XML 26 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Reconciliation of net loss to net cash provided by (used in) operating activities      
Net loss $ (11,005,038) $ (20,225,150) $ (33,050,103)
Goodwill write-off $ 5,349,988
Increase in fair value of preferred stock derivative liability $ 15,676,842 $ 26,258,559
Depreciation, depletion and amortization of property and equipment $ 13,651,207 19,664,991 12,077,368
Accretion of asset retirement obligation 604,538 604,511 668,497
Stock-based compensation net of capitalized cost 2,289,311 3,388,321 452,058
Amortization of other assets and liabilities 286,010 188,669 166,608
Deferred tax expense (benefit) (7,951,850) (2,553,854) 3,080,272
Bad debt expense $ 839,171 97,068 $ 193,601
Write off deferred offering costs $ 1,257,160
Write off credit financing costs $ 313,652
Amortization of benefit from commodity derivatives (sold) and purchased, net $ (93,750) (72,600)
Unrealized (gains) losses on commodity derivatives $ 949,967 (4,724,985) 231,886
Other (342,835) 5,448 (21,328)
Changes in current operating assets and liabilities:      
Accounts receivable 6,877,906 976,093 (5,589,741)
Other current assets 77,711 (267,386) 869,550
Accounts payable (13,688,145) 10,690,790 9,115,792
Other current liabilities $ 691,915 $ (218,468) 148,834
Other non-current liability 69,998
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (1,370,144) $ 24,466,300 14,912,903
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures on property and equipment (13,540,582) (25,526,887) (28,152,714)
Proceeds from sale of property $ 58,557 667,267 $ 902,166
Cash received from merger 4,550,082
Decrease in short-term investments $ 1,170,868 2,125,541
Decrease (increase) in noncurrent receivable from affiliate 95,634 $ (2,493)
NET CASH USED IN INVESTING ACTIVITIES $ (12,311,157) (18,088,363) (27,253,041)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Change in borrowing on line of credit 6,900,000 (8,315,000) 13,340,000
Proceeds from insurance note 813,562 901,257 872,754
Payments on insurance note (832,770) (796,441) (878,328)
Line of credit financing costs (250,141) $ (92,909) $ (681,739)
Net proceeds from sale of common stock 1,363,160
Net proceeds from sales of perpetual preferred stock 870,386 $ 9,958,217
Deferred offering costs (38,104) $ (1,257,160)
Cash dividends to preferred stockholders (1,047,191) $ (669,250) $ (145,900)
Common stock purchased from employees (300,732)
NET CASH PROVIDED BY FINANCING ACTIVITIES 7,478,170 $ 985,874 $ 11,249,627
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (6,203,131) 7,363,811 (1,090,511)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 11,558,322 4,194,511 5,285,022
CASH AND CASH EQUIVALENTS AT END OF PERIOD 5,355,191 11,558,322 4,194,511
Supplemental disclosure of cash flow information:      
Interest payments (net of interest capitalized) 131,521 175,009 22,210
Interest capitalized $ 983,472 1,059,350 1,031,816
Supplemental disclosure of significant non-cash activity:      
Preferred dividends paid in kind (Series A and Series B) 4,133,380 5,412,281
Change in capital expenditures financed by accounts payable $ 3,382,555 $ 1,310,037 $ 1,904,581