Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2010
Operating Activities      
Net Income $ 12,348,721 $ 2,922,143 $ 14,666,874
Adjustments:      
Distributions received from investment securities 4,985,370 2,845,434 3,064,204
Deferred income tax, net 7,199,669 629,207 4,772,648
Depreciation expense 1,118,269 364,254  
Amortization of intangible lease asset 291,939 121,641  
Amortization of assumed debt premium (91,883) (94,611)  
Realized and unrealized (gain) loss on trading securities (4,009,933) (2,299,975) 894,531
Realized and unrealized gain on other equity securities (16,171,944) (2,283,773) (20,340,602)
Changes in assets and liabilities:      
Decrease (increase) in interest, dividend and distribution receivable   42,778 (42,774)
Decrease in lease receivable 474,152 237,077  
Increase in accounts receivable (167,302) (92,473)  
(Increase) decrease in prepaid expenses and other assets (233,272) 70,109 (13,429)
Increase (decrease) in management fees payable to Adviser, net of expense reimbursement 5,403 25,632 (30,926)
Increase (decrease) in accounts payable and other accrued liabilities 1,528,541 275,003 (47,625)
Increase in unearned income 2,370,762    
Net cash provided by operating activities 9,648,492 2,762,446 2,922,901
Investing Activities      
Purchases of long-term investments of trading and other equity securities   (38,060,281) (10,633,882)
Proceeds from sale of long-term investment of trading and other equity securities 9,354,306 53,950,583 15,762,612
Proceeds from receipt of escrow receivable 628,863    
Acquisition expenditures and deferred lease costs (942,707)    
Cash paid in business combination   (12,250,000)  
Proceeds from sale of property and equipment 3,076    
Purchases of property and equipment (30,321) (1,045)  
Net cash provided by (used in) investing activities 9,013,217 3,639,257 5,128,730
Financing Activities      
Payments on long-term debt (2,188,000) (1,221,000)  
Payments on lease obligation (80,028) (44,816)  
Deferred financing costs (1,054,302)    
Advances from revolving line of credit 5,285,000    
Repayments on revolving line of credit (5,165,000) (400,000) (4,600,000)
Distributions paid to common stockholders (3,919,249) (3,503,365) (3,484,284)
Net cash used in financing activities (7,121,579) (5,169,181) (8,084,284)
Net Change in Cash and Cash Equivalents 11,540,130 1,232,522 (32,653)
Consolidation of wholly-owned subsidiary   94,611  
Cash and Cash Equivalents at beginning of year 2,793,326 1,466,193 1,498,846
Cash and Cash Equivalents at end of period 14,333,456 2,793,326 1,466,193
Supplemental Disclosure of Cash Flow Information      
Interest paid 203,611 176,595 66,703
Income taxes paid 96,000 253,650  
Non-Cash Investing Activities      
Security proceeds from sale of long-term investment of other equity securities 26,565,400    
Non-Cash Financing Activities      
Reinvestment of distributions by common stockholders in additional common shares $ 121,024 $ 252,242 $ 430,838