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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
9 Months Ended
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Operating Activities:    
Net income $ 923,036 $ 2,164,832
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,065,496 1,987,067
Stock-based compensation expense 271,631 203,333
Stock-based employee match contribution 293,975 567,994
Deferred income taxes 1,530,900 486,200
Loss from equity investment 661,255 2,377
Loss on disposal of assets 13,407 114,413
Gain on transfer of land (2,275,458)  
Gain on insurance recoveries   (198,874)
Changes in operating assets and liabilities:    
Increase in accounts receivable (1,294,522) (166,082)
Decrease in other current assets 177,773 54,370
Increase (decrease) in income taxes receivable (1,418,738) 136,965
Increase in due from Minnesota horsemen associations   (1,093,742)
Decrease in operating lease right-of-use assets 27,713 26,296
Decrease in operating lease liabilities (27,713) (26,296)
Increase in accounts payable (739,214) (189,665)
(Decrease) increase in deferred revenue (940,097) 652,960
Increase in Card Casino accruals 682,508 448,842
Decrease in accrued wages and payroll taxes (467,230) (753,114)
Increase in accrued property taxes 213,812 235,706
Increase (decrease) in payable to horsepersons 981,113 (706,122)
Net cash provided by operating activities 679,647 3,947,460
Investing Activities:    
Additions to property, plant, and equipment 1,432,770 6,686,126
Additions for TIF eligible improvements (750,983) (6,013,782)
Decrease (increase) in related party receivable 2,023,372 (178,100)
Decrease in notes receivable   1,058,508
Proceeds from sale of investments 103,886 102,659
Net cash used in investing activities (56,495) (11,716,841)
Financing Activities:    
Proceeds from issuance of common stock 112,876 244,350
Payments against line of credit (5,866,416) (3,920,256)
Borrowings on line of credit 5,866,416 5,592,246
Cash dividend paid to shareholders (328,586) (958,317)
Payments for taxes related to net share settlement of equity awards (72,380) (54,934)
Principal payments on finance lease (18,260) (17,304)
Net cash (used in) provided by financing activities (306,350) 885,785
Net increase in cash, cash equivalents, and restricted cash 316,802 (6,883,596)
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 4,243,900 4,320,402
Schedule of non-cash investing and financing activities    
Additions to buildings and equipment funded through accounts payable 72,000 339,000
Transfer of future TIF reimbursed costs from PP&E 899,000 6,014,000
ROU assets obtained in exchange for operating lease obligations   103,000
Dividend declared   323,000
Supplemental disclosure of cash flow information:    
Income taxes paid 80,000 640,000
Interest paid 39,000 $ 30,000
Doran Canterbury II, LLC [Member]    
Schedule of non-cash investing and financing activities    
Transfer of assets 1,786,997  
Canterbury DBSV Development LLC    
Schedule of non-cash investing and financing activities    
Transfer of assets $ 2,133,618