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, 2023
Mar. 31, 2022
Operating Activities    
Net income (loss) $ (3,200,333) $ 4,364,757
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Deferred income tax, net (11,595) 72,213
Depreciation and amortization 4,031,627 3,976,667
Amortization of debt issuance costs 417,993 412,260
Gain on sale of equipment (1,074) 0
Stock-based compensation (10,374) 0
Changes in assets and liabilities:    
Accounts and other receivables 2,488,218 1,020,985
Inventory (2,930,215) (14,712)
Prepaid expenses and other assets 2,275,824 1,255,475
Due from affiliated companies, net 47,759 282,032
Accounts payable and other accrued liabilities (6,414,000) (4,274,956)
Income tax payable 9,792 141,226
Unearned revenue 513,243 46,019
Other changes, net (324,496) (312,060)
Net cash provided by (used in) operating activities (3,107,631) 6,969,906
Investing Activities    
Purchases of property and equipment (4,102,119) (1,191,364)
Proceeds from reimbursable projects 742,537 1,478,042
Other changes, net (130,439) 42,666
Net cash provided by (used in) investing activities (3,490,021) 329,344
Financing Activities    
Dividends paid on Series A preferred stock 0 (2,388,130)
Dividends paid on Common Stock 0 (744,659)
Reinvestment of Dividends Paid to Common Stockholders 0 207,053
Distributions to non-controlling interest 0 (809,212)
Advances on the Crimson Revolver 4,000,000 2,000,000
Payments on the Crimson Revolver (1,000,000) (3,000,000)
Principal payments on the Crimson Term Loan (2,000,000) (2,000,000)
Dividends paid on Vested RSUs (6,332) 0
Payments on financing arrangement (881,499) (862,754)
Net cash provided by (used in) financing activities 112,169 (7,597,702)
Net change in Cash and Cash Equivalents (6,485,483) (298,452)
Cash and Cash Equivalents at beginning of period 17,830,482 11,540,576
Cash and Cash Equivalents at end of period 11,344,999 11,242,124
Supplemental Disclosure of Cash Flow Information    
Interest paid 5,467,817 4,500,333
Income taxes paid (net of refunds) 0 (716)
Non-Cash Investing Activities    
Purchases of property, plant and equipment in accounts payable and other accrued liabilities 1,174,225 1,178,271
Non-Cash Financing Activities    
Change in accounts payable and accrued expenses related to debt financing costs 71,196 0
Assets acquired under financing arrangement $ 0 $ 647,130