RESTATEMENT OF PRIOR PERIOD

v3.23.1

RESTATEMENT OF PRIOR PERIOD	12 Months Ended
	Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]
RESTATEMENT OF PRIOR PERIOD	RESTATEMENT OF PRIOR PERIOD Beginning with the quarter ended March 31, 2021, the Company previously reported its net income attributable to non-controlling interest and resulting net income attributable to the Company based on an allocation of Crimson’s net income using the proportion of ownership interests held by the non-controlling interest to total outstanding ownership interest of Crimson, which was approximately 51%. The Company has determined the relative ownership interest in Crimson was not an appropriate basis for allocating Crimson’s earnings to the non-controlling interest as a substantive profit sharing arrangement exists. The Company has determined that it should have allocated the net income from Crimson to the non-controlling interest based on their contractual rights to earnings and distributions associated with the Crimson Class A-1, A-2 and A-3 Units. Additionally, the Company previously reported earnings per share for its Common Stock and Class B Common Stock on a combined basis, however, beginning with the quarter ended September 30, 2021 when the Class B Common Stock was first issued it should have reported earnings per share using the two-class method, under which earnings per share for its Common Stock and Class B Common Stock should have been separately calculated and reported, during these periods. As a result of the above items, the Company updated its calculation of Crimson net income allocated to the non-controlling interest and its calculation of earnings per share for its Common Stock and Class B Common Stock and restated its consolidated financial statements as of and for the year ended December 31, 2021 and the consolidated financial statements for each of the interim periods during the years ended December 31, 2022 and 2021. The tables below represent our restated consolidated financial statements for the year ended December 31, 2021. Refer to Note 21 ("Quarterly Financial Data (Unaudited)") for such restated information for the relevant interim periods. In addition to the errors described above, the Company is correcting certain items that were primarily identified during the preparation of its consolidated financial statements for the fiscal year ended December 31, 2022, including: i) correction of cash and cash equivalents and accounts payable and other accrued liabilities in the Consolidated Balance Sheets for outstanding disbursements, ii) reclassification and presentation of gross cash payments made for reimbursable projects and associated payments received that were previously netted in the Consolidated Statement of Cash Flows and iii) reclassification and presentation of activity associated with the Company's proceeds received associated with the third-party financing of insurance and associated payments made on that financing arrangement in the Consolidated Statements of Cash Flows. These previously uncorrected and immaterial adjustments to prior periods are being corrected as a part of the restatement. Description of Annual Restatement Tables The following tables present the impact of the restatement on our previously reported consolidated statement of operations, balance sheet, statement of equity, and statement of cash flows for the year ended December 31, 2021, for which the values were derived from our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed on March 14, 2022. Certain reclassifications between captions on the statement of cash flows are included in the effect of restatement