XML 56 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities    
Net income $ 4,909,188 $ 5,700,493
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 90,583 75,335
Gain on sale of property and equipment   (2,013)
Provision for credit losses 4,231,815 2,641,791
Amortization of dealer discounts (3,283,641) (2,974,446)
Deferred income taxes (292,460) 858,193
Share-based compensation 116,023 122,259
Change in fair value of interest rate swap agreements 212,287 (833,259)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 76,898 (2,958)
Accounts payable and accrued expenses (1,343,750) (740,518)
Income taxes receivable/payable 2,030,328 2,603,069
Deferred revenues 255,254 240,923
Net cash provided by operating activities 7,002,525 7,688,869
Cash flows from investing activities    
Purchase and origination of finance receivables (43,142,921) (39,328,663)
Principal payments received 33,365,083 34,229,127
Increase in assets held for resale (343,700) (578,359)
Purchase of property and equipment (118,001) (101,122)
Proceeds from sale of property and equipment   12,800
Net cash used in investing activities (10,239,539) (5,766,217)
Cash flows from financing activities    
Net draws on line of credit 3,500,000 521,510
Change in drafts payable (714,951) (272,791)
Payment of cash dividends   (1,460,372)
Proceeds from exercise of stock options 71,716 83,140
Excess tax benefits from share-based compensation 36,182 67,096
Net cash provided (used) by financing activities 2,892,947 (1,061,417)
Net (decrease) increase in cash (344,067) 861,235
Cash, beginning of period 2,635,036 2,797,716
Cash, end of period $ 2,290,969 $ 3,658,951