Annual report pursuant to Section 13 and 15(d)

QUARTERLY FINANCIAL DATA (Unaudited) (Tables)

v3.23.1
QUARTERLY FINANCIAL DATA (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
For the Fiscal 2022 Quarters Ended
(As Restated) (As Restated) (As Restated)
March 31 June 30 September 30 December 31
Total Revenue $ 32,872,351  $ 31,521,436  $ 32,961,686  $ 36,292,134 
Total Expenses 25,258,024  25,971,341  45,014,863  31,605,915 
Operating Income (Loss) $ 7,614,327  $ 5,550,095  $ (12,053,177) $ 4,686,219 
Net Income (Loss) $ 4,364,757  $ 2,170,126  $ (15,501,704) $ (552,849)
Less: Net Income attributable to non-controlling interest 809,212  809,212  809,212  809,212 
Net Income (Loss) attributable to CorEnergy Infrastructure Trust, Inc. $ 3,555,545  $ 1,360,914  $ (16,310,916) $ (1,362,061)
Preferred dividend requirements $ 2,388,130  $ 2,388,130  $ 2,388,130  $ 2,388,130 
Net Income (loss) attributable to Common Stockholders $ 1,167,415  $ (1,027,216) $ (18,699,046) $ (3,750,191)
Basic net earnings (loss) per share:
Common Stock $ 0.08  $ (0.06) $ (1.18) $ (0.23)
Class B Common Stock $ 0.03  $ (0.11) $ (1.23) $ (0.28)
Diluted net earnings (loss) per share:
Common Stock $ 0.08  $ (0.07) $ (1.20) $ (0.24)
Class B Common Stock $ 0.03  $ (0.11) $ (1.23) $ (0.28)


For the Fiscal 2021 Quarters Ended
(As Restated) (As Restated) (As Restated) (As Restated)
March 31 June 30 September 30 December 31
Total Revenue $ 23,040,498  $ 32,296,578  $ 37,028,882  $ 35,767,838 
Total Expenses 30,003,999  26,717,163  27,654,395  29,384,749 
Operating Income (Loss) $ (6,963,501) $ 5,579,415  $ 9,374,487  $ 6,383,089 
Net Income (Loss) (10,694,263) 2,427,409  5,919,971  (188,675)
Less: Net Income attributable to non-controlling interest —  1,010,951  1,046,304  809,212 
Net Income (Loss) attributable to CorEnergy Infrastructure Trust, Inc. $ (10,694,263) $ 1,416,458  $ 4,873,667  $ (997,887)
Preferred dividend requirements 2,309,672  2,309,672  2,388,130  2,388,130 
Net Income (loss) attributable to Common Stockholders (13,003,935) (893,214) 2,485,537  (3,386,017)
Basic net earnings (loss) per share:
Common Stock $ (0.95) $ (0.07) $ 0.16  $ (0.21)
Class B Common Stock NA NA $ 0.11  $ (0.26)
Diluted net earnings (loss) per share:
Common Stock $ (0.95) $ (0.07) $ 0.16  $ (0.22)
Class B Common Stock NA NA $ 0.11  $ (0.26)
Schedule of Error Corrections and Prior Period Adjustments
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  —  —  —  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  —  —  —  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 
Description of Quarterly Restatement Tables

In lieu of filing amended quarterly reports on Form 10-Q, the tables below represent our restated unaudited consolidated financial statements for each of the previously completed quarters during the years ended December 31, 2022 and 2021. The following tables present the impact of the restatement on our previously reported consolidated statements of operations, balance sheets, statements of equity, and statements of cash flows for which the values were derived from our Quarterly Reports on Form 10-Q for the interim periods of 2022 and 2021. Certain reclassifications between captions on the statements of cash flows are included in the effect of restatement columns to conform to current reporting. For further information on the restatement, refer to Note 20 ("Restatement Of Prior Period").
As of and For the Three Months Ended March 31, 2021

The effects of the restatement on the consolidated balance sheet as of March 31, 2021 are summarized in the following table:

March 31, 2021
As Previously Reported Effect of Restatement As Restated
Assets
Property and equipment, net of accumulated depreciation of $25,260,543 (Crimson VIE: $335,865,029)
$ 441,213,095  $ —  $ 441,213,095 
Leased property, net of accumulated depreciation of $227,265 1,298,763  —  1,298,763 
Financing notes and related accrued interest receivable, net of reserve of $600,000
1,183,950  —  1,183,950 
Cash and cash equivalents (Crimson VIE: $(547,104))
18,839,994  (1,178,880) 17,661,114 
Accounts and other receivables (Crimson VIE: $10,828,844)
15,275,036  —  15,275,036 
Due from affiliated companies (Crimson VIE: $827,264)
827,264  —  827,264 
Deferred costs, net of accumulated amortization of $60,142 1,082,205  —  1,082,205 
Inventory (Crimson VIE: $1,690,158)
1,795,688  —  1,795,688 
Prepaid expenses and other assets (Crimson VIE: $6,313,679)
8,424,488  —  8,424,488 
Operating right-of-use assets (Crimson VIE: $6,097,344)
6,175,414  —  6,175,414 
Deferred tax asset, net 4,308,976  —  4,308,976 
Goodwill 1,718,868  —  1,718,868 
Total Assets $ 502,143,741  $ (1,178,880) $ 500,964,861 
Liabilities and Equity
Secured credit facilities, net of debt issuance costs of $1,732,515
$ 103,267,485  $ —  $ 103,267,485 
Unsecured convertible senior notes, net of discount and debt issuance costs of $2,877,445
115,172,555  —  115,172,555 
Accounts payable and other accrued liabilities (Crimson VIE: $13,046,352)
17,910,708  (1,178,880) 16,731,828 
Management fees payable 608,246  —  608,246 
Due to affiliated companies (Crimson VIE: $1,637,540)
2,053,170  —  2,053,170 
Operating lease liability (Crimson VIE: $5,752,045)
5,800,866  —  5,800,866 
Unearned revenue (Crimson VIE $315,000)
6,294,359  —  6,294,359 
Total Liabilities $ 251,107,389  $ (1,178,880) $ 249,928,509 
Equity
Series A Cumulative Redeemable Preferred Stock 7.375%, $125,270,350 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 50,108 issued and outstanding at March 31, 2021
$ 125,270,350  $ —  $ 125,270,350 
Common stock, non-convertible, $0.001 par value; 13,651,521 shares issued and outstanding at March 31, 2021 (100,000,000 shares authorized)
13,652  —  13,652 
Additional paid-in capital 336,750,132  336,750,132 
Retained deficit (327,926,126) 1,605,308  (326,320,818)
Total CorEnergy Equity 134,108,008  1,605,308  135,713,316 
Non-controlling interest 116,928,344  (1,605,308) 115,323,036 
Total Equity 251,036,352  —  251,036,352 
Total Liabilities and Equity $ 502,143,741  $ (1,178,880) $ 500,964,861 
e
The effects of the restatement on the consolidated statement of operations for the three months ended March 31, 2021 are summarized in the following table:
For the Three Months Ended March 31, 2021
As Previously Reported Effect of Restatement As Restated
Revenue
Transportation and distribution revenue $ 21,295,139  $ —  $ 21,295,139 
Pipeline loss allowance subsequent sales 1,075,722  —  1,075,722 
Lease revenue 474,475  —  474,475 
Other revenue 195,162  —  195,162 
Total Revenue 23,040,498  —  23,040,498 
Expenses — 
Transportation and distribution expenses 10,342,597  —  10,342,597 
Pipeline loss allowance subsequent sales cost of revenue 948,856  —  948,856 
General and administrative 9,836,793  —  9,836,793 
Depreciation, amortization and ARO accretion expense 2,898,330  —  2,898,330 
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 30,003,999  —  30,003,999 
Operating Loss $ (6,963,501) $ —  $ (6,963,501)
Other Income (Expense) — 
Other income $ 63,526  $ —  $ 63,526 
Interest expense (2,931,007) —  (2,931,007)
Loss on extinguishment of debt (861,814) —  (861,814)
Total Other Expense (3,729,295) —  (3,729,295)
Loss before income taxes (10,692,796) —  (10,692,796)
Taxes — 
Current tax expense 27,867  —  27,867 
Deferred tax benefit (26,400) —  (26,400)
Income tax expense, net 1,467  —  1,467 
Net Loss $ (10,694,263) $ —  $ (10,694,263)
Less: Net income attributable to non-controlling interest 1,605,308  (1,605,308) — 
Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (12,299,571) $ 1,605,308  $ (10,694,263)
Preferred dividend requirements 2,309,672  —  2,309,672 
Net Loss attributable to Common Stockholders $ (14,609,243) $ 1,605,308  $ (13,003,935)
Common Stock
Basic weighted average shares outstanding 13,651,521  —  13,651,521 
Basic net loss per share $ (1.07) $ 0.12  $ (0.95)
Diluted weighted average shares outstanding 13,651,521  —  13,651,521 
Diluted net loss per share $ (1.07) $ 0.12  $ (0.95)
Dividends declared per Common share $ 0.050  $ —  $ 0.050 
The effects of the restatement on the consolidated statement of equity for the three months ended March 31, 2021 are summarized in the following table:

