Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Assets:    
Cash and cash equivalents $ 23,713,097 $ 41,938,897
Investment securities 24,576,462 60,633,661
Mortgages receivable 460,633,268 292,301,209
Interest and fees receivable 6,309,845 3,693,645
Due from borrowers 5,276,967 3,671,016
Real estate owned 5,216,149 6,559,010
Investments in partnerships 30,831,180 6,055,838
Property and equipment, net 4,121,721 2,172,185
Other assets 4,983,173 936,290
Total assets 565,661,862 417,961,751
Liabilities:    
Notes payable (net of deferred financing costs of $8,352,597 and $5,747,387) 280,049,153 160,529,363
Repurchase facility 42,533,466 19,087,189
Mortgage payable 750,000 750,000
Line of credit 3,587,894 33,178,031
Accrued dividends payable 5,342,160 3,927,600
Accounts payable and accrued liabilities 1,439,219 697,403
Advances from borrowers 9,892,164 15,066,114
Deferred revenue 4,360,452 4,643,490
Total liabilities 347,954,508 237,879,190
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; 200,000,000 shares authorized; 41,093,536 and 32,730,004 issued and outstanding 41,094 32,730
Paid-in capital 226,220,990 185,516,394
Accumulated other comprehensive loss (561,490) (476,016)
Accumulated deficit (7,995,143) (4,992,450)
Total shareholders' equity 217,707,354 180,082,561
Total liabilities and shareholders' equity $ 565,661,862 $ 417,961,751