Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.2
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating Activities    
Net Income $ 13,691,367 $ 15,518,557
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax, net 156,290 (1,013,341)
Depreciation, amortization and ARO accretion 11,870,408 13,286,595
Provision for loan losses 0 500,000
Loss on extinguishment of debt 5,039,731 0
Gain on sale of equipment 0 (3,724)
Net realized and unrealized loss on other equity securities 0 867,134
Common stock issued under directors' compensation plan 0 37,500
Changes in assets and liabilities:    
Increase in deferred rent receivable (3,163,726) (3,709,202)
Decrease in accounts and other receivables 550,126 412,434
Increase in financing note accrued interest receivable (9,217) 0
Increase in prepaid expenses and other assets (196,684) (326,372)
Increase (decrease) in management fee payable (65,749) 65,679
Increase in accounts payable and other accrued liabilities 1,541,221 433,853
Decrease in current income tax liability 0 (2,167,655)
Decrease in unearned revenue (98,244) (1,383,757)
Net cash provided by operating activities 29,315,523 22,517,701
Investing Activities    
Purchases of property and equipment (26,553) (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 4,973,447 (36,384)
Financing Activities    
Debt financing costs 0 (264,010)
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 (4,627,560) (4,793,750)
Dividends paid on common stock (18,800,372) (17,270,766)
Principal payments on secured credit facilities (1,764,000) (1,764,000)
Net cash used in financing activities (44,768,716) (24,092,526)
Net Change in Cash and Cash Equivalents (10,479,746) (1,611,209)
Cash and Cash Equivalents at beginning of period 69,287,177 15,787,069
Cash and Cash Equivalents at end of period 58,807,431 14,175,860
Supplemental Disclosure of Cash Flow Information    
Interest paid 4,361,760 5,546,660
Income taxes paid (net of refunds) 282,786 2,121,321
Non-Cash Financing Activities    
Change in accounts payable and accrued expenses related to debt financing costs 0 (255,037)
Reinvestment of distributions by common stockholders in additional common shares 403,831 610,219
Common stock issued upon exchange and conversion of convertible notes $ 29,457,711 $ 0