Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF CASH FLOW

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STATEMENTS OF CASH FLOW - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 2,183,101 $ 2,238,614
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs and bond discount 244,105 116,764
Write off of deferred financing costs 72,806 0
Depreciation expense 19,602 16,283
Stock based compensation 4,107 4,107
Impairment loss 25,000 250,000
Loss on sale of real estate (2,134) (4,460)
Loss (gain) on sale of investment securities 129,440 (446,083)
(Increase) decrease in:    
Interest and fees receivable (62,544) (200,167)
Other receivables (345,905) 25,000
Due from borrowers (499,376) (778,324)
Prepaid expenses (102,175) (8,555)
Deposits on property and equipment 0 36,680
(Decrease) increase in:    
Accrued interest (3,344) (18)
Accounts payable and accrued expenses 163,661 8,136
Deferred revenue 84,984 75,005
Advances from borrowers 873,460 385,479
Total adjustments 605,955 (511,233)
NET CASH PROVIDED BY OPERATING ACTIVITIES 2,789,056 1,727,381
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investment securities (22,755,450) (17,417,059)
Proceeds from the sale of investment securities 23,606,780 17,428,603
Purchase of interest in investment partnership (1,843,398) 0
Proceeds from sale of real estate owned 370,792 1,090,236
Acquisitions of and improvements to real estate owned (160,361) (377,289)
Purchase of property and equipment (35,867) (29,757)
Principal disbursements for mortgages receivable (31,661,577) (28,675,048)
Principal collections on mortgages receivable 30,506,173 11,758,497
Costs in connection with investment activities (98,210) 0
NET CASH USED FOR INVESTING ACTIVITIES (2,071,118) (16,221,817)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from line of credit 105,340 0
Repayment of mortgage payable (767,508) (4,118)
Principal payments on notes payable (5,632) (4,932)
Dividends paid (2,654,977) (2,654,076)
Costs in connection with issuance of common stock - ATM (2,730) (58,353)
Proceeds from issuance of common stock - ATM 1,545,195 0
NET CASH USED FOR FINANCING ACTIVITIES (1,780,312) (2,721,479)
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,062,374) (17,215,915)
CASH AND CASH EQUIVALENTS- BEGINNING OF YEAR 19,408,028 18,841,937
CASH AND CASH EQUIVALENTS - END OF PERIOD 18,345,654 1,626,022
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION    
Interest paid $ 2,445,468 $ 1,033,189