STATEMENTS OF COMPREHENSIVE INCOME - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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| Revenue: | ||||
| Interest income from loans | $ 3,265,677 | $ 2,315,325 | $ 6,167,083 | $ 5,066,405 |
| Interest income on investments | 33,162 | 0 | 130,678 | |
| Loss (gain) on sale of investment securities | (8,925) | 0 | 437,159 | |
| Origination fees, net | 647,499 | 340,823 | 1,158,555 | 705,540 |
| Late and other fees | 21,099 | 140,537 | 35,880 | 187,033 |
| Processing fees | 39,665 | 41,805 | 86,123 | 76,600 |
| Rental income, net | 29,456 | 47,255 | 40,184 | 72,904 |
| Other income | 283,009 | 179,391 | 567,283 | 296,531 |
| Net gain on sale of real estate | 0 | 0 | 7,149 | |
| Total revenue | 4,310,642 | 3,065,136 | 8,622,945 | 6,412,162 |
| Operating costs and expenses: | ||||
| Interest and amortization of deferred financing costs | 1,152,302 | 452,406 | 2,302,255 | 1,073,454 |
| Compensation, fees and taxes | 383,968 | 465,193 | 724,355 | 849,420 |
| Stock based compensation | 4,107 | 4,107 | 8,214 | 8,214 |
| Professional fees | 110,104 | 70,215 | 242,413 | 154,222 |
| Other expenses and taxes | 6,534 | 17,139 | 35,238 | 31,332 |
| Exchange fees | 0 | 11,219 | 7,272 | 21,507 |
| Expense in connection with termination of LOC | 0 | 779,641 | 0 | 779,641 |
| Impairment | 245,000 | 0 | 495,000 | |
| Net loss on sale of real estate | 0 | 0 | 4,460 | |
| Depreciation | 14,688 | 18,164 | 30,971 | 25,667 |
| General and administrative expenses | 127,460 | 103,909 | 267,674 | 269,358 |
| Total operating costs and expenses | 2,044,163 | 1,921,993 | 4,117,852 | 3,212,815 |
| Net income | 2,266,479 | 1,143,143 | 4,505,093 | 3,199,347 |
| Other comprehensive income | ||||
| Unrealized gain on investment securities | 221,449 | 0 | 86,067 | |
| Comprehensive income | $ 2,487,928 | $ 1,143,143 | $ 4,591,160 | $ 3,199,347 |
| Basic and diluted net income per common share outstanding: | ||||
| Basic | $ 0.10 | $ 0.06 | $ 0.20 | $ 0.19 |
| Diluted | $ 0.10 | $ 0.06 | $ 0.20 | $ 0.19 |
| Weighted average number of common shares outstanding: | ||||
| Basic | 22,117,301 | 18,499,531 | 22,117,301 | 17,144,104 |
| Diluted | 22,117,301 | 18,499,531 | 22,117,301 | 17,144,104 |
| X | ||||||||||
- Definition Amount of Compensation fees taxes incurred during the period. No definition available.
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| X | ||||||||||
- Definition This element represents the amount of gain (loss) on sale of properties during the reporting period No definition available.
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| X | ||||||||||
- Definition The increase, resulting in a gain, in the difference between the fair value and the carrying value, or in the comparative fair values, of securities held at each balance sheet date, that was included in earnings for the period. No definition available.
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| X | ||||||||||
- Definition Amount of the required periodic payment applied to interest and amortization of deferred financing costs. No definition available.
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| X | ||||||||||
- Definition Origination incomes associated with the issuance of loans that have been taken into income in conformity with GAAP. No definition available.
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- Definition Amount of income earned from loan processing reporting during the period. No definition available.
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- Definition Amount of income earned from credit card services (including late, over limit, and annual fees) and debit card services (including interchange fees, annual fees and other fees). Excludes interest income earned on credit card balances and transactions. No definition available.
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| X | ||||||||||
- Definition Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- References No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of expense in the period for fees charged by securities exchanges for the privilege of trading securities listed on that exchange. Some fees vary with the related volume, while others are fixed. No definition available.
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| X | ||||||||||
- Definition The net realized gain (loss) on investments sold during the period, not including gains (losses) on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, which, for cash flow reporting, is a component of proceeds from investing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate interest and fee income generated by: (1) loans the Entity has positive intent and ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (a) industrial and agricultural; (b) real estate; and (c) real estate construction loans; (d) trade financing; (e) lease financing; (f) home equity lines-of-credit; (g) automobile and other vehicle loans; and (h) credit card and other revolving-type loans and (2) loans and leases held-for-sale which may include mortgage loans, direct financing, and sales-type leases. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- References No definition available.
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- Definition Amount after tax, before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue and income classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Income earned by providing the use of assets to an outside party in exchange for a payment or series of payments that is nonoperating in nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount of noncash expense for share-based payment arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of tax expense, excluding income, excise, production and property taxes, and licenses and fees not related to production. No definition available.
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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