v3.25.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Assets    
Loans receivable, net of deferred origination and other fees $ 65,217,737 $ 65,405,731
Interest and other fees receivable on loans 1,877,218 1,521,033
Cash 208,767 178,012
Cash – restricted 875 23,750
Other assets 153,112 62,080
Right-of-use asset – operating lease, net 127,633 154,039
Deferred financing costs, net 9,240 16,171
Total assets 67,594,582 67,360,816
Liabilities:    
Line of credit 16,523,205 16,427,874
Senior secured notes (net of deferred financing costs of $59,443 and $96,985, respectively) 5,940,557 5,903,015
Accounts payable and accrued expenses 198,622 232,236
Operating lease liability 139,882 167,119
Loan holdback 50,000 50,000
Dividends payable 1,315,445 1,315,445
Total liabilities 24,167,711 24,095,689
Commitments and contingencies  
Stockholders’ equity:    
Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued and outstanding
Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,438,651 outstanding 11,757 11,757
Additional paid-in capital 45,568,473 45,561,941
Less: Treasury stock, at cost – 318,407 shares (1,070,406) (1,070,406)
Accumulated deficit (1,082,953) (1,238,165)
Total stockholders’ equity 43,426,871 43,265,127
Total liabilities and stockholders’ equity $ 67,594,582 $ 67,360,816