Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 26,332,580 $ 41,043,450
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred taxes 21,997 (237,637)
Depreciation and amortization 18,674 13,799
(Gain) loss on disposal of fixed assets 8,201 (712)
Changes in operating assets and liabilities:    
Accrued receivables and other assets (3,160,632) (797,628)
Prepaid income taxes (202,494) 815,937
Notes receivable for land sales 44,143 784,001
Accounts payable, accrued expenses and other liabilities 7,714,023 (1,424,737)
Income taxes payable (634,911) 2,468,351
Net cash provided by operating activities 30,141,581 42,664,824
Cash flows from investing activities:    
Proceeds from sale of fixed assets 18,000 25,000
Purchase of fixed assets (368,938) (111,646)
Net cash used in investing activities (350,938) (86,646)
Cash flows from financing activities:    
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (26,799,253) (20,819,786)
Dividends paid (2,507,183) (2,402,460)
Net cash used in financing activities (29,306,436) (23,222,246)
Net increase in cash and cash equivalents 484,207 19,355,932
Cash and cash equivalents, beginning of period 45,011,969 26,814,759
Cash and cash equivalents, end of period $ 45,496,176 $ 46,170,691