Common Stock Preferred Stock Additional
Paid-in
Capital
Retained
Deficit
Non-controlling Interest Total
Shares Amount Amount
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) —  —  —  —  (12,299,571) 1,605,308  (10,694,263)
Series A preferred stock dividends —  —  —  (2,309,672) —  —  (2,309,672)
Common stock dividends —  —  —  (682,576) —  —  (682,576)
Equity attributable to non-controlling interest —  —  —  —  —  115,323,036  115,323,036 
Balance at March 31, 2021 (Unaudited) 13,651,521  $ 13,652  $ 125,270,350  $ 336,750,132  $ (327,926,126) $ 116,928,344  $ 251,036,352 
Restatement Impact
Net income (loss) —  $ —  $ —  $ —  $ 1,605,308  $ (1,605,308) $ — 
Series A preferred stock dividends —  —  —  —  —  —  — 
Common stock dividends —  —  —  —  —  —  — 
Equity attributable to non-controlling interest —  —  —  —  —  —  — 
Balance at March 31, 2021 (Unaudited) —  $ —  $ —  $ —  $ 1,605,308  $ (1,605,308) $ — 
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 loss —  —  —  —  (10,694,263) —  (10,694,263)
Series A preferred stock dividends —  —  —  (2,309,672) —  —  (2,309,672)
Common stock dividends —  —  —  (682,576) —  —  (682,576)
Equity attributable to non-controlling interest —  —  —  —  —  115,323,036  115,323,036 
Balance at March 31, 2021 (Unaudited) 13,651,521  $ 13,652  $ 125,270,350  $ 336,750,132  $ (326,320,818) $ 115,323,036  $ 251,036,352 
The effects of the restatement on the consolidated statement of cash flow for the three months ended March 31, 2021 are summarized in the following table:
For the Three Months Ended March 31, 2021
As Previously Reported Effect of Restatement As Restated
Operating Activities
Net loss $ (10,694,263) $ —  $ (10,694,263)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Deferred income tax (26,400) —  (26,400)
Depreciation, amortization and ARO accretion 3,267,034  (368,704) 2,898,330 
Amortization of debt issuance costs —  368,704  368,704 
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 
Non-cash lease expense 178,542  (178,542) — 
Changes in assets and liabilities:
Accounts and other receivables (344,371) —  (344,371)
Financing note accrued interest receivable (6,714) —  (6,714)
Inventory (26,111) —  (26,111)
Prepaid expenses and other assets (249,081) —  (249,081)
Due to affiliated companies, net 1,225,906  —  1,225,906 
Management fee payable (363,380) —  (363,380)
Accounts payable and other accrued liabilities (1,611,539) (1,178,880) (2,790,419)
Operating lease liability (523,652) 523,652  — 
Unearned revenue (146,369) —  (146,369)
Other changes, net —  (345,110) (345,110)
Net cash (used in) provided by operating activities $ (2,481,161) $ (1,178,880) $ (3,660,041)
Investing Activities
Acquisition of Crimson Midstream Holdings, net of cash acquired (68,094,324) —  (68,094,324)
Purchases of property and equipment, net (4,625,511) —  (4,625,511)
Proceeds from sale of property and equipment 79,600  —  79,600 
Proceeds from insurance recovery 60,153  —  60,153 
Principal payment on financing note receivable 32,500  —  32,500 
Net cash (used in) provided by investing activities $ (72,547,582) $ —  $ (72,547,582)
Financing Activities
Debt financing costs (2,735,922) —  (2,735,922)
Dividends paid on Series A preferred stock (2,309,672) —  (2,309,672)
Dividends paid on common stock (682,576) —  (682,576)
Advances on revolving line of credit 3,000,000  —  3,000,000 
Payments on revolving line of credit (3,000,000) —  (3,000,000)
Net cash used in financing activities $ (5,728,170) $ —  $ (5,728,170)
Net change in Cash and Cash Equivalents $ (80,756,913) $ (1,178,880) $ (81,935,793)
For the Three Months Ended March 31, 2021
As Previously Reported Effect of Restatement As Restated
Cash and Cash Equivalents at beginning of period 99,596,907  —  99,596,907 
Cash and Cash Equivalents at end of period $ 18,839,994  $ (1,178,880) $ 17,661,114 
Supplemental Disclosure of Cash Flow Information
Interest paid $ 4,254,050  $ —  $ 4,254,050 
Income taxes paid (net of refunds) 5,026  —  5,026 
Non-Cash Investing Activities
In-kind consideration for the Grand 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 115,323,036  —  115,323,036 
Purchases of property, plant and equipment in accounts payable and other accrued liabilities 868,190  —  868,190 
Non-Cash Financing Activities
Change in accounts payable and accrued expenses related to debt financing costs $ (235,198) $ —  $ (235,198)
The effects of the restatement on the consolidated balance sheet as of June 30, 2021 are summarized in the following table:

June 30, 2021
As Previously Reported Effect of Restatement As Restated
Assets
Property and equipment, net of accumulated depreciation of $28,973,654 (Crimson VIE: $338,930,724)
$ 443,457,382  $ —  $ 443,457,382 
Leased property, net of accumulated depreciation of $237,579
1,288,449  —  1,288,449 
Financing notes and related accrued interest receivable, net of reserve of $600,000
1,149,245  —  1,149,245 
Cash and cash equivalents (Crimson VIE: $2,989,319)
17,695,458  (548,236) 17,147,222 
Accounts and other receivables (Crimson VIE: $11,434,113)
14,389,085  —  14,389,085 
Due from affiliated companies (Crimson VIE: $1,163,633)
1,163,633  —  1,163,633 
Deferred costs, net of accumulated amortization of $155,353
986,994  —  986,994 
Inventory (Crimson VIE: $1,512,398)
1,625,464  —  1,625,464 
Prepaid expenses and other assets (Crimson VIE: $4,018,467)
10,939,625  —  10,939,625 
Operating right-of-use assets (Crimson VIE: $5,844,591)
5,914,710  —  5,914,710 
Deferred tax asset, net 4,173,754  —  4,173,754 
Goodwill 1,718,868  —  1,718,868 
Total Assets $ 504,502,667  $ (548,236) $ 503,954,431 
Liabilities and Equity
Secured credit facilities, net of debt issuance costs of $1,580,091
$ 104,419,909  $ —  $ 104,419,909 
Unsecured convertible senior notes, net of discount and debt issuance costs of $2,713,020
115,336,979  —  115,336,979 
Accounts payable and other accrued liabilities (Crimson VIE: $11,454,583)
20,780,331  (548,236) 20,232,095 
Management Fees Payable 304,770  —  304,770 
Due to affiliated companies (Crimson VIE: $979,603)
979,603  —  979,603 
Operating lease liability (Crimson VIE: $5,609,946)
5,651,002  —  5,651,002 
Unearned revenue (Crimson VIE $315,000)
6,147,990  —  6,147,990 
Total Liabilities $ 253,620,584  $ (548,236) $ 253,072,348 
Equity
Series A Cumulative Redeemable Preferred Stock 7.375%, $125,270,350 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 50,108 issued and outstanding at June 30, 2021
$ 125,270,350  $ —  $ 125,270,350 
Common stock, non-convertible, $0.001 par value; 13,673,326 shares issued and outstanding at June 30, 2021 (100,000,000 shares authorized)
13,673  —  13,673 
Additional paid-in capital 333,890,657  —  333,890,657 
Retained deficit (327,513,586) 2,609,227  (324,904,359)
Total CorEnergy Equity 131,661,094  2,609,227  134,270,321 
Non-controlling interest 119,220,989  (2,609,227) 116,611,762 
Total Equity 250,882,083  —  250,882,083 
Total Liabilities and Equity $ 504,502,667  $ (548,236) $ 503,954,431 
The effects of the restatement on the consolidated statement of operations for the three months ended June 30, 2021 are summarized in the following table:

For the Three Months Ended June 30, 2021
As Reported Previously Effect of Restatement As Restated
Revenue
Transportation and distribution revenue $ 28,100,343  $ —  $ 28,100,343 
Pipeline loss allowance subsequent sales 2,915,533  —  2,915,533 
Lease revenue 701,525  —  701,525 
Other revenue 579,177  —  579,177 
Total Revenue 32,296,578  —  32,296,578 
Expenses
Transportation and distribution expenses 15,363,410  —  15,363,410 
Pipeline loss allowance subsequent sales cost of revenue 2,223,646  —  2,223,646 
General and administrative 5,381,654  —  5,381,654 
Depreciation, amortization and ARO accretion expense 3,748,453  —  3,748,453 
Total Expenses 26,717,163  —  26,717,163 
Operating Income $ 5,579,415  $ —  $ 5,579,415 
Other Income (Expense)
Other income $ 299,293  —  $ 299,293 
Interest expense (3,295,703) —  (3,295,703)
Total Other Expense (2,996,410) —  (2,996,410)
Income before income taxes 2,583,005  —  2,583,005 
Taxes
Current tax expense 20,374  —  20,374 
Deferred tax expense 135,222  —  135,222 
Income tax expense, net 155,596  —  155,596 
Net Income $ 2,427,409  $ —  $ 2,427,409 
Less: Net income (loss) attributable to non-controlling interest 2,014,870  (1,003,919) 1,010,951 
Net Income attributable to CorEnergy Infrastructure Trust, Inc. $ 412,539  $ 1,003,919  $ 1,416,458 
Preferred dividend requirements 2,309,672  —  2,309,672 
Net Income (Loss) attributable to Common Stockholders $ (1,897,133) $ 1,003,919  $ (893,214)
Common Stock
Basic weighted average shares outstanding 13,659,667  —  13,659,667 
Basic net loss per share $ (0.14) $ 0.07  $ (0.07)
Diluted weighted average shares outstanding 13,659,667  —  13,659,667 
Diluted net loss per share $ (0.14) $ 0.07  $ (0.07)
Dividends declared per Common share $ 0.050  —  $ 0.050 
The effects of the restatement on the consolidated statement of operations for the six months ended June 30, 2021 are summarized in the following table:
For the Six Months Ended June 30, 2021
As Previously Reported Effect of Restatement As Restated
Revenue
Transportation and distribution revenue $ 49,395,482  $ —  $ 49,395,482 
Pipeline loss allowance subsequent sales 3,991,255  —  3,991,255 
Lease revenue 1,176,000  —  1,176,000 
Other revenue 774,339  —  774,339 
Total Revenue 55,337,076  —  55,337,076 
Expenses
Transportation and distribution expenses 25,706,007  —  25,706,007 
Pipeline loss allowance subsequent sales cost of revenue 3,172,502  —  3,172,502 
General and administrative 15,218,447  —  15,218,447 
Depreciation, amortization and ARO accretion expense 6,646,783  —  6,646,783 
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 56,721,162  —  56,721,162 
Operating Loss $ (1,384,086) $ —  $ (1,384,086)
Other Income (Expense)
Other income $ 362,819  $ —  $ 362,819 
Interest expense (6,226,710) —  (6,226,710)
Loss on extinguishment of debt (861,814) —  (861,814)
Total Other Expense (6,725,705) —  (6,725,705)
Loss before income taxes (8,109,791) —  (8,109,791)
Taxes
Current tax expense 48,241  —  48,241 
Deferred tax expense 108,822  —  108,822 
Income tax expense, net 157,063  —  157,063 
Net Loss $ (8,266,854) $ —  $ (8,266,854)
Less: Net income (loss) attributable to non-controlling interest 3,620,178  (2,609,227) 1,010,951 
Net Income (Loss) attributable to CorEnergy Infrastructure Trust, Inc. $ (11,887,032) $ 2,609,227  $ (9,277,805)
Preferred dividend requirements 4,619,344  —  4,619,344 
Net Income (Loss) attributable to Common Stockholders $ (16,506,376) $ 2,609,227  $ (13,897,149)
Common Stock
Basic weighted average shares outstanding 13,655,617  —  13,655,617 
Basic net loss per share $ (1.21) $ 0.19  $ (1.02)
Diluted weighted average shares outstanding 13,655,617  —  13,655,617 
Diluted net loss per share $ (1.21) $ 0.19  $ (1.02)
Dividends declared per Common share $ 0.050  $ —  $ 0.050 
The effects of the restatement on the consolidated statement of equity for the three and six months ended June 30, 2021 are summarized in the following table:


