Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOW

v3.24.1
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 15,899,153 $ 20,908,651
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs and bond discount 2,415,405 2,104,093
Depreciation expense 266,331 106,414
Write-off of failed deal expenses 477,047  
Stock based compensation 822,231 495,015
Provision for credit losses related to loans 5,571,612 105,000
Provision for credit losses related to available-for-sale debt securities 808,561 0
Impairment loss 794,462 799,909
Provision for credit losses related to available-for-sale debt securities 88,115 (44,752)
Unrealized (gain) loss on investment securities (835,818) 2,963,760
Gain on sale of investment securities   (521,662)
(Increase) decrease in operating assets:    
Interest and fees receivable, net (2,285,064) (2,616,200)
Other assets - miscellaneous (3,504,390) (3,599,779)
Due from borrowers, net (334,253) (1,605,951)
Accrued dividends payable   (1,414,560)
Other assets - prepaid expenses (100,649)  
(Decrease) increase in operating liabilities:    
Accrued Interest 158,973 158,687
Accounts payable and accrued liabilities 220,757 766,723
Deferred revenue 286,850 (283,038)
Advances from borrowers 1,106,187 (5,173,950)
Total adjustments 5,956,357 (7,760,291)
NET CASH PROVIDED BY OPERATING ACTIVITIES 21,855,510 13,148,360
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investment securities (30,415,304) (51,651,930)
Proceeds from the sale of investment securities 18,120,095 85,113,227
Purchase of interests in investment partnerships, net (12,235,563) (24,775,342)
Proceeds from sale of real estate owned 450,420 2,090,879
Acquisitions of and improvements to real estate owned, net (229,587) (126,442)
Proceeds from sale (purchases) of property and equipment, net 515,391 (1,581,350)
Investment in rental real estate, net (10,845,107)  
Principal disbursements for mortgages receivable (204,884,592) (300,277,303)
Principal collections on mortgages receivable 167,036,071 131,840,244
Other assets - pre-offering costs   (170,606)
NET CASH USED FOR INVESTING ACTIVITIES (72,488,176) (159,538,623)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from (repayment of) lines of credit 58,204,436 (29,590,137)
Net proceeds from (repayment of) repurchase facility (16,072,368) 23,446,277
Proceeds from mortgage 331,303  
Accounts payable and accrued liabilities - principal payments on other notes (6,014) (24,907)
Dividends paid on common shares (21,932,500) (18,809,722)
Dividends paid on Series A Preferred Stock (3,795,389) (3,687,062)
Proceeds from issuance of common shares, net of expenses 20,450,874 39,291,945
Repurchase of common shares (226,327)  
Proceeds from issuance of Series A Preferred Stock, net of expenses 2,563,810 (70,000)
Gross proceeds from issuance of fixed rate notes   122,125,000
Financings costs incurred in connection with fixed rate notes   (4,516,931)
NET CASH PROVIDED BY FINANCING ACTIVITIES 39,517,825 128,164,463
NET DECREASE IN CASH AND CASH EQUIVALENTS (11,114,841) (18,225,800)
CASH AND CASH EQUIVALENTS- BEGINNING OF YEAR 23,713,097 41,938,897
CASH AND CASH EQUIVALENTS - END OF YEAR 12,598,256 23,713,097
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION    
Interest paid 26,615,523 19,286,819
SUPPLEMENTAL INFORMATION-NON-CASH    
Dividends declared and payable $ 5,144,203 $ 5,342,360