0001214659-18-003894.txt : 20180518 0001214659-18-003894.hdr.sgml : 20180518 20180518160508 ACCESSION NUMBER: 0001214659-18-003894 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 38 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180518 DATE AS OF CHANGE: 20180518 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Korth Direct Mortgage LLC CENTRAL INDEX KEY: 0001695963 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 270644172 STATE OF INCORPORATION: FL FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-215782 FILM NUMBER: 18846625 BUSINESS ADDRESS: STREET 1: 2937 SW 27TH AVE CITY: MIAMI STATE: FL ZIP: 33133 BUSINESS PHONE: 7866938651 MAIL ADDRESS: STREET 1: 2937 SW 27TH AVE CITY: MIAMI STATE: FL ZIP: 33133 10-Q 1 k581810q.htm

UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

	For the quarterly period ended March 31, 2018 or

☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

	For the transition period from __________________ to __________________

Commission File Number: 000-1695962

KORTH DIRECT MORTGAGE, LLC

(Exact name of registrant as specified in its charter)

Florida		27-0644172
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

2937 SW 27^th Avenue, Suite 307, Miami FL 33133

(Address of principal executive offices)

(305) 668-8485

(Registrant’s telephone number, including area code)

____________________________________________________________________

(Former name, former address and formal fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐Do not check if a smaller reporting company)	Smaller Reporting company	☑
		Emerging growth company	☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

The registrant is a limited liability company, all of the common equity of which is held by affiliates. There is no market for the membership shares of Korth Direct Mortgage, LLC. As of March 29, 2018, there were 1,000,000 shares of Korth Direct Mortgage, LLC, outstanding.

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PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements	4
	Unaudited Statement of Financial Condition	4
	Unaudited Statement of Operations	5
	Unaudited Statement of Cash Flows	6
	Notes to Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	12

Item 4.	Controls and Procedures	12

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	12

Item 1A.	Risk Factors	12

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	12

Item 3.	Defaults Upon Senior Securities	12

Item 4.	Mine Safety Disclosures	12

Item 5.	Other Information	13

Item 6.	Exhibits	13

SIGNATURES		13

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

KORTH DIRECT MORTGAGE LLC

UNAUDITED STATEMENTS OF FINANCIAL CONDITION

	March 31, 2018 (Unaudited)			December 31, 2017

ASSETS
Cash and Cash Equivalents	$	30,741		$	19,844
Restricted Cash		99,774			55,487
Mortgages Owned, at fair value		4,317,904			1,999,132
Prepaid Expenses		10,584			11,332
TOTAL ASSETS	$	4,459,003		$	2,085,795


LIABILITIES AND MEMBERS’ DEFICIT

LIABILITIES
Due to Parent	$	382,627		$	334,324
Escrow Payable		74,697			46,579
Due to Investors		25,076			8,908
Accrued Expenses		15,000			15,000
Mortgage Secured Notes Payable		4,187,861			1,999,132
Total Liabilities		4,685,261			2,403,943

MEMBERS’ DEFICIT
Accumulated Deficit		(229,780	)		(321,670	)
Capital		3,522			3,522
Total Members’ Deficit		(226,258	)		(318,148	)

TOTAL LIABILITIES AND MEMBERS’ DEFICIT	$	4,459,003		$	2,085,795

See accompanying notes to the unaudited financial statements.

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KORTH DIRECT MORTGAGE LLC

UNAUDITED STATEMENTS OF OPERATIONS

FOR THE PERIOD FROM JANUARY 1 THROUGH MARCH 31

	Three Months Ended March 31,
	2018			2017
	(Unaudited)
REVENUES
Origination Revenue	$	26,825		$	-
Servicing Revenue		6,025			-
Processing Revenue		-			1,500
Total Revenues		32,850			1,500

COST OF REVENUES
Bank Fees		545			165
Appraisal Costs		(7,000	)		950
Marketing		3,539			401
License and Registration		5,002			2,320
Ratings		-			-
Technology Fees		157			-
Total Cost of Revenues		2,243			3,836
GROSS PROFIT (LOSS)		30,607			(2,336	)

OPERATING EXPENSES
Office Supplies		1,171			187
Salaries		28,382			23,129
Payroll Taxes		4,203			6,367
Professional & Legal		34,050			5,150
SEC Filing Expense		748			-
Travel & Entertainment		204			439
Total Expenses		68,758			35,272

Other Income
Unrealized gain on Mortgages		130,043			-
Net Income (Loss) From Operations		91,892			(37,608	)
NET INCOME (LOSS)	$	91,892		$	(37,608	)

See accompanying notes to the unaudited financial statements.

