Annual report pursuant to Section 13 and 15(d)

QUARTERLY FINANCIAL DATA (UNAUDITED) - Revised Consolidated Statements of Cash Flows (Details)

v3.23.1
QUARTERLY FINANCIAL DATA (UNAUDITED) - Revised Consolidated Statements of Cash Flows (Details) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities                              
Net income (loss) $ (552,849) $ (15,501,704) $ 2,170,126 $ 4,364,757 $ (188,675) $ 5,919,971 $ 2,427,409 $ (10,694,263) $ 6,534,883 $ (8,266,854) $ (8,966,821) $ (2,346,883) $ (9,519,669) $ (2,535,558) $ (306,067,579)
Adjustments to reconcile net loss to net cash provided by operating activities:                              
Deferred income tax       72,213       (26,400) 88,422 108,822 94,604 222,337 1,498,584 4,076,290 310,985
Depreciation, amortization and ARO accretion       3,976,667       2,898,330 7,968,981 6,646,783 11,997,781 10,337,639 16,076,326 14,801,676 13,654,429
Amortization of debt issuance costs       412,260       368,704 824,120 780,761 1,236,178 1,192,821 1,648,242 1,604,881 1,270,035
Loss on impairment   16,210,020                 16,210,020   16,210,020 0 0
Loss on impairment and disposal of leased property               5,811,779   5,811,779   5,811,779 0 5,811,779 146,537,547
Loss on termination of lease               165,644   165,644   165,644 0 165,644 458,297
Loss on extinguishment of debt               861,814   861,814   861,814 0 861,814 (11,549,968)
Non-cash lease expense               0   0   0      
Gain on sale of equipment                 (22,678)   (39,678) (16,508) (39,678) (16,508) (13,683)
Stock-based compensation                 151,359   384,383 22,500 612,117 22,500 0
Changes in assets and liabilities:                              
Accounts and other receivables       1,020,985       (344,371) 1,024,635 664,556 2,715,207 115,294 (786,145) 1,121,365 467,257
Financing note accrued interest receivable               (6,714)   (9,926)   (8,780) 0 (8,780) (18,069)
Inventory       (14,712)       (26,111) (587,295) 144,113 (2,050,514) (1,572,534) (1,996,528) (2,183,946) 0
Prepaid expenses and other assets       1,255,475       (249,081) 1,785,571 (6,670,937) 1,782,460 (6,292,249) (6,314,654) (4,840,831) (1,424,332)
Due from affiliated companies, net       282,032       1,225,906 140,509 (184,030) 209,943 (188,578) 70,516 (28,509) 0
Management fee payable               (363,380)   (666,856)   (971,626) 0 (971,626) (698,324)
Accounts payable and other accrued liabilities       (4,274,956)       (2,790,419) 1,071,089 1,622,932 3,029,625 1,869,665 12,133,378 (562,870) (1,903,936)
Income tax payable       141,226               33,027 174,849 0 0
Income tax liability                 305,205 0 344,630        
Operating lease liability       0       0 0 (292,738) 0 0      
Unearned revenue       46,019       (146,369) 280,795 481,593 151,295 (439,106) 109,019 (601,126) (766,070)
Other changes, net       (312,060)       (345,110) (206,457) 234,270 (100,855) (123,053) 3,331 156 0
Net cash provided by operating activities       6,969,906       (3,660,041) 19,359,139   26,998,258 8,673,203 29,879,708 16,716,351 10,383,070
Investing Activities                              
Acquisition of Crimson Midstream Holdings, net of cash acquired               (68,094,324)   (69,002,053)   (69,002,053) 0 (69,002,052) 0
Acquisition of Corridor InfraTrust Management, net of cash acquired                       952,487 0 952,487 0
Purchases of property and equipment       (1,191,364)       (4,625,511) (4,141,485) (9,985,267) (7,759,603) (15,734,345) (13,893,812) (20,228,454) (2,186,155)
Proceeds from reimbursable projects       1,478,042       79,600 2,103,544 586,957 2,385,858 1,296,890 2,523,196 3,131,391 0
Proceeds from sale of property and equipment               60,153 38,075 79,600 55,075 97,210 55,075 97,210 15,000
Proceeds from insurance recovery               32,500   60,153   60,153 0 60,153 0
Principal payment on financing note receivable       42,666         86,626 70,417 131,917 113,595 178,581 155,008 43,333
Decrease in financing note receivable                       26,849 0 26,849 0
Net cash used in investing activities       329,344       (72,547,582) (1,913,240) (78,190,193) (5,186,753) (82,189,214) (11,136,960) (84,807,408) (2,127,822)
Financing Activities                              
Debt financing costs               (2,735,922)   (2,735,922)   (2,735,922) 0 (2,735,922) 0
