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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income $ 1,841,369 $ 1,617,271
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 1,224,624 1,214,344
Unrealized loss on marketable equity securities 165,266 889,885
Unrealized loss (gain) on interest rate cap premium 30,503 (102,393)
Amortization of loan procurement costs 94,916 105,027
Stock-based compensation 126,428 131,112
Gain on PPP loan forgiveness   (307,210)
Changes in operating assets and liabilities:    
Accounts receivable (36,491) (42,060)
Prepaid expenses and other assets (354,483) (12,300)
Accounts payable and accrued expenses 317,410 317,330
Net cash provided by operating activities 3,409,542 3,811,006
Cash flows from investing activities    
Improvements and equipment additions (196,689) (81,904)
Net cash used in investing activities (196,689) (81,904)
Cash flows from financing activities    
Principal payments on note payable (406,138) (398,361)
Dividends paid (2,416,247) (2,210,072)
Issuance of common stock, net of expenses   1,982,028
Proceeds received on PPP loan forgiveness   307,210
Net cash used in financing activities (2,822,385) (319,195)
Net increase in cash, cash equivalents, and restricted cash 390,468 3,409,907
Cash, cash equivalents, and restricted cash, beginning of period 6,515,007 3,063,699
Cash, cash equivalents, and restricted cash, end of period 6,905,475 6,473,606
Supplemental cash flow and noncash information    
Cash paid for interest 553,907 569,539
Supplemental disclosure of noncash activities:    
Dividends payable $ 5,790 $ 3,043