Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Sep. 30, 2013
Aug. 31, 2012
Net Income $ 4,025,746 $ 12,712,309
Adjustments to reconcile net income to net cash provided by operating activities:    
Distributions received from investment securities (567,276) 3,685,593
Deferred income tax, net 2,180,456 7,415,596
Depreciation 8,571,860 740,437
Amortization 650,330 132,934
Realized and unrealized (gain) loss on trading securities 251,213 (5,197,958)
Realized and unrealized gain on other equity securities (3,834,306) (15,463,335)
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable (220,004) 402,204
Increase in lease receivable 0 (711,229)
(Increase) decrease in prepaid expenses and other assets 330,715 (1,418,941)
Increase (decrease) in accounts payable and other accrued liabilities (1,571,999) 535,745
Net change in derivative contracts, not designated as hedges 64,123 0
Decrease in current income tax liability (4,626,710) 0
Decrease in unearned revenue (2,133,685) 0
Net cash provided by operating activities 3,120,463 2,833,355
Investing Activities    
Proceeds from sale of long-term investment of trading and other equity securities 5,563,865 9,354,272
Deferred lease costs (5,620) 0
Acquisition expenditures (37,696) 0
Purchases of property and equipment (42,242) (30,321)
Proceeds from Sale of Property, Plant, and Equipment 0 3,076
Return of capital on distributions received 1,142,488 0
Net cash provided by investing activities 6,620,795 9,327,027
Financing Activities    
Payments on lease obligation (20,698) (59,702)
Debt financing costs (10,999) 0
Net Change in derivative contracts, designated as hedges (34,884) 0
Dividends paid (6,036,072) (1,952,477)
Distributions to non-controlling interest (2,479,425) 0
Advances on revolving line of credit 139,397 2,585,000
Payments on revolving line of credit (139,397) (2,460,000)
Payments of Long-term Debt 0 (1,283,000)
Dividend reinvestment 78,755 0
Net cash used in financing activities (8,503,323) (3,170,179)
Net Change in Cash and Cash Equivalents 1,237,935 8,990,203
Cash and Cash Equivalents at beginning of period 17,680,783 2,793,326
Cash and Cash Equivalents at end of period 18,918,718 11,783,529
Supplemental Disclosure of Cash Flow Information    
Interest paid 1,948,486 155,450
Income taxes paid 4,781,617 96,000
Non-Cash Investing Activities    
Security proceeds from sale in long-term investment of other equity securities 0 26,565,400
Deferred income tax, net $ 2,180,456 $ 7,415,596