Registration statement for securities to be issued by real estate companies

BALANCE SHEETS

v3.8.0.1
BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Dec. 31, 2015
Assets:      
Cash $ 1,868,045 $ 1,561,863 $ 1,834,082
Escrow deposits 311,950 0  
Mortgages receivable 47,807,245 32,521,588 26,017,867
Mortgages receivable, affiliate 0 1,229,022 1,515,000
Interest and fees receivable 567,644 478,928 265,492
Other receivables 173,945 182,842 17,500
Due from borrowers 190,565 81,911 60,499
Prepaid expenses 72,432 0  
Property and equipment, net 500,663 397,448 0
Real estate owned 1,287,126 1,222,454 1,001,054
Pre-offering costs 77,960 625,890 45,000
Deposits on property 5,000 0  
Deferred financing costs 125,561 67,475 38,992
Total assets 52,988,136 38,369,421 30,795,486
Liabilities:      
Line of credit 12,161,380 8,113,943 6,000,000
Mortgage payable 305,970 310,000 0
Accrued expenses 227,324 196,086 0
Security deposit held 2,550 800 0
Advances from borrowers 541,333 291,875 107,714
Due to shareholders/member 14,928 656,296 230,409
Deferred revenue 692,102 290,456 190,017
Accrued interest 39,151 24,350 37,829
Total liabilities 13,984,738 9,883,806 6,565,969
Shareholders'/members’ equity:      
Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued 0 0  
Common stock - $.001 par value; 50,000,000 authorized; 11,103,237 issued and outstanding 11,103 0  
Additional paid-in capital 37,980,133 0  
Members' equity 0 28,485,615 24,229,517
Retained earnings 1,012,162 0  
Total shareholders'/members’ equity 39,003,398 28,485,615 24,229,517
Total liabilities and shareholders'/members’ equity $ 52,988,136 $ 38,369,421 $ 30,795,486