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, 2020
Dec. 31, 2019
Revenue:    
Interest income from loans $ 13,821,831 $ 9,751,733
Investment income 399,493 81,111
Gain on sale of marketable securities 903,257  
Origination fees, net 1,893,143 1,519,294
Late and other fees 85,469 265,310
Processing fees 167,833 167,070
Rental income, net 85,339 69,300
Other income 1,246,530 826,688
Total revenue 18,602,895 12,680,506
Operating costs and expenses:    
Interest and amortization of deferred financing costs 5,547,406 2,938,237
Compensation, fees and taxes 1,799,889 1,534,447
Stock based compensation 16,429 43,147
Professional fees 628,797 542,920
Other expenses and taxes 157,194 90,412
Exchange fees 49,054 44,192
Expense in connection with termination of credit facility   340,195
Impairment loss 795,000 417,094
Net loss on sale of real estate 7,218 34,919
Depreciation 61,865 63,566
General and administrative expenses 562,607 478,513
Total operating costs and expenses 9,609,030 6,484,495
Net income 8,993,865 6,196,011
Other comprehensive income (loss)    
Unrealized gain (loss) on investment securities 24,886 (50,878)
Comprehensive income $ 9,018,751 $ 6,145,133
Basic and diluted net income per common share outstanding:    
Basic $ 0.41 $ 0.32
Diluted $ 0.41 $ 0.32
Weighted average number of common shares outstanding:    
Basic 22,118,522 19,415,237
Diluted 22,118,522 19,415,237