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Consolidated Balance Sheets - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Assets    
Loans receivable $ 70,781,039 $ 74,483,463
Interest receivable on loans 1,349,374 1,363,502
Cash 133,147 103,540
Other assets 100,030 59,566
Operating lease right-of-use asset, net 221,079 262,222
Deferred financing costs, net 30,765 7,708
Total assets 72,615,434 76,280,001
Liabilities:    
Line of credit 21,433,094 24,994,234
Senior secured notes (net of deferred financing costs of $190,842 and $247,155, respectively) 5,809,158 5,752,845
Deferred origination fees 670,295 669,128
Accounts payable and accrued expenses 236,186 289,868
Operating lease liability 233,978 273,485
Dividends payable 1,288,753 1,436,868
Total liabilities 29,671,464 33,416,428
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 issued; 11,457,085 and 11,494,945 outstanding, respectively 11,757 11,757
Additional paid-in capital 45,545,609 45,535,811
Treasury stock, at cost – 299,973 and 262,113 shares, respectively (984,630) (798,939)
Accumulated deficit (1,628,766) (1,885,056)
Total stockholders’ equity 42,943,970 42,863,573
Total liabilities and stockholders’ equity $ 72,615,434 $ 76,280,001