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KORTH DIRECT MORTGAGE LLC

UNAUDITED STATEMENTS OF CASH FLOWS

	For the Three Months Ended			For the Three Months Ended
	March 31, 2018			March 31, 2017
	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income/(Loss)	$	91,892		$	(37,609	)
Adjustments to Reconcile Net Income/(Loss) to
Net Cash Provided by/ (Used in) Operating Activities:
Changes in Operating Assets and Liabilities:
Mortgages owned, at fair value		(2,318,772	)		-
Restricted Cash		(44,287	)		-
Mortgage Secured Notes Issued		2,188,729			-
Prepaid Expenses		748			-
Due to Parent		48,301			40,622
Taxes Payable		-			(8,213	)
Escrow Payable		28,118			-
Due to Investors		16,168			-
Accrued Expenses		-			-
Total Adjustments		(80,995	)		32,409

NET CASH PROVIDED BY/ (USED IN) OPERATING ACTIVITIES		10,898			(5,200	)

NET CASH USED IN INVESTING ACTIVITIES		-			-

NET CASH PROVIDED BY FINANCING ACTIVITIES		-			-

NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS		10,898			(5,200	)

CASH AND CASH EQUIVALENTS – Beginning of Period		19,844			7,290

CASH AND CASH EQUIVALENTS – End of Period	$	30,741		$	2,090

See accompanying notes to the unaudited financial statements.

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KORTH DIRECT MORTGAGE LLC

NOTES TO UNAUDITED FINANCIAL STATEMENTS

NOTE 1 -

NATURE OF BUSINESS

Korth Direct Mortgage LLC (“the Company”) is a limited liability company formed in the State of Florida. The Company is a wholly owned subsidiary of J. W. Korth & Company, L.P. an SEC and FINRA registered broker dealer. The Company was created to sell Notes secured by mortgage loans. The Company may not incur any debt other than support provided by its owner J. W. Korth & Company.

The Company and J. W. Korth & Company executed a support agreement that provides financial, managerial, and office support to the Company until it is fully operational and a going concern. Pursuant to this agreement, for any moneys owed by the Company to J. W Korth, J. W. Korth may not seek reimbursement from the Company until the Company shall maintain a liquid net worth of at least $1,000,000 for a minimum period of 90 days.

Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with US generally accepted accounting principles (“GAAP”) have been condensed or omitted. These unaudited financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission.

NOTE 2 -

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

The accompanying financial statements are solely for the Company. The financial statements of the parent company, J. W. Korth & Company, have these accounts consolidated within them.

BASIS OF ACCOUNTING

The accompanying financial statements have been prepared on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America.

CASH AND CASH EQUIVALENTS

For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.

MORTGAGE VALUATION

Mortgages that are current are carried at the principal value owed by borrower, as of the date of the financial statements, according to the amortization schedule for the loan. All mortgages owned as of the date of these financial statements are current. The net present value of the servicing revenue is included in the fair value of the mortgages owned, and is recognized on the Statement of Operations as an unrealized gain.

MORTGAGE SECURED NOTES

The Company funds the mortgage loans that it makes by issuing Mortgage Secured notes “MSNs,” which are secured by those same mortgages. As of the date of these financial statements, the Company has funded CM Loans totaling $4,200,250, and it issued MSNs secured by those loans, also in the amount of $4,200,250. Two deals, totaling $2,800,000 have been funded with privately placed MSNs, while pending SEC effective dates. A third loan for $341,250 was funded with a privately placed MSN sold to an affiliate, and has not been included in any registration statement to date.

REVENUE RECOGNITION

The Company has three primary sources of revenue: origination fees, servicing fees, and processing fees.

Origination Fees

Loan origination fees represent revenue earned from originating mortgage loans. Loan origination fees generally represent flat, per-loan fee amounts and, are recognized as revenue at the time the loans are funded.

Servicing Fees

Loan servicing fees represent revenue earned for servicing loans for various investors. Loan servicing fees are a percentage of the outstanding unpaid principal balance and represent the difference between the CM Loan interest received and the MSN interest payable. Servicing Fees are recognized into revenue as the related mortgage payments are received, similarly, loan servicing expenses are charged to operations as incurred.

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Processing Fees

Processing fees are collected from the borrower at the time the commitment letter is signed and cover a variety of expenses during the underwriting process. If the Company cancels the transaction, then unused fees are refunded. If the transaction is unable to proceed for any reason not the fault of the Company, then the Company keeps the full processing fee. Revenues from processing fees are recognized at closing or at the time a transaction is canceled.