Common Stock Preferred Stock Additional
Paid-in
Capital
Retained
Deficit
Non-controlling Interest Total
Shares Amount Amount
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) —  —  —  —  (12,299,571) 1,605,308  (10,694,263)
Series A preferred stock dividends —  —  —  (2,309,672) —  —  (2,309,672)
Common Stock dividends —  —  —  (682,576) —  —  (682,576)
Equity attributable to non-controlling interest —  —  —  —  —  115,323,036  115,323,036 
Balance at March 31, 2021 (Unaudited) 13,651,521  $ 13,652  $ 125,270,350  $ 336,750,132  $ (327,926,126) $ 116,928,344  $ 251,036,352 
Net income —  —  —  —  412,539  2,014,870  2,427,409 
Series A preferred stock dividends —  —  —  (2,309,672) —  —  (2,309,672)
Common Stock dividends —  —  —  (682,576) —  —  (682,576)
Reinvestment of dividends paid to common stockholders 21,805  21  —  132,774  —  —  132,795 
Crimson cash distribution on A-1 Units —  —  —  —  —  (604,951) (604,951)
Crimson A-2 Units dividends payment in kind —  —  —  —  —  (406,000) (406,000)
Equity attributable to non-controlling interest —  —  —  —  —  1,288,726  1,288,726 
Balance at June 30, 2021 (Unaudited) 13,673,326  $ 13,673  $ 125,270,350  $ 333,890,657  $ (327,513,587) $ 119,220,989  $ 250,882,083 
Restatement Impact
Net income (loss) —  $ —  $ —  $ —  $ 1,605,308  $ (1,605,308) $ — 
Balance at March 31, 2021 (Unaudited) —  $ —  $ —  $ —  $ 1,605,308  $ (1,605,308) $ — 
Net income (loss) —  —  —  1,003,919  (1,003,919) — 
Balance at June 30, 2021 (Unaudited) —  $ —  $ —  $ —  $ 2,609,227  $ (2,609,227) $ — 
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 loss —  —  —  —  (10,694,263) —  (10,694,263)
Series A preferred stock dividends —  —  —  (2,309,672) —  —  (2,309,672)
Common Stock dividends —  —  —  (682,576) —  —  (682,576)
Equity attributable to non-controlling interest —  —  —  —  —  115,323,036  115,323,036 
Balance at March 31, 2021 (Unaudited) 13,651,521  $ 13,652  $ 125,270,350  $ 336,750,132  $ (326,320,818) $ 115,323,036  $ 251,036,352 
Net income —  —  —  —  1,416,458  1,010,951  2,427,409 
Series A preferred stock dividends —  —  —  (2,309,672) —  —  (2,309,672)
Common Stock dividends —  —  —  (682,576) —  —  (682,576)
Reinvestment of dividends paid to common stockholders 21,805  21  —  132,774  —  —  132,795 
Crimson cash distribution on A-1 Units —  —  —  —  —  (604,951) (604,951)
Crimson A-2 Units dividends payment in kind —  —  —  —  —  (406,000) (406,000)
Equity attributable to non-controlling interest —  —  —  —  —  1,288,726  1,288,726 
Balance at June 30, 2021 (Unaudited) 13,673,326  $ 13,673  $ 125,270,350  $ 333,890,657  $ (324,904,359) $ 116,611,762  $ 250,882,083 
The effects of the restatement on the consolidated statement of cash flow for the six months ended June 30, 2021 are summarized in the following table:

For the Six Months Ended June 30, 2021
As Previously Reported Effect of Restatement As Restated
Operating Activities
Net loss $ (8,266,854) $ —  $ (8,266,854)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income tax 108,822  —  108,822 
Depreciation, amortization and ARO accretion 7,427,544  (780,761) 6,646,783 
Amortization of debt issuance costs —  780,761  780,761 
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 
Non-cash lease expense 439,246  (439,246) — 
Changes in assets and liabilities:
Accounts and other receivables 541,580  122,976  664,556 
Financing note accrued interest receivable (9,926) —  (9,926)
Inventory 144,113  —  144,113 
Prepaid expenses and other assets (2,788,545) (3,882,392) (6,670,937)
Due from affiliated companies, net (184,030) —  (184,030)
Management fee payable (666,856) —  (666,856)
Accounts payable and other accrued liabilities 1,740,265  (117,333) 1,622,932 
Operating lease liability (673,516) 673,516  — 
Unearned revenue (292,738) —  (292,738)
Other changes, net —  (234,270) (234,270)
Net cash provided by operating activities $ 4,358,342  $ (3,876,749) $ 481,593 
Investing Activities
Acquisition of Crimson Midstream Holdings, net of cash acquired (69,002,053) —  (69,002,053)
Purchases of property and equipment, net (9,275,334) (709,933) (9,985,267)
Proceeds from reimbursable projects —  586,957  586,957 
Proceeds from sale of property and equipment 79,600  —  79,600 
Proceeds from insurance recovery 60,153  —  60,153 
Principal payment on financing note receivable 70,417  —  70,417 
Net cash used in investing activities $ (78,067,217) $ (122,976) $ (78,190,193)
Financing Activities
Debt financing costs (2,735,922) —  (2,735,922)
Dividends paid on Series A preferred stock (4,619,344) —  (4,619,344)
Dividends paid on Common Stock (1,232,357) —  (1,232,357)
Distributions to non-controlling interest (604,951) —  (604,951)
Advances on revolving line of credit 8,000,000  —  8,000,000 
Payments on revolving line of credit (7,000,000) —  (7,000,000)
Proceeds from financing arrangement —  3,882,392  3,882,392 
Payments on financing arrangement —  (430,903) (430,903)
Net cash used in financing activities $ (8,192,574) $ 3,451,489  $ (4,741,085)
Net change in Cash and Cash Equivalents $ (81,901,449) $ (548,236) $ (82,449,685)
Cash and Cash Equivalents at beginning of period 99,596,907  —  99,596,907 
For the Six Months Ended June 30, 2021
As Previously Reported Effect of Restatement As Restated
Cash and Cash Equivalents at end of period $ 17,695,458  $ (548,236) $ 17,147,222 
Supplemental Disclosure of Cash Flow Information
Interest paid $ 5,750,876  $ —  $ 5,750,876 
Income taxes paid (net of refunds) (1,286) —  (1,286)
Non-Cash Investing Activities
In-kind consideration for the Grand 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 
Purchases of property, plant and equipment in accounts payable and other accrued liabilities 386,009  —  386,009 
Non-Cash Financing Activities
Change in accounts payable and accrued expenses related to debt financing costs $ 235,198  $ —  $ 235,198 
Crimson A-2 Units dividends payment in kind 406,000  —  406,000 
Assets acquired under financing arrangement —  3,554,952  3,554,952 
As of and For the Three and Nine Months Ended September 30, 2021

The effects of the restatement on the consolidated balance sheet as of September 30, 2021 are summarized in the following table:
September 30, 2021
As Previously Reported Effect of Restatement As Restated
Assets
Property and equipment, net of accumulated depreciation of $32,592,641 (Crimson VIE: $341,422,699)
$ 445,250,237  $ —  $ 445,250,237 
Leased property, net of accumulated depreciation of $247,893
1,278,135  —  1,278,135 
Financing notes and related accrued interest receivable, net of reserve of $600,000
1,078,072  —  1,078,072 
Cash and cash equivalents (Crimson VIE: $3,717,809)
15,091,957  (411,890) 14,680,067 
Accounts and other receivables (Crimson VIE: $11,426,137)
14,573,047  —  14,573,047 
Due from affiliated companies (Crimson VIE: $953,806)
953,806  —  953,806 
Deferred costs, net of accumulated amortization of $250,564
891,783  —  891,783 
Inventory (Crimson VIE: $3,229,161)
3,342,111  —  3,342,111 
Prepaid expenses and other assets (Crimson VIE: $5,159,383)
10,550,792  —  10,550,792 
Operating right-of-use assets (Crimson VIE: $5,950,501)
6,433,505  —  6,433,505 
Deferred tax asset, net 4,060,239  —  4,060,239 
Goodwill 16,210,020  —  16,210,020 
Total Assets $ 519,713,704  $ (411,890) $ 519,301,814 
Liabilities and Equity
Secured credit facilities, net of deferred financing costs of $1,427,667
$ 102,572,333  $ —  $ 102,572,333 
Unsecured convertible senior notes, net of discount and debt issuance costs of $2,548,595
115,501,404  —  115,501,404 
Accounts payable and other accrued liabilities (Crimson VIE: $14,005,086)
20,901,358  (411,890) 20,489,468 
Income tax liability 33,027  —  33,027 
Due to affiliated companies (Crimson VIE: $765,228)
765,228  —  765,228 
Operating lease liability (Crimson VIE: $5,826,885)
6,281,014  —  6,281,014 
Unearned revenue (Crimson VIE $315,000)
6,001,622  —  6,001,622 
Total Liabilities $ 252,055,986  $ (411,890) $ 251,644,096 
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, 2021
$ 129,525,675  $ —  $ 129,525,675 
Common stock, non-convertible, $0.001 par value; 14,866,799 shares issued and outstanding at September 30, 2021 (100,000,000 shares authorized)
14,866  —  14,866 
Class B Common Stock, $0.001 par value; 683,761 shares issued and outstanding at September 30, 2021 (11,896,100 shares authorized)
684  —  684 
Additional paid-in capital 341,331,070  —  341,331,070 
Retained deficit (324,749,301) 4,718,608  (320,030,693)
Total CorEnergy Equity 146,122,994  4,718,608  150,841,602 
Non-controlling interest 121,534,724  (4,718,608) 116,816,116 
Total Equity 267,657,718  —  267,657,718 
Total Liabilities and Equity $ 519,713,704  $ (411,890) $ 519,301,814 
The effects of the restatement on the consolidated statement of operations for the three months ended September 30, 2021 are summarized in the following table:

