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, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenue:        
Interest income from loans $ 2,315,325 $ 2,375,797 $ 5,066,405 $ 4,338,170
Origination fees, net 340,823 340,052 705,540 688,600
Late and other fees 140,537 49,986 187,033 84,083
Processing fees 41,805 37,670 76,600 70,800
Rental income, net 47,255 33,975 72,904 77,730
Other income 179,391 204,781 296,531 499,528
Net gain on sale of real estate   0 7,149 0
Total revenue 3,065,136 3,042,261 6,412,162 5,758,911
Operating costs and expenses:        
Interest and amortization of deferred financing costs 452,406 381,964 1,073,454 604,920
Stock based compensation 4,107 0 8,214 0
Professional fees 70,215 42,137 154,222 158,459
Compensation, fees and taxes 465,193 299,729 849,420 545,304
Exchange fees 11,219 0 21,507 16,667
Other expenses and taxes 17,139 21,121 31,332 55,601
Expense in connection with termination of LOC 779,641 0 779,641 0
Excise tax 0 0 0 19,000
Depreciation 18,164 5,834 25,667 13,468
General and administrative expenses 103,909 81,297 269,358 162,660
Total operating costs and expenses 1,921,993 832,082 3,212,815 1,576,079
Net income $ 1,143,143 $ 2,210,179 $ 3,199,347 $ 4,182,832
Basic and diluted net income per common share outstanding:        
Basic $ 0.06 $ 0.14 $ 0.19 $ 0.27
Diluted $ 0.06 $ 0.14 $ 0.19 $ 0.27
Weighted average number of common shares outstanding:        
Basic 18,499,531 15,415,737 17,144,104 15,417,737
Diluted 18,499,531 15,415,737 17,144,104 15,415,737