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, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 1,617,271 $ 1,901,608
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 1,214,344 1,221,938
Unrealized loss (gain) on marketable equity securities 889,885 (791,189)
Unrealized (gain) loss on interest rate cap premium (102,393) 4
Amortization of loan procurement costs 105,027 155,176
Stock-based compensation 131,112 140,274
Gain on PPP loan forgiveness (307,210)  
Changes in operating assets and liabilities:    
Accounts receivable (42,060) 321
Prepaid expenses and other assets (12,300) (158,660)
Accounts payable and accrued expenses 317,330 64,324
Net cash provided by operating activities 3,811,006 2,533,796
Cash flows from investing activities    
Improvements and equipment additions (81,904) (243,626)
Net cash used in investing activities (81,904) (243,626)
Cash flows from financing activities    
Issuance of common stock, net of expenses 1,982,028 6,184,684
Proceeds received on PPP loan forgiveness 307,210  
Line of credit repayment, net   (5,144,000)
Issuance costs on renewal of revolving line of credit   (231,926)
Principal payments on note payable (398,361) (382,035)
Dividends paid (2,210,072) (1,913,512)
Net cash used in financing activities (319,195) (1,486,789)
Net increase in cash, cash equivalents, and restricted cash 3,409,907 803,381
Cash, cash equivalents, and restricted cash, beginning of period 3,063,699 1,955,443
Cash, cash equivalents, and restricted cash, end of period 6,473,606 2,758,824
Supplemental cash flow and noncash information    
Cash paid for interest 569,539 688,695
Supplemental disclosure of noncash activities:    
Dividends payable $ 3,043 $ 2,079