Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

v3.20.1
BALANCE SHEETS - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Assets:    
Cash and cash equivalents $ 18,841,937 $ 99,310
Cash - restricted 0 59,549
Short-term marketable securities 15,949,802 0
Escrow deposits 0 12,817
Mortgages receivable 94,348,689 78,011,653
Mortgages receivable, affiliate 0 879,457
Interest and fees receivable 1,370,998 1,397,038
Other receivables 141,397 155,000
Due from borrowers 840,930 695,218
Prepaid expenses 24,734 14,866
Property and equipment, net 1,346,396 1,180,107
Deposits on property and equipment 71,680 12,000
Real estate owned 8,258,082 2,943,438
Deferred financing costs 16,600 553,597
Total assets 141,211,245 86,014,050
Liabilities:    
Notes payable (net of deferred financing costs of $2,687,190) 55,475,810 0
Line of credit 0 27,219,123
Mortgage payable 784,081 290,984
Accounts payable and accrued expenses 249,879 316,413
Security deposits held 7,800 7,800
Advances from borrowers 848,268 317,324
Due to shareholder 0 1,200,000
Deferred revenue 1,205,740 1,058,406
Notes payable 75,433 0
Dividend payable 0 2,624,566
Accrued interest 3,416 176,619
Total liabilities 58,650,427 33,211,235
Commitments and Contingencies
Shareholders' equity:    
Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued
Common stock - $.001 par value; 100,000,000 shares authorized; 22,117,301 and 15,438,621 issued and outstanding 22,117 15,439
Paid-in capital 83,856,308 53,192,859
Accumulated other comprehensive loss (50,878) 0
Accumulated deficit (1,266,729) (405,483)
Total shareholders' equity 82,560,818 52,802,815
Total liabilities and shareholders' equity $ 141,211,245 $ 86,014,050