Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF CASH FLOW

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STATEMENTS OF CASH FLOW - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 14,632,682 $ 9,032,858
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs and bond discount 1,664,822 839,418
Write-off of deferred financing costs   72,806
Depreciation expense 66,533 61,286
Stock based compensation 357,321 126,632
Impairment loss 790,500 469,000
(Gain) Loss on sale of real estate (121,381) 111,545
Unrealized loss on investment securities 3,607,498 (212,449)
Loss on sale of investment securities 148,565  
Debt Forgiveness   (257,845)
(Increase) decrease in:    
Interest and fees receivable (2,154,704) (885,380)
Other assets - other receivables (418,176) (361,084)
Due from borrowers (1,505,785) (1,405,352)
Other assets - prepaid expenses 153,842 (14,500)
(Decrease) increase in:    
Accounts payable and accrued liabilities - accrued interest 431,110 (3,344)
Accounts payable and accrued liabilities - accounts payable and accrued expenses 53,818 (179,992)
Deferred revenue (171,690) 1,779,960
Advances from borrowers (5,129,286) 8,201,117
Total adjustments (2,227,013) 8,341,818
NET CASH PROVIDED BY OPERATING ACTIVITIES 12,405,669 17,374,676
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investment securities (39,715,900) (160,896,229)
Proceeds from the sale of investment securities 62,160,599 141,709,658
Purchase of interests in investment partnerships, net (16,487,103) (1,804,217)
Proceeds from sale of real estate owned 1,571,467 1,839,977
Acquisitions of and improvements to real estate owned, net (101,168) (333,435)
Purchase of property and equipment (1,292,160) (817,785)
Security deposits held   (11,416)
Principal disbursements for mortgages receivable (252,370,675) (154,810,007)
Principal collections on mortgages receivable 95,173,969 90,463,016
Other assets - costs in connection with SPAC offering (166,360) (281,191)
NET CASH USED FOR INVESTING ACTIVITIES (151,227,331) (84,941,629)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from (repayment of) line of credit (29,635,178) 2,000,511
Net proceeds from repurchase facility 24,012,957  
Repayment of mortgage payable   (767,508)
Accounts payable and accrued liabilities - principal payments on other notes (20,161) (17,184)
Dividends paid on common shares (13,507,787) (8,778,392)
Dividends paid on Series A Preferred Stock (2,765,297) (932,089)
Financings costs incurred   (450,651)
Proceeds from issuance of common shares, net of expenses 36,654,419 30,883,928
Proceeds from issuance of Series A Preferred Stock, net of expenses   45,462,626
Gross proceeds from issuance of fixed rate notes 122,125,000  
Financings costs incurred in connection with fixed rate notes (4,516,931)  
NET CASH PROVIDED BY FINANCING ACTIVITIES 132,347,022 67,401,241
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (6,474,640) (165,712)
CASH AND CASH EQUIVALENTS- BEGINNING OF YEAR 41,938,897 19,408,028
CASH AND CASH EQUIVALENTS - END OF PERIOD 35,464,257 19,242,316
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION    
Interest paid $ 13,012,805 $ 6,745,109