Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating Activities      
Net Income $ 13,937,117 $ 8,570,013 $ 5,969,106
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax, net (2,869,563) (4,069,500) 2,936,044
Depreciation, amortization and ARO accretion 20,662,297 14,289,017 12,339,704
Provision for loan loss 13,784,137 0 0
Net distributions and dividend income, including recharacterization of income (371,323) 960,384 (567,276)
Net realized and unrealized loss on trading securities 0 0 251,213
Net realized and unrealized (gain) loss on other equity securities 1,063,613 (1,357,496) (5,617,766)
Unrealized gain on derivative contract (70,333) (70,720) (11,095)
Common stock issued under directors compensation plan 90,000 30,000 0
Changes in assets and liabilities:      
Increase in accounts and other receivables (2,273,092) (966,667) (1,856,528)
Increase in financing note accrued interest receivable (355,208) 0 0
(Increase) decrease in prepaid expenses and other assets (37,462) 96,743 272,194
Increase in management fee payable 599,348 468,961 555,892
Increase (decrease) in accounts payable and other accrued liabilities (847,683) (2,276,773) 260,538
Increase (decrease) in current income tax liability 0 583,361 (4,690,329)
Increase (decrease) in unearned revenue (711,230) 711,230 (2,133,685)
Net cash provided by operating activities 42,600,618 16,968,553 7,708,012
Investing Activities      
Proceeds from sale of long-term investment of trading and other equity securities 0 10,806,879 5,580,985
Proceeds from sale of leased property held for sale 7,678,246 0 0
Deferred lease costs (336,141) 0 (74,037)
Acquisition expenditures (251,513,344) (168,204,309) (1,834,036)
Purchases of property and equipment, net (138,918) (11,970) (40,670)
Proceeds from sale of property and equipment 0 948 5,201
Increase in financing notes receivable (524,037) (20,648,714) 0
Principal payment on financing note receivable 100,000 0 0
Return of capital on distributions received 121,578 981,373 1,772,776
Net cash (used) provided by investing activities (244,612,616) (177,075,793) 5,410,219
Financing Activities      
Payments on lease obligation 0 0 (20,698)
Debt financing costs (1,617,991) (3,269,429) (144,798)
Net offering proceeds on Series A preferred stock 54,210,476 0 0
Net offering proceeds on common stock 73,184,679 141,797,913 (523,094)
Net offering proceeds on convertible debt 111,262,500 0 0
Dividends paid on Series A preferred stock (3,503,125) 0 0
Dividends paid on common stock (28,528,224) (15,187,976) (8,946,941)
Distributions to non-controlling interest (2,486,464) (2,737,712) (3,282,152)
Advances on revolving line of credit 45,392,332 34,676,948 221,332
Payments on revolving line of credit (77,533,609) (2,617,606) (139,397)
Proceeds from term debt 45,000,000 0 0
Principal payments on term debt (1,800,000) 0 0
Principal payments on credit facility (4,528,000) (2,940,000) 0
Net cash (used) provided by financing activities 209,052,574 149,722,138 (12,835,748)
Net Change in Cash and Cash Equivalents 7,040,576 (10,385,102) 282,483
Cash and Cash Equivalents at beginning of period 7,578,164 17,963,266 17,680,783
Cash and Cash Equivalents at end of period 14,618,740 7,578,164 17,963,266
Supplemental Disclosure of Cash Flow Information      
Interest paid 7,873,333 2,762,903 2,651,355
Income taxes paid (net of refunds) 747,406 3,260,576 4,637,068
Non-Cash Investing Activities      
Change in accounts payable and accrued expenses related to intangibles and deferred costs 0 0 (68,417)
Change in accounts payable and accrued expenses related to acquisition expenditures (614,880) 270,615 (1,545,163)
Change in accounts payable and accrued expenses related to issuance of financing and other notes receivable (39,248) 39,248 0
Non-Cash Financing Activities      
Change in accounts payable and accrued expenses related to the issuance of common equity (72,685) 72,685 (523,094)
Change in accounts payable and accrued expenses related to debt financing costs $ (43,039) (176,961) 116,383
Reinvestment of distributions by common stockholders in additional common shares   $ 140,108 $ 108,119