Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

v2.4.0.8
Statements of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net income $ 26,530,128 $ 19,699,402
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred taxes (1,028,281) (1,299,020)
Depreciation and amortization 17,593 13,321
Loss on disposal of fixed assets 5,083 2,795
Changes in operating assets and liabilities:    
Accrued receivables and other assets (797,568) (638,855)
Prepaid income taxes   416,882
Notes receivable for land sales 2,964,790 4,138,671
Accounts payable, accrued expenses and other liabilities 699,122 (71,731)
Income taxes payable 762,532 3,006,046
Net cash provided by operating activities 29,153,399 25,267,511
Cash flows from investing activities:    
Proceeds from sale of fixed assets 21,000 20,500
Purchase of fixed assets (51,901) (34,233)
Net cash used in investing activities (30,901) (13,733)
Cash flows from financing activities:    
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (13,957,183) (18,056,596)
Dividends paid (2,280,300)  
Net cash used in financing activities (16,237,483) (18,056,596)
Net increase in cash and cash equivalents 12,885,015 7,197,182
Cash and cash equivalents, beginning of period 13,239,211 8,424,907
Cash and cash equivalents, end of period $ 26,124,226 $ 15,622,089