Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Assets:    
Cash $ 543,903 $ 954,223
Escrow deposits 0 111,189
Mortgages receivable 76,835,852 62,166,937
Mortgages receivable, affiliate 969,457 1,104,022
Interest and fees receivable 1,381,536 645,493
Other receivables 385,090 234,570
Due from borrowers 357,810 451,795
Prepaid expenses 27,613 4,520
Property and equipment, net 812,903 501,819
Real estate owned 3,145,532 1,224,409
Pre-Offering Costs 853 0
Deferred financing costs, net 572,281 95,560
Total assets 85,032,830 67,494,537
Liabilities:    
Line of credit 27,260,147 9,841,613
Mortgage payable 293,566 301,101
Accounts payable and accrued expenses 95,024 390,758
Security deposit held 2,550 2,550
Advances from borrowers 276,377 519,764
Due to note purchaser 0 723,478
Deferred revenue 1,152,665 1,108,400
Accrued interest 157,720 40,592
Total liabilities 29,238,049 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; 15,436,914 and 15,415,737 issued and outstanding, respectively 15,437 15,416
Paid-in capital 53,345,001 53,315,772
Retained earnings 2,434,343 1,235,093
Total shareholders' equity 55,794,781 54,566,281
Total liabilities and shareholders' equity $ 85,032,830 $ 67,494,537