Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net income (loss) $ 6,534,883 $ (8,266,854)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Deferred income tax, net 88,422 108,822
Depreciation, amortization and ARO accretion 8,793,101 7,427,544
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
Gain on sale of equipment (22,678) 0
Stock-based compensation 151,359 0
Changes in assets and liabilities:    
Accounts and other receivables 1,024,635 541,580
Financing note accrued interest receivable 0 (9,926)
Inventory (587,295) 144,113
Prepaid expenses and other assets 2,487,362 (2,349,299)
Due from affiliated companies, net 140,509 (184,030)
Management fee payable 0 (666,856)
Accounts payable and other accrued liabilities 363,137 1,740,265
Income tax liability 305,205 0
Operating lease liability (908,248) (673,516)
Unearned revenue 280,795 (292,738)
Net cash provided by operating activities 18,651,187 4,358,342
Investing Activities    
Acquisition of Crimson Midstream Holdings, net of cash acquired 0 (69,002,053)
Purchases of property and equipment (4,141,485) (9,275,334)
Proceeds from reimbursable projects 2,103,544 0
Proceeds from sale of property and equipment 38,075 79,600
Proceeds from insurance recovery 0 60,153
Principal payment on financing note receivable 86,626 70,417
Net cash used in investing activities (1,913,240) (78,067,217)
Financing Activities    
Debt financing costs 0 (2,735,922)
Dividends paid on Series A preferred stock (4,776,260) (4,619,344)
Dividends paid on Common Stock (1,492,690) (1,232,357)
Reinvestment of Dividends Paid to Common Stockholders 403,204 0
Distributions to non-controlling interest (1,618,424) (604,951)
Advances on revolving line of credit 4,000,000 8,000,000
Payments on revolving line of credit (4,000,000) (7,000,000)
Principal payments on Crimson secured credit facility (4,000,000) 0
Net cash used in financing activities (11,484,170) (8,192,574)
Net change in Cash and Cash Equivalents 5,253,777 (81,901,449)
Cash and Cash Equivalents at beginning of period 12,496,478 99,596,907
Cash and Cash Equivalents at end of period 17,750,255 17,695,458
Supplemental Disclosure of Cash Flow Information    
Interest paid 4,999,845 5,750,876
Income taxes paid (net of refunds) (12,055) (1,286)
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 0 116,205,762
Purchases of property, plant and equipment in accounts payable and other accrued liabilities 771,180 386,009
Non-Cash Financing Activities    
Change in accounts payable and accrued expenses related to debt financing costs 0 235,198
Crimson A-2 Units dividends payment-in-kind $ 0 $ 406,000