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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 2,039,337 $ 1,841,369
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 1,225,290 1,224,624
Unrealized (gain) loss on marketable equity securities (403,935) 165,266
Unrealized loss on interest rate cap premium 40,113 30,503
Amortization of loan procurement costs 97,458 94,916
Stock-based compensation 218,136 126,428
Changes in operating assets and liabilities:    
Accounts receivable 41,982 (36,491)
Prepaid expenses and other assets (173,919) (354,483)
Accounts payable and accrued expenses (16,269) 317,410
Net cash provided by operating activities 3,068,193 3,409,542
Cash flows from investing activities    
Improvements and equipment additions (62,440) (196,689)
Net cash used in investing activities (62,440) (196,689)
Cash flows from financing activities    
Principal payments on note payable (433,137) (406,138)
Issuance costs on renewal of revolving line of credit (235,164)  
Dividends paid (2,438,864) (2,416,247)
Net cash used in financing activities (3,107,165) (2,822,385)
Net (decrease) increase in cash, cash equivalents, and restricted cash (101,412) 390,468
Cash, cash equivalents, and restricted cash, beginning of period 7,028,546 6,515,007
Cash, cash equivalents, and restricted cash, end of period 6,927,134 6,905,475
Supplemental cash flow and noncash information    
Cash paid for interest 536,156 553,907
Supplemental disclosure of noncash activities:    
Dividends payable $ 3,420 $ 5,790