column to conform to current reporting. As of and for the year ended December 31, 2021 The effects of the restatement on the consolidated balance sheet as of December 31, 2021 are summarized in the following table: As Previously Reported Effect of Restatement As Restated Assets Property and equipment, net of accumulated depreciation of $37,022,035 (Crimson VIE: $338,452,392) $ 441,430,193  $ —  $ 441,430,193  Leased property, net of accumulated depreciation of $258,207 1,267,821  —  1,267,821  Financing notes and related accrued interest receivable, net of reserve of $600,000 1,036,660  —  1,036,660  Cash and cash equivalents (Crimson VIE: $2,825,902) 12,496,478  (955,902) 11,540,576  Accounts and other receivables (Crimson VIE: $11,291,749) 15,367,389  —  15,367,389  Due from affiliated companies (Crimson VIE: $676,825) 676,825  —  676,825  Deferred costs, net of accumulated amortization of $345,775 796,572  —  796,572  Inventory (Crimson VIE: $3,839,865 ) 3,953,523  —  3,953,523  Prepaid expenses and other assets (Crimson VIE: $5,004,566) 9,075,043  —  9,075,043  Operating right-of-use assets (Crimson VIE: $5,647,631) 6,075,939  —  6,075,939  Deferred tax asset, net 206,285  —  206,285  Goodwill 16,210,020  —  16,210,020  Total Assets $ 508,592,748  $ (955,902) $ 507,636,846  Liabilities and Equity Secured credit facilities, net of debt issuance costs of $1,275,244 $ 99,724,756  $ —  $ 99,724,756  Unsecured convertible senior notes, net of discount and debt issuance costs of $2,384,170 115,665,830  —  115,665,830  Accounts payable and other accrued liabilities (Crimson VIE: $10,699,806 ) 17,036,064  (955,902) 16,080,162  Due to affiliated companies (Crimson VIE: $648,316) 648,316  —  648,316  Operating lease liability (Crimson VIE: $5,647,036) 6,046,657  —  6,046,657  Unearned revenue (Crimson VIE: $199,405) 5,839,602  —  5,839,602  Total Liabilities $ 244,961,225  $ (955,902) $ 244,005,323  Equity Series A Cumulative Redeemable Preferred Stock 7.375%, $129,525,675 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 51,810 issued and outstanding at December 31, 2021 $ 129,525,675  $ —  $ 129,525,675  Common stock, non-convertible, $0.001 par value; 14,893,184 shares issued and outstanding at December 31, 2021 (100,000,000 shares authorized) 14,893  —  14,893  Class B Common Stock, $0.001 par value; 683,761 issued and outstanding at December 31, 2021 (11,896,100 shares authorized) 684  —  684  Additional paid-in capital 338,302,735  —  338,302,735  Retained deficit (327,157,636) 6,129,056  (321,028,580) Total CorEnergy Equity 140,686,351  6,129,056  146,815,407  Non-controlling Interest 122,945,172  (6,129,056) 116,816,116  Total Equity 263,631,523  —  263,631,523  Total Liabilities and Equity $ 508,592,748  $ (955,902) $ 507,636,846  The effects of the restatement on the consolidated statement of operations for the year ended December 31, 2021 are summarized in the following table: For the Year Ended December 31, 2021 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution revenue $ 116,536,612  $ —  $ 116,536,612  Pipeline loss allowance subsequent sales 8,606,850  —  8,606,850  Lease revenue 1,246,090  —  1,246,090  Other revenue 1,744,244  —  1,744,244  Total Revenue 128,133,796  —  128,133,796  Expenses Transportation and distribution expenses 58,146,006  —  58,146,006  Pipeline loss allowance subsequent sales cost of revenue 8,194,040  —  8,194,040  General and administrative 26,641,161  —  26,641,161  Depreciation, amortization and ARO accretion expense 14,801,676  —  14,801,676  Loss on impairment and disposal of leased property 5,811,779  —  5,811,779  Loss on termination of lease 165,644  —  165,644  Total Expenses 113,760,306  —  113,760,306  Operating Income $ 14,373,490  $ —  $ 14,373,490  Other Income (Expense) Other income $ 769,682  $ —  $ 769,682  Interest expense (12,742,157) —  (12,742,157) Loss on extinguishment of debt (861,814) —  (861,814) Total Other Income (Expense) (12,834,289) —  (12,834,289) Income before income taxes 1,539,201  —  1,539,201  Taxes Current tax benefit (1,531) —  (1,531) Deferred tax expense 4,076,290  —  4,076,290  Income tax expense, net 4,074,759  —  4,074,759  Net Loss $ (2,535,558) $ —  $ (2,535,558) Less: Net Income attributable to non-controlling interest 8,995,523  (6,129,056) 2,866,467  Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (11,531,081) 6,129,056  $ (5,402,025) Preferred dividend requirements 9,395,604  —  9,395,604  Net Loss attributable to Common Stockholders $ (20,926,685) $ 6,129,056  $ (14,797,629) Common Stock Basic weighted average shares outstanding 14,581,850  (335,324) 14,246,526  Basic net loss per share $ (1.44) $ 0.43  $ (1.01) Diluted weighted average shares outstanding 14,581,850  (335,324) 14,246,526  Diluted net loss per share $ (1.44) $ 0.43  $ (1.01) Class B Common Stock Basic and diluted weighted average shares outstanding —  335,324  335,324  Basic and diluted net loss per share $ —  $ (1.21) $ (1.21) Dividends declared per Common share $ 0.20  —  $ 0.20  The effects of the restatement on the consolidated statement of equity for the year ended December 31, 2021 are summarized in the following table: Common Stock Class B Common Stock Preferred Stock Additional Paid-in Capital Retained Deficit Non-controlling Interest Total Equity Shares Amount Shares Amount Amount Total As Previously Reported Balance at December 31, 2020 13,651,521  $ 13,652  —  $ —  $ 125,270,350  $ 339,742,380  $ (315,626,555) $ —  $ 149,399,827  Net income (loss) —  —  —  —  —  —  (11,531,081) 8,995,523  (2,535,558) Equity attributable to non-controlling interest —  —  —  —  —  —  —  116,816,115  116,816,115  Series A preferred stock dividends —  —  —  —  —  (9,395,604) —  —  (9,395,604) Common Stock dividends —  —  —  —  —  (2,850,026) —  —  (2,850,026) Reinvestment of dividends paid to common stockholders 84,418  84  —  —  —  410,496  —  —  410,580  Common stock issued under director's compensation plan 3,399  3  —  —  —  22,497  —  —  22,500  Crimson cash distribution on A-1 Units —  —  —  —  —  —  —  (2,256,113) (2,256,113) Crimson A-2 Units dividends payment in kind —  —  —  —  —  —  —  (610,353) (610,353) Series A preferred stock issued due to internalization transaction —  —  —  —  4,255,325  (10,213) —  —  4,245,112  Common Stock issued due to internalization transaction 1,153,846  1,154  —  —  —  7,094,999  —  —  7,096,153  Class B Common Stock issued due to internalization transaction —  —  683,761  684  —  3,288,206  —  —  3,288,890  Balance at December 31, 2021 14,893,184  $ 14,893  683,761  $ 684  $ 129,525,675  $ 338,302,735  $ (327,157,636) $ 122,945,172  $ 263,631,523  Restatement Impacts Net income (loss) —  $ —  —  $ —  $ —  $ —  $ 6,129,056  $ (6,129,056) $ —  Balance at December 31, 2021 (restatement impacts) —  $ —  —  $ —  $ —  $ —  $ 6,129,056  $ (6,129,056) $ —  As Restated Balance at December 31, 2020 13,651,521  $ 13,652  —  $ —  $ 125,270,350  $ 339,742,380  $ (315,626,555) $ —  $ 149,399,827  Net income (loss) —  —  —  —  —  —  (5,402,025) 2,866,467  (2,535,558) Equity attributable to non-controlling interest —  —  —  —  —  —  —  116,816,115  116,816,115  Series A preferred stock dividends —  —  —  —  —  (9,395,604) —  —  (9,395,604) Common Stock dividends —  —  —  —  —  (2,850,026) —  —  (2,850,026) Reinvestment