Dividends paid on Series A preferred stock       (2,388,130)       (2,309,672) (4,776,260) (4,619,344) (7,164,390) (7,007,474) (9,552,519) (9,395,604) (9,242,797)
Dividends paid on Common Stock       (744,659)       (682,576) (1,492,690) (1,232,357) (1,644,549) (1,799,268) (2,200,656) (2,439,446) (12,286,368)
Reinvestment of Dividends Paid to Common Stockholders                 403,204   601,184        
Common Stock issued under the director's compensation plan       207,053               0   0  
Distributions to non-controlling interest       (809,212)         (1,618,424) (604,951) (2,427,636) (1,446,901) (3,236,848) (2,256,113) 0
Advances on revolving line of credit       2,000,000       3,000,000 4,000,000 8,000,000 9,000,000 19,000,000 14,000,000 24,000,000 0
Payments on revolving line of credit       (3,000,000)       (3,000,000) (4,000,000) (7,000,000) (4,000,000) (16,000,000) (6,000,000) (22,000,000) 0
Principal payments on Crimson secured credit facility       (2,000,000)         (4,000,000)   (6,000,000) (4,000,000) (8,000,000) (6,000,000) (1,764,000)
Proceeds from financing arrangement                   3,882,392 1,520,517 3,882,392 5,814,435 3,882,392 0
Payments on financing arrangement       (862,754)         (1,170,635) (430,903) (1,987,382) (1,293,656) (3,277,254) (3,020,581) 0
Net cash used in financing activities       (7,597,702)       (5,728,170) (12,654,805) (4,741,085) (12,703,440) (11,400,829) (12,452,842) (19,965,274) (29,521,984)
Net change in cash and cash equivalents       (298,452)       (81,935,793) 4,791,094 (82,449,685) 9,108,065 (84,916,840) 6,289,906 (88,056,331) (21,266,736)
Cash and cash equivalents at beginning of year 20,648,641 16,331,670 11,242,124 11,540,576 14,680,067 17,147,222 17,661,114 99,596,907 11,540,576 99,596,907 11,540,576 99,596,907 11,540,576 99,596,907 120,863,643
Cash and cash equivalents at end of year 17,830,482 20,648,641 16,331,670 11,242,124 11,540,576 14,680,067 17,147,222 17,661,114 16,331,670 17,147,222 20,648,641 14,680,067 17,830,482 11,540,576 99,596,907
Supplemental Disclosure of Cash Flow Information                              
Interest paid       4,500,333       4,254,050 4,999,845 5,750,876 8,802,697 10,206,280 11,343,702 11,224,582 9,272,409
Income tax refunds       (716)       5,026 (12,055) (1,286) (12,055) (635,730) 12,055 635,730 466,236
Non-Cash Investing Activities                              
In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition               48,873,169   48,873,169   48,873,169 0 48,873,169 0
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition               105,000,000   105,000,000   105,000,000 0 105,000,000 0
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition               115,323,036   116,205,762   116,205,762 0 116,205,762 0
Purchases of property, plant and equipment in accounts payable and other accrued liabilities       1,178,271       868,190 771,180 386,009 2,249,585   2,099,287 113,847 591,421
Dividend equivalents accrued on RSUs                     34,145   67,431 0 0
Non-Cash Financing Activities                              
Change in accounts payable and accrued expenses related to debt financing costs               (235,198)   235,198   235,198      
Crimson Class A-2 Units dividends payment in-kind           204,353 406,000     406,000   610,353 0 610,353 0
Assets acquired under financing arrangement       647,130         1,226,402 3,554,952 307,312 2,588,520 3,672,910 1,617,825 0
Series A, Internalization                              
Non-Cash Investing Activities                              
Stock issued due to internalized transaction           4,245,112           4,245,112 0 4,245,112 0
Common Stock, Internalization                              
Non-Cash Investing Activities                              
Stock issued due to internalized transaction           7,096,153           7,096,153 0 7,096,153 0
Class B Common Stock, Internalization                              
Non-Cash Investing Activities                              
Stock issued due to internalized transaction           3,288,890           3,288,890 0 3,288,890 0
As Previously Reported                              
Operating Activities                              
Net income (loss)   (15,501,704) 2,170,126 4,364,757   5,919,971 2,427,409 (10,694,263) 6,534,883 (8,266,854) (8,966,821) (2,346,883)   (2,535,558)  
Adjustments to reconcile net loss to net cash provided by operating activities:                              
