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Condensed Consolidated Statements of Cash Flows
9 Months Ended
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Cash flows from operating activities:    
Net income (loss) $ (29,838,734) $ 8,666,163
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Stock-based compensation 694,671 1,734,698
Provision for bad debts 3,432,813 271,399
Depreciation and amortization 8,375,227 5,378,708
Gain on dispositions   (3,545,755)
Impairment losses 6,804,412  
Non-cash interest expense 290,426  
Amortization of loan fees 1,441,634 1,451,949
Loss on modification of long-term debt 2,798,789  
Deferred income taxes (8,972,361) 1,537,291
Equity in earnings of unconsolidated affiliates 90,715 141,378
Change in operating assets and liabilities:    
Accounts receivable 12,586,295 3,087,481
Prepaid expenses (1,978,601) (3,512,932)
Other assets 3,164,693 (140,228)
Accounts payable 2,900,129 4,159,569
Other liabilities (1,295,347) 3,950,396
Other operating activities 305,806 133,381
Net cash provided by operating activities 800,567 23,313,498
Cash flows from investing activities:    
Payments for acquisitions   (13,500,000)
Capital expenditures (6,996,619) (6,901,243)
Proceeds from dispositions   3,800,000
Payments for investments (1,000,000) (5,009,999)
Net cash used in investing activities (7,996,619) (21,611,242)
Cash flows from financing activities:    
Issuance of debt 14,000,000 10,000,000
Payments on debt (4,500,000) (9,000,000)
Payment of debt issuance costs (2,581,163)  
Reduction of finance lease liabilities (48,615) (50,326)
Dividends paid (2,795,504) (4,150,335)
Purchase of treasury stock (34,412) (36,672)
Net cash provided by (used in) financing activities 4,040,306 (3,237,333)
Net decrease in cash and cash equivalents (3,155,746) (1,535,077)
Cash and cash equivalents at beginning of period 18,648,171 13,433,828
Cash and cash equivalents at end of period 15,492,425 11,898,751
Cash paid for interest 10,871,306 12,217,854
Cash paid for income taxes 115,400 3,438,550
Supplement disclosure of non-cash investing and financing activities:    
Dividends declared but unpaid   1,389,273
Media advertising exchanged for investment   1,000,000
Class A Common Stock [Member]    
Supplement disclosure of non-cash investing and financing activities:    
Class A common stock issued for debt repayment $ 2,250,000  
Class A common stock issued for acquisition   198,500
Class A common stock issued for investment   $ 974,125