Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

v3.7.0.1
BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Assets:    
Cash $ 1,355,905 $ 1,561,863
Escrow deposit 596,070 0
Mortgages receivable 40,072,875 32,521,588
Mortgages receivable, affiliate 0 1,229,022
Interest and fees receivable 498,423 478,928
Other receivables 178,231 182,842
Due from borrowers 153,923 81,911
Prepaid insurance 32,260 0
Property and equipment, net 494,619 397,448
Real estate owned 1,177,291 1,222,454
Pre-offering costs 0 625,890
Deposits on property 32,000 0
Deferred financing costs 66,567 67,475
Total assets 44,658,164 38,369,421
Liabilities:    
Line of credit 4,150,100 8,113,943
Mortgage payable 308,343 310,000
Notes payable, other 169,338 0
Accrued expenses 314,870 196,086
Security deposit held 800 800
Advances from borrowers 671,430 291,875
Due to shareholders 25,568 656,296
Deferred revenue 402,766 290,456
Accrued interest 13,035 24,350
Total liabilities 6,056,250 9,883,806
Shareholders'/members’ equity:    
Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued 0 0
Common stock - $.001 par value; 50,000,000 authorized; 11,103,237 issued and outstanding 11,103 0
Additional paid-in capital 37,980,133 0
Members' equity 0 28,485,615
Retained earnings 610,678 0
Total shareholders'/members’ equity 38,601,914 28,485,615
Total liabilities and shareholders'/members’ equity $ 44,658,164 $ 38,369,421