Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Assets:    
Cash and cash equivalents $ 29,130,494 $ 41,938,897
Investment securities 34,382,317 60,633,661
Mortgages receivable 422,404,523 292,301,209
Interest and fees receivable 5,212,936 3,693,645
Other receivables 487,732 94,108
Due from borrowers 4,651,732 3,671,016
Prepaid expenses 170,142 271,291
Property and equipment, net 2,943,046 2,172,185
Real estate owned 5,904,614 6,559,010
Investments in partnerships 19,616,970 6,055,838
Other assets 420,684 306,440
Deferred financing costs, net 45,423 264,451
Total assets 525,370,613 417,961,751
Liabilities:    
Notes payable (net of deferred financing costs of $7,939,241 and $5,747,387) 240,212,509 160,529,363
Repurchase facility 39,372,430 19,087,189
Mortgage payable 750,000 750,000
Line of credit 23,406,655 33,178,031
Accrued dividends payable 0 3,927,600
Accounts payable and accrued expenses 177,866 501,753
Advances from borrowers 11,336,297 15,066,114
Deferred revenue 4,627,997 4,643,490
Other notes 17,640 30,921
Accrued interest 466,224 164,729
Total liabilities 320,367,618 237,879,190
Commitments and Contingencies
Shareholders' equity:    
Preferred shares - $.001 par value; 5,000,000 shares authorized; 1,903,000 shares of Series A Preferred Stock issued and outstanding 1,903 1,903
Common stock - $.001 par value; 100,000,000 shares authorized; 36,755,786 and 32,730,004 issued and outstanding 36,756 32,730
Paid-in capital 206,973,510 185,516,394
Accumulated other comprehensive loss (425,972) (476,016)
Accumulated deficit (1,583,202) (4,992,450)
Total shareholders' equity 205,002,995 180,082,561
Total liabilities and shareholders' equity $ 525,370,613 $ 417,961,751