RESTATEMENT OF PRIOR PERIOD

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

RESTATEMENT OF PRIOR PERIOD

RESTATEMENT OF PRIOR PERIOD

Beginning with the quarter ended March 31, 2021, the Company previously reported its net income attributable to non-controlling interest and resulting net income attributable to the Company based on an allocation of Crimson’s net income using the proportion of ownership interests held by the non-controlling interest to total outstanding ownership interest of Crimson, which was approximately 51%. The Company has determined the relative ownership interest in Crimson was not an appropriate basis for allocating Crimson’s earnings to the non-controlling interest as a substantive profit sharing arrangement exists. The Company has determined that it should have allocated the net income from Crimson to the non-controlling interest based on their contractual rights to earnings and distributions associated with the Crimson Class A-1, A-2 and A-3 Units.

Additionally, the Company previously reported earnings per share for its Common Stock and Class B Common Stock on a combined basis, however, beginning with the quarter ended September 30, 2021 when the Class B Common Stock was first issued it should have reported earnings per share using the two-class method, under which earnings per share for its Common Stock and Class B Common Stock should have been separately calculated and reported, during these periods.

As a result of the above items, the Company updated its calculation of Crimson net income allocated to the non-controlling interest and its calculation of earnings per share for its Common Stock and Class B Common Stock and restated its consolidated financial statements as of and for the year ended December 31, 2021 and the consolidated financial statements for each of the interim periods during the years ended December 31, 2022 and 2021. The tables below represent our restated consolidated

financial statements for the year ended December 31, 2021. Refer to Note 21 ("Quarterly Financial Data (Unaudited)") for such restated information for the relevant interim periods.

In addition to the errors described above, the Company is correcting certain items that were primarily identified during the preparation of its consolidated financial statements for the fiscal year ended December 31, 2022, including: i) correction of cash and cash equivalents and accounts payable and other accrued liabilities in the Consolidated Balance Sheets for outstanding disbursements, ii) reclassification and presentation of gross cash payments made for reimbursable projects and associated payments received that were previously netted in the Consolidated Statement of Cash Flows and iii) reclassification and presentation of activity associated with the Company's proceeds received associated with the third-party financing of insurance and associated payments made on that financing arrangement in the Consolidated Statements of Cash Flows. These previously uncorrected and immaterial adjustments to prior periods are being corrected as a part of the restatement.

Description of Annual Restatement Tables

The following tables present the impact of the restatement on our previously reported consolidated statement of operations, balance sheet, statement of equity, and statement of cash flows for the year ended December 31, 2021, for which the values were derived from our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed on March 14, 2022. Certain reclassifications between captions on the statement of cash flows are included in the effect of restatement column to conform to current reporting.