For the Three Months Ended September 30, 2021
As Previously Reported Effect of Restatement As Restated
Revenue
Transportation and distribution revenue $ 34,286,394  $ —  $ 34,286,394 
Pipeline loss allowance subsequent sales 2,124,581  —  2,124,581 
Lease revenue 32,915  —  32,915 
Other revenue 584,992  —  584,992 
Total Revenue 37,028,882  —  37,028,882 
Expenses
Transportation and distribution expenses 16,089,414  —  16,089,414 
Pipeline loss allowance subsequent sales cost of revenue 2,718,038  —  2,718,038 
General and administrative 5,156,087  —  5,156,087 
Depreciation, amortization and ARO accretion expense 3,690,856  —  3,690,856 
Total Expenses 27,654,395  —  27,654,395 
Operating Income $ 9,374,487  $ —  $ 9,374,487 
Other Income (expense)
Other income $ 4,040  $ —  $ 4,040 
Interest expense (3,351,967) —  (3,351,967)
Total Other Expense (3,347,927) —  (3,347,927)
Income before income taxes 6,026,560  —  6,026,560 
Taxes
Current tax benefit (6,927) —  (6,927)
Deferred tax expense 113,516  —  113,516 
Income tax expense, net 106,589  —  106,589 
Net Income $ 5,919,971  —  $ 5,919,971 
Less: Net income attributable to non-controlling interest 3,155,685  (2,109,381) 1,046,304 
Net income attributable to CorEnergy Infrastructure Trust, Inc. $ 2,764,286  $ 2,109,381  $ 4,873,667 
Preferred dividend requirements 2,388,130  —  2,388,130 
Net income attributable to Common Stockholders $ 376,156  $ 2,109,381  $ 2,485,537 
Common Stock
Basic weighted average shares outstanding 15,426,226  (646,600) 14,779,625 
Basic net income per share $ 0.02  $ 0.14  $ 0.16 
Diluted weighted average shares outstanding 15,426,226  181,644  15,244,582 
Diluted net income per share $ 0.02  $ 0.14  $ 0.16 
Class B Common Stock
Basic and diluted weighted average shares outstanding —  646,600  646,600 
Basic and diluted net income per share $ —  $ 0.11  $ 0.11 
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, 2021 are summarized in the following table:
For the Nine Months Ended September 30, 2021
As Previously Reported Effect of Restatement As Restated
Revenue
Transportation and distribution revenue $ 83,681,876  $ —  $ 83,681,876 
Pipeline loss allowance subsequent sales 6,115,836  —  6,115,836 
Lease revenue 1,208,915  —  1,208,915 
Other revenue 1,359,331  —  1,359,331 
Total Revenue 92,365,958  —  92,365,958 
Expenses
Transportation and distribution expenses 41,795,421  —  41,795,421 
Pipeline loss allowance subsequent sales cost of revenue 5,890,540  —  5,890,540 
General and administrative 20,374,534  —  20,374,534 
Depreciation, amortization and ARO accretion expense 10,337,639  —  10,337,639 
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 84,375,557  —  84,375,557 
Operating Income $ 7,990,401  $ —  $ 7,990,401 
Other Income (expense)
Other income $ 366,859  —  $ 366,859 
Interest expense (9,578,677) —  (9,578,677)
Loss on extinguishment of debt (861,814) —  (861,814)
Total Other Expense (10,073,632) —  (10,073,632)
Loss before income taxes (2,083,231) —  (2,083,231)
Taxes
Current tax expense 41,313  —  41,313 
Deferred tax expense 222,339  —  222,339 
Income tax expense, net 263,652  —  263,652 
Net Loss $ (2,346,883) —  $ (2,346,883)
Less: Net income attributable to non-controlling interest 6,775,863  (4,718,608) 2,057,255 
Net Loss attributable to CorEnergy Infrastructure Trust, Inc. $ (9,122,746) $ 4,718,608  $ (4,404,138)
Preferred dividend requirements 7,007,474  —  7,007,474 
Net Loss attributable to Common Stockholders $ (16,130,220) $ 4,718,608  $ (11,411,612)
Common Stock
Basic weighted average shares outstanding 14,252,305  (217,902) 14,034,403 
Basic net loss per share $ (1.13) $ 0.33  $ (0.80)
Diluted weighted average shares outstanding 14,252,305  (217,902) 14,034,403 
Diluted net loss per share $ (1.13) $ 0.33  $ (0.80)
Class B Common Stock
Basic and diluted weighted average shares outstanding —  217,902  217,902 
Basic and diluted net loss per share $ —  $ (0.95) $ (0.95)
Dividends declared per Common share $ 0.150  $ —  $ 0.150 
The effects of the restatement on the consolidated statement of equity for the three and nine months ended September 30, 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
Shares Amount Shares Amount Amount
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) —  —  —  —  —  —  (12,299,571) 1,605,308  (10,694,263)
Series A preferred stock dividends —  —  —  —  —  (2,309,672) —  —  (2,309,672)
Common Stock dividends —  —  —  —  —  (682,576) —  —  (682,576)
Equity attributable to non-controlling interest —  —  —  —  —  —  —  115,323,036  115,323,036 
Balance at March 31, 2021 (Unaudited) 13,651,521  $ 13,652  —  $ —  $ 125,270,350  $ 336,750,132  $ (327,926,126) $ 116,928,344  $ 251,036,352 
Net income —  —  —  —  —  —  412,539  2,014,870  2,427,409 
Series A preferred stock dividends —  —  —  —  —  (2,309,672) —  —  (2,309,672)
Common Stock dividends —  —  —  —  —  (682,576) —  —  (682,576)
Reinvestment of dividends paid to common stockholders 21,805  21  —  —  —  132,774  —  —  132,795 
Crimson cash distribution on A-1 Units —  —  —  —  —  —  —  (604,951) (604,951)
Crimson A-2 Units dividends payment in kind —  —  —  —  —  —  —  (406,000) (406,000)
Equity attributable to non-controlling interest —  —  —  —  —  —  —  1,288,726  1,288,726 
Balance at June 30, 2021 (Unaudited) 13,673,326  $ 13,673  —  $ —  $ 125,270,350  $ 333,890,657  $ (327,513,587) $ 119,220,989  $ 250,882,083 
Net income —  —  —  —  —  —  2,764,286  3,155,685  5,919,971 
Series A preferred stock dividends —  —  —  —  —  (2,388,130) —  —  (2,388,130)
Common Stock dividends —  —  —  —  —  (741,530) —  —  (741,530)
Reinvestment of dividends paid to common stockholders 36,228  36  —  —  —  174,583  —  —  174,619 
Common stock issued under director's compensation plan 3,399  —  —  —  22,497  —  —  22,500 
Crimson cash distribution on A-1 Units —  —  —  —  —  —  —  (841,950) (841,950)
Crimson A-2 Units dividends payment in kind —  —  —  —  —  —  —  (204,353) (204,353)
Equity attributable to non-controlling interest —  —  —  —  —  —  —  204,353  204,353 
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 September 30, 2021 (Unaudited) 14,866,799  $ 14,866  683,761  $ 684  $ 129,525,675  $ 341,331,070  $ (324,749,302) $ 121,534,724  $ 267,657,718 
Restatement Impact
Net income (loss) —  $ —  —  $ —  $ —  $ —  $ 1,605,308  $ (1,605,308) $ — 
Balance at March 31, 2021 (Unaudited) —  $ —  —  $ —  $ —  $ —  $ 1,605,308  $ (1,605,308) $ — 
Net income (loss) —  —  —  —  —  —  1,003,919  (1,003,919) — 
Balance at June 30, 2021 (Unaudited) —  $ —  —  $ —  $ —  $ —  $ 2,609,227  $ (2,609,227) $ — 
Net income (loss) —  —  —  —  —  —  2,109,381  (2,109,381) — 
Balance at September 30, 2021 (Unaudited) —  $ —  —  $ —  $ —  $ —  $ 4,718,608  $ (4,718,608) $ — 
— 
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 loss —  —  —  —  —  —  (10,694,263) —  (10,694,263)
Series A preferred stock dividends —  —  —  —  —  (2,309,672) —  —  (2,309,672)
Common Stock dividends —  —  —  —  —  (682,576) —  —  (682,576)
Equity attributable to non-controlling interest —  —  —  —  —  —  —  115,323,036  115,323,036 
Balance at March 31, 2021 (Unaudited) 13,651,521  $ 13,652  —  $ —  $ 125,270,350  $ 336,750,132  $ (326,320,818) $ 115,323,036  $ 251,036,352 
Net income —  —  —  —  —  —  1,416,458  1,010,951  2,427,409 
Series A preferred stock dividends —  —  —  —  —  (2,309,672) —  —  (2,309,672)
Common Stock dividends —  —  —  —  —  (682,576) —  —  (682,576)
Reinvestment of dividends paid to common stockholders 21,805  21  —  —  —  132,774  —  —  132,795 
Crimson cash distribution on A-1 Units —  —  —  —  —  —  —  (604,951) (604,951)
Crimson A-2 Units dividends payment in kind —  —  —  —  —  —  —  (406,000) (406,000)
Equity attributable to non-controlling interest —  —  —  —  —  —  —  1,288,726  1,288,726 
Balance at June 30, 2021 (Unaudited) 13,673,326  $ 13,673  —  $ —  $ 125,270,350  $ 333,890,657  $ (324,904,359) $ 116,611,762  $ 250,882,083 
Net income —  —  —  —  —  —  4,873,667  1,046,304  5,919,971 
Series A preferred stock dividends —  —  —  —  —  (2,388,130) —  —  (2,388,130)
Common Stock dividends —  —  —  —  —  (741,530) —  —  (741,530)
Reinvestment of dividends paid to common stockholders 36,228  36  —  —  —  174,583  —  —  174,619 
Common stock issued under director's compensation plan 3,399  —  —  —  22,497  —  —  22,500 
Crimson cash distribution on A-1 Units —  —  —  —  —  —  —  (841,950) (841,950)
Crimson A-2 Units dividends payment in kind —  —  —  —  —  —  —  (204,353) (204,353)
Equity attributable to non-controlling interest —  —  —  —  —  —  —  204,353  204,353 
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 September 30, 2021 (Unaudited) 14,866,799  $ 14,866  683,761  $ 684  $ 129,525,675  $ 341,331,070  $ (320,030,693) $ 116,816,116  $ 267,657,718 
The effects of the restatement on the consolidated statement of cash flow for the nine months ended September 30, 2021 are summarized in the following table:

