Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 1 Months Ended 12 Months Ended
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Nov. 30, 2012
Nov. 30, 2011
Net Income (Loss) $ (1,521,743) $ 5,969,106   $ 12,348,721 $ 2,922,143
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Distributions received from investment securities 0 (567,276)   4,985,370 2,845,434
Deferred income tax, net (4,776,090) 2,936,044   7,199,669 629,207
Depreciation 499,357 11,429,980   1,118,269 364,254
Amortization 42,645 909,724   200,056 27,030
Realized and unrealized (gain) loss on trading securities 1,769,058 251,213   (4,009,933) (2,299,975)
Realized and unrealized (gain) loss on other equity securities 159,495 (5,617,766)   (16,171,944) (2,283,773)
Unrealized (gain) loss on derivative contract 316,756 (11,095)   0 0
Changes in assets and liabilities:          
(Increase) decrease in accounts receivable 647,363 (1,145,299)   (167,302) (49,695)
(Increase) decrease in lease receivable 0 (711,229)   474,152 237,077
(Increase) decrease in prepaid expenses and other assets (177,521) 272,194   (233,272) 70,109
Increase in accounts payable and other accrued liabilities 122,445 816,430   1,533,944 300,635
Increase (decrease) in current income tax liability 3,922,682 (4,690,329)   0 0
Increase (decrease) in unearned revenue (237,077) (2,133,685)   2,370,762 0
Net cash provided by operating activities 767,370 7,708,012   9,648,492 2,762,446
Investing Activities          
Purchases of long-term investments of trading and other equity securities 0 0   0 (38,060,281)
Proceeds from sale of long-term investment of trading and other equity securities 26,085,740 5,580,985   9,983,169 53,950,583
Deferred lease costs (796,649) (74,037)   0 0
Acquisition expenditures 205,706,823 1,834,036   942,707 0
Purchases of property and equipment (421) (40,670)   (30,321) 0
Cash paid in business combination 0 0   0 (12,250,000)
Proceeds from sale of property and equipment 0 5,201   3,076 (1,045)
Return of capital on distributions received 0 1,772,776   0 0
Net cash provided by (used in) investing activities (180,418,153) 5,410,219   9,013,217 3,639,257
Financing Activities          
Payments on lease obligation (6,824) (20,698)   (80,028) (44,816)
Debt financing costs (1,391,846) (144,798)   (1,054,302) 0
Net offering proceeds 84,516,780 (523,094)   0 0
Debt issuance 70,000,000 0   0 0
Proceeds from non-controlling interest 30,000,000 0   0 0
Dividends paid 0 (8,946,941)   (3,919,249) (3,503,365)
Distributions to non-controlling interest 0 (3,282,152)   0 0
Advances on revolving line of credit 530,000 221,332   5,285,000 0
Advances on revolving line of credit (650,000) (139,397)   (5,165,000) (400,000)
Payments on long-term debt 0 0   (2,188,000) (1,221,000)
Net cash used in financing activities 182,998,110 (12,835,748)   (7,121,579) (5,169,181)
Net Change in Cash and Cash Equivalents 3,347,327 282,483   11,540,130 1,232,522
Consolidation of wholly-owned subsidiary     0   94,611
Cash and Cash Equivalents at beginning of period 14,333,456 17,680,783   2,793,326 1,466,193
Cash and Cash Equivalents at end of period 17,680,783 17,963,266 17,680,783 14,333,456 2,793,326
Supplemental Disclosure of Cash Flow Information          
Interest paid 2,765 2,651,355   203,611 176,595
Income taxes paid (net of refunds) 0 4,637,068   96,000 253,650
Non-Cash Investing Activities          
Security proceeds from sale in long-term investment of other equity securities 23,046,215 0   26,565,400 0
Reclassification of prepaid expenses and other assets to deferred lease costs 753,940 0   0 0
Reclassification of prepaid expenses and other assets to acquisition expenditures 181,766 0   0 0
Change in accounts payable and accrued expenses related to deferred lease costs (653,747) (68,417)   0 0
Change in accounts payable and accrued expenses related to acquisition expenditures 1,624,680 (1,545,163)   0 0
Non-Cash Financing Activities          
Reclassification of prepaid expenses and other assets to issuance of equity 617,308 0   0 0
Reclassification of prepaid expenses and other assets to debt financing costs 436,994 0   0 0
Change in accounts payable and accrued expenses related to the issuance of equity 391,322 (523,094)   0 0
Change in accounts payable and accrued expenses related to debt financing costs (291,667) 116,383   0 0
Reinvestment of distributions by common stockholders in additional common shares $ 0 $ 108,119   $ 121,024 $ 252,242