As of and for the year ended December 31, 2021

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

	As Previously Reported		Effect of Restatement		As Restated
Assets
Property and equipment, net of accumulated depreciation of $37,022,035 (Crimson VIE: $338,452,392)	$	441,430,193	$	—	$	441,430,193
Leased property, net of accumulated depreciation of $258,207	1,267,821		—		1,267,821
Financing notes and related accrued interest receivable, net of reserve of $600,000	1,036,660		—		1,036,660
Cash and cash equivalents (Crimson VIE: $2,825,902)	12,496,478		(955,902)		11,540,576
Accounts and other receivables (Crimson VIE: $11,291,749)	15,367,389		—		15,367,389
Due from affiliated companies (Crimson VIE: $676,825)	676,825		—		676,825
Deferred costs, net of accumulated amortization of $345,775	796,572		—		796,572
Inventory (Crimson VIE: $3,839,865 )	3,953,523		—		3,953,523
Prepaid expenses and other assets (Crimson VIE: $5,004,566)	9,075,043		—		9,075,043
Operating right-of-use assets (Crimson VIE: $5,647,631)	6,075,939		—		6,075,939
Deferred tax asset, net	206,285		—		206,285
Goodwill	16,210,020		—		16,210,020
Total Assets	$	508,592,748	$	(955,902)	$	507,636,846
Liabilities and Equity
Secured credit facilities, net of debt issuance costs of $1,275,244	$	99,724,756	$	—	$	99,724,756
Unsecured convertible senior notes, net of discount and debt issuance costs of $2,384,170	115,665,830		—		115,665,830
Accounts payable and other accrued liabilities (Crimson VIE: $10,699,806 )	17,036,064		(955,902)		16,080,162
Due to affiliated companies (Crimson VIE: $648,316)	648,316		—		648,316
Operating lease liability (Crimson VIE: $5,647,036)	6,046,657		—		6,046,657
Unearned revenue (Crimson VIE: $199,405)	5,839,602		—		5,839,602
Total Liabilities	$	244,961,225	$	(955,902)	$	244,005,323
Equity
Series A Cumulative Redeemable Preferred Stock 7.375%, $129,525,675 liquidation preference ($2,500 per share, $0.001 par value), 69,367,000 authorized; 51,810 issued and outstanding at December 31, 2021	$	129,525,675	$	—	$	129,525,675
Common stock, non-convertible, $0.001 par value; 14,893,184 shares issued and outstanding at December 31, 2021 (100,000,000 shares authorized)	14,893		—		14,893
Class B Common Stock, $0.001 par value; 683,761 issued and outstanding at December 31, 2021 (11,896,100 shares authorized)	684		—		684
Additional paid-in capital	338,302,735		—		338,302,735
Retained deficit	(327,157,636)		6,129,056		(321,028,580)
Total CorEnergy Equity	140,686,351		6,129,056		146,815,407
Non-controlling Interest	122,945,172		(6,129,056)		116,816,116
Total Equity	263,631,523		—		263,631,523
Total Liabilities and Equity	$	508,592,748	$	(955,902)	$	507,636,846

The effects of the restatement on the consolidated statement of operations for the year ended December 31, 2021 are summarized in the following table:

	For the Year Ended December 31, 2021
	As Previously Reported		Effect of Restatement		As Restated
Revenue
Transportation and distribution revenue	$	116,536,612	$	—	$	116,536,612
Pipeline loss allowance subsequent sales	8,606,850		—		8,606,850
Lease revenue	1,246,090		—		1,246,090
Other revenue	1,744,244		—		1,744,244
Total Revenue	128,133,796		—		128,133,796
Expenses
Transportation and distribution expenses	58,146,006		—		58,146,006
Pipeline loss allowance subsequent sales cost of revenue	8,194,040		—		8,194,040
General and administrative	26,641,161		—		26,641,161
Depreciation, amortization and ARO accretion expense	14,801,676		—		14,801,676
Loss on impairment and disposal of leased property	5,811,779		—		5,811,779
Loss on termination of lease	165,644		—		165,644
Total Expenses	113,760,306		—		113,760,306
Operating Income	$	14,373,490	$	—	$	14,373,490
Other Income (Expense)
Other income	$	769,682	$	—	$	769,682
Interest expense	(12,742,157)		—		(12,742,157)
Loss on extinguishment of debt	(861,814)		—		(861,814)
Total Other Income (Expense)	(12,834,289)		—		(12,834,289)
Income before income taxes	1,539,201		—		1,539,201
Taxes
Current tax benefit	(1,531)		—		(1,531)
Deferred tax expense	4,076,290		—		4,076,290
Income tax expense, net	4,074,759		—		4,074,759
Net Loss	$	(2,535,558)	$	—	$	(2,535,558)
Less: Net Income attributable to non-controlling interest	8,995,523		(6,129,056)		2,866,467
Net Loss attributable to CorEnergy Infrastructure Trust, Inc.	$	(11,531,081)	6,129,056		$	(5,402,025)
Preferred dividend requirements	9,395,604		—		9,395,604
Net Loss attributable to Common Stockholders	$	(20,926,685)	$	6,129,056	$	(14,797,629)
Common Stock
Basic weighted average shares outstanding	14,581,850		(335,324)		14,246,526
Basic net loss per share	$	(1.44)	$	0.43	$	(1.01)
Diluted weighted average shares outstanding	14,581,850		(335,324)		14,246,526
Diluted net loss per share	$	(1.44)	$	0.43	$	(1.01)
Class B Common Stock
Basic and diluted weighted average shares outstanding	—		335,324		335,324
Basic and diluted net loss per share	$	—	$	(1.21)	$	(1.21)
Dividends declared per Common share	$	0.20	—		$	0.20

