XML 13 R2.htm IDEA: XBRL DOCUMENT v3.24.3
Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Assets    
Loans receivable $ 68,711,438 $ 73,048,403
Interest and other fees receivable on loans 1,536,643 1,395,905
Cash 167,863 104,222
Cash - restricted 1,587,773
Other assets 99,180 63,636
Right-of-use asset - operating lease, net 167,243 207,364
Deferred financing costs, net 19,636 27,583
Total assets 70,702,003 76,434,886
Liabilities:    
Line of credit 19,170,268 25,152,338
Senior secured notes (net of deferred financing costs of $115,756 and $172,069, respectively) 5,884,244 5,827,931
Deferred origination fees 618,812 719,019
Accounts payable and accrued expenses 211,786 295,292
Operating lease liability 180,529 220,527
Loan holdback 50,000
Dividends payable 1,315,445 1,287,073
Total liabilities 27,431,084 33,502,180
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; 11,438,651 and 11,440,651 outstanding, respectively 11,757 11,757
Additional paid-in capital 45,558,674 45,548,876
Less: Treasury stock, at cost – 318,407 and 316,407 shares, respectively (1,070,406) (1,060,606)
Accumulated deficit (1,229,106) (1,567,321)
Total stockholders’ equity 43,270,919 42,932,706
Total liabilities and stockholders’ equity $ 70,702,003 $ 76,434,886