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 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenue:        
Interest income from loans $ 4,682,295 $ 3,265,677 $ 9,213,528 $ 6,167,083
Investment income 180,120 33,162 422,811 130,678
Income from partnership investment 36,868 0 54,241 0
Gain (loss) on sale of investment securities 85,471 (8,925) (43,968) 437,159
Origination fees 831,893 647,499 1,349,321 1,158,555
Late and other fees 61,970 21,099 97,899 35,880
Processing fees 43,410 39,665 79,385 86,123
Rental income (loss), net (9,398) 29,456 (5,214) 40,184
Debt forgiveness 257,845 0 257,845 0
Other income 543,421 283,009 1,000,230 567,283
Total revenue 6,713,895 4,310,642 12,426,078 8,622,945
Operating costs and expenses:        
Interest and amortization of deferred financing costs 2,505,234 1,152,302 4,969,989 2,302,255
Professional fees 251,170 110,104 482,928 242,413
Compensation, fees and taxes 812,143 388,075 1,404,230 732,569
Exchange fees 12,465 0 24,795 7,272
Other expenses and taxes 23,506 6,534 45,314 35,238
Depreciation 21,263 14,688 40,865 30,971
General and administrative expenses 248,308 127,460 407,916 267,674
Expense in connection with termination of credit facility (257,845) 0 (257,845) 0
Loss on sale of real estate (14,962) 0 (17,096) (4,460)
Impairment loss 294,000 245,000 319,000 495,000
Total operating costs and expenses 4,183,051 2,044,163 7,712,133 4,117,852
Net income 2,530,844 2,266,479 4,713,945 4,505,093
Other comprehensive (loss) gain        
Unrealized (loss) gain on investment securities (104,316) 221,449 (111,810) 86,067
Comprehensive income $ 2,426,528 $ 2,487,928 $ 4,602,135 $ 4,591,160
Basic and diluted net income per common share outstanding:        
Basic $ 0.10 $ 0.10 $ 0.20 $ 0.20
Diluted $ 0.10 $ 0.10 $ 0.20 $ 0.20
Weighted average number of common shares outstanding:        
Basic 24,851,010 22,117,301 23,503,679 22,117,301
Diluted 24,857,897 22,117,301 23,507,685 22,117,301