The effects of the restatement on the consolidated statement of equity for the year ended December 31, 2021 are summarized in the following table:

	Common Stock			Class B Common Stock			Preferred Stock		Additional Paid-in Capital		Retained Deficit		Non-controlling Interest		Total Equity
	Shares	Amount		Shares	Amount		Amount								Total
As Previously Reported
Balance at December 31, 2020	13,651,521	$	13,652	—	$	—	$	125,270,350	$	339,742,380	$	(315,626,555)	$	—	$	149,399,827
Net income (loss)	—	—		—	—		—		—		(11,531,081)		8,995,523		(2,535,558)
Equity attributable to non-controlling interest	—	—		—	—		—		—		—		116,816,115		116,816,115
Series A preferred stock dividends	—	—		—	—		—		(9,395,604)		—		—		(9,395,604)
Common Stock dividends	—	—		—	—		—		(2,850,026)		—		—		(2,850,026)
Reinvestment of dividends paid to common stockholders	84,418	84		—	—		—		410,496		—		—		410,580
Common stock issued under director's compensation plan	3,399	3		—	—		—		22,497		—		—		22,500
Crimson cash distribution on A-1 Units	—	—		—	—		—		—		—		(2,256,113)		(2,256,113)
Crimson A-2 Units dividends payment in kind	—	—		—	—		—		—		—		(610,353)		(610,353)
Series A preferred stock issued due to internalization transaction	—	—		—	—		4,255,325		(10,213)		—		—		4,245,112
Common Stock issued due to internalization transaction	1,153,846	1,154		—	—		—		7,094,999		—		—		7,096,153
Class B Common Stock issued due to internalization transaction	—	—		683,761	684		—		3,288,206		—		—		3,288,890
Balance at December 31, 2021	14,893,184	$	14,893	683,761	$	684	$	129,525,675	$	338,302,735	$	(327,157,636)	$	122,945,172	$	263,631,523
Restatement Impacts
Net income (loss)	—	$	—	—	$	—	$	—	$	—	$	6,129,056	$	(6,129,056)	$	—
Balance at December 31, 2021 (restatement impacts)	—	$	—	—	$	—	$	—	$	—	$	6,129,056	$	(6,129,056)	$	—
As Restated
Balance at December 31, 2020	13,651,521	$	13,652	—	$	—	$	125,270,350	$	339,742,380	$	(315,626,555)	$	—	$	149,399,827
Net income (loss)	—	—		—	—		—		—		(5,402,025)		2,866,467		(2,535,558)
Equity attributable to non-controlling interest	—	—		—	—		—		—		—		116,816,115		116,816,115
Series A preferred stock dividends	—	—		—	—		—		(9,395,604)		—		—		(9,395,604)
Common Stock dividends	—	—		—	—		—		(2,850,026)		—		—		(2,850,026)
Reinvestment of dividends paid to common stockholders	84,418	84		—	—		—		410,496		—		—		410,580
Common stock issued under director's compensation plan	3,399	3		—	—		—		22,497		—		—		22,500
Crimson cash distribution on A-1 Units	—	—		—	—		—		—		—		(2,256,113)		(2,256,113)
Crimson A-2 Units dividends payment in kind	—	—		—	—		—		—		—		(610,353)		(610,353)

Series A preferred stock issued due to internalization transaction	—	—		—	—	4,255,325		(10,213)		—		—		4,245,112
Common Stock issued due to internalization transaction	1,153,846	1,154		—	—	—		7,094,999		—		—		7,096,153
Class B Common Stock issued due to internalization transaction	—	—		683,761	684	—		3,288,206		—		—		3,288,890
Balance at December 31, 2021	14,893,184	$	14,893	683,761	684	$	129,525,675	$	338,302,735	$	(321,028,580)	$	116,816,116	$	263,631,523

