Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 31,596,874 $ 17,403,168
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred taxes (4,673,345) 15,471
Depreciation and amortization 103,730 12,974
Loss (gain) on disposal of fixed assets (3,901) 8,201
Changes in operating assets and liabilities:    
Accrued receivables and other assets (5,911,846) (2,348,299)
Notes receivable for land sales 48,582 27,333
Accounts payable, accrued expenses and other liabilities 14,553,887 3,401,200
Income taxes payable (751,377) 86,551
Net cash provided by operating activities 34,962,604 18,606,599
Cash flows from investing activities:    
Proceeds from sale of fixed assets 27,500 18,000
Purchase of fixed assets (3,610,271) (258,457)
Net cash used in investing activities (3,582,771) (240,457)
Cash flows from financing activities:    
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (20,013,701) (15,255,080)
Dividends paid (10,681,020) (2,507,183)
Net cash used in financing activities (30,694,721) (17,762,263)
Net increase in cash and cash equivalents 685,112 603,879
Cash and cash equivalents, beginning of period 49,417,889 45,011,969
Cash and cash equivalents, end of period $ 50,103,001 $ 45,615,848