For the Nine Months Ended September 30, 2021
As Previously Reported Effect of Restatement As Restated
Operating Activities
Net loss $ (2,346,883) $ —  $ (2,346,883)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income tax 222,337  —  222,337 
Depreciation, amortization and ARO accretion 11,530,460  (1,192,821) 10,337,639 
Amortization of debt issuance costs —  1,192,821  1,192,821 
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 
Non-cash lease expense 373,847  (373,847) — 
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 702,251  (586,957) 115,294 
Financing note accrued interest receivable (8,780) —  (8,780)
Inventory (1,572,534) —  (1,572,534)
Prepaid expenses and other assets (2,409,857) (3,882,392) (6,292,249)
Due from affiliated companies, net (188,578) —  (188,578)
Management fee payable (971,626) —  (971,626)
Accounts payable and other accrued liabilities 987,899  881,766  1,869,665 
Income tax liability 33,027  —  33,027 
Operating lease liability (496,900) 496,900  — 
Unearned revenue (439,106) —  (439,106)
Other changes, net —  (123,053) (123,053)
Net cash provided by operating activities $ 12,238,286  $ (3,565,083) $ 8,673,203 
Investing Activities
Acquisition of Crimson Midstream Holdings, net of cash acquired (69,002,053) —  (69,002,053)
Acquisition of Corridor InfraTrust Management, net of cash acquired 952,487  —  952,487 
Purchases of property and equipment, net (15,024,412) (709,933) (15,734,345)
Proceeds from Reimbursable projects —  1,296,890  1,296,890 
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 113,595  —  113,595 
Decrease in financing note receivable 26,849  —  26,849 
Net cash used in investing activities $ (82,776,171) $ 586,957  $ (82,189,214)
Financing Activities
Debt financing costs (2,735,922) —  (2,735,922)
Dividends paid on Series A preferred stock (7,007,474) —  (7,007,474)
Dividends paid on Common Stock (1,799,268) —  (1,799,268)
Common stock issued under director's compensation plan 22,500  (22,500) — 
Distributions to non-controlling interest (1,446,901) —  (1,446,901)
Advances on revolving line of credit 19,000,000  —  19,000,000 
Payments on revolving line of credit (16,000,000) —  (16,000,000)
For the Nine Months Ended September 30, 2021
As Previously Reported Effect of Restatement As Restated
Principal payments on Crimson secured credit facility (4,000,000) —  (4,000,000)
Proceeds from financing arrangement —  3,882,392  3,882,392 
Payments on financing arrangement —  (1,293,656) (1,293,656)
Net cash used in financing activities $ (13,967,065) $ 2,566,236  $ (11,400,829)
Net change in Cash and Cash Equivalents $ (84,504,950) $ (411,890) $ (84,916,840)
Cash and Cash Equivalents at beginning of period 99,596,907  —  99,596,907 
Cash and Cash Equivalents at end of period $ 15,091,957  $ (411,890) $ 14,680,067 
Supplemental Disclosure of Cash Flow Information
Interest paid $ 10,206,280  —  $ 10,206,280 
Income taxes paid (net of refunds) (635,730) —  (635,730)
Non-Cash Investing Activities
In-kind consideration for the Grand 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
Change in accounts payable and accrued expenses related to debt financing costs $ 235,198  —  $ 235,198 
Crimson A-2 Units dividends payment in kind 610,353  —  610,353 
Assets acquired under financing arrangement —  2,588,520  2,588,520 
The effects of the restatement on the consolidated statement of operations for the three months ended March 31, 2022 are summarized in the following table:
For the Three Months Ended March 31, 2022
As Previously Reported Effect of Restatement As Restated
Revenue
Transportation and distribution $ 29,761,354  $ —  $ 29,761,354 
Pipeline loss allowance subsequent sales 2,731,763  —  2,731,763 
Lease 34,225  —  34,225 
Other 345,009  —  345,009 
Total Revenue 32,872,351  —  32,872,351 
Expenses
Transportation and distribution 13,945,843  —  13,945,843 
Pipeline loss allowance subsequent sales cost of revenue 2,192,649  —  2,192,649 
General and administrative 5,142,865  —  5,142,865 
Depreciation, amortization and ARO accretion 3,976,667  —  3,976,667 
Total Expenses 25,258,024  —  25,258,024 
Operating Income $ 7,614,327  $ —  $ 7,614,327 
Other Income (expense)
Other income $ 120,542  $ —  $ 120,542 
Interest expense (3,146,855) —  (3,146,855)
Total Other Expense (3,026,313) —  (3,026,313)
Income before income taxes 4,588,014  —  4,588,014 
Taxes
Current tax expense 151,044  —  151,044 
Deferred tax expense 72,213  —  72,213 
Income tax expense, net 223,257  —  223,257 
Net Income $ 4,364,757  $ —  $ 4,364,757 
Less: Net income attributable to non-controlling interest 2,060,294  (1,251,082) 809,212 
Net income attributable to CorEnergy Infrastructure Trust, Inc. $ 2,304,463  $ 1,251,082  $ 3,555,545 
Preferred dividend requirements 2,388,130  —  2,388,130 
Net income (loss) attributable to Common Stockholders $ (83,667) $ 1,251,082  $ 1,167,415 
Common Stock
Basic weighted average shares outstanding 15,600,926  (683,761) 14,917,165 
Basic net income (loss) per share $ (0.01) $ 0.09  $ 0.08 
Diluted weighted average shares outstanding 15,600,926  (218,804) 15,382,122 
Diluted net income (loss) per share $ (0.01) $ 0.09  $ 0.08 
Class B Common Stock
Basic and diluted weighted average shares outstanding —  683,761  683,761 
Basic and diluted net income per share $ —  $ 0.03  $ 0.03 
Dividends declared per Common share $ 0.050  $ 0.050 
The effects of the restatement on the consolidated statement of equity for the three months ended March 31, 2022 are summarized in the following table:

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 
Restatement Impact
Adjustments to 2021 Net Income $ —  —  $ —  —  $ —  $ —  $ 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) $ — 
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 
The effects of the restatement on the consolidated statement of cash flow for the three months ended March 31, 2022 are summarized in the following table:
For the Three Months Ended March 31, 2022
As Previously Reported Effect of Restatement As Restated
Operating Activities
Net income $ 4,364,757  $ —  $ 4,364,757 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Deferred income tax 72,213  —  72,213 
Depreciation, amortization and ARO accretion 4,388,927  (412,260) 3,976,667 
Amortization of debt issuance costs —  412,260  412,260 
Changes in assets and liabilities: — 
Accounts and other receivables 2,412,748  (1,391,763) 1,020,985 
Inventory (14,712) —  (14,712)
Prepaid expenses and other assets 1,601,150  (345,675) 1,255,475 
Due from affiliated companies, net 282,032  —  282,032 
Accounts payable and other accrued liabilities (4,056,041) (218,915) (4,274,956)
Income tax liability 141,226  —  141,226 
Operating lease liability (657,735) 657,735  — 
Unearned revenue 46,019  —  46,019 
Other changes, net —  (312,060) (312,060)
Net cash provided by (used in) operating activities $ 8,580,584  $ (1,610,678) $ 6,969,906 
Investing Activities
Purchases of property and equipment, net (1,098,698) (92,666) (1,191,364)
Proceeds from reimbursable projects —  1,478,042  1,478,042 
Principal payment on financing note receivable 42,666  —  42,666 
Net cash provided by (used in) investing activities $ (1,056,032) $ 1,385,376  $ 329,344 
Financing Activities
Dividends paid on Series A preferred stock (2,388,130) —  (2,388,130)
Dividends paid on Common Stock (744,659) —  (744,659)
Reinvestment of Dividends Paid to Common Stockholders 207,053  —  207,053 
Distributions to non-controlling interest (809,212) —  (809,212)
Advances on revolving line of credit 2,000,000  —  2,000,000 
Payments on revolving line of credit (3,000,000) —  (3,000,000)
Principal payments on Crimson secured credit facility (2,000,000) —  (2,000,000)
Payments on financing arrangement —  (862,754) (862,754)
Net cash used in financing activities $ (6,734,948) $ (862,754) $ (7,597,702)
Net change in Cash and Cash Equivalents $ 789,604  $ (1,088,056) $ (298,452)
Cash and Cash Equivalents at beginning of period 12,496,478  (955,902) 11,540,576 
Cash and Cash Equivalents at end of period $ 13,286,082  $ (2,043,958) $ 11,242,124 
Supplemental Disclosure of Cash Flow Information
Interest paid $ 4,500,333  $ —  $ 4,500,333 
Income taxes paid (net of refunds) (716) —  (716)
Non-Cash Investing Activities
Purchases of property, plant and equipment in accounts payable and other accrued liabilities $ 1,178,271  $ —  $ 1,178,271 
Non-Cash Financing Activities
Assets acquired under financing arrangement $ —  $ 647,130  $ 647,130 
As of and For the Three and Six Months Ended June 30, 2022

