Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income (loss) $ 1,901,608 $ (41,444)
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation and amortization 1,221,938 1,527,901
Unrealized gain on marketable equity securities (791,189) (27,402)
Amortization of loan procurement costs 155,176 149,946
Stock-based compensation 140,274 99,762
Changes in operating assets and liabilities:    
Accounts receivable 321 95,006
Prepaid expenses and other assets (158,656) (275,825)
Accounts payable and accrued expenses 64,324 (310,392)
Net cash provided by operating activities 2,533,796 1,217,552
Cash flows from investing activities    
Improvements and equipment additions (243,626) (194,787)
Construction   (1,402,573)
Net cash used in investing activities (243,626) (1,597,360)
Cash flows from financing activities    
Issuance of common stock, net of expenses 6,184,684  
Line of credit (repayment) borrowing, net (5,144,000) 230,000
Issuance costs on renewal of revolving line of credit (231,926)  
Principal payments on note payable (382,035) (366,378)
Dividends paid (1,913,512) (1,819,845)
Net cash used in financing activities (1,486,789) (1,956,223)
Net increase (decrease) in cash, cash equivalents, and restricted cash 803,381 (2,336,031)
Cash, cash equivalents, and restricted cash, beginning of period 1,955,443 4,253,565
Cash, cash equivalents, and restricted cash, end of period 2,758,824 1,917,534
Supplemental cash flow and noncash information    
Cash paid for interest 688,695 757,537
Supplemental disclosure of noncash activities:    
Dividends payable $ 2,079 $ 2,930