of dividends paid to common stockholders 84,418  84  —  —  —  410,496  —  —  410,580  Common stock issued under director's compensation plan 3,399  3  —  —  —  22,497  —  —  22,500  Crimson cash distribution on A-1 Units —  —  —  —  —  —  —  (2,256,113) (2,256,113) Crimson A-2 Units dividends payment in kind —  —  —  —  —  —  —  (610,353) (610,353) Series A preferred stock issued due to internalization transaction —  —  —  —  4,255,325  (10,213) —  —  4,245,112  Common Stock issued due to internalization transaction 1,153,846  1,154  —  —  —  7,094,999  —  —  7,096,153  Class B Common Stock issued due to internalization transaction —  —  683,761  684  —  3,288,206  —  —  3,288,890  Balance at December 31, 2021 14,893,184  $ 14,893  683,761  684  $ 129,525,675  $ 338,302,735  $ (321,028,580) $ 116,816,116  $ 263,631,523  The effects of the restatement on the consolidated statement of cash flow for year ended December 31, 2021 are summarized in the following table: For the Year Ended December 31, 2021 As Previously Reported Effect of Restatement As Restated Operating Activities Net loss $ (2,535,558) $ —  $ (2,535,558) Adjustments to reconcile net loss to net cash provided by operating activities: Deferred income tax 4,076,290  —  4,076,290  Depreciation, amortization and ARO accretion 16,406,557  (1,604,881) 14,801,676  Amortization of debt issuance costs —  1,604,881  1,604,881  Loss on impairment and disposal of leased property 5,811,779  —  5,811,779  Loss on termination of lease 165,644  —  165,644  Loss on extinguishment of debt 861,814  —  861,814  Gain on sale of equipment (16,508) —  (16,508) Stock-based compensation —  22,500  22,500  Changes in assets and liabilities: Accounts and other receivables (92,089) 1,213,454  1,121,365  Financing note accrued interest receivable (8,780) —  (8,780) Inventory (2,183,946) —  (2,183,946) Prepaid expenses and other assets (958,283) (3,882,548) (4,840,831) Due from affiliated companies, net (28,509) —  (28,509) Management fee payable (971,626) —  (971,626) Accounts payable and other accrued liabilities (2,627,549) 2,064,679  (562,870) Unearned revenue (601,126) —  (601,126) Other changes, net —  156  156  Net cash provided by operating activities $ 17,298,110  $ (581,759) $ 16,716,351  Investing Activities Acquisition of Crimson Midstream Holdings, net of cash acquired (69,002,052) —  (69,002,052) Acquisition of Corridor InfraTrust Management, net of cash acquired 952,487  —  952,487  Purchases of property and equipment, net (15,883,609) (4,344,845) (20,228,454) Proceeds from reimbursable projects —  3,131,391  3,131,391  Proceeds from sale of property and equipment 97,210  —  97,210  Proceeds from insurance recovery 60,153  —  60,153  Principal payment on financing note receivable 155,008  —  155,008  Decrease in financing note receivable 26,849  —  26,849  Net cash used in investing activities $ (83,593,954) $ (1,213,454) $ (84,807,408) Financing Activities Debt financing costs (2,735,922) —  (2,735,922) Dividends paid on Series A preferred stock (9,395,604) —  (9,395,604) Dividends paid on Common Stock (2,439,446) —  (2,439,446) Common Stock issued under the director's compensation plan 22,500  (22,500) —  Distributions to non-controlling interest (2,256,113) —  (2,256,113) Advances on revolving line of credit 24,000,000  —  24,000,000  Payments on revolving line of credit (22,000,000) —  (22,000,000) Principal payments on secured credit facility (6,000,000) —  (6,000,000) Proceeds from financing arrangement —  3,882,392  3,882,392  Payments on financing arrangement —  (3,020,581) (3,020,581) Net cash used in financing activities $ (20,804,585) $ 839,311  $ (19,965,274) Net change in cash and cash equivalents $ (87,100,429) $ (955,902) $ (88,056,331) Cash and cash equivalents at beginning of year 99,596,907  —  99,596,907  Cash and cash equivalents at end of year $ 12,496,478  $ (955,902) $ 11,540,576  For the Year Ended December 31, 2021 As Previously Reported Effect of Restatement As Restated Supplemental Disclosure of Cash Flow Information Interest paid $ 11,224,582  $ —  $ 11,224,582  Income tax refunds 635,730  —  635,730  Non-Cash Investing Activities Purchases of property, plant and equipment in accounts payable and other accrued liabilities $ 113,847  $ —  $ 113,847  In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition 48,873,169  —  48,873,169  Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition 105,000,000  —  105,000,000  Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition 116,205,762  —  116,205,762  Series A preferred stock issued due to Internalization transaction 4,245,112  —  4,245,112  Common stock issued due to Internalization transaction 7,096,153  —  7,096,153  Class B Common Stock issued due to Internalization transaction 3,288,890  —  3,288,890  Non-Cash Financing Activities Crimson Class A-2 Units dividends payment in-kind $ 610,353  $ —  $ 610,353  Reinvestment of dividends paid to common stockholders 410,580  —  410,580  Assets acquired under financing arrangement —  1,617,825  1,617,825  The effects of the restatement on the consolidated statement of equity for the three and six months ended June 30, 2022 are summarized in the following tables: Series A Cumulative Redeemable Preferred Stock Common Stock Class B Common Stock Additional Paid-in Capital Retained Deficit Non-controlling Interest Total Amount Shares Amount Shares Amount As Previously Reported Balance at December 31, 2021 $ 129,525,675  14,893,184  $ 14,893  683,761  $ 684  $ 338,302,735  $ (327,157,636) $ 122,945,172  $ 263,631,523  Net income —  —  —  —  —  —  2,304,463  2,060,294  4,364,757  Series A preferred stock dividends —  —  —  —  —  (2,388,130) —  —  (2,388,130) Common stock dividends —  —  —  —  —  (744,659) —  —  (744,659) Reinvestment of dividends paid to common stockholders —  67,444  67  —  —  206,986  —  —  207,053  Crimson cash dividends on A-1 units —  —  —  —  —  —  —  (809,212) (809,212) Balance at March 31, 2022 (Unaudited) $ 129,525,675  14,960,628  $ 14,960  683,761  $ 684  $ 335,376,932  $ (324,853,173) $ 124,196,254  $ 264,261,332  Net income —  —  —  —  —  —  1,203,455  966,671  2,170,126  Series A preferred stock dividends —  —  —  —  —  (2,388,130) —  —  (2,388,130) Common stock dividends —  —  —  —  —  (748,031) —  —  (748,031) Reinvestment of dividends paid to common stockholders —  69,312  69  —  —  196,082  —  —  196,151  Crimson cash distribution on A-1 Units —  —  —  —  —  —  —  (809,212) (809,212) Stock-based compensation —  30,917  31  —  —  151,328  —  —  151,359  Balance at June 30, 2022 (Unaudited) $ 129,525,675  15,060,857  $ 15,060  683,761  $ 684  $ 332,588,181  $ (323,649,718) $ 124,353,713  $ 262,833,595  Restatement Impact Adjustments to 2021 Net Income (loss) $ —  —  $ —  —  $ —  $ —  $ 6,129,056  $ (6,129,056) $ —  Net income (loss) —  —  —  —  —  —  1,251,082  (1,251,082) —  Balance at March 31, 2022 (Unaudited) $ —  —  $ —  —  $ —  $ —  $ 7,380,138  $ (7,380,138) $ —  Net income —  —  —  —  —  —  157,459  (157,459) —  Balance at June 30, 2022 (Unaudited) $ —  —  $ —  —  $ —  $ —  $ 7,537,597  $ (7,537,597) $ —  As Restated Balance at December 31, 2021 $ 129,525,675  14,893,184  $ 14,893  683,761  $ 684  $ 338,302,735  $ (321,028,580) $ 116,816,116  $ 263,631,523  Net income —  —  —  —  —  —  