Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF OPERATIONS

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STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue:        
Interest income from loans $ 1,570,877 $ 952,511 $ 3,831,636 $ 2,687,711
Origination fees, net 196,811 43,477 464,211 138,620
Late and other fees 34,998 0 100,453 99,309
Processing fees 30,480 17,100 84,855 44,085
Rental income, net 9,637 2,954 58,865 20,008
Other income 80,196 0 205,775 0
Gain on sale of real estate 15,931 0 178 0
Total revenue 1,938,930 1,016,042 4,745,973 2,989,733
Operating costs and expenses:        
Interest and amortization of deferred financing costs 302,548 138,992 589,457 360,684
Compensation to manager 0 79,441 35,847 231,958
Professional fees 47,202 20,000 179,344 44,743
Compensation, fees and taxes 195,673 6,215 466,497 28,603
Exchange fees 31,548 0 69,213 0
Depreciation 8,734 0 21,624 0
General and administrative expenses 35,338 0 212,676 0
Impairment loss 0 96,697 0 96,697
Total operating costs and expenses 621,043 341,345 1,574,658 762,685
Net income $ 1,317,887 $ 674,697 $ 3,171,315 $ 2,227,048
Basic and diluted net income per common share outstanding:        
Basic $ 0.12 $ 0 $ 0.26 [1] $ 0
Diluted $ 0.12 $ 0 $ 0.26 [1] $ 0
Weighted average number of common shares outstanding:        
Basic 11,103,237   11,103,237  
Diluted 11,103,237   11,103,237  
[1] Net income per share for the period beginning February 9, 2017 (i.e., the effective date of the company’s initial public offering) and ending September 30, 2017.