Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

Acquisition (Tables)
6 Months Ended
Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Summary of Preliminary Allocation of Purchase Price The following is a summary of a preliminary allocation of the purchase price:
Crimson Midstream Holdings, LLC As of February 1, 2021 Working Capital Changes June 30, 2021
Assets Acquired
Cash and cash equivalents $ 6,554,921  $ —  $ 6,554,921 
Accounts and other receivables 11,394,441  —  11,394,441 
Inventory 1,681,637  —  1,681,637 
Prepaid expenses and other assets 6,144,932  —  6,144,932 
Property and equipment(1)
332,174,531  1,790,455  333,964,986 
Operating right-of-use asset 6,268,077  —  6,268,077 
Total assets acquired: $ 364,218,539  $ 1,790,455  $ 366,008,994 
Liabilities Assumed
Accounts payable and other accrued liabilities $ 13,790,011  $ —  $ 13,790,011 
Operating lease liability 6,268,077  —  6,268,077 
Unearned revenue 315,000  —  315,000 
Total liabilities assumed: $ 20,373,088  $ —  $ 20,373,088 
Fair Value of Net Assets Acquired:
$ 343,845,451  $ 1,790,455  $ 345,635,906 
Non-controlling interest at fair value(2)(3)
$ 115,323,036  $ 882,726  $ 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 measurement period adjustments primarily related to the valuation of land.
(2) Includes a non-controlling interest for Grier Members' equity consideration in the A-1, A-2 and A-3 Units (including the 37,043 newly issued A-1 Units) with a total fair value of $116.2 million. Refer to "Fair Value of Non-controlling Interest" below and Note 13 ("Stockholders' Equity") for further details.
(3) In addition to the newly issued Class A-1 Units, CorEnergy also paid $907,728 in cash as a contribution to Crimson Midstream Holdings, LLC.
Pro Forma Results of Operations (Unaudited)
The following selected comparative unaudited pro forma revenue information for the three and six months ended June 30, 2021 and 2020 assumes that the Crimson acquisition occurred at the beginning of 2020, 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 as 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 Three Months Ended Pro Forma Six Months Ended
June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Revenues $ 32,296,578  $ 35,667,983  $ 64,125,099  $ 42,307,907