Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

v2.4.0.6
Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities:    
Net income $ 5,938,255 $ 3,359,569
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred taxes (99,356) (487,301)
Depreciation and amortization 3,021 3,120
Changes in operating assets and liabilities:    
Accrued receivables and other assets 669,122 (196,076)
Notes receivable for land sales 306,217 1,428,965
Accounts payable, accrued expenses and other liabilities (70,468) 232,520
Income taxes payable 1,821,941 2,018,472
Net cash provided by operating activities 8,568,732 6,359,269
Cash flows from investing activities:    
Purchase of fixed assets (24,697)  
Net cash used in investing activities (24,697)  
Cash flows from financing activities:    
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (4,823,322) (3,382,481)
Dividends paid (2,091,907) (2,000,233)
Net cash used in financing activities (6,915,229) (5,382,714)
Net increase in cash and cash equivalents 1,628,806 976,555
Cash and cash equivalents, beginning of period 13,029,578 7,149,552
Cash and cash equivalents, end of period $ 14,658,384 $ 8,126,107