XML 19 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net loss $ (6,475,243) $ (3,252,261) $ (3,010,587)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 8,702,880 8,506,802 8,420,085
Equity in (income) loss of joint venture 60,094 (16,931) 249,367
Loss on disposal of assets 128,099 171,304 42,870
Unrealized gain on hedging activities (72,649) (700,488) (1,220,162)
Unrealized loss on warrant derivative 1,309,075    
Amortization of deferred financing costs 1,106,279 1,308,255 759,721
Paid-in-kind interest 353,698    
Charges related to equity-based compensation 74,930 254,626 134,510
Changes in assets and liabilities:      
Restricted cash 129,976 (682,321) 404,879
Accounts receivable 165,764 (243,220) (272,958)
Inventory, prepaid expenses and other assets 380,260 (371,523) (514,294)
Deferred income taxes 685,189 174,035 (1,929,473)
Accounts payable and accrued liabilities 1,074,323 (443,326) 95,879
Advance deposits (102,825) 8,249 1,417
Due from affiliates 30,292 15,069 21,351
Net cash provided by operating activities 7,550,142 4,728,270 3,182,605
Cash flows from investing activities:      
Improvements and additions to hotel properties (5,979,832) (2,886,325) (12,792,570)
Distributions from joint venture 437,500 238,386 318,521
Funding of restricted cash reserves (2,347,877) (1,956,410) (1,205,775)
Proceeds from restricted cash reserves 1,733,231 1,134,741 2,672,610
Proceeds of sale of assets 26,705    
Net cash used in investing activities (6,130,273) (3,469,608) (11,007,214)
Cash flows from financing activities:      
Proceeds from sale of common stock     3,412,288
Payment of issuance costs related to the sale of common stock     (257,144)
Proceeds of redeemable preferred stock 25,000,000    
Dividends and distributions paid (258,825)   (214,037)
Proceeds of loans 5,000,000   4,750,000
Proceeds from line of credit     6,300,000
Payments on line of credit (49,660,569) (325,000) (3,965,000)
Proceeds of mortgage refinancing 27,700,000   743,832
Payment of mortgage loans (5,953,178) (730,783) (398,588)
Redemption of units in operating partnership (7,150) (35,289)  
Payment of deferred financing costs (1,823,076) (665,189) (775,402)
Net cash provided by (used in) financing activities (2,798) (1,756,261) 9,595,949
Net increase (decrease) in cash and cash equivalents 1,417,071 (497,599) 1,771,340
Cash and cash equivalents at the beginning of the year 2,992,888 3,490,487 1,719,147
Cash and cash equivalents at the end of the year 4,409,959 2,992,888 3,490,487
Supplemental disclosures:      
Cash paid during the year for interest 8,705,123 8,870,424 9,137,443
Cash paid during the year for income taxes $ 48,351 $ 21,694 $ 109,752