The effects of the restatement on the consolidated statement of cash flow for year ended December 31, 2021 are summarized in the following table:

	For the Year Ended December 31, 2021
	As Previously Reported		Effect of Restatement		As Restated
Operating Activities
Net loss	$	(2,535,558)	$	—	$	(2,535,558)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income tax	4,076,290		—		4,076,290
Depreciation, amortization and ARO accretion	16,406,557		(1,604,881)		14,801,676
Amortization of debt issuance costs	—		1,604,881		1,604,881
Loss on impairment and disposal of leased property	5,811,779		—		5,811,779
Loss on termination of lease	165,644		—		165,644
Loss on extinguishment of debt	861,814		—		861,814
Gain on sale of equipment	(16,508)		—		(16,508)
Stock-based compensation	—		22,500		22,500
Changes in assets and liabilities:
Accounts and other receivables	(92,089)		1,213,454		1,121,365
Financing note accrued interest receivable	(8,780)		—		(8,780)
Inventory	(2,183,946)		—		(2,183,946)
Prepaid expenses and other assets	(958,283)		(3,882,548)		(4,840,831)
Due from affiliated companies, net	(28,509)		—		(28,509)
Management fee payable	(971,626)		—		(971,626)
Accounts payable and other accrued liabilities	(2,627,549)		2,064,679		(562,870)
Unearned revenue	(601,126)		—		(601,126)
Other changes, net	—		156		156
Net cash provided by operating activities	$	17,298,110	$	(581,759)	$	16,716,351
Investing Activities
Acquisition of Crimson Midstream Holdings, net of cash acquired	(69,002,052)		—		(69,002,052)
Acquisition of Corridor InfraTrust Management, net of cash acquired	952,487		—		952,487
Purchases of property and equipment, net	(15,883,609)		(4,344,845)		(20,228,454)
Proceeds from reimbursable projects	—		3,131,391		3,131,391
Proceeds from sale of property and equipment	97,210		—		97,210
Proceeds from insurance recovery	60,153		—		60,153
Principal payment on financing note receivable	155,008		—		155,008
Decrease in financing note receivable	26,849		—		26,849
Net cash used in investing activities	$	(83,593,954)	$	(1,213,454)	$	(84,807,408)
Financing Activities
Debt financing costs	(2,735,922)		—		(2,735,922)
Dividends paid on Series A preferred stock	(9,395,604)		—		(9,395,604)
Dividends paid on Common Stock	(2,439,446)		—		(2,439,446)
Common Stock issued under the director's compensation plan	22,500		(22,500)		—
Distributions to non-controlling interest	(2,256,113)		—		(2,256,113)
Advances on revolving line of credit	24,000,000		—		24,000,000
Payments on revolving line of credit	(22,000,000)		—		(22,000,000)
Principal payments on secured credit facility	(6,000,000)		—		(6,000,000)
Proceeds from financing arrangement	—		3,882,392		3,882,392
Payments on financing arrangement	—		(3,020,581)		(3,020,581)
Net cash used in financing activities	$	(20,804,585)	$	839,311	$	(19,965,274)
Net change in cash and cash equivalents	$	(87,100,429)	$	(955,902)	$	(88,056,331)
Cash and cash equivalents at beginning of year	99,596,907		—		99,596,907
Cash and cash equivalents at end of year	$	12,496,478	$	(955,902)	$	11,540,576

