Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating Activities    
Net Income $ 3,866,441 $ 7,707,708
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax, net 93,591 (409,277)
Depreciation, amortization and ARO accretion 5,943,528 6,642,875
Provision for loan losses 0 500,000
Loss on extinguishment of debt 5,039,731 0
(Gain) loss on sale of equipment 0 (3,724)
Net realized and unrealized gain on other equity securities 0 (13,966)
Changes in assets and liabilities:    
Increase in deferred rent receivable (1,449,025) (1,700,101)
Decrease in accounts and other receivables 1,123,636 802,961
Increase in financing note accrued interest receivable (9,542) 0
Increase in prepaid expenses and other assets (296,032) (49,264)
Increase (decrease) in management fee payable (70,147) 64,837
Increase in accounts payable and other accrued liabilities 2,891,410 2,102,656
Increase (decrease) in current income tax liability 69,492 (35,549)
Decrease in unearned revenue (146,846) (1,862,534)
Net cash provided by operating activities 17,056,237 13,746,622
Investing Activities    
Purchases of property and equipment (15,335) (47,883)
Proceeds from sale of property and equipment 0 11,499
Principal payment on note receivable 5,000,000 0
Net cash provided by (used in) investing activities 4,984,665 (36,384)
Financing Activities    
Debt financing costs 0 (261,667)
Repurchases of preferred stock (60,550) 0
Cash paid for extinguishment of convertible notes (19,516,234) 0
Dividends paid on Series A preferred stock (2,313,780) (2,396,875)
Dividends paid on common stock (9,194,117) (8,626,668)
Principal payments on secured credit facilities (882,000) (882,000)
Net cash used in financing activities (31,966,681) (12,167,210)
Net Change in Cash and Cash Equivalents (9,925,779) 1,543,028
Cash and Cash Equivalents at beginning of period 69,287,177 15,787,069
Cash and Cash Equivalents at end of period 59,361,398 17,330,097
Supplemental Disclosure of Cash Flow Information    
Interest paid 1,116,371 705,228
Income taxes paid (net of refunds) (220,701) 0
Non-Cash Financing Activities    
Change in accounts payable and accrued expenses related to debt financing costs 0 (252,694)
Reinvestment of distributions by common stockholders in additional common shares 403,831 310,204
Common stock issued upon exchange of convertible notes $ 28,869,509 $ 0