Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Assets    
Leased property, net of accumulated depreciation of $67,817,865 and $105,825,816 $ 234,565,116 $ 379,211,399
Property and equipment, net of accumulated depreciation of $20,148,744 and $19,304,610 106,025,792 106,855,677
Financing notes and related accrued interest receivable, net of reserve of $600,000 and $600,000 1,202,500 1,235,000
Cash and cash equivalents 119,054,407 120,863,643
Deferred rent receivable 0 29,858,102
Accounts and other receivables 3,493,366 4,143,234
Deferred costs, net of accumulated amortization of $2,123,328 and $1,956,710 2,005,351 2,171,969
Prepaid expenses and other assets 912,298 804,341
Deferred tax asset, net 4,223,640 4,593,561
Goodwill 1,718,868 1,718,868
Total Assets 473,201,338 651,455,794
Liabilities and Equity    
Secured credit facilities, net of debt issuance costs of $144,865 and $158,070 32,917,135 33,785,930
Unsecured convertible senior notes, net of discount and debt issuance costs of $3,597,095 and $3,768,504 118,078,905 118,323,496
Asset retirement obligation 8,446,246 8,044,200
Accounts payable and other accrued liabilities 2,972,196 6,000,981
Management fees payable 1,673,903 1,669,950
Unearned revenue 6,711,170 6,891,798
Total Liabilities 170,799,555 174,716,355
Equity    
Series A Cumulative Redeemable Preferred Stock 7.375%, $125,270,350 and $125,493,175 liquidation preference ($2,500 per share, $0.001 par value), 10,000,000 authorized; 50,108 and 50,197 issued and outstanding at March 31, 2020 and December 31, 2019, respectively 125,270,350 125,493,175
Capital stock, non-convertible, $0.001 par value; 13,651,521 and 13,638,916 shares issued and outstanding at March 31, 2020 and December 31, 2019 (100,000,000 shares authorized) 13,652 13,639
Additional paid-in capital 348,719,125 360,844,497
Retained deficit (171,601,344) (9,611,872)
Total Equity 302,401,783 476,739,439
Total Liabilities and Equity $ 473,201,338 $ 651,455,794