Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Assets:    
Cash and cash equivalents $ 18,345,654 $ 19,408,028
Investment securities 36,305,439 37,293,703
Investment in partnership 1,843,398  
Mortgages receivable 156,771,704 155,616,300
Interest and fees receivable 1,882,611 1,820,067
Other receivables 413,212 67,307
Due from borrowers 2,525,039 2,025,663
Prepaid expenses 173,488 71,313
Property and equipment, net 1,449,653 1,433,388
Real estate owned 8,624,044 8,861,609
Other deposits 98,210  
Deferred financing costs 0 72,806
Total assets 228,432,452 226,670,184
Liabilities:    
Notes payable (net of deferred financing costs of $4,641,953 and $4,886,058) 109,884,797 109,640,692
Mortgage payable 0 767,508
Line of credit 28,160,988 28,055,648
Accrued dividends payable 0 2,654,977
Accounts payable and accrued expenses 536,323 372,662
Other loans 257,845 257,845
Security deposits held 13,416 13,416
Advances from borrowers 2,703,999 1,830,539
Deferred revenue 2,184,315 2,099,331
Notes payable 49,050 54,682
Accrued interest 0 3,344
Total liabilities 143,790,733 145,750,644
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; 22,428,208 and 22,124,801 issued and outstanding 22,428 22,125
Paid-in capital 85,360,645 83,814,376
Accumulated other comprehensive loss (33,486) (25,992)
Accumulated deficit (707,868) (2,890,969)
Total shareholders' equity 84,641,719 80,919,540
Total liabilities and shareholders' equity $ 228,432,452 $ 226,670,184