Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

v3.23.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Assets    
Property and equipment, net of accumulated depreciation of $26,828,668 and $52,908,191, respectively (Crimson VIE*: $339,362,408, and $340,205,058, respectively) $ 339,386,557 $ 440,148,967
Leased property, net of accumulated depreciation of $— and $299,463, respectively 0 1,226,565
Financing notes and related accrued interest receivable, net of reserve of $50,000 and $600,000, respectively 760,002 858,079
Cash and cash equivalents (Crimson VIE: $1,357,594 and $1,874,319, respectively) 8,500,377 17,830,482
Accounts and other receivables (Crimson VIE: $8,378,442 and $10,343,769, respectively) 8,381,158 14,164,525
Due from affiliated companies (Crimson VIE: $85,259 and $167,743, respectively) 85,259 167,743
Deferred costs, net of accumulated amortization of $827,763 and $726,619, respectively 385,779 415,727
Inventory (Crimson VIE: $8,734,990 and $5,804,776, respectively) 8,734,990 5,950,051
Prepaid expenses and other assets (Crimson VIE: $2,817,082 and $3,414,372, respectively) 6,303,301 9,478,146
Operating right-of-use assets (Crimson VIE: $4,147,085 and $4,452,210, respectively) 4,281,136 4,722,361
Deferred tax asset, net (Crimson VIE:$119,960 and $—, respectively) 119,960 0
Assets held for sale 107,716,203 0
Total Assets 484,654,722 494,962,646
Liabilities and Equity    
Secured credit facilities, net of deferred financing costs of $513,123 and $665,547, respectively 101,486,877 100,334,453
Unsecured convertible senior notes, net of discount and debt issuance costs of $1,562,045 and $1,726,470, respectively 116,487,955 116,323,530
Accounts payable and other accrued liabilities (Crimson VIE: $12,448,678 and $16,889,980, respectively) 17,125,948 26,316,216
Income tax payable (Crimson VIE: $85,437 and $85,437, respectively) 184,641 174,849
Due to affiliated companies (Crimson VIE: $175,025 and $209,750, respectively) 175,025 209,750
Operating lease liability (Crimson VIE: $3,830,463 and $4,454,196, respectively) 3,964,513 4,696,410
Deferred tax liability, net 0 1,292,300
Unearned revenue (Crimson VIE: $689,085 and $203,725, respectively) 689,085 5,948,621
Liabilities held for sale 8,192,552 0
Total Liabilities 248,306,596 255,296,129
Commitments and Contingencies (Note 9)
Equity    
Additional paid-in capital 326,948,418 327,016,573
Retained deficit (337,844,642) (333,785,097)
Total CorEnergy Equity 118,645,486 122,773,089
Non-controlling interest 117,702,640 116,893,428
Total Equity 236,348,126 239,666,517
Total Liabilities and Equity 484,654,722 494,962,646
Series A Cumulative Redeemable Preferred Stock    
Equity    
Series A Cumulative Redeemable Preferred Stock 7.375%, $131,913,805 liquidation preference at March 31, 2023 and $129,525,675 liquidation preference at December 31, 2022 ($2,500 per share, $0.001 par value); 69,367,000 authorized; 51,810 issued and outstanding at March 31, 2023 and December 31, 2022 129,525,675 129,525,675
Non-Convertible Common Stock    
Equity    
Common stock 15,351 15,254
Class B Common Stock    
Equity    
Common stock $ 684 $ 684