Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income $ 14,885,422 $ 7,280,051
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred taxes (3,307) 10,842
Depreciation and amortization 19,119 7,274
(Gain) loss on disposal of fixed assets (3,901) 8,201
Changes in operating assets and liabilities:    
Accrued receivables and other assets (3,855,027) (462,709)
Notes receivable for land sales 36,961 4,246
Accounts payable, accrued expenses and other liabilities 7,688,581 1,111,225
Income taxes payable 5,615,851 3,319,078
Net cash provided by operating activities 24,383,699 11,278,208
Cash flows from investing activities:    
Proceeds from sale of fixed assets 27,500 18,000
Purchase of fixed assets (1,911,849) (149,683)
Net cash used in investing activities (1,884,349) (131,683)
Cash flows from financing activities:    
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (8,671,600) (6,931,439)
Dividends paid (10,681,758) (2,507,183)
Net cash used in financing activities (19,353,358) (9,438,622)
Net increase in cash and cash equivalents 3,145,992 1,707,903
Cash and cash equivalents, beginning of period 49,417,889 45,011,969
Cash and cash equivalents, end of period $ 52,563,881 $ 46,719,872