Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating Activities    
Net Income $ 7,707,708 $ 8,051,861
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax, net (409,277) (298,846)
Depreciation, amortization and ARO accretion 6,642,875 6,474,779
Provision for loan losses 500,000 0
Gain on sale of equipment (3,724) 0
Net distributions and dividend income, including recharacterization of income 0 148,649
Net realized and unrealized (gain) loss on other equity securities (13,966) 544,208
Unrealized gain on derivative contract 0 (27,073)
Changes in assets and liabilities:    
Increase in deferred rent receivable (1,700,101) (1,802,285)
Decrease in accounts and other receivables 802,961 632,878
Increase in prepaid expenses and other assets (49,264) (99,573)
Increase in management fee payable 64,837 10,270
Increase in accounts payable and other accrued liabilities 2,102,656 1,932,866
Decrease in current income tax liability (35,549) 0
Decrease in unearned revenue (1,862,534) 0
Net cash provided by operating activities 13,746,622 15,567,734
Investing Activities    
Purchases of property and equipment (47,883) 0
Proceeds from sale of property and equipment 11,499 0
Return of capital on distributions received 0 31,055
Net cash (used in) provided by investing activities (36,384) 31,055
Financing Activities    
Debt financing costs (261,667) 0
Dividends paid on Series A preferred stock (2,396,875) (1,037,109)
Dividends paid on common stock (8,626,668) (8,667,329)
Principal payments on secured credit facilities (882,000) (2,413,733)
Net cash used in financing activities (12,167,210) (12,118,171)
Net Change in Cash and Cash Equivalents 1,543,028 3,480,618
Cash and Cash Equivalents at beginning of period 15,787,069 7,895,084
Cash and Cash Equivalents at end of period 17,330,097 11,375,702
Supplemental Disclosure of Cash Flow Information    
Interest paid 705,228 1,047,357
Non-Cash Financing Activities    
Change in accounts payable and accrued expenses related to debt financing costs (252,694) 0
Reinvestment of distributions by common stockholders in additional common shares $ 310,204 $ 247,333