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
Mar. 31, 2022
Mar. 31, 2021
Operating Activities    
Net income (loss) $ 4,364,757 $ (10,694,263)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Deferred income tax, net 72,213 (26,400)
Depreciation, amortization and ARO accretion 4,388,927 3,267,034
Loss on impairment and disposal of leased property 0 5,811,779
Loss on termination of lease 0 165,644
Loss on extinguishment of debt 0 861,814
Changes in assets and liabilities:    
Accounts and other receivables 2,412,748 (344,371)
Financing note accrued interest receivable 0 (6,714)
Inventory (14,712) (26,111)
Prepaid expenses and other assets 1,601,150 (70,539)
Due from affiliated companies, net 282,032 1,225,906
Management fee payable 0 (363,380)
Accounts payable and other accrued liabilities (4,056,041) (1,611,539)
Income tax liability 141,226 0
Operating lease liability (657,735) (523,652)
Unearned revenue 46,019 (146,369)
Net cash provided by (used in) operating activities 8,580,584 (2,481,161)
Investing Activities    
Acquisition of Crimson Midstream Holdings, net of cash acquired 0 (68,094,324)
Purchases of property and equipment, net (1,098,698) (4,625,511)
Proceeds from sale of property and equipment 0 79,600
Proceeds from insurance recovery 0 60,153
Principal payment on financing note receivable 42,666 32,500
Net cash used in investing activities (1,056,032) (72,547,582)
Financing Activities    
Debt financing costs 0 (2,735,922)
Dividends paid on Series A preferred stock (2,388,130) (2,309,672)
Dividends paid on Common Stock (744,659) (682,576)
Reinvestment of Dividends Paid to Common Stockholders 207,053 0
Distributions to non-controlling interest (809,212) 0
Advances on revolving line of credit 2,000,000 3,000,000
Payments on revolving line of credit (3,000,000) (3,000,000)
Principal payments on Crimson secured credit facility (2,000,000) 0
Net cash used in financing activities (6,734,948) (5,728,170)
Net change in Cash and Cash Equivalents 789,604 (80,756,913)
Cash and Cash Equivalents at beginning of period 12,496,478 99,596,907
Cash and Cash Equivalents at end of period 13,286,082 18,839,994
Supplemental Disclosure of Cash Flow Information    
Interest paid 4,500,333 4,254,050
Income taxes paid (net of refunds) (716) 5,026
Non-Cash Investing Activities    
In-kind consideration for the Grand Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition 0 48,873,169
Crimson Credit Facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition 0 105,000,000
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition 0 115,323,036
Purchases of property, plant and equipment in accounts payable and other accrued liabilities 1,178,271 868,190
Non-Cash Financing Activities    
Change in accounts payable and accrued expenses related to debt financing costs $ 0 $ (235,198)