Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY (Tables)

v3.23.3
STOCKHOLDERS' EQUITY (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Schedule of Restrict Stock Unit Activity
The following tables represent the RSU activity for the nine months ended September 30, 2023 and 2022:
Restricted Stock Units Weighted Average Grant Date
Fair Value
Outstanding at January 1, 2023 674,312  $ 2.58 
Granted —  — 
Vested (153,202) 2.58 
Forfeited (201,209) 2.58 
Outstanding at September 30, 2023 319,901  $ 2.58 
Expected to vest as of September 30, 2023 319,901 
Restricted Stock Units Weighted Average Grant Date
Fair Value
Outstanding at January 1, 2022 —  $ — 
Granted 682,890  2.58 
Vested —  — 
Forfeited —  — 
Outstanding at September 30, 2022 682,890  $ 2.58 
Expected to vest as of September 30, 2022 682,890 
Schedule of Stock-Based Compensation Expense
The following table presents the Company's stock-based compensation expense:
For the Three Months Ended For the Nine Months Ended
September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
General and administrative expense $ 81,411  $ 203,414  $ 176,741  $ 342,808 
Transportation and distribution expense 29,458  29,610  26,472  41,575 
Total $ 110,869  $ 233,024  $ 203,213  $ 384,383 
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
September 30, 2023
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 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 Liquidation Preference Annual Distribution per Share
Class A-1 Units
7.375% Series A Cumulative Redeemable Preferred Stock(1)
$ 26.38  $ 1.84 
Class A-2 Units
Class B Common Stock(2)(3)
 N/A
Varies(2)
Class A-3 Units
Class B Common Stock(2) (3)
 N/A
Varies(2)
(1) The Series A Preferred Stock will accumulate quarterly dividends and will be paid upon declaration by the Board. The liquidation preference is made up of the $25.00 liquidation preference and the $1.38 unpaid cumulative quarterly dividend for Q1, Q2, and Q3 of 2023.
(2) 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) Cash Available for Distribution of the most recently completed quarter and (B) 1.25 multiplied by the Common Stock Base Dividend (as defined in footnote 2 below), divided by (ii) shares of Class B Common Stock issued and outstanding multiplied by 1.25.
(3) (A) For the fiscal quarters of the Company ended June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022, the Common Stock Base Dividend Per Share was $0.05 per share per quarter; (B) for the fiscal quarters of the Company ended June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, the Common Stock Base Dividend Per Share was $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 30, 2024, the Common Stock Base Dividend Per Share shall equal $0.06 per share per quarter. The Class B Common Stock Dividend is subordinated to Common Stock with respect to dividends.