Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.3
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities    
Net income (loss) $ (5,728,233) $ 23,215,881
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax, net 64,854 (1,751,615)
Depreciation, amortization and ARO accretion 17,828,773 19,929,691
Provision for loan losses 0 500,000
Loss on extinguishment of debt 33,960,565 0
Gain on sale of equipment (1,800) (8,416)
Net realized and unrealized loss on other equity securities 0 1,797,281
Common stock issued under directors' compensation plan 0 67,500
Changes in assets and liabilities:    
Increase in deferred rent receivable (3,656,655) (5,403,281)
Decrease in accounts and other receivables 2,081,674 936,672
Increase in prepaid expenses and other assets (26,026) (22,001)
Increase (decrease) in management fee payable (166,587) 72,885
Increase in accounts payable and other accrued liabilities 3,449,442 2,436,421
Decrease in current income tax liability 0 (2,172,200)
Increase (decrease) in unearned revenue (40,477) 121,731
Net cash provided by operating activities 47,765,530 39,720,549
Investing Activities    
Purchases of property and equipment, net (311,566) (94,980)
Proceeds from sale of property and equipment 0 17,999
Principal payment on note receivable 5,000,000 0
Principal payment on financing note receivable 32,500 0
Net cash provided by (used in) investing activities 4,720,934 (76,981)
Financing Activities    
Debt financing costs (161,963) (264,010)
Net offering proceeds on convertible debt 116,355,125 0
Cash paid for extinguishment of convertible notes (78,939,743) 0
Repurchases of preferred stock (60,550) 0
Dividends paid on Series A preferred stock (6,941,340) (7,190,625)
Dividends paid on common stock (28,949,060) (25,718,189)
Principal payments on secured credit facilities (2,646,000) (2,646,000)
Net cash used in financing activities (1,343,531) (35,818,824)
Net Change in Cash and Cash Equivalents 51,142,933 3,824,744
Cash and Cash Equivalents at beginning of period 69,287,177 15,787,069
Cash and Cash Equivalents at end of period 120,430,110 19,611,813
Supplemental Disclosure of Cash Flow Information    
Interest paid 5,893,078 6,404,134
Income taxes paid (net of refunds) 282,786 2,117,473
Non-Cash Financing Activities    
Change in accounts payable and accrued expenses related to debt financing costs 197,227 (255,037)
Reinvestment of distributions by common stockholders in additional common shares 403,831 1,113,727
Common stock issued upon exchange and conversion of convertible notes $ 62,639,326 $ 42,654