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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Assets    
Loans receivable $ 65,715,364 $ 58,097,970
Interest receivable on loans 955,443 827,236
Cash 142,546 131,654
Cash - restricted 327,483
Other assets 64,745 66,566
Operating lease right-of-use asset, net 317,080 369,699
Deferred financing costs, net 10,539 22,807
Total assets 67,205,717 59,843,415
Liabilities:    
Line of credit 15,645,970 20,308,873
Senior secured notes (net of deferred financing costs of $322,241 and $397,327, respectively) 5,677,759 5,602,673
Deferred origination fees 580,461 367,638
Accounts payable and accrued expenses 154,169 168,940
Operating lease liability 324,248 372,907
Dividends payable 1,436,868 1,058,194
Total liabilities 23,819,475 27,879,225
Commitments and contingencies
Stockholders’ equity:    
Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued
Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 and 9,882,058 issued; 11,494,945 and 9,619,945 outstanding, respectively 11,757 9,882
Additional paid-in capital 45,522,746 33,157,096
Treasury stock, at cost – 262,113 shares (798,939) (798,939)
Accumulated deficit (1,349,322) (403,849)
Total stockholders’ equity 43,386,242 31,964,190
Total liabilities and stockholders’ equity $ 67,205,717 $ 59,843,415