Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

v3.8.0.1
BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Assets:    
Cash $ 1,016,588 $ 1,561,863
Escrow deposits 46,440 0
Mortgages receivable 52,693,657 32,521,588
Mortgages receivable, affiliate 0 1,229,022
Interest and fees receivable 633,806 478,928
Other receivables 168,615 182,842
Due from borrowers 360,605 81,911
Prepaid expenses 38,342 0
Property and equipment, net 508,553 397,448
Real estate owned 1,224,969 1,222,454
Pre-offering costs 72,427 625,890
Deposits on property 0 0
Deferred financing costs 111,003 67,475
Total assets 56,875,005 38,369,421
Liabilities:    
Line of credit 15,921,186 8,113,943
Mortgage payable 303,568 310,000
Accrued expenses 77,908 196,086
Security deposit held 2,550 800
Advances from borrowers 446,763 291,875
Due to shareholders/member 16,958 656,296
Deferred revenue 871,197 290,456
Accrued interest 79,421 24,350
Total liabilities 17,719,551 9,883,806
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
Retained earnings 1,164,218 0
Total shareholders'/members’ equity 39,155,454 28,485,615
Total liabilities and shareholders'/members’ equity $ 56,875,005 $ 38,369,421