Issue link: http://e-delivery.uberflip.com/i/137770
Annual report 2013 Statements of Cash Flows Years ended February 28, 2013 and February 29, 2012 2013 2012 Cash provided by (used in): Operating activities: Increase in net assets from operations $ 781,198 $ 537,764 Change in non-cash operating items: Accrued interest receivable (21,389) (39,799) Subscription proceeds receivable 6,841 (23,400) Lender fees due from Fund Manager 3,735 (3,735) Other assets 3,500 (3,500) Due to Fund Manager 35,841 (22,317) Accounts payable and accrued expenses - 7,706 Unearned income (2,837) (10,012) Issuance of share based compensation to board members - 5,000 754,262 500,334 Financing activities: Proceeds from issuance of Class A preferred shares 5,655,095 Proceeds from issuance of Class B preferred shares 1,271,237 Preferred share issue costs 3,577,887 (55,168) (7,373) Recovery of previously paid share issue costs - 99,421 Redemption of Class A preferred shares (2,246,740) (386,244) Cash dividends paid (174,425) (271,167) 4,385,396 3,077,127 Investing activities: Funding of mortgage loan investments (7,591,047) (14,142,515) Discharge of mortgages 8,963,829 4,178,563 (5,178,686) (3,412,484) Increase (decrease) in cash Cash, beginning of year 164,977 (39,028) 167,966 Cash, end of year 2,989 $ 128,938 $ 167,966 $ 367,160 $ 225,488 Supplemental cash flow on non-cash financing activities: Class A preferred shares issued under dividend reinvestment plan (note 3) Class B preferred shares issued under dividend reinvestment plan (note 3) See accompanying notes to financial statements. 32 487 -