Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities    
Net loss $ (2,346,883) $ (303,395,899)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Deferred income tax, net 222,337 225,628
Depreciation, amortization and ARO accretion 11,530,460 12,441,775
Loss on impairment of leased property 0 140,268,379
Loss on impairment and disposal of leased property 5,811,779 146,537,547
Loss on termination of lease 165,644 458,297
Deferred rent receivable write-off, noncash 0 30,105,820
(Gain) loss on extinguishment of debt 861,814 (11,549,968)
Non-cash lease expense 373,847 0
Gain on sale of equipment (16,508) (3,542)
Changes in assets and liabilities:    
Deferred rent receivable 0 (247,718)
Accounts and other receivables 702,251 1,040,064
Financing note accrued interest receivable (8,780) (11,293)
Inventory (1,572,534) 0
Prepaid expenses and other assets (2,409,857) (1,056,726)
Due from affiliated companies, net (188,578) 0
Management fee payable (971,626) (700,194)
Accounts payable and other accrued liabilities 987,899 (2,551,374)
Income tax liability 33,027 0
Operating lease liability (496,900) 0
Unearned revenue (439,106) (838,422)
Net cash provided by operating activities 12,238,286 10,722,374
Investing Activities    
Acquisition of Crimson Midstream Holdings, net of cash acquired (69,002,053) 0
Acquisition of Corridor InfraTrust Management, net of cash acquired 952,487 0
Purchases of property and equipment, net (15,024,412) (885,711)
Proceeds from sale of property and equipment 97,210 7,500
Proceeds from insurance recovery 60,153 0
Principal payment on financing note receivable 113,595 43,333
Decrease in financing note receivable 26,849 0
Net cash used in investing activities (82,776,171) (834,878)
Financing Activities    
Debt financing costs (2,735,922) 0
Repurchases of Series A preferred stock 0 (161,997)
Dividends paid on Series A preferred stock (7,007,474) (6,933,124)
Dividends paid on Common Stock (1,799,268) (11,603,792)
Common stock issued under director's compensation plan 22,500 0
Cash paid for maturity of convertible notes 0 (1,676,000)
Cash paid for repurchase of convertible notes 0 (1,316,250)
Cash paid for settlement of Pinedale Secured Credit Facility 0 (3,074,572)
Distributions to non-controlling interest (1,446,901) 0
Advances on revolving line of credit 19,000,000 0
Payments on revolving line of credit (16,000,000) 0
Principal payments on secured credit facilities (4,000,000) (1,764,000)
Net cash used in financing activities (13,967,065) (26,529,735)
Net change in Cash and Cash Equivalents (84,504,950) (16,642,239)
Cash and Cash Equivalents at beginning of period 99,596,907 120,863,643
Cash and Cash Equivalents at end of period 15,091,957 104,221,404
Supplemental Disclosure of Cash Flow Information    
Interest paid 10,206,280 9,066,335
Income taxes paid (net of refunds) (635,730) (466,382)
Non-Cash Investing Activities    
Proceeds from sale of leased property provided directly to secured lender 0 18,000,000
In-kind consideration for the Grand Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition 48,873,169 0
Crimson Credit Facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition 105,000,000 0
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition 116,205,762 0
Purchases of property, plant and equipment in accounts payable and other accrued liabilities 0 313,859
Non-Cash Financing Activities    
Change in accounts payable and accrued expenses related to debt financing costs 235,198 0
Common Stock issued upon exchange and conversion of convertible notes 0 419,129
Proceeds from sale of leased property used in settlement of Pinedale Secured Credit Facility 0 (18,000,000)
Crimson A-2 Units dividends payment in kind 610,353 0
Series A, Internalization    
Non-Cash Investing Activities    
Stock issued, value, internalization transaction 4,245,112 0
Common Stock, Internalization    
Non-Cash Investing Activities    
Stock issued, value, internalization transaction 7,096,153 0
Class B Common Stock, Internalization    
Non-Cash Investing Activities    
Stock issued, value, internalization transaction $ 3,288,890 $ 0