Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOW

v3.24.1.1.u2
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 4,670,225 $ 5,120,222
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs and bond discount 623,788 600,215
Depreciation expense 94,174 40,132
Stock-based compensation 238,712 173,315
Provision for credit losses related to loans 1,312,024 101,515
Loss (Gain) on sale of real estate and equipment, net 10,854 (148,100)
Unrealized gain on equity securities (185,181) (716,389)
Gain on sale of investment securities   (275,879)
Changes in operating assets and liabilities:    
Interest and fees receivable, net 391,388 (366,191)
Other assets (221,845) (489,696)
Due from borrowers, net (1,037,945) (783,302)
Accounts payable and accrued liabilities 432,813 10,483
Deferred revenue (290,697) 320,608
Advances from borrowers (1,821,780) 1,422,458
Total adjustments (453,695) (110,831)
NET CASH PROVIDED BY OPERATING ACTIVITIES 4,216,530 5,009,391
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investment securities (7,725,283) (13,971,218)
Proceeds from the sale of investment securities 7,128,459 3,780,522
Purchase of interests in investment partnerships, net (3,185,824) (4,491,054)
Proceeds from sale of real estate owned 121,146 515,136
Acquisitions of and improvements to real estate owned, net   (103,136)
Purchases of property and equipment (14,505) (710,883)
Purchases of rental real estate (748,685)  
Principal disbursements for mortgages receivable (42,654,300) (58,883,824)
Principal collections on mortgages receivable 51,398,181 39,884,300
Other assets - pre-offering costs   25,111
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 4,319,189 (33,955,046)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from lines of credit 459,013 10,086,036
Net proceeds from (repayment of) repurchase facility (600,497) 11,522,349
Proceeds from (repayment of) mortgage (19,583) 910,000
Accounts payable and accrued liabilities - principal payments on other notes   (4,252)
Dividends paid on common shares (5,144,203) (5,342,160)
Dividends paid on Series A Preferred Stock (1,021,526) (924,762)
Proceeds from issuance of common shares, net of expenses 2,050,040 9,181,158
Proceeds from issuance of Series A Preferred Stock, net of expenses 1,556,182 136,705
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (2,720,574) 25,565,074
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 5,815,145 (3,380,581)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 12,598,256 23,713,097
CASH AND CASH EQUIVALENTS - END OF PERIOD 18,413,401 20,332,516
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION    
Cash paid during the period for interest $ 6,851,147 $ 6,191,398