Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF COMPREHENSIVE INCOME

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STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenue:        
Interest income from loans $ 3,473,304 $ 2,442,750 $ 9,640,387 $ 7,509,155
Interest income on investments 32,483 28,148 163,161 28,148
Gain/(loss)on sale of investment securities (21,858) 0 415,301 0
Origination fees, net 393,097 497,237 1,551,652 1,202,777
Late and other fees 10,955 18,149 46,835 205,182
Processing fees 37,445 44,870 123,568 121,470
Rental income, net 9,593 9,446 49,777 82,350
Other income 336,789 325,523 904,071 622,054
Net gain on sale of real estate 0 12,927 0 20,076
Total revenue 4,271,808 3,379,050 12,894,752 9,791,212
Operating costs and expenses:        
Interest and amortization of deferred financing costs 1,262,278 537,878 3,564,533 1,611,332
Compensation, fees and taxes 496,058 476,404 1,220,412 1,325,822
Stock based compensation 4,107 4,107 12,321 12,327
Professional fees 158,206 105,053 400,868 259,275
Other expenses and taxes 26,247 39,355 61,484 70,683
Exchange fees 22,713 11,343 29,986 32,850
Expense in connection with termination of LOC 0 0 0 779,641
Impairment 0 0 495,000 0
Net loss on sale of real estate 2,816 0 7,276 0
Depreciation 15,348 18,618 46,318 44,286
General and administrative expenses 145,251 131,206 412,677 400,561
Total operating costs and expenses 2,133,024 1,323,964 6,250,875 4,536,777
Net income 2,138,784 2,055,086 6,643,877 5,254,435
Other comprehensive income (loss)        
Unrealized gain (loss) on investment securities (72,785) 0 13,282 0
Comprehensive income $ 2,065,999 $ 2,055,086 $ 6,657,159 $ 5,254,435
Basic and diluted net income per common share outstanding:        
Basic $ 0.10 $ 0.10 $ 0.30 $ 0.30
Diluted $ 0.10 $ 0.10 $ 0.30 $ 0.30
Weighted average number of common shares outstanding:        
Basic 22,117,301 21,336,870 22,117,301 17,662,480
Diluted 22,117,301 21,336,870 22,117,301 17,622,480