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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cashflows from operating activities    
Net income (loss) $ 44,413,352 $ (32,582,757)
Adjustments to reconcile net income (loss) to cashflows from operating activities:    
Depletion and depreciation 62,082,471 23,497,715
Amortization of operating lease asset 121,088 64,559
Asset retirement obligation accretion expense 43,756 24,209
Share-based compensation 10,197,720 14,478,776
Amortization of deferred financing costs 5,199,882 1,058,759
Unrealized (gain) / loss on derivative instruments (26,246,352) 15,859,796
Deferred income tax expense (benefit) (1,928,319) 1,928,319
Margin returns/(calls) on derivative instruments, net 2,788,093 0
Changes in operating assets and liabilities 3,769,555 8,667,404
Cashflows from operating activities 92,902,136 32,996,780
Cashflows used in investing activities    
Capital expenditures on oil and natural gas properties (212,210,813) (56,678,478)
Cashflows from investing activities (212,210,813) (56,678,478)
Cashflows from financing activities    
Issuance of shares for cash, net of issuance costs 0 13,672,745
Cash acquired on acquisition 0 396,173
Proceeds from Redeemable NCI 53,728,933 41,042,693
Redemption and distributions to Redeemable NCI (10,369,504) (6,388,870)
Proceeds from credit facility draws 108,000,000 2,200,000
Repayment on credit facility (68,700,000) 0
Proceeds from promissory notes 0 3,375,000
Repayment of promissory notes 0 (2,025,000)
Repayment of asset backed preferred notes (18,687,351) (4,735,700)
ABS Facility issuance, net of issuance costs 130,761,336 0
Payment on ABS Facility (25,017,323) 0
Other long term debt repayment (25,237,409) (18,122,088)
Dividends on common shares and noncontrolling interest (18,969,442) 0
Cash used for common share repurchases (4,324,915) 0
Cashflows provided by financing activities 121,184,325 29,414,953
Net increase/(decrease) in cash and cash equivalents and restricted cash 1,875,648 5,733,255
Cash, cash equivalents and restricted cash, beginning of year 8,622,815 2,889,560
Cash, cash equivalents and restricted cash, end of year $ 10,498,463 $ 8,622,815