41) $ (1.01) Class B Common Stock $ (1.61) $ (1.21) Diluted net loss per share: Common Stock $ (1.44) $ (1.01) Class B Common Stock $ (1.61) $ (1.21) NOTES TO TABLE (1) For purposes of the diluted net loss per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted at a ratio of 1 Class B Common Stock share to .68 Common Stock share; therefore, 100% of undistributed losses is allocated to Common Stock (2) For the period ended December 31, 2022, 2,361,000 shares of Common Stock are excluded from the computation of diluted net loss per share because their effect would be antidilutive. These shares are related to the 5.875% Convertible Debt. For the period ended December 31, 2021, 2,825,957 shares of Common Stock are excluded from the computation of diluted net loss per share because their effect would be antidilutive. This is comprised of 464,957 shares of converted Class B Common Stock and 2,361,000 shares of converted 5.875% convertible debt. (3) For purposes of the diluted net loss per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed not converted to Common Stock. Loss Per Share For the Year Ended December 31, 2020 Basic loss per share data is computed based on the weighted-average number of shares of common stock outstanding during the periods. Diluted loss per share data is computed based on the weighted-average number of shares of common stock outstanding, including all potentially issuable shares of common stock. Diluted loss per share for the year ended December 31, 2020 excludes the impact to income and the number of shares outstanding from the conversion of the 7.00% Convertible Notes and the 5.875% Convertible Notes, as applicable, because such impact is antidilutive. The remaining 7.00% Convertible Notes matured on June 15, 2020. Under the if converted method, the 5.875% Convertible Notes would result in an additional 2,361,000 common shares outstanding for the year ended December 31, 2020. LOSS PER SHARE For the Year Ended December 31, 2020 Net Loss attributable to CorEnergy Stockholders $ (306,067,579) Less: preferred dividend requirements (1) 9,189,809 Net Loss attributable to Common Stockholders $ (315,257,388) Weighted average shares - basic 13,650,718 Basic loss per share $ (23.09) Net Loss attributable to Common Stockholders (from above) $ (315,257,388) Add: After tax effect of convertible interest — Loss attributable for dilutive securities $ (315,257,388) Weighted average shares - diluted 13,650,718 Diluted loss per share $ (23.09) (1) In connection with the repurchases of Series A Preferred Stock during the year ended December 31, 2020, preferred dividend requirements were reduced by $52,896, representing the discount in the repurchase price paid compared to the carrying amount derecognized. |
RESTATEMENT OF PRIOR PERIOD (Ta
RESTATEMENT OF PRIOR PERIOD (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The effects of the restatement on the consolidated balance sheet as of December 31, 2021 are summarized in the following table: As Previously Reported Effect of Restatement As Restated Assets Property and equipment, net of accumulated depreciation of $37,022,035 (Crimson VIE: $338,452,392) $ 441,430,193 $ — $ 441,430,193 Leased property, net of accumulated depreciation of $258,207 1,267,821 — 1,267,821 Financing notes and related accrued interest receivable, net of reserve of $600,000 1,036,660 — 1,036,660 Cash and cash equivalents (Crimson VIE: $2,825,902) 12,496,478 (955,902) 11,540,576 Accounts and other receivables (Crimson VIE: $11,291,749) 15,367,389 — 15,367,389 Due from affiliated companies (Crimson VIE: $676,825) 676,825 — 676,825 Deferred costs, net of accumulated amortization of $345,775 796,572 — 796,572 Inventory (Crimson VIE: $3,839,865 ) 3,953,523 — 3,953,523 Prepaid expenses and other assets (Crimson VIE: $5,004,566) 9,075,043 — 9,075,043 Operating right-of-use assets (Crimson VIE: $5,647,631) 6,075,939 — 6,075,939 Deferred tax asset, net 206,285 — 206,285 Goodwill 16,210,020 — 16,210,020 Total Assets $ 508,592,748 $ (955,902) $ 507,636,846 Liabilities and Equity Secured credit facilities, net of debt issuance costs of $1,275,244 $ 99,724,756 $ — $ 99,724,756 Unsecured convertible senior notes, net of discount and debt issuance costs of $2,384,170 115,665,830 — 115,665,830 Accounts payable and other accrued liabilities (Crimson VIE: $10,699,806 ) 17,036,064 (955,902) 16,080,162 Due to affiliated companies (Crimson VIE: $648,316) 648,316 — 648,316 Operating lease liability (Crimson VIE: $5,647,036) 6,046,657 — 6,046,657 Unearned revenue (Crimson VIE: $199,405) 5,839,602 — 5,839,602 Total Liabilities $ 244,961,225 $ (955,902) $ 244,005,323 Equity Series A Cumulative Redeemable Preferred Stock 7.375%, $129,525,675 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 51,810 issued and outstanding at December 31, 2021 $ 129,525,675 $ — $ 129,525,675 Common stock, non-convertible, $0.001 par value; 14,893,184 shares issued and outstanding at December 31, 2021 (100,000,000 shares authorized) 14,893 — 14,893 Class B Common Stock, $0.001 par value; 683,761 issued and outstanding at December 31, 2021 (11,896,100 shares authorized) 684 — 684 Additional paid-in capital 338,302,735 — 338,302,735 Retained deficit (327,157,636) 6,129,056 (321,028,580) Total CorEnergy Equity 140,686,351 6,129,056 146,815,407 Non-controlling Interest 122,945,172 (6,129,056) 116,816,116 Total Equity 263,631,523 — 263,631,523 Total Liabilities and Equity $ 508,592,748 $ (955,902) $ 507,636,846 The effects of the restatement on the consolidated statement of operations for the year ended December 31, 2021 are summarized in the following table: For the Year Ended December 31, 2021 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 116,536,612 $ — $ 116,536,612 Pipeline loss allowance subsequent sales 8,606,850 — 8,606,850 Lease revenue 1,246,090 — 1,246,090 Other revenue 1,744,244 — 1,744,244 Total Revenue 128,133,796 — 128,133,796 Expenses Transportation and distribution expenses 58,146,006 — 58,146,006 Pipeline loss allowance subsequent sales cost of revenue 8,194,040 — 8,194,040 General and administrative 26,641,161 — 26,641,161 Depreciation, amortization and ARO accretion expense 14,801,676 — 14,801,676 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Total Expenses 113,760,306 — 113,760,306 Operating Income $ 14,373,490 $ — $ 14,373,490 Other Income (Expense) Other income $ 769,682 $ — $ 769,682 Interest expense (12,742,157) — (12,742,157) Loss on extinguishment of debt (861,814) — (861,814) Total Other Income (Expense) (12,834,289) — (12,834,289) Income before income taxes 1,539,201 — 1,539,201 Taxes Current tax benefit (1,531) — (1,531) Deferred tax expense 4,076,290 — 4,076,290 Income tax expense, net 4,074,759 — 4,074,759 Net Loss $ (2,535,558) $ — $ (2,535,558) Less: Net Income attributable to non-controlling interest 8,995,523 (6,129,056) 2,866,467 Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (11,531,081) 6,129,056 $ (5,402,025) Preferred dividend requirements 9,395,604 — 9,395,604 Net Loss attributable to Common Stockholders $ (20,926,685) $ 6,129,056 $ (14,797,629) Common Stock Basic weighted average shares outstanding 14,581,850 (335,324) 14,246,526 Basic net loss per share $ (1.44) $ 0.43 $ (1.01) Diluted weighted average shares outstanding 14,581,850 (335,324) 14,246,526 Diluted net loss per share $ (1.44) $ 0.43 $ (1.01) Class B Common Stock Basic and diluted weighted average shares outstanding — 335,324 335,324 Basic and diluted net loss per share $ — $ (1.21) $ (1.21) Dividends declared per Common share $ 0.20 — $ 0.20 The effects of the restatement on the consolidated statement of equity for the year ended December 31, 2021 are summarized in the following table: Common Stock Class B Common Stock Preferred Stock Additional Retained Non-controlling Interest Total Equity Shares Amount Shares Amount Amount Total As Previously Reported Balance at December 31, 2020 13,651,521 $ 13,652 — $ — $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net income (loss) — — — — — — (11,531,081) 8,995,523 (2,535,558) Equity attributable to non-controlling interest — — — — — — — 116,816,115 116,816,115 Series A preferred stock dividends — — — — — (9,395,604) — — (9,395,604) Common Stock dividends — — — — — (2,850,026) — — (2,850,026) Reinvestment of dividends paid to common stockholders 84,418 84 — — — 410,496 — — 410,580 Common stock issued under director's compensation plan 3,399 3 — — — 22,497 — — 22,500 Crimson cash distribution on A-1 Units — — — — — — — (2,256,113) (2,256,113) Crimson A-2 Units dividends payment in kind — — — — — — — (610,353) (610,353) Series A preferred stock issued due to internalization transaction — — — — 4,255,325 (10,213) — — 4,245,112 Common Stock issued due to internalization transaction 1,153,846 1,154 — — — 7,094,999 — — 7,096,153 Class B Common Stock issued due to internalization transaction — — 683,761 684 — 3,288,206 — — 3,288,890 Balance at December 31, 2021 14,893,184 $ 14,893 683,761 $ 684 $ 129,525,675 $ 338,302,735 $ (327,157,636) $ 122,945,172 $ 263,631,523 Restatement Impacts Net income (loss) — $ — — $ — $ — $ — $ 6,129,056 $ (6,129,056) $ — Balance at December 31, 2021 (restatement impacts) — $ — — $ — $ — $ — $ 6,129,056 $ (6,129,056) $ — As Restated Balance at December 31, 2020 13,651,521 $ 13,652 — $ — $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net income (loss) — — — — — — (5,402,025) 2,866,467 (2,535,558) Equity attributable to non-controlling interest — — — — — — — 116,816,115 116,816,115 Series A preferred stock dividends — — — — — (9,395,604) — — (9,395,604) Common Stock dividends — — — — — (2,850,026) — — (2,850,026) Reinvestment of dividends paid to common stockholders 84,418 84 — — — 410,496 — — 410,580 Common stock issued under director's compensation plan 3,399 3 — — — 22,497 — — 22,500 Crimson cash distribution on A-1 Units — — — — — — — (2,256,113) (2,256,113) Crimson A-2 Units dividends payment in kind — — — — — — — (610,353) (610,353) Series A preferred stock issued due to internalization transaction — — — — 4,255,325 (10,213) — — 4,245,112 Common Stock issued due to internalization transaction 1,153,846 1,154 — — — 7,094,999 — — 7,096,153 Class B Common Stock issued due to internalization transaction — — 683,761 684 — 3,288,206 — — 3,288,890 Balance at December 31, 2021 14,893,184 $ 14,893 683,761 684 $ 129,525,675 $ 338,302,735 $ (321,028,580) $ 116,816,116 $ 263,631,523 The effects of the restatement on the consolidated statement of cash flow for year ended December 31, 2021 are summarized in the following table: For the Year Ended December 31, 2021 As Previously Reported Effect of Restatement As Restated Operating Activities Net loss $ (2,535,558) $ — $ (2,535,558) Adjustments to reconcile net loss to net cash provided by operating activities: Deferred income tax 4,076,290 — 4,076,290 Depreciation, amortization and ARO accretion 16,406,557 (1,604,881) 14,801,676 Amortization of debt issuance costs — 1,604,881 1,604,881 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Loss on extinguishment of debt 861,814 — 861,814 Gain on sale of equipment (16,508) — (16,508) Stock-based compensation — 22,500 22,500 Changes in assets and liabilities: Accounts and other receivables (92,089) 1,213,454 1,121,365 Financing note accrued interest receivable (8,780) — (8,780) Inventory (2,183,946) — (2,183,946) Prepaid expenses and other assets (958,283) (3,882,548) (4,840,831) Due from affiliated companies, net (28,509) — (28,509) Management fee payable (971,626) — (971,626) Accounts payable and other accrued liabilities (2,627,549) 2,064,679 (562,870) Unearned revenue (601,126) — (601,126) Other changes, net — 156 156 Net cash provided by operating activities $ 17,298,110 $ (581,759) $ 16,716,351 Investing Activities Acquisition of Crimson Midstream Holdings, net of cash acquired (69,002,052) — (69,002,052) Acquisition of Corridor InfraTrust Management, net of cash acquired 952,487 — 952,487 Purchases of property and equipment, net (15,883,609) (4,344,845) (20,228,454) Proceeds from reimbursable projects — 3,131,391 3,131,391 Proceeds from sale of property and equipment 97,210 — 97,210 Proceeds from insurance recovery 60,153 — 60,153 Principal payment on financing note receivable 155,008 — 155,008 Decrease in financing note receivable 26,849 — 26,849 Net cash used in investing activities $ (83,593,954) $ (1,213,454) $ (84,807,408) Financing Activities Debt financing costs (2,735,922) — (2,735,922) Dividends paid on Series A preferred stock (9,395,604) — (9,395,604) Dividends paid on Common Stock (2,439,446) — (2,439,446) Common Stock issued under the director's compensation plan 22,500 (22,500) — Distributions to non-controlling interest (2,256,113) — (2,256,113) Advances on revolving line of credit 24,000,000 — 24,000,000 Payments on revolving line of credit (22,000,000) — (22,000,000) Principal payments on secured credit facility (6,000,000) — (6,000,000) Proceeds from financing arrangement — 3,882,392 3,882,392 Payments on financing arrangement — (3,020,581) (3,020,581) Net cash used in financing activities $ (20,804,585) $ 839,311 $ (19,965,274) Net change in cash and cash equivalents $ (87,100,429) $ (955,902) $ (88,056,331) Cash and cash equivalents at beginning of year 99,596,907 — 99,596,907 Cash and cash equivalents at end of year $ 12,496,478 $ (955,902) $ 11,540,576 For the Year Ended December 31, 2021 As Previously Reported Effect of Restatement As Restated Supplemental Disclosure of Cash Flow Information Interest paid $ 11,224,582 $ — $ 11,224,582 Income tax refunds 635,730 — 635,730 Non-Cash Investing Activities Purchases of property, plant and equipment in accounts payable and other accrued liabilities $ 113,847 $ — $ 113,847 In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition 48,873,169 — 48,873,169 Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition 105,000,000 — 105,000,000 Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition 116,205,762 — 116,205,762 Series A preferred stock issued due to Internalization transaction 4,245,112 — 4,245,112 Common stock issued due to Internalization transaction 7,096,153 — 7,096,153 Class B Common Stock issued due to Internalization transaction 3,288,890 — 3,288,890 Non-Cash Financing Activities Crimson Class A-2 Units dividends payment in-kind $ 610,353 $ — $ 610,353 Reinvestment of dividends paid to common stockholders 410,580 — 410,580 Assets acquired under financing arrangement — 1,617,825 1,617,825 Description of Quarterly Restatement Tables In lieu of filing amended quarterly reports on Form 10-Q, the tables below represent our restated unaudited consolidated financial statements for each of the previously completed quarters during the years ended December 31, 2022 and 2021. The following tables present the impact of the restatement on our previously reported consolidated statements of operations, balance sheets, statements of equity, and statements of cash flows for which the values were derived from our Quarterly Reports on Form 10-Q for the interim periods of 2022 and 2021. Certain reclassifications between captions on the statements of cash flows are included in the effect of restatement columns to conform to current reporting. For further information on the restatement, refer to Note 20 ("Restatement Of Prior Period"). As of and For the Three Months Ended March 31, 2021 The effects of the restatement on the consolidated balance sheet as of March 31, 2021 are summarized in the following table: March 31, 2021 As Previously Reported Effect of Restatement As Restated Assets Property and equipment, net of accumulated depreciation of $25,260,543 (Crimson VIE: $335,865,029) $ 441,213,095 $ — $ 441,213,095 Leased property, net of accumulated depreciation of $227,265 1,298,763 — 1,298,763 Financing notes and related accrued interest receivable, net of reserve of $600,000 1,183,950 — 1,183,950 Cash and cash equivalents (Crimson VIE: $(547,104)) 18,839,994 (1,178,880) 17,661,114 Accounts and other receivables (Crimson VIE: $10,828,844) 15,275,036 — 15,275,036 Due from affiliated companies (Crimson VIE: $827,264) 827,264 — 827,264 Deferred costs, net of accumulated amortization of $60,142 1,082,205 — 1,082,205 Inventory (Crimson VIE: $1,690,158) 1,795,688 — 1,795,688 Prepaid expenses and other assets (Crimson VIE: $6,313,679) 8,424,488 — 8,424,488 Operating right-of-use assets (Crimson VIE: $6,097,344) 6,175,414 — 6,175,414 Deferred tax asset, net 4,308,976 — 4,308,976 Goodwill 1,718,868 — 1,718,868 Total Assets $ 502,143,741 $ (1,178,880) $ 500,964,861 Liabilities and Equity Secured credit facilities, net of debt issuance costs of $1,732,515 $ 103,267,485 $ — $ 103,267,485 Unsecured convertible senior notes, net of discount and debt issuance costs of $2,877,445 115,172,555 — 115,172,555 Accounts payable and other accrued liabilities (Crimson VIE: $13,046,352) 17,910,708 (1,178,880) 16,731,828 Management fees payable 608,246 — 608,246 Due to affiliated companies (Crimson VIE: $1,637,540) 2,053,170 — 2,053,170 Operating lease liability (Crimson VIE: $5,752,045) 5,800,866 — 5,800,866 Unearned revenue (Crimson VIE $315,000) 6,294,359 — 6,294,359 Total Liabilities $ 251,107,389 $ (1,178,880) $ 249,928,509 Equity Series A Cumulative Redeemable Preferred Stock 7.375%, $125,270,350 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 50,108 issued and outstanding at March 31, 2021 $ 125,270,350 $ — $ 125,270,350 Common stock, non-convertible, $0.001 par value; 13,651,521 shares issued and outstanding at March 31, 2021 (100,000,000 shares authorized) 13,652 — 13,652 Additional paid-in capital 336,750,132 336,750,132 Retained deficit (327,926,126) 1,605,308 (326,320,818) Total CorEnergy Equity 134,108,008 1,605,308 135,713,316 Non-controlling interest 116,928,344 (1,605,308) 115,323,036 Total Equity 251,036,352 — 251,036,352 Total Liabilities and Equity $ 502,143,741 $ (1,178,880) $ 500,964,861 e The effects of the restatement on the consolidated statement of operations for the three months ended March 31, 2021 are summarized in the following table: For the Three Months Ended March 31, 2021 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 21,295,139 $ — $ 21,295,139 Pipeline loss allowance subsequent sales 1,075,722 — 1,075,722 Lease revenue 474,475 — 474,475 Other revenue 195,162 — 195,162 Total Revenue 23,040,498 — 23,040,498 Expenses — Transportation and distribution expenses 10,342,597 — 10,342,597 Pipeline loss allowance subsequent sales cost of revenue 948,856 — 948,856 General and administrative 9,836,793 — 9,836,793 Depreciation, amortization and ARO accretion expense 2,898,330 — 2,898,330 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Total Expenses 30,003,999 — 30,003,999 Operating Loss $ (6,963,501) $ — $ (6,963,501) Other Income (Expense) — Other income $ 63,526 $ — $ 63,526 Interest expense (2,931,007) — (2,931,007) Loss on extinguishment of debt (861,814) — (861,814) Total Other Expense (3,729,295) — (3,729,295) Loss before income taxes (10,692,796) — (10,692,796) Taxes — Current tax expense 27,867 — 27,867 Deferred tax benefit (26,400) — (26,400) Income tax expense, net 1,467 — 1,467 Net Loss $ (10,694,263) $ — $ (10,694,263) Less: Net income attributable to non-controlling interest 1,605,308 (1,605,308) — Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (12,299,571) $ 1,605,308 $ (10,694,263) Preferred dividend requirements 2,309,672 — 2,309,672 Net Loss attributable to Common Stockholders $ (14,609,243) $ 1,605,308 $ (13,003,935) Common Stock Basic weighted average shares outstanding 13,651,521 — 13,651,521 Basic net loss per share $ (1.07) $ 0.12 $ (0.95) Diluted weighted average shares outstanding 13,651,521 — 13,651,521 Diluted net loss per share $ (1.07) $ 0.12 $ (0.95) Dividends declared per Common share $ 0.050 $ — $ 0.050 The effects of the restatement on the consolidated statement of equity for the three months ended March 31, 2021 are summarized in the following table: Common Stock Preferred Stock Additional Retained Non-controlling Interest Total Shares Amount Amount As Previously Reported Balance at December 31, 2020 13,651,521 $ 13,652 $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net income (loss) — — — — (12,299,571) 1,605,308 (10,694,263) Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common stock dividends — — — (682,576) — — (682,576) Equity attributable to non-controlling interest — — — — — 115,323,036 115,323,036 Balance at March 31, 2021 (Unaudited) 13,651,521 $ 13,652 $ 125,270,350 $ 336,750,132 $ (327,926,126) $ 116,928,344 $ 251,036,352 Restatement Impact Net income (loss) — $ — $ — $ — $ 1,605,308 $ (1,605,308) $ — Series A preferred stock dividends — — — — — — — Common stock dividends — — — — — — — Equity attributable to non-controlling interest — — — — — — — Balance at March 31, 2021 (Unaudited) — $ — $ — $ — $ 1,605,308 $ (1,605,308) $ — As Restated Balance at December 31, 2020 13,651,521 $ 13,652 $ 125,270,350 $ 339,742,380 $ (315,626,555) — 149,399,827 Net loss — — — — (10,694,263) — (10,694,263) Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common stock dividends — — — (682,576) — — (682,576) Equity attributable to non-controlling interest — — — — — 115,323,036 115,323,036 Balance at March 31, 2021 (Unaudited) 13,651,521 $ 13,652 $ 125,270,350 $ 336,750,132 $ (326,320,818) $ 115,323,036 $ 251,036,352 The effects of the restatement on the consolidated statement of cash flow for the three months ended March 31, 2021 are summarized in the following table: For the Three Months Ended March 31, 2021 As Previously Reported Effect of Restatement As Restated Operating Activities Net loss $ (10,694,263) $ — $ (10,694,263) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Deferred income tax (26,400) — (26,400) Depreciation, amortization and ARO accretion 3,267,034 (368,704) 2,898,330 Amortization of debt issuance costs — 368,704 368,704 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Loss on extinguishment of debt 861,814 — 861,814 Non-cash lease expense 178,542 (178,542) — Changes in assets and liabilities: Accounts and other receivables (344,371) — (344,371) Financing note accrued interest receivable (6,714) — (6,714) Inventory (26,111) — (26,111) Prepaid expenses and other assets (249,081) — (249,081) Due to affiliated companies, net 1,225,906 — 1,225,906 Management fee payable (363,380) — (363,380) Accounts payable and other accrued liabilities (1,611,539) (1,178,880) (2,790,419) Operating lease liability (523,652) 523,652 — Unearned revenue (146,369) — (146,369) Other changes, net — (345,110) (345,110) Net cash (used in) provided by operating activities $ (2,481,161) $ (1,178,880) $ (3,660,041) Investing Activities Acquisition of Crimson Midstream Holdings, net of cash acquired (68,094,324) — (68,094,324) Purchases of property and equipment, net (4,625,511) — (4,625,511) Proceeds from sale of property and equipment 79,600 — 79,600 Proceeds from insurance recovery 60,153 — 60,153 Principal payment on financing note receivable 32,500 — 32,500 Net cash (used in) provided by investing activities $ (72,547,582) $ — $ (72,547,582) Financing Activities Debt financing costs (2,735,922) — (2,735,922) Dividends paid on Series A preferred stock (2,309,672) — (2,309,672) Dividends paid on common stock (682,576) — (682,576) Advances on revolving line of credit 3,000,000 — 3,000,000 Payments on revolving line of credit (3,000,000) — (3,000,000) Net cash used in financing activities $ (5,728,170) $ — $ (5,728,170) Net change in Cash and Cash Equivalents $ (80,756,913) $ (1,178,880) $ (81,935,793) For the Three Months Ended March 31, 2021 As Previously Reported Effect of Restatement As Restated Cash and Cash Equivalents at beginning of period 99,596,907 — 99,596,907 Cash and Cash Equivalents at end of period $ 18,839,994 $ (1,178,880) $ 17,661,114 Supplemental Disclosure of Cash Flow Information Interest paid $ 4,254,050 $ — $ 4,254,050 Income taxes paid (net of refunds) 5,026 — 5,026 Non-Cash Investing Activities In-kind consideration for the Grand Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition $ 48,873,169 $ — $ 48,873,169 Crimson Credit Facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition 105,000,000 — 105,000,000 Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition 115,323,036 — 115,323,036 Purchases of property, plant and equipment in accounts payable and other accrued liabilities 868,190 — 868,190 Non-Cash Financing Activities Change in accounts payable and accrued expenses related to debt financing costs $ (235,198) $ — $ (235,198) The effects of the restatement on the consolidated balance sheet as of June 30, 2021 are summarized in the following table: June 30, 2021 As Previously Reported Effect of Restatement As Restated Assets Property and equipment, net of accumulated depreciation of $28,973,654 (Crimson VIE: $338,930,724) $ 443,457,382 $ — $ 443,457,382 Leased property, net of accumulated depreciation of $237,579 1,288,449 — 1,288,449 Financing notes and related accrued interest receivable, net of reserve of $600,000 1,149,245 — 1,149,245 Cash and cash equivalents (Crimson VIE: $2,989,319) 17,695,458 (548,236) 17,147,222 Accounts and other receivables (Crimson VIE: $11,434,113) 14,389,085 — 14,389,085 Due from affiliated companies (Crimson VIE: $1,163,633) 1,163,633 — 1,163,633 Deferred costs, net of accumulated amortization of $155,353 986,994 — 986,994 Inventory (Crimson VIE: $1,512,398) 1,625,464 — 1,625,464 Prepaid expenses and other assets (Crimson VIE: $4,018,467) 10,939,625 — 10,939,625 Operating right-of-use assets (Crimson VIE: $5,844,591) 5,914,710 — 5,914,710 Deferred tax asset, net 4,173,754 — 4,173,754 Goodwill 1,718,868 — 1,718,868 Total Assets $ 504,502,667 $ (548,236) $ 503,954,431 Liabilities and Equity Secured credit facilities, net of debt issuance costs of $1,580,091 $ 104,419,909 $ — $ 104,419,909 Unsecured convertible senior notes, net of discount and debt issuance costs of $2,713,020 115,336,979 — 115,336,979 Accounts payable and other accrued liabilities (Crimson VIE: $11,454,583) 20,780,331 (548,236) 20,232,095 Management Fees Payable 304,770 — 304,770 Due to affiliated companies (Crimson VIE: $979,603) 979,603 — 979,603 Operating lease liability (Crimson VIE: $5,609,946) 5,651,002 — 5,651,002 Unearned revenue (Crimson VIE $315,000) 6,147,990 — 6,147,990 Total Liabilities $ 253,620,584 $ (548,236) $ 253,072,348 Equity Series A Cumulative Redeemable Preferred Stock 7.375%, $125,270,350 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 50,108 issued and outstanding at June 30, 2021 $ 125,270,350 $ — $ 125,270,350 Common stock, non-convertible, $0.001 par value; 13,673,326 shares issued and outstanding at June 30, 2021 (100,000,000 shares authorized) 13,673 — 13,673 Additional paid-in capital 333,890,657 — 333,890,657 Retained deficit (327,513,586) 2,609,227 (324,904,359) Total CorEnergy Equity 131,661,094 2,609,227 134,270,321 Non-controlling interest 119,220,989 (2,609,227) 116,611,762 Total Equity 250,882,083 — 250,882,083 Total Liabilities and Equity $ 504,502,667 $ (548,236) $ 503,954,431 The effects of the restatement on the consolidated statement of operations for the three months ended June 30, 2021 are summarized in the following table: For the Three Months Ended June 30, 2021 As Reported Previously Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 28,100,343 $ — $ 28,100,343 Pipeline loss allowance subsequent sales 2,915,533 — 2,915,533 Lease revenue 701,525 — 701,525 Other revenue 579,177 — 579,177 Total Revenue 32,296,578 — 32,296,578 Expenses Transportation and distribution expenses 15,363,410 — 15,363,410 Pipeline loss allowance subsequent sales cost of revenue 2,223,646 — 2,223,646 General and administrative 5,381,654 — 5,381,654 Depreciation, amortization and ARO accretion expense 3,748,453 — 3,748,453 Total Expenses 26,717,163 — 26,717,163 Operating Income $ 5,579,415 $ — $ 5,579,415 Other Income (Expense) Other income $ 299,293 — $ 299,293 Interest expense (3,295,703) — (3,295,703) Total Other Expense (2,996,410) — (2,996,410) Income before income taxes 2,583,005 — 2,583,005 Taxes Current tax expense 20,374 — 20,374 Deferred tax expense 135,222 — 135,222 Income tax expense, net 155,596 — 155,596 Net Income $ 2,427,409 $ — $ 2,427,409 Less: Net income (loss) attributable to non-controlling interest 2,014,870 (1,003,919) 1,010,951 Net Income attributable to CorEnergy Infrastructure Trust, Inc. $ 412,539 $ 1,003,919 $ 1,416,458 Preferred dividend requirements 2,309,672 — 2,309,672 Net Income (Loss) attributable to Common Stockholders $ (1,897,133) $ 1,003,919 $ (893,214) Common Stock Basic weighted average shares outstanding 13,659,667 — 13,659,667 Basic net loss per share $ (0.14) $ 0.07 $ (0.07) Diluted weighted average shares outstanding 13,659,667 — 13,659,667 Diluted net loss per share $ (0.14) $ 0.07 $ (0.07) Dividends declared per Common share $ 0.050 — $ 0.050 The effects of the restatement on the consolidated statement of operations for the six months ended June 30, 2021 are summarized in the following table: For the Six Months Ended June 30, 2021 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 49,395,482 $ — $ 49,395,482 Pipeline loss allowance subsequent sales 3,991,255 — 3,991,255 Lease revenue 1,176,000 — 1,176,000 Other revenue 774,339 — 774,339 Total Revenue 55,337,076 — 55,337,076 Expenses Transportation and distribution expenses 25,706,007 — 25,706,007 Pipeline loss allowance subsequent sales cost of revenue 3,172,502 — 3,172,502 General and administrative 15,218,447 — 15,218,447 Depreciation, amortization and ARO accretion expense 6,646,783 — 6,646,783 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Total Expenses 56,721,162 — 56,721,162 Operating Loss $ (1,384,086) $ — $ (1,384,086) Other Income (Expense) Other income $ 362,819 $ — $ 362,819 Interest expense (6,226,710) — (6,226,710) Loss on extinguishment of debt (861,814) — (861,814) Total Other Expense (6,725,705) — (6,725,705) Loss before income taxes (8,109,791) — (8,109,791) Taxes Current tax expense 48,241 — 48,241 Deferred tax expense 108,822 — 108,822 Income tax expense, net 157,063 — 157,063 Net Loss $ (8,266,854) $ — $ (8,266,854) Less: Net income (loss) attributable to non-controlling interest 3,620,178 (2,609,227) 1,010,951 Net Income (Loss) attributable to CorEnergy Infrastructure Trust, Inc. $ (11,887,032) $ 2,609,227 $ (9,277,805) Preferred dividend requirements 4,619,344 — 4,619,344 Net Income (Loss) attributable to Common Stockholders $ (16,506,376) $ 2,609,227 $ (13,897,149) Common Stock Basic weighted average shares outstanding 13,655,617 — 13,655,617 Basic net loss per share $ (1.21) $ 0.19 $ (1.02) Diluted weighted average shares outstanding 13,655,617 — 13,655,617 Diluted net loss per share $ (1.21) $ 0.19 $ (1.02) Dividends declared per Common share $ 0.050 $ — $ 0.050 The effects of the restatement on the consolidated statement of equity for the three and six months ended June 30, 2021 are summarized in the following table: Common Stock Preferred Stock Additional Retained Non-controlling Interest Total Shares Amount Amount As Previously Reported Balance at December 31, 2020 13,651,521 $ 13,652 $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net income (loss) — — — — (12,299,571) 1,605,308 (10,694,263) Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common Stock dividends — — — (682,576) — — (682,576) Equity attributable to non-controlling interest — — — — — 115,323,036 115,323,036 Balance at March 31, 2021 (Unaudited) 13,651,521 $ 13,652 $ 125,270,350 $ 336,750,132 $ (327,926,126) $ 116,928,344 $ 251,036,352 Net income — — — — 412,539 2,014,870 2,427,409 Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common Stock dividends — — — (682,576) — — (682,576) Reinvestment of dividends paid to common stockholders 21,805 21 — 132,774 — — 132,795 Crimson cash distribution on A-1 Units — — — — — (604,951) (604,951) Crimson A-2 Units dividends payment in kind — — — — — (406,000) (406,000) Equity attributable to non-controlling interest — — — — — 1,288,726 1,288,726 Balance at June 30, 2021 (Unaudited) 13,673,326 $ 13,673 $ 125,270,350 $ 333,890,657 $ (327,513,587) $ 119,220,989 $ 250,882,083 Restatement Impact Net income (loss) — $ — $ — $ — $ 1,605,308 $ (1,605,308) $ — Balance at March 31, 2021 (Unaudited) — $ — $ — $ — $ 1,605,308 $ (1,605,308) $ — Net income (loss) — — — 1,003,919 (1,003,919) — Balance at June 30, 2021 (Unaudited) — $ — $ — $ — $ 2,609,227 $ (2,609,227) $ — As Restated Balance at December 31, 2020 13,651,521 $ 13,652 $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net loss — — — — (10,694,263) — (10,694,263) Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common Stock dividends — — — (682,576) — — (682,576) Equity attributable to non-controlling interest — — — — — 115,323,036 115,323,036 Balance at March 31, 2021 (Unaudited) 13,651,521 $ 13,652 $ 125,270,350 $ 336,750,132 $ (326,320,818) $ 115,323,036 $ 251,036,352 Net income — — — — 1,416,458 1,010,951 2,427,409 Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common Stock dividends — — — (682,576) — — (682,576) Reinvestment of dividends paid to common stockholders 21,805 21 — 132,774 — — 132,795 Crimson cash distribution on A-1 Units — — — — — (604,951) (604,951) Crimson A-2 Units dividends payment in kind — — — — — (406,000) (406,000) Equity attributable to non-controlling interest — — — — — 1,288,726 1,288,726 Balance at June 30, 2021 (Unaudited) 13,673,326 $ 13,673 $ 125,270,350 $ 333,890,657 $ (324,904,359) $ 116,611,762 $ 250,882,083 The effects of the restatement on the consolidated statement of cash flow for the six months ended June 30, 2021 are summarized in the following table: For the Six Months Ended June 30, 2021 As Previously Reported Effect of Restatement As Restated Operating Activities Net loss $ (8,266,854) $ — $ (8,266,854) Adjustments to reconcile net loss to net cash provided by operating activities: Deferred income tax 108,822 — 108,822 Depreciation, amortization and ARO accretion 7,427,544 (780,761) 6,646,783 Amortization of debt issuance costs — 780,761 780,761 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Loss on extinguishment of debt 861,814 — 861,814 Non-cash lease expense 439,246 (439,246) — Changes in assets and liabilities: Acc |
