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 ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating Activities    
Net Income $ 22,576,671 $ 9,931,970
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax, net 17,418 (2,222,706)
Depreciation, amortization and ARO accretion 18,334,719 14,757,322
Provision for loan loss 5,014,466 7,951,137
Gain on repurchase of convertible debt (71,702) 0
Net distributions and dividend income, including recharacterization of income (117,004) (371,323)
Net realized and unrealized (gain) loss on other equity securities (1,001,771) 915,568
Unrealized gain on derivative contract (105,567) (48,494)
Common stock issued under directors compensation plan 60,000 90,000
Changes in assets and liabilities:    
Increase in accounts and other receivables (5,434,028) (1,326,469)
Decrease (increase) in financing note accrued interest receivable 95,114 (488,880)
Decrease (increase) in prepaid expenses and other assets 49,227 (70,846)
(Decrease) increase in management fee payable (20,148) 628,676
Increase in accounts payable and other accrued liabilities 1,913,875 1,877,591
Increase (decrease) in unearned revenue 343,295 (711,230)
Net cash provided by operating activities 41,654,565 30,912,316
Investing Activities    
Proceeds from assets and liabilities held for sale 644,934 7,678,246
Deferred lease costs 0 (329,220)
Acquisition expenditures 0 (251,113,605)
Purchases of property and equipment, net (475,581) (113,262)
Proceeds from asset foreclosure and sale 223,451 0
Increase in financing notes receivable (202,000) (39,248)
Return of capital on distributions received 3,393 87,995
Net cash provided (used) by investing activities 194,197 (243,829,094)
Financing Activities    
Debt financing costs (193,000) (1,342,288)
Net offering proceeds on Series A preferred stock 0 54,210,476
Net offering proceeds on common stock 0 73,184,680
Net offering proceeds on convertible debt 0 111,262,500
Repurchases of common stock (2,041,851) 0
Repurchases of convertible debt (899,960) 0
Dividends paid on Series A preferred stock (3,111,327) (2,466,015)
Dividends paid on common stock (26,311,075) (19,929,939)
Distributions to non-controlling interest 0 (2,030,715)
Advances on revolving line of credit 44,000,000 45,392,332
Payments on revolving line of credit 0 (77,533,609)
Proceeds from term debt 0 45,000,000
Principal payments on credit facility (57,802,535) (3,546,000)
Net cash (used) provided by financing activities (46,359,748) 222,201,422
Net Change in Cash and Cash Equivalents (4,510,986) 9,284,644
Cash and Cash Equivalents at beginning of period 14,618,740 7,578,164
Cash and Cash Equivalents at end of period 10,107,754 16,862,808
Supplemental Disclosure of Cash Flow Information    
Interest paid 7,829,619 2,657,567
Income taxes paid (net of refunds) 42,200 608,754
Non-Cash Investing Activities    
Change in accounts and other receivables (450,000) 0
Change in accounts payable and accrued expenses related to acquisition expenditures 0 (448,780)
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 35,472
Reinvestment of distributions by common stockholders in additional common shares $ 494,251 $ 471,706