Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOW

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CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net loss $ (9,519,669) $ (2,535,558) $ (306,067,579)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Deferred income tax 1,498,584 4,076,290 310,985
Depreciation, amortization and ARO accretion 16,076,326 14,801,676 13,654,429
Amortization of debt issuance costs 1,648,242 1,604,881 1,270,035
Loss on impairment of goodwill 16,210,020 0 0
Loss on impairment of leased property 0 0 140,268,379
Loss on impairment and disposal of leased property 0 5,811,779 146,537,547
Loss on termination of lease 0 165,644 458,297
Deferred rent receivable write-off, noncash 0 0 30,105,820
(Gain) loss on extinguishment of debt 0 861,814 (11,549,968)
Gain on sale of equipment (39,678) (16,508) (13,683)
Stock-based compensation 612,117 22,500 0
Changes in assets and liabilities:      
Deferred rent receivables 0 0 (247,718)
Accounts and other receivables (786,145) 1,121,365 467,257
Financing note accrued interest receivable 0 (8,780) (18,069)
Inventory (1,996,528) (2,183,946) 0
Prepaid expenses and other assets (6,314,654) (4,840,831) (1,424,332)
Due from affiliated companies, net 70,516 (28,509) 0
Management fee payable 0 (971,626) (698,324)
Accounts payable and other accrued liabilities 12,133,378 (562,870) (1,903,936)
Income tax payable 174,849 0 0
Unearned revenue 109,019 (601,126) (766,070)
Other changes, net 3,331 156 0
Net cash provided by operating activities 29,879,708 16,716,351 10,383,070
Investing Activities      
Acquisition of Crimson Midstream Holdings, net of cash acquired 0 (69,002,052) 0
Acquisition of Corridor InfraTrust Management, net of cash acquired 0 952,487 0
Purchases of property and equipment, net (13,893,812) (20,228,454) (2,186,155)
Proceeds from reimbursable projects 2,523,196 3,131,391 0
Proceeds from sale of property and equipment 55,075 97,210 15,000
Proceeds from insurance recovery 0 60,153 0
Principal payment on financing note receivable 178,581 155,008 43,333
Decrease in financing note receivable 0 26,849 0
Net cash used in investing activities (11,136,960) (84,807,408) (2,127,822)
Financing Activities      
Debt financing costs 0 (2,735,922) 0
Cash paid for maturity of convertible notes 0 0 (1,676,000)
Cash paid for repurchase of convertible notes 0 0 (1,316,250)
Cash paid for settlement of Pinedale Secured Credit Facility 0 0 (3,074,572)
Repurchases of Series A preferred stock 0 0 (161,997)
Dividends paid on Series A preferred stock (9,552,519) (9,395,604) (9,242,797)
Dividends paid on Common Stock (2,200,656) (2,439,446) (12,286,368)
Distributions to non-controlling interest (3,236,848) (2,256,113) 0
Advances on revolving line of credit 14,000,000 24,000,000 0
Payments on revolving line of credit (6,000,000) (22,000,000) 0
Principal payments on secured credit facility (8,000,000) (6,000,000) (1,764,000)
Proceeds from financing arrangement 5,814,435 3,882,392 0
Payments on financing arrangement (3,277,254) (3,020,581) 0
Net cash used in financing activities (12,452,842) (19,965,274) (29,521,984)
Net change in cash and cash equivalents 6,289,906 (88,056,331) (21,266,736)
Cash and cash equivalents at beginning of year 11,540,576 99,596,907 120,863,643
Cash and cash equivalents at end of year 17,830,482 11,540,576 99,596,907
Supplemental Disclosure of Cash Flow Information      
Interest paid 11,343,702 11,224,582 9,272,409
Income tax refunds 12,055 635,730 466,236
Non-Cash Investing Activities      
Proceeds from sale of leased property provided directly to secured lender 0 0 18,000,000
Purchases of property, plant and equipment in accounts payable and other accrued liabilities 2,099,287 113,847 591,421
In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition 0 48,873,169 0
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition 0 105,000,000 0
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition 0 116,205,762 0
Non-Cash Financing Activities      
Proceeds from sale of leased property used in settlement of Pinedale Secured Credit Facility 0 0 (18,000,000)
Reinvestment of dividends paid to common stockholders 803,923 410,580 0
Common Stock issued upon exchange and conversion of convertible notes 0 0 419,129
Crimson Class A-2 Units dividends payment in-kind 0 610,353 0
Dividend equivalents accrued on RSUs 67,431 0 0
Assets acquired under financing arrangement 3,672,910 1,617,825 0
As Previously Reported      
Operating Activities      
Net loss   (2,535,558)  
Adjustments to reconcile net loss to net cash provided by operating activities:      
Deferred income tax   4,076,290  
Depreciation, amortization and ARO accretion   16,406,557  
Amortization of debt issuance costs   0  
Loss on impairment and disposal of leased property   5,811,779  
Loss on termination of lease   165,644  
(Gain) loss on extinguishment of debt   861,814  
Gain on sale of equipment   (16,508)  
Stock-based compensation   0  
Changes in assets and liabilities:      
Accounts and other receivables   (92,089)  
Financing note accrued interest receivable   (8,780)  
Inventory   (2,183,946)  
Prepaid expenses and other assets   (958,283)  
Due from affiliated companies, net   (28,509)  
Management fee payable   (971,626)  
Accounts payable and other accrued liabilities   (2,627,549)  
Unearned revenue   (601,126)  
Other changes, net   0  
Net cash provided by operating activities   17,298,110  
Investing Activities      
Acquisition of Crimson Midstream Holdings, net of cash acquired   (69,002,052)  
Acquisition of Corridor InfraTrust Management, net of cash acquired   952,487  
Purchases of property and equipment, net   (15,883,609)  
Proceeds from reimbursable projects   0  
Proceeds from sale of property and equipment   97,210  
Proceeds from insurance recovery   60,153  
Principal payment on financing note receivable   155,008  
Decrease in financing note receivable   26,849  
Net cash used in investing activities   (83,593,954)  
Financing Activities      
Debt financing costs   (2,735,922)  
Dividends paid on Series A preferred stock   (9,395,604)  
Dividends paid on Common Stock   (2,439,446)  
Distributions to non-controlling interest   (2,256,113)  
Advances on revolving line of credit   24,000,000  
Payments on revolving line of credit   (22,000,000)  
Principal payments on secured credit facility   (6,000,000)  
Net cash used in financing activities   (20,804,585)  
Net change in cash and cash equivalents   (87,100,429)  
Cash and cash equivalents at beginning of year 12,496,478 99,596,907  
Cash and cash equivalents at end of year   12,496,478 99,596,907
Non-Cash Financing Activities      
Crimson Class A-2 Units dividends payment in-kind   610,353  
Assets acquired under financing arrangement   0  
Series A, Internalization      
Non-Cash Investing Activities      
Stock issued, value, internalization transaction 0 4,245,112 0
Series A, Internalization | As Previously Reported      
Non-Cash Investing Activities      
Stock issued, value, internalization transaction   4,245,112  
Common Stock, Internalization      
Non-Cash Investing Activities      
Stock issued, value, internalization transaction 0 7,096,153 0
Common Stock, Internalization | As Previously Reported      
Non-Cash Investing Activities      
Stock issued, value, internalization transaction   7,096,153  
Class B Common Stock, Internalization      
Non-Cash Investing Activities      
Stock issued, value, internalization transaction $ 0 3,288,890 $ 0
Class B Common Stock, Internalization | As Previously Reported      
Non-Cash Investing Activities      
Stock issued, value, internalization transaction   $ 3,288,890