3,555,545  809,212  4,364,757  Series A preferred stock dividends —  —  —  —  —  (2,388,130) —  —  (2,388,130) Common Stock dividends —  —  —  —  —  (744,659) —  —  (744,659) Reinvestment of dividends paid to common stockholders —  67,444  67  —  —  206,986  —  —  207,053  Crimson cash dividends on A-1 units —  —  —  —  —  —  —  (809,212) (809,212) Balance at March 31, 2022 (Unaudited) $ 129,525,675  14,960,628  $ 14,960  683,761  $ 684  $ 335,376,932  $ (317,473,035) $ 116,816,116  $ 264,261,332  Net income —  —  —  —  —  —  1,360,914  809,212  2,170,126  Series A preferred stock dividends —  —  —  —  —  (2,388,130) —  —  (2,388,130) Common stock dividends —  —  —  —  —  (748,031) —  —  (748,031) Reinvestment of dividends paid to common stockholders —  69,312  69  —  —  196,082  —  —  196,151  Crimson cash distribution on A-1 Units —  —  —  —  —  —  —  (809,212) (809,212) Stock-based compensation —  30,917  31  —  —  151,328  —  —  151,359  Balance at June 30, 2022 (Unaudited) $ 129,525,675  15,060,857  $ 15,060  683,761  $ 684  $ 332,588,181  $ (316,112,121) $ 116,816,116  $ 262,833,595  The effects of the restatement on the consolidated statement of cash flow for the six months ended June 30, 2022 are summarized in the following table: For the Six Months Ended June 30, 2022 As Previously Reported Effect of Restatement As Restated Operating Activities Net income $ 6,534,883  $ —  $ 6,534,883  Adjustments to reconcile net income to net cash provided by (used in) operating activities: Deferred income tax 88,422  —  88,422  Depreciation, amortization and ARO accretion 8,793,101  (824,120) 7,968,981  Amortization of debt issuance costs —  824,120  824,120  Gain on sale of equipment (22,678) —  (22,678) Stock-based compensation 151,359  —  151,359  Changes in assets and liabilities: Accounts and other receivables 1,024,635  —  1,024,635  Inventory (587,295) —  (587,295) Prepaid expenses and other assets 2,487,362  (701,791) 1,785,571  Due from affiliated companies, net 140,509  —  140,509  Accounts payable and other accrued liabilities 363,137  707,953  1,071,089  Income tax liability 305,205  —  305,205  Operating lease liability (908,248) 908,248  —  Unearned revenue 280,795  —  280,795  Other changes, net —  (206,457) (206,457) Net cash provided by operating activities $ 18,651,187  $ 707,953  $ 19,359,139  Investing Activities Purchases of property and equipment (4,141,485) —  (4,141,485) Proceeds from reimbursable projects 2,103,544  —  2,103,544  Proceeds from sale of property and equipment 38,075  —  38,075  Principal payment on financing note receivable 86,626  —  86,626  Net cash used in investing activities $ (1,913,240) $ —  $ (1,913,240) Financing Activities Dividends paid on Series A preferred stock (4,776,260) —  (4,776,260) Dividends paid on Common Stock (1,492,690) —  (1,492,690) Reinvestment of Dividends Paid to Common Stockholders 403,204  —  403,204  Distributions to non-controlling interest (1,618,424) —  (1,618,424) Advances on revolving line of credit 4,000,000  —  4,000,000  Payments on revolving line of credit (4,000,000) —  (4,000,000) Principal payments on Crimson secured credit facility (4,000,000) —  (4,000,000) Payments on financing arrangement —  (1,170,635) (1,170,635) Net cash used in financing activities $ (11,484,170) $ (1,170,635) $ (12,654,805) Net change in Cash and Cash Equivalents $ 5,253,777  $ (462,682) $ 4,791,094  Cash and Cash Equivalents at beginning of period 12,496,478  (955,902) 11,540,576  Cash and Cash Equivalents at end of period $ 17,750,255  $ (1,418,584) $ 16,331,670  Supplemental Disclosure of Cash Flow Information Interest paid $ 4,999,845  $ —  $ 