Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF COMPREHENSIVE INCOME

v3.20.1
STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenue:    
Interest income from loans $ 2,901,406 $ 2,751,080
Interest income on investments 97,516 0
Gain on sale of investment securities 446,083 0
Origination fees 511,056 364,717
Late and other fees 14,781 46,497
Processing fees 46,458 34,795
Rental income, net 10,728 25,649
Other income 284,274 117,140
Net gain on sale of real estate 0 7,149
Total revenue 4,312,302 3,347,027
Operating costs and expenses:    
Interest and amortization of deferred financing costs 1,149,953 621,048
Professional fees 132,309 88,114
Compensation, fees and taxes 344,493 384,227
Exchange fees 7,273 10,287
Other expenses and taxes 28,703 14,193
Depreciation 16,283 7,503
General and administrative expenses 140,214 165,451
Net loss on sale of real estate 4,460 0
Impairment loss 250,000 0
Total operating costs and expenses 2,073,688 1,290,823
Net income 2,238,614 2,056,204
Other comprehensive loss    
Unrealized loss on investment securities (135,382) 0
Comprehensive income $ 2,103,232 $ 2,056,204
Basic and diluted net income per common share outstanding:    
Basic $ 0.10 $ 0.13
Diluted $ 0.10 $ 0.13
Weighted average number of common shares outstanding:    
Basic 22,117,301 15,579,126
Diluted 22,117,301 15,579,126