Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Statement of Cash Flows [Abstract]    
Net Income $ 5,889,316 $ 3,220,252
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Deferred income tax, net 402,318 395,050
Depreciation 6,336,548 5,714,448
Amortization 466,334 433,386
Realized and unrealized gain on trading securities 0 (316,063)
Realized and unrealized gain on other equity securities (3,378,208) (2,395,010)
Unrealized Gain (Loss) on derivatives contract (34,932) 46,228
Changes in assets and liabilities:    
Increase in accounts receivable 952,032 (352,037)
Decrease in lease receivable (388,035) 0
(Increase) decrease in prepaid expenses and other assets (94,053) 31,321
Decrease in accounts payable and other accrued liabilities (366,777) (1,217,791)
Increase in distributions to non-controlling interest 0 3,018,495
increase in distributions to non controlling interest 0 1,690,413
Increase (decrease) in current income tax liability 421,887 (3,855,947)
Increase (decrease) in unearned revenue 2,133,686 (1,422,457)
Net cash provided by (used in) operating activities 12,340,116 4,990,288
Investing Activities    
Proceeds from sale of long-term investment of trading and other equity securities 0 5,563,865
Deferred lease costs 0 (5,620)
Acquisition expenditures (43,536,044) 0
Purchases of property and equipment 0 (42,242)
Issuance of financing note receivable (4,299,356) 0
Return of capital on distributions received 832,744 631,524
Net cash (used in) provided by investing activities (47,002,656) 6,147,527
Financing Activities    
Payments on lease obligation 0 (20,698)
Debt financing costs (220,000) (10,999)
Net offering proceeds 45,624,563 0
Dividends paid (7,039,176) (5,986,937)
Distributions to non-controlling interest (1,421,562) (1,690,413)
Advances on revolving line of credit 2,535,671 139,397
Payments on revolving line of credit (2,617,606) (139,397)
Payments of Long-term Debt (1,176,000) 0
Net cash provided by (used in) financing activities 35,685,890 (7,709,047)
Net change in cash and cash equivalents 1,023,350 3,428,768
Cash and cash equivalents at beginning of period 17,963,266 17,680,783
Cash and cash equivalents at end of period 18,986,616 21,109,551
Supplemental Disclosure of Cash Flow Information    
Interest paid (1,399,619) (1,242,441)
Net Income taxes paid (refunds received) (432,187) (4,776,354)
Non-Cash Investing Activities    
Change in accounts payable and accrued expenses related to acquisition expenditures 627,970 0
Non-Cash Financing Activities    
Dividend reinvestment 61,329 49,141
Change in accounts payable and accrued expenses related to debt financing costs $ (220,000) $ 0