Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF OPERATIONS

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STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Revenue:    
Interest income from loans $ 9,751,733 $ 8,960,883
Investment income 81,111 0
Origination fees, net 1,519,294 1,411,100
Late and other fees 265,310 189,078
Processing fees 167,070 138,317
Rental income, net 69,300 101,789
Other income 826,688 837,339
Net gain on sale of real estate 0 74,864
Total revenue 12,680,506 11,713,370
Operating costs and expenses:    
Interest and amortization of deferred financing costs 2,938,237 1,665,891
Professional fees 542,920 417,312
Compensation, fees and taxes 1,534,447 1,248,107
Exchange fees 44,192 33,535
Other expenses and taxes 90,412 20,707
Excise tax 0 19,000
Depreciation 63,566 32,529
Expense in connection with termination of credit facility 340,195 0
General and administrative expenses 478,513 437,011
Net loss on sale of real estate 34,919 0
Impairment loss 417,094 67,493
Total operating costs and expenses 6,484,495 3,941,585
Net income 6,196,011 7,771,785
Other comprehensive loss:    
Unrealized loss on marketable securities (50,878) 0
Comprehensive income $ 6,145,133 $ 7,771,785
Basic and diluted net income per common share outstanding:    
Basic $ 0.32 $ 0.50
Diluted $ 0.32 $ 0.50
Weighted average number of common shares outstanding:    
Basic 19,415,237 15,425,772
Diluted 19,415,237 15,425,772