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Consolidated Balance Sheets - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Assets    
Loans receivable $ 53,574,221 $ 58,097,970
Interest receivable on loans 995,384 827,236
Cash 109,692 131,654
Cash - restricted 327,483
Other assets 93,387 66,566
Operating lease right-of-use asset, net 330,795 369,699
Deferred financing costs, net 12,798 22,807
Total assets 55,116,277 59,843,415
Liabilities:    
Line of credit 3,484,151 20,308,873
Senior secured notes (net of deferred financing costs of $341,013 and $397,327, respectively) 5,658,987 5,602,673
Deferred origination fees 453,583 367,638
Accounts payable and accrued expenses 75,958 168,940
Operating lease liability 336,606 372,907
Dividends payable 1,058,194
Total liabilities 10,009,285 27,879,225
Commitments and contingencies
Stockholders’ equity:    
Preferred stock - $.01 par value; 5,000,000 shares authorized; none issued
Common stock - $.001 par value; 25,000,000 shares authorized; 11,757,058 and 9,882,058 issued; 11,494,945 and 9,619,945 outstanding 11,757 9,882
Additional paid-in capital 45,519,479 33,157,096
Treasury stock, at cost – 262,113 shares (798,939) (798,939)
Retained earnings (accumulated deficit) 374,695 (403,849)
Total stockholders’ equity 45,106,992 31,964,190
Total liabilities and stockholders’ equity $ 55,116,277 $ 59,843,415