Deferred income tax       72,213       (26,400) 88,422 108,822 94,604 222,337   4,076,290  
Depreciation, amortization and ARO accretion       4,388,927       3,267,034 8,793,101 7,427,544 11,997,781 11,530,460   16,406,557  
Amortization of debt issuance costs       0       0 0 0 1,236,178 0   0  
Loss on impairment   16,210,020                 16,210,020        
Loss on impairment and disposal of leased property               5,811,779   5,811,779   5,811,779   5,811,779  
Loss on termination of lease               165,644   165,644   165,644   165,644  
Loss on extinguishment of debt               861,814   861,814   861,814   861,814  
Non-cash lease expense               178,542   439,246   373,847      
Gain on sale of equipment                 (22,678)   (39,678) (16,508)   (16,508)  
Stock-based compensation                 151,359   384,383 0   0  
Changes in assets and liabilities:                              
Accounts and other receivables       2,412,748       (344,371) 1,024,635 541,580 2,715,207 702,251   (92,089)  
Financing note accrued interest receivable               (6,714)   (9,926)   (8,780)   (8,780)  
Inventory       (14,712)       (26,111) (587,295) 144,113 (2,050,514) (1,572,534)   (2,183,946)  
Prepaid expenses and other assets       1,601,150       (249,081) 2,487,362 (2,788,545) 4,296,890 (2,409,857)   (958,283)  
Due from affiliated companies, net       282,032       1,225,906 140,509 (184,030) 209,943 (188,578)   (28,509)  
Management fee payable               (363,380)   (666,856)   (971,626)   (971,626)  
Accounts payable and other accrued liabilities       (4,056,041)       (1,611,539) 363,137 1,740,265 1,213,961 987,899   (2,627,549)  
Income tax payable       141,226               33,027      
Income tax liability                 305,205 (673,516) 344,630        
Operating lease liability       (657,735)       (523,652) (908,248) (292,738) (1,094,766) (496,900)      
Unearned revenue       46,019       (146,369) 280,795 4,358,342 151,295 (439,106)   (601,126)  
Other changes, net       0       0 0 0 0 0   0  
Net cash provided by operating activities       8,580,584       (2,481,161) 18,651,187   26,703,113 12,238,286   17,298,110  
Investing Activities                              
Acquisition of Crimson Midstream Holdings, net of cash acquired               (68,094,324)   (69,002,053)   (69,002,053)   (69,002,052)  
Acquisition of Corridor InfraTrust Management, net of cash acquired                       952,487   952,487  
Purchases of property and equipment       (1,098,698)       (4,625,511) (4,141,485) (9,275,334) (7,759,603) (15,024,412)   (15,883,609)  
Proceeds from reimbursable projects       0       79,600 2,103,544 0 2,385,858 0   0  
Proceeds from sale of property and equipment               60,153 38,075 79,600 55,075 97,210   97,210  
Proceeds from insurance recovery               32,500   60,153   60,153   60,153  
Principal payment on financing note receivable       42,666         86,626 70,417 131,917 113,595   155,008  
Decrease in financing note receivable                       26,849   26,849  
Net cash used in investing activities       (1,056,032)       (72,547,582) (1,913,240) (78,067,217) (5,186,753) (82,776,171)   (83,593,954)  
Financing Activities                              
Debt financing costs               (2,735,922)   (2,735,922)   (2,735,922)   (2,735,922)  
Dividends paid on Series A preferred stock       (2,388,130)       (2,309,672) (4,776,260) (4,619,344) (7,164,390) (7,007,474)   (9,395,604)  
Dividends paid on Common Stock       (744,659)       (682,576) (1,492,690) (1,232,357) (1,644,549) (1,799,268)   (2,439,446)  
Reinvestment of Dividends Paid to Common Stockholders                 403,204   601,184        
Common Stock issued under the director's compensation plan       207,053               22,500   22,500  
Distributions to non-controlling interest       (809,212)         (1,618,424) (604,951) (2,427,636) (1,446,901)   (2,256,113)  
Advances on revolving line of credit       2,000,000       3,000,000 4,000,000 8,000,000 9,000,000 19,000,000   24,000,000  
Payments on revolving line of credit       (3,000,000)       (3,000,000) (4,000,000) (7,000,000) (4,000,000) (16,000,000)   (22,000,000)  
Principal payments on Crimson secured credit facility       (2,000,000)         (4,000,000)   (6,000,000) (4,000,000)   (6,000,000)  
Proceeds from financing arrangement                   0 0 0      
Payments on financing arrangement       0         0 0 0 0      
