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, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net loss $ (272,830,090) $ (9,519,669) $ (2,535,558)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Deferred income tax (867,451) 1,498,584 4,076,290
Depreciation and amortization 14,111,980 16,076,326 14,801,676
Amortization of debt issuance costs 1,472,565 1,648,242 1,604,881
Loss on impairment of goodwill 0 16,210,020 0
Loss on impairment and disposal of leased property 0 0 5,811,779
Loss on termination of lease 0 0 165,644
Loss on impairment of leased property 258,315,556 0 0
Loss on extinguishment of debt 0 0 861,814
Gain on sale of equipment (1,074) (39,678) (16,508)
Stock-based compensation 304,859 612,117 22,500
Changes in assets and liabilities:      
Accounts and other receivables 1,296,971 (786,145) 1,121,365
Financing note accrued interest receivable 0 0 (8,780)
Inventory 3,520,417 (1,996,528) (2,183,946)
Prepaid expenses and other assets (4,166,949) (6,314,654) (4,840,831)
Due from affiliated companies, net 64,268 70,516 (28,509)
Management fee payable 0 0 (971,626)
Accounts payable and other accrued liabilities 5,890,296 12,133,378 (562,870)
Income tax payable (152,867) 174,849 0
Unearned revenue (886,110) 109,019 (601,126)
Other changes, net 356,214 3,331 156
Net cash provided by operating activities 6,428,585 29,879,708 16,716,351
Investing Activities      
Acquisition of Crimson Midstream Holdings, net of cash acquired 0 0 (69,002,052)
Acquisition of Corridor InfraTrust Management, net of cash acquired 0 0 952,487
Purchases of property and equipment (16,462,731) (13,893,812) (20,228,454)
Proceeds from reimbursable projects 1,247,766 2,523,196 3,131,391
Project development funding (1,104,823) 0 0
Other changes, net 204,979 233,656 339,220
Net cash used in investing activities (16,114,809) (11,136,960) (84,807,408)
Financing Activities      
Debt financing costs 0 0 (2,735,922)
Dividends paid on Series A preferred stock 0 (9,552,519) (9,395,604)
Dividends paid on Common Stock 0 (2,200,656) (2,439,446)
Distributions to non-controlling interest 0 (3,236,848) (2,256,113)
Advances on the Crimson Revolver 16,000,000 14,000,000 24,000,000
Payments on the Crimson Revolver (1,000,000) (6,000,000) (22,000,000)
Principal payments on the Crimson Term Loan (10,000,000) (8,000,000) (6,000,000)
Proceeds from financing arrangement 4,630,015 5,814,435 3,882,392
Payments on financing arrangement (3,732,212) (3,277,254) (3,020,581)
Payment on note payable (437,500) 0 0
Other Changes, net (84,833) 0 0
Net cash provided by (used in) financing activities 5,375,470 (12,452,842) (19,965,274)
Net change in cash and cash equivalents (4,310,754) 6,289,906 (88,056,331)
Cash and cash equivalents at beginning of year 17,830,482 [1] 11,540,576 [1] 99,596,907
Cash and cash equivalents at end of year [1] 13,519,728 17,830,482 11,540,576
Supplemental Disclosure of Cash Flow Information      
Interest paid 16,067,602 11,343,702 11,224,582
Income taxes paid (net of refunds) 193,309 (12,055) (635,730)
Non-Cash Investing Activities      
Purchases of property, plant and equipment in accounts payable and other accrued liabilities 1,123,307 2,099,287 113,847
In-kind consideration for the Grand Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition 0 0 48,873,169
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition 0 0 105,000,000
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition 0 0 116,205,762
Non-Cash Financing Activities      
Reinvestment of dividends paid to common stockholders 0 803,923 410,580
Common Stock issued upon exchange and conversion of convertible notes 0 0 0
Crimson Class A-2 Units dividends payment in-kind 0 0 610,353
Dividend equivalents accrued on RSUs 0 67,431 0
Assets acquired under financing arrangement 4,639,406 3,672,910 1,617,825
Series A, Internalization      
Non-Cash Investing Activities      
Stock issued, value, internalization transaction 0 0 4,245,112
Common Stock, Internalization      
Non-Cash Investing Activities      
Stock issued, value, internalization transaction 0 0 7,096,153
Class B Common Stock, Internalization      
Non-Cash Investing Activities      
Stock issued, value, internalization transaction $ 0 $ 0 $ 3,288,890
[1]
(1) Cash and Cash Equivalents at the end of the year ended December 31, 2023 includes $225 thousand 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.