Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating Activities    
Net Income $ 13,005,109 $ 9,093,945
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax, net (370,609) (268,734)
Depreciation, amortization and ARO accretion 12,149,782 8,216,190
Provision for loan loss 5,014,466 0
Loss on repurchase of convertible debt (68,734) 0
Net distributions and dividend income, including recharacterization of income (117,004) (371,323)
Net realized and unrealized loss (gain) on other equity securities 429,087 (493,183)
Unrealized gain on derivative contract (132,094) (34,529)
Common stock issued under directors compensation plan 30,000 60,000
Changes in assets and liabilities:    
(Increase) decrease in accounts and other receivables (3,733,564) 22,280
Decrease (increase) in financing note accrued interest receivable 95,114 (342,874)
Increase in prepaid expenses and other assets (143,996) (198,215)
(Decrease) increase in management fee payable (63,961) 47,959
Decrease in accounts payable and other accrued liabilities (133,100) (702,221)
Increase in current income tax liability 0 292,214
Increase (decrease) in unearned revenue 54,094 (711,230)
Net cash provided by operating activities 26,014,590 14,610,279
Investing Activities    
Proceeds from assets and liabilities held for sale 644,934 7,678,246
Acquisition expenditures 0 (249,925,974)
Purchases of property and equipment, net (372,230) (19,820)
Proceeds from asset foreclosure and sale 223,451 0
Increase in financing notes receivable (202,000) (39,248)
Return of capital on distributions received 2,134 55,009
Net cash provided (used) by investing activities 296,289 (242,251,787)
Financing Activities    
Debt financing costs (193,000) (132,041)
Net offering proceeds on Series A preferred stock 0 54,210,476
Net offering proceeds on common stock 0 73,431,411
Net offering proceeds on convertible debt 0 111,262,500
Repurchases of common stock (2,041,851) 0
Repurchases of convertible debt (931,266) 0
Dividends paid on Series A preferred stock (2,074,218) (1,428,906)
Dividends paid on common stock (17,570,352) (11,952,944)
Distributions to non-controlling interest 0 (1,131,356)
Advances on revolving line of credit 44,000,000 45,072,666
Payments on revolving line of credit 0 (35,064,018)
Principal payments on term debt (1,800,000) 0
Principal payments on credit facility (52,202,815) (1,764,000)
Net cash (used) provided by financing activities (32,813,502) 232,503,788
Net Change in Cash and Cash Equivalents (6,502,623) 4,862,280
Cash and Cash Equivalents at beginning of period 14,618,740 7,578,164
Cash and Cash Equivalents at end of period 8,116,117 12,440,444
Supplemental Disclosure of Cash Flow Information    
Interest paid 6,758,715 1,734,846
Income taxes paid (net of refunds) 3,437 (2,999)
Non-Cash Operating Activities    
Change in accounts payable and accrued expenses related to prepaid assets and other expense 0 16,248
Non-Cash Investing Activities    
Change in accounts and other receivables (450,000) 0
Change in accounts payable and accrued expenses related to intangibles and deferred costs 0 297,831
Change in accounts payable and accrued expenses related to acquisition expenditures 0 (51,699)
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 0 176,338
Change in accounts payable and accrued expenses related to debt financing costs 0 157,059
Reinvestment of distributions by common stockholders in additional common shares $ 331,823 $ 400,532