Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income $ 19,647,818 $ 20,594,769 $ 11,308,711
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred taxes (679,207) (1,329,030) (444,773)
Depreciation and amortization 16,504 12,675 15,391
(Gain) loss on disposal of fixed assets 2,470 (1,424) 2,884
Changes in operating assets and liabilities:      
Accrued receivables and other assets 92,408 (637,244) (534,636)
Income taxes payable (1,139,325) 1,230,979 (48,854)
Prepaid income taxes (416,882) 57,893 (57,893)
Notes receivable for land sales 1,983,119 3,988,795 1,386,027
Real estate acquired   36,445  
Accounts payable, accrued expenses and other liabilities 404,585 (22,650) 69,762
Net cash provided by operating activities 19,911,490 23,931,208 11,696,619
Cash flows from investing activities:      
Proceeds from sale of fixed assets 13,500 17,250 12,500
Purchase of fixed assets (50,405) (37,261) (27,670)
Net cash used in investing activities (36,905) (20,011) (15,170)
Cash flows from financing activities:      
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (20,183,747) (16,030,938) (10,715,045)
Dividends paid (4,295,509) (2,000,233) (1,968,061)
Net cash used in financing activities (24,479,256) (18,031,171) (12,683,106)
Net increase (decrease) in cash and cash equivalents (4,604,671) 5,880,026 (1,001,657)
Cash and cash equivalents, beginning of period 13,029,578 7,149,552 8,151,209
Cash and cash equivalents, end of period $ 8,424,907 $ 13,029,578 $ 7,149,552