4,999,845  Income taxes paid (net of refunds) (12,055) —  (12,055) Non-Cash Investing Activities Purchases of property, plant and equipment in accounts payable and other accrued liabilities $ 771,180  $ —  $ 771,180  Non-Cash Financing Activities Assets acquired under financing arrangement $ —  $ 1,226,402  $ 1,226,402  As of and For the Three and Nine Months Ended September 30, 2022 The effects of the restatement on the consolidated balance sheet as of September 30, 2022 are summarized in the following table: September 30, 2022 As Previously Reported Effect of Restatement As Restated Assets Property and equipment, net of accumulated depreciation of $48,864,283 (Crimson VIE*: $337,470,077) $ 438,249,633  $ —  $ 438,249,633  Leased property, net of accumulated depreciation of $289,154 1,236,873  —  1,236,873  Financing notes and related accrued interest receivable, net of reserve of $600,000 904,743  —  904,743  Cash and cash equivalents (Crimson VIE: $2,009,787) 21,776,263  (1,127,621) 20,648,642  Accounts and other receivables (Crimson VIE: $7,654,757) 10,609,744  —  10,609,744  Due from affiliated companies (Crimson VIE: $94,994) 94,994  —  94,994  Deferred costs, net of accumulated amortization of $631,408 510,939  —  510,939  Inventory (Crimson VIE: $5,859,262) 6,004,037  —  6,004,037  Prepaid expenses and other assets (Crimson VIE: $3,946,389) 5,699,079  —  5,699,079  Operating right-of-use assets (Crimson VIE: $4,755,606) 5,082,028  —  5,082,028  Deferred tax asset, net 111,681  —  111,681  Goodwill —  —  —  Total Assets $ 490,280,014  $ (1,127,621) $ 489,152,393  Liabilities and Equity Secured credit facilities, net of deferred financing costs of $817,972 $ 99,182,028  $ —  $ 99,182,028  Unsecured convertible senior notes, net of discount and debt issuance costs of $1,890,895 116,159,105  —  116,159,105  Accounts payable and other accrued liabilities (Crimson VIE: $13,819,708) 19,596,670  (1,127,621) 18,469,049  Income tax payable 344,630  —  344,630  Due to affiliated companies (Crimson VIE: $276,428) 276,428  —  276,428  Operating lease liability (Crimson VIE: $4,653,594) 4,951,891  —  4,951,891  Unearned revenue (Crimson VIE: $205,790) 5,990,897  —  5,990,897  Total Liabilities $ 246,501,649  $ (1,127,621) $ 245,374,028  Equity Series A Cumulative Redeemable Preferred Stock 7.375%, $129,525,675 liquidation preference ($2,500 per share, $0.001 par value); 69,367,000 authorized; 51,810 issued and outstanding at September 30, 2022 $ 129,525,675  $ —  $ 129,525,675  Common stock, non-convertible, $0.001 par value; 15,176,911 shares issued and outstanding at September 30, 2022 (100,000,000 shares authorized) 15,177  —  15,177  Class B Common Stock, $0.001 par value; 683,761 shares issued and outstanding at September 30, 2022 (11,896,100 shares authorized) 684  —  684  Additional paid-in capital 329,796,049  —  329,796,049  Retained deficit (339,752,470) 7,329,433  (332,423,037) Total CorEnergy Equity 119,585,115  7,329,433  126,914,548  Non-controlling interest 124,193,250  (7,329,433) 116,863,817  Total Equity 243,778,365  —  243,778,365  Total Liabilities and Equity $ 490,280,014  $ (1,127,621) $ 489,152,393  The effects of the restatement on the consolidated statement of operations for the three months ended September 30, 2022 are summarized in the following table: For the Three Months Ended September 30, 2022 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution $ 31,305,546  $ —  $ 31,305,546  Pipeline loss allowance subsequent sales 1,477,251  —  1,477,251  Lease 111,725  —  111,725  Other 67,164  —  67,164  Total Revenue 32,961,686  —  32,961,686  Expenses Transportation and distribution 