Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

v3.21.2
BALANCE SHEETS - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Assets:    
Cash and cash equivalents $ 19,242,316 $ 19,408,028
Investment securities 56,080,725 37,293,703
Investment in partnership 1,804,217 0
Mortgages receivable 219,963,291 155,616,300
Interest and fees receivable 2,705,447 1,820,067
Other receivables 428,391 67,307
Due from borrowers 3,431,015 2,025,663
Prepaid expenses 85,813 71,313
Property and equipment, net 2,189,887 1,433,388
Real estate owned 6,774,522 8,861,609
Other deposits 291,191 0
Deferred financing costs, net 354,936 72,806
Total assets 313,351,751 226,670,184
Liabilities:    
Notes payable (net of deferred financing costs of $4,132,355 and $4,866,058) 110,394,395 109,640,692
Mortgage payable 0 767,508
Line of credit 30,056,159 28,055,648
Accrued dividends payable 0 2,654,977
Accounts payable and accrued expenses 192,670 372,662
Other loans 0 257,845
Security deposits held 2,000 13,416
Advances from borrowers 10,031,656 1,830,539
Deferred revenue 3,879,291 2,099,331
Notes payable 37,498 54,682
Accrued interest 0 3,344
Total liabilities 154,593,669 145,750,644
Commitments and Contingencies
Shareholders' equity:    
Preferred shares - $.001 par value; 5,000,000 shares authorized; 1,903,000 shares of Series A Preferred Stock issued and outstanding 1,903 0
Common stock - $.001 par value; 100,000,000 shares authorized; 28,315,930 and 22,124,801 issued and outstanding 28,316 22,125
Paid-in capital 160,279,468 83,814,376
Accumulated other comprehensive loss (637,990) (25,992)
Accumulated deficit (913,615) (2,890,969)
Total shareholders' equity 158,758,082 80,919,540
Total liabilities and shareholders' equity $ 313,351,751 $ 226,670,184