QUARTERLY FINANCIAL DATA (Una_2
QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | For the Fiscal 2022 Quarters Ended (As Restated) (As Restated) (As Restated) March 31 June 30 September 30 December 31 Total Revenue $ 32,872,351 $ 31,521,436 $ 32,961,686 $ 36,292,134 Total Expenses 25,258,024 25,971,341 45,014,863 31,605,915 Operating Income (Loss) $ 7,614,327 $ 5,550,095 $ (12,053,177) $ 4,686,219 Net Income (Loss) $ 4,364,757 $ 2,170,126 $ (15,501,704) $ (552,849) Less: Net Income attributable to non-controlling interest 809,212 809,212 809,212 809,212 Net Income (Loss) attributable to CorEnergy Infrastructure Trust, Inc. $ 3,555,545 $ 1,360,914 $ (16,310,916) $ (1,362,061) Preferred dividend requirements $ 2,388,130 $ 2,388,130 $ 2,388,130 $ 2,388,130 Net Income (loss) attributable to Common Stockholders $ 1,167,415 $ (1,027,216) $ (18,699,046) $ (3,750,191) Basic net earnings (loss) per share: Common Stock $ 0.08 $ (0.06) $ (1.18) $ (0.23) Class B Common Stock $ 0.03 $ (0.11) $ (1.23) $ (0.28) Diluted net earnings (loss) per share: Common Stock $ 0.08 $ (0.07) $ (1.20) $ (0.24) Class B Common Stock $ 0.03 $ (0.11) $ (1.23) $ (0.28) For the Fiscal 2021 Quarters Ended (As Restated) (As Restated) (As Restated) (As Restated) March 31 June 30 September 30 December 31 Total Revenue $ 23,040,498 $ 32,296,578 $ 37,028,882 $ 35,767,838 Total Expenses 30,003,999 26,717,163 27,654,395 29,384,749 Operating Income (Loss) $ (6,963,501) $ 5,579,415 $ 9,374,487 $ 6,383,089 Net Income (Loss) (10,694,263) 2,427,409 5,919,971 (188,675) Less: Net Income attributable to non-controlling interest — 1,010,951 1,046,304 809,212 Net Income (Loss) attributable to CorEnergy Infrastructure Trust, Inc. $ (10,694,263) $ 1,416,458 $ 4,873,667 $ (997,887) Preferred dividend requirements 2,309,672 2,309,672 2,388,130 2,388,130 Net Income (loss) attributable to Common Stockholders (13,003,935) (893,214) 2,485,537 (3,386,017) Basic net earnings (loss) per share: Common Stock $ (0.95) $ (0.07) $ 0.16 $ (0.21) Class B Common Stock NA NA $ 0.11 $ (0.26) Diluted net earnings (loss) per share: Common Stock $ (0.95) $ (0.07) $ 0.16 $ (0.22) Class B Common Stock NA NA $ 0.11 $ (0.26) |
Schedule of Error Corrections and Prior Period Adjustments | The effects of the restatement on the consolidated balance sheet as of December 31, 2021 are summarized in the following table: As Previously Reported Effect of Restatement As Restated Assets Property and equipment, net of accumulated depreciation of $37,022,035 (Crimson VIE: $338,452,392) $ 441,430,193 $ — $ 441,430,193 Leased property, net of accumulated depreciation of $258,207 1,267,821 — 1,267,821 Financing notes and related accrued interest receivable, net of reserve of $600,000 1,036,660 — 1,036,660 Cash and cash equivalents (Crimson VIE: $2,825,902) 12,496,478 (955,902) 11,540,576 Accounts and other receivables (Crimson VIE: $11,291,749) 15,367,389 — 15,367,389 Due from affiliated companies (Crimson VIE: $676,825) 676,825 — 676,825 Deferred costs, net of accumulated amortization of $345,775 796,572 — 796,572 Inventory (Crimson VIE: $3,839,865 ) 3,953,523 — 3,953,523 Prepaid expenses and other assets (Crimson VIE: $5,004,566) 9,075,043 — 9,075,043 Operating right-of-use assets (Crimson VIE: $5,647,631) 6,075,939 — 6,075,939 Deferred tax asset, net 206,285 — 206,285 Goodwill 16,210,020 — 16,210,020 Total Assets $ 508,592,748 $ (955,902) $ 507,636,846 Liabilities and Equity Secured credit facilities, net of debt issuance costs of $1,275,244 $ 99,724,756 $ — $ 99,724,756 Unsecured convertible senior notes, net of discount and debt issuance costs of $2,384,170 115,665,830 — 115,665,830 Accounts payable and other accrued liabilities (Crimson VIE: $10,699,806 ) 17,036,064 (955,902) 16,080,162 Due to affiliated companies (Crimson VIE: $648,316) 648,316 — 648,316 Operating lease liability (Crimson VIE: $5,647,036) 6,046,657 — 6,046,657 Unearned revenue (Crimson VIE: $199,405) 5,839,602 — 5,839,602 Total Liabilities $ 244,961,225 $ (955,902) $ 244,005,323 Equity Series A Cumulative Redeemable Preferred Stock 7.375%, $129,525,675 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 51,810 issued and outstanding at December 31, 2021 $ 129,525,675 $ — $ 129,525,675 Common stock, non-convertible, $0.001 par value; 14,893,184 shares issued and outstanding at December 31, 2021 (100,000,000 shares authorized) 14,893 — 14,893 Class B Common Stock, $0.001 par value; 683,761 issued and outstanding at December 31, 2021 (11,896,100 shares authorized) 684 — 684 Additional paid-in capital 338,302,735 — 338,302,735 Retained deficit (327,157,636) 6,129,056 (321,028,580) Total CorEnergy Equity 140,686,351 6,129,056 146,815,407 Non-controlling Interest 122,945,172 (6,129,056) 116,816,116 Total Equity 263,631,523 — 263,631,523 Total Liabilities and Equity $ 508,592,748 $ (955,902) $ 507,636,846 The effects of the restatement on the consolidated statement of operations for the year ended December 31, 2021 are summarized in the following table: For the Year Ended December 31, 2021 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 116,536,612 $ — $ 116,536,612 Pipeline loss allowance subsequent sales 8,606,850 — 8,606,850 Lease revenue 1,246,090 — 1,246,090 Other revenue 1,744,244 — 1,744,244 Total Revenue 128,133,796 — 128,133,796 Expenses Transportation and distribution expenses 58,146,006 — 58,146,006 Pipeline loss allowance subsequent sales cost of revenue 8,194,040 — 8,194,040 General and administrative 26,641,161 — 26,641,161 Depreciation, amortization and ARO accretion expense 14,801,676 — 14,801,676 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Total Expenses 113,760,306 — 113,760,306 Operating Income $ 14,373,490 $ — $ 14,373,490 Other Income (Expense) Other income $ 769,682 $ — $ 769,682 Interest expense (12,742,157) — (12,742,157) Loss on extinguishment of debt (861,814) — (861,814) Total Other Income (Expense) (12,834,289) — (12,834,289) Income before income taxes 1,539,201 — 1,539,201 Taxes Current tax benefit (1,531) — (1,531) Deferred tax expense 4,076,290 — 4,076,290 Income tax expense, net 4,074,759 — 4,074,759 Net Loss $ (2,535,558) $ — $ (2,535,558) Less: Net Income attributable to non-controlling interest 8,995,523 (6,129,056) 2,866,467 Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (11,531,081) 6,129,056 $ (5,402,025) Preferred dividend requirements 9,395,604 — 9,395,604 Net Loss attributable to Common Stockholders $ (20,926,685) $ 6,129,056 $ (14,797,629) Common Stock Basic weighted average shares outstanding 14,581,850 (335,324) 14,246,526 Basic net loss per share $ (1.44) $ 0.43 $ (1.01) Diluted weighted average shares outstanding 14,581,850 (335,324) 14,246,526 Diluted net loss per share $ (1.44) $ 0.43 $ (1.01) Class B Common Stock Basic and diluted weighted average shares outstanding — 335,324 335,324 Basic and diluted net loss per share $ — $ (1.21) $ (1.21) Dividends declared per Common share $ 0.20 — $ 0.20 The effects of the restatement on the consolidated statement of equity for the year ended December 31, 2021 are summarized in the following table: Common Stock Class B Common Stock Preferred Stock Additional Retained Non-controlling Interest Total Equity Shares Amount Shares Amount Amount Total As Previously Reported Balance at December 31, 2020 13,651,521 $ 13,652 — $ — $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net income (loss) — — — — — — (11,531,081) 8,995,523 (2,535,558) Equity attributable to non-controlling interest — — — — — — — 116,816,115 116,816,115 Series A preferred stock dividends — — — — — (9,395,604) — — (9,395,604) Common Stock dividends — — — — — (2,850,026) — — (2,850,026) Reinvestment of dividends paid to common stockholders 84,418 84 — — — 410,496 — — 410,580 Common stock issued under director's compensation plan 3,399 3 — — — 22,497 — — 22,500 Crimson cash distribution on A-1 Units — — — — — — — (2,256,113) (2,256,113) Crimson A-2 Units dividends payment in kind — — — — — — — (610,353) (610,353) Series A preferred stock issued due to internalization transaction — — — — 4,255,325 (10,213) — — 4,245,112 Common Stock issued due to internalization transaction 1,153,846 1,154 — — — 7,094,999 — — 7,096,153 Class B Common Stock issued due to internalization transaction — — 683,761 684 — 3,288,206 — — 3,288,890 Balance at December 31, 2021 14,893,184 $ 14,893 683,761 $ 684 $ 129,525,675 $ 338,302,735 $ (327,157,636) $ 122,945,172 $ 263,631,523 Restatement Impacts Net income (loss) — $ — — $ — $ — $ — $ 6,129,056 $ (6,129,056) $ — Balance at December 31, 2021 (restatement impacts) — $ — — $ — $ — $ — $ 6,129,056 $ (6,129,056) $ — As Restated Balance at December 31, 2020 13,651,521 $ 13,652 — $ — $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net income (loss) — — — — — — (5,402,025) 2,866,467 (2,535,558) Equity attributable to non-controlling interest — — — — — — — 116,816,115 116,816,115 Series A preferred stock dividends — — — — — (9,395,604) — — (9,395,604) Common Stock dividends — — — — — (2,850,026) — — (2,850,026) Reinvestment of dividends paid to common stockholders 84,418 84 — — — 410,496 — — 410,580 Common stock issued under director's compensation plan 3,399 3 — — — 22,497 — — 22,500 Crimson cash distribution on A-1 Units — — — — — — — (2,256,113) (2,256,113) Crimson A-2 Units dividends payment in kind — — — — — — — (610,353) (610,353) Series A preferred stock issued due to internalization transaction — — — — 4,255,325 (10,213) — — 4,245,112 Common Stock issued due to internalization transaction 1,153,846 1,154 — — — 7,094,999 — — 7,096,153 Class B Common Stock issued due to internalization transaction — — 683,761 684 — 3,288,206 — — 3,288,890 Balance at December 31, 2021 14,893,184 $ 14,893 683,761 684 $ 129,525,675 $ 338,302,735 $ (321,028,580) $ 116,816,116 $ 263,631,523 The effects of the restatement on the consolidated statement of cash flow for year ended December 31, 2021 are summarized in the following table: For the Year Ended December 31, 2021 As Previously Reported Effect of Restatement As Restated Operating Activities Net loss $ (2,535,558) $ — $ (2,535,558) Adjustments to reconcile net loss to net cash provided by operating activities: Deferred income tax 4,076,290 — 4,076,290 Depreciation, amortization and ARO accretion 16,406,557 (1,604,881) 14,801,676 Amortization of debt issuance costs — 1,604,881 1,604,881 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Loss on extinguishment of debt 861,814 — 861,814 Gain on sale of equipment (16,508) — (16,508) Stock-based compensation — 22,500 22,500 Changes in assets and liabilities: Accounts and other receivables (92,089) 1,213,454 1,121,365 Financing note accrued interest receivable (8,780) — (8,780) Inventory (2,183,946) — (2,183,946) Prepaid expenses and other assets (958,283) (3,882,548) (4,840,831) Due from affiliated companies, net (28,509) — (28,509) Management fee payable (971,626) — (971,626) Accounts payable and other accrued liabilities (2,627,549) 2,064,679 (562,870) Unearned revenue (601,126) — (601,126) Other changes, net — 156 156 Net cash provided by operating activities $ 17,298,110 $ (581,759) $ 16,716,351 Investing Activities Acquisition of Crimson Midstream Holdings, net of cash acquired (69,002,052) — (69,002,052) Acquisition of Corridor InfraTrust Management, net of cash acquired 952,487 — 952,487 Purchases of property and equipment, net (15,883,609) (4,344,845) (20,228,454) Proceeds from reimbursable projects — 3,131,391 3,131,391 Proceeds from sale of property and equipment 97,210 — 97,210 Proceeds from insurance recovery 60,153 — 60,153 Principal payment on financing note receivable 155,008 — 155,008 Decrease in financing note receivable 26,849 — 26,849 Net cash used in investing activities $ (83,593,954) $ (1,213,454) $ (84,807,408) Financing Activities Debt financing costs (2,735,922) — (2,735,922) Dividends paid on Series A preferred stock (9,395,604) — (9,395,604) Dividends paid on Common Stock (2,439,446) — (2,439,446) Common Stock issued under the director's compensation plan 22,500 (22,500) — Distributions to non-controlling interest (2,256,113) — (2,256,113) Advances on revolving line of credit 24,000,000 — 24,000,000 Payments on revolving line of credit (22,000,000) — (22,000,000) Principal payments on secured credit facility (6,000,000) — (6,000,000) Proceeds from financing arrangement — 3,882,392 3,882,392 Payments on financing arrangement — (3,020,581) (3,020,581) Net cash used in financing activities $ (20,804,585) $ 839,311 $ (19,965,274) Net change in cash and cash equivalents $ (87,100,429) $ (955,902) $ (88,056,331) Cash and cash equivalents at beginning of year 99,596,907 — 99,596,907 Cash and cash equivalents at end of year $ 12,496,478 $ (955,902) $ 11,540,576 For the Year Ended December 31, 2021 As Previously Reported Effect of Restatement As Restated Supplemental Disclosure of Cash Flow Information Interest paid $ 11,224,582 $ — $ 11,224,582 Income tax refunds 635,730 — 635,730 Non-Cash Investing Activities Purchases of property, plant and equipment in accounts payable and other accrued liabilities $ 113,847 $ — $ 113,847 In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition 48,873,169 — 48,873,169 Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition 105,000,000 — 105,000,000 Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition 116,205,762 — 116,205,762 Series A preferred stock issued due to Internalization transaction 4,245,112 — 4,245,112 Common stock issued due to Internalization transaction 7,096,153 — 7,096,153 Class B Common Stock issued due to Internalization transaction 3,288,890 — 3,288,890 Non-Cash Financing Activities Crimson Class A-2 Units dividends payment in-kind $ 610,353 $ — $ 610,353 Reinvestment of dividends paid to common stockholders 410,580 — 410,580 Assets acquired under financing arrangement — 1,617,825 1,617,825 Description of Quarterly Restatement Tables In lieu of filing amended quarterly reports on Form 10-Q, the tables below represent our restated unaudited consolidated financial statements for each of the previously completed quarters during the years ended December 31, 2022 and 2021. The following tables present the impact of the restatement on our previously reported consolidated statements of operations, balance sheets, statements of equity, and statements of cash flows for which the values were derived from our Quarterly Reports on Form 10-Q for the interim periods of 2022 and 2021. Certain reclassifications between captions on the statements of cash flows are included in the effect of restatement columns to conform to current reporting. For further information on the restatement, refer to Note 20 ("Restatement Of Prior Period"). As of and For the Three Months Ended March 31, 2021 The effects of the restatement on the consolidated balance sheet as of March 31, 2021 are summarized in the following table: March 31, 2021 As Previously Reported Effect of Restatement As Restated Assets Property and equipment, net of accumulated depreciation of $25,260,543 (Crimson VIE: $335,865,029) $ 441,213,095 $ — $ 441,213,095 Leased property, net of accumulated depreciation of $227,265 1,298,763 — 1,298,763 Financing notes and related accrued interest receivable, net of reserve of $600,000 1,183,950 — 1,183,950 Cash and cash equivalents (Crimson VIE: $(547,104)) 18,839,994 (1,178,880) 17,661,114 Accounts and other receivables (Crimson VIE: $10,828,844) 15,275,036 — 15,275,036 Due from affiliated companies (Crimson VIE: $827,264) 827,264 — 827,264 Deferred costs, net of accumulated amortization of $60,142 1,082,205 — 1,082,205 Inventory (Crimson VIE: $1,690,158) 1,795,688 — 1,795,688 Prepaid expenses and other assets (Crimson VIE: $6,313,679) 8,424,488 — 8,424,488 Operating right-of-use assets (Crimson VIE: $6,097,344) 6,175,414 — 6,175,414 Deferred tax asset, net 4,308,976 — 4,308,976 Goodwill 1,718,868 — 1,718,868 Total Assets $ 502,143,741 $ (1,178,880) $ 500,964,861 Liabilities and Equity Secured credit facilities, net of debt issuance costs of $1,732,515 $ 103,267,485 $ — $ 103,267,485 Unsecured convertible senior notes, net of discount and debt issuance costs of $2,877,445 115,172,555 — 115,172,555 Accounts payable and other accrued liabilities (Crimson VIE: $13,046,352) 17,910,708 (1,178,880) 16,731,828 Management fees payable 608,246 — 608,246 Due to affiliated companies (Crimson VIE: $1,637,540) 2,053,170 — 2,053,170 Operating lease liability (Crimson VIE: $5,752,045) 5,800,866 — 5,800,866 Unearned revenue (Crimson VIE $315,000) 6,294,359 — 6,294,359 Total Liabilities $ 251,107,389 $ (1,178,880) $ 249,928,509 Equity Series A Cumulative Redeemable Preferred Stock 7.375%, $125,270,350 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 50,108 issued and outstanding at March 31, 2021 $ 125,270,350 $ — $ 125,270,350 Common stock, non-convertible, $0.001 par value; 13,651,521 shares issued and outstanding at March 31, 2021 (100,000,000 shares authorized) 13,652 — 13,652 Additional paid-in capital 336,750,132 336,750,132 Retained deficit (327,926,126) 1,605,308 (326,320,818) Total CorEnergy Equity 134,108,008 1,605,308 135,713,316 Non-controlling interest 116,928,344 (1,605,308) 115,323,036 Total Equity 251,036,352 — 251,036,352 Total Liabilities and Equity $ 502,143,741 $ (1,178,880) $ 500,964,861 e The effects of the restatement on the consolidated statement of operations for the three months ended March 31, 2021 are summarized in the following table: For the Three Months Ended March 31, 2021 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 21,295,139 $ — $ 21,295,139 Pipeline loss allowance subsequent sales 1,075,722 — 1,075,722 Lease revenue 474,475 — 474,475 Other revenue 195,162 — 195,162 Total Revenue 23,040,498 — 23,040,498 Expenses — Transportation and distribution expenses 10,342,597 — 10,342,597 Pipeline loss allowance subsequent sales cost of revenue 948,856 — 948,856 General and administrative 9,836,793 — 9,836,793 Depreciation, amortization and ARO accretion expense 2,898,330 — 2,898,330 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Total Expenses 30,003,999 — 30,003,999 Operating Loss $ (6,963,501) $ — $ (6,963,501) Other Income (Expense) — Other income $ 63,526 $ — $ 63,526 Interest expense (2,931,007) — (2,931,007) Loss on extinguishment of debt (861,814) — (861,814) Total Other Expense (3,729,295) — (3,729,295) Loss before income taxes (10,692,796) — (10,692,796) Taxes — Current tax expense 27,867 — 27,867 Deferred tax benefit (26,400) — (26,400) Income tax expense, net 1,467 — 1,467 Net Loss $ (10,694,263) $ — $ (10,694,263) Less: Net income attributable to non-controlling interest 1,605,308 (1,605,308) — Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (12,299,571) $ 1,605,308 $ (10,694,263) Preferred dividend requirements 2,309,672 — 2,309,672 Net Loss attributable to Common Stockholders $ (14,609,243) $ 1,605,308 $ (13,003,935) Common Stock Basic weighted average shares outstanding 13,651,521 — 13,651,521 Basic net loss per share $ (1.07) $ 0.12 $ (0.95) Diluted weighted average shares outstanding 13,651,521 — 13,651,521 Diluted net loss per share $ (1.07) $ 0.12 $ (0.95) Dividends declared per Common share $ 0.050 $ — $ 0.050 The effects of the restatement on the consolidated statement of equity for the three months ended March 31, 2021 are summarized in the following table: Common Stock Preferred Stock Additional Retained Non-controlling Interest Total Shares Amount Amount As Previously Reported Balance at December 31, 2020 13,651,521 $ 13,652 $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net income (loss) — — — — (12,299,571) 1,605,308 (10,694,263) Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common stock dividends — — — (682,576) — — (682,576) Equity attributable to non-controlling interest — — — — — 115,323,036 115,323,036 Balance at March 31, 2021 (Unaudited) 13,651,521 $ 13,652 $ 125,270,350 $ 336,750,132 $ (327,926,126) $ 116,928,344 $ 251,036,352 Restatement Impact Net income (loss) — $ — $ — $ — $ 1,605,308 $ (1,605,308) $ — Series A preferred stock dividends — — — — — — — Common stock dividends — — — — — — — Equity attributable to non-controlling interest — — — — — — — Balance at March 31, 2021 (Unaudited) — $ — $ — $ — $ 1,605,308 $ (1,605,308) $ — As Restated Balance at December 31, 2020 13,651,521 $ 13,652 $ 125,270,350 $ 339,742,380 $ (315,626,555) — 149,399,827 Net loss — — — — (10,694,263) — (10,694,263) Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common stock dividends — — — (682,576) — — (682,576) Equity attributable to non-controlling interest — — — — — 115,323,036 115,323,036 Balance at March 31, 2021 (Unaudited) 13,651,521 $ 13,652 $ 125,270,350 $ 336,750,132 $ (326,320,818) $ 115,323,036 $ 251,036,352 The effects of the restatement on the consolidated statement of cash flow for the three months ended March 31, 2021 are summarized in the following table: For the Three Months Ended March 31, 2021 As Previously Reported Effect of Restatement As Restated Operating Activities Net loss $ (10,694,263) $ — $ (10,694,263) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Deferred income tax (26,400) — (26,400) Depreciation, amortization and ARO accretion 3,267,034 (368,704) 2,898,330 Amortization of debt issuance costs — 368,704 368,704 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Loss on extinguishment of debt 861,814 — 861,814 Non-cash lease expense 178,542 (178,542) — Changes in assets and liabilities: Accounts and other receivables (344,371) — (344,371) Financing note accrued interest receivable (6,714) — (6,714) Inventory (26,111) — (26,111) Prepaid expenses and other assets (249,081) — (249,081) Due to affiliated companies, net 1,225,906 — 1,225,906 Management fee payable (363,380) — (363,380) Accounts payable and other accrued liabilities (1,611,539) (1,178,880) (2,790,419) Operating lease liability (523,652) 523,652 — Unearned revenue (146,369) — (146,369) Other changes, net — (345,110) (345,110) Net cash (used in) provided by operating activities $ (2,481,161) $ (1,178,880) $ (3,660,041) Investing Activities Acquisition of Crimson Midstream Holdings, net of cash acquired (68,094,324) — (68,094,324) Purchases of property and equipment, net (4,625,511) — (4,625,511) Proceeds from sale of property and equipment 79,600 — 79,600 Proceeds from insurance recovery 60,153 — 60,153 Principal payment on financing note receivable 32,500 — 32,500 Net cash (used in) provided by investing activities $ (72,547,582) $ — $ (72,547,582) Financing Activities Debt financing costs (2,735,922) — (2,735,922) Dividends paid on Series A preferred stock (2,309,672) — (2,309,672) Dividends paid on common stock (682,576) — (682,576) Advances on revolving line of credit 3,000,000 — 3,000,000 Payments on revolving line of credit (3,000,000) — (3,000,000) Net cash used in financing activities $ (5,728,170) $ — $ (5,728,170) Net change in Cash and Cash Equivalents $ (80,756,913) $ (1,178,880) $ (81,935,793) For the Three Months Ended March 31, 2021 As Previously Reported Effect of Restatement As Restated Cash and Cash Equivalents at beginning of period 99,596,907 — 99,596,907 Cash and Cash Equivalents at end of period $ 18,839,994 $ (1,178,880) $ 17,661,114 Supplemental Disclosure of Cash Flow Information Interest paid $ 4,254,050 $ — $ 4,254,050 Income taxes paid (net of refunds) 5,026 — 5,026 Non-Cash Investing Activities In-kind consideration for the Grand Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition $ 48,873,169 $ — $ 48,873,169 Crimson Credit Facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition 105,000,000 — 105,000,000 Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition 115,323,036 — 115,323,036 Purchases of property, plant and equipment in accounts payable and other accrued liabilities 868,190 — 868,190 Non-Cash Financing Activities Change in accounts payable and accrued expenses related to debt financing costs $ (235,198) $ — $ (235,198) The effects of the restatement on the consolidated balance sheet as of June 30, 2021 are summarized in the following table: June 30, 2021 As Previously Reported Effect of Restatement As Restated Assets Property and equipment, net of accumulated depreciation of $28,973,654 (Crimson VIE: $338,930,724) $ 443,457,382 $ — $ 443,457,382 Leased property, net of accumulated depreciation of $237,579 1,288,449 — 1,288,449 Financing notes and related accrued interest receivable, net of reserve of $600,000 1,149,245 — 1,149,245 Cash and cash equivalents (Crimson VIE: $2,989,319) 17,695,458 (548,236) 17,147,222 Accounts and other receivables (Crimson VIE: $11,434,113) 14,389,085 — 14,389,085 Due from affiliated companies (Crimson VIE: $1,163,633) 1,163,633 — 1,163,633 Deferred costs, net of accumulated amortization of $155,353 986,994 — 986,994 Inventory (Crimson VIE: $1,512,398) 1,625,464 — 1,625,464 Prepaid expenses and other assets (Crimson VIE: $4,018,467) 10,939,625 — 10,939,625 Operating right-of-use assets (Crimson VIE: $5,844,591) 5,914,710 — 5,914,710 Deferred tax asset, net 4,173,754 — 4,173,754 Goodwill 1,718,868 — 1,718,868 Total Assets $ 504,502,667 $ (548,236) $ 503,954,431 Liabilities and Equity Secured credit facilities, net of debt issuance costs of $1,580,091 $ 104,419,909 $ — $ 104,419,909 Unsecured convertible senior notes, net of discount and debt issuance costs of $2,713,020 115,336,979 — 115,336,979 Accounts payable and other accrued liabilities (Crimson VIE: $11,454,583) 20,780,331 (548,236) 20,232,095 Management Fees Payable 304,770 — 304,770 Due to affiliated companies (Crimson VIE: $979,603) 979,603 — 979,603 Operating lease liability (Crimson VIE: $5,609,946) 5,651,002 — 5,651,002 Unearned revenue (Crimson VIE $315,000) 6,147,990 — 6,147,990 Total Liabilities $ 253,620,584 $ (548,236) $ 253,072,348 Equity Series A Cumulative Redeemable Preferred Stock 7.375%, $125,270,350 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 50,108 issued and outstanding at June 30, 2021 $ 125,270,350 $ — $ 125,270,350 Common stock, non-convertible, $0.001 par value; 13,673,326 shares issued and outstanding at June 30, 2021 (100,000,000 shares authorized) 13,673 — 13,673 Additional paid-in capital 333,890,657 — 333,890,657 Retained deficit (327,513,586) 2,609,227 (324,904,359) Total CorEnergy Equity 131,661,094 2,609,227 134,270,321 Non-controlling interest 119,220,989 (2,609,227) 116,611,762 Total Equity 250,882,083 — 250,882,083 Total Liabilities and Equity $ 504,502,667 $ (548,236) $ 503,954,431 The effects of the restatement on the consolidated statement of operations for the three months ended June 30, 2021 are summarized in the following table: For the Three Months Ended June 30, 2021 As Reported Previously Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 28,100,343 $ — $ 28,100,343 Pipeline loss allowance subsequent sales 2,915,533 — 2,915,533 Lease revenue 701,525 — 701,525 Other revenue 579,177 — 579,177 Total Revenue 32,296,578 — 32,296,578 Expenses Transportation and distribution expenses 15,363,410 — 15,363,410 Pipeline loss allowance subsequent sales cost of revenue 2,223,646 — 2,223,646 General and administrative 5,381,654 — 5,381,654 Depreciation, amortization and ARO accretion expense 3,748,453 — 3,748,453 Total Expenses 26,717,163 — 26,717,163 Operating Income $ 5,579,415 $ — $ 5,579,415 Other Income (Expense) Other income $ 299,293 — $ 299,293 Interest expense (3,295,703) — (3,295,703) Total Other Expense (2,996,410) — (2,996,410) Income before income taxes 2,583,005 — 2,583,005 Taxes Current tax expense 20,374 — 20,374 Deferred tax expense 135,222 — 135,222 Income tax expense, net 155,596 — 155,596 Net Income $ 2,427,409 $ — $ 2,427,409 Less: Net income (loss) attributable to non-controlling interest 2,014,870 (1,003,919) 1,010,951 Net Income attributable to CorEnergy Infrastructure Trust, Inc. $ 412,539 $ 1,003,919 $ 1,416,458 Preferred dividend requirements 2,309,672 — 2,309,672 Net Income (Loss) attributable to Common Stockholders $ (1,897,133) $ 1,003,919 $ (893,214) Common Stock Basic weighted average shares outstanding 13,659,667 — 13,659,667 Basic net loss per share $ (0.14) $ 0.07 $ (0.07) Diluted weighted average shares outstanding 13,659,667 — 13,659,667 Diluted net loss per share $ (0.14) $ 0.07 $ (0.07) Dividends declared per Common share $ 0.050 — $ 0.050 The effects of the restatement on the consolidated statement of operations for the six months ended June 30, 2021 are summarized in the following table: For the Six Months Ended June 30, 2021 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 49,395,482 $ — $ 49,395,482 Pipeline loss allowance subsequent sales 3,991,255 — 3,991,255 Lease revenue 1,176,000 — 1,176,000 Other revenue 774,339 — 774,339 Total Revenue 55,337,076 — 55,337,076 Expenses Transportation and distribution expenses 25,706,007 — 25,706,007 Pipeline loss allowance subsequent sales cost of revenue 3,172,502 — 3,172,502 General and administrative 15,218,447 — 15,218,447 Depreciation, amortization and ARO accretion expense 6,646,783 — 6,646,783 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Total Expenses 56,721,162 — 56,721,162 Operating Loss $ (1,384,086) $ — $ (1,384,086) Other Income (Expense) Other income $ 362,819 $ — $ 362,819 Interest expense (6,226,710) — (6,226,710) Loss on extinguishment of debt (861,814) — (861,814) Total Other Expense (6,725,705) — (6,725,705) Loss before income taxes (8,109,791) — (8,109,791) Taxes Current tax expense 48,241 — 48,241 Deferred tax expense 108,822 — 108,822 Income tax expense, net 157,063 — 157,063 Net Loss $ (8,266,854) $ — $ (8,266,854) Less: Net income (loss) attributable to non-controlling interest 3,620,178 (2,609,227) 1,010,951 Net Income (Loss) attributable to CorEnergy Infrastructure Trust, Inc. $ (11,887,032) $ 2,609,227 $ (9,277,805) Preferred dividend requirements 4,619,344 — 4,619,344 Net Income (Loss) attributable to Common Stockholders $ (16,506,376) $ 2,609,227 $ (13,897,149) Common Stock Basic weighted average shares outstanding 13,655,617 — 13,655,617 Basic net loss per share $ (1.21) $ 0.19 $ (1.02) Diluted weighted average shares outstanding 13,655,617 — 13,655,617 Diluted net loss per share $ (1.21) $ 0.19 $ (1.02) Dividends declared per Common share $ 0.050 $ — $ 0.050 The effects of the restatement on the consolidated statement of equity for the three and six months ended June 30, 2021 are summarized in the following table: Common Stock Preferred Stock Additional Retained Non-controlling Interest Total Shares Amount Amount As Previously Reported Balance at December 31, 2020 13,651,521 $ 13,652 $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net income (loss) — — — — (12,299,571) 1,605,308 (10,694,263) Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common Stock dividends — — — (682,576) — — (682,576) Equity attributable to non-controlling interest — — — — — 115,323,036 115,323,036 Balance at March 31, 2021 (Unaudited) 13,651,521 $ 13,652 $ 125,270,350 $ 336,750,132 $ (327,926,126) $ 116,928,344 $ 251,036,352 Net income — — — — 412,539 2,014,870 2,427,409 Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common Stock dividends — — — (682,576) — — (682,576) Reinvestment of dividends paid to common stockholders 21,805 21 — 132,774 — — 132,795 Crimson cash distribution on A-1 Units — — — — — (604,951) (604,951) Crimson A-2 Units dividends payment in kind — — — — — (406,000) (406,000) Equity attributable to non-controlling interest — — — — — 1,288,726 1,288,726 Balance at June 30, 2021 (Unaudited) 13,673,326 $ 13,673 $ 125,270,350 $ 333,890,657 $ (327,513,587) $ 119,220,989 $ 250,882,083 Restatement Impact Net income (loss) — $ — $ — $ — $ 1,605,308 $ (1,605,308) $ — Balance at March 31, 2021 (Unaudited) — $ — $ — $ — $ 1,605,308 $ (1,605,308) $ — Net income (loss) — — — 1,003,919 (1,003,919) — Balance at June 30, 2021 (Unaudited) — $ — $ — $ — $ 2,609,227 $ (2,609,227) $ — As Restated Balance at December 31, 2020 13,651,521 $ 13,652 $ 125,270,350 $ 339,742,380 $ (315,626,555) $ — $ 149,399,827 Net loss — — — — (10,694,263) — (10,694,263) Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common Stock dividends — — — (682,576) — — (682,576) Equity attributable to non-controlling interest — — — — — 115,323,036 115,323,036 Balance at March 31, 2021 (Unaudited) 13,651,521 $ 13,652 $ 125,270,350 $ 336,750,132 $ (326,320,818) $ 115,323,036 $ 251,036,352 Net income — — — — 1,416,458 1,010,951 2,427,409 Series A preferred stock dividends — — — (2,309,672) — — (2,309,672) Common Stock dividends — — — (682,576) — — (682,576) Reinvestment of dividends paid to common stockholders 21,805 21 — 132,774 — — 132,795 Crimson cash distribution on A-1 Units — — — — — (604,951) (604,951) Crimson A-2 Units dividends payment in kind — — — — — (406,000) (406,000) Equity attributable to non-controlling interest — — — — — 1,288,726 1,288,726 Balance at June 30, 2021 (Unaudited) 13,673,326 $ 13,673 $ 125,270,350 $ 333,890,657 $ (324,904,359) $ 116,611,762 $ 250,882,083 The effects of the restatement on the consolidated statement of cash flow for the six months ended June 30, 2021 are summarized in the following table: For the Six Months Ended June 30, 2021 As Previously Reported Effect of Restatement As Restated Operating Activities Net loss $ (8,266,854) $ — $ (8,266,854) Adjustments to reconcile net loss to net cash provided by operating activities: Deferred income tax 108,822 — 108,822 Depreciation, amortization and ARO accretion 7,427,544 (780,761) 6,646,783 Amortization of debt issuance costs — 780,761 780,761 Loss on impairment and disposal of leased property 5,811,779 — 5,811,779 Loss on termination of lease 165,644 — 165,644 Loss on extinguishment of debt 861,814 — 861,814 Non-cash lease expense 439,246 (439,246) — Changes in assets and liabilities: Acc |