The effects of the restatement on the consolidated balance sheet as of June 30, 2022 are summarized in the following table:

June 30, 2022
As Previously Reported Effect of Restatement As Restated
Assets
Property and equipment, net of accumulated depreciation of $44,870,127 (Crimson VIE*: $335,765,423)
$ 437,328,908  $ —  $ 437,328,908 
Leased property, net of accumulated depreciation of $278,838
1,247,189  —  1,247,189 
Financing notes and related accrued interest receivable, net of reserve of $600,000
950,034  —  950,034 
Cash and cash equivalents (Crimson VIE: $1,759,070)
17,750,255  (1,418,585) 16,331,670 
Accounts and other receivables (Crimson VIE: $8,577,791)
12,571,130  —  12,571,130 
Due from affiliated companies (Crimson VIE: $231,105)
231,105  —  231,105 
Deferred costs, net of accumulated amortization of $536,197
606,150  —  606,150 
Inventory (Crimson VIE: $4,387,216)
4,540,818  —  4,540,818 
Prepaid expenses and other assets (Crimson VIE: $3,931,105)
7,240,815  —  7,240,815 
Operating right-of-use assets (Crimson VIE: $5,057,314)
5,374,148  —  5,374,148 
Deferred tax asset, net 113,625  —  113,625 
Goodwill 16,210,020  —  16,210,020 
Total Assets $ 504,164,197  $ (1,418,585) $ 502,745,612 
Liabilities and Equity
Secured credit facilities, net of deferred financing costs of $970,395
$ 96,029,605  $ —  $ 96,029,605 
Unsecured convertible senior notes, net of discount and debt issuance costs of $2,055,320
115,994,680  —  115,994,680 
Accounts payable and other accrued liabilities (Crimson VIE: $9,854,951)
17,399,201  (1,418,585) 15,980,616 
Income tax payable 305,205  —  305,205 
Due to affiliated companies (Crimson VIE: $343,105)
343,105  —  343,105 
Operating lease liability (Crimson VIE: $4,849,887)
5,138,409  —  5,138,409 
Unearned revenue (Crimson VIE $205,790)
6,120,397  —  6,120,397 
Total Liabilities $ 241,330,602  $ (1,418,585) $ 239,912,017 
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 June 30, 2022
$ 129,525,675  $ —  $ 129,525,675 
Common stock, non-convertible, $0.001 par value; 15,060,857 shares issued and outstanding at June 30, 2022 (100,000,000 shares authorized)
15,060  —  15,060 
Class B Common Stock, $0.001 par value; 683,761 shares issued and outstanding at June 30, 2022 (11,896,100 shares authorized)
684  —  684 
Additional paid-in capital 332,588,181  —  332,588,181 
Retained deficit (323,649,718) 7,537,597  (316,112,121)
Total CorEnergy Equity 138,479,882  7,537,597  146,017,479 
Non-controlling interest 124,353,713  (7,537,597) 116,816,116 
Total Equity 262,833,595  —  262,833,595 
Total Liabilities and Equity $ 504,164,197  $ (1,418,585) $ 502,745,612 
The effects of the restatement on the consolidated statement of operations for the three months ended June 30, 2022 are summarized in the following table:
For the Three Months Ended June 30, 2022
As Previously Reported Effect of Restatement As Restated
Revenue
Transportation and distribution $ 28,112,834  $ —  $ 28,112,834 
Pipeline loss allowance subsequent sales 3,074,436  —  3,074,436 
Lease 30,825  —  30,825 
Other 303,341  —  303,341 
Total Revenue 31,521,436  —  31,521,436 
Expenses
Transportation and distribution 14,263,677  —  14,263,677 
Pipeline loss allowance subsequent sales cost of revenue 2,438,987  —  2,438,987 
General and administrative 5,276,363  —  5,276,363 
Depreciation, amortization and ARO accretion 3,992,314  —  3,992,314 
Total Expenses 25,971,341  —  25,971,341 
Operating Income $ 5,550,095  $ —  $ 5,550,095 
Other Income (expense)
Other income $ 136,023  $ —  $ 136,023 
Interest expense (3,342,906) —  (3,342,906)
Total Other Expense (3,206,883) —  (3,206,883)
Income before income taxes 2,343,212  —  2,343,212 
Taxes
Current tax expense 156,877  —  156,877 
Deferred tax expense 16,209  —  16,209 
Income tax expense, net 173,086  —  173,086 
Net Income $ 2,170,126  $ —  $ 2,170,126 
Less: Net income attributable to non-controlling interest 966,671  (157,459) 809,212 
Net income attributable to CorEnergy Infrastructure Trust, Inc. $ 1,203,455  $ 157,459  $ 1,360,914 
Preferred dividend requirements 2,388,130  —  2,388,130 
Net Income (loss) attributable to Common Stockholders $ (1,184,675) $ 157,459  $ (1,027,216)
Common Stock
Basic weighted average shares outstanding 15,673,703  (683,761) 14,989,942 
Basic net loss per share $ (0.08) $ 0.02  $ (0.06)
Diluted weighted average shares outstanding 15,673,703  (218,804) 15,454,899 
Diluted net loss per share $ (0.08) $ 0.01  $ (0.07)
Class B Common Stock
Basic and diluted weighted average shares outstanding —  683,761  683,761 
Basic and diluted net loss per share $ —  $ (0.11) $ (0.11)
Dividends declared per Common share $ 0.050  $ —  $ 0.050 
The effects of the restatement on the consolidated statement of operations 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
Revenue
Transportation and distribution $ 57,874,188  $ —  $ 57,874,188 
Pipeline loss allowance subsequent sales 5,806,199  —  5,806,199 
Lease 65,050  —  65,050 
Other 648,350  —  648,350 
Total Revenue 64,393,787  —  64,393,787 
Expenses
Transportation and distribution 28,209,520  —  28,209,520 
Pipeline loss allowance subsequent sales cost of revenue 4,631,636  —  4,631,636 
General and administrative 10,419,228  —  10,419,228 
Depreciation, amortization and ARO accretion 7,968,981  —  7,968,981 
Total Expenses 51,229,365  —  $ 51,229,365 
Operating Income $ 13,164,422  $ —  13,164,422 
Other Income (expense)
Other income $ 256,565  $ —  $ 256,565 
Interest expense (6,489,761) —  (6,489,761)
Total Other Expense (6,233,196) —  (6,233,196)
Income before income taxes 6,931,226  —  6,931,226 
Taxes
Current tax expense 307,921  —  307,921 
Deferred tax expense 88,422  —  88,422 
Income tax expense, net 396,343  —  396,343 
Net Income $ 6,534,883  $ —  $ 6,534,883 
Less: Net income attributable to non-controlling interest 3,026,965  (1,408,541) 1,618,424 
Net income attributable to CorEnergy Infrastructure Trust, Inc. $ 3,507,918  $ 1,408,541  $ 4,916,459 
Preferred dividend requirements 4,776,260  —  4,776,260 
Net Income (loss) attributable to Common Stockholders $ (1,268,342) $ 1,408,541  $ 140,199 
Common Stock
Basic weighted average shares outstanding 15,637,515  (683,761) 14,953,754 
Basic net income (loss) per share $ (0.08) $ 0.09  $ 0.01 
Diluted weighted average shares outstanding 15,637,515  (177,468) 15,460,047 
Diluted net income (loss) per share $ (0.08) $ 0.09  $ 0.01 
Class B Common Stock
Basic and diluted weighted average shares outstanding —  683,761  683,761 
Basic and diluted net loss per share —  $ (0.09) $ (0.09)
Dividends declared per Common share $ 0.100  $ —  $ 0.100 
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 
The effects of the restatement on the consolidated statement of equity for the three and nine months ended September 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 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 
Net income (loss) —  —  —  —  —  —  (16,102,752) 601,048  (15,501,704)
Series A preferred stock dividends —  —  —  —  —  (2,388,130) —  —  (2,388,130)
Common Stock dividends —  —  —  —  —  (753,043) —  —  (753,043)
Reinvestment of dividends paid to common stockholders —  84,606  85  —  —  197,895  —  —  197,980 
Common Stock, accrued dividend equivalent —  —  —  —  —  (34,145) —  —  (34,145)
Crimson cash distribution on Class A-1 Units —  —  —  —  —  —  —  (809,212) (809,212)
Stock-based compensation —  31,448  32  —  —  185,291  —  47,701  233,024 
Balance at September 30, 2022 (Unaudited) $ 129,525,675  15,176,911  $ 15,177  683,761  $ 684  $ 329,796,049  $ (339,752,470) $ 124,193,250  $ 243,778,365 
Restatement Impact
Adjustments to 2021 Net Income (loss) $ —  —  $ —  —  $ —  $ —  $ 6,129,056  $ (6,129,056) — 
Adjustments to Q1 - Q2 2022 Net Income (loss) —  —  —  —  —  —  1,408,541  (1,408,541) — 
Net income (loss) —  —  —  —  —  —  (208,164) 208,164  — 
Balance at September 30, 2022 (Unaudited) $ —  —  $ —  —  $ —  $ —  $ 7,329,433  $ (7,329,433) $ — 
As Restated
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 
Net income (loss) —  —  —  —  —  —  (16,310,916) 809,212  (15,501,704)
Series A preferred stock dividends —  —  —  —  —  (2,388,130) —  —  (2,388,130)
Common Stock dividends —  —  —  —  —  (753,043) —  —  (753,043)
Reinvestment of dividends paid to common stockholders —  84,606  85  —  —  197,895  —  —  197,980 
Common Stock, accrued dividend equivalent —  —  —  —  —  (34,145) —  —  (34,145)
Crimson cash distribution on Class A-1 Units —  —  —  —  —  —  —  (809,212) (809,212)
Stock-based compensation —  31,448  32  —  —  185,291  —  47,701  233,024 
Balance at September 30, 2022 (Unaudited) $ 129,525,675  15,176,911  $ 15,177  683,761  $ 684  $ 329,796,049  $ (332,423,037) $ 116,863,817  $ 243,778,365 
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 (loss) —  —  —  —  —  —  (12,594,834) 3,628,013  (8,966,821)
Series A preferred stock dividends —  —  —  —  —  (7,164,390) —  —  (7,164,390)
Common stock dividends —  —  —  —  —  (2,245,733) —  —  (2,245,733)
Reinvestment of dividends paid to common stockholders —  221,362  221  —  —  600,963  —  —  601,184 
Common Stock, accrued dividend equivalent —  —  —  —  —  (34,145) —  —  (34,145)
Crimson cash dividends on Class A-1 units —  —  —  —  —  —  —  (2,427,636) (2,427,636)
Stock-based Compensation —  62,365  63  —  —  336,619  —  47,701  384,383 
Balance at September 30, 2022 (Unaudited) $ 129,525,675  15,176,911  $ 15,177  683,761  $ 684  $ 329,796,049  $ (339,752,470) $ 124,193,250  $ 243,778,365 
Restatement Impact
Adjustments to 2021 Net Income (loss) $ —  —  $ —  —  $ —  $ —  $ 6,129,056  $ (6,129,056) $ — 
Net income (loss) —  —  —  —  —  —  1,200,377  (1,200,377) — 
Balance at September 30, 2022 (Unaudited) $ —  —  $ —  —  $ —  $ —  $ 7,329,433  $ (7,329,433) $ — 
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 (loss) —  —  —  —  —  —  (11,394,457) 2,427,636  (8,966,821)
Series A preferred stock dividends —  —  —  —  —  (7,164,390) —  —  (7,164,390)
Common Stock dividends —  —  —  —  —  (2,245,733) —  —  (2,245,733)
Reinvestment of dividends paid to common stockholders —  221,362  221  —  —  600,963  —  —  601,184 
Common Stock, accrued dividend equivalent —  —  —  —  —  (34,145) —  —  (34,145)
Crimson cash distribution on Class A-1 Units —  —  —  —  —  —  —  (2,427,636) (2,427,636)
Stock-based compensation —  62,365  63  —  —  336,619  —  47,701  384,383 
Balance at September 30, 2022 (Unaudited) $ 129,525,675  15,176,911  $ 15,177  683,761  $ 684  $ 329,796,049  $ (332,423,037) $ 116,863,817  $ 243,778,365 
The effects of the restatement on the consolidated statement of cash flow 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
Operating Activities
Net loss $ (8,966,821) $ —  $ (8,966,821)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income tax 94,604  —  94,604 
Depreciation, amortization and ARO accretion 11,997,781  —  11,997,781 
Amortization of debt issuance costs 1,236,178  —  1,236,178 
Loss on impairment of goodwill 16,210,020  —  16,210,020 
Gain on sale of equipment (39,678) —  (39,678)
Stock-based compensation 384,383  —  384,383 
Changes in assets and liabilities:
Accounts and other receivables 2,715,207  —  2,715,207 
Inventory (2,050,514) —  (2,050,514)
Prepaid expenses and other assets 4,296,890  (2,514,429) 1,782,460 
Due from affiliated companies, net 209,943  —  209,943 
Accounts payable and other accrued liabilities 1,213,961  1,815,664  3,029,625 
Income tax liability 344,630  —  344,630 
Operating lease liability (1,094,766) 1,094,766  — 
Unearned revenue 151,295  —  151,295 
Other changes, net —  (100,855) (100,855)
Net cash provided by operating activities $ 26,703,113  $ 295,146  $ 26,998,258 
Investing Activities
Purchases of property and equipment (7,759,603) —  (7,759,603)
Proceeds from reimbursable projects 2,385,858  —  2,385,858 
Proceeds from sale of property and equipment 55,075  —  55,075 
Principal payment on financing note receivable 131,917  —  131,917 
Net cash used in investing activities $ (5,186,753) $ —  $ (5,186,753)
Financing Activities
Dividends paid on Series A preferred stock (7,164,390) —  (7,164,390)
Dividends paid on Common Stock (1,644,549) —  (1,644,549)
For the Nine Months Ended
September 30, 2022
As Previously Reported Effect of Restatement As Restated
Distributions to non-controlling interest (2,427,636) —  (2,427,636)
Advances on revolving line of credit 9,000,000  —  9,000,000 
Payments on revolving line of credit (4,000,000) —  (4,000,000)
Principal payments on Crimson secured credit facility (6,000,000) —  (6,000,000)
Proceeds from financing arrangement —  1,520,517  1,520,517 
Payments on financing arrangement —  (1,987,382) (1,987,382)
Net cash used in financing activities $ (12,236,575) $ (466,865) $ (12,703,440)
Net change in Cash and Cash Equivalents 9,279,785  (171,719) 9,108,065 
Cash and Cash Equivalents at beginning of period 12,496,478  (955,902) 11,540,576 
Cash and Cash Equivalents at end of period $ 21,776,263  $ (1,127,621) $ 20,648,641 
Supplemental Disclosure of Cash Flow Information
Interest paid $ 8,802,697  $ —  $ 8,802,697 
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 $ 2,249,585  $ —  $ 2,249,585 
Non-Cash Financing Activities
Reinvestment of Dividends Paid to Common Stockholders $ 601,184  $ —  $ 601,184 
Dividend equivalents accrued on RSUs 34,145  —  34,145 
Assets acquired under financing arrangement —  307,312  307,312 
As described in Note 20 ("Restatement Of Prior Period"), 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. Additionally, due to the error in calculating net income allocable to non-controlling interest that is further described in Note 20 ("Restatement Of Prior Period"), the numerator used in calculating earnings per share was incorrect beginning with the quarter ended March 31, 2021. The tables below present the restated basic and diluted earnings (loss) per share for the impacted interim periods for the years 2022 and 2021.
RESTATED LOSS PER SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2021
LOSS PER SHARE
For the Three Months Ended
March 31, 2021
Net Loss (10,694,263)
Less: Preferred dividend requirements(1)
2,309,672 
Net Loss attributable to Common Stockholders $ (13,003,935)
Numerator for basic and diluted net loss per Common Stock share $ (13,003,935)
Weighted average shares - basic and diluted 13,651,521 
Basic and diluted loss per share $ (0.95)
(1) For the three months ended March 31, 2021, 2,361,000 shares of Common Stock are excluded from the computation of diluted net earnings per share because their effect would be antidilutive. These shares are related to the 5.875% Convertible Debt.
RESTATED LOSS PER SHARE FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021
LOSS PER SHARE
For the Three Months Ended For the Six Months Ended
June 30, 2021 June 30, 2021
Net Income (Loss) 2,427,409  (8,266,854)
Less: Net income attributable to non-controlling interest 1,010,951  1,010,951 
Less: Preferred dividend requirements(1)
2,309,672  4,619,344 
Net Loss attributable to Common Stockholders $ (893,214) $ (13,897,149)
Numerator for basic and diluted net loss per Common Stock share $ (893,214) $ (13,897,149)
Weighted average shares - basic and diluted 13,659,667  13,655,617 
Basic and diluted Loss per share $ (0.07) $ (1.02)
(1) For the three and six months ended June 30, 2021, 2,361,000 shares of Common Stock are excluded from the computation of diluted net earnings per share because their effect would be antidilutive. These shares are related to the 5.875% Convertible Debt.
RESTATED EARNINGS (LOSS) PER SHARE FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021

