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	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

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	3		—	—		—		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	3		—	—		—		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.