Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF OPERATIONS

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STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenue:    
Interest income from loans $ 2,751,080 $ 1,962,373
Origination fees, net 364,717 348,548
Late and other fees 46,497 34,096
Processing fees 34,795 33,130
Rental income, net 25,649 43,756
Other income 117,140 294,747
Net gain on sale of real estate owned 7,149 0
Total revenue 3,347,027 2,716,650
Operating costs and expenses:    
Interest and amortization of deferred financing costs 621,048 222,956
Professional fees 88,114 116,322
Compensation, fees and taxes 384,227 245,575
Exchange fees 10,287 0
Other expenses and taxes 14,193 34,480
Excise tax 0 19,000
Depreciation 7,503 7,634
General and administrative expenses 165,451 98,033
Total operating costs and expenses 1,290,823 744,000
Net income $ 2,056,204 $ 1,972,650
Basic and diluted net income per common share outstanding:    
Basic $ 0.13 $ 0.13
Diluted $ 0.13 $ 0.13
Weighted average number of common shares outstanding:    
Basic 15,579,126 15,415,737
Diluted 15,579,126 15,415,737