Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Assets:    
Cash and cash equivalents $ 57,863,469 $ 41,938,897
Investment securities 35,510,232 60,633,661
Mortgages receivable 353,627,221 292,301,209
Interest and fees receivable 3,988,127 3,693,645
Other receivables 304,796 94,108
Due from borrowers 3,841,663 3,671,016
Prepaid expenses 229,071 271,291
Property and equipment, net 2,153,604 2,172,185
Real estate owned 6,312,818 6,559,010
Investments in partnerships 17,413,855 6,055,838
Other assets 364,208 306,440
Deferred financing costs, net 155,542 264,451
Total assets 481,764,606 417,961,751
Liabilities:    
Notes payable (net of deferred financing costs of $7,226,079 and $5,747,387) 209,050,671 160,529,363
Repurchase facility 26,945,149 19,087,189
Mortgage payable 750,000 750,000
Line of credit 23,279,364 33,178,031
Accrued dividends payable 0 3,927,600
Accounts payable and accrued expenses 512,473 501,753
Advances from borrowers 16,629,966 15,066,114
Deferred revenue 4,876,284 4,643,490
Other notes 24,294 30,921
Accrued interest 286,642 164,729
Dividend payable 0 3,927,600
Total liabilities 282,354,843 237,879,190
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 1,903
Common stock - $.001 par value; 100,000,000 shares authorized; 35,513,887 and 32,730,004 issued and outstanding 35,514 32,730
Paid-in capital 201,168,304 185,516,394
Accumulated other comprehensive loss (233,208) (476,016)
Accumulated deficit (1,562,750) (4,992,450)
Total shareholders' equity 199,409,763 180,082,561
Total liabilities and shareholders' equity $ 481,764,606 $ 417,961,751