STOCKHOLDERS' EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2022 |
|---|
| Equity [Abstract] |
|
| Share-Based Payment Arrangement, Restricted Stock Unit, Activity |
The following table represents the nonvested RSU activity for the three months ended June 30, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units |
|
Weighted Average Grant Date
Fair Value |
| Outstanding at April 1, 2022 |
— |
|
|
$ |
— |
|
| Granted |
654,497 |
|
|
2.58 |
|
| Vested |
— |
|
|
— |
|
| Forfeited |
— |
|
|
— |
|
| Outstanding at June 30, 2022 |
654,497 |
|
|
$ |
2.58 |
|
| Expected to vest as of June 30, 2022 |
654,497 |
|
|
|
|
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount |
The following table presents the director and restricted stock unit stock-based compensation expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
June 30, 2022 |
|
June 30, 2021 |
|
June 30, 2022 |
|
June 30, 2021 |
| General and administrative expense |
$ |
139,394 |
|
|
$ |
— |
|
|
$ |
139,394 |
|
|
$ |
— |
|
| Transportation and distribution expense |
11,965 |
|
|
— |
|
|
11,965 |
|
|
— |
|
| Total |
$ |
151,359 |
|
|
$ |
— |
|
|
$ |
151,359 |
|
|
$ |
— |
|
|
| Schedule of Noncontrolling Interest |
Pursuant to the terms of the Third LLC Agreement, the Grier Members and the Company's interests in Crimson are summarized in the table below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
June 30, 2022
|
|
|
|
|
|
|
|
|
Grier Members |
|
CorEnergy |
|
|
|
|
|
|
|
|
(in units, except as noted) |
| Economic ownership interests in Crimson Midstream Holdings, LLC |
|
|
|
|
|
|
|
|
| Class A-1 Units |
|
|
|
|
|
|
|
1,650,245 |
|
|
— |
|
| Class A-2 Units |
|
|
|
|
|
|
|
2,460,414 |
|
|
— |
|
| Class A-3 Units |
|
|
|
|
|
|
|
2,450,142 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
| Class B-1 Units |
|
|
|
|
|
|
|
— |
|
|
10,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Economic Equity interests (%) |
|
|
|
|
|
|
|
50.62 |
% |
|
49.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
| Voting ownership interests in Crimson Midstream Holdings, LLC |
|
|
|
|
|
|
|
|
|
|
| Class C-1 Units |
|
|
|
|
|
|
|
505,000 |
|
|
495,000 |
|
| Voting interests of C-1 Units (%) |
|
|
|
|
|
|
|
50.50 |
% |
|
49.50 |
% |
|
| Schedule of Distributions Payable |
The following table summarizes the distributions payable under the A-1, A-2 and A-3 Units as if the Grier Members held the respective underlying Company securities. The A-1, A-2 and A-3 Units are entitled to the distribution regardless of whether the corresponding Company security is outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units |
|
Distribution Rights of CorEnergy Securities |
|
Liquidation Preference |
|
Annual Distribution per Share |
| A-1 Units |
|
7.375% Series A Cumulative Redeemable Preferred Stock |
|
$ |
25.00 |
|
|
$ |
1.84 |
|
| A-2 Units |
|
Class B Common Stock |
|
N/A |
|
Varies |
| A-3 Units |
|
Class B Common Stock(1) (2)
|
|
N/A |
|
Varies(1)
|
|
|
|
(1) (A) For the fiscal quarters of the Company ending June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022, the Common Stock Base Dividend Per Share shall equal $0.05 per share per quarter; (B) for the fiscal quarters of the Company ending June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, the Common Stock Base Dividend Per Share shall equal $0.055 per share per quarter; and (C) for the fiscal quarters of the Company ending June 30, 2023, September 30, 2023, December 31, 2023 and March 30, 2024, the Common Stock Base Dividend Per Share shall equal $0.06 per share per quarter. The Class B Common Stock dividend is subordinated based on a distribution formula described in footnote (2) below. |
(2) For each fiscal quarter ending June 30, 2021 through and including the fiscal quarter ending March 31, 2024, each share of Class B Common Stock will be entitled to receive dividends (the "Class B Common Stock Dividends"), subject to Board approval, equal to the quotient of (i) difference of (A) CAFD of the most recently completed quarter and (B) 1.25 multiplied by the Common Stock Base Dividend, divided by (ii) shares of Class B Common Stock issued and outstanding multiplied by 1.25. |
|