	For the Year Ended December 31, 2021
	As Previously Reported		Effect of Restatement		As Restated
Supplemental Disclosure of Cash Flow Information
Interest paid	$	11,224,582	$	—	$	11,224,582
Income tax refunds	635,730		—		635,730
Non-Cash Investing Activities
Purchases of property, plant and equipment in accounts payable and other accrued liabilities	$	113,847	$	—	$	113,847
In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition	48,873,169		—		48,873,169
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition	105,000,000		—		105,000,000
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition	116,205,762		—		116,205,762
Series A preferred stock issued due to Internalization transaction	4,245,112		—		4,245,112
Common stock issued due to Internalization transaction	7,096,153		—		7,096,153
Class B Common Stock issued due to Internalization transaction	3,288,890		—		3,288,890
Non-Cash Financing Activities
Crimson Class A-2 Units dividends payment in-kind	$	610,353	$	—	$	610,353
Reinvestment of dividends paid to common stockholders	410,580		—		410,580
Assets acquired under financing arrangement	—		1,617,825		1,617,825

The effects of the restatement on the consolidated statement of equity for the three and six months ended June 30, 2022 are summarized in the following tables:

	Series A Cumulative Redeemable Preferred Stock		Common Stock			Class B Common Stock			Additional Paid-in Capital		Retained Deficit		Non-controlling Interest		Total
	Amount		Shares	Amount		Shares	Amount
As Previously Reported
Balance at December 31, 2021	$	129,525,675	14,893,184	$	14,893	683,761	$	684	$	338,302,735	$	(327,157,636)	$	122,945,172	$	263,631,523
Net income	—		—	—		—	—		—		2,304,463		2,060,294		4,364,757
Series A preferred stock dividends	—		—	—		—	—		(2,388,130)		—		—		(2,388,130)
Common stock dividends	—		—	—		—	—		(744,659)		—		—		(744,659)
Reinvestment of dividends paid to common stockholders	—		67,444	67		—	—		206,986		—		—		207,053
Crimson cash dividends on A-1 units	—		—	—		—	—		—		—		(809,212)		(809,212)
Balance at March 31, 2022 (Unaudited)	$	129,525,675	14,960,628	$	14,960	683,761	$	684	$	335,376,932	$	(324,853,173)	$	124,196,254	$	264,261,332
Net income	—		—	—		—	—		—		1,203,455		966,671		2,170,126
Series A preferred stock dividends	—		—	—		—	—		(2,388,130)		—		—		(2,388,130)
Common stock dividends	—		—	—		—	—		(748,031)		—		—		(748,031)
Reinvestment of dividends paid to common stockholders	—		69,312	69		—	—		196,082		—		—		196,151
Crimson cash distribution on A-1 Units	—		—	—		—	—		—		—		(809,212)		(809,212)
Stock-based compensation	—		30,917	31		—	—		151,328		—		—		151,359
Balance at June 30, 2022 (Unaudited)	$	129,525,675	15,060,857	$	15,060	683,761	$	684	$	332,588,181	$	(323,649,718)	$	124,353,713	$	262,833,595
Restatement Impact
Adjustments to 2021 Net Income (loss)	$	—	—	$	—	—	$	—	$	—	$	6,129,056	$	(6,129,056)	$	—
Net income (loss)	—		—	—		—	—		—		1,251,082		(1,251,082)		—
Balance at March 31, 2022 (Unaudited)	$	—	—	$	—	—	$	—	$	—	$	7,380,138	$	(7,380,138)	$	—
Net income	—		—	—		—	—		—		157,459		(157,459)		—
Balance at June 30, 2022 (Unaudited)	$	—	—	$	—	—	$	—	$	—	$	7,537,597	$	(7,537,597)	$	—
As Restated
Balance at December 31, 2021	$	129,525,675	14,893,184	$	14,893	683,761	$	684	$	338,302,735	$	(321,028,580)	$	116,816,116	$	263,631,523
Net income	—		—	—		—	—		—		3,555,545		809,212		4,364,757
Series A preferred stock dividends	—		—	—		—	—		(2,388,130)		—		—		(2,388,130)
Common Stock dividends	—		—	—		—	—		(744,659)		—		—		(744,659)
Reinvestment of dividends paid to common stockholders	—		67,444	67		—	—		206,986		—		—		207,053
Crimson cash dividends on A-1 units	—		—	—		—	—		—		—		(809,212)		(809,212)
Balance at March 31, 2022 (Unaudited)	$	129,525,675	14,960,628	$	14,960	683,761	$	684	$	335,376,932	$	(317,473,035)	$	116,816,116	$	264,261,332
Net income	—		—	—		—	—		—		1,360,914		809,212		2,170,126
Series A preferred stock dividends	—		—	—		—	—		(2,388,130)		—		—		(2,388,130)
Common stock dividends	—		—	—		—	—		(748,031)		—		—		(748,031)

