Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOW

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CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income     $ 10,818,259 $ 9,579,043  
Adjustments to reconcile net income to net cash provided by operating activities:          
Amortization of deferred financing costs and bond discount     1,224,324 1,108,675  
Depreciation expense     109,497 44,478  
Stock based compensation     395,709 230,167  
Provision for credit losses $ 94,932 $ 105,000 196,447 105,000  
Impairment loss     412,500 490,500  
(Gain) Loss on sale of real estate     (126,861) (122,343)  
Unrealized (gain) loss on investment securities 115,789 1,478,432 (600,600) 2,530,662  
Gain on sale of investment securities     24,285 148,565  
(Increase) decrease in:          
Interest and fees receivable     (1,455,807) (1,620,733)  
Other assets - miscellaneous     (863,887) (393,624)  
Due from borrowers     (1,521,226) (1,102,371)  
Other assets - prepaid expenses     163,617 101,149  
(Decrease) increase in:          
Accrued Interest     168,919 301,495  
Accounts payable and accrued liabilities     (9,596) (323,887)  
Deferred revenue     455,250 (15,493)  
Advances from borrowers     2,694,274 (3,729,817)  
Total adjustments     1,266,845 (2,247,577)  
NET CASH PROVIDED BY OPERATING ACTIVITIES     12,085,104 7,331,466  
CASH FLOWS FROM INVESTING ACTIVITIES          
Purchase of investment securities     (18,346,504) (36,088,438)  
Proceeds from the sale of investment securities     6,560,095 59,710,599  
Purchase of interests in investment partnerships, net     (4,568,010) (13,561,132)  
Proceeds from sale of real estate owned     191,274 1,397,502  
Acquisitions of and improvements to real estate owned, net     (180,146) (19,917)  
Purchase of property and equipment     (722,487) (815,339)  
Principal disbursements for mortgages receivable     (114,468,454) (191,971,926)  
Principal collections on mortgages receivable     66,355,505 60,895,362  
Other assets     19,927 (114,244)  
NET CASH USED FOR INVESTING ACTIVITIES     (65,158,800) (120,567,533)  
CASH FLOWS FROM FINANCING ACTIVITIES          
Net proceeds from (repayment of) line of credit     32,312,843 (9,771,376)  
Net proceeds from repurchase facility     7,976,139 20,285,241  
Proceeds from mortgage     899,167    
Accounts payable and accrued liabilities - principal payments on other notes     (6,014) (13,281)  
Dividends paid on Common Stock     (11,048,257) (8,253,864)  
Dividends paid on Preferred Stock     (1,849,525) (1,843,531)  
Proceeds from issuance of common shares, net of expenses     9,690,580 21,230,975  
Common Stock buyback     (226,327)    
Proceeds from issuance of Series A Preferred Stock, net of expenses     516,977    
Gross proceeds from issuance of fixed rate notes       81,875,000  
Gross proceeds from issuance of secured note     6,224,000    
Financings costs incurred in connection with fixed rate notes       (3,081,500)  
NET CASH PROVIDED BY FINANCING ACTIVITIES     44,489,583 100,427,664  
NET DECREASE IN CASH AND CASH EQUIVALENTS     (8,584,113) (12,808,403)  
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR     23,713,097 41,938,897 $ 41,938,897
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 15,128,984 $ 29,130,494 15,128,984 29,130,494 $ 23,713,097
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION          
Interest paid     $ 12,662,617 $ 7,710,686