INTRODUCTION AND BASIS OF PRE_2
INTRODUCTION AND BASIS OF PRESENTATION - Narrative (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 16, 2021 shares | Jul. 06, 2021 USD ($) shares | Feb. 01, 2021 mile manager pipelineSystem | Mar. 31, 2022 | Mar. 31, 2021 $ / shares | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 manager $ / shares | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||||||
Number of shares issued in transaction (in shares) | 1,837,607 | ||||||||||
Common Class A | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||||||
Series A Cumulative Redeemable Preferred Stock | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||||||
Preferred stock interest rate | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | |||
Common Stock, Internalization | Internalization | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Consideration received per transaction | $ | $ 14.6 | ||||||||||
Number of shares issued in transaction (in shares) | 1,153,846 | 1,153,846 | |||||||||
Class B Common Stock, Internalization | Internalization | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of shares issued in transaction (in shares) | 683,761 | 683,761 | |||||||||
Depositary Shares | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of shares issued in transaction (in shares) | 170,213 | 170,213 | |||||||||
VIE | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Percentage of voting interest | 49.50% | ||||||||||
Number of managers | manager | 4 | 4 | |||||||||
Crimson Midstream Holdings, LLC | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of critical infrastructure pipeline systems | pipelineSystem | 4 | ||||||||||
Pipeline system length (in miles) | mile | 2,000 | ||||||||||
Pipeline system active length (in miles) | mile | 1,100 | ||||||||||
Crimson Midstream Holdings, LLC | VIE | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Percentage of voting interest | 49.50% | ||||||||||
Crimson Midstream Holdings, LLC | VIE | Affiliated Entity | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Percentage of voting interest | 50.50% | ||||||||||
Pinedale LP | VIE | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Percentage of voting interest | 100% | ||||||||||
Grand Isle Corridor LP | VIE | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Percentage of voting interest | 100% | ||||||||||
Grier Members | VIE | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Percentage of voting interest | 50.50% | ||||||||||
Number of managers | manager | 2 | 2 | |||||||||
Crimson Midstream Holdings, LLC | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Percentage of interest acquired | 49.50% |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2022 | Mar. 31, 2022 | Apr. 29, 2020 | Mar. 31, 2020 | Aug. 12, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Operating lease right-of-use asset | $ 5,082,028 | $ 6,175,414 | $ 5,914,710 | $ 5,082,028 | $ 6,433,505 | $ 4,722,361 | $ 6,075,939 | $ 5,374,148 | $ 5,730,264 | ||||
Operating lease liability | 4,951,891 | 5,800,866 | 5,651,002 | 4,951,891 | 6,281,014 | 4,696,410 | 6,046,657 | $ 5,138,409 | $ 5,388,922 | ||||
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 | |||||||
Provision for loan gain | 0 | 0 | |||||||||||
Deferred rent receivable write-off, noncash | 0 | 0 | 30,105,820 | ||||||||||
Loss on impairment of goodwill | $ 16,210,020 | $ 16,210,020 | $ 16,210,020 | $ 0 | $ 0 | ||||||||
5.875% Unsecured Convertible Senior Notes | Convertible Debt | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Effective interest rate | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | |||||||
Pinedale LGS | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Loss on impairment and disposal of leased property | $ 146,500,000 | ||||||||||||
Loss on impairment of goodwill | 146,500,000 | ||||||||||||
GIGS | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Loss on impairment of leased property | $ 5,800,000 | $ 140,300,000 |
ACQUISITIONS - Crimson (Details
ACQUISITIONS - Crimson (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Feb. 04, 2021 USD ($) shares | Feb. 01, 2021 USD ($) mile pipelineSystem shares | Jun. 30, 2021 USD ($) shares | Mar. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) shares | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | |||||||||
Purchase consideration in cash (net of working capital adjustments) | $ 68,094,324 | $ 69,002,053 | $ 69,002,053 | $ 0 | $ 69,002,052 | $ 0 | |||
Amended and Restated Credit Agreement | Wells Fargo | |||||||||
Business Acquisition [Line Items] | |||||||||
Total Commitment or Original Principal | $ 105,000,000 | ||||||||
Crimson Midstream Holdings, LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of critical infrastructure pipeline systems | pipelineSystem | 4 | ||||||||
Pipeline system length (in miles) | mile | 2,000 | ||||||||
Pipeline system active length (in miles) | mile | 1,100 | ||||||||
Grier Members | Class A-1 Units | |||||||||
Business Acquisition [Line Items] | |||||||||
Membership interest, shares issued upon exchange (in shares) | shares | 1,613,202 | ||||||||
Grier Members | Class A-2 Units | |||||||||
Business Acquisition [Line Items] | |||||||||
Membership interest, shares issued upon exchange (in shares) | shares | 2,436,000 | ||||||||
Grier Members | Class A-3 Units | |||||||||
Business Acquisition [Line Items] | |||||||||
Membership interest, shares issued upon exchange (in shares) | shares | 2,450,142 | ||||||||
Crimson Midstream Holdings, LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Percentage of interest acquired | 49.50% | ||||||||
Economic benefit interest | 100% | ||||||||
Fair value total purchase consideration | $ 343,800,000 | ||||||||
Percentage of interest to be acquired with the right | 50.50% | ||||||||
Cash on hand paid in consideration for the acquisition | $ 74,600,000 | $ 908,000 | |||||||
New common and preferred equity issued in consideration for the acquisition | 115,300,000 | ||||||||
Other assets contributed in consideration for the acquisition | 48,900,000 | ||||||||
New term loan and revolver borrowings incurred in consideration for the acquisition | $ 105,000,000 | ||||||||
Increase in assets acquired | 1,800,000 | ||||||||
Aggregate value of non-controlling interest | $ 883,000 | ||||||||
Crimson Midstream Holdings, LLC | Class C Units | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase consideration in cash (net of working capital adjustments) | $ 66,000,000 | ||||||||
Crimson Midstream Holdings, LLC | Class B-1 Units | |||||||||
Business Acquisition [Line Items] | |||||||||
Shares issued by acquiree through exchange (in shares) | shares | 10,000 | ||||||||
Crimson Midstream Holdings, LLC | Class C-1 Units | |||||||||
Business Acquisition [Line Items] | |||||||||
Percentage of interest acquired | 49.50% | ||||||||
Shares issued by acquiree through exchange (in shares) | shares | 495,000 | ||||||||
Crimson Midstream Holdings, LLC | Grier Members | Class A-1 Units | |||||||||
Business Acquisition [Line Items] | |||||||||
Shares issued by acquiree through exchange (in shares) | shares | 37,043 | 37,043 | |||||||
Percentage of remaining interests to be acquired | 50.50% | 50.50% | |||||||
Units outstanding (in shares) | shares | 1,650,245 | 1,650,245 | |||||||
Crimson Midstream Holdings, LLC | Grier Members | Class C-1 Units | |||||||||
Business Acquisition [Line Items] | |||||||||
Shares issued by acquiree through exchange (in shares) | shares | 505,000 | ||||||||
Percentage of remaining interests to be acquired | 50.50% |
ACQUISITIONS - Summary of Final
ACQUISITIONS - Summary of Final Allocation of Purchase Price - Crimson (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 01, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liabilities Assumed | |||||
Depreciation | $ 16,000,000 | $ 14,700,000 | $ 3,400,000 | ||
Crimson Midstream Holdings, LLC | |||||
Assets Acquired | |||||
Cash and cash equivalents | $ 6,554,921 | ||||
Accounts and other receivables | 11,394,441 | ||||
Inventory | 1,681,637 | ||||
Prepaid expenses and other assets | 6,144,932 | ||||
Property and equipment | 333,715,139 | ||||
Operating right-of-use asset | 6,268,077 | ||||
Total assets acquired: | 365,759,147 | ||||
Liabilities Assumed | |||||
Accounts payable and other accrued liabilities | 13,540,164 | ||||
Operating lease liability | 6,268,077 | ||||
Unearned revenue | 315,000 | ||||
Total liabilities assumed: | 20,123,241 | ||||
Fair Value of Net Assets Acquired: | 345,635,906 | ||||
Non-controlling interest at fair value | 116,205,762 | ||||
Depreciation | 734,000 | ||||
Accounts payable and other accrued liabilities | $ (250,000) | ||||
Total fair value | 116,200,000 | ||||
Cash contribution | $ 908,000 | ||||
Crimson Midstream Holdings, LLC | Class A-1 Units | Grier Members | |||||
Liabilities Assumed | |||||
Shares issued by acquiree through exchange (in shares) | 37,043 | 37,043 |
ACQUISITIONS - Fair Value (Deta
ACQUISITIONS - Fair Value (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | ||
Feb. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Crimson Midstream Holdings, LLC | ||||
Business Acquisition [Line Items] | ||||
Transaction costs | $ 2,000 | $ 1,500 | ||
Financing costs | 2,800 | |||
Due diligence costs | 783 | |||
Other financing cost | 235 | |||
Total acquisition related costs | $ 7,300 | $ 7,300 | ||
Revenues | 106,300 | |||
Net earnings | $ 17,800 | |||
Measurement Input, Discount Rate | Corridor InfraTrust Management, LLC | ||||
Business Acquisition [Line Items] | ||||
Weighted average discount rate | 14% | |||
Measurement Input, Discount Rate | Class A-1 Units | ||||
Business Acquisition [Line Items] | ||||
Discount rate | 11.88% | |||
Measurement Input, Discount Rate | Class A-3 Units | ||||
Business Acquisition [Line Items] | ||||
Discount rate | 11.75% |
ACQUISITIONS - Pro Forma Result
ACQUISITIONS - Pro Forma Results of Operations (Unaudited) (Details) | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Business Combination and Asset Acquisition [Abstract] | |
Revenues | $ 136,921,819 |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions | Sep. 16, 2021 | Jul. 06, 2021 |
Business Acquisition [Line Items] | ||
Number of shares issued in transaction (in shares) | 1,837,607 | |
Common Stock, Internalization | Internalization | ||
Business Acquisition [Line Items] | ||
Consideration received per transaction | $ 14.6 | |
Number of shares issued in transaction (in shares) | 1,153,846 | 1,153,846 |
Class B Common Stock, Internalization | Internalization | ||
Business Acquisition [Line Items] | ||
Number of shares issued in transaction (in shares) | 683,761 | 683,761 |
Depositary Shares | ||
Business Acquisition [Line Items] | ||
Number of shares issued in transaction (in shares) | 170,213 | 170,213 |
ACQUISITIONS - Summary of Preli
ACQUISITIONS - Summary of Prelim Allocation of Purchase Price - Corridor (Details) - USD ($) | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jul. 06, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Assets Acquired | ||||||||||
Goodwill | $ 0 | $ 0 | $ 16,210,020 | $ 16,210,020 | $ 16,210,020 | $ 16,210,020 | $ 1,718,868 | $ 1,718,868 | $ 1,718,868 | |
Internalization | ||||||||||
Assets Acquired | ||||||||||
Cash and cash equivalents | $ 952,487 | |||||||||
Accounts and other receivables | 344,633 | |||||||||
Prepaid expenses and other assets | 14,184 | |||||||||
Property and equipment | 87,101 | |||||||||
Operating right-of-use asset | 453,396 | |||||||||
Goodwill | 14,491,152 | |||||||||
Total assets acquired: | 16,342,953 | |||||||||
Liabilities Assumed | ||||||||||
Accounts payable and other accrued liabilities | 1,259,402 | |||||||||
Operating lease liability | 453,396 | |||||||||
Total liabilities assumed: | 1,712,798 | |||||||||
Fair Value of Net Assets Acquired: | $ 14,630,155 |
TRANSPORTATION AND DISTRIBUTI_3
TRANSPORTATION AND DISTRIBUTION REVENUE - Narrative (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Unamortized deferred contract costs | $ 756 |
TRANSPORTATION AND DISTRIBUTI_4
TRANSPORTATION AND DISTRIBUTION REVENUE - Contract Liability Balance (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Change In Contract With Customer, Liability [Roll Forward] | ||
Beginning balance | $ 5,839,602 | |
Ending balance | 5,948,621 | $ 5,839,602 |
Transportation and distribution | ||
Change In Contract With Customer, Liability [Roll Forward] | ||
Beginning balance | 5,339,364 | 6,104,979 |
Unrecognized Performance Obligations | 1,175,824 | 199,405 |
Recognized Performance Obligations | (587,315) | (965,020) |
Ending balance | $ 5,927,873 | $ 5,339,364 |
TRANSPORTATION AND DISTRIBUTI_5
TRANSPORTATION AND DISTRIBUTION REVENUE - Schedules of Concentration of Risk (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | 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 | |
Concentration Risk [Line Items] | |||||||||||||
Revenue from contracts with customers | $ 32,296,578 | ||||||||||||
Transportation and distribution | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
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 |
Transportation and distribution | Product and services | Revenue | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Concentration percentage | 100% | 100% | 100% | ||||||||||
Crude oil transportation revenue | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Revenue from contracts with customers | $ 100,351,627 | $ 94,935,160 | $ 0 | ||||||||||
Crude oil transportation revenue | Product and services | Revenue | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Concentration percentage | 82.20% | 81.50% | 0% | ||||||||||
Natural gas transportation contracts | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Revenue from contracts with customers | $ 15,415,891 | $ 15,222,145 | $ 12,840,795 | ||||||||||
Natural gas transportation contracts | Product and services | Revenue | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Concentration percentage | 12.60% | 13.10% | 64.30% | ||||||||||
Natural gas distribution contracts | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Revenue from contracts with customers | $ 4,899,750 | $ 4,785,548 | $ 4,782,284 | ||||||||||
Natural gas distribution contracts | Product and services | Revenue | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Concentration percentage | 4% | 4.10% | 23.90% | ||||||||||
Other | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Revenue from contracts with customers | $ 1,341,500 | $ 1,593,759 | $ 2,349,272 | ||||||||||
Other | Product and services | Revenue | |||||||||||||
Concentration Risk [Line Items] | |||||||||||||
Concentration percentage | 1.20% | 1.30% | 11.80% |
LEASED PROPERTIES AND LEASES -
LEASED PROPERTIES AND LEASES - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Feb. 04, 2021 | Jun. 05, 2020 | Apr. 14, 2020 | Sep. 30, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2020 | Dec. 31, 2019 | |
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Loss on impairment of leased property | $ 0 | $ 0 | $ 140,268,379 | ||||||||||||
Deferred rent receivable write-off, noncash | 0 | 0 | 30,105,820 | ||||||||||||
Asset retirement obligation | 0 | 0 | 8,762,579 | ||||||||||||
Property investment, net of accumulated depreciation | $ 1,236,873 | $ 1,298,763 | $ 1,288,449 | $ 1,236,873 | $ 1,278,135 | 1,226,565 | 1,267,821 | $ 1,247,189 | $ 1,257,505 | ||||||
Loss on termination of lease | 165,644 | 165,644 | 165,644 | 0 | 165,644 | 458,297 | |||||||||
Grace period | 30 days | ||||||||||||||
Cash from sale of lease | $ 18,000,000 | ||||||||||||||
Deferred debt costs | $ 32,000,000 | ||||||||||||||
Debt issuance costs | 817,972 | 1,732,515 | 1,580,091 | 817,972 | 1,427,667 | 665,547 | 1,275,244 | 970,395 | 1,122,820 | 132,000 | |||||
Cash | 20,648,641 | 17,661,114 | 17,147,222 | 20,648,641 | 14,680,067 | 17,830,482 | 11,540,576 | 99,596,907 | $ 16,331,670 | $ 11,242,124 | 3,300,000 | $ 120,863,643 | |||
Accrued interest | 198,000 | ||||||||||||||
Loss on impairment of goodwill | $ 16,210,020 | $ 16,210,020 | 16,210,020 | 0 | 0 | ||||||||||
Gain (loss) on extinguishment of debt | (861,814) | $ (861,814) | $ (861,814) | $ 0 | (861,814) | 11,549,968 | |||||||||
Prudential | Disposed of by Sale, Not Discontinued Operations | Pinedale LGS | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Disposal consideration | 18,000,000 | ||||||||||||||
GIGS | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Loss on impairment of leased property | 5,800,000 | 140,300,000 | |||||||||||||
Carrying value | $ 63,500,000 | ||||||||||||||
Asset retirement obligation | 8,800,000 | ||||||||||||||
Property investment, net of accumulated depreciation | 54,700,000 | ||||||||||||||
Fair value | $ 48,900,000 | ||||||||||||||
Loss on impairment | $ 5,800,000 | ||||||||||||||
Loss on termination of lease | $ 166,000 | ||||||||||||||
GIGS | Measurement Input, Discount Rate | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Discount rate | 11.75% | ||||||||||||||
Pinedale LGS | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Loss on termination of lease | 458,000 | ||||||||||||||
Property and equipment, net of accumulated depreciation | $ 164,500,000 | ||||||||||||||
Loss on impairment of goodwill | 146,500,000 | ||||||||||||||
Pinedale LGS | Amended Pinedale Term Credit Facility | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Gain (loss) on extinguishment of debt | $ 11,000,000 |
LEASED PROPERTIES AND LEASES _2
LEASED PROPERTIES AND LEASES - Information Regarding Operating Leases (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease cost: | ||
Operating lease cost | $ 1,786,402 | $ 1,462,136 |
Short term lease cost | 0 | 229,166 |
Total lease cost | $ 1,786,402 | $ 1,691,302 |
Other Information: | ||
Weighted-average remaining lease term - operating leases (in years) | 11 years | 10 years |
Weighted-average discount rate - operating leases | 7.45% | 7.04% |
LEASED PROPERTIES AND LEASES _3
LEASED PROPERTIES AND LEASES - Cash Flow and Supplemental Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating cash flows used on operating leases | $ 1,783,822 | $ 1,691,894 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 66,385 | $ 372,380 |
LEASED PROPERTIES AND LEASES _4
LEASED PROPERTIES AND LEASES - Future Minimum Lease Receipts (Details) - USD ($) | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 |
Leases [Abstract] | ||||||||
2023 | $ 1,215,193 | |||||||
2024 | 475,209 | |||||||
2025 | 419,068 | |||||||
2026 | 464,849 | |||||||
2027 | 464,849 | |||||||
Thereafter | 3,972,700 | |||||||
Total | 7,011,868 | |||||||
Less: Present Value Discount | 2,315,458 | |||||||
Operating Lease Liabilities | $ 4,696,410 | $ 4,951,891 | $ 5,138,409 | $ 5,388,922 | $ 6,046,657 | $ 6,281,014 | $ 5,651,002 | $ 5,800,866 |
FINANCING NOTES RECEIVABLE (Det
FINANCING NOTES RECEIVABLE (Details) - USD ($) | Aug. 10, 2021 | May 30, 2021 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 01, 2021 | Mar. 31, 2021 | May 22, 2020 |
Receivables [Abstract] | ||||||||||||
Monthly principal payments | $ 24,000 | $ 11,000 | ||||||||||
Financing receivable, interest rate | 12% | 12% | 8.50% | |||||||||
Financing notes and related accrued interest receivable, net | $ 858,079 | $ 904,743 | $ 950,034 | $ 993,994 | $ 1,036,660 | $ 1,078,072 | $ 1,149,245 | $ 1,183,950 |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Tax Assets: | ||
Deferred contract revenue | $ 1,230,985 | $ 1,333,510 |
Net operating loss carryforwards | 7,027,439 | 6,929,821 |
Capital loss carryforward | 92,418 | 92,418 |
Other | 338 | 366 |
Sub-total | 8,351,180 | 8,356,115 |
Valuation allowance | (5,168,148) | (3,891,342) |
Sub-total | 3,183,032 | 4,464,773 |
Deferred Tax Liabilities: | ||
Cost recovery of fixed assets | (4,386,744) | (4,187,621) |
Other | (88,588) | (70,867) |
Sub-total | (4,475,332) | (4,258,488) |
Total net deferred tax (liability) asset | $ 206,285 | |
Total net deferred tax (liability) asset | $ (1,292,300) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Contingency [Line Items] | |||
Net operating loss for federal income tax purposes | $ 29,200,000 | $ 28,700,000 | |
NOL not subject to expiration | 26,400,000 | 26,400,000 | |
NOL expiring in 2034 if not utilized | 328,000 | ||
NOL expiring in 2035 if not utilized | 176,000 | ||
NOL expiring in 2036 if not utilized | 328,000 | ||
NOL expiring in 2037 if not utilized | 1,900,000 | ||
Valuation allowance | 5,168,148 | 3,891,342 | |
Net operating losses eligible for carryback under the CARES Act | $ 1,200,000 | ||
Capital Loss Carryforward | |||
Income Tax Contingency [Line Items] | |||
Carryforward for tax purposes | 440,000 | 440,000 | |
Corridor Private | Capital Loss Carryforward | |||
Income Tax Contingency [Line Items] | |||
Valuation allowance | 92,000 | 92,000 | |
Corridor MoGas | Capital Loss Carryforward | |||
Income Tax Contingency [Line Items] | |||
Valuation allowance | $ 5,200,000 | $ 3,800,000 |
INCOME TAXES - Income Tax Expen
INCOME TAXES - Income Tax Expense (Benefit) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | 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 | |
Total income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rates net investment income and net realized and unrealized gains on investments | |||||||||||||
Application of statutory income tax rate | $ (2,327,764) | $ (278,726) | $ (64,292,012) | ||||||||||
State income taxes, net of federal tax benefit | 68,320 | 681,342 | 35,371 | ||||||||||
Income of Real Estate Investment Trust not subject to tax | 2,664,761 | 532,952 | 64,331,160 | ||||||||||
Increase in valuation allowance | 1,276,806 | 3,159,313 | 0 | ||||||||||
Other | (10,212) | (20,122) | (159,377) | ||||||||||
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) |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Benefit (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | 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 | |
Current tax expense (benefit) | |||||||||||||
Federal | $ 141,544 | $ (7,154) | $ (420,074) | ||||||||||
State (net of federal tax benefit) | 31,783 | 5,623 | 24,231 | ||||||||||
Total 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 | |||||||||||||
Federal | 947,036 | 3,400,571 | 299,845 | ||||||||||
State (net of federal tax benefit) | 551,548 | 675,719 | 11,140 | ||||||||||
Total 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) |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Component of property and equipment | |||
Depreciation | $ 16,000,000 | $ 14,700,000 | $ 3,400,000 |
Land | |||
Component of property and equipment | |||
Gross property and equipment | 24,989,784 | 24,989,784 | |
Crude oil pipelines | |||
Component of property and equipment | |||
Gross property and equipment | 185,047,366 | 180,663,146 | |
Natural gas pipeline | |||
Component of property and equipment | |||
Gross property and equipment | 105,322,987 | 104,847,405 | |
Right-of-way agreements | |||
Component of property and equipment | |||
Gross property and equipment | 87,206,374 | 85,451,574 | |
Pipeline related facilities | |||
Component of property and equipment | |||
Gross property and equipment | 42,647,865 | 39,995,865 | |
Tanks | |||
Component of property and equipment | |||
Gross property and equipment | 33,092,825 | 30,679,194 | |
Construction work in progress | |||
Component of property and equipment | |||
Gross property and equipment | 10,495,266 | 8,581,560 | |
Vehicles and trailers and other equipment | |||
Component of property and equipment | |||
Gross property and equipment | 2,684,993 | 1,840,609 | |
Office equipment and computers | |||
Component of property and equipment | |||
Gross property and equipment | 1,569,698 | 1,403,090 | |
Property, Plant and Equipment, Other Types | |||
Component of property and equipment | |||
Gross property and equipment | 493,057,158 | 478,452,227 | |
Less: accumulated depreciation | (52,908,191) | (37,022,034) | |
Net property and equipment | $ 440,148,967 | $ 441,430,193 |
GOODWILL - Narrative (Details)
GOODWILL - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||
Loss on impairment of goodwill | $ 16,210,020 | $ 16,210,020 | $ 16,210,020 | $ 0 | $ 0 | |||||
Goodwill, gross | 0 | 16,200,000 | ||||||||
Goodwill | $ 0 | $ 0 | $ 0 | $ 16,210,020 | $ 1,718,868 | $ 16,210,020 | $ 16,210,020 | $ 16,210,020 | $ 1,718,868 | $ 1,718,868 |
GOODWILL - Net Book Value of Go
GOODWILL - Net Book Value of Goodwill (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | |||||
Goodwill, beginning balance | $ 16,210,020 | $ 16,210,020 | $ 16,210,020 | $ 1,718,868 | |
Corridor Infrastructure Trust Acquisition | 0 | 14,491,152 | |||
Loss on impairment | (16,210,020) | (16,210,020) | (16,210,020) | 0 | $ 0 |
Goodwill, ending balance | $ 0 | $ 0 | $ 0 | $ 16,210,020 | $ 1,718,868 |
CONCENTRATIONS (Details)
CONCENTRATIONS (Details) - Revenue from Contract with Customer - Customer Concentration Risk | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Phillips 66 | |||
Concentration Risk [Line Items] | |||
Percent of Revenues | 11% | 12% | |
Shell Trading US Company | |||
Concentration Risk [Line Items] | |||
Percent of Revenues | 14% | 17% | |
Chevron Products Company | |||
Concentration Risk [Line Items] | |||
Percent of Revenues | 18% | 20% | |
PBF Holding Company | |||
Concentration Risk [Line Items] | |||
Percent of Revenues | 15% | 13% | |
Valero | |||
Concentration Risk [Line Items] | |||
Percent of Revenues | 7% | 5% | |
Spire | |||
Concentration Risk [Line Items] | |||
Percent of Revenues | 6% | 6% | 16% |
Ameren Energy | |||
Concentration Risk [Line Items] | |||
Percent of Revenues | 4% | 4% | 11% |
Department of Defense | |||
Concentration Risk [Line Items] | |||
Percent of Revenues | 4% | 4% | 15% |
MANAGEMENT AGREEMENT (Details)
MANAGEMENT AGREEMENT (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Apr. 01, 2021 | Aug. 15, 2015 | Jul. 06, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 01, 2021 | May 01, 2015 | |
Management Agreement [Line Items] | ||||||||
Transaction bonus | $ 1,000 | |||||||
Reimbursements | 1,600 | |||||||
Legal fees | 50 | |||||||
Payments to investment advisors | 1,900 | |||||||
Corridor Infra Trust Management | ||||||||
Management Agreement [Line Items] | ||||||||
Bonus payment advance | $ 1,000 | |||||||
Contribution agreement, quarterly payment | $ 172 | |||||||
Dividends paid under agreement | $ 53 | |||||||
Quarterly management fee percentage | 0.25% | |||||||
Annual management fee percentage | 1% | |||||||
Quarterly incentive fee percentage in relation to distribution threshold | 10% | |||||||
Distribution threshold (in dollars per share) | $ 0.625 | |||||||
Least half | 50% | |||||||
General and administrative expense | Corridor Infra Trust Management | ||||||||
Management Agreement [Line Items] | ||||||||
Management fee | $ 0 | 322 | $ 5,100 | |||||
Administrative fee | $ 0 | $ 13 | $ 203 | |||||
Administrative Agreement | ||||||||
Management Agreement [Line Items] | ||||||||
Annual rate percentage of managed assets | 0.04% | |||||||
Minimum annual fee | $ 30 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jul. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2022 | |
Crimson Legal Proceedings | |||
Loss Contingencies [Line Items] | |||
Settlement awarded to other party | $ 330 | ||
Penalties | $ 900 | ||
California Bonds Indemnification | |||
Loss Contingencies [Line Items] | |||
Premium for bonds outstanding | $ 115 |
FAIR VALUE - Carrying and Fair
FAIR VALUE - Carrying and Fair Value Amounts (Details) - 5.875% Unsecured Convertible Senior Notes - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 29, 2020 | Mar. 31, 2020 | Aug. 12, 2019 |
Convertible Debt | ||||||
Financial Assets: | ||||||
Effective interest rate | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% |
Convertible debt outstanding | $ 118,100,000 | |||||
Level 2 | ||||||
Financial Assets: | ||||||
Convertible debt outstanding | $ 116,323,530 | $ 115,665,830 | ||||
Fair Value | $ 79,093,500 | $ 111,144,075 |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) | 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 | Dec. 31, 2020 | Jun. 30, 2020 | Apr. 29, 2020 | Mar. 31, 2020 | Aug. 12, 2019 | |
Debt Instrument [Line Items] | |||||||||||||
Amount Outstanding | $ 219,050,000 | $ 219,050,000 | |||||||||||
Deferred debt financing costs, net | 665,547 | $ 817,972 | $ 970,395 | $ 1,122,820 | 1,275,244 | $ 1,427,667 | $ 1,580,091 | $ 1,732,515 | $ 132,000 | ||||
Total Remaining Contractual Payments | 216,657,983 | 215,390,586 | |||||||||||
Debt due within one year | 10,000,000 | 8,000,000 | |||||||||||
Crimson Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance costs, line of credit | $ 665,547 | 1,275,244 | |||||||||||
Line of Credit | Crimson Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate, effective | 8.30% | ||||||||||||
Total Remaining Contractual Payments | $ 219,050,000 | ||||||||||||
Line of Credit | Revolving Credit Facility | Crimson Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total Commitment or Original Principal | 50,000,000 | ||||||||||||
Quarterly Principal Payments( | |||||||||||||
Amount Outstanding | $ 35,000,000 | $ 27,000,000 | |||||||||||
Interest rate, effective | 8.41% | 4.11% | |||||||||||
Total Remaining Contractual Payments | $ 35,000,000 | ||||||||||||
Line of Credit | Bridge Loan | Crimson Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total Commitment or Original Principal | 80,000,000 | ||||||||||||
Quarterly Principal Payments( | 2,000,000 | ||||||||||||
Amount Outstanding | $ 66,000,000 | $ 74,000,000 | |||||||||||
Interest rate, effective | 8.22% | 4.10% | |||||||||||
Total Remaining Contractual Payments | $ 66,000,000 | ||||||||||||
Line of Credit | Uncommitted Incremental Facility | Crimson Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total Commitment or Original Principal | 25,000,000 | ||||||||||||
Quarterly Principal Payments( | |||||||||||||
Amount Outstanding | $ 0 | $ 0 | |||||||||||
Interest rate, effective | 0% | 0% | |||||||||||
Convertible Debt | 5.875% Unsecured Convertible Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total Commitment or Original Principal | $ 120,000,000 | $ 120,000,000 | |||||||||||
Quarterly Principal Payments( | $ 0 | ||||||||||||
Amount Outstanding | $ 118,050,000 | ||||||||||||
Interest rate, fixed | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | |||||||
Deferred debt financing costs, net | $ 218,587 | $ 301,859 | |||||||||||
Unamortized discount | 1,507,883 | $ 2,082,311 | $ 3,500,000 | ||||||||||
Total Remaining Contractual Payments | $ 118,050,000 |
DEBT - Crimson Credit Facility
DEBT - Crimson Credit Facility (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 USD ($) | Feb. 04, 2021 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Advances on revolving line of credit | $ 2,000,000 | $ 3,000,000 | $ 4,000,000 | $ 8,000,000 | $ 9,000,000 | $ 19,000,000 | $ 14,000,000 | $ 24,000,000 | $ 0 | ||
Crimson Credit Facility | Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 155,000,000 | ||||||||||
Advances on revolving line of credit | $ 30,000,000 | ||||||||||
Leverage ratio | 2.50 | ||||||||||
Interest rate, effective | 8.30% | ||||||||||
Minimum debt service coverage ratio | 2 | ||||||||||
Crimson Credit Facility | Line of Credit | Debt Covenant, Period One | 4/1/2021 - 12/31/2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Leverage ratio | 3 | ||||||||||
