Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating Activities    
Net loss $ (8,966,821) $ (2,346,883)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Deferred income tax, net 94,604 222,337
Depreciation, amortization and ARO accretion 11,997,781 10,337,639
Amortization of debt issuance costs 1,236,178 1,192,821
Loss on impairment of goodwill 16,210,020 0
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 (39,678) (16,508)
Stock-based compensation 384,383 22,500
Changes in assets and liabilities:    
Accounts and other receivables 2,715,207 702,251
Financing note accrued interest receivable 0 (8,780)
Inventory (2,050,514) (1,572,534)
Prepaid expenses and other assets 4,296,890 (2,409,857)
Due from affiliated companies, net 209,943 (188,578)
Management fee payable 0 (971,626)
Accounts payable and other accrued liabilities 1,213,961 1,361,746
Income tax liability 344,630 33,027
Operating lease liability (1,094,766) (496,900)
Unearned revenue 151,295 (439,106)
Net cash provided by operating activities 26,703,113 12,260,786
Investing Activities    
Acquisition of Crimson Midstream Holdings, net of cash acquired 0 (69,002,053)
Acquisition of Corridor InfraTrust Management, net of cash acquired 0 952,487
Purchases of property and equipment (7,759,603) (15,024,412)
Proceeds from reimbursable projects 2,385,858 0
Proceeds from sale of property and equipment 55,075 97,210
Proceeds from insurance recovery 0 60,153
Principal payment on financing note receivable 131,917 113,595
Decrease in financing note receivable 0 26,849
Net cash used in investing activities (5,186,753) (82,776,171)
Financing Activities    
Debt financing costs 0 (2,735,922)
Dividends paid on Series A preferred stock (7,164,390) (7,007,474)
Dividends paid on Common Stock (1,644,549) (1,799,268)
Distributions to non-controlling interest (2,427,636) (1,446,901)
Advances on revolving line of credit 9,000,000 19,000,000
Payments on revolving line of credit (4,000,000) (16,000,000)
Principal payments on Crimson secured credit facility (6,000,000) (4,000,000)
Net cash used in financing activities (12,236,575) (13,989,565)
Net change in Cash and Cash Equivalents 9,279,785 (84,504,950)
Cash and Cash Equivalents at beginning of period 12,496,478 99,596,907
Cash and Cash Equivalents at end of period 21,776,263 15,091,957
Supplemental Disclosure of Cash Flow Information    
Interest paid 8,802,697 10,206,280
Income taxes paid (net of refunds) (12,055) (635,730)
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 2,249,585 0
Non-Cash Financing Activities    
Change in accounts payable and accrued expenses related to debt financing costs 0 235,198
Crimson Class A-2 Units dividends payment-in-kind 0 610,353
Reinvestment of Dividends Paid to Common Stockholders 601,184 0
Dividend equivalents accrued on RSUs 34,145 0
Series A, Internalization    
Non-Cash Investing Activities    
Stock issued, value, internalization transaction 0 4,245,112
Common Stock, Internalization    
Non-Cash Investing Activities    
Stock issued, value, internalization transaction 0 7,096,153
Class B Common Stock, Internalization    
Non-Cash Investing Activities    
Stock issued, value, internalization transaction $ 0 $ 3,288,890