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, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities      
Net income (loss) $ (2,535,558) $ (306,067,579) $ 4,079,495
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Deferred income tax 4,076,290 310,985 354,642
Depreciation, amortization and ARO accretion 16,406,557 14,924,464 23,808,083
Loss on impairment of leased property 0 140,268,379 0
Loss on impairment and disposal of leased property 5,811,779 146,537,547 0
Loss on termination of lease 165,644 458,297 0
Deferred rent receivable write-off, noncash 0 30,105,820 0
(Gain) loss on extinguishment of debt 861,814 (11,549,968) 33,960,565
Gain on sale of equipment (16,508) (13,683) (7,390)
Changes in assets and liabilities:      
Deferred rent receivables 0 (247,718) (3,915,347)
Accounts and other receivables (92,089) 467,257 940,009
Financing note accrued interest receivable (8,780) (18,069) 0
Inventory (2,183,946) 0 0
Prepaid expenses and other assets (958,283) (1,424,332) (136,108)
Due from affiliated companies, net (28,509) 0 0
Management fee payable (971,626) (698,324) (161,663)
Accounts payable and other accrued liabilities (2,627,549) (1,903,936) 2,517,069
Unearned revenue (601,126) (766,070) 339,749
Net cash provided by operating activities 17,298,110 10,383,070 61,779,104
Investing Activities      
Acquisition of Crimson Midstream Holdings, net of cash acquired (69,002,052) 0 0
Acquisition of Corridor InfraTrust Management, net of cash acquired 952,487 0 0
Purchases of property and equipment, net (15,883,609) (2,186,155) (372,934)
Proceeds from sale of property and equipment 97,210 15,000 7,000
Proceeds from insurance recovery 60,153 0 0
Principal payment on financing note receivable 155,008 43,333 5,065,000
Decrease in financing note receivable 26,849 0 0
Net cash provided by (used in) investing activities (83,593,954) (2,127,822) 4,699,066
Financing Activities      
Debt financing costs (2,735,922) 0 (372,759)
Cash paid for extinguishment of convertible notes 0 0 (78,939,743)
Cash paid for maturity of convertible notes 0 (1,676,000) 0
Cash paid for repurchase of convertible notes 0 (1,316,250) 0
Cash paid for settlement of Pinedale Secured Credit Facility 0 (3,074,572) 0
Net offering proceeds on convertible debt 0 0 116,355,125
Repurchases of Series A preferred stock 0 (161,997) (60,550)
Dividends paid on Series A preferred stock (9,395,604) (9,242,797) (9,255,121)
Dividends paid on Common Stock (2,439,446) (12,286,368) (39,100,656)
Common Stock issued under the director's compensation plan 22,500 0 0
Distributions to non-controlling interest (2,256,113) 0 0
Advances on revolving line of credit 24,000,000 0 0
Payments on revolving line of credit (22,000,000) 0 0
Principal payments on secured credit facilities (6,000,000) (1,764,000) (3,528,000)
Net cash used in financing activities (20,804,585) (29,521,984) (14,901,704)
Net change in cash and cash equivalents (87,100,429) (21,266,736) 51,576,466
Cash and cash equivalents at beginning of year 99,596,907 120,863,643 69,287,177
Cash and cash equivalents at end of year 12,496,478 99,596,907 120,863,643
Supplemental Disclosure of Cash Flow Information      
Interest paid 11,224,582 9,272,409 6,834,439
Income taxes paid (net of refunds) (635,730) (466,236) 89,433
Non-Cash Investing Activities      
Proceeds from sale of leased property provided directly to secured lender 0 18,000,000 0
Purchases of property, plant and equipment in accounts payable and other accrued liabilities 113,847 591,421 0
In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition 48,873,169 0 0
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition 105,000,000 0 0
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition 116,205,762 0 0
Non-Cash Financing Activities      
Proceeds from sale of leased property used in settlement of Pinedale Secured Credit Facility 0 (18,000,000) 0
Reinvestment of distributions by Common Stockholders in additional common shares 0 0 403,831
Common Stock issued upon exchange and conversion of convertible notes 0 419,129 66,064,966
Crimson A-2 Units dividends payment in-kind 610,353 0 0
Series A, Internalization      
Non-Cash Investing Activities      
Common stock issued due to internalization transaction 4,245,112 0 0
Common Stock, Internalization      
Non-Cash Investing Activities      
Common stock issued due to internalization transaction 7,096,153 0 0
Class B Common Stock, Internalization      
Non-Cash Investing Activities      
Common stock issued due to internalization transaction $ 3,288,890 $ 0 $ 0