STOCKHOLDERS' EQUITY (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Equity [Abstract] |
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| Schedule of Share-Based Payment Arrangement, Restricted Stock Unit, Activity |
The following table represents the RSU activity for the year ended December 31, 2023:
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Restricted Stock Units |
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Weighted Average Grant Date
Fair Value |
| Outstanding at January 1, 2023 |
674,312 |
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$ |
2.58 |
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| Granted |
— |
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— |
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| Vested |
(153,202) |
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2.58 |
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| Forfeited |
(201,209) |
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2.58 |
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| Outstanding at December 31, 2023 |
319,901 |
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$ |
2.58 |
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| Expected to vest as of December 31, 2023 |
— |
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The following table represents the nonvested RSU activity for the year ended December 31, 2022:
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Restricted Stock Units |
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Weighted Average Grant Date
Fair Value |
| Outstanding at January 1, 2022 |
— |
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$ |
— |
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| Granted |
682,890 |
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2.58 |
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| Vested |
— |
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— |
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| Forfeited |
(8,578) |
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2.58 |
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| Outstanding at December 31, 2022 |
674,312 |
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$ |
2.58 |
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| Expected to vest as of December 31, 2022 |
674,312 |
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| Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount |
The following table presents the Company's stock-based compensation expense:
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For the Year Ended |
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December 31, 2023 |
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December 31, 2022 |
| General and administrative expense |
$ |
260,169 |
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$ |
540,891 |
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| Transportation and distribution expense |
44,690 |
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71,226 |
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| Total |
$ |
304,859 |
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$ |
612,117 |
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| 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:
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As of December 31, 2023 |
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Grier Members |
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CorEnergy |
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(in units, except as noted) |
| Economic ownership interests in Crimson Midstream Holdings, LLC |
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| Class A-1 Units |
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1,650,245 |
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— |
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| Class A-2 Units |
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2,460,414 |
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— |
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| Class A-3 Units |
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2,450,142 |
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— |
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| Class B-1 Units |
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— |
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10,000 |
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| Voting ownership interests in Crimson Midstream Holdings, LLC |
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| Class C-1 Units |
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505,000 |
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495,000 |
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| Voting Interests of Class C-1 Units (%) |
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50.50 |
% |
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49.50 |
% |
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| 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 would be entitled to the distribution regardless of whether the corresponding Company security is outstanding.
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| Units |
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Distribution Rights of CorEnergy Securities |
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Liquidation Preference as of December 31, 2023 |
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Annual Distribution per Share |
| Class A-1 Units |
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7.375% Series A Cumulative Redeemable Preferred Stock(1)
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$ |
26.84 |
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$ |
1.84 |
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| Class A-2 Units |
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Class B Common Stock |
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N/A |
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Varies(2)
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| Class A-3 Units |
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Class B Common Stock |
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N/A |
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Varies(2)
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(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 $1.84 unpaid cumulative quarterly dividend for Q1, Q2, Q3, and Q4 of 2023. |
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