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 6 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Operating Activities              
Net income (loss) $ (137,434,433) $ (162,042,368) $ 9,824,926 $ 3,866,441 $ (299,476,801) $ 13,691,367  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Deferred income tax, net         298,525 156,290  
Depreciation, amortization and ARO accretion         9,963,908 11,870,408  
Loss on impairment of leased property 0   0   140,268,379 0  
Loss on impairment and disposal of leased property 146,537,547   0   146,537,547 0  
Loss on termination of lease 458,297   0   458,297 0  
Deferred rent receivable write-off, noncash 0   0   30,105,820 0  
(Gain) loss on extinguishment of debt (11,549,968)   0   (11,549,968) 5,039,731  
Gain on disposal of equipment         (3,542) 0  
Changes in assets and liabilities:              
Increase in deferred rent receivable         (247,718) (3,163,726)  
Decrease in accounts and other receivables         1,216,469 550,126  
Increase in financing note accrued interest receivable         (4,671) (9,217)  
(Increase) decrease in prepaid expenses and other assets         85,197 (196,684)  
Decrease in management fee payable         (8,299) (65,749)  
Increase (decrease) in accounts payable and other accrued liabilities         (613,391) 1,541,221  
Decrease in unearned revenue         (607,951) (98,244)  
Net cash provided by operating activities         16,421,801 29,315,523  
Investing Activities              
Purchases of property and equipment, net         (85,144) (26,553)  
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 0  
Net cash provided by (used in) investing activities         (34,311) 4,973,447  
Financing Activities              
Repurchases of preferred stock         (161,997) (60,550)  
Dividends paid on Series A preferred stock         (4,623,452) (4,627,560)  
Dividends paid on common stock         (10,921,216) (18,800,372)  
Cash paid for extinguishment of convertible notes         (1,316,250) (19,516,234)  
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) (1,764,000)  
Net cash used in financing activities         (23,537,487) (44,768,716)  
Net Change in Cash and Cash Equivalents         (7,149,997) (10,479,746)  
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 $ 113,713,646   $ 58,807,431   113,713,646 58,807,431 $ 120,863,643
Supplemental Disclosure of Cash Flow Information              
Interest paid         5,392,894 4,361,760  
Income taxes paid (net of refunds)         (466,407) 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         110,000 0  
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 29,457,711  
Proceeds from sale of leased property used in settlement of Pinedale Secured Credit Facility         $ (18,000,000) $ 0