Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:    
Net income attributable to the Company $ 2,342,999 $ 7,669,247
Adjustments to reconcile net income to net cash provided by operating activities:    
Equity in net income of unconsolidated investee (1,753,661) (3,181,139)
Distributions from unconsolidated investee 1,946,142 3,096,193
Non-controlling interest in consolidated joint venture 10,247,024 10,192,744
Unrealized gain on notes receivable, tribal governments 7,864 2,900
Gain on disposal of fixed assets (6,003) (6,101)
Depreciation 4,204,570 1,049,051
Amortization of gaming and other rights 2,372,206 2,372,205
Nambe notes receivable impairment loss adjustment 419,703  
Stockman's goodwill impairment loss adjustment 4,500,000  
Nevada gaming license write-off 53,307  
Loss on derivative 513,328  
Amortization of loan fees 838,403  
Amortization of player loyalty program 425,000  
Deferred and share-based compensation 748,332 34,143
Increases and decreases in operating assets and liabilities:    
Accounts receivable (701,643) (1,390,788)
Prepaid expenses (784,979) (424,123)
Deferred tax asset (1,294,780) 34,709
Deposits and other current assets (200) (16,125)
Other assets 52,280 158,862
Accounts payable and accrued expenses 2,962,215 10,088
Income taxes payable 2,025,280 (1,889,444)
Deferred tax liability (2,110,333) 354,248
Net cash provided by operating activities 27,007,054 18,066,670
Cash flows from investing activities:    
Proceeds from repayment of tribal advances   5,000,000
Purchase of property and equipment (3,233,984) (360,481)
Proceeds from sale of assets 10,480 1,200
Rising Star deposits and other capitalized acquisition costs (19,514,157) (5,122,245)
Grand Lodge acquisition 75,418  
Trademark (17,101)  
Other (45,881) (15,100)
Net cash used in investing activities (22,725,225) (496,626)
Cash flows from financing activities:    
Repayment of long-term debt (6,600,000) (1,450,087)
Distributions to non-controlling interest in consolidated joint venture (10,688,158) (10,058,213)
Proceeds from borrowings 15,103,891  
Loan fees (648,793) (1,965,647)
Deferred offering costs (35,801)  
Net cash used in financing activities (2,868,861) (13,473,947)
Net increase in cash and equivalents 1,412,968 4,096,097
Cash and equivalents, beginning of year 13,294,496 9,198,399
Cash and equivalents, end of year 14,707,464 13,294,496
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 2,009,781  
Cash paid for income taxes 4,706,118 8,259,760
Purchases of property and equipment financed with prior year deposit $ 5,000,000 $ 94,185