Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF CASH FLOW

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STATEMENTS OF CASH FLOW - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 1,972,650 $ 896,778
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs 14,558 14,559
Depreciation expense 7,634 5,156
Gain on sale of real estate 0 (26,478)
(Increase) decrease in:    
Escrow deposit (64,141) (596,070)
Interest and fees receivable (134,023) (19,495)
Other receivables 256,966 4,611
Prepaid expenses (28,253) (32,260)
(Decrease) increase in:    
Due to member 0 (630,728)
Due to note purchaser (723,478) 0
Accrued interest (40,771) (11,315)
Accrued expenses (231,740) 314,870
Deferred revenue 60,222 112,310
Advances from borrowers 213,522 307,543
Total adjustments (669,504) (557,297)
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,303,146 339,481
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of real estate owned 0 90,123
Acquisitions of and improvements to real estate owned (11,000) (18,482)
Purchase of furniture and equipment (1,987) (102,327)
Security deposit 0 (32,000)
Principal disbursements for mortgages receivable (10,345,784) (10,091,528)
Principal collections on mortgages receivable 6,034,243 3,938,601
NET CASH USED FOR INVESTING ACTIVITIES (4,324,528) (6,215,613)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from line of credit 13,288,435 7,595,766
Repayment of line of credit (8,982,583) (11,559,609)
Principal payments on mortgage payable (2,532) (1,657)
Proceeds from IPO 0 13,000,000
Dividends paid (1,618,653) 0
Pre-offering costs incurred 0 (1,544,197)
Financing costs incurred (55,000) (13,650)
Member contributions 0 653,646
Member distributions 0 (2,460,125)
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,629,667 5,670,174
NET DECREASE IN CASH (391,715) (205,958)
CASH - BEGINNING OF PERIOD 954,223 1,561,863
CASH - END OF PERIOD 562,508 1,355,905
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION    
Interest paid $ 208,398 $ 101,711