Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.4.0.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating Activities    
Net Income $ 3,739,622 $ 4,496,803
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax, net (577,395) (115,391)
Depreciation, amortization and ARO accretion 5,945,501 4,426,559
Provision for loan loss 4,645,188 0
Net distributions and dividend income, including recharacterization of income (117,004) (371,323)
Net realized and unrealized (gain) loss on other equity securities 1,628,751 (449,798)
Unrealized gain on derivative contract (71,363) (16,880)
Common stock issued under directors compensation plan 0 30,000
Changes in assets and liabilities:    
Increase in accounts and other receivables (3,240,409) (352,029)
(Increase) decrease in financing note accrued interest receivable 95,114 (200,167)
Increase in prepaid expenses and other assets (161,354) (295,441)
Increase in management fee payable 130,365 61,756
Increase (decrease) in accounts payable and other accrued liabilities 1,935,402 (821,951)
Increase (decrease) in current income tax liability 0 480,637
Increase (decrease) in unearned revenue 2,761,202 (711,230)
Net cash provided by operating activities 16,713,620 6,161,545
Investing Activities    
Acquisition expenditures 0 (2,041,642)
Purchases of property and equipment, net (101,919) (16,464)
Proceeds from asset foreclosure 223,451 0
Increase in financing notes receivable (202,000) (31,442)
Return of capital on distributions received 1,165 29,864
Net cash used by investing activities (79,303) (2,059,684)
Financing Activities    
Debt financing costs (224,586) (53,705)
Net offering proceeds on Series A preferred stock 0 54,137,791
Dividends paid on Series A preferred stock (1,037,109) 0
Dividends paid on common stock (8,795,460) (5,991,083)
Distributions to non-controlling interest 0 (680,748)
Advances on revolving line of credit 44,000,000 1,945,361
Payments on revolving line of credit 0 (33,521,055)
Principal payments on term debt (900,000) 0
Principal payments on credit facility (51,446,250) (882,000)
Net cash (used) provided by financing activities (18,403,405) 14,954,561
Net Change in Cash and Cash Equivalents (1,769,088) 19,056,422
Cash and Cash Equivalents at beginning of period 14,618,740 7,578,164
Cash and Cash Equivalents at end of period 12,849,652 26,634,586
Supplemental Disclosure of Cash Flow Information    
Interest paid 1,398,422 943,101
Income taxes paid (net of refunds) 10,683 295,901
Non-Cash Operating Activities    
Change in accounts payable and accrued expenses related to prepaid assets and other expense 0 19,096
Non-Cash Investing Activities    
Change in accounts payable and accrued expenses related to acquisition expenditures 0 (13,597)
Change in accounts payable and accrued expenses related to issuance of financing and other notes receivable 0 (39,248)
Net change in Assets Held for Sale, Property and equipment, Prepaid expenses and other assets, Accounts payable and other accrued liabilities and Liabilities held for sale (1,776,549) 0
Non-Cash Financing Activities    
Change in accounts payable and accrued expenses related to the issuance of common equity 0 (72,685)
Change in accounts payable and accrued expenses related to debt financing costs 0 8,509
Reinvestment of distributions by common stockholders in additional common shares $ 159,313 $ 68,154