Crimson Credit Facility | Line of Credit | Debt Covenant, Period Two | 1/1/2022 - 12/31/2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Leverage ratio | 2.75 | ||||||||||
Crimson Credit Facility | Line of Credit | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Leverage ratio | 2.50 | ||||||||||
Quarterly payments | $ 2,000,000 | ||||||||||
Crimson Credit Facility | Line of Credit | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Leverage ratio | 2.75 | ||||||||||
Quarterly payments | $ 3,000,000 | ||||||||||
Crimson Credit Facility | Line of Credit | LIBOR | Option Two | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 1% | ||||||||||
Crimson Credit Facility | Line of Credit | LIBOR | Minimum | Option One | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 3.25% | ||||||||||
Crimson Credit Facility | Line of Credit | LIBOR | Minimum | Option Two | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Additional basis spread on variable rate | 2.25% | ||||||||||
Crimson Credit Facility | Line of Credit | LIBOR | Maximum | Option One | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 4.50% | ||||||||||
Crimson Credit Facility | Line of Credit | LIBOR | Maximum | Option Two | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Additional basis spread on variable rate | 3.50% | ||||||||||
Crimson Credit Facility | Line of Credit | Fed Funds Rate | Option Two | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0.50% | ||||||||||
Crimson Credit Facility | Line of Credit | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||||||
Advances on revolving line of credit | 25,000,000 | ||||||||||
Interest rate, effective | 8.41% | 4.11% | |||||||||
Crimson Credit Facility | Line of Credit | Bridge Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 80,000,000 | ||||||||||
Quarterly payments | 2,000,000 | ||||||||||
Interest rate, effective | 8.22% | 4.10% | |||||||||
Crimson Credit Facility | Line of Credit | Bridge Loan | Forecast | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Quarterly payments | $ 3,000,000 | ||||||||||
Crimson Credit Facility | Line of Credit | Uncommitted Incremental Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 25,000,000 | ||||||||||
Interest rate, effective | 0% | 0% | |||||||||
5.875% Unsecured Convertible Senior Notes | Convertible Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Conversion ratio | 0.02 | ||||||||||
7.00% Convertible Notes | Convertible Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Conversion ratio | 0.030303 |
DEBT - Contractual Payments (De
DEBT - Contractual Payments (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total Remaining Contractual Payments | $ 216,657,983 | $ 215,390,586 |
Line of Credit | Crimson Credit Facility | ||
Debt Instrument [Line Items] | ||
2023 | 10,000,000 | |
2024 | 91,000,000 | |
2025 | 118,050,000 | |
Total Remaining Contractual Payments | 219,050,000 | |
Line of Credit | Crimson Credit Facility | Bridge Loan | ||
Debt Instrument [Line Items] | ||
2023 | 10,000,000 | |
2024 | 56,000,000 | |
2025 | 0 | |
Total Remaining Contractual Payments | 66,000,000 | |
Line of Credit | Crimson Credit Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
2023 | 0 | |
2024 | 35,000,000 | |
2025 | 0 | |
Total Remaining Contractual Payments | 35,000,000 | |
Convertible Debt | 5.875% Unsecured Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
2025 | 118,050,000 | |
Total Remaining Contractual Payments | $ 118,050,000 |
DEBT - CorEnergy Credit Facilit
DEBT - CorEnergy Credit Facilities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Jul. 28, 2017 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | ||||||||||||
Amount of outstanding borrowings | $ 219,050,000 | $ 219,050,000 | ||||||||||
Long-term debt outstanding | 216,657,983 | 215,390,586 | ||||||||||
Debt issuance costs | $ 1,122,820 | $ 1,732,515 | $ 970,395 | $ 1,580,091 | $ 817,972 | $ 1,427,667 | 665,547 | 1,275,244 | $ 132,000 | |||
Amortization of debt issuance costs | 412,260 | 368,704 | $ 824,120 | 780,761 | $ 1,236,178 | 1,192,821 | 1,648,242 | 1,604,881 | $ 1,270,035 | |||
Gain (loss) on extinguishment of debt | $ (861,814) | $ (861,814) | $ (861,814) | 0 | (861,814) | 11,549,968 | ||||||
Line of Credit | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Amortization of debt issuance costs | $ 990,540 | $ 947,183 | $ 600,951 | |||||||||
Line of Credit | CorEnergy Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt instrument term | 5 years | |||||||||||
Amortization of debt issuance costs | $ 2,900,000 | |||||||||||
Line of Credit | CorEnergy Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt issuance costs | 1,800,000 | $ 1,300,000 | ||||||||||
Amortization of debt issuance costs | $ 1,600,000 | |||||||||||
Gain (loss) on extinguishment of debt | $ 862,000 |
DEBT - Mowood_Omega Revolver (D
DEBT - Mowood/Omega Revolver (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt outstanding | $ 216,657,983 | $ 215,390,586 |
DEBT - Amended Pinedale Term Cr
DEBT - Amended Pinedale Term Credit Facility (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Line of Credit Facility [Line Items] | ||||||||||
Long term borrowings outstanding | $ 216,657,983 | $ 215,390,586 | ||||||||
Deferred debt financing costs, net | $ 1,122,820 | $ 1,732,515 | $ 970,395 | $ 1,580,091 | $ 817,972 | $ 1,427,667 | 665,547 | 1,275,244 | $ 132,000 | |
Repayment of secured credit facility | 2,000,000 | 4,000,000 | 6,000,000 | 4,000,000 | 8,000,000 | 6,000,000 | $ 1,764,000 | |||
Interest paid | $ 4,500,333 | 4,254,050 | $ 4,999,845 | 5,750,876 | $ 8,802,697 | 10,206,280 | 11,343,702 | 11,224,582 | 9,272,409 | |
Gain (loss) on extinguishment of debt | $ (861,814) | $ (861,814) | $ (861,814) | $ 0 | $ (861,814) | 11,549,968 | ||||
Prudential | Pinedale LGS | Disposed of by Sale, Not Discontinued Operations | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Disposal consideration | $ 18,000,000 | |||||||||
Amended Pinedale Term Credit Facility | Pinedale LGS | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Gain (loss) on extinguishment of debt | $ 11,000,000 |
DEBT - Deferred Financing Costs
DEBT - Deferred Financing Costs Summary (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||||||
Amortization of debt issuance costs | $ 412,260 | $ 368,704 | $ 824,120 | $ 780,761 | $ 1,236,178 | $ 1,192,821 | $ 1,648,242 | $ 1,604,881 | $ 1,270,035 |
Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization of debt issuance costs | 990,540 | 947,183 | 600,951 | ||||||
Line of Credit | Crimson Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization of debt issuance costs | 990,540 | 899,304 | 0 | ||||||
Line of Credit | CorEnergy Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization of debt issuance costs | 0 | 47,879 | 574,541 | ||||||
Line of Credit | Amended Pinedale Term Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization of debt issuance costs | $ 0 | $ 0 | $ 26,410 |
DEBT - Convertible Debt (Detail
DEBT - Convertible Debt (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Jun. 12, 2020 USD ($) | Apr. 29, 2020 USD ($) | Aug. 12, 2019 USD ($) tradingDay $ / shares | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) $ / shares | Mar. 31, 2020 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 30, 2020 USD ($) | Mar. 21, 2020 | |
Debt Instrument [Line Items] | |||||||||||||||
Repurchases of convertible debt | $ 0 | $ 0 | $ 1,316,250 | ||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||||||||||
Gain (loss) on extinguishment of debt | $ (861,814) | $ (861,814) | $ (861,814) | 0 | (861,814) | 11,549,968 | |||||||||
Amortization of debt issuance costs | $ 412,260 | $ 368,704 | $ 824,120 | $ 780,761 | $ 1,236,178 | $ 1,192,821 | 1,648,242 | 1,604,881 | 1,270,035 | ||||||
Deferred debt costs | $ 32,000,000 | ||||||||||||||
5.875% Unsecured Convertible Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of trading days | tradingDay | 20 | ||||||||||||||
Convertible Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest expense | 7,593,138 | 7,593,138 | $ 7,697,403 | ||||||||||||
Convertible Debt | 7.00% Convertible Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Effective interest rate | 7% | 7% | 7% | ||||||||||||
Repurchases of convertible debt | $ 1,700,000 | ||||||||||||||
Principal amount | $ 416,000 | ||||||||||||||
Shares issued (in shares) | shares | 12,605 | ||||||||||||||
Interest expense | $ 59,000 | 0 | 0 | $ 63,153 | |||||||||||
Write-off of underwriter's discount | 0 | 0 | 6,682 | ||||||||||||
Amortization of debt issuance costs | 0 | $ 0 | $ 1,140 | ||||||||||||
Convertible Debt | 5.875% Unsecured Convertible Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Face amount | $ 120,000,000 | $ 120,000,000 | |||||||||||||
Effective interest rate | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | |||||||||
Conversion price (in dollars per share) | $ / shares | $ 50 | ||||||||||||||
Repurchases of convertible debt | $ 1,300,000 | ||||||||||||||
Interest expense | 24,000 | $ 7,593,138 | $ 7,593,138 | $ 7,634,250 | |||||||||||
Gain (loss) on extinguishment of debt | 576,000 | ||||||||||||||
Write-off of underwriter's discount | 574,428 | 574,428 | 577,539 | ||||||||||||
Amortization of debt issuance costs | 83,272 | 83,272 | $ 83,723 | ||||||||||||
Carrying amount | 118,100,000 | ||||||||||||||
Redemption price in percentage | 100% | ||||||||||||||
Amount of underwriter's discount | $ 3,500,000 | $ 1,507,883 | $ 2,082,311 | ||||||||||||
Deferred debt costs | $ 508,000 | ||||||||||||||
Sale price of common stock, percentage | 125% | ||||||||||||||
Number of consecutive trading days | tradingDay | 30 | ||||||||||||||
Minimum balance to trigger default upon qualified event | $ 25,000,000 | ||||||||||||||
Debt instrument, repurchased face amount | $ 2,000,000 | ||||||||||||||
Effective percentage | 6.40% | 6.40% | 6.40% |
DEBT - Summary of Convertible N
DEBT - Summary of Convertible Note Interest Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Jun. 12, 2020 | Apr. 29, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 21, 2020 | Aug. 12, 2019 | |
Debt Instrument [Line Items] | ||||||||||||||
Amortization of debt issuance costs | $ 412,260 | $ 368,704 | $ 824,120 | $ 780,761 | $ 1,236,178 | $ 1,192,821 | $ 1,648,242 | $ 1,604,881 | $ 1,270,035 | |||||
Convertible Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total Convertible Notes | 7,593,138 | 7,593,138 | 7,697,403 | |||||||||||
Convertible Debt | 7.00% Convertible Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Expense | 0 | 0 | 55,331 | |||||||||||
Discount Amortization | 0 | 0 | 6,682 | |||||||||||
Amortization of debt issuance costs | 0 | 0 | 1,140 | |||||||||||
Total Convertible Notes | $ 59,000 | 0 | 0 | $ 63,153 | ||||||||||
Effective interest rate | 7% | 7% | 7% | |||||||||||
Convertible Debt | 5.875% Unsecured Convertible Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Expense | 6,935,438 | 6,935,438 | $ 6,972,988 | |||||||||||
Discount Amortization | 574,428 | 574,428 | 577,539 | |||||||||||
Amortization of debt issuance costs | 83,272 | 83,272 | 83,723 | |||||||||||
Total Convertible Notes | $ 24,000 | $ 7,593,138 | $ 7,593,138 | $ 7,634,250 | ||||||||||
Effective interest rate | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% |
DEBT - Note Payable (Details)
DEBT - Note Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Note payable | $ 3,500 | $ 863 |
Bears interest percent | 5.70% | 3.60% |
ASSET RETIREMENT OBLIGATION (De
ASSET RETIREMENT OBLIGATION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning asset retirement obligation | $ 0 | $ 8,762,579 |
ARO accretion expense | 0 | 40,546 |
ARO disposed | 0 | (8,803,125) |
Ending asset retirement obligation | $ 0 | $ 0 |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Sep. 16, 2021 | Jul. 07, 2021 | Jul. 06, 2021 | Feb. 01, 2021 | Oct. 30, 2018 | May 10, 2017 | Apr. 18, 2017 | Jan. 27, 2015 | Jun. 30, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 26, 2022 | May 25, 2022 | Nov. 03, 2021 | Mar. 31, 2020 | Mar. 21, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Number of shares issued in transaction (in shares) | 1,837,607 | ||||||||||||||||||||||||||||
Common stock, shares issued | 13,651,521 | ||||||||||||||||||||||||||||
Stock-based compensation expense | $ 180,000 | ||||||||||||||||||||||||||||
Remaining unrecognized stock-based compensation cost | $ 1,300,000 | ||||||||||||||||||||||||||||
Weighted average period over which the remaining compensation expense is recognized | 2 years 2 months 12 days | ||||||||||||||||||||||||||||
Preferred stock, shares authorized | 69,367,000,000,000 | ||||||||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | ||||||||||||||||||||||||||||
Repurchases of Series A preferred stock | $ 0 | $ 0 | $ 161,997 | ||||||||||||||||||||||||||
Preferred stock, shares outstanding | 51,810 | ||||||||||||||||||||||||||||
Common stock, shares outstanding | 13,651,521 | ||||||||||||||||||||||||||||
Crimson cash distribution on A-1 Units | $ 809,212 | $ 809,212 | $ 809,212 | $ 841,950 | $ 604,951 | $ 1,618,424 | $ 2,427,636 | $ 3,236,848 | $ 2,256,113 | ||||||||||||||||||||
Aggregate offering price of shelf registration | $ 600,000,000 | ||||||||||||||||||||||||||||
Current availability | $ 600,000,000 | ||||||||||||||||||||||||||||
Common stock, shares authorized | 100,000,000 | ||||||||||||||||||||||||||||
Omnibus Equity Incentive Plan | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Common stock authorized (in shares) | 3,000,000 | ||||||||||||||||||||||||||||
Common stock, shares issued | 80,817 | ||||||||||||||||||||||||||||
Remaining shares available for grant (in shares) | 2,244,871 | ||||||||||||||||||||||||||||
Common stock, shares authorized | 3,000,000 | ||||||||||||||||||||||||||||
Director | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Granted | 80,817 | ||||||||||||||||||||||||||||
Granted (in dollars per share) | $ 2.23 | ||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Granted | 682,890 | ||||||||||||||||||||||||||||
Granted (in dollars per share) | $ 2.58 | ||||||||||||||||||||||||||||
Number of shares rights to received in future (in shares) | 1 | ||||||||||||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||||||||||||
Settled period | 30 days | ||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) | March 15th 2023 | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Vesting rights percentage | 33.33% | ||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) | March 15th 2022 | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Vesting rights percentage | 33.33% | ||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) | March 15th 2024 | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Vesting rights percentage | 33.33% | ||||||||||||||||||||||||||||
7.00% Convertible Notes | Convertible Debt | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Effective interest rate | 7% | 7% | 7% | ||||||||||||||||||||||||||
Class A-1 Units | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Dividends (in dollars per share) | $ 1.84 | ||||||||||||||||||||||||||||
Depositary Shares | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Number of shares issued in transaction (in shares) | 170,213 | 170,213 | |||||||||||||||||||||||||||
Series A Cumulative Redeemable Preferred Stock | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock, shares authorized | 69,367,000 | 69,367,000 | |||||||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||
Preferred stock interest rate | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | |||||||||||||||||||||
Preferred stock, shares issued | 22,500 | 50,108 | 51,810 | 51,810 | 51,810 | 51,810 | 50,108 | 50,108 | 51,810 | 50,108 | 51,810 | 51,810 | 51,810 | 51,810 | 51,810 | ||||||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | |||||||||||||||
Preferred stock, shares outstanding | 50,108 | 51,810 | 51,810 | 51,810 | 51,810 | 50,108 | 50,108 | 51,810 | 50,108 | 51,810 | 51,810 | 51,810 | 51,810 | 51,810 | |||||||||||||||
Common Class B | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Common stock, shares issued | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | |||||||||||||||||||
Common stock, shares outstanding | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | |||||||||||||||||||
Common stock, shares authorized | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | |||||||||||||||||||
Series B Preferred Stock | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock interest rate | 4% | ||||||||||||||||||||||||||||
Non-Convertible Common Stock | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Common stock, shares issued | 13,673,326 | 15,176,911 | 15,060,857 | 14,960,628 | 14,866,799 | 13,673,326 | 15,060,857 | 13,673,326 | 15,176,911 | 14,866,799 | 14,893,184 | 15,253,958 | 14,893,184 | ||||||||||||||||
Common stock, shares outstanding | 13,673,326 | 15,176,911 | 15,060,857 | 14,960,628 | 14,866,799 | 13,673,326 | 15,060,857 | 13,673,326 | 15,176,911 | 14,866,799 | 14,893,184 | 15,253,958 | 14,893,184 | ||||||||||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||||||||
Series C Preferred Stock | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock interest rate | 9% | ||||||||||||||||||||||||||||
Omnibus Equity Incentive Plan | Restricted Stock Units (RSUs) | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Granted | 674,312 | ||||||||||||||||||||||||||||
Internalization | Common Class B | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Number of shares issued in transaction (in shares) | 683,761 | ||||||||||||||||||||||||||||
Internalization | Common Stock, Internalization | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Number of shares issued in transaction (in shares) | 1,153,846 | 1,153,846 | |||||||||||||||||||||||||||
Consideration received per transaction | $ 14,600,000 | ||||||||||||||||||||||||||||
Internalization | Class B Common Stock, Internalization | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Number of shares issued in transaction (in shares) | 683,761 | 683,761 | |||||||||||||||||||||||||||
Dividend Reinvestment Plan | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 1,000,000 | 386,379 | |||||||||||||||||||||||||||
Remaining availability (in shares) | 613,621 | ||||||||||||||||||||||||||||
Series C Preferred Stock | Depositary Shares | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Equity instrument, shares issuable upon conversion (in shares) | 1,755,579 | ||||||||||||||||||||||||||||
Class A-2 Units | Common Class B | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Equity instrument, shares issuable upon conversion (in shares) | 8,762,158 | ||||||||||||||||||||||||||||
Class A-3 Units | Common Class B | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Equity instrument, shares issuable upon conversion (in shares) | 2,450,142 | ||||||||||||||||||||||||||||
Crimson Midstream Holdings, LLC | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Increase in assets acquired | $ 1,800,000 | ||||||||||||||||||||||||||||
Aggregate value of non-controlling interest | $ 883,000 | ||||||||||||||||||||||||||||
Total fair value | $ 116,200,000 | ||||||||||||||||||||||||||||
Crimson Midstream Holdings, LLC | Mr. Grier and Certain Affiliated Trusts of Mr. Grier | Class A-1 Units | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Shares issued by acquiree through exchange (in shares) | 37,043 | 37,043 | |||||||||||||||||||||||||||
Crimson Midstream Holdings, LLC | Grier Members | Class A-1 Units | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Shares issued by acquiree through exchange (in shares) | 37,043 | 37,043 | |||||||||||||||||||||||||||
Preferred Stock | Series A Cumulative Redeemable Preferred Stock | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock interest rate | 7.375% | ||||||||||||||||||||||||||||
Preferred Stock | Underwritten Public Offering | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Shares outstanding (in shares) | 52,000 | ||||||||||||||||||||||||||||
Non-Controlling Interest | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Crimson cash distribution on A-1 Units | $ 809,212 | $ 809,212 | $ 809,212 | $ 841,950 | $ 604,951 | $ 1,618,424 | $ 2,427,636 | $ 3,236,848 | $ 2,256,113 | ||||||||||||||||||||
Non-Controlling Interest | Class A-2 Units | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock dividends (in shares) | 24,414 | ||||||||||||||||||||||||||||
Depositary Shares | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 51.81 | ||||||||||||||||||||||||||||
Dividends (in dollars per share) | 1.84375 | ||||||||||||||||||||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ 25 | ||||||||||||||||||||||||||||
Preferred stock, shares outstanding | 5,181,027 | ||||||||||||||||||||||||||||
Depositary Shares | Series A Cumulative Redeemable Preferred Stock | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Stock repurchased during period (in shares) | 8,913 | ||||||||||||||||||||||||||||
Repurchases of Series A preferred stock | $ 162,000 | ||||||||||||||||||||||||||||
Depositary Shares | Underwritten Public Offering | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Stock issued during period (in shares) | 150,000 | 2,800,000 | 2,250,000 | ||||||||||||||||||||||||||
Sale of stock (in dollars per share) | $ 25 | $ 25 | |||||||||||||||||||||||||||
Shares outstanding (in shares) | 5,200,000 | ||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Authorized amount of shares to be repurchased (in shares) | $ 5,000,000 | ||||||||||||||||||||||||||||
Common stock, shares outstanding | 15,176,911 | 15,060,857 | 15,060,857 | 15,176,911 | 14,893,184 | 14,893,184 | |||||||||||||||||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 84,606 | 221,362 | |||||||||||||||||||||||||||
Common Stock | Common Class B | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||
Common stock, shares outstanding | 0 | 683,761 | 683,761 | 683,761 | 683,761 | 0 | 0 | 683,761 | 0 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 0 | 0 |
STOCKHOLDER'S EQUITY - Director
STOCKHOLDER'S EQUITY - Director Stock-Based Compensation (Details) - Director | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Granted | shares | 80,817 |
Granted (in dollars per share) | $ / shares | $ 2.23 |
STOCKHOLDER'S EQUITY - Schedule
STOCKHOLDER'S EQUITY - Schedule of Unvested RSUs (Details) - Restricted Stock Units (RSUs) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Restricted Stock Units | |
Outstanding at January 1, 2022 | 0 |
Granted | 682,890 |
Vested | 0 |
Forfeited | (8,578) |
Outstanding at December 31, 2022 | 674,312 |
Expected to vest as of December 31, 2022 | 674,312 |
Weighted Average Grant Date Fair Value | |
Period start (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 2.58 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 2.58 |
Period end (in dollars per share) | $ / shares | $ 2.58 |
STOCKHOLDER'S EQUITY - Stock-ba
STOCKHOLDER'S EQUITY - Stock-based Compensation Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 180,000 | |
Restricted Stock | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation expense | 612,117 | $ 0 |
Restricted Stock | General and administrative expense | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation expense | 540,891 | 0 |
Restricted Stock | Transportation and distribution expense | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 71,226 | $ 0 |
STOCKHOLDERS' EQUITY - Schedule
STOCKHOLDERS' EQUITY - Schedule Of Noncontrolling Interest (Details) - Crimson Midstream Holdings, LLC | Dec. 31, 2022 shares |
Class A-1 Units | |
Noncontrolling Interest [Line Items] | |
Economic ownership interests in Crimson Midstream Holdings, LLC | 0 |
Class A-1 Units | Grier Members | |
Noncontrolling Interest [Line Items] | |
Economic ownership interests in Crimson Midstream Holdings, LLC | 1,650,245 |
Class A-2 Units | |
Noncontrolling Interest [Line Items] | |
Economic ownership interests in Crimson Midstream Holdings, LLC | 0 |
Class A-2 Units | Grier Members | |
Noncontrolling Interest [Line Items] | |
Economic ownership interests in Crimson Midstream Holdings, LLC | 2,460,414 |
Class A-3 Units | |
Noncontrolling Interest [Line Items] | |
Economic ownership interests in Crimson Midstream Holdings, LLC | 0 |
Class A-3 Units | Grier Members | |
Noncontrolling Interest [Line Items] | |
Economic ownership interests in Crimson Midstream Holdings, LLC | 2,450,142 |
Class B-1 Units | |
Noncontrolling Interest [Line Items] | |
Ownership interests in Crimson Midstream Holdings, LLC (in shares) | 10,000 |
Class B-1 Units | Grier Members | |
Noncontrolling Interest [Line Items] | |
Ownership interests in Crimson Midstream Holdings, LLC (in shares) | 0 |
Class C-1 Units | |
Noncontrolling Interest [Line Items] | |
Ownership interests in Crimson Midstream Holdings, LLC (in shares) | 495,000 |
Voting Interests of C-1 Units (%) | 49.50% |
Class C-1 Units | Grier Members | |
Noncontrolling Interest [Line Items] | |
Ownership interests in Crimson Midstream Holdings, LLC (in shares) | 505,000 |
Voting Interests of C-1 Units (%) | 50.50% |
STOCKHOLDERS' EQUITY - Schedu_2
STOCKHOLDERS' EQUITY - Schedule of Distributions Payable (Details) - $ / shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Feb. 01, 2021 | Mar. 31, 2022 | 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 | |
Dividends Payable [Line Items] | ||||||||||||
Dividends declared per share (in dollars per share) | $ 0.050 | $ 0.050 | $ 0.050 | $ 0.150 | $ 0.150 | $ 0.200 | $ 0.20 | $ 0.900 | ||||
Series A Cumulative Redeemable Preferred Stock | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock interest rate | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | ||||
Class A-1 Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends (in dollars per share) | $ 1.84 | |||||||||||
Series B Preferred Stock | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock interest rate | 4% | |||||||||||
Common Class B | Dividends, Period One | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends declared per share (in dollars per share) | 0.05 | |||||||||||
Common Class B | Dividends, Period Two | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends declared per share (in dollars per share) | $ 0.055 | |||||||||||
Dividend multiplier | 1.25 | |||||||||||
Common Class B | Dividends, Period Three | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends declared per share (in dollars per share) | $ 0.06 | |||||||||||
Dividend multiplier | 1.25 |
EARNINGS (LOSS) PER SHARE - Sch
EARNINGS (LOSS) PER SHARE - Schedule (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 | |
Earnings Per Share, Basic, Two Class Method [Abstract] | |||||||||||||||
Net income (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 | ||
Total undistributed losses - basic | (19,452,089) | (1,775,247) | 422,756 | 1,744,007 | (1,352,491) | (20,804,580) | (13,518,293) | (25,313,615) | (17,647,655) | ||||||
Total undistributed losses - diluted | (20,295,314) | (1,852,692) | 441,285 | 1,817,107 | (13,518,293) | (26,413,681) | (17,647,655) | ||||||||
Numerator for basic net loss per share | (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) |
Numerator for diluted net loss per share | $ (893,214) | $ (13,003,935) | $ (13,897,149) | $ (315,257,388) | |||||||||||
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 | |||||||||||||
Basic loss per share (in dollars per share) | $ (0.07) | $ (0.95) | $ (1.02) | $ (23.09) | |||||||||||
Diluted loss per share (in dollars per share) | $ (0.07) | $ (0.95) | $ (1.02) | $ (23.09) | |||||||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||
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 | ||
Numerator for basic net loss per share | $ (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 - basic (in shares) | 13,651,521 | 13,650,718 | |||||||||||||
Basic loss per share (in dollars per share) | $ (0.07) | $ (0.95) | $ (1.02) | $ (23.09) | |||||||||||
Numerator for diluted net loss per share | $ (893,214) | $ (13,003,935) | $ (13,897,149) | $ (315,257,388) | |||||||||||
Add: After tax effect of convertible interest | 0 | ||||||||||||||
Loss attributable for dilutive securities | $ (315,257,388) | ||||||||||||||
Weighted average shares - diluted (in shares) | 13,651,521 | 13,650,718 | |||||||||||||
Diluted loss per share (in dollars per share) | $ (0.07) | $ (0.95) | $ (1.02) | $ (23.09) | |||||||||||
Increase (decrease) in preferred dividends | $ 52,896 | ||||||||||||||
Common Stock | |||||||||||||||
Earnings Per Share, Basic, Two Class Method [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 loss per share (in dollars per share) | (0.24) | (1.20) | (0.07) | 0.08 | (0.22) | 0.16 | (0.07) | (0.95) | |||||||
Earnings Per Share Reconciliation [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 loss per share (in dollars per share) | (0.24) | $ (1.20) | $ (0.07) | $ 0.08 | (0.22) | $ 0.16 | $ (0.07) | $ (0.95) | |||||||
Common Stock | |||||||||||||||
Earnings Per Share, Basic, Two Class Method [Abstract] | |||||||||||||||
Dividends | $ 753,043 | $ 748,031 | $ 744,659 | $ 741,530 | 1,492,690 | 2,245,733 | 2,106,681 | 3,004,579 | 2,850,026 | ||||||
Total undistributed losses - basic | (18,608,864) | (1,697,802) | 404,227 | 1,670,907 | (13,311,613) | (24,213,549) | (17,241,830) | ||||||||
Total undistributed losses - diluted | (19,452,089) | (1,775,247) | 422,756 | 1,744,007 | (1,352,491) | (20,804,580) | (13,311,613) | (25,313,615) | (17,241,830) | ||||||
Numerator for basic net loss per share | (17,855,821) | (949,771) | 1,148,886 | 2,412,437 | (11,204,932) | (21,208,970) | (14,391,804) | ||||||||
Numerator for diluted net loss per share | $ (18,699,046) | $ (1,027,216) | $ 1,167,415 | $ 2,485,537 | $ 140,199 | $ (18,558,847) | $ (11,204,932) | $ (22,309,036) | $ (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 | ||
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 | ||
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 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) | ||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||
Numerator for basic net loss per share | $ (17,855,821) | $ (949,771) | $ 1,148,886 | $ 2,412,437 | $ (11,204,932) | $ (21,208,970) | $ (14,391,804) | ||||||||
Weighted average shares - basic (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 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) | ||
Numerator for diluted net loss per share | $ (18,699,046) | $ (1,027,216) | $ 1,167,415 | $ 2,485,537 | $ 140,199 | $ (18,558,847) | $ (11,204,932) | $ (22,309,036) | $ (14,391,804) | ||||||
Weighted average shares - diluted (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 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 Class B | |||||||||||||||
Earnings Per Share, Basic, Two Class Method [Abstract] | |||||||||||||||
Basic loss per share (in dollars per share) | (0.28) | (1.23) | (0.11) | 0.03 | (0.26) | 0.11 | |||||||||
Diluted loss per share (in dollars per share) | (0.28) | (1.23) | (0.11) | 0.03 | (0.26) | 0.11 | |||||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||
Basic loss per share (in dollars per share) | (0.28) | (1.23) | (0.11) | 0.03 | (0.26) | 0.11 | |||||||||
Diluted loss per share (in dollars per share) | $ (0.28) | $ (1.23) | $ (0.11) | $ 0.03 | $ (0.26) | $ 0.11 | |||||||||
Common Class B | Common Stock | |||||||||||||||
Earnings Per Share, Basic, Two Class Method [Abstract] | |||||||||||||||
Dividends | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Total undistributed losses - basic | (843,225) | (77,445) | 18,529 | 73,100 | (206,680) | (1,100,066) | (405,825) | ||||||||
Total undistributed losses - diluted | (843,225) | (77,445) | 18,529 | 73,100 | (206,680) | (1,100,066) | (405,825) | ||||||||
Numerator for basic net loss per share | (843,225) | (77,445) | 18,529 | 73,100 | (206,680) | (1,100,066) | (405,825) | ||||||||
Numerator for diluted net loss per share | $ (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 | ||||||
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 | ||||||
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 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) | ||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||
Numerator for basic net loss per share | $ (843,225) | $ (77,445) | $ 18,529 | $ 73,100 | $ (206,680) | $ (1,100,066) | $ (405,825) | ||||||||
Weighted average shares - basic (in shares) | 683,761 | 683,761 | 683,761 | 646,600 | 683,761 | 683,761 | 217,902 | 683,761 | 335,324 | ||||||
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) | ||||||
Numerator for diluted net loss per share | $ (843,225) | $ (77,445) | $ 18,529 | $ 73,100 | $ (206,680) | $ (1,100,066) | $ (405,825) | ||||||||
Weighted average shares - diluted (in shares) | 683,761 | 683,761 | 683,761 | 646,600 | 683,761 | 683,761 | 217,902 | 683,761 | 335,324 | ||||||
Diluted 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 Class B | Common Stock | |||||||||||||||
Earnings Per Share, Basic, Two Class Method [Abstract] | |||||||||||||||
Diluted loss per share (in dollars per share) | 0.11 | (0.95) | |||||||||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||
Diluted loss per share (in dollars per share) | $ 0.11 | $ (0.95) |
EARNINGS (LOSS) PER SHARE - Nar
