Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 29,582,101 $ 17,164,085
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred taxes 811 (907,244)
Depreciation and amortization 9,299 11,938
(Gain) loss on disposal of fixed assets (712) 5,083
Changes in operating assets and liabilities:    
Accrued receivables and other assets (924,320) (723,057)
Prepaid income taxes 815,937  
Notes receivable for land sales 72,443 2,601,377
Accounts payable, accrued expenses and other liabilities (1,560,978) 299,435
Income taxes payable 1,945,135 1,474,464
Net cash provided by operating activities 29,939,716 19,926,081
Cash flows from investing activities:    
Proceeds from sale of fixed assets 25,000 21,000
Purchase of fixed assets (38,591) (49,336)
Net cash used in investing activities (13,591) (28,336)
Cash flows from financing activities:    
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (15,531,345) (6,719,008)
Dividends paid (2,402,460) (2,280,300)
Net cash used in financing activities (17,933,805) (8,999,308)
Net increase in cash and cash equivalents 11,992,320 10,898,437
Cash and cash equivalents, beginning of period 26,814,759 13,239,211
Cash and cash equivalents, end of period $ 38,807,079 $ 24,137,648