Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.6.0.2
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income $ 37,239,550 $ 50,038,507 $ 34,765,020
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred taxes (4,038,001) (129,927) (1,380,735)
Depreciation and amortization 43,290 25,374 19,730
(Gain) loss on disposal of fixed assets 8,201 (712) 5,083
Changes in operating assets and liabilities:      
Accrued receivables and other assets (2,874,439) (563,991) 689,129
Income taxes payable 1,315,863 227,966 52,258
Prepaid income taxes   815,937 (815,937)
Notes receivable for land sales 44,143 784,001 2,964,791
Accounts payable, accrued expenses and other liabilities 9,219,234 (1,629,956) 2,553,084
Net cash provided by operating activities 40,957,841 49,567,199 38,852,423
Cash flows from investing activities:      
Proceeds from sale of fixed assets 18,000 25,000 21,000
Purchase of fixed assets (976,871) (221,456) (53,788)
Net cash used in investing activities (958,871) (196,456) (32,788)
Cash flows from financing activities:      
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (33,085,867) (28,771,073) (22,963,786)
Dividends paid (2,507,183) (2,402,460) (2,280,301)
Net cash used in financing activities (35,593,050) (31,173,533) (25,244,087)
Net increase in cash and cash equivalents 4,405,920 18,197,210 13,575,548
Cash and cash equivalents, beginning of period 45,011,969 26,814,759 13,239,211
Cash and cash equivalents, end of period $ 49,417,889 $ 45,011,969 $ 26,814,759