EARNINGS (LOSS) PER SHARE - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 29, 2020 | Mar. 31, 2020 | Mar. 21, 2020 | Aug. 12, 2019 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Preferred dividend | $ 2,388,130 | $ 2,388,130 | $ 2,388,130 | $ 2,388,130 | $ 2,309,672 | $ 2,309,672 | $ 7,164,390 | $ 9,552,519 | $ 9,395,604 | $ 9,242,797 | ||||
Convertible Debt | ||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Shares issued upon conversion (in shares) | 2,361,000 | |||||||||||||
Convertible Debt | 7.00% Convertible Notes | ||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Coupon rate percentage | 7% | 7% | 7% | |||||||||||
Convertible Debt | 5.875% Unsecured Convertible Senior Notes | ||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Coupon rate percentage | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% |
VARIABLE INTEREST ENTITY (Detai
VARIABLE INTEREST ENTITY (Details) $ in Millions | 12 Months Ended | ||
Feb. 01, 2021 manager | Dec. 31, 2022 USD ($) manager | Dec. 31, 2021 USD ($) | |
Variable Interest Entity [Line Items] | |||
Distributions | $ | $ 10.5 | $ 10 | |
VIE | |||
Variable Interest Entity [Line Items] | |||
Percentage of voting interest | 49.50% | ||
Number of managers | 4 | 4 | |
VIE | Grier Members | |||
Variable Interest Entity [Line Items] | |||
Percentage of voting interest | 50.50% | ||
Number of managers | 2 | 2 |
RELATED PARTY TRANSCATIONS (Det
RELATED PARTY TRANSCATIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 04, 2022 | Feb. 04, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||
Due from related parties | $ 168 | |||
Crescent Midstream, LLC | Accounting And Consulting Services | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transaction | 210 | |||
Crescent Midstream, LLC | Transition Services Agreement | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Percentage allocation | 50% | |||
Crimson Midstream Holdings, LLC | Transition Services Agreement | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Amount billed | $ 1,100 | $ 9,900 | ||
Fixed fee | $ 156 | |||
Crescent Louisiana Midstream, LLC | Crescent Midstream, LLC | ||||
Related Party Transaction [Line Items] | ||||
Controlling economic interest | 70% | |||
Crescent Louisiana Midstream, LLC | Transition Services Agreement | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Percentage allocation | 50% | |||
Crescent Midstream Operating | Transition Services Agreement | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Fixed fee | $ 44 |
RESTATEMENT OF PRIOR PERIOD - C
RESTATEMENT OF PRIOR PERIOD - Consolidated Balance Sheets (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jan. 27, 2015 | |
Assets | ||||||||||||
Property, plant, and equipment, after accumulated depreciation | $ 438,593,056 | $ 441,213,095 | $ 437,328,908 | $ 443,457,382 | $ 438,249,633 | $ 445,250,237 | $ 440,148,967 | $ 441,430,193 | ||||
Property investment, net of accumulated depreciation | 1,257,505 | 1,298,763 | 1,247,189 | 1,288,449 | 1,236,873 | 1,278,135 | 1,226,565 | 1,267,821 | ||||
Financing notes and related accrued interest receivable, net | 993,994 | 1,183,950 | 950,034 | 1,149,245 | 904,743 | 1,078,072 | 858,079 | 1,036,660 | ||||
Cash and cash equivalents | 11,242,124 | 17,661,114 | 16,331,670 | 17,147,222 | 20,648,642 | 14,680,067 | 17,830,482 | 11,540,576 | ||||
Accounts and other receivables | 12,954,640 | 15,275,036 | 12,571,130 | 14,389,085 | 10,609,744 | 14,573,047 | 14,164,525 | 15,367,389 | ||||
Due from affiliates | 169,968 | 827,264 | 231,105 | 1,163,633 | 94,994 | 953,806 | 167,743 | 676,825 | ||||
Deferred costs, net of accumulated amortization | 701,361 | 1,082,205 | 606,150 | 986,994 | 510,939 | 891,783 | 415,727 | 796,572 | ||||
Inventory | 3,968,235 | 1,795,688 | 4,540,818 | 1,625,464 | 6,004,037 | 3,342,111 | 5,950,051 | 3,953,523 | ||||
Prepaid expense and other assets | 7,795,241 | 8,424,488 | 7,240,815 | 10,939,625 | 5,699,079 | 10,550,792 | 9,478,146 | 9,075,043 | ||||
Operating lease right-of-use asset | 5,730,264 | 6,175,414 | 5,374,148 | 5,914,710 | 5,082,028 | 6,433,505 | 4,722,361 | 6,075,939 | ||||
Deferred tax asset, net | 134,072 | 4,308,976 | 113,625 | 4,173,754 | 111,681 | 4,060,239 | 0 | 206,285 | ||||
Goodwill | 16,210,020 | 1,718,868 | 16,210,020 | 1,718,868 | 0 | 16,210,020 | 0 | 16,210,020 | $ 1,718,868 | |||
Total Assets | 499,750,480 | 500,964,861 | 502,745,612 | 503,954,431 | 489,152,393 | 519,301,814 | 494,962,646 | 507,636,846 | ||||
Liabilities and Equity | ||||||||||||
Secured credit facilities, net of debt issuance cost | 96,877,181 | 103,267,485 | 96,029,605 | 104,419,909 | 99,182,028 | 102,572,333 | 100,334,453 | 99,724,756 | ||||
Unsecured convertible senior notes, net of discount and debt issuance costs | 115,830,255 | 115,172,555 | 115,994,680 | 115,336,979 | 116,159,105 | 115,501,404 | 116,323,530 | 115,665,830 | ||||
Accounts payable and other accrued liabilities | 10,942,452 | 16,731,828 | 15,980,616 | 20,232,095 | 18,469,049 | 20,489,468 | 26,316,216 | 16,080,162 | ||||
Due to affiliated companies | 423,491 | 2,053,170 | 343,105 | 979,603 | 276,428 | 765,228 | 209,750 | 648,316 | ||||
Operating lease liability | 5,388,922 | 5,800,866 | 5,138,409 | 5,651,002 | 4,951,891 | 6,281,014 | 4,696,410 | 6,046,657 | ||||
Unearned revenue | 5,885,621 | 6,294,359 | 6,120,397 | 6,147,990 | 5,990,897 | 6,001,622 | 5,948,621 | 5,839,602 | ||||
Total Liabilities | 235,489,148 | 249,928,509 | 239,912,017 | 253,072,348 | 245,374,028 | 251,644,096 | 255,296,129 | 244,005,323 | ||||
Equity | ||||||||||||
Common stock | 13,652 | |||||||||||
Additional paid-in capital | 335,376,932 | 336,750,132 | 332,588,181 | 333,890,657 | 329,796,049 | 341,331,070 | 327,016,573 | 338,302,735 | ||||
Retained deficit | (317,473,035) | (326,320,818) | (316,112,121) | (324,904,359) | (332,423,037) | (320,030,693) | (333,785,097) | (321,028,580) | ||||
Total CorEnergy Equity | 147,445,216 | 135,713,316 | 146,017,479 | 134,270,321 | 126,914,548 | 150,841,602 | 122,773,089 | 146,815,407 | ||||
Non-controlling Interest | 116,816,116 | 115,323,036 | 116,816,116 | 116,611,762 | 116,863,817 | 116,816,116 | 116,893,428 | 116,816,116 | ||||
Total Equity | 264,261,332 | 251,036,352 | 262,833,595 | 250,882,083 | 243,778,365 | 267,657,718 | 239,666,517 | 263,631,523 | 149,399,827 | $ 476,739,439 | ||
Total Liabilities and Equity | 499,750,480 | 500,964,861 | 502,745,612 | 503,954,431 | 489,152,393 | 519,301,814 | 494,962,646 | 507,636,846 | ||||
Leased property, accumulated depreciation | 268,522 | 278,838 | 237,579 | 289,154 | 247,893 | 299,463 | 258,207 | |||||
Reserve for financing notes and related accrued interest receivable | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | ||||
Deferred costs, accumulated amortization | 440,986 | 536,197 | 155,353 | 631,408 | 250,564 | 726,619 | 345,775 | |||||
Debt issuance costs | 1,122,820 | 1,732,515 | 970,395 | 1,580,091 | 817,972 | 1,427,667 | $ 665,547 | 1,275,244 | $ 132,000 | |||
Unamortized discount and debt issuance costs | 2,219,745 | $ 2,877,445 | 2,055,320 | 2,713,020 | 1,890,895 | 2,548,595 | ||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | |||||||||||
Preferred stock, shares authorized | 69,367,000,000,000 | |||||||||||
Preferred stock, shares outstanding | 51,810 | |||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | |||||||||||
Common stock, shares issued | 13,651,521 | |||||||||||
Common stock, shares outstanding | 13,651,521 | |||||||||||
Common stock, shares authorized | 100,000,000 | |||||||||||
Convertible Debt | ||||||||||||
Equity | ||||||||||||
Unamortized discount and debt issuance costs | $ 1,726,470 | 2,384,170 | ||||||||||
VIE | ||||||||||||
Assets | ||||||||||||
Property, plant, and equipment, after accumulated depreciation | 336,342,641 | $ 335,865,029 | 335,765,423 | 338,930,724 | 337,470,077 | 341,422,699 | 340,205,058 | 338,452,392 | ||||
Cash and cash equivalents | 3,264,738 | 1,759,070 | 2,989,319 | 2,009,787 | 3,717,809 | 1,874,319 | 2,825,902 | |||||
Accounts and other receivables | 8,871,936 | 10,828,844 | 8,577,791 | 11,434,113 | 7,654,757 | 11,426,137 | 10,343,769 | 11,291,749 | ||||
Due from affiliates | 169,968 | 827,264 | 231,105 | 1,163,633 | 94,994 | 953,806 | 167,743 | 676,825 | ||||
Inventory | 3,829,532 | 1,690,158 | 4,387,216 | 1,512,398 | 5,859,262 | 3,229,161 | 5,804,776 | 3,839,865 | ||||
Prepaid expense and other assets | 5,176,012 | 6,313,679 | 3,931,105 | 4,018,467 | 3,946,389 | 5,159,383 | 3,414,372 | 5,004,566 | ||||
Operating lease right-of-use asset | 5,357,343 | 6,097,344 | 5,057,314 | 5,844,591 | 4,755,606 | 5,950,501 | 4,452,210 | 5,647,631 | ||||
Liabilities and Equity | ||||||||||||
Accounts payable and other accrued liabilities | 7,686,258 | 13,046,352 | 9,854,951 | 11,454,583 | 13,819,708 | 14,005,086 | 16,889,980 | 10,699,806 | ||||
Due to affiliated companies | 423,491 | 1,637,540 | 343,105 | 979,603 | 276,428 | 765,228 | 209,750 | 648,316 | ||||
Operating lease liability | 5,044,501 | 5,752,045 | 4,849,887 | 5,609,946 | 4,653,594 | 5,826,885 | 4,454,196 | 5,647,036 | ||||
Unearned revenue | 205,790 | 315,000 | 205,790 | 315,000 | 205,790 | 315,000 | 203,725 | 199,405 | ||||
Property, Plant and Equipment, Other Types | ||||||||||||
Equity | ||||||||||||
Property, plant, and equipment, accumulated depreciation | 40,964,057 | 44,870,127 | 28,973,654 | 48,864,283 | 32,592,641 | 52,908,191 | 37,022,035 | |||||
Series A Cumulative Redeemable Preferred Stock | ||||||||||||
Equity | ||||||||||||
Series A Cumulative Redeemable Preferred Stock 7.375% | $ 129,525,675 | $ 125,270,350 | $ 129,525,675 | $ 125,270,350 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | ||||
Preferred stock interest rate | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | ||||
Preferred stock, liquidation preference | $ 129,525,675 | $ 125,270,350 | $ 129,525,675 | $ 125,270,350 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | ||||
Preferred stock, liquidation preference (in dollars per share) | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | ||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Preferred stock, shares authorized | 69,367,000 | |||||||||||
Preferred stock, shares issued | 51,810 | 50,108 | 51,810 | 50,108 | 51,810 | 51,810 | 51,810 | 51,810 | 22,500 | |||
Preferred stock, shares outstanding | 51,810 | 50,108 | 51,810 | 50,108 | 51,810 | 51,810 | 51,810 | 51,810 | ||||
Common stock, par value (in dollars per share) | $ 0.001 | |||||||||||
Non-Convertible Common Stock | ||||||||||||
Equity | ||||||||||||
Common stock | $ 14,960 | $ 15,060 | $ 13,673 | $ 15,177 | $ 14,866 | $ 15,254 | $ 14,893 | |||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Common stock, shares issued | 14,960,628 | 15,060,857 | 13,673,326 | 15,176,911 | 14,866,799 | 15,253,958 | 14,893,184 | |||||
Common stock, shares outstanding | 14,960,628 | 15,060,857 | 13,673,326 | 15,176,911 | 14,866,799 | 15,253,958 | 14,893,184 | |||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Common Class B | ||||||||||||
Equity | ||||||||||||
Common stock | $ 684 | $ 684 | $ 684 | $ 684 | $ 684 | $ 684 | ||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Common stock, shares issued | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | ||||||
Common stock, shares outstanding | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | ||||||
Common stock, shares authorized | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | ||||||
As Previously Reported | ||||||||||||
Assets | ||||||||||||
Property, plant, and equipment, after accumulated depreciation | $ 438,593,056 | $ 441,213,095 | $ 437,328,908 | $ 443,457,382 | $ 438,249,633 | $ 445,250,237 | $ 441,430,193 | |||||
Property investment, net of accumulated depreciation | 1,257,505 | 1,298,763 | 1,247,189 | 1,288,449 | 1,236,873 | 1,278,135 | 1,267,821 | |||||
Financing notes and related accrued interest receivable, net | 993,994 | 1,183,950 | 950,034 | 1,149,245 | 904,743 | 1,078,072 | 1,036,660 | |||||
Cash and cash equivalents | 13,286,081 | 18,839,994 | 17,750,255 | 17,695,458 | 21,776,263 | 15,091,957 | 12,496,478 | |||||
Accounts and other receivables | 12,954,640 | 15,275,036 | 12,571,130 | 14,389,085 | 10,609,744 | 14,573,047 | 15,367,389 | |||||
Due from affiliates | 169,968 | 827,264 | 231,105 | 1,163,633 | 94,994 | 953,806 | 676,825 | |||||
Deferred costs, net of accumulated amortization | 701,361 | 1,082,205 | 606,150 | 986,994 | 510,939 | 891,783 | 796,572 | |||||
Inventory | 3,968,235 | 1,795,688 | 4,540,818 | 1,625,464 | 6,004,037 | 3,342,111 | 3,953,523 | |||||
Prepaid expense and other assets | 7,795,241 | 8,424,488 | 7,240,815 | 10,939,625 | 5,699,079 | 10,550,792 | 9,075,043 | |||||
Operating lease right-of-use asset | 5,730,264 | 6,175,414 | 5,374,148 | 5,914,710 | 5,082,028 | 6,433,505 | 6,075,939 | |||||
Deferred tax asset, net | 134,072 | 4,308,976 | 113,625 | 4,173,754 | 111,681 | 4,060,239 | 206,285 | |||||
Goodwill | 16,210,020 | 1,718,868 | 16,210,020 | 1,718,868 | 0 | 16,210,020 | 16,210,020 | |||||
Total Assets | 501,794,437 | 502,143,741 | 504,164,197 | 504,502,667 | 490,280,014 | 519,713,704 | 508,592,748 | |||||
Liabilities and Equity | ||||||||||||
Secured credit facilities, net of debt issuance cost | 96,877,181 | 103,267,485 | 96,029,605 | 104,419,909 | 99,182,028 | 102,572,333 | 99,724,756 | |||||
Unsecured convertible senior notes, net of discount and debt issuance costs | 115,830,255 | 115,172,555 | 115,994,680 | 115,336,979 | 116,159,105 | 115,501,404 | 115,665,830 | |||||
Accounts payable and other accrued liabilities | 12,986,409 | 17,910,708 | 17,399,201 | 20,780,331 | 19,596,670 | 20,901,358 | 17,036,064 | |||||
Due to affiliated companies | 423,491 | 2,053,170 | 343,105 | 979,603 | 276,428 | 765,228 | 648,316 | |||||
Operating lease liability | 5,388,922 | 5,800,866 | 5,138,409 | 5,651,002 | 4,951,891 | 6,281,014 | 6,046,657 | |||||
Unearned revenue | 5,885,621 | 6,294,359 | 6,120,397 | 6,147,990 | 5,990,897 | 6,001,622 | 5,839,602 | |||||
Total Liabilities | 237,533,105 | 251,107,389 | 241,330,602 | 253,620,584 | 246,501,649 | 252,055,986 | 244,961,225 | |||||
Equity | ||||||||||||
Common stock | 13,652 | |||||||||||
Additional paid-in capital | 335,376,932 | 336,750,132 | 332,588,181 | 333,890,657 | 329,796,049 | 341,331,070 | 338,302,735 | |||||
Retained deficit | (324,853,173) | (327,926,126) | (323,649,718) | (327,513,586) | (339,752,470) | (324,749,301) | (327,157,636) | |||||
Total CorEnergy Equity | 140,065,078 | 134,108,008 | 138,479,882 | 131,661,094 | 119,585,115 | 146,122,994 | 140,686,351 | |||||
Non-controlling Interest | 124,196,254 | 116,928,344 | 124,353,713 | 119,220,989 | 124,193,250 | 121,534,724 | 122,945,172 | |||||
Total Equity | 264,261,332 | 251,036,352 | 262,833,595 | 250,882,083 | 243,778,365 | 267,657,718 | 263,631,523 | $ 149,399,827 | ||||
Total Liabilities and Equity | 501,794,437 | 502,143,741 | 504,164,197 | 504,502,667 | 490,280,014 | 519,713,704 | 508,592,748 | |||||
As Previously Reported | Series A Cumulative Redeemable Preferred Stock | ||||||||||||
Equity | ||||||||||||
Series A Cumulative Redeemable Preferred Stock 7.375% | 129,525,675 | 125,270,350 | 129,525,675 | 125,270,350 | 129,525,675 | 129,525,675 | 129,525,675 | |||||
As Previously Reported | Non-Convertible Common Stock | ||||||||||||
Equity | ||||||||||||
Common stock | 14,960 | 15,060 | 13,673 | 15,177 | 14,866 | 14,893 | ||||||
As Previously Reported | Common Class B | ||||||||||||
Equity | ||||||||||||
Common stock | 684 | 684 | 684 | 684 | 684 | |||||||
Effect of Restatement | ||||||||||||
Assets | ||||||||||||
Property, plant, and equipment, after accumulated depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Property investment, net of accumulated depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Financing notes and related accrued interest receivable, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Cash and cash equivalents | (2,043,957) | (1,178,880) | (1,418,585) | (548,236) | (1,127,621) | (411,890) | (955,902) | |||||
Accounts and other receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Due from affiliates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Deferred costs, net of accumulated amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Prepaid expense and other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Operating lease right-of-use asset | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Deferred tax asset, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Total Assets | (2,043,957) | (1,178,880) | (1,418,585) | (548,236) | (1,127,621) | (411,890) | (955,902) | |||||
Liabilities and Equity | ||||||||||||
Secured credit facilities, net of debt issuance cost | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Unsecured convertible senior notes, net of discount and debt issuance costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Accounts payable and other accrued liabilities | (2,043,957) | (1,178,880) | (1,418,585) | (548,236) | (1,127,621) | (411,890) | (955,902) | |||||
Due to affiliated companies | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Operating lease liability | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Unearned revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Total Liabilities | (2,043,957) | (1,178,880) | (1,418,585) | (548,236) | (411,890) | (955,902) | ||||||
Equity | ||||||||||||
Common stock | 0 | |||||||||||
Additional paid-in capital | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Retained deficit | 7,380,138 | 1,605,308 | 7,537,597 | 2,609,227 | 7,329,433 | 4,718,608 | 6,129,056 | |||||
Total CorEnergy Equity | 7,380,138 | 1,605,308 | 7,537,597 | 2,609,227 | 7,329,433 | 4,718,608 | 6,129,056 | |||||
Non-controlling Interest | (7,380,138) | (1,605,308) | (7,537,597) | (2,609,227) | (7,329,433) | (4,718,608) | (6,129,056) | |||||
Total Equity | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | ||||
Total Liabilities and Equity | (2,043,957) | (1,178,880) | (1,418,585) | (548,236) | (1,127,621) | (411,890) | (955,902) | |||||
Effect of Restatement | VIE | ||||||||||||
Assets | ||||||||||||
Cash and cash equivalents | (547,104) | |||||||||||
Effect of Restatement | Series A Cumulative Redeemable Preferred Stock | ||||||||||||
Equity | ||||||||||||
Series A Cumulative Redeemable Preferred Stock 7.375% | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||
Effect of Restatement | Non-Convertible Common Stock | ||||||||||||
Equity | ||||||||||||
Common stock | 0 | 0 | $ 0 | 0 | 0 | 0 | ||||||
Effect of Restatement | Common Class B | ||||||||||||
Equity | ||||||||||||
Common stock | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
RESTATEMENT OF PRIOR PERIOD -_2
RESTATEMENT OF PRIOR PERIOD - 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 | ||
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 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) |
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 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 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 | Common Class B | |||||||||||||||
Taxes | |||||||||||||||
Diluted (in dollars per share) | 0.11 | $ (0.95) | |||||||||||||
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 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) | ||||||||
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 | ||||
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 Stock | Common Class B | |||||||||||||||
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 | ||||
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 Stock | Common Class B | |||||||||||||||
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 |
RESTATEMENT OF PRIOR PERIOD -_3
RESTATEMENT OF PRIOR PERIOD - Consolidated Statements of Equity (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 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 13,651,521 | ||||||||||||||
Beginning balance | $ 243,778,365 | $ 262,833,595 | $ 264,261,332 | $ 263,631,523 | $ 267,657,718 | $ 250,882,083 | $ 251,036,352 | $ 149,399,827 | $ 263,631,523 | $ 149,399,827 | $ 263,631,523 | $ 149,399,827 | $ 263,631,523 | $ 149,399,827 | $ 476,739,439 |
Net income (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) |
Equity attributable to non-controlling interest | 204,353 | 1,288,726 | 115,323,036 | 116,816,115 | |||||||||||
Series A preferred stock dividends | (2,388,130) | (2,388,130) | (2,388,130) | (2,388,130) | (2,309,672) | (2,309,672) | (7,164,390) | (9,552,519) | (9,395,604) | (9,242,797) | |||||
Common Stock dividends | (741,530) | (682,576) | $ (682,576) | (1,492,690) | (3,004,579) | (2,850,026) | (12,286,368) | ||||||||
Reinvestment of dividends paid to common stockholders | 197,980 | 196,151 | 207,053 | 174,619 | 132,795 | 403,204 | 601,184 | 803,923 | 410,580 | ||||||
Common stock issued under director's compensation plan | 22,500 | 22,500 | |||||||||||||
Crimson cash distribution on A-1 Units | (809,212) | (809,212) | (809,212) | (841,950) | (604,951) | (1,618,424) | (2,427,636) | (3,236,848) | (2,256,113) | ||||||
Crimson Class A-2 Units dividends payment in kind | (204,353) | (406,000) | (406,000) | (610,353) | 0 | (610,353) | 0 | ||||||||
Ending balance (in shares) | 13,651,521 | ||||||||||||||
Ending balance | $ 239,666,517 | $ 243,778,365 | $ 262,833,595 | $ 264,261,332 | $ 263,631,523 | 267,657,718 | $ 250,882,083 | $ 251,036,352 | 262,833,595 | $ 250,882,083 | $ 243,778,365 | 267,657,718 | 239,666,517 | 263,631,523 | 149,399,827 |
Series A, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Series A preferred stock dividends | $ (4,776,260) | ||||||||||||||
Stock issued due to internalized transaction | 4,245,112 | 4,245,112 | 0 | 4,245,112 | 0 | ||||||||||
Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 7,096,153 | 7,096,153 | 0 | 7,096,153 | 0 | ||||||||||
Class B Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | $ 3,288,890 | $ 3,288,890 | $ 0 | $ 3,288,890 | $ 0 | ||||||||||
Common Class B | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | |||||||
Ending balance (in shares) | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | ||||
Common Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 15,060,857 | 14,960,628 | 14,893,184 | 14,866,799 | 13,673,326 | 13,651,521 | 13,651,521 | 14,893,184 | 13,651,521 | 14,893,184 | 13,651,521 | 14,893,184 | 13,651,521 | 13,638,916 | |
Beginning balance | $ 15,060 | $ 14,960 | $ 14,893 | $ 14,866 | $ 13,673 | $ 13,652 | $ 13,652 | $ 14,893 | $ 13,652 | $ 14,893 | $ 13,652 | $ 14,893 | $ 13,652 | $ 13,639 | |
Reinvestment of dividends paid to common stockholders (in shares) | 69,312 | 67,444 | 36,228 | 21,805 | 136,756 | 279,957 | 84,418 | ||||||||
Reinvestment of dividends paid to common stockholders | $ 69 | $ 67 | $ 36 | $ 21 | $ 136 | $ 280 | $ 84 | ||||||||
Common stock issued under director's compensation plan (in shares) | 30,917 | 3,399 | 30,917 | 80,817 | 3,399 | ||||||||||
Common stock issued under director's compensation plan | $ 3 | $ 3 | |||||||||||||
Ending balance (in shares) | 15,253,958 | 15,060,857 | 14,960,628 | 14,893,184 | 14,866,799 | 13,673,326 | 13,651,521 | 15,060,857 | 13,673,326 | 14,866,799 | 15,253,958 | 14,893,184 | 13,651,521 | ||
Ending balance | $ 15,254 | $ 15,060 | $ 14,960 | $ 14,893 | $ 14,866 | $ 13,673 | $ 13,652 | $ 15,060 | $ 13,673 | $ 14,866 | $ 15,254 | $ 14,893 | $ 13,652 | ||
Common Stock | Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued, internalization transaction (in shares) | 1,153,846 | 1,153,846 | |||||||||||||
Stock issued due to internalized transaction | $ 1,154 | $ 1,154 | |||||||||||||
Common Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 15,176,911 | 15,060,857 | 14,893,184 | 14,893,184 | 14,893,184 | 14,893,184 | |||||||||
Beginning balance | $ 15,177 | $ 15,060 | $ 14,893 | $ 14,893 | $ 14,893 | $ 14,893 | |||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 84,606 | 221,362 | |||||||||||||
Reinvestment of dividends paid to common stockholders | $ 85 | $ 221 | |||||||||||||
Common stock issued under director's compensation plan (in shares) | 31,448 | 62,365 | |||||||||||||
Ending balance (in shares) | 15,176,911 | 15,060,857 | 14,893,184 | 15,060,857 | 15,176,911 | 14,893,184 | |||||||||
Ending balance | $ 15,177 | $ 15,060 | $ 14,893 | $ 15,060 | $ 15,177 | $ 14,893 | |||||||||
Common Stock | Class B Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued, internalization transaction (in shares) | 683,761 | 683,761 | |||||||||||||
Stock issued due to internalized transaction | $ 684 | $ 684 | |||||||||||||
Common Stock | Common Class B | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 0 | 0 | 0 | 683,761 | 0 | 683,761 | 0 | 683,761 | 0 | 0 |
Beginning balance | $ 684 | $ 684 | $ 684 | $ 684 | $ 684 | $ 0 | $ 0 | $ 0 | $ 684 | $ 0 | $ 684 | $ 0 | $ 684 | $ 0 | $ 0 |
Ending balance (in shares) | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 0 | 0 | 683,761 | 0 | 683,761 | 683,761 | 683,761 | 683,761 | 0 |
Ending balance | $ 684 | $ 684 | $ 684 | $ 684 | $ 684 | $ 684 | $ 0 | $ 0 | $ 684 | $ 0 | $ 684 | $ 684 | $ 684 | $ 684 | $ 0 |
Preferred Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | 125,270,350 | 125,270,350 | 125,270,350 | 129,525,675 | 125,270,350 | 129,525,675 | 125,270,350 | 129,525,675 | 125,270,350 | 125,493,175 | |
Ending balance | 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | 125,270,350 | 125,270,350 | 129,525,675 | 125,270,350 | 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | 125,270,350 | |
Preferred Stock | Series A, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 4,255,325 | 4,255,325 | |||||||||||||
Additional Paid-in Capital | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 329,796,049 | 332,588,181 | 335,376,932 | 338,302,735 | 341,331,070 | 333,890,657 | 336,750,132 | 339,742,380 | 338,302,735 | 339,742,380 | 338,302,735 | 339,742,380 | 338,302,735 | 339,742,380 | 360,844,497 |
Series A preferred stock dividends | (2,388,130) | (2,388,130) | (2,388,130) | (2,388,130) | (2,309,672) | (2,309,672) | (7,164,390) | (9,552,519) | (9,395,604) | (9,242,797) | |||||
Common Stock dividends | (741,530) | (682,576) | (682,576) | (1,492,690) | (3,004,579) | (2,850,026) | (12,286,368) | ||||||||
Reinvestment of dividends paid to common stockholders | 197,895 | 196,082 | 206,986 | 174,583 | 132,774 | 403,068 | 600,963 | 803,643 | 410,496 | ||||||
Common stock issued under director's compensation plan | 22,497 | 22,497 | |||||||||||||
Ending balance | 327,016,573 | 329,796,049 | 332,588,181 | 335,376,932 | 338,302,735 | 341,331,070 | 333,890,657 | 336,750,132 | 332,588,181 | 333,890,657 | 329,796,049 | 341,331,070 | 327,016,573 | 338,302,735 | 339,742,380 |
Additional Paid-in Capital | Series A, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Series A preferred stock dividends | (4,776,260) | ||||||||||||||
Stock issued due to internalized transaction | (10,213) | (10,213) | |||||||||||||
Additional Paid-in Capital | Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 7,094,999 | 7,094,999 | |||||||||||||
Additional Paid-in Capital | Class B Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 3,288,206 | 3,288,206 | |||||||||||||
Retained Deficit | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | (332,423,037) | (316,112,121) | (317,473,035) | (321,028,580) | (320,030,693) | (324,904,359) | (326,320,818) | (315,626,555) | (321,028,580) | (315,626,555) | (321,028,580) | (315,626,555) | (321,028,580) | (315,626,555) | (9,611,872) |
Net income (loss) | (16,310,916) | 1,360,914 | 3,555,545 | 4,873,667 | 1,416,458 | (10,694,263) | 4,916,459 | (11,394,457) | (12,756,517) | (5,402,025) | (306,067,579) | ||||
Ending balance | (333,785,097) | (332,423,037) | (316,112,121) | (317,473,035) | (321,028,580) | (320,030,693) | (324,904,359) | (326,320,818) | (316,112,121) | (324,904,359) | (332,423,037) | (320,030,693) | (333,785,097) | (321,028,580) | (315,626,555) |
Non-Controlling Interest | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 116,863,817 | 116,816,116 | 116,816,116 | 116,816,116 | 116,816,116 | 116,611,762 | 115,323,036 | 0 | 116,816,116 | 0 | 116,816,116 | 0 | 116,816,116 | 0 | 0 |
Net income (loss) | 809,212 | 809,212 | 809,212 | 1,046,304 | 1,010,951 | 1,618,424 | 2,427,636 | 3,236,848 | 2,866,467 | ||||||
Equity attributable to non-controlling interest | 204,353 | 1,288,726 | 115,323,036 | 116,816,115 | |||||||||||
Crimson cash distribution on A-1 Units | (809,212) | (809,212) | (809,212) | (841,950) | (604,951) | (1,618,424) | (2,427,636) | (3,236,848) | (2,256,113) | ||||||
Crimson Class A-2 Units dividends payment in kind | (204,353) | (406,000) | (610,353) | ||||||||||||
Ending balance | 116,893,428 | 116,863,817 | 116,816,116 | 116,816,116 | 116,816,116 | 116,816,116 | 116,611,762 | 115,323,036 | 116,816,116 | 116,611,762 | 116,863,817 | 116,816,116 | 116,893,428 | 116,816,116 | 0 |
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | $ 243,778,365 | 262,833,595 | 264,261,332 | 263,631,523 | 267,657,718 | 250,882,083 | 251,036,352 | 149,399,827 | 263,631,523 | 149,399,827 | 263,631,523 | 149,399,827 | $ 263,631,523 | 149,399,827 | |
Net income (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) | ||||
Equity attributable to non-controlling interest | 204,353 | 1,288,726 | 115,323,036 | 116,816,115 | |||||||||||
Series A preferred stock dividends | (2,388,130) | (2,388,130) | (2,388,130) | (2,388,130) | (2,309,672) | (2,309,672) | (7,164,390) | (9,395,604) | |||||||
Common Stock dividends | (741,530) | (682,576) | (682,576) | (1,492,690) | (2,850,026) | ||||||||||
Reinvestment of dividends paid to common stockholders | 197,980 | 196,151 | 207,053 | 174,619 | 132,795 | 403,204 | 601,184 | 410,580 | |||||||
Common stock issued under director's compensation plan | 22,500 | 22,500 | |||||||||||||
Crimson cash distribution on A-1 Units | (809,212) | (809,212) | (809,212) | (841,950) | (604,951) | (1,618,424) | (2,427,636) | (2,256,113) | |||||||
Crimson Class A-2 Units dividends payment in kind | (204,353) | (406,000) | (406,000) | (610,353) | (610,353) | ||||||||||
Ending balance | $ 243,778,365 | $ 262,833,595 | $ 264,261,332 | $ 263,631,523 | 267,657,718 | $ 250,882,083 | $ 251,036,352 | 262,833,595 | $ 250,882,083 | $ 243,778,365 | 267,657,718 | 263,631,523 | $ 149,399,827 | ||
As Previously Reported | Series A, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Series A preferred stock dividends | $ (4,776,260) | ||||||||||||||
Stock issued due to internalized transaction | 4,245,112 | 4,245,112 | 4,245,112 | ||||||||||||
As Previously Reported | Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 7,096,153 | 7,096,153 | 7,096,153 | ||||||||||||
As Previously Reported | Class B Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | $ 3,288,890 | $ 3,288,890 | $ 3,288,890 | ||||||||||||
As Previously Reported | Common Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 15,060,857 | 14,960,628 | 14,893,184 | 14,866,799 | 13,673,326 | 13,651,521 | 13,651,521 | 14,893,184 | 13,651,521 | 14,893,184 | 13,651,521 | 14,893,184 | 13,651,521 | ||
Beginning balance | $ 15,060 | $ 14,960 | $ 14,893 | $ 14,866 | $ 13,673 | $ 13,652 | $ 13,652 | $ 14,893 | $ 13,652 | $ 14,893 | $ 13,652 | $ 14,893 | $ 13,652 | ||
Reinvestment of dividends paid to common stockholders (in shares) | 69,312 | 67,444 | 36,228 | 21,805 | 136,756 | 84,418 | |||||||||
Reinvestment of dividends paid to common stockholders | $ 69 | $ 67 | $ 36 | $ 21 | $ 136 | $ 84 | |||||||||
Common stock issued under director's compensation plan (in shares) | 30,917 | 3,399 | 30,917 | 3,399 | |||||||||||
Common stock issued under director's compensation plan | $ 3 | $ 3 | |||||||||||||
Ending balance (in shares) | 15,060,857 | 14,960,628 | 14,893,184 | 14,866,799 | 13,673,326 | 13,651,521 | 15,060,857 | 13,673,326 | 14,866,799 | 14,893,184 | 13,651,521 | ||||
Ending balance | $ 15,060 | $ 14,960 | $ 14,893 | $ 14,866 | $ 13,673 | $ 13,652 | $ 15,060 | $ 13,673 | $ 14,866 | $ 14,893 | $ 13,652 | ||||
As Previously Reported | Common Stock | Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued, internalization transaction (in shares) | 1,153,846 | 1,153,846 | |||||||||||||
Stock issued due to internalized transaction | $ 1,154 | $ 1,154 | |||||||||||||
As Previously Reported | Common Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 15,176,911 | 15,060,857 | 14,893,184 | 14,893,184 | 14,893,184 | 14,893,184 | |||||||||
Beginning balance | $ 15,177 | $ 15,060 | $ 14,893 | $ 14,893 | $ 14,893 | $ 14,893 | |||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 84,606 | 221,362 | |||||||||||||
Reinvestment of dividends paid to common stockholders | $ 85 | $ 221 | |||||||||||||
Common stock issued under director's compensation plan (in shares) | 31,448 | 62,365 | |||||||||||||
Ending balance (in shares) | 15,176,911 | 15,060,857 | 14,893,184 | 15,060,857 | 15,176,911 | 14,893,184 | |||||||||
Ending balance | $ 15,177 | $ 15,060 | $ 14,893 | $ 15,060 | $ 15,177 | $ 14,893 | |||||||||
As Previously Reported | Common Stock | Class B Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued, internalization transaction (in shares) | 683,761 | 683,761 | |||||||||||||
