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Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue:        
Interest income from loans $ 2,032,687 $ 1,942,527 $ 4,175,174 $ 3,896,349
Origination fees 410,528 456,835 841,119 900,806
Total revenue 2,443,215 2,399,362 5,016,293 4,797,155
Operating costs and expenses:        
Interest and amortization of deferred financing costs 603,230 595,427 1,293,819 1,241,690
Referral fees 500 1,000 1,000 1,292
General and administrative expenses 434,282 400,979 844,560 897,075
Total operating costs and expenses 1,038,012 997,406 2,139,379 2,140,057
Income from operations 1,405,203 1,401,956 2,876,914 2,657,098
Other income 4,500 20,380 9,000 24,880
Income before income tax expense 1,409,703 1,422,336 2,885,914 2,681,978
Income tax expense (650) (650) (650) (650)
Net income $ 1,409,053 $ 1,421,686 $ 2,885,264 $ 2,681,328
Basic and diluted net income per common share outstanding:        
—Basic $ 0.12 $ 0.12 $ 0.25 $ 0.23
—Diluted $ 0.12 $ 0.12 $ 0.25 $ 0.23
Weighted average number of common shares outstanding:        
—Basic 11,438,651 11,475,406 11,438,662 11,485,116
—Diluted 11,438,651 11,475,406 11,438,662 11,485,116