Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF CASH FLOW

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STATEMENTS OF CASH FLOW - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 1,853,424 $ 1,552,351
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs 29,117 24,556
Depreciation expense 12,890 0
Loss on sale of real estate 15,753 0
Adjustment to loss for sale of collateral (42,231)
(Increase) decrease in:    
Escrow deposit 0 0
Interest and fees receivable (88,716) (105,543)
Other receivables 8,897 (34,759)
Due from borrowers (108,654)
Prepaid expenses (72,432) 0
Deposits on property (5,000)
(Decrease) increase in:    
Due to member (656,296) 163,441
Due to shareholder 14,928
Accrued interest 14,800 (14,411)
Accrued expenses 31,236 0
Deferred revenue 401,646 (645)
Advances from borrowers 249,458 90,344
Due from borrowers   (49,607)
Total adjustments (194,604) 73,376
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,658,820 1,625,727
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of real estate owned 90,123 229,141
Acquisitions of and improvements to real estate owned (62,055) (560,861)
Escrow deposit (311,950) (259,000)
Purchase of furniture and equipment (116,105) 0
Security deposit 1,750 0
Principal disbursements for mortgages receivable (23,237,925) (9,108,259)
Principal collections on mortgages receivable 9,181,290 6,353,148
NET CASH USED FOR INVESTING ACTIVITIES (14,454,872) (3,345,831)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from line of credit 16,545,766 4,175,000
Repayment of line of credit (12,498,329) (2,900,000)
Principal payments on mortgage payable (4,030) 0
Dividends Paid (555,162)
Proceeds from IPO 13,000,000 0
Pre-offering costs incurred (1,492,330) (124,750)
Financing costs incurred (87,202) (65,050)
Member contributions 653,646 2,516,714
Member distributions (2,460,125) (2,243,290)
NET CASH PROVIDED BY FINANCING ACTIVITIES 13,102,234 1,358,624
NET INCREASE (DECREASE) IN CASH 306,182 (361,480)
CASH - BEGINNING OF PERIOD 1,561,863 1,834,082
CASH - END OF PERIOD 1,868,045 1,472,602
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION    
Interest paid $ 242,991 $ 211,547