XML 43 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Operating activities:    
Net income $ 519,533 $ 1,357,936
Non-cash items included in net income    
Depreciation 929,886 921,043
Amortization of debt financing costs 3,985 12,092
Loss on sale of assets 1,942  
(Increase) decrease in:    
Accounts receivable 153,008 174,311
Inventory and supplies 44,360 105,197
Prepaid expenses and other assets (221,409) (55,505)
Increase (decrease) in:    
Accounts payable (96,504) (79,994)
Accrued rental distribution 454,607 146,219
Guest deposits (361,314) 14,417
Accrued expenses and other liabilities (256,391) (221,663)
Deferred income (20,673) (87,758)
Cash flow provided by operating activities 1,151,030 2,286,295
Investing activities:    
Capital expenditures (1,089,936) (128,784)
Cash flow used in investing activities (1,089,936) (128,784)
Financing activities:    
Proceeds from long-term debt 5,000,000  
Payments on long-term debt (4,530,334) (288,667)
Payments on line of credit   (1,500,000)
Payments on capital lease obligations (53,822) (38,231)
Debt issuance costs (68,383) (6,506)
Net borrowings from (advances to) related parties 644,560 (497,607)
Cash flow provided by (used in) financing activities 992,021 (2,331,011)
Net increase (decrease) in cash 1,053,115 (173,500)
Cash and cash equivalents at beginning of period 667,190 2,098,331
Cash and cash equivalents at end of period 1,720,305 1,924,831
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 86,779 $ 103,730