Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Assets:    
Cash and cash equivalents $ 41,938,897 $ 19,408,028
Investment securities 60,633,661 37,293,703
Mortgages receivable 292,301,209 155,616,300
Interest and fees receivable 3,693,645 1,820,067
Other receivables 94,108 67,307
Due from borrowers 3,671,016 2,025,663
Prepaid expenses 271,291 71,313
Property and equipment, net 2,172,185 1,433,388
Real estate owned 6,559,010 8,861,609
Investments in partnerships 6,055,838 0
Other assets 306,440 0
Deferred financing costs, net 264,451 72,806
Total assets 417,961,751 226,670,184
Liabilities:    
Notes payable (net of deferred financing costs of $5,747,387 and $4,866,058) 160,529,363 109,640,692
Repurchase facility 19,087,189 0
Mortgage payable 750,000 767,508
Line of credit 33,178,031 28,055,648
Accrued dividends payable 3,927,600 2,654,977
Accounts payable and accrued expenses 501,753 372,662
Other loans   257,845
Security deposits held   13,416
Advances from borrowers 15,066,114 1,830,539
Deferred revenue 4,643,490 2,099,331
Notes payable 30,921 54,682
Accrued interest 164,729 3,344
Dividend payable 3,927,600 2,654,977
Total liabilities 237,879,190 145,750,644
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; 32,730,004 and 22,124,801 issued and outstanding 32,730 22,125
Paid-in capital 185,516,394 83,814,376
Accumulated other comprehensive loss (476,016) (25,992)
Accumulated deficit (4,992,450) (2,890,969)
Total shareholders' equity 180,082,561 80,919,540
Total liabilities and shareholders' equity $ 417,961,751 $ 226,670,184