Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Net income $ 14,034,434 $ 8,476,178
Deferred taxes (1,165,722) (296,519)
Depreciation and amortization 9,360 9,462
Loss on disposal of fixed assets   2,884
Accrued receivables and other assets (403,240) (158,894)
Prepaid income taxes 57,893 (407,075)
Notes receivable for land sales 3,450,720 933,471
Accounts payable, accrued expenses and other liabilities 49,989 39,087
Income taxes payable 615,536  
Net cash provided by operating activities 16,648,970 8,598,594
Proceeds from sale of fixed assets   12,500
Purchase of fixed assets (16,893) (27,670)
Net cash used in investing activities (16,893) (15,170)
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (11,469,668) (7,496,512)
Dividends paid (2,000,233) (1,968,061)
Net cash used in financing activities (13,469,901) (9,464,573)
Net increase (decrease) in cash and cash equivalents 3,162,176 (881,149)
Cash and cash equivalents, beginning of period 7,149,552 8,151,209
Cash and cash equivalents, end of period $ 10,311,728 $ 7,270,060