Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Assets:    
Cash and cash equivalents $ 4,647,973 $ 18,841,937
Investments 15,961,433 15,949,802
Mortgages receivable 111,430,500 94,348,689
Interest and fees receivable 1,557,092 1,370,998
Other receivables 116,397 141,397
Due from borrowers 1,243,580 840,930
Prepaid expenses 73,175 24,734
Property and equipment, net 1,377,992 1,346,396
Deposits on property and equipment   71,680
Real estate owned 7,023,382 8,258,082
Deferred financing costs 16,258 16,600
Total assets 143,447,782 141,211,245
Liabilities:    
Notes payable (net of deferred financing costs of $2,451,618 and $2,687,190) 55,711,382 55,475,810
Mortgage payable 775,901 784,081
Accounts payable and accrued expenses 301,715 249,879
Other loans 257,845  
Security deposits held 13,416 7,800
Advances from borrowers 1,012,201 848,268
Deferred revenue 858,885 1,205,740
Notes payable 65,402 75,433
Accrued interest 3,272 3,416
Total liabilities 59,000,019 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 83,806,169 83,856,308
Accumulated other comprehensive income (loss) 35,189 (50,878)
Retained earnings (accumulated deficit) 584,288 (1,266,729)
Total shareholders' equity 84,447,763 82,560,818
Total liabilities and shareholders' equity $ 143,447,782 $ 141,211,245