EARNINGS (LOSS) PER SHARE
For the Three Months Ended For the Nine Months Ended
September 30, 2021 September 30, 2021
Numerator for basic and diluted earnings per Common Stock and Class B Common Stock share:
Net Income (Loss) $ 5,919,971  $ (2,346,883)
Less: Net Income attributable to non-controlling interests 1,046,304  2,057,255 
Net Income (Loss) attributable to CorEnergy Infrastructure Trust, Inc. 4,873,667  (4,404,138)
Less dividends / distributions:
Preferred dividend requirements 2,388,130  7,007,474 
Common Stock dividends 741,530  2,106,681 
Total undistributed earnings (losses) $ 1,744,007  $ (13,518,293)
Common Stock undistributed earnings (losses) - basic $ 1,670,907  $ (13,311,613)
Class B Common Stock undistributed earnings (losses) - basic 73,100  (206,680)
Total undistributed earnings (losses) - basic $ 1,744,007  $ (13,518,293)
Common Stock undistributed earnings (losses) - diluted $ 1,744,007  $ (13,311,613)
Class B Common Stock undistributed earnings (losses) - diluted 73,100  (206,680)
Total undistributed earnings (losses) - diluted $ 1,817,107  $ (13,518,293)
Common Stock dividends $ 741,530  $ 2,106,681 
Common Stock undistributed earnings (loss) - basic 1,670,907  (13,311,613)
Numerator for basic net earnings (loss) per Common Stock share $ 2,412,437  $ (11,204,932)
Class B Common Stock dividends $ —  $ — 
Class B Common Stock undistributed earnings (loss) - basic 73,100  (206,680)
Numerator for basic net earnings (loss) per Class B Common Stock share $ 73,100  $ (206,680)
Common Stock dividends $ 741,530  $ 2,106,681 
Common Stock undistributed earnings (loss) - diluted 1,744,007  (13,311,613)
Numerator for diluted net earnings (loss) per Common Stock share $ 2,485,537  $ (11,204,932)
Class B Common Stock dividends $ —  $ — 
Class B Common Stock undistributed earnings - diluted 73,100  (206,680)
Numerator for diluted net earnings (loss) per Class B Common Stock share $ 73,100  $ (206,680)
Denominator for basic net earnings (loss) per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic 14,779,625  14,034,403 
Class B Common Stock weighted average shares outstanding - basic 646,600  217,902 
Denominator for diluted net earnings (loss) per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted(1)(2)
15,244,582  14,034,403 
Class B Common Stock weighted average shares outstanding - diluted(3)
646,600  217,902 
Basic net earnings (loss) per share:
Common Stock $ 0.16  $ (0.80)
Class B Common Stock $ 0.11  $ (0.95)
Diluted net earnings (loss) per share:
Common Stock $ 0.16  $ (0.80)
Class B Common Stock $ 0.11  $ (0.95)
NOTES TO TABLE
(1) For purposes of the diluted net loss per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted at a ratio of 1 Class B Common Stock share to .68 Common Stock share; therefore, 100% of undistributed earnings (losses) is allocated to Common Stock.
(2) For the three months ended September 30, 2021, 2,361,000 shares of Common Stock are excluded from the computation of diluted net earnings per share because their effect would be antidilutive. These shares are related to the 5.875% Convertible Debt. For the nine months ended September 30, 2021, 2,825,957 shares of Common Stock are excluded from the computation of diluted net loss per share because their effect would be antidilutive. This is comprised of 464,957 shares of converted Class B Common Stock and 2,361,000 shares of the converted 5.875% convertible debt.
(3) For purposes of the diluted net earnings (loss) per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed not converted to Common Stock.
RESTATED EARNINGS PER SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2022

