Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities    
Net loss $ (10,694,263) $ (162,042,368)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Deferred income tax, net (26,400) 369,921
Depreciation, amortization and ARO accretion 3,267,034 5,975,316
Loss on impairment of leased property 0 140,268,379
Loss on impairment and disposal of leased property 5,811,779 0
Loss on termination of lease 165,644 0
Deferred rent receivable write-off, noncash 0 30,105,820
Loss on extinguishment of debt 861,814 0
Non-cash lease expense 178,542 0
Loss on sale of equipment 0 3,958
Changes in assets and liabilities:    
Deferred rent receivable 0 (247,718)
Accounts and other receivables (344,371) 649,868
Financing note accrued interest receivable (6,714) 0
Inventory (26,111) 0
Prepaid expenses and other assets (249,081) (108,007)
Due (from) to affiliated companies, net 1,225,906 0
Management fee payable (363,380) 3,953
Accounts payable and other accrued liabilities (1,611,539) (3,030,782)
Operating lease liability (523,652) 0
Unearned revenue (146,369) (180,628)
Net cash (used in) provided by operating activities (2,481,161) 11,767,712
Investing Activities    
Acquisition of Crimson Midstream Holdings, net of cash acquired (68,094,324) 0
Purchases of property and equipment, net (4,625,511) (13,031)
Proceeds from sale of property and equipment 79,600 0
Proceeds from insurance recovery 60,153 0
Principal payment on financing note receivable 32,500 32,500
Net cash (used in) provided by investing activities (72,547,582) 19,469
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 (2,309,672) (2,313,780)
Dividends paid on common stock (682,576) (10,238,640)
Advances on revolving line of credit 3,000,000 0
Payments on revolving line of credit (3,000,000) 0
Principal payments on secured credit facilities 0 (882,000)
Net cash used in financing activities (5,728,170) (13,596,417)
Net change in Cash and Cash Equivalents (80,756,913) (1,809,236)
Cash and Cash Equivalents at beginning of period 99,596,907 120,863,643
Cash and Cash Equivalents at end of period 18,839,994 119,054,407
Supplemental Disclosure of Cash Flow Information    
Interest paid 4,254,050 4,334,215
Income taxes paid (net of refunds) 5,026 (467,407)
Non-Cash Investing Activities    
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 115,323,036 0
Purchases of property, plant and equipment in accounts payable and other accrued liabilities 868,190 0
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