Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 687,407 $ 1,272,546
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 809,383 812,175
Unrealized loss (gain) on marketable equity securities 830,373 (709,197)
Unrealized (gain) loss on interest rate cap premium (42,157) 4
Amortization of loan procurement costs 70,089 99,501
Stock-based compensation 91,933 86,182
Gain on PPP loan forgiveness (307,210)  
Changes in operating assets and liabilities:    
Accounts receivable (23,387) (41,537)
Prepaid expenses and other assets 226,487 51,106
Accounts payable and accrued expenses 65,294 323,994
Net cash provided by operating activities 2,408,212 1,894,774
Cash flows from investing activities    
Improvements and equipment additions (14,916) (171,444)
Net cash used in investing activities (14,916) (171,444)
Cash flows from financing activities    
Issuance of common stock, net of expenses 1,184,323 6,184,684
Proceeds received on PPP loan forgiveness 307,210  
Principal payments on note payable (264,183) (253,355)
Dividends paid (1,406,874) (1,218,428)
Net cash (used in) provided by in financing activities (179,524) 4,712,901
Net increase in cash, cash equivalents, and restricted cash 2,213,772 6,436,231
Cash, cash equivalents, and restricted cash, beginning of period 3,063,699 1,955,443
Cash, cash equivalents, and restricted cash, end of period 5,277,471 8,391,674
Supplemental cash flow and noncash information    
Cash paid for interest 381,089 474,163
Supplemental disclosure of noncash activities:    
Dividends payable $ 1,952 $ 1,103