XML 21 R8.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net income (loss) $ (18,874,156) $ 13,383,642
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Stock-based compensation 750,670 2,118,718
Provision for bad debts 5,206,423 692,460
Depreciation and amortization 11,096,937 7,349,682
Impairment losses 8,970,812 13,657,941
Gain on dispositions (4,439,710) (20,657,360)
Other operating gain (4,000,000)  
Non-cash interest expense 290,426  
Amortization of loan fees 1,915,302 1,935,932
Loss on modification of long-term debt 2,798,789  
Deferred income taxes (129,005) (1,753,952)
Equity in earnings of unconsolidated affiliates 160,879 (141,827)
Change in operating assets and liabilities:    
Accounts receivable 1,975,606 (2,852,760)
Prepaid expenses 1,029,906 (382,010)
Other assets (1,974,787) (239,601)
Accounts payable 2,071,999 712,257
Other liabilities (3,034,217) 6,813,784
Other operating activities 398,442 354,318
Net cash provided by operating activities 4,214,316 20,991,224
Cash flows from investing activities:    
Payments for acquisitions   (17,264,484)
Capital expenditures (7,477,182) (9,030,025)
Proceeds from dispositions 4,631,566 26,349,462
Payments for investments (1,000,000) (5,009,999)
Net cash used in investing activities (3,845,616) (4,955,046)
Cash flows from financing activities:    
Issuance of debt 14,000,000 11,000,000
Payments on debt (6,750,000) (16,000,000)
Payments of debt issuance costs (2,581,163)  
Reduction of finance lease liabilities (64,821) (67,492)
Dividends paid (2,795,504) (5,539,608)
Purchase of treasury stock (65,951) (214,735)
Net cash provided by (used in) financing activities 1,742,561 (10,821,835)
Net increase in cash and cash equivalents 2,111,261 5,214,343
Cash and cash equivalents at beginning of period 18,648,171 13,433,828
Cash and cash equivalents at end of period 20,759,432 18,648,171
Cash paid for interest 14,439,991 16,377,994
Cash paid for income taxes 965,029 4,253,747
Supplement disclosure of non-cash investing and financing activities:    
Dividends declared but unpaid   1,396,621
Media advertising exchanged for investment   1,000,000
Note issued to seller for acquisition   16,500,000
Liability assumed from seller for acquisition   10,000,000
Class A Common Stock [Member]    
Supplement disclosure of non-cash investing and financing activities:    
Class A common stock issued from treasury for debt repayment $ 2,250,000  
Class A common stock issued for acquisition   198,500
Class A common stock issued for investment   $ 974,125