Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF OPERATIONS

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STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue:        
Interest income from loans $ 2,375,797 $ 1,223,919 $ 4,338,170 $ 2,260,759
Origination fees, net 340,052 169,939 688,600 267,400
Late and other fees 49,986 35,472 84,083 65,454
Processing fees 37,670 29,450 70,800 54,375
Rental income, net 33,975 21,845 77,730 49,228
Other income 204,781 79,433 499,528 125,580
Total revenue 3,042,261 1,560,058 5,758,911 2,822,796
Operating costs and expenses:        
Interest and amortization of deferred financing costs 381,964 170,639 604,920 286,909
Compensation, fees and taxes 299,729 164,986 545,304 270,825
Compensation to manager 0 0 0 35,847
Professional fees 42,137 48,403 158,459 132,142
Other fees and taxes 21,121 0 55,601 0
Exchange fees 0 37,665 16,667 37,665
Depreciation 5,834 7,734 13,468 12,890
General and administrative expenses 81,297 131,754 162,660 177,341
Loss on sale of real estate 0 42,231 0 15,753
Excise tax 0 0 19,000 0
Total operating costs and expenses 832,082 603,412 1,576,079 969,372
Net income $ 2,210,179 $ 956,646 $ 4,182,832 $ 1,853,424
Basic and diluted net income per common share outstanding:        
Basic $ 0.14 $ 0.09 $ 0.27 $ 0.14 [1]
Diluted $ 0.14 $ 0.09 $ 0.27 $ 0.14 [1]
Weighted average number of common shares outstanding:        
Basic 15,415,737 11,103,237 15,415,737 11,103,237
Diluted 15,415,737 11,103,237 15,415,737 11,103,237
[1] Basic and diluted net income per common share outstanding and weighted average number of common shares outstanding are calculated for the period beginning February 9, 2017 (i.e., the effective date of the company’s initial public offering) and ending June 30, 2017.