Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Operating Activities      
Net income (loss) $ (162,042,368) $ 3,866,441  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Deferred income tax, net 369,921 93,591  
Depreciation, amortization and ARO accretion 5,975,316 5,943,528  
Loss on impairment of leased property 140,268,379 0  
Deferred rent receivable write-off, noncash 30,105,820 0  
Loss on extinguishment of debt 0 5,039,731  
Loss on disposal of equipment 3,958 0  
Changes in assets and liabilities:      
Increase in deferred rent receivable (247,718) (1,449,025)  
Decrease in accounts and other receivables 649,868 1,123,636  
Increase in financing note accrued interest receivable 0 (9,542)  
Increase in prepaid expenses and other assets (108,007) (296,032)  
Increase (decrease) in management fee payable 3,953 (70,147)  
Increase (decrease) in accounts payable and other accrued liabilities (3,030,782) 2,891,410  
Increase in current income tax liability 0 69,492  
Decrease in unearned revenue (180,628) (146,846)  
Net cash provided by operating activities 11,767,712 17,056,237  
Investing Activities      
Purchases of property and equipment, net (13,031) (15,335)  
Principal payment on note receivable 0 5,000,000  
Principal payment on financing note receivable 32,500 0  
Net cash provided by investing activities 19,469 4,984,665  
Financing Activities      
Repurchases of preferred stock (161,997) (60,550)  
Cash paid for extinguishment of convertible notes 0 (19,516,234)  
Dividends paid on Series A preferred stock (2,313,780) (2,313,780)  
Dividends paid on common stock (10,238,640) (9,194,117)  
Principal payments on secured credit facilities (882,000) (882,000)  
Net cash used in financing activities (13,596,417) (31,966,681)  
Net Change in Cash and Cash Equivalents (1,809,236) (9,925,779)  
Cash and Cash Equivalents at beginning of period 120,863,643 69,287,177 $ 69,287,177
Cash and Cash Equivalents at end of period 119,054,407 59,361,398 $ 120,863,643
Supplemental Disclosure of Cash Flow Information      
Interest paid 4,334,215 1,116,371  
Income taxes paid (net of refunds) (467,407) (220,701)  
Non-Cash Financing Activities      
Reinvestment of distributions by common stockholders in additional common shares 0 403,831  
Common stock issued upon exchange and conversion of convertible notes $ 419,129 $ 28,869,509