Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 27,218,508 $ 19,647,818 $ 20,594,769
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred taxes (600,621) (679,207) (1,329,030)
Depreciation and amortization 16,286 16,504 12,675
(Gain) loss on disposal of fixed assets 2,795 2,470 (1,424)
Changes in operating assets and liabilities:      
Accrued receivables and other assets (1,240,703) 92,408 (637,244)
Income taxes payable 113,800 (1,139,325) 1,230,979
Prepaid income taxes 416,882 (416,882) 57,893
Notes receivable for land sales 4,483,078 1,983,119 3,988,795
Real estate acquired     36,445
Accounts payable, accrued expenses and other liabilities (344,671) 404,585 (22,650)
Net cash provided by operating activities 30,065,354 19,911,490 23,931,208
Cash flows from investing activities:      
Proceeds from sale of fixed assets 20,500 13,500 17,250
Purchase of fixed assets (54,610) (50,405) (37,261)
Net cash used in investing activities (34,110) (36,905) (20,011)
Cash flows from financing activities:      
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (25,216,940) (20,183,747) (16,030,938)
Dividends paid   (4,295,509) (2,000,233)
Net cash used in financing activities (25,216,940) (24,479,256) (18,031,171)
Net increase (decrease) in cash and cash equivalents 4,814,304 (4,604,671) 5,880,026
Cash and cash equivalents, beginning of period 8,424,907 13,029,578 7,149,552
Cash and cash equivalents, end of period $ 13,239,211 $ 8,424,907 $ 13,029,578