XML 77 R5.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES    
Net income $ 5,103,476 $ 8,448,877
Adjustments to reconcile net income to net cash provided by operating activities:    
Depletion, depreciation and amortization 1,217,005 1,175,643
Unrealized loss on derivatives 362,750 $ 26,150
Deferred taxes 2,479,823
Amortization of debt issue costs 517,652 $ 25,350
Accretion expense 158,655 158,264
Common stock issued for services $ 19,999 75,001
Loss on disposal of assets 4,400
Changes in operating assets and liabilities    
Accounts receivable $ 506,784 2,058,624
Prepaid expenses and other current assets (274,435) 152,655
Deposits and other assets (1,711,073) (490,838)
Inventory (2,420,176) (2,879,729)
Accounts payable, accrued expenses and other liabilities 2,916,973 (5,144)
Accounts payable, related party (1,174,168) (1,857,964)
Net cash provided by operating activities 7,703,265 6,891,289
INVESTING ACTIVITIES    
Capital expenditures (9,900,295) $ (1,145,720)
Change in restricted cash for investing activities (13,021,438)
Net cash used in investing activities (22,921,733) $ (1,145,720)
FINANCING ACTIVITIES    
Proceeds from issuance of debt 25,000,000
Payments on long-term debt (9,474,720) $ (6,103,131)
Proceeds from notes payable $ 3,000,000 2,000,000
Payments on notes payable (216,182)
Change in restricted cash for financing activities $ (3,081,686) (678,498)
Net cash provided by (used in) financing activities 15,443,594 (4,997,811)
Net increase in cash and cash equivalents 225,126 747,758
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,293,233 434,717
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,518,359 1,182,475
Non-cash operating activities    
Surety bond funded by seller of pipeline interest 850,000
Non-cash investing and financing activities:    
New asset retirement obligations 300,980
Financing of capital expenditures via capital lease 536,635
Interest paid $ 959,665 1,211,773
Income taxes paid $ 139,500 $ 231,552