Reinvestment of dividends paid to common stockholders	—		69,312	69		—	—		196,082		—		—		196,151
Crimson cash distribution on A-1 Units	—		—	—		—	—		—		—		(809,212)		(809,212)
Stock-based compensation	—		30,917	31		—	—		151,328		—		—		151,359
Balance at June 30, 2022 (Unaudited)	$	129,525,675	15,060,857	$	15,060	683,761	$	684	$	332,588,181	$	(316,112,121)	$	116,816,116	$	262,833,595

The effects of the restatement on the consolidated statement of cash flow for the six months ended June 30, 2022 are summarized in the following table:

	For the Six Months Ended June 30, 2022
	As Previously Reported		Effect of Restatement		As Restated
Operating Activities
Net income	$	6,534,883	$	—	$	6,534,883
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Deferred income tax	88,422		—		88,422
Depreciation, amortization and ARO accretion	8,793,101		(824,120)		7,968,981
Amortization of debt issuance costs	—		824,120		824,120
Gain on sale of equipment	(22,678)		—		(22,678)
Stock-based compensation	151,359		—		151,359
Changes in assets and liabilities:
Accounts and other receivables	1,024,635		—		1,024,635
Inventory	(587,295)		—		(587,295)
Prepaid expenses and other assets	2,487,362		(701,791)		1,785,571
Due from affiliated companies, net	140,509		—		140,509
Accounts payable and other accrued liabilities	363,137		707,953		1,071,089
Income tax liability	305,205		—		305,205
Operating lease liability	(908,248)		908,248		—
Unearned revenue	280,795		—		280,795
Other changes, net	—		(206,457)		(206,457)
Net cash provided by operating activities	$	18,651,187	$	707,953	$	19,359,139
Investing Activities
Purchases of property and equipment	(4,141,485)		—		(4,141,485)
Proceeds from reimbursable projects	2,103,544		—		2,103,544
Proceeds from sale of property and equipment	38,075		—		38,075
Principal payment on financing note receivable	86,626		—		86,626
Net cash used in investing activities	$	(1,913,240)	$	—	$	(1,913,240)
Financing Activities
Dividends paid on Series A preferred stock	(4,776,260)		—		(4,776,260)
Dividends paid on Common Stock	(1,492,690)		—		(1,492,690)
Reinvestment of Dividends Paid to Common Stockholders	403,204		—		403,204
Distributions to non-controlling interest	(1,618,424)		—		(1,618,424)
Advances on revolving line of credit	4,000,000		—		4,000,000
Payments on revolving line of credit	(4,000,000)		—		(4,000,000)
Principal payments on Crimson secured credit facility	(4,000,000)		—		(4,000,000)
Payments on financing arrangement	—		(1,170,635)		(1,170,635)
Net cash used in financing activities	$	(11,484,170)	$	(1,170,635)	$	(12,654,805)
Net change in Cash and Cash Equivalents	$	5,253,777	$	(462,682)	$	4,791,094
Cash and Cash Equivalents at beginning of period	12,496,478		(955,902)		11,540,576
Cash and Cash Equivalents at end of period	$	17,750,255	$	(1,418,584)	$	16,331,670
Supplemental Disclosure of Cash Flow Information
Interest paid	$	4,999,845	$	—	$	4,999,845
Income taxes paid (net of refunds)	(12,055)		—		(12,055)
Non-Cash Investing Activities
Purchases of property, plant and equipment in accounts payable and other accrued liabilities	$	771,180	$	—	$	771,180
Non-Cash Financing Activities
Assets acquired under financing arrangement	$	—	$	1,226,402	$	1,226,402

