Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

v3.21.1
BALANCE SHEETS - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Assets:    
Cash and cash equivalents $ 19,408,028 $ 18,841,937
Short-term marketable securities 37,293,703 15,949,802
Mortgages receivable 155,616,300 94,348,689
Interest and fees receivable 1,820,067 1,370,998
Other receivables 67,307 141,397
Due from borrowers 2,025,663 840,930
Prepaid expenses 71,313 24,734
Property and equipment, net 1,433,388 1,346,396
Deposits on property and equipment   71,680
Real estate owned 8,861,609 8,258,082
Deferred financing costs 72,806 16,600
Total assets 226,670,184 141,211,245
Liabilities:    
Notes payable (net of deferred financing costs of $4,886,058 and $2,687,190) 109,640,692 55,475,810
Mortgage payable 767,508 784,081
Line of credit 28,055,648 0
Dividends declared and payable 2,654,977 0
Accounts payable and accrued expenses 372,662 249,879
Other loans 257,845 0
Security deposits held 13,416 7,800
Advances from borrowers 1,830,539 848,268
Deferred revenue 2,099,331 1,205,740
Notes payable 54,682 75,433
Accrued interest 3,344 3,416
Total liabilities 145,750,644 58,650,427
Commitments and Contingencies
Shareholders' equity:    
Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued   0
Common stock - $.001 par value; 100,000,000 shares authorized; 22,124,801 and 22,117,301 issued and outstanding 22,125 22,117
Paid-in capital 83,814,376 83,856,308
Accumulated other comprehensive loss (25,992) (50,878)
Accumulated deficit (2,890,969) (1,266,729)
Total shareholders' equity 80,919,540 82,560,818
Total liabilities and shareholders' equity $ 226,670,184 $ 141,211,245