Stock issued due to internalized transaction | $ 684 | $ 684 | |||||||||||||
As Previously Reported | Common Stock | Common Class B | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 0 | 0 | 0 | 683,761 | 0 | 683,761 | 0 | 683,761 | 0 | |
Beginning balance | $ 684 | $ 684 | $ 684 | $ 684 | $ 684 | $ 0 | $ 0 | $ 0 | $ 684 | $ 0 | $ 684 | $ 0 | $ 684 | $ 0 | |
Ending balance (in shares) | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 0 | 0 | 683,761 | 0 | 683,761 | 683,761 | 683,761 | 0 | ||
Ending balance | $ 684 | $ 684 | $ 684 | $ 684 | $ 684 | $ 0 | $ 0 | $ 684 | $ 0 | $ 684 | $ 684 | $ 684 | $ 0 | ||
As Previously Reported | Preferred Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | 125,270,350 | 125,270,350 | 125,270,350 | 129,525,675 | 125,270,350 | 129,525,675 | 125,270,350 | 129,525,675 | 125,270,350 | ||
Ending balance | 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | 125,270,350 | 125,270,350 | 129,525,675 | 125,270,350 | 129,525,675 | 129,525,675 | 129,525,675 | 125,270,350 | |||
As Previously Reported | Preferred Stock | Series A, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 4,255,325 | 4,255,325 | |||||||||||||
As Previously Reported | Additional Paid-in Capital | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 329,796,049 | 332,588,181 | 335,376,932 | 338,302,735 | 341,331,070 | 333,890,657 | 336,750,132 | 339,742,380 | 338,302,735 | 339,742,380 | 338,302,735 | 339,742,380 | 338,302,735 | 339,742,380 | |
Series A preferred stock dividends | (2,388,130) | (2,388,130) | (2,388,130) | (2,388,130) | (2,309,672) | (2,309,672) | (7,164,390) | (9,395,604) | |||||||
Common Stock dividends | (741,530) | (682,576) | (682,576) | (1,492,690) | (2,850,026) | ||||||||||
Reinvestment of dividends paid to common stockholders | 197,895 | 196,082 | 206,986 | 174,583 | 132,774 | 403,068 | 600,963 | 410,496 | |||||||
Common stock issued under director's compensation plan | 22,497 | 22,497 | |||||||||||||
Ending balance | 329,796,049 | 332,588,181 | 335,376,932 | 338,302,735 | 341,331,070 | 333,890,657 | 336,750,132 | 332,588,181 | 333,890,657 | 329,796,049 | 341,331,070 | 338,302,735 | 339,742,380 | ||
As Previously Reported | Additional Paid-in Capital | Series A, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Series A preferred stock dividends | (4,776,260) | ||||||||||||||
Stock issued due to internalized transaction | (10,213) | (10,213) | |||||||||||||
As Previously Reported | Additional Paid-in Capital | Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 7,094,999 | 7,094,999 | |||||||||||||
As Previously Reported | Additional Paid-in Capital | Class B Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 3,288,206 | 3,288,206 | |||||||||||||
As Previously Reported | Retained Deficit | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | (339,752,470) | (323,649,718) | (324,853,173) | (327,157,636) | (324,749,302) | (327,513,587) | (327,926,126) | (315,626,555) | (327,157,636) | (315,626,555) | (327,157,636) | (315,626,555) | (327,157,636) | (315,626,555) | |
Net income (loss) | (16,102,752) | 1,203,455 | 2,304,463 | 2,764,286 | 412,539 | (12,299,571) | 3,507,918 | (12,594,834) | (11,531,081) | ||||||
Ending balance | (339,752,470) | (323,649,718) | (324,853,173) | (327,157,636) | (324,749,302) | (327,513,587) | (327,926,126) | (323,649,718) | (327,513,587) | (339,752,470) | (324,749,302) | (327,157,636) | (315,626,555) | ||
As Previously Reported | Non-Controlling Interest | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 124,193,250 | 124,353,713 | 124,196,254 | 122,945,172 | 121,534,724 | 119,220,989 | 116,928,344 | 0 | 122,945,172 | 0 | 122,945,172 | 0 | 122,945,172 | 0 | |
Net income (loss) | 601,048 | 966,671 | 2,060,294 | 3,155,685 | 2,014,870 | 1,605,308 | 3,026,965 | 3,628,013 | 8,995,523 | ||||||
Equity attributable to non-controlling interest | 204,353 | 1,288,726 | 115,323,036 | 116,816,115 | |||||||||||
Crimson cash distribution on A-1 Units | (809,212) | (809,212) | (809,212) | (841,950) | (604,951) | (1,618,424) | (2,427,636) | (2,256,113) | |||||||
Crimson Class A-2 Units dividends payment in kind | (204,353) | (406,000) | (610,353) | ||||||||||||
Ending balance | 124,193,250 | 124,353,713 | 124,196,254 | 122,945,172 | 121,534,724 | 119,220,989 | 116,928,344 | 124,353,713 | 119,220,989 | 124,193,250 | 121,534,724 | 122,945,172 | $ 0 | ||
Effect of Restatement | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Equity attributable to non-controlling interest | 0 | ||||||||||||||
Series A preferred stock dividends | 0 | ||||||||||||||
Crimson Class A-2 Units dividends payment in kind | 0 | 0 | 0 | ||||||||||||
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | 0 | |
Effect of Restatement | Series A, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 0 | 0 | |||||||||||||
Effect of Restatement | Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 0 | 0 | |||||||||||||
Effect of Restatement | Class B Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | $ 0 | $ 0 | |||||||||||||
Effect of Restatement | Common Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Beginning balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Ending balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Effect of Restatement | Common Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 0 | ||||||||||||||
Beginning balance | $ 0 | ||||||||||||||
Ending balance (in shares) | 0 | 0 | |||||||||||||
Ending balance | $ 0 | $ 0 | |||||||||||||
Effect of Restatement | Common Stock | Common Class B | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Beginning balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Ending balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Effect of Restatement | Preferred Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Ending balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Effect of Restatement | Additional Paid-in Capital | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Ending balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Effect of Restatement | Retained Deficit | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 7,329,433 | 7,537,597 | 7,380,138 | 6,129,056 | 4,718,608 | 2,609,227 | 1,605,308 | 6,129,056 | 6,129,056 | 6,129,056 | |||||
Net income (loss) | (208,164) | 157,459 | 1,251,082 | 2,109,381 | 1,003,919 | 1,605,308 | 1,408,541 | 1,200,377 | 6,129,056 | ||||||
Ending balance | 7,380,138 | 7,329,433 | 7,537,597 | 7,380,138 | 6,129,056 | 4,718,608 | 2,609,227 | 1,605,308 | 7,537,597 | 2,609,227 | 7,329,433 | 4,718,608 | 7,380,138 | 6,129,056 | |
Effect of Restatement | Non-Controlling Interest | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | (7,329,433) | (7,537,597) | (7,380,138) | (6,129,056) | (4,718,608) | (2,609,227) | (1,605,308) | (6,129,056) | (6,129,056) | (6,129,056) | |||||
Net income (loss) | 208,164 | (157,459) | (1,251,082) | (2,109,381) | (1,003,919) | (1,605,308) | (1,408,541) | (1,200,377) | (6,129,056) | ||||||
Ending balance | $ (7,380,138) | $ (7,329,433) | $ (7,537,597) | $ (7,380,138) | $ (6,129,056) | $ (4,718,608) | $ (2,609,227) | $ (1,605,308) | $ (7,537,597) | $ (2,609,227) | $ (7,329,433) | $ (4,718,608) | $ (7,380,138) | $ (6,129,056) |
RESTATEMENT OF PRIOR PERIOD -_4
RESTATEMENT OF PRIOR PERIOD - Consolidated Statements of Cash Flows (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 | |
Operating Activities | |||||||||||||||
Net income (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) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||
Deferred income tax | 72,213 | (26,400) | 88,422 | 108,822 | 94,604 | 222,337 | 1,498,584 | 4,076,290 | 310,985 | ||||||
Depreciation, amortization and ARO accretion | 3,976,667 | 2,898,330 | 7,968,981 | 6,646,783 | 11,997,781 | 10,337,639 | 16,076,326 | 14,801,676 | 13,654,429 | ||||||
Amortization of debt issuance costs | 412,260 | 368,704 | 824,120 | 780,761 | 1,236,178 | 1,192,821 | 1,648,242 | 1,604,881 | 1,270,035 | ||||||
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 | |||||||||
Loss on extinguishment of debt | 861,814 | 861,814 | 861,814 | 0 | 861,814 | (11,549,968) | |||||||||
Gain on sale of equipment | (22,678) | (39,678) | (16,508) | (39,678) | (16,508) | (13,683) | |||||||||
Stock-based compensation | 151,359 | 384,383 | 22,500 | 612,117 | 22,500 | 0 | |||||||||
Changes in assets and liabilities: | |||||||||||||||
Accounts and other receivables | 1,020,985 | (344,371) | 1,024,635 | 664,556 | 2,715,207 | 115,294 | (786,145) | 1,121,365 | 467,257 | ||||||
Financing note accrued interest receivable | (6,714) | (9,926) | (8,780) | 0 | (8,780) | (18,069) | |||||||||
Inventory | (14,712) | (26,111) | (587,295) | 144,113 | (2,050,514) | (1,572,534) | (1,996,528) | (2,183,946) | 0 | ||||||
Prepaid expenses and other assets | 1,255,475 | (249,081) | 1,785,571 | (6,670,937) | 1,782,460 | (6,292,249) | (6,314,654) | (4,840,831) | (1,424,332) | ||||||
Due from affiliated companies, net | 282,032 | 1,225,906 | 140,509 | (184,030) | 209,943 | (188,578) | 70,516 | (28,509) | 0 | ||||||
Management fee payable | (363,380) | (666,856) | (971,626) | 0 | (971,626) | (698,324) | |||||||||
Accounts payable and other accrued liabilities | (4,274,956) | (2,790,419) | 1,071,089 | 1,622,932 | 3,029,625 | 1,869,665 | 12,133,378 | (562,870) | (1,903,936) | ||||||
Unearned revenue | 46,019 | (146,369) | 280,795 | 481,593 | 151,295 | (439,106) | 109,019 | (601,126) | (766,070) | ||||||
Other changes, net | (312,060) | (345,110) | (206,457) | 234,270 | (100,855) | (123,053) | 3,331 | 156 | 0 | ||||||
Net cash provided by operating activities | 6,969,906 | (3,660,041) | 19,359,139 | 26,998,258 | 8,673,203 | 29,879,708 | 16,716,351 | 10,383,070 | |||||||
Investing Activities | |||||||||||||||
Acquisition of Crimson Midstream Holdings, net of cash acquired | (68,094,324) | (69,002,053) | (69,002,053) | 0 | (69,002,052) | 0 | |||||||||
Acquisition of Corridor InfraTrust Management, net of cash acquired | 952,487 | 0 | 952,487 | 0 | |||||||||||
Purchases of property and equipment | (1,191,364) | (4,625,511) | (4,141,485) | (9,985,267) | (7,759,603) | (15,734,345) | (13,893,812) | (20,228,454) | (2,186,155) | ||||||
Proceeds from reimbursable projects | 1,478,042 | 79,600 | 2,103,544 | 586,957 | 2,385,858 | 1,296,890 | 2,523,196 | 3,131,391 | 0 | ||||||
Proceeds from sale of property and equipment | 60,153 | 38,075 | 79,600 | 55,075 | 97,210 | 55,075 | 97,210 | 15,000 | |||||||
Proceeds from insurance recovery | 32,500 | 60,153 | 60,153 | 0 | 60,153 | 0 | |||||||||
Principal payment on financing note receivable | 42,666 | 86,626 | 70,417 | 131,917 | 113,595 | 178,581 | 155,008 | 43,333 | |||||||
Decrease in financing note receivable | 26,849 | 0 | 26,849 | 0 | |||||||||||
Net cash used in investing activities | 329,344 | (72,547,582) | (1,913,240) | (78,190,193) | (5,186,753) | (82,189,214) | (11,136,960) | (84,807,408) | (2,127,822) | ||||||
Financing Activities | |||||||||||||||
Debt financing costs | (2,735,922) | (2,735,922) | (2,735,922) | 0 | (2,735,922) | 0 | |||||||||
Dividends paid on Series A preferred stock | (2,388,130) | (2,309,672) | (4,776,260) | (4,619,344) | (7,164,390) | (7,007,474) | (9,552,519) | (9,395,604) | (9,242,797) | ||||||
Dividends paid on Common Stock | (744,659) | (682,576) | (1,492,690) | (1,232,357) | (1,644,549) | (1,799,268) | (2,200,656) | (2,439,446) | (12,286,368) | ||||||
Common Stock issued under the director's compensation plan | 207,053 | 0 | 0 | ||||||||||||
Distributions to non-controlling interest | (809,212) | (1,618,424) | (604,951) | (2,427,636) | (1,446,901) | (3,236,848) | (2,256,113) | 0 | |||||||
Advances on revolving line of credit | 2,000,000 | 3,000,000 | 4,000,000 | 8,000,000 | 9,000,000 | 19,000,000 | 14,000,000 | 24,000,000 | 0 | ||||||
Payments on revolving line of credit | (3,000,000) | (3,000,000) | (4,000,000) | (7,000,000) | (4,000,000) | (16,000,000) | (6,000,000) | (22,000,000) | 0 | ||||||
Principal payments on Crimson secured credit facility | (2,000,000) | (4,000,000) | (6,000,000) | (4,000,000) | (8,000,000) | (6,000,000) | (1,764,000) | ||||||||
Proceeds from Issuance of Debt | 3,882,392 | ||||||||||||||
Payments on financing arrangement | (3,020,581) | ||||||||||||||
Net cash used in financing activities | (7,597,702) | (5,728,170) | (12,654,805) | (4,741,085) | (12,703,440) | (11,400,829) | (12,452,842) | (19,965,274) | (29,521,984) | ||||||
Net change in cash and cash equivalents | (298,452) | (81,935,793) | 4,791,094 | (82,449,685) | 9,108,065 | (84,916,840) | 6,289,906 | (88,056,331) | (21,266,736) | ||||||
Cash and cash equivalents at beginning of year | 20,648,641 | 16,331,670 | 11,242,124 | 11,540,576 | 14,680,067 | 17,147,222 | 17,661,114 | 99,596,907 | 11,540,576 | 99,596,907 | 11,540,576 | 99,596,907 | 11,540,576 | 99,596,907 | 120,863,643 |
Cash and cash equivalents at end of year | 17,830,482 | 20,648,641 | 16,331,670 | 11,242,124 | 11,540,576 | 14,680,067 | 17,147,222 | 17,661,114 | 16,331,670 | 17,147,222 | 20,648,641 | 14,680,067 | 17,830,482 | 11,540,576 | 99,596,907 |
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Interest paid | 4,500,333 | 4,254,050 | 4,999,845 | 5,750,876 | 8,802,697 | 10,206,280 | 11,343,702 | 11,224,582 | 9,272,409 | ||||||
Income tax refunds | (716) | 5,026 | (12,055) | (1,286) | (12,055) | (635,730) | 12,055 | 635,730 | 466,236 | ||||||
Non-Cash Investing Activities | |||||||||||||||
Purchases of property, plant and equipment in accounts payable and other accrued liabilities | 1,178,271 | 868,190 | 771,180 | 386,009 | 2,249,585 | 2,099,287 | 113,847 | 591,421 | |||||||
In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition | 48,873,169 | 48,873,169 | 48,873,169 | 0 | 48,873,169 | 0 | |||||||||
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition | 105,000,000 | 105,000,000 | 105,000,000 | 0 | 105,000,000 | 0 | |||||||||
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition | 115,323,036 | 116,205,762 | 116,205,762 | 0 | 116,205,762 | 0 | |||||||||
Non-Cash Financing Activities | |||||||||||||||
Crimson Class A-2 Units dividends payment in-kind | 204,353 | 406,000 | 406,000 | 610,353 | 0 | 610,353 | 0 | ||||||||
Assets acquired under financing arrangement | 647,130 | 1,226,402 | 3,554,952 | 307,312 | 2,588,520 | 3,672,910 | 1,617,825 | 0 | |||||||
Series A, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 4,245,112 | 4,245,112 | 0 | 4,245,112 | 0 | ||||||||||
Common Stock, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 7,096,153 | 7,096,153 | 0 | 7,096,153 | 0 | ||||||||||
Class B Common Stock, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 3,288,890 | 3,288,890 | 0 | 3,288,890 | 0 | ||||||||||
As Previously Reported | |||||||||||||||
Operating Activities | |||||||||||||||
Net income (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) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||
Deferred income tax | 72,213 | (26,400) | 88,422 | 108,822 | 94,604 | 222,337 | 4,076,290 | ||||||||
Depreciation, amortization and ARO accretion | 4,388,927 | 3,267,034 | 8,793,101 | 7,427,544 | 11,997,781 | 11,530,460 | 16,406,557 | ||||||||
Amortization of debt issuance costs | 0 | 0 | 0 | 0 | 1,236,178 | 0 | 0 | ||||||||
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 | |||||||||||
Loss on extinguishment of debt | 861,814 | 861,814 | 861,814 | 861,814 | |||||||||||
Gain on sale of equipment | (22,678) | (39,678) | (16,508) | (16,508) | |||||||||||
Stock-based compensation | 151,359 | 384,383 | 0 | 0 | |||||||||||
Changes in assets and liabilities: | |||||||||||||||
Accounts and other receivables | 2,412,748 | (344,371) | 1,024,635 | 541,580 | 2,715,207 | 702,251 | (92,089) | ||||||||
Financing note accrued interest receivable | (6,714) | (9,926) | (8,780) | (8,780) | |||||||||||
Inventory | (14,712) | (26,111) | (587,295) | 144,113 | (2,050,514) | (1,572,534) | (2,183,946) | ||||||||
Prepaid expenses and other assets | 1,601,150 | (249,081) | 2,487,362 | (2,788,545) | 4,296,890 | (2,409,857) | (958,283) | ||||||||
Due from affiliated companies, net | 282,032 | 1,225,906 | 140,509 | (184,030) | 209,943 | (188,578) | (28,509) | ||||||||
Management fee payable | (363,380) | (666,856) | (971,626) | (971,626) | |||||||||||
Accounts payable and other accrued liabilities | (4,056,041) | (1,611,539) | 363,137 | 1,740,265 | 1,213,961 | 987,899 | (2,627,549) | ||||||||
Unearned revenue | 46,019 | (146,369) | 280,795 | 4,358,342 | 151,295 | (439,106) | (601,126) | ||||||||
Other changes, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | 8,580,584 | (2,481,161) | 18,651,187 | 26,703,113 | 12,238,286 | 17,298,110 | |||||||||
Investing Activities | |||||||||||||||
Acquisition of Crimson Midstream Holdings, net of cash acquired | (68,094,324) | (69,002,053) | (69,002,053) | (69,002,052) | |||||||||||
Acquisition of Corridor InfraTrust Management, net of cash acquired | 952,487 | 952,487 | |||||||||||||
Purchases of property and equipment | (1,098,698) | (4,625,511) | (4,141,485) | (9,275,334) | (7,759,603) | (15,024,412) | (15,883,609) | ||||||||
Proceeds from reimbursable projects | 0 | 79,600 | 2,103,544 | 0 | 2,385,858 | 0 | 0 | ||||||||
Proceeds from sale of property and equipment | 60,153 | 38,075 | 79,600 | 55,075 | 97,210 | 97,210 | |||||||||
Proceeds from insurance recovery | 32,500 | 60,153 | 60,153 | 60,153 | |||||||||||
Principal payment on financing note receivable | 42,666 | 86,626 | 70,417 | 131,917 | 113,595 | 155,008 | |||||||||
Decrease in financing note receivable | 26,849 | 26,849 | |||||||||||||
Net cash used in investing activities | (1,056,032) | (72,547,582) | (1,913,240) | (78,067,217) | (5,186,753) | (82,776,171) | (83,593,954) | ||||||||
Financing Activities | |||||||||||||||
Debt financing costs | (2,735,922) | (2,735,922) | (2,735,922) | (2,735,922) | |||||||||||
Dividends paid on Series A preferred stock | (2,388,130) | (2,309,672) | (4,776,260) | (4,619,344) | (7,164,390) | (7,007,474) | (9,395,604) | ||||||||
Dividends paid on Common Stock | (744,659) | (682,576) | (1,492,690) | (1,232,357) | (1,644,549) | (1,799,268) | (2,439,446) | ||||||||
Common Stock issued under the director's compensation plan | 207,053 | 22,500 | 22,500 | ||||||||||||
Distributions to non-controlling interest | (809,212) | (1,618,424) | (604,951) | (2,427,636) | (1,446,901) | (2,256,113) | |||||||||
Advances on revolving line of credit | 2,000,000 | 3,000,000 | 4,000,000 | 8,000,000 | 9,000,000 | 19,000,000 | 24,000,000 | ||||||||
Payments on revolving line of credit | (3,000,000) | (3,000,000) | (4,000,000) | (7,000,000) | (4,000,000) | (16,000,000) | (22,000,000) | ||||||||
Principal payments on Crimson secured credit facility | (2,000,000) | (4,000,000) | (6,000,000) | (4,000,000) | (6,000,000) | ||||||||||
Proceeds from Issuance of Debt | 0 | ||||||||||||||
Payments on financing arrangement | 0 | ||||||||||||||
Net cash used in financing activities | (6,734,948) | (5,728,170) | (11,484,170) | (8,192,574) | (12,236,575) | (13,967,065) | (20,804,585) | ||||||||
Net change in cash and cash equivalents | 789,604 | (80,756,913) | 5,253,777 | (81,901,449) | 9,279,785 | (84,504,950) | (87,100,429) | ||||||||
Cash and cash equivalents at beginning of year | 21,776,263 | 17,750,255 | 13,286,082 | 12,496,478 | 15,091,957 | 17,695,458 | 18,839,994 | 99,596,907 | 12,496,478 | 99,596,907 | 12,496,478 | 99,596,907 | 12,496,478 | 99,596,907 | |
Cash and cash equivalents at end of year | 21,776,263 | 17,750,255 | 13,286,082 | 12,496,478 | 15,091,957 | 17,695,458 | 18,839,994 | 17,750,255 | 17,695,458 | 21,776,263 | 15,091,957 | 12,496,478 | 99,596,907 | ||
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Interest paid | 4,500,333 | 4,254,050 | 4,999,845 | 5,750,876 | 8,802,697 | 10,206,280 | |||||||||
Income tax refunds | (716) | 5,026 | (12,055) | (1,286) | (12,055) | (635,730) | |||||||||
Non-Cash Investing Activities | |||||||||||||||
Purchases of property, plant and equipment in accounts payable and other accrued liabilities | 1,178,271 | 868,190 | 771,180 | 386,009 | 2,249,585 | ||||||||||
In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition | 48,873,169 | 48,873,169 | 48,873,169 | ||||||||||||
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition | 105,000,000 | 105,000,000 | 105,000,000 | ||||||||||||
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition | 115,323,036 | 116,205,762 | 116,205,762 | ||||||||||||
Non-Cash Financing Activities | |||||||||||||||
Crimson Class A-2 Units dividends payment in-kind | 204,353 | 406,000 | 406,000 | 610,353 | 610,353 | ||||||||||
Assets acquired under financing arrangement | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
As Previously Reported | Series A, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 4,245,112 | 4,245,112 | 4,245,112 | ||||||||||||
As Previously Reported | Common Stock, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 7,096,153 | 7,096,153 | 7,096,153 | ||||||||||||
As Previously Reported | Class B Common Stock, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 3,288,890 | 3,288,890 | 3,288,890 | ||||||||||||
Effect of Restatement | |||||||||||||||
Operating Activities | |||||||||||||||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||
Deferred income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Depreciation, amortization and ARO accretion | (412,260) | (368,704) | (824,120) | (780,761) | 0 | (1,192,821) | (1,604,881) | ||||||||
Amortization of debt issuance costs | 412,260 | 368,704 | 824,120 | 780,761 | 0 | 1,192,821 | 1,604,881 | ||||||||
Loss on impairment and disposal of leased property | 0 | 0 | 0 | 0 | |||||||||||
Loss on termination of lease | 0 | 0 | 0 | 0 | |||||||||||
Loss on extinguishment of debt | 0 | 0 | 0 | 0 | |||||||||||
Gain on sale of equipment | 0 | 0 | 0 | 0 | |||||||||||
Stock-based compensation | 0 | 0 | 22,500 | 22,500 | |||||||||||
Changes in assets and liabilities: | |||||||||||||||
Accounts and other receivables | (1,391,763) | 0 | 0 | 122,976 | 0 | (586,957) | 1,213,454 | ||||||||
Financing note accrued interest receivable | 0 | 0 | 0 | 0 | |||||||||||
Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Prepaid expenses and other assets | (345,675) | 0 | (701,791) | (3,882,392) | (2,514,429) | (3,882,392) | (3,882,548) | ||||||||
Due from affiliated companies, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Management fee payable | 0 | 0 | 0 | 0 | |||||||||||
Accounts payable and other accrued liabilities | (218,915) | (1,178,880) | 707,953 | (117,333) | 1,815,664 | 881,766 | 2,064,679 | ||||||||
Unearned revenue | 0 | 0 | 0 | (3,876,749) | 0 | 0 | 0 | ||||||||
Other changes, net | (312,060) | (345,110) | (206,457) | 234,270 | (100,855) | (123,053) | 156 | ||||||||
Net cash provided by operating activities | (1,610,678) | (1,178,880) | 707,953 | 295,146 | (3,565,083) | (581,759) | |||||||||
Investing Activities | |||||||||||||||
Acquisition of Crimson Midstream Holdings, net of cash acquired | 0 | 0 | 0 | 0 | |||||||||||
Acquisition of Corridor InfraTrust Management, net of cash acquired | 0 | 0 | |||||||||||||
Purchases of property and equipment | (92,666) | 0 | 0 | (709,933) | 0 | (709,933) | (4,344,845) | ||||||||
Proceeds from reimbursable projects | 1,478,042 | 0 | 0 | 586,957 | 0 | 1,296,890 | 3,131,391 | ||||||||
Proceeds from sale of property and equipment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Proceeds from insurance recovery | 0 | 0 | 0 | 0 | |||||||||||
Principal payment on financing note receivable | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Decrease in financing note receivable | 0 | 0 | |||||||||||||
Net cash used in investing activities | 1,385,376 | 0 | 0 | (122,976) | 0 | 586,957 | (1,213,454) | ||||||||
Financing Activities | |||||||||||||||
Debt financing costs | 0 | 0 | 0 | 0 | |||||||||||
Dividends paid on Series A preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Dividends paid on Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Common Stock issued under the director's compensation plan | 0 | (22,500) | (22,500) | ||||||||||||
Distributions to non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Advances on revolving line of credit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Payments on revolving line of credit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Principal payments on Crimson secured credit facility | 0 | 0 | 0 | 0 | 0 | ||||||||||
Proceeds from Issuance of Debt | 3,882,392 | ||||||||||||||
Payments on financing arrangement | (3,020,581) | ||||||||||||||
Net cash used in financing activities | (862,754) | 0 | (1,170,635) | 3,451,489 | (466,865) | 2,566,236 | 839,311 | ||||||||
Net change in cash and cash equivalents | (1,088,056) | (1,178,880) | (462,682) | (548,236) | (171,719) | (411,890) | (955,902) | ||||||||
Cash and cash equivalents at beginning of year | $ (1,127,621) | (1,418,584) | (2,043,958) | (955,902) | (411,890) | (548,236) | (1,178,880) | 0 | (955,902) | 0 | (955,902) | 0 | $ (955,902) | 0 | |
Cash and cash equivalents at end of year | $ (1,127,621) | $ (1,418,584) | (2,043,958) | $ (955,902) | $ (411,890) | $ (548,236) | (1,178,880) | (1,418,584) | (548,236) | (1,127,621) | (411,890) | (955,902) | $ 0 | ||
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Interest paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Income tax refunds | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Non-Cash Investing Activities | |||||||||||||||
Purchases of property, plant and equipment in accounts payable and other accrued liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition | 0 | 0 | 0 | 0 | |||||||||||
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition | 0 | 0 | 0 | 0 | |||||||||||
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition | $ 0 | 0 | 0 | 0 | |||||||||||
Non-Cash Financing Activities | |||||||||||||||
Crimson Class A-2 Units dividends payment in-kind | 0 | 0 | 0 | ||||||||||||
Assets acquired under financing arrangement | $ 647,130 | $ 1,226,402 | $ 3,554,952 | $ 307,312 | 2,588,520 | 1,617,825 | |||||||||
Effect of Restatement | Series A, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 0 | 0 | |||||||||||||
Effect of Restatement | Common Stock, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 0 | 0 | |||||||||||||
Effect of Restatement | Class B Common Stock, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | $ 0 | $ 0 |
QUARTERLY FINANCIAL DATA (Una_3
QUARTERLY FINANCIAL DATA (Unaudited) (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 | |
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
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 |
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) |
Net Income (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) |
Basic (in dollars per share) | $ (0.07) | $ (0.95) | $ (1.02) | $ (23.09) | |||||||||||
Diluted (in dollars per share) | $ (0.07) | $ (0.95) | $ (1.02) | $ (23.09) | |||||||||||
Preferred Stock | |||||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
Preferred dividend requirements | $ 2,388,130 | $ 2,388,130 | $ 2,388,130 | $ 2,388,130 | $ 2,388,130 | $ 2,388,130 | $ 2,309,672 | $ 2,309,672 | |||||||
Common Stock | |||||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
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) | |||||||
Common Class B | |||||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
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 | |||||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
Net Loss attributable to common stockholders | $ (843,225) | $ (77,445) | $ 18,529 | $ 73,100 | $ (206,680) | $ (1,100,066) | $ (405,825) | ||||||||
Basic (in dollars per share) | $ (1.23) | $ (0.11) | $ 0.03 | $ 0.11 | $ (0.09) | $ (1.33) | $ (0.95) | $ (1.61) | $ (1.21) | ||||||
Diluted (in dollars per share) | $ (1.23) | $ (0.11) | $ 0.03 | $ 0.11 | $ (0.09) | $ (1.33) | $ (0.95) | $ (1.61) | $ (1.21) |
QUARTERLY FINANCIAL DATA (UNA_4
QUARTERLY FINANCIAL DATA (UNAUDITED) - Revised Consolidated Balance Sheets (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jan. 27, 2015 | |
Assets | ||||||||||||
Property, plant, and equipment, after accumulated depreciation | $ 438,593,056 | $ 441,213,095 | $ 437,328,908 | $ 443,457,382 | $ 438,249,633 | $ 445,250,237 | $ 440,148,967 | $ 441,430,193 | ||||
Property investment, net of accumulated depreciation | 1,257,505 | 1,298,763 | 1,247,189 | 1,288,449 | 1,236,873 | 1,278,135 | 1,226,565 | 1,267,821 | ||||
Financing notes and related accrued interest receivable, net | 993,994 | 1,183,950 | 950,034 | 1,149,245 | 904,743 | 1,078,072 | 858,079 | 1,036,660 | ||||
Cash and cash equivalents | 11,242,124 | 17,661,114 | 16,331,670 | 17,147,222 | 20,648,642 | 14,680,067 | 17,830,482 | 11,540,576 | ||||
Accounts and other receivables | 12,954,640 | 15,275,036 | 12,571,130 | 14,389,085 | 10,609,744 | 14,573,047 | 14,164,525 | 15,367,389 | ||||
Due from affiliates | 169,968 | 827,264 | 231,105 | 1,163,633 | 94,994 | 953,806 | 167,743 | 676,825 | ||||
Deferred costs, net of accumulated amortization | 701,361 | 1,082,205 | 606,150 | 986,994 | 510,939 | 891,783 | 415,727 | 796,572 | ||||
Inventory | 3,968,235 | 1,795,688 | 4,540,818 | 1,625,464 | 6,004,037 | 3,342,111 | 5,950,051 | 3,953,523 | ||||
Prepaid expense and other assets | 7,795,241 | 8,424,488 | 7,240,815 | 10,939,625 | 5,699,079 | 10,550,792 | 9,478,146 | 9,075,043 | ||||
Operating lease right-of-use asset | 5,730,264 | 6,175,414 | 5,374,148 | 5,914,710 | 5,082,028 | 6,433,505 | 4,722,361 | 6,075,939 | ||||
Deferred tax asset, net | 134,072 | 4,308,976 | 113,625 | 4,173,754 | 111,681 | 4,060,239 | 0 | 206,285 | ||||
Goodwill | 16,210,020 | 1,718,868 | 16,210,020 | 1,718,868 | 0 | 16,210,020 | 0 | 16,210,020 | $ 1,718,868 | |||
Total Assets | 499,750,480 | 500,964,861 | 502,745,612 | 503,954,431 | 489,152,393 | 519,301,814 | 494,962,646 | 507,636,846 | ||||
Liabilities and Equity | ||||||||||||
Secured credit facilities, net of debt issuance cost | 96,877,181 | 103,267,485 | 96,029,605 | 104,419,909 | 99,182,028 | 102,572,333 | 100,334,453 | 99,724,756 | ||||
Unsecured convertible senior notes, net of discount and debt issuance costs | 115,830,255 | 115,172,555 | 115,994,680 | 115,336,979 | 116,159,105 | 115,501,404 | 116,323,530 | 115,665,830 | ||||
Asset retirement obligation | 0 | 0 | 8,762,579 | |||||||||
Accounts payable and other accrued liabilities | 10,942,452 | 16,731,828 | 15,980,616 | 20,232,095 | 18,469,049 | 20,489,468 | 26,316,216 | 16,080,162 | ||||
Income tax liability | 141,226 | 305,205 | 344,630 | 33,027 | 174,849 | 0 | ||||||
Management fees payable | 608,246 | 304,770 | ||||||||||
Due to affiliated companies | 423,491 | 2,053,170 | 343,105 | 979,603 | 276,428 | 765,228 | 209,750 | 648,316 | ||||
Operating lease liability | 5,388,922 | 5,800,866 | 5,138,409 | 5,651,002 | 4,951,891 | 6,281,014 | 4,696,410 | 6,046,657 | ||||
Unearned revenue | 5,885,621 | 6,294,359 | 6,120,397 | 6,147,990 | 5,990,897 | 6,001,622 | 5,948,621 | 5,839,602 | ||||
Total Liabilities | 235,489,148 | 249,928,509 | 239,912,017 | 253,072,348 | 245,374,028 | 251,644,096 | 255,296,129 | 244,005,323 | ||||
Equity | ||||||||||||
Common stock | 13,652 | |||||||||||
Additional paid-in capital | 335,376,932 | 336,750,132 | 332,588,181 | 333,890,657 | 329,796,049 | 341,331,070 | 327,016,573 | 338,302,735 | ||||
Retained deficit | (317,473,035) | (326,320,818) | (316,112,121) | (324,904,359) | (332,423,037) | (320,030,693) | (333,785,097) | (321,028,580) | ||||
Total CorEnergy Equity | 147,445,216 | 135,713,316 | 146,017,479 | 134,270,321 | 126,914,548 | 150,841,602 | 122,773,089 | 146,815,407 | ||||
Non-controlling Interest | 116,816,116 | 115,323,036 | 116,816,116 | 116,611,762 | 116,863,817 | 116,816,116 | 116,893,428 | 116,816,116 | ||||
Total Equity | 264,261,332 | 251,036,352 | 262,833,595 | 250,882,083 | 243,778,365 | 267,657,718 | 239,666,517 | 263,631,523 | 149,399,827 | $ 476,739,439 | ||
Total Liabilities and Equity | 499,750,480 | 500,964,861 | 502,745,612 | 503,954,431 | 489,152,393 | 519,301,814 | 494,962,646 | 507,636,846 | ||||
Leased property, accumulated depreciation | 268,522 | 278,838 | 237,579 | 289,154 | 247,893 | 299,463 | 258,207 | |||||
Reserve for financing notes and related accrued interest receivable | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | ||||
Deferred costs, accumulated amortization | 440,986 | 536,197 | 155,353 | 631,408 | 250,564 | 726,619 | 345,775 | |||||
Debt issuance costs | 1,122,820 | 1,732,515 | 970,395 | 1,580,091 | 817,972 | 1,427,667 | $ 665,547 | 1,275,244 | $ 132,000 | |||
Unamortized discount and debt issuance costs | 2,219,745 | $ 2,877,445 | 2,055,320 | 2,713,020 | 1,890,895 | 2,548,595 | ||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | |||||||||||
Preferred stock, shares authorized | 69,367,000,000,000 | |||||||||||
Preferred stock, shares outstanding | 51,810 | |||||||||||
Common stock, shares authorized | 100,000,000 | |||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | |||||||||||
Common stock, shares issued | 13,651,521 | |||||||||||
Common stock, shares outstanding | 13,651,521 | |||||||||||
VIE | ||||||||||||
Assets | ||||||||||||
Property, plant, and equipment, after accumulated depreciation | 336,342,641 | $ 335,865,029 | 335,765,423 | 338,930,724 | 337,470,077 | 341,422,699 | $ 340,205,058 | 338,452,392 | ||||
