Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flow

v3.20.4
Consolidated Statements of Cash Flow - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities      
Net income (loss) $ (306,067,579) $ 4,079,495 $ 43,711,876
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Deferred income tax, net 310,985 354,642 (1,845,710)
Depreciation, amortization and ARO accretion 14,924,464 23,808,083 26,361,907
Gain on sale of leased property, net 0 0 (11,723,257)
Loss on impairment of leased property 140,268,379 0 0
Loss on impairment and disposal of leased property 146,537,547 0 0
Loss on termination of lease 458,297 0 0
Deferred rent receivable write-off, noncash 30,105,820 0 0
Provision for loan gain 0 0 (36,867)
(Gain) loss on extinguishment of debt (11,549,968) 33,960,565 0
Gain on sale of equipment (13,683) (7,390) (8,416)
Net realized and unrealized loss on other equity securities 0 0 1,845,309
Loss on settlement of asset retirement obligation 0 0 310,941
Common stock issued under directors' compensation plan 0 0 67,500
Changes in assets and liabilities:      
Increase in deferred rent receivables (247,718) (3,915,347) (7,038,848)
(Increase) decrease in accounts and other receivables 467,257 940,009 (1,297,207)
Increase in financing note accrued interest receivable (18,069) 0 0
(Increase) decrease in prepaid expenses and other assets (1,424,332) (136,108) 73,505
Increase (decrease) in management fee payable (698,324) (161,663) 83,187
Increase (decrease) in accounts payable and other accrued liabilities (1,903,936) 2,517,069 476,223
Decrease in income tax liability 0 0 (2,204,626)
Increase (decrease) in unearned revenue (766,070) 339,749 (152,777)
Net cash provided by operating activities 10,383,070 61,779,104 48,622,740
Investing Activities      
Proceeds from the sale of leased property 0 0 55,553,975
Proceeds from sale of other equity securities 0 0 449,067
Purchases of property and equipment, net (2,186,155) (372,934) (105,357)
Proceeds from sale of property and equipment 15,000 7,000 17,999
Principal payment on financing note receivable 43,333 65,000 236,867
Principal payment on note receivable 0 5,000,000 0
Return of capital on distributions received 0 0 663,939
Net cash provided by (used in) investing activities (2,127,822) 4,699,066 56,816,490
Financing Activities      
Debt financing costs 0 (372,759) (264,010)
Cash paid for extinguishment of convertible notes 0 (78,939,743) 0
Cash paid for maturity of convertible notes (1,676,000) 0 0
Cash paid for repurchase of convertible notes (1,316,250) 0 0
Cash paid for settlement of Pinedale Secured Credit Facility (3,074,572) 0 0
Net offering proceeds on convertible debt 0 116,355,125 0
Repurchases of Series A preferred stock (161,997) (60,550) (4,275,553)
Dividends paid on Series A preferred stock (9,242,797) (9,255,121) (9,587,500)
Dividends paid on common stock (12,286,368) (39,100,656) (34,284,059)
Principal payments on secured credit facilities (1,764,000) (3,528,000) (3,528,000)
Net cash used in financing activities (29,521,984) (14,901,704) (51,939,122)
Net change in cash and cash equivalents (21,266,736) 51,576,466 53,500,108
Cash and cash equivalents at beginning of period 120,863,643 69,287,177 15,787,069
Cash and cash equivalents at end of period 99,596,907 120,863,643 69,287,177
Supplemental Disclosure of Cash Flow Information      
Interest paid 9,272,409 6,834,439 11,200,835
Income taxes paid (net of refunds) (466,236) 89,433 2,136,563
Non-Cash Investing Activities      
Proceeds from sale of leased property provided directly to secured lender 18,000,000 0 0
Purchases of property, plant and equipment in accounts payable and other accrued liabilities 591,421 0 0
Note receivable in consideration of the sale of leased property 0 0 5,000,000
Non-Cash Financing Activities      
Proceeds from sale of leased property used in settlement of Pinedale Secured Credit Facility (18,000,000) 0 0
Change in accounts payable and accrued expenses related to debt financing costs 0 0 (255,037)
Reinvestment of distributions by common stockholders in additional common shares 0 403,831 1,509,830
Common stock issued upon exchange and conversion of convertible notes $ 419,129 $ 66,064,966 $ 42,654