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, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 41,043,450 $ 26,530,128
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred taxes (237,637) (1,028,281)
Depreciation and amortization 13,799 17,593
(Gain) loss on disposal of fixed assets (712) 5,083
Changes in operating assets and liabilities:    
Accrued receivables and other assets (797,628) $ (797,568)
Prepaid income taxes 815,937
Notes receivable for land sales 784,001 $ 2,964,790
Accounts payable, accrued expenses and other liabilities (1,424,737) 699,122
Income taxes payable 2,468,351 762,532
Net cash provided by operating activities 42,664,824 29,153,399
Cash flows from investing activities:    
Proceeds from sale of fixed assets 25,000 21,000
Purchase of fixed assets (111,646) (51,901)
Net cash used in investing activities (86,646) (30,901)
Cash flows from financing activities:    
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (20,819,786) (13,957,183)
Dividends paid (2,402,460) (2,280,300)
Net cash used in financing activities (23,222,246) (16,237,483)
Net increase in cash and cash equivalents 19,355,932 12,885,015
Cash and cash equivalents, beginning of period 26,814,759 13,239,211
Cash and cash equivalents, end of period $ 46,170,691 $ 26,124,226