Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF CASH FLOW

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STATEMENTS OF CASH FLOW - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 896,778 $ 683,068
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs 14,559 12,996
Depreciation expense 5,156 0
Gain on sale of real estate (26,478) 0
(Increase) decrease in:    
Escrow deposit (596,070) 0
Interest and fees receivable (19,495) (50,601)
Other receivables 4,611 1,751
Prepaid Insurance (32,260) 0
(Decrease) increase in:    
Due to member (630,728) 58,132
Accrued interest (11,315) (8,326)
Accrued expenses 314,870 0
Deferred revenue 112,310 10,250
Advances from borrowers 307,543 (11,954)
Total adjustments (557,297) 12,248
NET CASH PROVIDED BY OPERATING ACTIVITIES 339,481 695,316
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of real estate owned 90,123 0
Acquisitions of and improvements to real estate owned (18,482) (85,746)
Purchase of furniture and equipment (102,327) 0
Security deposit (32,000) 0
Principal disbursements for mortgages receivable (10,091,528) (5,113,384)
Principal collections on mortgages receivable 3,938,601 3,376,109
NET CASH USED FOR INVESTING ACTIVITIES (6,215,613) (1,823,021)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from line of credit 7,595,766 600,000
Repayment of line of credit (11,559,609) (1,600,000)
Principal payments on mortgage payable (1,657) 0
Proceeds from IPO 13,000,000 0
Pre-offering costs incurred (1,544,197) (73,500)
Financing costs incurred (13,650) (65,050)
Member contributions 653,646 1,862,800
Member distributions (2,460,125) (236,445)
NET CASH PROVIDED BY FINANCING ACTIVITIES 5,670,174 487,805
NET DECREASE IN CASH (205,958) (639,900)
CASH - BEGINNING OF PERIOD 1,561,863 1,834,082
CASH - END OF PERIOD 1,355,905 1,194,182
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION    
Interest paid $ 101,711 $ 97,540