Other Receivables |
12 Months Ended | |
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Dec. 31, 2017 | ||
Other Receivables [Abstract] | ||
Other Receivables [Text Block] |
5. Other Receivables
In June and July 2016, the Company sold two properties that it acquired through foreclosure. Both original mortgages were from the same borrower and were collateralized by property owned by a relative of the borrower. The proceeds from the sale of both properties in the aggregate were less than the carrying value of the properties, previously reflected in real estate owned. As of December 31, 2017 and 2016, the amount due from the borrower was $182,466 and $182,842, respectively. Since the value of the collateral was in excess of the amount due from the borrower, the Company reflected these amounts as “other receivable” in the accompanying balance sheets as of December 31, 2017 and 2016. The outstanding balance on the notes continued to accrue interest at the rate of 12% per annum and on March 9, 2018, the borrower paid this loan in full resulting in additional interest income of $14,877. |