Net cash used in financing activities       (6,734,948)       (5,728,170) (11,484,170) (8,192,574) (12,236,575) (13,967,065)   (20,804,585)  
Net change in cash and cash equivalents       789,604       (80,756,913) 5,253,777 (81,901,449) 9,279,785 (84,504,950)   (87,100,429)  
Cash and cash equivalents at beginning of year 21,776,263 17,750,255 13,286,082 12,496,478 15,091,957 17,695,458 18,839,994 99,596,907 12,496,478 99,596,907 12,496,478 99,596,907 12,496,478 99,596,907  
Cash and cash equivalents at end of year   21,776,263 17,750,255 13,286,082 12,496,478 15,091,957 17,695,458 18,839,994 17,750,255 17,695,458 21,776,263 15,091,957   12,496,478 99,596,907
Supplemental Disclosure of Cash Flow Information                              
Interest paid       4,500,333       4,254,050 4,999,845 5,750,876 8,802,697 10,206,280      
Income tax refunds       (716)       5,026 (12,055) (1,286) (12,055) (635,730)      
Non-Cash Investing Activities                              
In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition               48,873,169   48,873,169   48,873,169      
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition               105,000,000   105,000,000   105,000,000      
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition               115,323,036   116,205,762   116,205,762      
Purchases of property, plant and equipment in accounts payable and other accrued liabilities       1,178,271       868,190 771,180 386,009 2,249,585        
Dividend equivalents accrued on RSUs                     34,145        
Non-Cash Financing Activities                              
Change in accounts payable and accrued expenses related to debt financing costs               (235,198)   235,198   235,198      
Crimson Class A-2 Units dividends payment in-kind           204,353 406,000     406,000   610,353   610,353  
Assets acquired under financing arrangement       0         0 0 0 0   0  
As Previously Reported | Series A, Internalization                              
Non-Cash Investing Activities                              
Stock issued due to internalized transaction           4,245,112           4,245,112   4,245,112  
As Previously Reported | Common Stock, Internalization                              
Non-Cash Investing Activities                              
Stock issued due to internalized transaction           7,096,153           7,096,153   7,096,153  
As Previously Reported | Class B Common Stock, Internalization                              
Non-Cash Investing Activities                              
Stock issued due to internalized transaction           3,288,890           3,288,890   3,288,890  
Effect of Restatement                              
Operating Activities                              
Net income (loss)   0 0 0   0 0 0 0 0 0 0   0  
Adjustments to reconcile net loss to net cash provided by operating activities:                              
Deferred income tax       0       0 0 0 0 0   0  
Depreciation, amortization and ARO accretion       (412,260)       (368,704) (824,120) (780,761) 0 (1,192,821)   (1,604,881)  
Amortization of debt issuance costs       412,260       368,704 824,120 780,761 0 1,192,821   1,604,881  
Loss on impairment   0                 0        
Loss on impairment and disposal of leased property               0   0   0   0  
Loss on termination of lease               0   0   0   0  
Loss on extinguishment of debt               0   0   0   0  
Non-cash lease expense               (178,542)   (439,246)   (373,847)      
Gain on sale of equipment                 0   0 0   0  
Stock-based compensation                 0   0 22,500   22,500  
Changes in assets and liabilities:                              
Accounts and other receivables       (1,391,763)       0 0 122,976 0 (586,957)   1,213,454  
Financing note accrued interest receivable               0   0   0   0  
Inventory       0       0 0 0 0 0   0  
Prepaid expenses and other assets       (345,675)       0 (701,791) (3,882,392) (2,514,429) (3,882,392)   (3,882,548)  
Due from affiliated companies, net       0       0 0 0 0 0   0  
Management fee payable               0   0   0   0  
Accounts payable and other accrued liabilities       (218,915)       (1,178,880) 707,953 (117,333) 1,815,664 881,766   2,064,679  
Income tax payable       0               0      
Income tax liability                 0 673,516 0        
