Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Assets:    
Cash and cash equivalents $ 62,225,813 $ 19,408,028
Investment securities 44,502,267 37,293,703
Investment in partnership 1,843,398  
Mortgages receivable 172,793,975 155,616,300
Interest and fees receivable 2,017,996 1,820,067
Other receivables 131,175 67,307
Due from borrowers 2,306,346 2,025,663
Prepaid expenses 153,732 71,313
Property and equipment, net 2,168,988 1,433,388
Real estate owned 7,892,845 8,861,609
Other deposits 192,646  
Deferred financing costs 88,212 72,806
Total assets 296,317,393 226,670,184
Liabilities:    
Notes payable (net of deferred financing costs of $4,383,186 and $4,866,058) 110,143,564 109,640,692
Mortgage payable 0 767,508
Line of credit 34,276,418 28,055,648
Accrued dividends payable 0 2,654,977
Accounts payable and accrued expenses 315,708 372,662
Other loans 0 257,845
Security deposits held 13,416 13,416
Advances from borrowers 2,987,231 1,830,539
Deferred revenue 2,230,435 2,099,331
Notes payable 42,918 54,682
Accrued interest 18,299 3,344
Total liabilities 150,027,989 145,750,644
Commitments and Contingencies
Shareholders' equity:    
Preferred shares - $.001 par value; 5,000,000 shares authorized; 1,700,000 shares of Series A Preferred Stock issued and outstanding 1,700 0
Common stock - $.001 par value; 100,000,000 shares authorized; 26,733,213 issued and outstanding 26,733 22,125
Paid-in capital 147,362,456 83,814,376
Accumulated other comprehensive loss (137,802) (25,992)
Accumulated deficit (963,683) (2,890,969)
Total shareholders' equity 146,289,404 80,919,540
Total liabilities and shareholders' equity $ 296,317,393 $ 226,670,184