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LOANS RECEIVABLE
 9 Months Ended
Sep. 30, 2021
Loans Receivable  
LOANS RECEIVABLE

9. LOANS RECEIVABLE 

 

Loans receivable are summarized as follows:

 

   September 30, 2021       December 31, 2020
 Loans receivable before allowances and discounts  $9,114,000        $2,032,000
 Allowances for uncollectible loans   (1,281,000)       (1,281,000)
 Unamortized discounts   (1,956,000)       (1,000)
Loans receivable  $5,877,000        $750,000

 

DP Lending provides commercial loans to companies throughout the United States to provide them with operating capital to finance the growth of their businesses. 

 

Activity related to loans receivable for the nine months ended September 30, 2021 is summarized as follows:

 

   Loans Receivable 
 Balance at January 1, 2021  $750,000 
 Investment in convertible promissory notes   4,923,000 
 Accretion of discount   366,000 
 Foreign currency loss   (8,000)
 Conversion to marketable securities   (154,000)
 Balance at September 30, 2021  $5,877,000