XML 18 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Operating Activities:      
Net income $ 2,770,508 $ 1,773,913  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 735,261 745,949  
Stock-based compensation expense 129,477 104,927  
Stock-based employee match contribution 206,806 156,710  
Deferred income taxes 727,000 0  
(Gain) Loss from equity investment (1,858,512) 239,522  
Changes in operating assets and liabilities:      
Accounts receivable (345,006) (237,486)  
Employee retention credit receivable 3,597,635 0  
Increase in TIF receivable (204,911) (165,266)  
Inventory, prepaid expenses and deposits (48,682) (70,963)  
Income taxes receivable/payable and prepaid income taxes 314,000 (212,228)  
Accounts payable (1,518,416) 237,324  
Deferred revenue 433,353 212,386  
Casino accruals 280,355 (201,651)  
Accrued wages and payroll taxes 221,716 5,249  
Accrued property taxes 197,588 202,168  
Payable to horsepersons 184,299 146,264  
Net cash provided by operating activities 5,822,471 2,936,818  
Investing Activities:      
Additions to land, buildings, and equipment (1,010,314) (778,041)  
Equity investment contributions 0 (340,026)  
Increase in related party receivable (45,856) (5,554)  
Net cash used in investing activities (1,056,170) (1,123,621)  
Financing Activities:      
Cash dividend paid to shareholders (345,427) (336,198)  
Payments for taxes related to net share settlement of equity awards (166,705) (211,859)  
Principal payments on finance lease (6,979) (6,641)  
Net cash used in financing activities (519,111) (554,698)  
Net increase in cash, cash equivalents, and restricted cash 4,247,190 1,258,499  
Cash, cash equivalents, and restricted cash at beginning of period 16,106,003 15,598,753 $ 15,598,753
Cash, cash equivalents, and restricted cash at end of period 20,353,193 16,857,252 $ 16,106,003
Schedule of non-cash investing and financing activities      
Additions to land, buildings, and equipment funded through accounts payable 244,000 119,000  
Dividend declared but not yet paid 346,000 340,000  
Change in investee losses in excess of equity investments (1,882,000) 515,000  
Supplemental disclosure of cash flow information:      
Income taxes paid, net of refunds 0 818,000  
Interest paid $ 0 $ 1,000