As of and For the Three and Nine Months Ended September 30, 2022

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

	September 30, 2022
	As Previously Reported		Effect of Restatement		As Restated
Assets
Property and equipment, net of accumulated depreciation of $48,864,283 (Crimson VIE*: $337,470,077)	$	438,249,633	$	—	$	438,249,633
Leased property, net of accumulated depreciation of $289,154	1,236,873		—		1,236,873
Financing notes and related accrued interest receivable, net of reserve of $600,000	904,743		—		904,743
Cash and cash equivalents (Crimson VIE: $2,009,787)	21,776,263		(1,127,621)		20,648,642
Accounts and other receivables (Crimson VIE: $7,654,757)	10,609,744		—		10,609,744
Due from affiliated companies (Crimson VIE: $94,994)	94,994		—		94,994
Deferred costs, net of accumulated amortization of $631,408	510,939		—		510,939
Inventory (Crimson VIE: $5,859,262)	6,004,037		—		6,004,037
Prepaid expenses and other assets (Crimson VIE: $3,946,389)	5,699,079		—		5,699,079
Operating right-of-use assets (Crimson VIE: $4,755,606)	5,082,028		—		5,082,028
Deferred tax asset, net	111,681		—		111,681
Goodwill	—		—		—
Total Assets	$	490,280,014	$	(1,127,621)	$	489,152,393
Liabilities and Equity
Secured credit facilities, net of deferred financing costs of $817,972	$	99,182,028	$	—	$	99,182,028
Unsecured convertible senior notes, net of discount and debt issuance costs of $1,890,895	116,159,105		—		116,159,105
Accounts payable and other accrued liabilities (Crimson VIE: $13,819,708)	19,596,670		(1,127,621)		18,469,049
Income tax payable	344,630		—		344,630
Due to affiliated companies (Crimson VIE: $276,428)	276,428		—		276,428
Operating lease liability (Crimson VIE: $4,653,594)	4,951,891		—		4,951,891
Unearned revenue (Crimson VIE: $205,790)	5,990,897		—		5,990,897
Total Liabilities	$	246,501,649	$	(1,127,621)	$	245,374,028
Equity
Series A Cumulative Redeemable Preferred Stock 7.375%, $129,525,675 liquidation preference ($2,500 per share, $0.001 par value); 69,367,000 authorized; 51,810 issued and outstanding at September 30, 2022	$	129,525,675	$	—	$	129,525,675
Common stock, non-convertible, $0.001 par value; 15,176,911 shares issued and outstanding at September 30, 2022 (100,000,000 shares authorized)	15,177		—		15,177
Class B Common Stock, $0.001 par value; 683,761 shares issued and outstanding at September 30, 2022 (11,896,100 shares authorized)	684		—		684
Additional paid-in capital	329,796,049		—		329,796,049
Retained deficit	(339,752,470)		7,329,433		(332,423,037)
Total CorEnergy Equity	119,585,115		7,329,433		126,914,548
Non-controlling interest	124,193,250		(7,329,433)		116,863,817
Total Equity	243,778,365		—		243,778,365
Total Liabilities and Equity	$	490,280,014	$	(1,127,621)	$	489,152,393

The effects of the restatement on the consolidated statement of operations for the three months ended September 30, 2022 are summarized in the following table:

