Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

v3.7.0.1
BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Assets:    
Cash $ 1,868,045 $ 1,561,863
Escrow deposits 311,950 0
Mortgages receivable 47,807,245 32,521,588
Mortgages receivable, affiliate 0 1,229,022
Interest and fees receivable 567,644 478,928
Other receivables 173,945 182,842
Due from borrowers 190,565 81,911
Prepaid expenses 72,432 0
Property and equipment, net 500,663 397,448
Real estate owned 1,287,126 1,222,454
Pre-offering costs 77,960 625,890
Deposits on property 5,000 0
Deferred financing costs 125,561 67,475
Total assets 52,988,136 38,369,421
Liabilities:    
Line of credit 12,161,380 8,113,943
Mortgage payable 305,970 310,000
Accrued expenses 227,324 196,086
Security deposit held 2,550 800
Advances from borrowers 541,333 291,875
Due to shareholders/member 14,928 656,296
Deferred revenue 692,102 290,456
Accrued interest 39,151 24,350
Total liabilities 13,984,738 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 1,012,162 0
Total shareholders'/members’ equity 39,003,398 28,485,615
Total liabilities and shareholders'/members’ equity $ 52,988,136 $ 38,369,421