Registration statement for securities to be issued by real estate companies

STATEMENTS OF CASH FLOW

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STATEMENTS OF CASH FLOW - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income $ 1,853,424 $ 1,552,351 $ 3,050,627 $ 2,306,903
Adjustments to reconcile net income to net cash provided by operating activities:        
Amortization of deferred financing costs 29,117 24,556 47,676 26,916
Depreciation expense 12,890 0    
Loss on sale of real estate 15,753 0 87,967 5,476
Impairment loss     0 0
Adjustment to loss for sale of collateral (42,231)      
(Increase) decrease in:        
Escrow deposit   0    
Interest and fees receivable (88,716) (105,543) (213,438) (207,098)
Other receivables 8,897 (34,759) (72,374) (17,500)
Due from borrowers (108,654) (49,607)    
Prepaid expenses (72,432) 0    
Deposits on property (5,000)      
(Decrease) increase in:        
Due to member (656,296) 163,441 421,592 135,929
Due to shareholder 14,928      
Accrued interest 14,800 (14,411) (13,479) 24,548
Accrued expenses 31,236 0 196,086 0
Deferred revenue 401,646 (645) 25,484 71,299
Advances from borrowers 249,458 90,344 167,044 29,724
Total adjustments (194,604) 73,376 646,558 69,294
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,658,820 1,625,727 3,697,185 2,376,197
CASH FLOWS FROM INVESTING ACTIVITIES        
Proceeds from sale of real estate owned 90,123 229,141 1,059,629 421,822
Acquisitions of and improvements to real estate owned (62,055) (560,861) (886,009) 0
Purchase of land and building     (397,448) 0
Escrow deposit (311,950) (259,000)    
Purchase of furniture and equipment (116,105) 0    
Security deposit 1,750 0 800 0
Principal disbursements for mortgages receivable (23,237,925) (9,108,259) (21,580,103) (19,412,438)
Principal collections on mortgages receivable 9,181,290 6,353,148 14,861,360 5,812,116
NET CASH USED FOR INVESTING ACTIVITIES (14,454,872) (3,345,831) (6,941,771) (13,178,500)
CASH FLOWS FROM FINANCING ACTIVITIES        
Proceeds from line of credit 16,545,766 4,175,000 7,475,000 6,000,000
Repayment of line of credit (12,498,329) (2,900,000) (5,361,057) (5,000,000)
Principal payments on mortgage payable (4,030) 0    
Dividends Paid (555,162)    
Proceeds from IPO 13,000,000 0    
Pre-offering costs incurred (1,492,330) (124,750) (580,890) (45,000)
Financing costs incurred (87,202) (65,050) (76,159) (12,075)
Member contributions 653,646 2,516,714 5,084,732 7,214,754
Member distributions (2,460,125) (2,243,290) (3,879,259) (1,396,215)
Proceeds from mortgage     310,000 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 13,102,234 1,358,624 2,972,367 6,761,464
NET INCREASE (DECREASE) IN CASH 306,182 (361,480) (272,219) (4,040,839)
CASH - BEGINNING OF PERIOD 1,561,863 1,834,082 1,834,082 5,874,921
CASH - END OF PERIOD 1,868,045 1,472,602 1,561,863 1,834,082
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION        
Interest paid $ 242,991 $ 211,547 $ 470,821 $ 170,234