Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

v3.20.1
BALANCE SHEETS - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Assets:    
Cash and cash equivalents $ 1,626,022 $ 18,841,937
Investments 16,248,958 15,949,802
Mortgages receivable 111,791,663 94,348,689
Interest and fees receivable 1,571,165 1,370,998
Other receivables 116,397 141,397
Due from borrowers 1,092,831 840,930
Prepaid expenses 33,289 24,734
Property and equipment, net 1,359,870 1,346,396
Deposits on property and equipment 35,000 71,680
Real estate owned 7,290,676 8,258,082
Deferred financing costs 16,429 16,600
Total assets 141,182,300 141,211,245
Liabilities:    
Notes payable (net of deferred financing costs of $2,570,597 and $2,687,190) 55,592,403 55,475,810
Mortgage payable 779,963 784,081
Accounts payable and accrued expenses 258,015 249,879
Security deposits held 7,800 7,800
Advances from borrowers 1,233,747 848,268
Deferred revenue 1,280,745 1,205,740
Notes payable 70,501 75,433
Accrued interest 3,398 3,416
Total liabilities 59,226,572 58,650,427
Commitments and Contingencies
Shareholders' equity:    
Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued 0 0
Common stock - $.001 par value;100,000,000 shares authorized; 22,117,301 issued and outstanding 22,117 22,117
Paid-in capital 83,802,062 83,856,308
Accumulated other comprehensive loss (186,260) (50,878)
Accumulated deficit (1,682,191) (1,266,729)
Total shareholders' equity 81,955,728 82,560,818
Total liabilities and shareholders' equity $ 141,182,300 $ 141,211,245