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, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income $ 50,038,507 $ 34,765,020 $ 27,218,508
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred taxes (129,927) (1,380,735) (600,621)
Depreciation and amortization 25,374 19,730 16,286
(Gain) loss on disposal of fixed assets (712) 5,083 2,795
Changes in operating assets and liabilities:      
Accrued receivables and other assets (563,991) 689,129 (1,240,703)
Income taxes payable 227,966 52,258 113,800
Prepaid income taxes 815,937 (815,937) 416,882
Notes receivable for land sales 784,001 2,964,791 4,483,078
Accounts payable, accrued expenses and other liabilities (1,629,956) 2,553,084 (344,671)
Net cash provided by operating activities 49,567,199 38,852,423 30,065,354
Cash flows from investing activities:      
Proceeds from sale of fixed assets 25,000 21,000 20,500
Purchase of fixed assets (221,456) (53,788) (54,610)
Net cash used in investing activities (196,456) (32,788) (34,110)
Cash flows from financing activities:      
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (28,771,073) (22,963,786) $ (25,216,940)
Dividends paid (2,402,460) (2,280,301)
Net cash used in financing activities (31,173,533) (25,244,087) $ (25,216,940)
Net increase in cash and cash equivalents 18,197,210 13,575,548 4,814,304
Cash and cash equivalents, beginning of period 26,814,759 13,239,211 8,424,907
Cash and cash equivalents, end of period $ 45,011,969 $ 26,814,759 $ 13,239,211