	For the Three Months Ended September 30, 2022
	As Previously Reported		Effect of Restatement		As Restated
Revenue
Transportation and distribution	$	31,305,546	$	—	$	31,305,546
Pipeline loss allowance subsequent sales	1,477,251		—		1,477,251
Lease	111,725		—		111,725
Other	67,164		—		67,164
Total Revenue	32,961,686		—		32,961,686
Expenses
Transportation and distribution	17,647,673		—		17,647,673
Pipeline loss allowance subsequent sales cost of revenue	1,385,028		—		1,385,028
General and administrative	5,743,342		—		5,743,342
Depreciation, amortization and ARO accretion	4,028,800		—		4,028,800
Loss on impairment of goodwill	16,210,020		—		16,210,020
Total Expenses	45,014,863		—		45,014,863
Operating Loss	$	(12,053,177)	$	—	$	(12,053,177)
Other Income (expense)
Other income	$	76,050	$	—	$	76,050
Interest expense	(3,483,208)		—		(3,483,208)
Total Other Expense	(3,407,158)		—		(3,407,158)
Loss before income taxes	(15,460,335)		—		(15,460,335)
Taxes
Current tax expense	35,187		—		35,187
Deferred tax expense	6,182		—		6,182
Income tax expense, net	41,369		—		41,369
Net Loss	$	(15,501,704)	$	—	$	(15,501,704)
Less: Net income attributable to non-controlling interest	601,048		208,164		809,212
Net Loss attributable to CorEnergy Infrastructure Trust, Inc.	$	(16,102,752)	$	(208,164)	$	(16,310,916)
Preferred dividend requirements	2,388,130		—		2,388,130
Net Loss attributable to Common Stockholders	$	(18,490,882)	$	(208,164)	$	(18,699,046)
Common Stock
Basic weighted average shares outstanding	15,773,469		(683,761)		15,089,708
Basic net loss per share	$	(1.17)	$	(0.01)	$	(1.18)
Diluted weighted average shares outstanding	15,773,469		(218,804)		15,554,665
Diluted net loss per share	$	(1.17)	$	(0.03)	$	(1.20)
Class B Common Stock
Basic and diluted weighted average shares outstanding	—		683,761		683,761
Basic and diluted net loss per share	$	—	$	(1.23)	$	(1.23)
Dividends declared per Common share	$	0.050	$	—	$	0.050

The effects of the restatement on the consolidated statement of operations for the nine months ended September 30, 2022 are summarized in the following table:

	For the Nine Months Ended September 30, 2022
	As Previously Reported		Effect of Restatement		As Restated
Revenue
Transportation and distribution	$	89,179,734	$	—	$	89,179,734
Pipeline loss allowance subsequent sales	7,283,450		—		7,283,450
Lease	176,775		—		176,775
Other	715,514		—		715,514
Total Revenue	97,355,473		—		97,355,473
Expenses
Transportation and distribution	45,857,193		—		45,857,193
Pipeline loss allowance subsequent sales cost of revenue	6,016,664		—		6,016,664
General and administrative	16,162,570		—		16,162,570
Depreciation, amortization and ARO accretion	11,997,781		—		11,997,781
Loss on impairment of goodwill	16,210,020		—		16,210,020
Total Expenses	96,244,228		—		96,244,228
Operating Income	$	1,111,245	$	—	$	1,111,245
Other Income (expense)
Other income	$	332,615	$	—	$	332,615
Interest expense	(9,972,969)		—		$	(9,972,969)
Total Other Expense	(9,640,354)		—		(9,640,354)
Loss before income taxes	(8,529,109)		—		(8,529,109)
Taxes
Current tax expense	343,108		—		343,108
Deferred tax expense	94,604		—		94,604
Income tax expense, net	437,712		—		437,712
Net Loss	$	(8,966,821)	$	—	$	(8,966,821)
Less: Net income attributable to non-controlling interest	3,628,013		(1,200,377)		2,427,636
Net Loss attributable to CorEnergy	$	(12,594,834)	$	1,200,377	$	(11,394,457)
Preferred dividend requirements	7,164,390		—		7,164,390
Net Loss attributable to Common Stockholders	$	(19,759,224)	$	1,200,377	$	(18,558,847)
Common Stock
Basic weighted average shares outstanding	15,683,331		(683,761)		14,999,570
Basic net loss per share	$	(1.26)	$	0.08	$	(1.18)
Diluted weighted average shares outstanding	15,683,331		(218,804)		15,464,527
Diluted net loss per share	$	(1.26)	$	0.06	$	(1.20)
Class B Common Stock
Basic and diluted weighted average shares outstanding	—		683,761		683,761
Basic and diluted net loss per share	$	—	$	(1.33)	$	(1.33)
Dividends declared per Common share	$	0.150	$	—	$	0.150