Operating lease liability       657,735       523,652 908,248 0 1,094,766 496,900      
Unearned revenue       0       0 0 (3,876,749) 0 0   0  
Other changes, net       (312,060)       (345,110) (206,457) 234,270 (100,855) (123,053)   156  
Net cash provided by operating activities       (1,610,678)       (1,178,880) 707,953   295,146 (3,565,083)   (581,759)  
Investing Activities                              
Acquisition of Crimson Midstream Holdings, net of cash acquired               0   0   0   0  
Acquisition of Corridor InfraTrust Management, net of cash acquired                       0   0  
Purchases of property and equipment       (92,666)       0 0 (709,933) 0 (709,933)   (4,344,845)  
Proceeds from reimbursable projects       1,478,042       0 0 586,957 0 1,296,890   3,131,391  
Proceeds from sale of property and equipment               0 0 0 0 0   0  
Proceeds from insurance recovery               0   0   0   0  
Principal payment on financing note receivable       0         0 0 0 0   0  
Decrease in financing note receivable                       0   0  
Net cash used in investing activities       1,385,376       0 0 (122,976) 0 586,957   (1,213,454)  
Financing Activities                              
Debt financing costs               0   0   0   0  
Dividends paid on Series A preferred stock       0       0 0 0 0 0   0  
Dividends paid on Common Stock       0       0 0 0 0 0   0  
Reinvestment of Dividends Paid to Common Stockholders                 0   0        
Common Stock issued under the director's compensation plan       0               (22,500)   (22,500)  
Distributions to non-controlling interest       0         0 0 0 0   0  
Advances on revolving line of credit       0       0 0 0 0 0   0  
Payments on revolving line of credit       0       0 0 0 0 0   0  
Principal payments on Crimson secured credit facility       0         0   0 0   0  
Proceeds from financing arrangement                   3,882,392 1,520,517 3,882,392      
Payments on financing arrangement       (862,754)         (1,170,635) (430,903) (1,987,382) (1,293,656)      
Net cash used in financing activities       (862,754)       0 (1,170,635) 3,451,489 (466,865) 2,566,236   839,311  
Net change in cash and cash equivalents       (1,088,056)       (1,178,880) (462,682) (548,236) (171,719) (411,890)   (955,902)  
Cash and cash equivalents at beginning of year $ (1,127,621) (1,418,584) (2,043,958) (955,902) (411,890) (548,236) (1,178,880) 0 (955,902) 0 (955,902) 0 $ (955,902) 0  
Cash and cash equivalents at end of year   $ (1,127,621) $ (1,418,584) (2,043,958) $ (955,902) $ (411,890) $ (548,236) (1,178,880) (1,418,584) (548,236) (1,127,621) (411,890)   (955,902) $ 0
Supplemental Disclosure of Cash Flow Information                              
Interest paid       0       0 0 0 0 0   0  
Income tax refunds       0       0 0 0 0 0   0  
Non-Cash Investing Activities                              
In-kind consideration for the Grans Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition               0   0   0   0  
Crimson credit facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition               0   0   0   0  
Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition               0   0   0   0  
Purchases of property, plant and equipment in accounts payable and other accrued liabilities       0       0 0 0 0     0  
Dividend equivalents accrued on RSUs                     0        
Non-Cash Financing Activities                              
Change in accounts payable and accrued expenses related to debt financing costs               $ 0   0   0      
Crimson Class A-2 Units dividends payment in-kind                   0   0   0  
Assets acquired under financing arrangement       $ 647,130         $ 1,226,402 $ 3,554,952 $ 307,312 2,588,520   1,617,825  
Effect of Restatement | Series A, Internalization                              
Non-Cash Investing Activities                              
Stock issued due to internalized transaction                       0   0  
Effect of Restatement | Common Stock, Internalization                              
Non-Cash Investing Activities                              
Stock issued due to internalized transaction                       0   0  
Effect of Restatement | Class B Common Stock, Internalization                              
Non-Cash Investing Activities                              
Stock issued due to internalized transaction                       $ 0   $ 0