Cash and cash equivalents | 3,264,738 | 1,759,070 | 2,989,319 | 2,009,787 | 3,717,809 | 1,874,319 | 2,825,902 | |||||
Accounts and other receivables | 8,871,936 | 10,828,844 | 8,577,791 | 11,434,113 | 7,654,757 | 11,426,137 | 10,343,769 | 11,291,749 | ||||
Due from affiliates | 169,968 | 827,264 | 231,105 | 1,163,633 | 94,994 | 953,806 | 167,743 | 676,825 | ||||
Inventory | 3,829,532 | 1,690,158 | 4,387,216 | 1,512,398 | 5,859,262 | 3,229,161 | 5,804,776 | 3,839,865 | ||||
Prepaid expense and other assets | 5,176,012 | 6,313,679 | 3,931,105 | 4,018,467 | 3,946,389 | 5,159,383 | 3,414,372 | 5,004,566 | ||||
Operating lease right-of-use asset | 5,357,343 | 6,097,344 | 5,057,314 | 5,844,591 | 4,755,606 | 5,950,501 | 4,452,210 | 5,647,631 | ||||
Liabilities and Equity | ||||||||||||
Accounts payable and other accrued liabilities | 7,686,258 | 13,046,352 | 9,854,951 | 11,454,583 | 13,819,708 | 14,005,086 | 16,889,980 | 10,699,806 | ||||
Due to affiliated companies | 423,491 | 1,637,540 | 343,105 | 979,603 | 276,428 | 765,228 | 209,750 | 648,316 | ||||
Operating lease liability | 5,044,501 | 5,752,045 | 4,849,887 | 5,609,946 | 4,653,594 | 5,826,885 | 4,454,196 | 5,647,036 | ||||
Unearned revenue | 205,790 | 315,000 | 205,790 | 315,000 | 205,790 | 315,000 | 203,725 | 199,405 | ||||
Property, Plant and Equipment, Other Types | ||||||||||||
Equity | ||||||||||||
Property, plant, and equipment, accumulated depreciation | 40,964,057 | 44,870,127 | 28,973,654 | 48,864,283 | 32,592,641 | 52,908,191 | 37,022,035 | |||||
Series A Cumulative Redeemable Preferred Stock | ||||||||||||
Equity | ||||||||||||
Series A Cumulative Redeemable Preferred Stock 7.375% | $ 129,525,675 | $ 125,270,350 | $ 129,525,675 | $ 125,270,350 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | ||||
Preferred stock interest rate | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | 7.375% | ||||
Preferred stock, liquidation preference | $ 129,525,675 | $ 125,270,350 | $ 129,525,675 | $ 125,270,350 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | ||||
Preferred stock, liquidation preference (in dollars per share) | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | ||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Preferred stock, shares authorized | 69,367,000 | |||||||||||
Preferred stock, shares outstanding | 51,810 | 50,108 | 51,810 | 50,108 | 51,810 | 51,810 | 51,810 | 51,810 | ||||
Preferred stock, shares issued | 51,810 | 50,108 | 51,810 | 50,108 | 51,810 | 51,810 | 51,810 | 51,810 | 22,500 | |||
Common stock, par value (in dollars per share) | $ 0.001 | |||||||||||
Non-Convertible Common Stock | ||||||||||||
Equity | ||||||||||||
Common stock | $ 14,960 | $ 15,060 | $ 13,673 | $ 15,177 | $ 14,866 | $ 15,254 | $ 14,893 | |||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Common stock, shares issued | 14,960,628 | 15,060,857 | 13,673,326 | 15,176,911 | 14,866,799 | 15,253,958 | 14,893,184 | |||||
Common stock, shares outstanding | 14,960,628 | 15,060,857 | 13,673,326 | 15,176,911 | 14,866,799 | 15,253,958 | 14,893,184 | |||||
Common Class B | ||||||||||||
Equity | ||||||||||||
Common stock | $ 684 | $ 684 | $ 684 | $ 684 | $ 684 | $ 684 | ||||||
Common stock, shares authorized | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | 11,896,100 | ||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Common stock, shares issued | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | ||||||
Common stock, shares outstanding | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | ||||||
As Previously Reported | ||||||||||||
Assets | ||||||||||||
Property, plant, and equipment, after accumulated depreciation | $ 438,593,056 | $ 441,213,095 | $ 437,328,908 | $ 443,457,382 | $ 438,249,633 | $ 445,250,237 | $ 441,430,193 | |||||
Property investment, net of accumulated depreciation | 1,257,505 | 1,298,763 | 1,247,189 | 1,288,449 | 1,236,873 | 1,278,135 | 1,267,821 | |||||
Financing notes and related accrued interest receivable, net | 993,994 | 1,183,950 | 950,034 | 1,149,245 | 904,743 | 1,078,072 | 1,036,660 | |||||
Cash and cash equivalents | 13,286,081 | 18,839,994 | 17,750,255 | 17,695,458 | 21,776,263 | 15,091,957 | 12,496,478 | |||||
Accounts and other receivables | 12,954,640 | 15,275,036 | 12,571,130 | 14,389,085 | 10,609,744 | 14,573,047 | 15,367,389 | |||||
Due from affiliates | 169,968 | 827,264 | 231,105 | 1,163,633 | 94,994 | 953,806 | 676,825 | |||||
Deferred costs, net of accumulated amortization | 701,361 | 1,082,205 | 606,150 | 986,994 | 510,939 | 891,783 | 796,572 | |||||
Inventory | 3,968,235 | 1,795,688 | 4,540,818 | 1,625,464 | 6,004,037 | 3,342,111 | 3,953,523 | |||||
Prepaid expense and other assets | 7,795,241 | 8,424,488 | 7,240,815 | 10,939,625 | 5,699,079 | 10,550,792 | 9,075,043 | |||||
Operating lease right-of-use asset | 5,730,264 | 6,175,414 | 5,374,148 | 5,914,710 | 5,082,028 | 6,433,505 | 6,075,939 | |||||
Deferred tax asset, net | 134,072 | 4,308,976 | 113,625 | 4,173,754 | 111,681 | 4,060,239 | 206,285 | |||||
Goodwill | 16,210,020 | 1,718,868 | 16,210,020 | 1,718,868 | 0 | 16,210,020 | 16,210,020 | |||||
Total Assets | 501,794,437 | 502,143,741 | 504,164,197 | 504,502,667 | 490,280,014 | 519,713,704 | 508,592,748 | |||||
Liabilities and Equity | ||||||||||||
Secured credit facilities, net of debt issuance cost | 96,877,181 | 103,267,485 | 96,029,605 | 104,419,909 | 99,182,028 | 102,572,333 | 99,724,756 | |||||
Unsecured convertible senior notes, net of discount and debt issuance costs | 115,830,255 | 115,172,555 | 115,994,680 | 115,336,979 | 116,159,105 | 115,501,404 | 115,665,830 | |||||
Accounts payable and other accrued liabilities | 12,986,409 | 17,910,708 | 17,399,201 | 20,780,331 | 19,596,670 | 20,901,358 | 17,036,064 | |||||
Income tax liability | 141,226 | 305,205 | 344,630 | 33,027 | ||||||||
Management fees payable | 608,246 | 304,770 | ||||||||||
Due to affiliated companies | 423,491 | 2,053,170 | 343,105 | 979,603 | 276,428 | 765,228 | 648,316 | |||||
Operating lease liability | 5,388,922 | 5,800,866 | 5,138,409 | 5,651,002 | 4,951,891 | 6,281,014 | 6,046,657 | |||||
Unearned revenue | 5,885,621 | 6,294,359 | 6,120,397 | 6,147,990 | 5,990,897 | 6,001,622 | 5,839,602 | |||||
Total Liabilities | 237,533,105 | 251,107,389 | 241,330,602 | 253,620,584 | 246,501,649 | 252,055,986 | 244,961,225 | |||||
Equity | ||||||||||||
Common stock | 13,652 | |||||||||||
Additional paid-in capital | 335,376,932 | 336,750,132 | 332,588,181 | 333,890,657 | 329,796,049 | 341,331,070 | 338,302,735 | |||||
Retained deficit | (324,853,173) | (327,926,126) | (323,649,718) | (327,513,586) | (339,752,470) | (324,749,301) | (327,157,636) | |||||
Total CorEnergy Equity | 140,065,078 | 134,108,008 | 138,479,882 | 131,661,094 | 119,585,115 | 146,122,994 | 140,686,351 | |||||
Non-controlling Interest | 124,196,254 | 116,928,344 | 124,353,713 | 119,220,989 | 124,193,250 | 121,534,724 | 122,945,172 | |||||
Total Equity | 264,261,332 | 251,036,352 | 262,833,595 | 250,882,083 | 243,778,365 | 267,657,718 | 263,631,523 | $ 149,399,827 | ||||
Total Liabilities and Equity | 501,794,437 | 502,143,741 | 504,164,197 | 504,502,667 | 490,280,014 | 519,713,704 | 508,592,748 | |||||
As Previously Reported | Series A Cumulative Redeemable Preferred Stock | ||||||||||||
Equity | ||||||||||||
Series A Cumulative Redeemable Preferred Stock 7.375% | 129,525,675 | 125,270,350 | 129,525,675 | 125,270,350 | 129,525,675 | 129,525,675 | 129,525,675 | |||||
As Previously Reported | Non-Convertible Common Stock | ||||||||||||
Equity | ||||||||||||
Common stock | 14,960 | 15,060 | 13,673 | 15,177 | 14,866 | 14,893 | ||||||
As Previously Reported | Common Class B | ||||||||||||
Equity | ||||||||||||
Common stock | 684 | 684 | 684 | 684 | 684 | |||||||
Effect of Restatement | ||||||||||||
Assets | ||||||||||||
Property, plant, and equipment, after accumulated depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Property investment, net of accumulated depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Financing notes and related accrued interest receivable, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Cash and cash equivalents | (2,043,957) | (1,178,880) | (1,418,585) | (548,236) | (1,127,621) | (411,890) | (955,902) | |||||
Accounts and other receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Due from affiliates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Deferred costs, net of accumulated amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Prepaid expense and other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Operating lease right-of-use asset | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Deferred tax asset, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Total Assets | (2,043,957) | (1,178,880) | (1,418,585) | (548,236) | (1,127,621) | (411,890) | (955,902) | |||||
Liabilities and Equity | ||||||||||||
Secured credit facilities, net of debt issuance cost | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Unsecured convertible senior notes, net of discount and debt issuance costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Accounts payable and other accrued liabilities | (2,043,957) | (1,178,880) | (1,418,585) | (548,236) | (1,127,621) | (411,890) | (955,902) | |||||
Income tax liability | 0 | 0 | 0 | 0 | ||||||||
Management fees payable | 0 | 0 | ||||||||||
Due to affiliated companies | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Operating lease liability | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Unearned revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Total Liabilities | (2,043,957) | (1,178,880) | (1,418,585) | (548,236) | (411,890) | (955,902) | ||||||
Equity | ||||||||||||
Common stock | 0 | |||||||||||
Additional paid-in capital | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Retained deficit | 7,380,138 | 1,605,308 | 7,537,597 | 2,609,227 | 7,329,433 | 4,718,608 | 6,129,056 | |||||
Total CorEnergy Equity | 7,380,138 | 1,605,308 | 7,537,597 | 2,609,227 | 7,329,433 | 4,718,608 | 6,129,056 | |||||
Non-controlling Interest | (7,380,138) | (1,605,308) | (7,537,597) | (2,609,227) | (7,329,433) | (4,718,608) | (6,129,056) | |||||
Total Equity | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | ||||
Total Liabilities and Equity | (2,043,957) | (1,178,880) | (1,418,585) | (548,236) | (1,127,621) | (411,890) | (955,902) | |||||
Effect of Restatement | VIE | ||||||||||||
Assets | ||||||||||||
Cash and cash equivalents | (547,104) | |||||||||||
Effect of Restatement | Series A Cumulative Redeemable Preferred Stock | ||||||||||||
Equity | ||||||||||||
Series A Cumulative Redeemable Preferred Stock 7.375% | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||
Effect of Restatement | Non-Convertible Common Stock | ||||||||||||
Equity | ||||||||||||
Common stock | 0 | 0 | $ 0 | 0 | 0 | 0 | ||||||
Effect of Restatement | Common Class B | ||||||||||||
Equity | ||||||||||||
Common stock | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
QUARTERLY FINANCIAL DATA (UNA_5
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 |
QUARTERLY FINANCIAL DATA (UNA_6
QUARTERLY FINANCIAL DATA (UNAUDITED) - Revised Consolidated Statements of Equity (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 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 13,651,521 | ||||||||||||||
Beginning balance | $ 243,778,365 | $ 262,833,595 | $ 264,261,332 | $ 263,631,523 | $ 267,657,718 | $ 250,882,083 | $ 251,036,352 | $ 149,399,827 | $ 263,631,523 | $ 149,399,827 | $ 263,631,523 | $ 149,399,827 | $ 263,631,523 | $ 149,399,827 | $ 476,739,439 |
Net income (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) |
Non-controlling interest | 116,893,428 | 116,863,817 | 116,816,116 | 116,816,116 | 116,816,116 | 116,816,116 | 116,611,762 | 115,323,036 | 116,816,116 | 116,611,762 | 116,863,817 | 116,816,116 | 116,893,428 | 116,816,116 | |
Series A preferred stock dividends | (2,388,130) | (2,388,130) | (2,388,130) | (2,388,130) | (2,309,672) | (2,309,672) | (7,164,390) | (9,552,519) | (9,395,604) | (9,242,797) | |||||
Non-controlling interest income allocation | (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 |
Common Stock dividends | (753,043) | (748,031) | (744,659) | (682,576) | (682,576) | (2,245,733) | |||||||||
Equity attributable to non-controlling interest | 204,353 | 1,288,726 | 115,323,036 | 116,816,115 | |||||||||||
Common Stock dividends | (741,530) | (682,576) | $ (682,576) | (1,492,690) | (3,004,579) | (2,850,026) | (12,286,368) | ||||||||
Reinvestment of dividends paid to common stockholders | 197,980 | 196,151 | 207,053 | 174,619 | 132,795 | 403,204 | 601,184 | 803,923 | 410,580 | ||||||
Common stock issued under director's compensation plan | 22,500 | 22,500 | |||||||||||||
Common Stock, accrued dividend equivalent | (34,145) | (34,145) | (67,431) | ||||||||||||
Crimson cash distribution on A-1 Units | (809,212) | (809,212) | (809,212) | (841,950) | (604,951) | (1,618,424) | (2,427,636) | (3,236,848) | (2,256,113) | ||||||
Crimson Class A-2 Units dividends payment in kind | (204,353) | (406,000) | (406,000) | (610,353) | 0 | (610,353) | 0 | ||||||||
Stock-based compensation | 233,024 | 151,359 | 151,359 | 384,383 | 612,117 | ||||||||||
Ending balance (in shares) | 13,651,521 | ||||||||||||||
Ending balance | $ 239,666,517 | $ 243,778,365 | $ 262,833,595 | $ 264,261,332 | $ 263,631,523 | 267,657,718 | $ 250,882,083 | $ 251,036,352 | 262,833,595 | $ 250,882,083 | $ 243,778,365 | 267,657,718 | 239,666,517 | 263,631,523 | 149,399,827 |
Series A, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Series A preferred stock dividends | $ (4,776,260) | ||||||||||||||
Stock issued due to internalized transaction | 4,245,112 | 4,245,112 | 0 | 4,245,112 | 0 | ||||||||||
Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 7,096,153 | 7,096,153 | 0 | 7,096,153 | 0 | ||||||||||
Class B Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | $ 3,288,890 | $ 3,288,890 | $ 0 | $ 3,288,890 | $ 0 | ||||||||||
Common Class B | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | |||||||
Ending balance (in shares) | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | ||||
Series A Cumulative Redeemable Preferred Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | ||||||||
Ending balance | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | ||||||||
Common Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 15,060,857 | 14,960,628 | 14,893,184 | 14,866,799 | 13,673,326 | 13,651,521 | 13,651,521 | 14,893,184 | 13,651,521 | 14,893,184 | 13,651,521 | 14,893,184 | 13,651,521 | 13,638,916 | |
Beginning balance | $ 15,060 | $ 14,960 | $ 14,893 | $ 14,866 | $ 13,673 | $ 13,652 | $ 13,652 | $ 14,893 | $ 13,652 | $ 14,893 | $ 13,652 | $ 14,893 | $ 13,652 | $ 13,639 | |
Reinvestment of dividends paid to common stockholders (in shares) | 69,312 | 67,444 | 36,228 | 21,805 | 136,756 | 279,957 | 84,418 | ||||||||
Reinvestment of dividends paid to common stockholders | $ 69 | $ 67 | $ 36 | $ 21 | $ 136 | $ 280 | $ 84 | ||||||||
Common stock issued under director's compensation plan | $ 3 | $ 3 | |||||||||||||
Common stock issued under director's compensation plan (in shares) | 30,917 | 3,399 | 30,917 | 80,817 | 3,399 | ||||||||||
Stock-based compensation | $ 31 | $ 31 | $ 81 | ||||||||||||
Ending balance (in shares) | 15,253,958 | 15,060,857 | 14,960,628 | 14,893,184 | 14,866,799 | 13,673,326 | 13,651,521 | 15,060,857 | 13,673,326 | 14,866,799 | 15,253,958 | 14,893,184 | 13,651,521 | ||
Ending balance | $ 15,254 | $ 15,060 | $ 14,960 | $ 14,893 | $ 14,866 | $ 13,673 | $ 13,652 | $ 15,060 | $ 13,673 | $ 14,866 | $ 15,254 | $ 14,893 | $ 13,652 | ||
Common Stock | Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | $ 1,154 | $ 1,154 | |||||||||||||
Stock issued, internalization transaction (in shares) | 1,153,846 | 1,153,846 | |||||||||||||
Common Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 15,176,911 | 15,060,857 | 14,893,184 | 14,893,184 | 14,893,184 | 14,893,184 | |||||||||
Beginning balance | $ 15,177 | $ 15,060 | $ 14,893 | $ 14,893 | $ 14,893 | $ 14,893 | |||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 84,606 | 221,362 | |||||||||||||
Reinvestment of dividends paid to common stockholders | $ 85 | $ 221 | |||||||||||||
Common stock issued under director's compensation plan (in shares) | 31,448 | 62,365 | |||||||||||||
Stock-based compensation | $ 32 | $ 63 | |||||||||||||
Ending balance (in shares) | 15,176,911 | 15,060,857 | 14,893,184 | 15,060,857 | 15,176,911 | 14,893,184 | |||||||||
Ending balance | $ 15,177 | $ 15,060 | $ 14,893 | $ 15,060 | $ 15,177 | $ 14,893 | |||||||||
Common Stock | Class B Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | $ 684 | $ 684 | |||||||||||||
Stock issued, internalization transaction (in shares) | 683,761 | 683,761 | |||||||||||||
Common Stock | Common Class B | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 0 | 0 | 0 | 683,761 | 0 | 683,761 | 0 | 683,761 | 0 | 0 |
Beginning balance | $ 684 | $ 684 | $ 684 | $ 684 | $ 684 | $ 0 | $ 0 | $ 0 | $ 684 | $ 0 | $ 684 | $ 0 | $ 684 | $ 0 | $ 0 |
Ending balance (in shares) | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 0 | 0 | 683,761 | 0 | 683,761 | 683,761 | 683,761 | 683,761 | 0 |
Ending balance | $ 684 | $ 684 | $ 684 | $ 684 | $ 684 | $ 684 | $ 0 | $ 0 | $ 684 | $ 0 | $ 684 | $ 684 | $ 684 | $ 684 | $ 0 |
Preferred Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | 125,270,350 | 125,270,350 | 125,270,350 | 129,525,675 | 125,270,350 | 129,525,675 | 125,270,350 | 129,525,675 | 125,270,350 | 125,493,175 | |
Ending balance | 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | 125,270,350 | 125,270,350 | 129,525,675 | 125,270,350 | 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | 125,270,350 | |
Preferred Stock | Series A, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 4,255,325 | 4,255,325 | |||||||||||||
Additional Paid-in Capital | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 329,796,049 | 332,588,181 | 335,376,932 | 338,302,735 | 341,331,070 | 333,890,657 | 336,750,132 | 339,742,380 | 338,302,735 | 339,742,380 | 338,302,735 | 339,742,380 | 338,302,735 | 339,742,380 | 360,844,497 |
Series A preferred stock dividends | (2,388,130) | (2,388,130) | (2,388,130) | (2,388,130) | (2,309,672) | (2,309,672) | (7,164,390) | (9,552,519) | (9,395,604) | (9,242,797) | |||||
Common Stock dividends | (753,043) | (748,031) | (744,659) | (682,576) | (682,576) | (2,245,733) | |||||||||
Common Stock dividends | (741,530) | (682,576) | (682,576) | (1,492,690) | (3,004,579) | (2,850,026) | (12,286,368) | ||||||||
Reinvestment of dividends paid to common stockholders | 197,895 | 196,082 | 206,986 | 174,583 | 132,774 | 403,068 | 600,963 | 803,643 | 410,496 | ||||||
Common stock issued under director's compensation plan | 22,497 | 22,497 | |||||||||||||
Common Stock, accrued dividend equivalent | (34,145) | (34,145) | (67,431) | ||||||||||||
Stock-based compensation | 185,291 | 151,328 | 151,328 | 336,619 | 534,724 | ||||||||||
Ending balance | 327,016,573 | 329,796,049 | 332,588,181 | 335,376,932 | 338,302,735 | 341,331,070 | 333,890,657 | 336,750,132 | 332,588,181 | 333,890,657 | 329,796,049 | 341,331,070 | 327,016,573 | 338,302,735 | 339,742,380 |
Additional Paid-in Capital | Series A, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Series A preferred stock dividends | (4,776,260) | ||||||||||||||
Stock issued due to internalized transaction | (10,213) | (10,213) | |||||||||||||
Additional Paid-in Capital | Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 7,094,999 | 7,094,999 | |||||||||||||
Additional Paid-in Capital | Class B Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 3,288,206 | 3,288,206 | |||||||||||||
Retained Deficit | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | (332,423,037) | (316,112,121) | (317,473,035) | (321,028,580) | (320,030,693) | (324,904,359) | (326,320,818) | (315,626,555) | (321,028,580) | (315,626,555) | (321,028,580) | (315,626,555) | (321,028,580) | (315,626,555) | (9,611,872) |
Net income (loss) | (16,310,916) | 1,360,914 | 3,555,545 | 4,873,667 | 1,416,458 | (10,694,263) | 4,916,459 | (11,394,457) | (12,756,517) | (5,402,025) | (306,067,579) | ||||
Ending balance | (333,785,097) | (332,423,037) | (316,112,121) | (317,473,035) | (321,028,580) | (320,030,693) | (324,904,359) | (326,320,818) | (316,112,121) | (324,904,359) | (332,423,037) | (320,030,693) | (333,785,097) | (321,028,580) | (315,626,555) |
Non-Controlling Interest | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 116,863,817 | 116,816,116 | 116,816,116 | 116,816,116 | 116,816,116 | 116,611,762 | 115,323,036 | 0 | 116,816,116 | 0 | 116,816,116 | 0 | 116,816,116 | 0 | 0 |
Net income (loss) | 809,212 | 809,212 | 809,212 | 1,046,304 | 1,010,951 | 1,618,424 | 2,427,636 | 3,236,848 | 2,866,467 | ||||||
Equity attributable to non-controlling interest | 204,353 | 1,288,726 | 115,323,036 | 116,816,115 | |||||||||||
Crimson cash distribution on A-1 Units | (809,212) | (809,212) | (809,212) | (841,950) | (604,951) | (1,618,424) | (2,427,636) | (3,236,848) | (2,256,113) | ||||||
Crimson Class A-2 Units dividends payment in kind | (204,353) | (406,000) | (610,353) | ||||||||||||
Stock-based compensation | 47,701 | 47,701 | 77,312 | ||||||||||||
Ending balance | 116,893,428 | 116,863,817 | 116,816,116 | 116,816,116 | 116,816,116 | 116,816,116 | 116,611,762 | 115,323,036 | 116,816,116 | 116,611,762 | 116,863,817 | 116,816,116 | 116,893,428 | 116,816,116 | 0 |
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 243,778,365 | 262,833,595 | 264,261,332 | 263,631,523 | 267,657,718 | 250,882,083 | 251,036,352 | 149,399,827 | 263,631,523 | 149,399,827 | 263,631,523 | 149,399,827 | 263,631,523 | 149,399,827 | |
Net income (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) | ||||
Non-controlling interest | 124,193,250 | 124,353,713 | 124,196,254 | 122,945,172 | 121,534,724 | 119,220,989 | 116,928,344 | 124,353,713 | 119,220,989 | 124,193,250 | 121,534,724 | 122,945,172 | |||
Series A preferred stock dividends | (2,388,130) | (2,388,130) | (2,388,130) | (2,388,130) | (2,309,672) | (2,309,672) | (7,164,390) | (9,395,604) | |||||||
Non-controlling interest income allocation | (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) | ||||
Common Stock dividends | (753,043) | (748,031) | (744,659) | (682,576) | (682,576) | (2,245,733) | |||||||||
Equity attributable to non-controlling interest | 204,353 | 1,288,726 | 115,323,036 | 116,816,115 | |||||||||||
Common Stock dividends | (741,530) | (682,576) | (682,576) | (1,492,690) | (2,850,026) | ||||||||||
Reinvestment of dividends paid to common stockholders | 197,980 | 196,151 | 207,053 | 174,619 | 132,795 | 403,204 | 601,184 | 410,580 | |||||||
Common stock issued under director's compensation plan | 22,500 | 22,500 | |||||||||||||
Common Stock, accrued dividend equivalent | (34,145) | (34,145) | |||||||||||||
Crimson cash distribution on A-1 Units | (809,212) | (809,212) | (809,212) | (841,950) | (604,951) | (1,618,424) | (2,427,636) | (2,256,113) | |||||||
Crimson Class A-2 Units dividends payment in kind | (204,353) | (406,000) | (406,000) | (610,353) | (610,353) | ||||||||||
Stock-based compensation | 233,024 | 151,359 | 151,359 | 384,383 | |||||||||||
Ending balance | 243,778,365 | 262,833,595 | 264,261,332 | 263,631,523 | 267,657,718 | $ 250,882,083 | $ 251,036,352 | 262,833,595 | $ 250,882,083 | 243,778,365 | 267,657,718 | 263,631,523 | $ 149,399,827 | ||
As Previously Reported | Series A, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Series A preferred stock dividends | (4,776,260) | ||||||||||||||
Stock issued due to internalized transaction | 4,245,112 | 4,245,112 | 4,245,112 | ||||||||||||
As Previously Reported | Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 7,096,153 | 7,096,153 | 7,096,153 | ||||||||||||
As Previously Reported | Class B Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | $ 3,288,890 | $ 3,288,890 | 3,288,890 | ||||||||||||
As Previously Reported | Series A Cumulative Redeemable Preferred Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | $ 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | $ 129,525,675 | ||||||||
Ending balance | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | $ 129,525,675 | ||||||||
As Previously Reported | Common Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 15,060,857 | 14,960,628 | 14,893,184 | 14,866,799 | 13,673,326 | 13,651,521 | 13,651,521 | 14,893,184 | 13,651,521 | 14,893,184 | 13,651,521 | 14,893,184 | 13,651,521 | ||
Beginning balance | $ 15,060 | $ 14,960 | $ 14,893 | $ 14,866 | $ 13,673 | $ 13,652 | $ 13,652 | $ 14,893 | $ 13,652 | $ 14,893 | $ 13,652 | $ 14,893 | $ 13,652 | ||
Reinvestment of dividends paid to common stockholders (in shares) | 69,312 | 67,444 | 36,228 | 21,805 | 136,756 | 84,418 | |||||||||
Reinvestment of dividends paid to common stockholders | $ 69 | $ 67 | $ 36 | $ 21 | $ 136 | $ 84 | |||||||||
Common stock issued under director's compensation plan | $ 3 | $ 3 | |||||||||||||
Common stock issued under director's compensation plan (in shares) | 30,917 | 3,399 | 30,917 | 3,399 | |||||||||||
Stock-based compensation | $ 31 | $ 31 | |||||||||||||
Ending balance (in shares) | 15,060,857 | 14,960,628 | 14,893,184 | 14,866,799 | 13,673,326 | 13,651,521 | 15,060,857 | 13,673,326 | 14,866,799 | 14,893,184 | 13,651,521 | ||||
Ending balance | $ 15,060 | $ 14,960 | $ 14,893 | $ 14,866 | $ 13,673 | $ 13,652 | $ 15,060 | $ 13,673 | $ 14,866 | $ 14,893 | $ 13,652 | ||||
As Previously Reported | Common Stock | Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | $ 1,154 | $ 1,154 | |||||||||||||
Stock issued, internalization transaction (in shares) | 1,153,846 | 1,153,846 | |||||||||||||
As Previously Reported | Common Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 15,176,911 | 15,060,857 | 14,893,184 | 14,893,184 | 14,893,184 | 14,893,184 | |||||||||
Beginning balance | $ 15,177 | $ 15,060 | $ 14,893 | $ 14,893 | $ 14,893 | $ 14,893 | |||||||||
Reinvestment of dividends paid to common stockholders (in shares) | 84,606 | 221,362 | |||||||||||||
Reinvestment of dividends paid to common stockholders | $ 85 | $ 221 | |||||||||||||
Common stock issued under director's compensation plan (in shares) | 31,448 | 62,365 | |||||||||||||
Stock-based compensation | $ 32 | $ 63 | |||||||||||||
Ending balance (in shares) | 15,176,911 | 15,060,857 | 14,893,184 | 15,060,857 | 15,176,911 | 14,893,184 | |||||||||
Ending balance | $ 15,177 | $ 15,060 | $ 14,893 | $ 15,060 | $ 15,177 | $ 14,893 | |||||||||
As Previously Reported | Common Stock | Class B Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | $ 684 | $ 684 | |||||||||||||
Stock issued, internalization transaction (in shares) | 683,761 | 683,761 | |||||||||||||
As Previously Reported | Common Stock | Common Class B | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 0 | 0 | 0 | 683,761 | 0 | 683,761 | 0 | 683,761 | 0 | |
Beginning balance | $ 684 | $ 684 | $ 684 | $ 684 | $ 684 | $ 0 | $ 0 | $ 0 | $ 684 | $ 0 | $ 684 | $ 0 | $ 684 | $ 0 | |
Ending balance (in shares) | 683,761 | 683,761 | 683,761 | 683,761 | 683,761 | 0 | 0 | 683,761 | 0 | 683,761 | 683,761 | 683,761 | 0 | ||
Ending balance | $ 684 | $ 684 | $ 684 | $ 684 | $ 684 | $ 0 | $ 0 | $ 684 | $ 0 | $ 684 | $ 684 | $ 684 | $ 0 | ||
As Previously Reported | Preferred Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | 125,270,350 | 125,270,350 | 125,270,350 | 129,525,675 | 125,270,350 | 129,525,675 | 125,270,350 | 129,525,675 | 125,270,350 | ||
Ending balance | 129,525,675 | 129,525,675 | 129,525,675 | 129,525,675 | 125,270,350 | 125,270,350 | 129,525,675 | 125,270,350 | 129,525,675 | 129,525,675 | 129,525,675 | 125,270,350 | |||
As Previously Reported | Preferred Stock | Series A, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 4,255,325 | 4,255,325 | |||||||||||||
As Previously Reported | Additional Paid-in Capital | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 329,796,049 | 332,588,181 | 335,376,932 | 338,302,735 | 341,331,070 | 333,890,657 | 336,750,132 | 339,742,380 | 338,302,735 | 339,742,380 | 338,302,735 | 339,742,380 | 338,302,735 | 339,742,380 | |
Series A preferred stock dividends | (2,388,130) | (2,388,130) | (2,388,130) | (2,388,130) | (2,309,672) | (2,309,672) | (7,164,390) | (9,395,604) | |||||||
Common Stock dividends | (753,043) | (748,031) | (744,659) | (682,576) | (682,576) | (2,245,733) | |||||||||
Common Stock dividends | (741,530) | (682,576) | (682,576) | (1,492,690) | (2,850,026) | ||||||||||
Reinvestment of dividends paid to common stockholders | 197,895 | 196,082 | 206,986 | 174,583 | 132,774 | 403,068 | 600,963 | 410,496 | |||||||
Common stock issued under director's compensation plan | 22,497 | 22,497 | |||||||||||||
Common Stock, accrued dividend equivalent | (34,145) | (34,145) | |||||||||||||
Stock-based compensation | 185,291 | 151,328 | 151,328 | 336,619 | |||||||||||
Ending balance | 329,796,049 | 332,588,181 | 335,376,932 | 338,302,735 | 341,331,070 | 333,890,657 | 336,750,132 | 332,588,181 | 333,890,657 | 329,796,049 | 341,331,070 | 338,302,735 | 339,742,380 | ||
As Previously Reported | Additional Paid-in Capital | Series A, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Series A preferred stock dividends | (4,776,260) | ||||||||||||||
Stock issued due to internalized transaction | (10,213) | (10,213) | |||||||||||||
As Previously Reported | Additional Paid-in Capital | Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 7,094,999 | 7,094,999 | |||||||||||||
As Previously Reported | Additional Paid-in Capital | Class B Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 3,288,206 | 3,288,206 | |||||||||||||
As Previously Reported | Retained Deficit | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | (339,752,470) | (323,649,718) | (324,853,173) | (327,157,636) | (324,749,302) | (327,513,587) | (327,926,126) | (315,626,555) | (327,157,636) | (315,626,555) | (327,157,636) | (315,626,555) | (327,157,636) | (315,626,555) | |
Net income (loss) | (16,102,752) | 1,203,455 | 2,304,463 | 2,764,286 | 412,539 | (12,299,571) | 3,507,918 | (12,594,834) | (11,531,081) | ||||||
Ending balance | (339,752,470) | (323,649,718) | (324,853,173) | (327,157,636) | (324,749,302) | (327,513,587) | (327,926,126) | (323,649,718) | (327,513,587) | (339,752,470) | (324,749,302) | (327,157,636) | (315,626,555) | ||
As Previously Reported | Non-Controlling Interest | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 124,193,250 | 124,353,713 | 124,196,254 | 122,945,172 | 121,534,724 | 119,220,989 | 116,928,344 | 0 | 122,945,172 | 0 | 122,945,172 | 0 | 122,945,172 | 0 | |
Net income (loss) | 601,048 | 966,671 | 2,060,294 | 3,155,685 | 2,014,870 | 1,605,308 | 3,026,965 | 3,628,013 | 8,995,523 | ||||||
Equity attributable to non-controlling interest | 204,353 | 1,288,726 | 115,323,036 | 116,816,115 | |||||||||||
Crimson cash distribution on A-1 Units | (809,212) | (809,212) | (809,212) | (841,950) | (604,951) | (1,618,424) | (2,427,636) | (2,256,113) | |||||||
Crimson Class A-2 Units dividends payment in kind | (204,353) | (406,000) | (610,353) | ||||||||||||
Stock-based compensation | 47,701 | 47,701 | |||||||||||||
Ending balance | 124,193,250 | 124,353,713 | 124,196,254 | 122,945,172 | 121,534,724 | 119,220,989 | 116,928,344 | 124,353,713 | 119,220,989 | 124,193,250 | 121,534,724 | 122,945,172 | $ 0 | ||
Effect of Restatement | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Non-controlling interest | (7,329,433) | (7,537,597) | (7,380,138) | (6,129,056) | (4,718,608) | (2,609,227) | (1,605,308) | (7,537,597) | (2,609,227) | (7,329,433) | (4,718,608) | (6,129,056) | |||
Series A preferred stock dividends | 0 | ||||||||||||||
Non-controlling interest income allocation | (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 | ||||
Common Stock dividends | 0 | ||||||||||||||
Equity attributable to non-controlling interest | 0 | ||||||||||||||
Crimson Class A-2 Units dividends payment in kind | 0 | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | |
Adjustments to 2021 Net Income (loss) | 0 | 0 | 0 | ||||||||||||
Adjustments to Q1 - Q2 2022 Net Income (loss) | 0 | ||||||||||||||
Effect of Restatement | Series A, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 0 | 0 | |||||||||||||
Effect of Restatement | Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | 0 | 0 | |||||||||||||
Effect of Restatement | Class B Common Stock, Internalization | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Stock issued due to internalized transaction | $ 0 | $ 0 | |||||||||||||
Effect of Restatement | Series A Cumulative Redeemable Preferred Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 0 | 0 | 0 | ||||||||||||
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Effect of Restatement | Common Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Beginning balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Ending balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Effect of Restatement | Common Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 0 | ||||||||||||||
Beginning balance | $ 0 | ||||||||||||||
