XML 17 R6.htm IDEA: XBRL DOCUMENT v3.24.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net income $ 2,938,769 $ 2,057,723
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 1,634,044 1,619,239
Unrealized (gain) loss on marketable equity securities (408,876) 1,117,029
Unrealized loss (gain) on interest rate cap premium 72,271 (113,744)
Amortization of loan procurement costs 138,735 139,895
Stock-based compensation 199,752 173,921
Gain on PPP loan forgiveness   (307,210)
Changes in operating assets and liabilities:    
Accounts receivable (1,111) (47,658)
Prepaid expenses and other assets (131,265) 108,861
Accounts payable and accrued expenses 81,779 48,999
Net cash provided by operating activities 4,524,098 4,797,055
Cash flows from investing activities    
Improvements and equipment additions (231,104) (113,333)
Net cash used in investing activities (231,104) (113,333)
Cash flows from financing activities    
Principal payments on note payable (556,769) (533,952)
Dividends paid (3,222,686) (3,014,108)
Issuance of common stock, net of expenses   2,008,436
Proceeds received on PPP loan forgiveness   307,210
Net cash used in financing activities (3,779,455) (1,232,414)
Net increase in cash, cash equivalents, and restricted cash 513,539 3,451,308
Cash, cash equivalents, and restricted cash, beginning of period 6,515,007 3,063,699
Cash, cash equivalents, and restricted cash, end of period 7,028,546 6,515,007
Supplemental cash flow and noncash information    
Cash paid for interest 735,620 758,439
Supplemental disclosure of noncash activities:    
Dividends payable $ 8,923 $ 4,955