XML 47 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudted) (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,821,926) $ (1,327,514)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 482,553 514,012
Impairment charges 200,000 0
Bad debt expense 39,000 12,000
Net periodic pension benefit cost 14,937 176,294
Noncash interest expense 302,813  
Rent receivable (35,547) (1,499)
Deferred rent receivable (65,584) 1,873
Prepaid expenses and other assets (83,934) (330,517)
(Decrease) increase in liabilities:    
Accounts payable (892,940) 31,391
Accrued liabilities (2,964,739) (51,556)
Deferred rent liability (29,838) 31,616
Tenant security deposits 1,784 14,407
Total adjustments (3,031,495) 398,021
Net cash used in operating activities (4,853,421) (929,493)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of building improvements and equipment (509,986) (284,978)
Land development costs (74,149) (53,834)
Purchase of marketable securities (1,491,900)  
Principal repayments of investments in marketable securities 227,612 645,296
Net cash (used in) provided by investing activities (1,848,423) 306,484
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on mortgage loans payable   (5,013,415)
Net cash used in financing activities   (5,013,415)
Net decrease in cash and cash equivalents (6,701,844) (5,636,424)
Cash and cash equivalents at beginning of period 13,048,827 94,164,722
Cash and cash equivalents at end of period 6,346,983 88,528,298
Supplemental cash flow information:    
Interest paid   26,676
Income and excise taxes paid 133,000 70,558
Noncash Investing and Financing Activities:    
Issuance of note to settle PIK interest $ 302,813