Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Assets:    
Cash $ 99,310 $ 954,223
Cash - restricted 59,549 0
Escrow deposits 12,817 111,189
Mortgages receivable 78,011,653 62,166,937
Mortgages receivable, affiliate 879,457 1,104,022
Interest and fees receivable 1,397,038 645,493
Other receivables 155,000 234,570
Due from borrowers 695,218 451,795
Prepaid expenses 14,866 4,520
Property and equipment, net 1,180,107 501,819
Deposits on property and equipment 12,000 0
Real estate owned 2,943,438 1,224,409
Deferred financing costs 553,597 95,560
Total assets 86,014,050 67,494,537
Liabilities:    
Line of credit 27,219,123 9,841,613
Mortgage payable 290,984 301,101
Accounts payable and accrued expenses 316,413 390,758
Security deposits held 7,800 2,550
Advances from borrowers 317,324 519,764
Due to shareholder 1,200,000 0
Due to note purchaser 0 723,478
Deferred revenue 1,058,406 1,108,400
Dividend payable 2,624,566 0
Accrued interest 176,619 40,592
Total liabilities 33,211,235 12,928,256
Commitments and Contingencies
Shareholders' equity:    
Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued 0 0
Common stock - $.01 par value; 50,000,000 shares authorized; 15,438,621 and 15,415,737 issued and outstanding 15,439 15,416
Paid-in capital 53,192,859 53,315,772
(Accumulated deficit) retained earnings (405,483) 1,235,093
Total shareholders' equity 52,802,815 54,566,281
Total liabilities and shareholders' equity $ 86,014,050 $ 67,494,537