Subsequent Events |
9 Months Ended | ||||
|---|---|---|---|---|---|
Sep. 30, 2017 | |||||
| Subsequent Events [Abstract] | |||||
| Subsequent Events [Text Block] |
Subsequent to September 30, 2017, the Company commenced foreclosure proceeding with respect to two loans made to two separate borrowers, having an aggregate unpaid principal balance of $238,000 and accrued but unpaid interest of $4,440. The loans are secured by first mortgage liens on properties owned by the borrowers. The Company halted an ongoing foreclosure proceeding when the borrower entered into a settlement agreement with the Company. This agreement provided additional collateral to the Company in exchange for time to repay the obligations. The Company has obtained real property assessments and broker opinions of value for these properties. Based on these values, the Company has not recorded an impairment loss for these properties.
On October 19, 2017, the Company declared a dividend of $.105 per share to be paid on November 17, 2017 to shareholders of record on November 7, 2017. The total amount of the dividend payment is estimated to be approximately $1,560,000. From October 27 through November 3, 3017, the Company sold an aggregate of 4,312,500 of its common shares (including 562,500 covered by an over-allotment option) in a follow-on underwritten public offering at a public offering price of $4.00 per share, or $17,250,000 in the aggregate. The net proceeds from the offering, after deducting underwriting discounts and after reimbursing the underwriters for their expenses related to the offering, were approximately $15.8 million. The net proceeds will be used primarily to increase the Company’s loan portfolio and for working capital and general corporate purposes. Management has evaluated subsequent events through November 9, 2017 the date on which the financial statements were available to be issued. Based on the evaluation, no adjustments were required in the accompanying financial statements. |