Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating Activities    
Net Income $ 8,051,861 $ 3,739,622
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax, net (298,846) (577,395)
Depreciation, amortization and ARO accretion 6,474,779 5,945,501
Provision for loan loss 0 4,645,188
Net distributions and dividend income, including recharacterization of income 148,649 (117,004)
Net realized and unrealized loss on other equity securities 544,208 1,628,751
Unrealized gain on derivative contract (27,073) (71,363)
Changes in assets and liabilities:    
Increase in accounts and other receivables (1,169,407) (3,240,409)
Decrease in financing note accrued interest receivable 0 95,114
Increase in prepaid expenses and other assets (99,573) (161,354)
Increase in management fee payable 10,270 130,365
Increase in accounts payable and other accrued liabilities 1,932,866 1,935,402
Increase in unearned revenue 0 2,761,202
Net cash provided by operating activities 15,567,734 16,713,620
Investing Activities    
Purchases of property and equipment, net 0 (101,919)
Proceeds from asset foreclosure and sale 0 223,451
Increase in financing notes receivable 0 (202,000)
Return of capital on distributions received 31,055 1,165
Net cash provided (used) by investing activities 31,055 (79,303)
Financing Activities    
Debt financing costs 0 (224,586)
Dividends paid on Series A preferred stock (1,037,109) (1,037,109)
Dividends paid on common stock (8,667,329) (8,795,460)
Advances on revolving line of credit 0 44,000,000
Principal payments on credit facility (2,413,733) (52,346,250)
Net cash used by financing activities (12,118,171) (18,403,405)
Net Change in Cash and Cash Equivalents 3,480,618 (1,769,088)
Cash and Cash Equivalents at beginning of period 7,895,084 14,618,740
Cash and Cash Equivalents at end of period 11,375,702 12,849,652
Supplemental Disclosure of Cash Flow Information    
Interest paid 1,047,357 1,398,422
Income taxes paid (net of refunds) 0 10,683
Non-Cash Investing Activities    
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 0 (1,776,549)
Non-Cash Financing Activities    
Reinvestment of distributions by common stockholders in additional common shares $ 247,333 $ 159,313