Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS' EQUITY (Tables)

v3.23.1
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
Fair Value
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.