Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalents $ 20,332,516 $ 23,713,097
Investment securities 35,837,202 24,576,462
Mortgages receivable, net 476,469,464 460,633,268
Interest and fees receivable, net 6,645,909 6,309,845
Due from borrowers, net 6,037,966 5,276,967
Real estate owned 6,138,912 5,216,149
Investments in partnerships 35,322,234 30,831,180
Property and equipment, net 4,792,472 4,121,721
Other assets 5,420,367 4,983,173
Total assets 596,997,042 565,661,862
Liabilities:    
Notes payable (net of deferred financing costs of $7,793,640 and $8,352,597) 280,608,110 280,049,153
Repurchase facility 54,055,815 42,533,466
Mortgage payable 1,660,000 750,000
Line of credit 13,673,930 3,587,894
Accrued dividends payable   5,342,160
Accounts payable and accrued liabilities 2,007,450 1,439,219
Advances from borrowers 11,314,622 9,892,164
Deferred revenue 4,681,060 4,360,452
Total liabilities 368,000,987 347,954,508
Commitments and Contingencies
Shareholders' Equity:    
Preferred shares - $0.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 1,909,187 and 1,903,000 shares of Series A Preferred Stock issued and outstanding at March 31, 2023 and December 31, 2022, respectively 1,909 1,903
Common shares - $0.001 par value; 200,000,000 shares authorized; 43,756,724 and 41,093,536 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively 43,757 41,094
Paid-in capital 235,709,499 226,220,990
Accumulated other comprehensive loss (469,853) (561,490)
Accumulated deficit (6,289,257) (7,995,143)
Total shareholders' equity 228,996,055 217,707,354
Total liabilities and shareholders' equity $ 596,997,042 $ 565,661,862