Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net loss $ (10,678,019) $ (8,966,821)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Deferred income tax (785,891) 94,604
Depreciation and amortization 10,620,391 11,997,781
Amortization of debt issuance costs 1,113,206 1,236,178
Loss on impairment of goodwill 0 16,210,020
Gain on sale of equipment (1,074) (39,678)
Stock-based compensation 203,213 384,383
Changes in assets and liabilities:    
Accounts and other receivables 36,804 2,715,207
Inventory 3,865,532 (2,050,514)
Prepaid expenses and other assets 3,248,836 1,782,460
Due from affiliated companies, net 89,268 209,943
Accounts payable and other accrued liabilities (1,515,953) 3,029,625
Income tax payable (163,884) 344,630
Unearned revenue (390,533) 151,295
Other changes, net 188,116 (100,855)
Net cash provided by operating activities 5,830,012 26,998,258
Investing Activities    
Purchases of property and equipment (13,458,018) (7,759,603)
Proceeds from reimbursable projects 971,770 2,385,858
Other changes, net (882,956) 186,992
Net cash used in investing activities (13,369,204) (5,186,753)
Financing Activities    
Dividends paid on Series A preferred stock 0 (7,164,390)
Dividends paid on Common Stock 0 (1,644,549)
Distributions to non-controlling interest 0 (2,427,636)
Advances on the Crimson Revolver 11,000,000 9,000,000
Payments on the Crimson Revolver (1,000,000) (4,000,000)
Principal payments on the Crimson Term Loan (7,000,000) (6,000,000)
Dividends paid on Vested RSUs (16,111) 0
Taxes paid for RSU withholdings (68,722) 0
Proceeds from financing arrangement 0 1,520,517
Payments on financing arrangement (3,525,995) (1,987,382)
Payment on note payable (437,500) 0
Net cash used in financing activities (1,048,328) (12,703,440)
Net change in Cash and Cash Equivalents (8,587,520) 9,108,065
Cash and Cash Equivalents at beginning of period 17,830,482 11,540,576
Cash and Cash Equivalents at end of period [1] 9,242,962 20,648,641
Supplemental Disclosure of Cash Flow Information    
Interest paid 13,274,159 8,802,697
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 2,122,319 2,249,585
Non-Cash Financing Activities    
Reinvestment of distributions by common stockholders in additional common shares 0 601,184
Dividend equivalents accrued on RSUs 0 34,145
Assets acquired under financing arrangement $ 0 $ 307,312
[1] (1) Cash and Cash Equivalents at the end of the nine months ended September 30, 2023 include $6.2 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.