Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net income (loss) $ (6,367,683) $ 6,534,883
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Deferred income tax, net (946,299) 88,422
Depreciation and amortization 7,269,153 7,968,981
Amortization of debt issuance costs 774,047 824,120
Gain on sale of equipment (1,074) (22,678)
Stock-based compensation 92,344 151,359
Changes in assets and liabilities:    
Accounts and other receivables 1,482,880 1,024,635
Inventory 2,224,250 (587,295)
Prepaid expenses and other assets 4,095,376 1,785,571
Due from affiliated companies, net 108,852 140,509
Accounts payable and other accrued liabilities (6,069,668) 1,071,089
Income tax payable (166,320) 305,205
Unearned revenue 162,160 280,795
Other changes, net (30,613) (206,457)
Net cash provided by operating activities 2,627,405 19,359,139
Investing Activities    
Purchases of property and equipment (7,967,423) (4,141,485)
Proceeds from reimbursable projects 858,134 2,103,544
Other changes, net (789,739) 124,701
Net cash used in investing activities (7,899,028) (1,913,240)
Financing Activities    
Dividends paid on Series A preferred stock 0 (4,776,260)
Dividends paid on Common Stock 0 (1,492,690)
Reinvestment of Dividends Paid to Common Stockholders 0 403,204
Distributions to non-controlling interest 0 (1,618,424)
Advances on the Crimson Revolver 7,000,000 4,000,000
Payments on the Crimson Revolver (1,000,000) (4,000,000)
Principal payments on the Crimson Term Loan (4,000,000) (4,000,000)
Dividends paid on Vested RSUs (15,612) 0
Payments on financing arrangement (2,203,747) (1,170,635)
Net cash used in financing activities (219,359) (12,654,805)
Net change in Cash and Cash Equivalents (5,490,982) 4,791,094
Cash and Cash Equivalents at beginning of period 17,830,482 11,540,576
Cash and Cash Equivalents at end of period(1) [1] 12,339,500 16,331,670
Supplemental Disclosure of Cash Flow Information    
Interest paid 9,007,546 4,999,845
Income taxes paid (net of refunds) 191,000 (12,055)
Non-Cash Investing Activities    
Purchases of property, plant and equipment in accounts payable and other accrued liabilities 1,430,552 771,180
Non-Cash Financing Activities    
Assets acquired under financing arrangement $ 0 $ 1,226,402
[1] (1) Cash and Cash Equivalents at the end of the six months ended June 30, 2023 include $3.1 million held-for-sale. The Consolidated Statement of Cash Flows reflects assets and liabilities classified as held-for-sale that are presented in the Held-for-Sale Balance Sheet in Note 3. ("Held-for-Sale"). See Note 3. ("Held-for-Sale") for further information.