CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Operating activities:
Consolidated net income	$ 4,522,301	$ 137,689
Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities:
Equity in earnings of unconsolidated subsidiaries, net of distributions of $90,000 in 2018 and $90,000 in 2017	(127,172)	(72,859)
Gain on sale of real estate	(5,960,017)	(2,736,282)
Depreciation of real estate and equipment	1,431,091	1,366,512
Amortization of deferred expenses	147,915	135,663
Deferred income taxes	594,899	271,759
(Gain) loss on derivatives	(437,386)	203,905
Changes in operating assets and liabilities:
Accounts, notes and other receivables	(1,118,912)	32,360
Deposits and escrow accounts	1,190,459	232,025
Prepaid expenses	(700,106)	(465,654)
Deferred expenses	(253,795)	1,119,012
Accrued liabilities	913,529	943,948
Deferred income	(90,611)	(129,732)
Accounts and other payables	(707,632)	(920,990)
Net cash provided by / (used in) operating activities	(595,437)	117,356
Investing activities:
Investments in marketable securities	0	(96,946)
Proceeds from sale of marketable securities	0	374,359
Purchase of equipment and tenant improvements	(31,478)	(647,699)
Proceeds from sale of real estate	13,662,078	21,360,000
Additions to developed properties and properties under construction	(8,337,110)	(11,461,232)
Net cash provided by investing activities	5,293,490	9,528,482
Financing activities:
Distributions to noncontrolling interests	(232,830)	(138,256)
Repurchase of common stock	0	(75,000)
Proceeds from:
Construction loans	7,040,812	7,793,353
Mortgage loans	0	2,876,407
Notes	0	0
Credit lines	3,000,000	0
Principal payments on:
Construction loans	(7,900,772)	(1,127,899)
Mortgage loans	(3,688,037)	(13,469,006)
Notes	0	0
Credit lines	(2,476,670)	(5,000,000)
Payments (to) from related parties and affiliates, net	199,428	151,271
Net cash used in financing activities	(4,058,069)	(8,989,130)
Net change in cash and cash equivalents and restricted cash	639,984	656,708
Cash and cash equivalents and restricted cash, beginning of period	8,199,368	6,776,769
Cash and cash equivalents and restricted cash, end of period	8,839,352	7,433,477
Cash paid during the period for interest	2,632,510	2,672,437
Cash paid during the period for income taxes	44,540	60,750
Debt refinancing in 1st quarter:
New mortgage loans	0	8,565,000
Debt reduced	0	(5,567,673)
Escrow funded	0	(120,920)
Net cash from refinancing in 1st quarter	$ 0	$ 2,876,407

FIRST HARTFORD CORP 10-Q