Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v2.4.0.6
Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net income $ 20,594,769 $ 11,308,711 $ 6,914,043
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred taxes (1,329,030) (444,773) (413,769)
Depreciation and amortization 12,675 15,391 42,142
(Gain) loss on disposal of fixed assets (1,424) 2,884 14,311
Changes in operating assets and liabilities:      
Accrued receivables and other assets (637,244) (534,636) (451,198)
Income taxes payable 1,230,979 (48,854) 198,087
Prepaid income taxes 57,893 (57,893) 982,350
Notes receivable for land sales 3,988,795 1,386,027 1,927,302
Real estate acquired 36,445    
Accounts payable, accrued expenses and other liabilities (22,650) 69,762 179,670
Net cash provided by operating activities 23,931,208 11,696,619 9,392,938
Cash flows from investing activities:      
Proceeds from sale of fixed assets 17,250 12,500 9,000
Purchase of fixed assets (37,261) (27,670) (29,663)
Net cash used in investing activities (20,011) (15,170) (20,663)
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (16,030,938) (10,715,045) (8,945,001)
Dividends paid (2,000,233) (1,968,061) (1,930,444)
Net cash used in financing activities (18,031,171) (12,683,106) (10,875,445)
Net increase (decrease) in cash and cash equivalents 5,880,026 (1,001,657) (1,503,170)
Cash and cash equivalents, beginning of period 7,149,552 8,151,209 9,654,379
Cash and cash equivalents, end of period $ 13,029,578 $ 7,149,552 $ 8,151,209