Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

v3.8.0.1
BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Assets:    
Cash $ 562,508 $ 954,223
Escrow deposits 175,330 111,189
Mortgages receivable 68,613,043 62,166,937
Mortgages receivable, affiliate 969,457 1,104,022
Interest and fees receivable 779,516 645,493
Other receivables 59,158 234,570
Due from borrowers 370,241 451,795
Prepaid expenses 32,773 4,520
Property and equipment, net 496,172 501,819
Real estate owned 1,235,409 1,224,409
Deferred financing costs 136,002 95,560
Total assets 73,429,609 67,494,537
Liabilities:    
Line of credit 14,147,465 9,841,613
Mortgage payable 298,569 301,101
Mortgage funding payable 2,000,000 0
Accounts payable and accrued expenses 158,838 390,758
Security deposit held 2,550 2,550
Advances from borrowers 733,287 519,764
Due to note purchaser 0 723,478
Deferred revenue 1,168,622 1,108,400
Accrued interest 0 40,592
Total liabilities 18,509,331 12,928,256
Shareholders' equity:    
Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued 0 0
Common shares - $.001 par value; 50,000,000 shares authorized; 15,415,737 issued and outstanding 15,416 15,416
Paid-in capital 53,315,772 53,315,772
Retained earnings 1,589,090 1,235,093
Total shareholders' equity 54,920,278 54,566,281
Total liabilities and shareholders' equity $ 73,429,609 $ 67,494,537