Ending balance (in shares) | 0 | 0 | |||||||||||||
Ending balance | $ 0 | $ 0 | |||||||||||||
Effect of Restatement | Common Stock | Common Class B | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Beginning balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Ending balance (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Effect of Restatement | Preferred Stock | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Ending balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Effect of Restatement | Additional Paid-in Capital | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Ending balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Effect of Restatement | Retained Deficit | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | 7,329,433 | 7,537,597 | 7,380,138 | 6,129,056 | 4,718,608 | 2,609,227 | 1,605,308 | 6,129,056 | 6,129,056 | 6,129,056 | |||||
Net income (loss) | (208,164) | 157,459 | 1,251,082 | 2,109,381 | 1,003,919 | 1,605,308 | 1,408,541 | 1,200,377 | 6,129,056 | ||||||
Ending balance | 7,380,138 | 7,329,433 | 7,537,597 | 7,380,138 | 6,129,056 | 4,718,608 | 2,609,227 | 1,605,308 | 7,537,597 | 2,609,227 | 7,329,433 | 4,718,608 | 7,380,138 | 6,129,056 | |
Adjustments to 2021 Net Income (loss) | 6,129,056 | 6,129,056 | 6,129,056 | 6,129,056 | |||||||||||
Adjustments to Q1 - Q2 2022 Net Income (loss) | (1,408,541) | ||||||||||||||
Effect of Restatement | Non-Controlling Interest | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Beginning balance | (7,329,433) | (7,537,597) | (7,380,138) | (6,129,056) | (4,718,608) | (2,609,227) | (1,605,308) | (6,129,056) | (6,129,056) | (6,129,056) | |||||
Net income (loss) | 208,164 | (157,459) | (1,251,082) | (2,109,381) | (1,003,919) | (1,605,308) | (1,408,541) | (1,200,377) | (6,129,056) | ||||||
Ending balance | $ (7,380,138) | (7,329,433) | $ (7,537,597) | (7,380,138) | $ (6,129,056) | $ (4,718,608) | $ (2,609,227) | $ (1,605,308) | (7,537,597) | $ (2,609,227) | (7,329,433) | $ (4,718,608) | $ (7,380,138) | $ (6,129,056) | |
Adjustments to 2021 Net Income (loss) | (6,129,056) | $ (6,129,056) | $ (6,129,056) | $ (6,129,056) | |||||||||||
Adjustments to Q1 - Q2 2022 Net Income (loss) | $ 1,408,541 |
QUARTERLY FINANCIAL DATA (UNA_7
QUARTERLY FINANCIAL DATA (UNAUDITED) - Revised Consolidated Statements of Cash Flows (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 | |
Operating Activities | |||||||||||||||
Net income (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) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||
Deferred income tax | 72,213 | (26,400) | 88,422 | 108,822 | 94,604 | 222,337 | 1,498,584 | 4,076,290 | 310,985 | ||||||
Depreciation, amortization and ARO accretion | 3,976,667 | 2,898,330 | 7,968,981 | 6,646,783 | 11,997,781 | 10,337,639 | 16,076,326 | 14,801,676 | 13,654,429 | ||||||
Amortization of debt issuance costs | 412,260 | 368,704 | 824,120 | 780,761 | 1,236,178 | 1,192,821 | 1,648,242 | 1,604,881 | 1,270,035 | ||||||
Loss on impairment | 16,210,020 | 16,210,020 | 16,210,020 | 0 | 0 | ||||||||||
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 | |||||||||
Loss on extinguishment of debt | 861,814 | 861,814 | 861,814 | 0 | 861,814 | (11,549,968) | |||||||||
Non-cash lease expense | 0 | 0 | 0 | ||||||||||||
Gain on sale of equipment | (22,678) | (39,678) | (16,508) | (39,678) | (16,508) | (13,683) | |||||||||
Stock-based compensation | 151,359 | 384,383 | 22,500 | 612,117 | 22,500 | 0 | |||||||||
Changes in assets and liabilities: | |||||||||||||||
Accounts and other receivables | 1,020,985 | (344,371) | 1,024,635 | 664,556 | 2,715,207 | 115,294 | (786,145) | 1,121,365 | 467,257 | ||||||
Financing note accrued interest receivable | (6,714) | (9,926) | (8,780) | 0 | (8,780) | (18,069) | |||||||||
Inventory | (14,712) | (26,111) | (587,295) | 144,113 | (2,050,514) | (1,572,534) | (1,996,528) | (2,183,946) | 0 | ||||||
Prepaid expenses and other assets | 1,255,475 | (249,081) | 1,785,571 | (6,670,937) | 1,782,460 | (6,292,249) | (6,314,654) | (4,840,831) | (1,424,332) | ||||||
Due from affiliated companies, net | 282,032 | 1,225,906 | 140,509 | (184,030) | 209,943 | (188,578) | 70,516 | (28,509) | 0 | ||||||
Management fee payable | (363,380) | (666,856) | (971,626) | 0 | (971,626) | (698,324) | |||||||||
Accounts payable and other accrued liabilities | (4,274,956) | (2,790,419) | 1,071,089 | 1,622,932 | 3,029,625 | 1,869,665 | 12,133,378 | (562,870) | (1,903,936) | ||||||
Income tax payable | 141,226 | 33,027 | 174,849 | 0 | 0 | ||||||||||
Income tax liability | 305,205 | 0 | 344,630 | ||||||||||||
Operating lease liability | 0 | 0 | 0 | (292,738) | 0 | 0 | |||||||||
Unearned revenue | 46,019 | (146,369) | 280,795 | 481,593 | 151,295 | (439,106) | 109,019 | (601,126) | (766,070) | ||||||
Other changes, net | (312,060) | (345,110) | (206,457) | 234,270 | (100,855) | (123,053) | 3,331 | 156 | 0 | ||||||
Net cash provided by operating activities | 6,969,906 | (3,660,041) | 19,359,139 | 26,998,258 | 8,673,203 | 29,879,708 | 16,716,351 | 10,383,070 | |||||||
Investing Activities | |||||||||||||||
Acquisition of Crimson Midstream Holdings, net of cash acquired | (68,094,324) | (69,002,053) | (69,002,053) | 0 | (69,002,052) | 0 | |||||||||
Acquisition of Corridor InfraTrust Management, net of cash acquired | 952,487 | 0 | 952,487 | 0 | |||||||||||
Purchases of property and equipment | (1,191,364) | (4,625,511) | (4,141,485) | (9,985,267) | (7,759,603) | (15,734,345) | (13,893,812) | (20,228,454) | (2,186,155) | ||||||
Proceeds from reimbursable projects | 1,478,042 | 79,600 | 2,103,544 | 586,957 | 2,385,858 | 1,296,890 | 2,523,196 | 3,131,391 | 0 | ||||||
Proceeds from sale of property and equipment | 60,153 | 38,075 | 79,600 | 55,075 | 97,210 | 55,075 | 97,210 | 15,000 | |||||||
Proceeds from insurance recovery | 32,500 | 60,153 | 60,153 | 0 | 60,153 | 0 | |||||||||
Principal payment on financing note receivable | 42,666 | 86,626 | 70,417 | 131,917 | 113,595 | 178,581 | 155,008 | 43,333 | |||||||
Decrease in financing note receivable | 26,849 | 0 | 26,849 | 0 | |||||||||||
Net cash used in investing activities | 329,344 | (72,547,582) | (1,913,240) | (78,190,193) | (5,186,753) | (82,189,214) | (11,136,960) | (84,807,408) | (2,127,822) | ||||||
Financing Activities | |||||||||||||||
Debt financing costs | (2,735,922) | (2,735,922) | (2,735,922) | 0 | (2,735,922) | 0 | |||||||||
Dividends paid on Series A preferred stock | (2,388,130) | (2,309,672) | (4,776,260) | (4,619,344) | (7,164,390) | (7,007,474) | (9,552,519) | (9,395,604) | (9,242,797) | ||||||
Dividends paid on Common Stock | (744,659) | (682,576) | (1,492,690) | (1,232,357) | (1,644,549) | (1,799,268) | (2,200,656) | (2,439,446) | (12,286,368) | ||||||
Reinvestment of Dividends Paid to Common Stockholders | 403,204 | 601,184 | |||||||||||||
Common Stock issued under the director's compensation plan | 207,053 | 0 | 0 | ||||||||||||
Distributions to non-controlling interest | (809,212) | (1,618,424) | (604,951) | (2,427,636) | (1,446,901) | (3,236,848) | (2,256,113) | 0 | |||||||
Advances on revolving line of credit | 2,000,000 | 3,000,000 | 4,000,000 | 8,000,000 | 9,000,000 | 19,000,000 | 14,000,000 | 24,000,000 | 0 | ||||||
Payments on revolving line of credit | (3,000,000) | (3,000,000) | (4,000,000) | (7,000,000) | (4,000,000) | (16,000,000) | (6,000,000) | (22,000,000) | 0 | ||||||
Principal payments on Crimson secured credit facility | (2,000,000) | (4,000,000) | (6,000,000) | (4,000,000) | (8,000,000) | (6,000,000) | (1,764,000) | ||||||||
Proceeds from financing arrangement | 3,882,392 | 1,520,517 | 3,882,392 | 5,814,435 | 3,882,392 | 0 | |||||||||
Payments on financing arrangement | (862,754) | (1,170,635) | (430,903) | (1,987,382) | (1,293,656) | (3,277,254) | (3,020,581) | 0 | |||||||
Net cash used in financing activities | (7,597,702) | (5,728,170) | (12,654,805) | (4,741,085) | (12,703,440) | (11,400,829) | (12,452,842) | (19,965,274) | (29,521,984) | ||||||
Net change in cash and cash equivalents | (298,452) | (81,935,793) | 4,791,094 | (82,449,685) | 9,108,065 | (84,916,840) | 6,289,906 | (88,056,331) | (21,266,736) | ||||||
Cash and cash equivalents at beginning of year | 20,648,641 | 16,331,670 | 11,242,124 | 11,540,576 | 14,680,067 | 17,147,222 | 17,661,114 | 99,596,907 | 11,540,576 | 99,596,907 | 11,540,576 | 99,596,907 | 11,540,576 | 99,596,907 | 120,863,643 |
Cash and cash equivalents at end of year | 17,830,482 | 20,648,641 | 16,331,670 | 11,242,124 | 11,540,576 | 14,680,067 | 17,147,222 | 17,661,114 | 16,331,670 | 17,147,222 | 20,648,641 | 14,680,067 | 17,830,482 | 11,540,576 | 99,596,907 |
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Interest paid | 4,500,333 | 4,254,050 | 4,999,845 | 5,750,876 | 8,802,697 | 10,206,280 | 11,343,702 | 11,224,582 | 9,272,409 | ||||||
Income tax refunds | (716) | 5,026 | (12,055) | (1,286) | (12,055) | (635,730) | 12,055 | 635,730 | 466,236 | ||||||
Non-Cash Investing Activities | |||||||||||||||
In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition | 48,873,169 | 48,873,169 | 48,873,169 | 0 | 48,873,169 | 0 | |||||||||
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition | 105,000,000 | 105,000,000 | 105,000,000 | 0 | 105,000,000 | 0 | |||||||||
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition | 115,323,036 | 116,205,762 | 116,205,762 | 0 | 116,205,762 | 0 | |||||||||
Purchases of property, plant and equipment in accounts payable and other accrued liabilities | 1,178,271 | 868,190 | 771,180 | 386,009 | 2,249,585 | 2,099,287 | 113,847 | 591,421 | |||||||
Dividend equivalents accrued on RSUs | 34,145 | 67,431 | 0 | 0 | |||||||||||
Non-Cash Financing Activities | |||||||||||||||
Change in accounts payable and accrued expenses related to debt financing costs | (235,198) | 235,198 | 235,198 | ||||||||||||
Crimson Class A-2 Units dividends payment in-kind | 204,353 | 406,000 | 406,000 | 610,353 | 0 | 610,353 | 0 | ||||||||
Assets acquired under financing arrangement | 647,130 | 1,226,402 | 3,554,952 | 307,312 | 2,588,520 | 3,672,910 | 1,617,825 | 0 | |||||||
Series A, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 4,245,112 | 4,245,112 | 0 | 4,245,112 | 0 | ||||||||||
Common Stock, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 7,096,153 | 7,096,153 | 0 | 7,096,153 | 0 | ||||||||||
Class B Common Stock, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 3,288,890 | 3,288,890 | 0 | 3,288,890 | 0 | ||||||||||
As Previously Reported | |||||||||||||||
Operating Activities | |||||||||||||||
Net income (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) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||
Deferred income tax | 72,213 | (26,400) | 88,422 | 108,822 | 94,604 | 222,337 | 4,076,290 | ||||||||
Depreciation, amortization and ARO accretion | 4,388,927 | 3,267,034 | 8,793,101 | 7,427,544 | 11,997,781 | 11,530,460 | 16,406,557 | ||||||||
Amortization of debt issuance costs | 0 | 0 | 0 | 0 | 1,236,178 | 0 | 0 | ||||||||
Loss on impairment | 16,210,020 | 16,210,020 | |||||||||||||
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 | |||||||||||
Loss on extinguishment of debt | 861,814 | 861,814 | 861,814 | 861,814 | |||||||||||
Non-cash lease expense | 178,542 | 439,246 | 373,847 | ||||||||||||
Gain on sale of equipment | (22,678) | (39,678) | (16,508) | (16,508) | |||||||||||
Stock-based compensation | 151,359 | 384,383 | 0 | 0 | |||||||||||
Changes in assets and liabilities: | |||||||||||||||
Accounts and other receivables | 2,412,748 | (344,371) | 1,024,635 | 541,580 | 2,715,207 | 702,251 | (92,089) | ||||||||
Financing note accrued interest receivable | (6,714) | (9,926) | (8,780) | (8,780) | |||||||||||
Inventory | (14,712) | (26,111) | (587,295) | 144,113 | (2,050,514) | (1,572,534) | (2,183,946) | ||||||||
Prepaid expenses and other assets | 1,601,150 | (249,081) | 2,487,362 | (2,788,545) | 4,296,890 | (2,409,857) | (958,283) | ||||||||
Due from affiliated companies, net | 282,032 | 1,225,906 | 140,509 | (184,030) | 209,943 | (188,578) | (28,509) | ||||||||
Management fee payable | (363,380) | (666,856) | (971,626) | (971,626) | |||||||||||
Accounts payable and other accrued liabilities | (4,056,041) | (1,611,539) | 363,137 | 1,740,265 | 1,213,961 | 987,899 | (2,627,549) | ||||||||
Income tax payable | 141,226 | 33,027 | |||||||||||||
Income tax liability | 305,205 | (673,516) | 344,630 | ||||||||||||
Operating lease liability | (657,735) | (523,652) | (908,248) | (292,738) | (1,094,766) | (496,900) | |||||||||
Unearned revenue | 46,019 | (146,369) | 280,795 | 4,358,342 | 151,295 | (439,106) | (601,126) | ||||||||
Other changes, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | 8,580,584 | (2,481,161) | 18,651,187 | 26,703,113 | 12,238,286 | 17,298,110 | |||||||||
Investing Activities | |||||||||||||||
Acquisition of Crimson Midstream Holdings, net of cash acquired | (68,094,324) | (69,002,053) | (69,002,053) | (69,002,052) | |||||||||||
Acquisition of Corridor InfraTrust Management, net of cash acquired | 952,487 | 952,487 | |||||||||||||
Purchases of property and equipment | (1,098,698) | (4,625,511) | (4,141,485) | (9,275,334) | (7,759,603) | (15,024,412) | (15,883,609) | ||||||||
Proceeds from reimbursable projects | 0 | 79,600 | 2,103,544 | 0 | 2,385,858 | 0 | 0 | ||||||||
Proceeds from sale of property and equipment | 60,153 | 38,075 | 79,600 | 55,075 | 97,210 | 97,210 | |||||||||
Proceeds from insurance recovery | 32,500 | 60,153 | 60,153 | 60,153 | |||||||||||
Principal payment on financing note receivable | 42,666 | 86,626 | 70,417 | 131,917 | 113,595 | 155,008 | |||||||||
Decrease in financing note receivable | 26,849 | 26,849 | |||||||||||||
Net cash used in investing activities | (1,056,032) | (72,547,582) | (1,913,240) | (78,067,217) | (5,186,753) | (82,776,171) | (83,593,954) | ||||||||
Financing Activities | |||||||||||||||
Debt financing costs | (2,735,922) | (2,735,922) | (2,735,922) | (2,735,922) | |||||||||||
Dividends paid on Series A preferred stock | (2,388,130) | (2,309,672) | (4,776,260) | (4,619,344) | (7,164,390) | (7,007,474) | (9,395,604) | ||||||||
Dividends paid on Common Stock | (744,659) | (682,576) | (1,492,690) | (1,232,357) | (1,644,549) | (1,799,268) | (2,439,446) | ||||||||
Reinvestment of Dividends Paid to Common Stockholders | 403,204 | 601,184 | |||||||||||||
Common Stock issued under the director's compensation plan | 207,053 | 22,500 | 22,500 | ||||||||||||
Distributions to non-controlling interest | (809,212) | (1,618,424) | (604,951) | (2,427,636) | (1,446,901) | (2,256,113) | |||||||||
Advances on revolving line of credit | 2,000,000 | 3,000,000 | 4,000,000 | 8,000,000 | 9,000,000 | 19,000,000 | 24,000,000 | ||||||||
Payments on revolving line of credit | (3,000,000) | (3,000,000) | (4,000,000) | (7,000,000) | (4,000,000) | (16,000,000) | (22,000,000) | ||||||||
Principal payments on Crimson secured credit facility | (2,000,000) | (4,000,000) | (6,000,000) | (4,000,000) | (6,000,000) | ||||||||||
Proceeds from financing arrangement | 0 | 0 | 0 | ||||||||||||
Payments on financing arrangement | 0 | 0 | 0 | 0 | 0 | ||||||||||
Net cash used in financing activities | (6,734,948) | (5,728,170) | (11,484,170) | (8,192,574) | (12,236,575) | (13,967,065) | (20,804,585) | ||||||||
Net change in cash and cash equivalents | 789,604 | (80,756,913) | 5,253,777 | (81,901,449) | 9,279,785 | (84,504,950) | (87,100,429) | ||||||||
Cash and cash equivalents at beginning of year | 21,776,263 | 17,750,255 | 13,286,082 | 12,496,478 | 15,091,957 | 17,695,458 | 18,839,994 | 99,596,907 | 12,496,478 | 99,596,907 | 12,496,478 | 99,596,907 | 12,496,478 | 99,596,907 | |
Cash and cash equivalents at end of year | 21,776,263 | 17,750,255 | 13,286,082 | 12,496,478 | 15,091,957 | 17,695,458 | 18,839,994 | 17,750,255 | 17,695,458 | 21,776,263 | 15,091,957 | 12,496,478 | 99,596,907 | ||
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Interest paid | 4,500,333 | 4,254,050 | 4,999,845 | 5,750,876 | 8,802,697 | 10,206,280 | |||||||||
Income tax refunds | (716) | 5,026 | (12,055) | (1,286) | (12,055) | (635,730) | |||||||||
Non-Cash Investing Activities | |||||||||||||||
In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition | 48,873,169 | 48,873,169 | 48,873,169 | ||||||||||||
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition | 105,000,000 | 105,000,000 | 105,000,000 | ||||||||||||
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition | 115,323,036 | 116,205,762 | 116,205,762 | ||||||||||||
Purchases of property, plant and equipment in accounts payable and other accrued liabilities | 1,178,271 | 868,190 | 771,180 | 386,009 | 2,249,585 | ||||||||||
Dividend equivalents accrued on RSUs | 34,145 | ||||||||||||||
Non-Cash Financing Activities | |||||||||||||||
Change in accounts payable and accrued expenses related to debt financing costs | (235,198) | 235,198 | 235,198 | ||||||||||||
Crimson Class A-2 Units dividends payment in-kind | 204,353 | 406,000 | 406,000 | 610,353 | 610,353 | ||||||||||
Assets acquired under financing arrangement | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
As Previously Reported | Series A, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 4,245,112 | 4,245,112 | 4,245,112 | ||||||||||||
As Previously Reported | Common Stock, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 7,096,153 | 7,096,153 | 7,096,153 | ||||||||||||
As Previously Reported | Class B Common Stock, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 3,288,890 | 3,288,890 | 3,288,890 | ||||||||||||
Effect of Restatement | |||||||||||||||
Operating Activities | |||||||||||||||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||
Deferred income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Depreciation, amortization and ARO accretion | (412,260) | (368,704) | (824,120) | (780,761) | 0 | (1,192,821) | (1,604,881) | ||||||||
Amortization of debt issuance costs | 412,260 | 368,704 | 824,120 | 780,761 | 0 | 1,192,821 | 1,604,881 | ||||||||
Loss on impairment | 0 | 0 | |||||||||||||
Loss on impairment and disposal of leased property | 0 | 0 | 0 | 0 | |||||||||||
Loss on termination of lease | 0 | 0 | 0 | 0 | |||||||||||
Loss on extinguishment of debt | 0 | 0 | 0 | 0 | |||||||||||
Non-cash lease expense | (178,542) | (439,246) | (373,847) | ||||||||||||
Gain on sale of equipment | 0 | 0 | 0 | 0 | |||||||||||
Stock-based compensation | 0 | 0 | 22,500 | 22,500 | |||||||||||
Changes in assets and liabilities: | |||||||||||||||
Accounts and other receivables | (1,391,763) | 0 | 0 | 122,976 | 0 | (586,957) | 1,213,454 | ||||||||
Financing note accrued interest receivable | 0 | 0 | 0 | 0 | |||||||||||
Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Prepaid expenses and other assets | (345,675) | 0 | (701,791) | (3,882,392) | (2,514,429) | (3,882,392) | (3,882,548) | ||||||||
Due from affiliated companies, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Management fee payable | 0 | 0 | 0 | 0 | |||||||||||
Accounts payable and other accrued liabilities | (218,915) | (1,178,880) | 707,953 | (117,333) | 1,815,664 | 881,766 | 2,064,679 | ||||||||
Income tax payable | 0 | 0 | |||||||||||||
Income tax liability | 0 | 673,516 | 0 | ||||||||||||
Operating lease liability | 657,735 | 523,652 | 908,248 | 0 | 1,094,766 | 496,900 | |||||||||
Unearned revenue | 0 | 0 | 0 | (3,876,749) | 0 | 0 | 0 | ||||||||
Other changes, net | (312,060) | (345,110) | (206,457) | 234,270 | (100,855) | (123,053) | 156 | ||||||||
Net cash provided by operating activities | (1,610,678) | (1,178,880) | 707,953 | 295,146 | (3,565,083) | (581,759) | |||||||||
Investing Activities | |||||||||||||||
Acquisition of Crimson Midstream Holdings, net of cash acquired | 0 | 0 | 0 | 0 | |||||||||||
Acquisition of Corridor InfraTrust Management, net of cash acquired | 0 | 0 | |||||||||||||
Purchases of property and equipment | (92,666) | 0 | 0 | (709,933) | 0 | (709,933) | (4,344,845) | ||||||||
Proceeds from reimbursable projects | 1,478,042 | 0 | 0 | 586,957 | 0 | 1,296,890 | 3,131,391 | ||||||||
Proceeds from sale of property and equipment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Proceeds from insurance recovery | 0 | 0 | 0 | 0 | |||||||||||
Principal payment on financing note receivable | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Decrease in financing note receivable | 0 | 0 | |||||||||||||
Net cash used in investing activities | 1,385,376 | 0 | 0 | (122,976) | 0 | 586,957 | (1,213,454) | ||||||||
Financing Activities | |||||||||||||||
Debt financing costs | 0 | 0 | 0 | 0 | |||||||||||
Dividends paid on Series A preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Dividends paid on Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Reinvestment of Dividends Paid to Common Stockholders | 0 | 0 | |||||||||||||
Common Stock issued under the director's compensation plan | 0 | (22,500) | (22,500) | ||||||||||||
Distributions to non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Advances on revolving line of credit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Payments on revolving line of credit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Principal payments on Crimson secured credit facility | 0 | 0 | 0 | 0 | 0 | ||||||||||
Proceeds from financing arrangement | 3,882,392 | 1,520,517 | 3,882,392 | ||||||||||||
Payments on financing arrangement | (862,754) | (1,170,635) | (430,903) | (1,987,382) | (1,293,656) | ||||||||||
Net cash used in financing activities | (862,754) | 0 | (1,170,635) | 3,451,489 | (466,865) | 2,566,236 | 839,311 | ||||||||
Net change in cash and cash equivalents | (1,088,056) | (1,178,880) | (462,682) | (548,236) | (171,719) | (411,890) | (955,902) | ||||||||
Cash and cash equivalents at beginning of year | $ (1,127,621) | (1,418,584) | (2,043,958) | (955,902) | (411,890) | (548,236) | (1,178,880) | 0 | (955,902) | 0 | (955,902) | 0 | $ (955,902) | 0 | |
Cash and cash equivalents at end of year | $ (1,127,621) | $ (1,418,584) | (2,043,958) | $ (955,902) | $ (411,890) | $ (548,236) | (1,178,880) | (1,418,584) | (548,236) | (1,127,621) | (411,890) | (955,902) | $ 0 | ||
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Interest paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Income tax refunds | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Non-Cash Investing Activities | |||||||||||||||
In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition | 0 | 0 | 0 | 0 | |||||||||||
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition | 0 | 0 | 0 | 0 | |||||||||||
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition | 0 | 0 | 0 | 0 | |||||||||||
Purchases of property, plant and equipment in accounts payable and other accrued liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Dividend equivalents accrued on RSUs | 0 | ||||||||||||||
Non-Cash Financing Activities | |||||||||||||||
Change in accounts payable and accrued expenses related to debt financing costs | $ 0 | 0 | 0 | ||||||||||||
Crimson Class A-2 Units dividends payment in-kind | 0 | 0 | 0 | ||||||||||||
Assets acquired under financing arrangement | $ 647,130 | $ 1,226,402 | $ 3,554,952 | $ 307,312 | 2,588,520 | 1,617,825 | |||||||||
Effect of Restatement | Series A, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 0 | 0 | |||||||||||||
Effect of Restatement | Common Stock, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | 0 | 0 | |||||||||||||
Effect of Restatement | Class B Common Stock, Internalization | |||||||||||||||
Non-Cash Investing Activities | |||||||||||||||
Stock issued due to internalized transaction | $ 0 | $ 0 |
QUARTERLY FINANCIAL DATA (UNA_8
QUARTERLY FINANCIAL DATA (UNAUDITED) - Restated Earning Per Share (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 | |
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||
Net income (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) |
Non-controlling interest income allocation | (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 |
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) |
Numerator for diluted net loss per share | $ (893,214) | $ (13,003,935) | $ (13,897,149) | $ (315,257,388) | |||||||||||
Weighted average shares - basic (in shares) | 13,651,521 | 13,650,718 | |||||||||||||
Weighted average shares - diluted (in shares) | 13,651,521 | 13,650,718 | |||||||||||||
Basic loss per share (in dollars per share) | $ (0.07) | $ (0.95) | $ (1.02) | $ (23.09) | |||||||||||
Diluted loss per share (in dollars per share) | $ (0.07) | $ (0.95) | $ (1.02) | $ (23.09) | |||||||||||
Earnings Per Share, Basic, Two Class Method [Abstract] | |||||||||||||||
Net income (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 | ||
Total undistributed losses - basic | (19,452,089) | (1,775,247) | 422,756 | 1,744,007 | (1,352,491) | (20,804,580) | (13,518,293) | (25,313,615) | (17,647,655) | ||||||
Total undistributed losses - diluted | (20,295,314) | (1,852,692) | 441,285 | 1,817,107 | (13,518,293) | (26,413,681) | (17,647,655) | ||||||||
Numerator for basic net loss per share | $ (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) |
Numerator for diluted net loss per share | $ (893,214) | $ (13,003,935) | $ (13,897,149) | $ (315,257,388) | |||||||||||
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 | |||||||||||||
Basic loss per share (in dollars per share) | $ (0.07) | $ (0.95) | $ (1.02) | $ (23.09) | |||||||||||
Diluted loss per share (in dollars per share) | $ (0.07) | $ (0.95) | $ (1.02) | $ (23.09) | |||||||||||
As Previously Reported | |||||||||||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||
Net income (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) | ||||
Non-controlling interest income allocation | (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) | ||||
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 | ||||
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) | ||||
Earnings Per Share, Basic, Two Class Method [Abstract] | |||||||||||||||
Net income (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 | ||||
Total undistributed losses - diluted | (1,411,630) | (21,711,617) | |||||||||||||
Numerator for basic net loss per share | (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) | ||||
Common Stock | |||||||||||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||
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) | ||||||||
Numerator for diluted net loss per share | $ (18,699,046) | $ (1,027,216) | $ 1,167,415 | $ 2,485,537 | $ 140,199 | $ (18,558,847) | $ (11,204,932) | $ (22,309,036) | $ (14,391,804) | ||||||
Weighted average shares - basic (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 | ||
Weighted average shares - diluted (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 | ||
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 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) | ||
Earnings Per Share, Basic, Two Class Method [Abstract] | |||||||||||||||
Dividends | $ 753,043 | $ 748,031 | $ 744,659 | $ 741,530 | $ 1,492,690 | $ 2,245,733 | $ 2,106,681 | $ 3,004,579 | $ 2,850,026 | ||||||
Total undistributed losses - basic | (18,608,864) | (1,697,802) | 404,227 | 1,670,907 | (13,311,613) | (24,213,549) | (17,241,830) | ||||||||
Total undistributed losses - diluted | (19,452,089) | (1,775,247) | 422,756 | 1,744,007 | (1,352,491) | (20,804,580) | (13,311,613) | (25,313,615) | (17,241,830) | ||||||
Numerator for basic net loss per share | (17,855,821) | (949,771) | 1,148,886 | 2,412,437 | (11,204,932) | (21,208,970) | (14,391,804) | ||||||||
Numerator for diluted net loss per share | $ (18,699,046) | $ (1,027,216) | $ 1,167,415 | $ 2,485,537 | $ 140,199 | $ (18,558,847) | $ (11,204,932) | $ (22,309,036) | $ (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 | ||
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 | ||
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 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 | As Previously Reported | |||||||||||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||
Net Loss attributable to common stockholders | $ 199,338 | $ (17,651,810) | |||||||||||||
Weighted average shares - basic (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 | ||||
Weighted average shares - diluted (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 loss per share (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 loss per share (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) | ||||
Earnings Per Share, Basic, Two Class Method [Abstract] | |||||||||||||||
Total undistributed losses - basic | $ (1,293,352) | $ (19,897,543) | |||||||||||||
Numerator for basic net loss per share | $ 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 | ||||
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 | ||||
Basic loss per share (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 loss per share (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) | ||||
Common Stock | |||||||||||||||
Earnings Per Share Reconciliation [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 loss per share (in dollars per share) | (0.24) | (1.20) | (0.07) | 0.08 | (0.22) | 0.16 | (0.07) | (0.95) | |||||||
Earnings Per Share, Basic, Two Class Method [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 loss per share (in dollars per share) | (0.24) | (1.20) | (0.07) | 0.08 | (0.22) | 0.16 | $ (0.07) | $ (0.95) | |||||||
Common Class B | |||||||||||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||
Basic loss per share (in dollars per share) | (0.28) | (1.23) | (0.11) | 0.03 | (0.26) | 0.11 | |||||||||
Diluted loss per share (in dollars per share) | (0.28) | (1.23) | (0.11) | 0.03 | (0.26) | 0.11 | |||||||||
Earnings Per Share, Basic, Two Class Method [Abstract] | |||||||||||||||
Basic loss per share (in dollars per share) | (0.28) | (1.23) | (0.11) | 0.03 | (0.26) | 0.11 | |||||||||
Diluted loss per share (in dollars per share) | $ (0.28) | $ (1.23) | $ (0.11) | $ 0.03 | $ (0.26) | 0.11 | |||||||||
Common Class B | Common Stock | |||||||||||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||
Diluted loss per share (in dollars per share) | 0.11 | (0.95) | |||||||||||||
Earnings Per Share, Basic, Two Class Method [Abstract] | |||||||||||||||
Diluted loss per share (in dollars per share) | $ 0.11 | $ (0.95) | |||||||||||||
Common Class B | Common Stock | |||||||||||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||
Net Loss attributable to common stockholders | $ (843,225) | $ (77,445) | $ 18,529 | $ 73,100 | $ (206,680) | $ (1,100,066) | $ (405,825) | ||||||||
Numerator for diluted net loss per share | $ (843,225) | $ (77,445) | $ 18,529 | $ 73,100 | $ (206,680) | $ (1,100,066) | $ (405,825) | ||||||||
Weighted average shares - basic (in shares) | 683,761 | 683,761 | 683,761 | 646,600 | 683,761 | 683,761 | 217,902 | 683,761 | 335,324 | ||||||
Weighted average shares - diluted (in shares) | 683,761 | 683,761 | 683,761 | 646,600 | 683,761 | 683,761 | 217,902 | 683,761 | 335,324 | ||||||
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 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) | ||||||
Earnings Per Share, Basic, Two Class Method [Abstract] | |||||||||||||||
Dividends | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Total undistributed losses - basic | (843,225) | (77,445) | 18,529 | 73,100 | (206,680) | (1,100,066) | (405,825) | ||||||||
Total undistributed losses - diluted | (843,225) | (77,445) | 18,529 | 73,100 | (206,680) | (1,100,066) | (405,825) | ||||||||
Numerator for basic net loss per share | (843,225) | (77,445) | 18,529 | 73,100 | (206,680) | (1,100,066) | (405,825) | ||||||||
Numerator for diluted net loss per share | $ (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 | ||||||
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 | ||||||
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 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 Class B | Common Stock | As Previously Reported | |||||||||||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||
Net Loss attributable to common stockholders | $ (59,139) | $ (907,037) | |||||||||||||
Numerator for diluted net loss per share | $ (59,139) | $ (907,037) | |||||||||||||
Weighted average shares - basic (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Weighted average shares - diluted (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Basic loss per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Diluted loss per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Earnings Per Share, Basic, Two Class Method [Abstract] | |||||||||||||||
Total undistributed losses - basic | $ (59,139) | $ (907,037) | |||||||||||||
Total undistributed losses - diluted | (59,139) | (907,037) | |||||||||||||
Numerator for basic net loss per share | (59,139) | (907,037) | |||||||||||||
Numerator for diluted net loss per share | $ (59,139) | $ (907,037) | |||||||||||||
Basic weighted average shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Diluted weighted average shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Basic loss per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Diluted loss per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Millions | 1 Months Ended |
Feb. 28, 2023 USD ($) | |
Subsequent event | |
Subsequent Event [Line Items] | |
Severance costs | $ 1.1 |