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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 2,681,328 $ 2,780,891
Adjustments to reconcile net income to net cash provided by operating activities -    
Amortization of deferred financing costs 49,494 53,999
Adjustment to operating lease right-of-use asset and liability 1,230 2,316
Depreciation 1,946 972
Non-cash compensation expense 6,532 6,532
Changes in operating assets and liabilities:    
Interest receivable on loans 89,214 (96,889)
Other assets (72,115) (63,871)
Accounts payable and accrued expenses (58,132) 31,151
Deferred origination fees 17,853 132,166
Net cash provided by operating activities 2,717,350 2,847,267
Cash flows from investing activities:    
Issuance of short term loans (28,122,249) (37,953,007)
Collections received from loans 32,811,877 34,364,708
Purchase of fixed assets (5,085) (1,893)
Net cash provided by (used in) investing activities 4,684,543 (3,590,192)
Cash flows from financing activities:    
(Repayment of) proceeds from line of credit, net (4,323,513) 3,627,556
Dividends paid (2,730,049) (2,873,736)
Purchase of treasury shares (164,806)
Deferred financing costs incurred (38,191) (35,819)
Net cash (used in) provided by financing activities (7,256,559) 718,001
Net increase (decrease) in cash 145,334 (24,924)
Cash, beginning of year 103,540 142,546
Cash, end of period 248,874 117,622
Supplemental Cash Flow Information:    
Taxes paid during the period 650 650
Interest paid during the period 1,215,297 608,902
Operating leases paid during the period 31,863 31,786
Supplemental Information – Noncash Information:    
Dividend declared and payable 1,289,428 1,436,868
Loan holdback relating to mortgage receivable $ 17,500