EARNINGS PER SHARE
For the Three Months Ended
March 31, 2022
Numerator for basic and diluted earnings per Common Stock and Class B Common Stock share:
Net Income $ 4,364,757 
Less: Net income attributable to non-controlling interests 809,212 
Net income attributable to CorEnergy Infrastructure Trust, Inc. 3,555,545 
Less dividends / distributions:
Preferred dividend requirements 2,388,130 
Common Stock dividends 744,659 
Total undistributed earnings $ 422,756 
Common Stock undistributed earnings - basic $ 404,227 
Class B Common Stock undistributed earnings - basic 18,529 
Total undistributed earnings - basic $ 422,756 
Common Stock undistributed earnings - diluted $ 422,756 
Class B Common Stock undistributed earnings - diluted 18,529 
Total undistributed earnings - diluted $ 441,285 
Common Stock dividends $ 744,659 
Common Stock undistributed earnings - basic 404,227 
Numerator for basic net earnings per Common Stock share $ 1,148,886 
Class B Common Stock dividends $ — 
Class B Common Stock undistributed earnings - basic 18,529 
Numerator for basic net earnings per Class B Common Stock share $ 18,529 
Common Stock dividends $ 744,659 
Common Stock undistributed earnings - diluted 422,756 
Numerator for diluted net earnings per Common Stock share $ 1,167,415 
Class B Common Stock dividends $ — 
Class B Common Stock undistributed earnings - diluted 18,529 
Numerator for diluted net earnings per Class B Common Stock share $ 18,529 
Denominator for basic net earnings per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic 14,917,165 
Class B Common Stock weighted average shares outstanding - basic 683,761 
Denominator for diluted net earnings per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted(1)(2)
15,382,122 
Class B Common Stock weighted average shares outstanding - diluted(3)
683,761 
Basic net earnings per share:
Common Stock $ 0.08 
Class B Common Stock $ 0.03 
Diluted net earnings per share:
Common Stock $ 0.08 
Class B Common Stock $ 0.03 
NOTES TO TABLE
(1) For purposes of the diluted net earnings per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted at a ratio of 1 Class B Common Stock share to .68 Common Stock share; therefore, 100% of undistributed earnings is allocated to Common Stock.
(2) For the three months ended March 31, 2022, 2,361,000 shares of Common Stock are excluded from the computation of diluted net earnings per share because their effect would be antidilutive. These shares are related to the 5.875% Convertible Debt.
(3) For purposes of the diluted net earnings per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed not converted to Common Stock.
RESTATED EARNINGS (LOSS) PER SHARE FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022

EARNINGS (LOSS) PER SHARE
For the Three Months Ended For the Six Months Ended
June 30, 2022 June 30, 2022
Numerator for basic and diluted earnings per Common Stock and Class B Common Stock share:
Net Income $ 2,170,126  $ 6,534,883 
Less: Net income attributable to non-controlling interests 809,212  1,618,424 
Net income attributable to CorEnergy Infrastructure Trust, Inc. 1,360,914  4,916,459 
Less dividends / distributions:
Preferred dividend requirements 2,388,130  4,776,260 
Common Stock dividends 748,031  1,492,690 
Total undistributed earnings $ (1,775,247) $ (1,352,491)
Common Stock undistributed earnings - basic $ (1,697,802) $ (1,293,352)
Class B Common Stock undistributed earnings - basic (77,445) (59,139)
Total undistributed earnings - basic $ (1,775,247) $ (1,352,491)
Common Stock undistributed earnings - diluted $ (1,775,247) $ (1,352,491)
Class B Common Stock undistributed earnings - diluted (77,445) (59,139)
Total undistributed earnings - diluted $ (1,852,692) $ (1,411,630)
Common Stock dividends $ 748,031  $ 1,492,690 
Common Stock undistributed earnings - basic (1,697,802) (1,293,352)
Numerator for basic net earnings per Common Stock share $ (949,771) $ 199,338 
Class B Common Stock dividends $ —  $ — 
Class B Common Stock undistributed earnings - basic (77,445) (59,139)
Numerator for basic net earnings per Class B Common Stock share $ (77,445) $ (59,139)
Common Stock dividends $ 748,031  $ 1,492,690 
Common Stock undistributed earnings - diluted (1,775,247) (1,352,491)
Numerator for diluted net earnings per Common Stock share $ (1,027,216) $ 140,199 
Class B Common Stock dividends $ —  $ — 
Class B Common Stock undistributed earnings - diluted (77,445) (59,139)
Numerator for diluted net earnings per Class B Common Stock share $ (77,445) $ (59,139)
Denominator for basic net earnings per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic 14,989,942  14,953,754 
Class B Common Stock weighted average shares outstanding - basic 683,761  683,761 
Denominator for diluted net earnings per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted(1)(2)
15,454,899  15,460,047 
Class B Common Stock weighted average shares outstanding - diluted(3)
683,761  683,761 
Basic net earnings (loss) per share:
Common Stock $ (0.06) $ 0.01 
Class B Common Stock $ (0.11) $ (0.09)
Diluted net earnings (loss) per share:
Common Stock $ (0.07) $ 0.01 
Class B Common Stock $ (0.11) $ (0.09)
NOTES TO TABLE
(1) For purposes of the diluted net earnings (loss) per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted at a ratio of 1 Class B Common Stock share to .68 Common Stock share; therefore, 100% of undistributed earnings (losses) is allocated to Common Stock.
(2) For the three and sixth months ended June 30, 2022, 2,361,000 shares of Common Stock are excluded from the computation of diluted net loss per share because their effect would be antidilutive. These shares are related to the 5.875% Convertible Debt.
(3) For purposes of the diluted net loss per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed not converted to Common Stock.
RESTATED LOSS PER SHARE FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022

LOSS PER SHARE
For the Three Months Ended For the Nine Months Ended
September 30, 2022 September 30, 2022
Numerator for basic and diluted earnings per Common Stock and Class B Common Stock share:
Net Loss $ (15,501,704) $ (8,966,821)
Less: Net income attributable to non-controlling interests 809,212  2,427,636 
Net Loss attributable to CorEnergy Infrastructure Trust, Inc. (16,310,916) (11,394,457)
Less dividends / distributions:
Preferred dividend requirements 2,388,130  7,164,390 
Common Stock dividends 753,043  2,245,733 
Total undistributed earnings $ (19,452,089) $ (20,804,580)
Common Stock undistributed earnings - basic $ (18,608,864) $ (19,897,543)
Class B Common Stock undistributed earnings - basic (843,225) (907,037)
Total undistributed earnings - basic $ (19,452,089) $ (20,804,580)
Common Stock undistributed earnings - diluted $ (19,452,089) $ (20,804,580)
Class B Common Stock undistributed earnings - diluted (843,225) (907,037)
Total undistributed earnings - diluted $ (20,295,314) $ (21,711,617)
Common Stock dividends $ 753,043  $ 2,245,733 
Common Stock undistributed earnings - basic (18,608,864) (19,897,543)
Numerator for basic net earnings per Common Stock share $ (17,855,821) $ (17,651,810)
Class B Common Stock dividends $ —  $ — 
Class B Common Stock undistributed earnings - basic (843,225) (907,037)
Numerator for basic net earnings per Class B Common Stock share $ (843,225) $ (907,037)
Common Stock dividends $ 753,043  $ 2,245,733 
Common Stock undistributed earnings - diluted (19,452,089) (20,804,580)
Numerator for diluted net earnings per Common Stock share $ (18,699,046) $ (18,558,847)
Class B Common Stock dividends $ —  $ — 
Class B Common Stock undistributed earnings - diluted (843,225) (907,037)
Numerator for diluted net earnings per Class B Common Stock share $ (843,225) $ (907,037)
Denominator for basic net earnings per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic 15,089,708  14,999,570 
Class B Common Stock weighted average shares outstanding - basic 683,761  683,761 
Denominator for diluted net earnings per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted(1)(2)
15,554,665  15,464,527 
Class B Common Stock weighted average shares outstanding - diluted(3)
683,761  683,761 
Basic net loss per share:
Common Stock $ (1.18) $ (1.18)
Class B Common Stock $ (1.23) $ (1.33)
Diluted net loss per share:
Common Stock $ (1.20) $ (1.20)
Class B Common Stock $ (1.23) $ (1.33)
NOTES TO TABLE
(1) For purposes of the diluted net loss per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted at a ratio of 1 Class B Common Stock share to .68 Common Stock share; therefore, 100% of undistributed earnings (losses) is allocated to Common Stock.
(2) For the three and nine months ended September 30, 2022, 2,361,000 shares of Common Stock are excluded from the computation of diluted net loss per share because their effect would be antidilutive. These shares are related to the 5.875% Convertible Debt.
(3) For purposes of the diluted net earnings (loss) per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed not converted to Common Stock.