Equity and Mezzanine Equity (Tables)
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9 Months Ended |
Sep. 30, 2019 |
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| Equity [Abstract] |
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| Schedule of changes in carrying value of Series D Preferred |
The changes in the carrying value of the Series D Preferred for the three and nine months ended September 30, 2019 and 2018 is as follows (in thousands, unaudited):
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Series D Preferred |
Balance December 31, 2018 |
$ |
76,955 |
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Accretion of Preferred Stock discount |
148 |
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Undeclared dividends |
2,419 |
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Balance March 31, 2019 |
79,522 |
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Accretion of Preferred Stock discount |
149 |
|
Undeclared dividends |
2,419 |
|
Balance June 30, 2019 |
82,090 |
|
Accretion of Preferred Stock discount |
148 |
|
Undeclared dividends |
2,419 |
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Balance September 30, 2019 |
$ |
84,657 |
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Series D Preferred |
Balance December 31, 2017 |
$ |
53,236 |
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Accretion of Preferred Stock discount |
148 |
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Issuance of Preferred Stock for acquisition of JANAF |
21,158 |
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Balance March 31, 2018 |
74,542 |
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Accretion of Preferred Stock discount |
148 |
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Balance June 30, 2018 |
74,690 |
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Accretion of Preferred Stock discount |
148 |
|
Balance September 30, 2018 |
$ |
74,838 |
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| Schedule of potentially dilutive shares |
As of September 30, 2019, the below shares are able to be converted to Common Stock. The common units, convertible preferred stock and cumulative convertible preferred stock have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive.
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September 30, 2019 |
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Outstanding shares |
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Potential Dilutive Shares |
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(unaudited) |
Common units |
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235,032 |
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|
235,032 |
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Series B Preferred Stock |
|
1,875,748 |
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|
1,172,343 |
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Series D Preferred Stock |
|
3,600,636 |
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|
5,307,541 |
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| Schedule of summary of preferred stock dividends |
The following table summarizes the preferred stock dividends (unaudited, in thousands except for per share amounts):
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Series A Preferred |
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Series B Preferred |
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Series D Preferred |
Record Date/Arrears Date |
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Declared |
Arrears |
Per Share |
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Declared |
Arrears |
Per Share |
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Declared |
Arrears |
Per Share |
12/31/18 |
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$ |
— |
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$ |
13 |
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$ |
22.50 |
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|
$ |
— |
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$ |
1,055 |
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$ |
0.56 |
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$ |
— |
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$ |
1,969 |
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$ |
0.55 |
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3/31/19 |
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— |
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13 |
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$ |
22.50 |
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— |
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1,055 |
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$ |
0.56 |
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— |
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2,419 |
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$ |
0.67 |
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6/30/19 |
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— |
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13 |
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$ |
22.50 |
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— |
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1,055 |
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$ |
0.56 |
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— |
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2,419 |
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$ |
0.67 |
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9/30/19 |
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— |
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13 |
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$ |
22.50 |
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— |
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1,056 |
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$ |
0.56 |
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— |
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2,419 |
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$ |
0.67 |
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For the nine months ended September 30, 2019 |
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$ |
— |
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$ |
39 |
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$ |
— |
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$ |
3,166 |
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$ |
— |
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$ |
7,257 |
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3/31/18 |
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$ |
13 |
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$ |
— |
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$ |
22.50 |
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$ |
1,055 |
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$ |
— |
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$ |
0.56 |
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$ |
1,969 |
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$ |
— |
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$ |
0.55 |
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6/30/18 |
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13 |
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— |
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$ |
22.50 |
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|
1,055 |
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— |
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$ |
0.56 |
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1,969 |
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— |
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$ |
0.55 |
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9/30/18 |
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13 |
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— |
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$ |
22.50 |
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|
1,056 |
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— |
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$ |
0.56 |
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|
1,969 |
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— |
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$ |
0.55 |
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For the nine months ended September 30, 2018 |
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$ |
39 |
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$ |
— |
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$ |
3,166 |
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$ |
— |
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$ |
5,907 |
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$ |
— |
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| Schedule of shares issued under 2016 Long-Term Incentive Plan |
2016 Long-Term Incentive Plan
On June 15, 2016, the Company's shareholders approved the 2016 Long-Term Incentive Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan allows for issuance of up to 625,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company.
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For the Nine Months ended September 30, |
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Shares Issued |
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Market Value |
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(in thousands except for per share amounts, unaudited) |
2019 |
|
181,807 |
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$ |
166 |
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2018 |
|
168,217 |
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|
894 |
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As of September 30, 2019, there are 132,707 shares available for issuance under the Company’s 2016 Incentive Plan.
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