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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting

11. Segment Reporting

 

The Company reports segment information based on the management approach which designates the internal reporting used by the Chief Operating Decision Maker, which is the Company’s Chief Executive Officer, for making decisions and assessing performance as the source of the Company’s reportable segments. The Company operates as a single reportable segment, originating, servicing, and managing short-term secured commercial loans to real estate investors. Management evaluates performance on a consolidated basis, as all loans share similar risk profiles, underwriting standards, and operational processes. Key performance metrics include interest income, origination fees, loan performance, and operating expenses. Significant expenses reviewed by management include interest and amortization of deferred financing costs and general and administrative expenses, which remain consistent across loan types. There are no material differences between segment-level information and consolidated financial reporting. The Company will continue to evaluate its segment reporting disclosures and make adjustments if there are material changes in business operations or financial reporting requirements.

 

Net income from the Company’s reportable segment is as follows:

 

Schedule of Net Income From the Company’s Reportable Segment 

   2024   2023 
Lending revenue:  $9,688,641   $9,796,256 
Less:          
Interest expense   2,248,368    2,432,532 
Amortization of deferred financing costs   88,664    93,403 
Referral fees   1,847    2,153 
General and administrative expenses   1,776,176    1,825,227 
Other income   (18,000)   (33,880)
Income tax expense   650    650 
Net income  $5,590,936   $5,476,171