17,647,673  —  17,647,673  Pipeline loss allowance subsequent sales cost of revenue 1,385,028  —  1,385,028  General and administrative 5,743,342  —  5,743,342  Depreciation, amortization and ARO accretion 4,028,800  —  4,028,800  Loss on impairment of goodwill 16,210,020  —  16,210,020  Total Expenses 45,014,863  —  45,014,863  Operating Loss $ (12,053,177) $ —  $ (12,053,177) Other Income (expense) Other income $ 76,050  $ —  $ 76,050  Interest expense (3,483,208) —  (3,483,208) Total Other Expense (3,407,158) —  (3,407,158) Loss before income taxes (15,460,335) —  (15,460,335) Taxes Current tax expense 35,187  —  35,187  Deferred tax expense 6,182  —  6,182  Income tax expense, net 41,369  —  41,369  Net Loss $ (15,501,704) $ —  $ (15,501,704) Less: Net income attributable to non-controlling interest 601,048  208,164  809,212  Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (16,102,752) $ (208,164) $ (16,310,916) Preferred dividend requirements 2,388,130  —  2,388,130  Net Loss attributable to Common Stockholders $ (18,490,882) $ (208,164) $ (18,699,046) Common Stock Basic weighted average shares outstanding 15,773,469  (683,761) 15,089,708  Basic net loss per share $ (1.17) $ (0.01) $ (1.18) Diluted weighted average shares outstanding 15,773,469  (218,804) 15,554,665  Diluted net loss per share $ (1.17) $ (0.03) $ (1.20) Class B Common Stock Basic and diluted weighted average shares outstanding —  683,761  683,761  Basic and diluted net loss per share $ —  $ (1.23) $ (1.23) Dividends declared per Common share $ 0.050  $ —  $ 0.050  The effects of the restatement on the consolidated statement of operations for the nine months ended September 30, 2022 are summarized in the following table: For the Nine Months Ended September 30, 2022 As Previously Reported Effect of Restatement As Restated Revenue Transportation and distribution $ 89,179,734  $ —  $ 89,179,734  Pipeline loss allowance subsequent sales 7,283,450  —  7,283,450  Lease 176,775  —  176,775  Other 715,514  —  715,514  Total Revenue 97,355,473  —  97,355,473  Expenses Transportation and distribution 45,857,193  —  45,857,193  Pipeline loss allowance subsequent sales cost of revenue 6,016,664  —  6,016,664  General and administrative 16,162,570  —  16,162,570  Depreciation, amortization and ARO accretion 11,997,781  —  11,997,781  Loss on impairment of goodwill 16,210,020  —  16,210,020  Total Expenses 96,244,228  —  96,244,228  Operating Income $ 1,111,245  $ —  $ 1,111,245  Other Income (expense) Other income $ 332,615  $ —  $ 332,615  Interest expense (9,972,969) —  $ (9,972,969) Total Other Expense (9,640,354) —  (9,640,354) Loss before income taxes (8,529,109) —  (8,529,109) Taxes Current tax expense 343,108  —  343,108  Deferred tax expense 94,604  —  94,604  Income tax expense, net 437,712  —  437,712  Net Loss $ (8,966,821) $ —  $ (8,966,821) Less: Net income attributable to non-controlling interest 3,628,013  (1,200,377) 2,427,636  Net Loss attributable to CorEnergy $ (12,594,834) $ 1,200,377  $ (11,394,457) Preferred dividend requirements 7,164,390  —  7,164,390  Net Loss attributable to Common Stockholders $ (19,759,224) $ 1,200,377  $ (18,558,847) Common Stock Basic weighted average shares outstanding 15,683,331  (683,761) 14,999,570  Basic net loss per share $ (1.26) $ 0.08  $ (1.18) Diluted weighted average shares outstanding 15,683,331  (218,804) 15,464,527  Diluted net loss per share $ (1.26) $ 0.06  $ (1.20) Class B Common Stock Basic and diluted weighted average shares outstanding —  683,761  683,761  Basic and diluted net loss per share $ —  $ (1.33) $ (1.33) Dividends declared per Common share $ 0.150  $ —  $ 0.150