XML 17 R6.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (10,496,947) $ (27,113,960)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Stock-based compensation 923,000 465,703
Provision for bad debts (1,779,188) 3,180,444
Depreciation and amortization 5,802,824 5,462,546
Impairment losses 0 6,804,412
Gain on dispositions (191,988) 0
Amortization of loan fees 791,574 967,966
Loss on extinguishment of long-term debt 4,996,731 2,798,789
Deferred income taxes (3,902,280) (8,322,642)
Equity in earnings of unconsolidated affiliates 56,024 86,494
Change in operating assets and liabilities:    
Accounts receivable 4,835,493 21,704,800
Prepaid expenses (2,320,101) (147,897)
Other assets (1,684,017) 3,398,417
Accounts payable (5,837,685) 179,507
Other liabilities 13,446,861 (2,787,003)
Other operating activities 208,725 411,840
Net cash provided by operating activities 4,849,026 7,089,416
Cash flows from investing activities:    
Capital expenditures (2,553,787) (5,955,130)
Proceeds from dispositions 362,500 0
Payments for investments 0 (1,000,000)
Net cash used in investing activities (2,191,287) (6,955,130)
Cash flows from financing activities:    
Issuance of debt 310,000,000 14,000,000
Payments on debt (268,500,000) (4,500,000)
Payments of debt issuance costs (7,604,215) (2,581,163)
Reduction of finance lease liabilities (35,086) (32,410)
Dividends paid 0 (2,795,504)
Purchase of treasury stock (136,779) (31,919)
Net cash provided by financing activities 33,723,920 4,059,004
Net increase in cash and cash equivalents 36,381,659 4,193,290
Cash and cash equivalents at beginning of period 20,759,432 18,648,171
Cash and cash equivalents at end of period 57,141,091 22,841,461
Cash paid for interest 1,837,493 7,330,654
Cash paid for income taxes 1,526,303 115,400
Supplemental disclosure of non-cash investing and financing activities:    
Acquisition of noncontrolling interest 4,490,130 0
Extinguishment of trade sales payable 934,500 0
Class A common stock returned to treasury stock $ 670,594 $ 0