Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Mar. 31, 2020
Sep. 30, 2019
Mar. 31, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Operating Activities              
Net loss $ (3,919,098) $ (162,042,368) $ (19,419,600) $ 3,866,441 $ (303,395,899) $ (5,728,233)  
Adjustments to reconcile net loss to net cash provided by operating activities:              
Deferred income tax, net         225,628 64,854  
Depreciation, amortization and ARO accretion         12,441,775 17,828,773  
Loss on impairment of leased property 0   0   140,268,379 0  
Loss on impairment and disposal of leased property 0   0   146,537,547 0  
Loss on termination of lease 0   0   458,297 0  
Deferred rent receivable write-off, noncash 0   0   30,105,820 0  
(Gain) loss on extinguishment of debt 0   28,920,834   (11,549,968) 33,960,565  
Gain on sale of equipment         (3,542) (1,800)  
Changes in assets and liabilities:              
Increase in deferred rent receivable         (247,718) (3,656,655)  
Decrease in accounts and other receivables         1,040,064 2,081,674  
Increase in financing note accrued interest receivable         (11,293) 0  
Increase in prepaid expenses and other assets         (1,056,726) (26,026)  
Decrease in management fee payable         (700,194) (166,587)  
Increase (decrease) in accounts payable and other accrued liabilities         (2,551,374) 3,449,442  
Decrease in unearned revenue         (838,422) (40,477)  
Net cash provided by operating activities         10,722,374 47,765,530  
Investing Activities              
Purchases of property and equipment, net         (885,711) (311,566)  
Proceeds from sale of property and equipment         7,500 0  
Principal payment on note receivable         0 5,000,000  
Principal payment on financing note receivable         43,333 32,500  
Net cash provided by (used in) investing activities         (834,878) 4,720,934  
Financing Activities              
Debt financing costs         0 (161,963)  
Net offering proceeds on convertible debt         0 116,355,125  
Repurchases of preferred stock         (161,997) (60,550)  
Dividends paid on Series A preferred stock         (6,933,124) (6,941,340)  
Dividends paid on common stock         (11,603,792) (28,949,060)  
Cash paid for extinguishment of convertible notes         (1,316,250) (78,939,743)  
Cash paid for maturity of convertible notes         (1,676,000) 0  
Cash paid for settlement of Pinedale Secured Credit Facility         (3,074,572) 0  
Principal payments on secured credit facilities         (1,764,000) (2,646,000)  
Net cash used in financing activities         (26,529,735) (1,343,531)  
Net Change in Cash and Cash Equivalents         (16,642,239) 51,142,933  
Cash and Cash Equivalents at beginning of period   $ 120,863,643   $ 69,287,177 120,863,643 69,287,177 $ 69,287,177
Cash and Cash Equivalents at end of period $ 104,221,404   $ 120,430,110   104,221,404 120,430,110 $ 120,863,643
Supplemental Disclosure of Cash Flow Information              
Interest paid         9,066,335 5,893,078  
Income taxes paid (net of refunds)         (466,382) 282,786  
Non-Cash Investing Activities              
Proceeds from sale of leased property provided directly to secured lender         18,000,000 0  
Purchases of property, plant and equipment in accounts payable and other accrued liabilities         313,859 0  
Non-Cash Financing Activities              
Change in accounts payable and accrued expenses related to debt financing costs         0 197,227  
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 62,639,326  
Proceeds from sale of leased property used in settlement of Pinedale Secured Credit Facility         $ (18,000,000) $ 0