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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
6 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Operating Activities:    
Net (loss) income $ (925,976) $ 1,014,329
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation 1,410,493 1,201,740
Stock-based compensation expense 67,664 163,508
Stock-based employee match contribution 175,676 409,229
Deferred income taxes 921,400 1,084,400
Loss from equity investment 149,639 2,377
Loss on disposal of assets   108,037
Gain on insurance recoveries   (198,974)
Changes in operating assets and liabilities:    
Increase in accounts receivable (1,008,121) (556,740)
Decrease (increase) in other current assets 51,632 (63,603)
Increase (decrease) in income taxes receivable/payable (2,505,635) (680,177)
Decrease in operating lease right-of-use assets 12,557 11,535
Decrease in operating lease liabilities (12,557) (11,535)
Increase in accounts payable 206,665 531,433
(Decrease) increase in deferred revenue (420,808) 1,310,506
(Decrease) increase in Card Casino accruals (467,059) 340,760
(Decrease) increase in accrued wages and payroll taxes (788,257) 44,507
(Decrease) increase in accrued property taxes (1) 8,436
Increase in payable to horsepersons 2,753,348 4,607,394
Net cash (used in) provided by operating activities (379,340) 9,327,162
Investing Activities:    
Additions to land, buildings, and equipment (1,349,849) (5,671,183)
Additions for TIF eligible improvements (518,042) (4,843,708)
Decrease in notes receivable   1,062,336
Proceeds from sale of investments 103,886 102,659
Net cash used in investing activities (1,764,005) (9,349,896)
Financing Activities:    
Proceeds from issuance of common stock 112,877 223,522
Payments against line of credit (2,044,668) (2,826,044)
Borrowings on line of credit 4,909,988 3,920,257
Cash dividend paid to shareholders (328,092) (637,164)
Payments for taxes related to net share settlement of equity awards (72,379) (54,934)
Principal payments on finance lease (12,098) (12,278)
Net cash provided by financing activities 2,565,628 613,359
Net increase in cash, cash equivalents, and restricted cash 422,283 590,625
Cash, cash equivalents, and restricted cash at beginning of period 3,927,098 11,203,998
Cash, cash equivalents, and restricted cash at end of period 4,349,381 11,794,623
Schedule of non-cash investing and financing activities    
Additions to buildings and equipment funded through accounts payable 427,000 698,000
Transfer of future TIF reimbursed costs from PP&E 666,000 4,844,000
ROU assets obtained in exchange for operating lease obligations   103,000
Dividend declared   321,000
Supplemental disclosure of cash flow information:    
Income taxes paid   440,000
Interest paid $ 16,000 $ 14,000