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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities:    
Net income $ 2,164,832 $ 3,347,890
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,987,067 1,895,723
Stock-based compensation expense 203,333 268,816
Stock-based employee match contribution 567,994 401,850
Deferred income taxes 486,200 518,170
Loss from equity investment 2,377  
Loss on disposal of assets 114,413 99,934
Gain on insurance recoveries (198,874) (21,064)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (166,082) 326,970
Decrease in other current assets 54,370 44,969
Increase (decrease) in income taxes receivable/payable 136,965 (242,196)
Increase in due from Minnesota horsemen associations (1,093,742) (387,964)
Decrease in operating lease right-of-use assets 26,296  
Decrease in operating lease liabilities (26,296)  
(Decrease) increase in accounts payable (189,665) 233,265
Increase in deferred revenue 652,960 379,938
Increase (decrease) in Card Casino accruals 448,842 (1,101,194)
Decrease in accrued wages and payroll taxes (753,114) (943,580)
Increase (decrease) in accrued property taxes 235,706 (23,604)
Decrease in payable to horsepersons (706,122) (521,613)
Net cash provided by operating activities 3,947,460 4,276,310
Investing Activities:    
Additions to land, buildings, and equipment (12,699,908) (3,548,124)
Issuance of related party receivable (178,100)  
Decrease in notes receivable 1,058,508 1,038,443
Proceeds from sale of investments 102,659 61
Net cash used in investing activities (11,716,841) (2,509,620)
Financing Activities:    
Proceeds from issuance of common stock 244,350 602,649
Borrowings on line of credit 5,592,246  
Payments against line of credit (3,920,256)  
Cash dividend paid to shareholders (958,317) (890,666)
Payments for taxes related to net share settlement of equity awards (54,934)  
Principal payments on finance lease (17,304)  
Net cash provided by (used in) financing activities 885,785 (288,017)
Net (decrease) increase in cash, cash equivalents, and restricted cash (6,883,596) 1,478,672
Cash, cash equivalents, and restricted cash at beginning of period 11,203,998 12,025,553
Cash, cash equivalents, and restricted cash at end of period 4,320,402 13,504,225
Schedule of non-cash investing and financing activities    
Additions to buildings and equipment funded through accounts payable 339,000 178,000
Transfer of future TIF reimbursed costs from PP&E 6,014,000  
ROU assets obtained in exchange for operating lease obligations 103,000  
Dividend declared 323,000 315,000
Supplemental disclosure of cash flow information:    
Income taxes paid 640,000 $ 575,000
Interest paid $ 30,000