UNREALIZED GAIN ON MORTGAGES OWNED

The net present value of the servicing income is recognized at the time the mortgage is initiated. This value uses several inputs that are highly subjective including: discount rate, prepayment rate, the current interest rate environment, and default rate assumptions. Since the Company has limited operating history and a small amount of loans outstanding, we have a limited basis to predict prepayment rates and default rates.

ESTIMATES

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

DUE TO PARENT AND PAYABLES

Items due to parent are operating expenses due to the parent company, J. W. Korth & Company, L.P. pursuant to the support agreement. The date such payments are due has not yet been determined since revenue generating operations are minimal at the current time. A repayment plan for operating expenses will be created once the Company is an independently going concern.

INCOME TAXES

The Company is a limited liability company which is treated as a partnership for federal and state income tax. Accordingly, no provision for federal income taxes is required since the members report their proportionate share of company taxable income or loss on their respective income tax returns. Such income or losses are proportionately allocated to the members based upon their ownership interests.

In accordance with FASB ASC 740, management has evaluated uncertain tax positions taken or expected to be taken in the Company’s tax returns. In order for a benefit to be recognized, a tax position must be more-likely-than-not to be sustained when challenged or examined by the applicable taxing authority. For the three months ended March 31, 2018, the Company has no material uncertain tax positions to be accounted for in the financial statements.

NOTE 3 -

RESTRICTED CASH

The Company maintains two segregated accounts in trust for borrowers and investors. The value of these accounts is carried under the asset “Restricted Cash.”

The “In Trust for 1” account holds the monthly tax and insurance payments collected from borrowers and distributes payments annually, on behalf of borrowers, to the appropriate tax authority and insurance companies. This account corresponds to the Escrow Payable liability. As of March 31, 2018, this account has a liability of $74,697.

The “In Trust for 2” account receives payments from borrowers and distributes payments to investors, and pays the servicing fee to the Company. This account corresponds to the Due to Investors liability. As of March 31, 2018, this account has a balance of $25,076.

NOTE 4 -

COMMITMENTS

The Company relies entirely on its parent, J. W. Korth & Company, L.P. to provide office space, internet connectivity, phone service, and incidentals for the foreseeable future.

NOTE 5 -

INDEMNIFICATIONS

The Company provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. These indemnifications generally are standard contractual terms and are entered into in the normal course of business. The maximum potential amount of future payments that the Company could be required to make under these indemnifications cannot be estimated. However, the Company believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the financial statements for these indemnifications.

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NOTE 6 -

CUSTOMERS

As of March 31, 2018, the Company has four customers. The Company defines customers as borrowers that have an active loan with the Company, or are in the midst of the underwriting process and have a commitment fee on deposit with the Company. Currently, 100% of our loans are geographically concentrated in the state of Florida.

NOTE 7 –

RELATED PARTY TRANSACTIONS

The Company is currently supported by its parent company, J. W. Korth & Company, L.P. This support is expected to be repaid once the Company is cash flow positive. The Company records this value as a liability on its balance sheet. The Company owed J. W. Korth & Company $382,627 and $334,324 as of March 31, 2018 and December 31, 2017, respectively. Pursuant to the Support Agreement between the Company and J. W. Korth & Company, J. W. Korth & Company may not seek reimbursement from the Company until the Company shall maintain a liquid net worth of at least $1,000,000 for a minimum of 90 days.

NOTE 8 –

FAIR VALUE

GAAP establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring financial assets and liabilities at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below:

Level I—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level II—Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level III—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

Valuation Process

Cash and cash equivalents:

The carrying amounts of cash and short-term instruments approximate fair values and are classified as either Level 1 or Level 2.

Mortgages Owned and Mortgage Secured Notes Payable:

All of the loans on the balance sheet as of March 31, 2018 were completed within the last 4 months. Due to the recency of issue and the securitization and sale of these loans, all priced at par, the Company has determined that the fair values were determined by the market at the time of sale and should be classified as Level II of the fair value hierarchy. The carrying amounts for these items approximate the fair value. For amortizing loans, the Company discounts those to remaining principal value.

Due to the fact that the Company issues notes secured directly by underlying loans, our assets and liabilities in this category have identical values and assets have offsetting balances.

Mortgage Servicing

The net present value of the servicing income is recognized at the time the mortgage is initiated as an unrealized gain, beginning in 2018. This value uses several inputs that are highly subjective including: discount rate, prepayment rate, the current interest rate environment, and default rate assumptions. Since the Company has limited operating history and a small amount of loans outstanding, we have a limited basis to predict prepayment rates and default rates.

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Fair Value Disclosure

The following tables display the Company’s assets and liabilities measured at fair value on a recurring basis:

	December 31, 2017
	Total		Level I		Level II		Level III
Financial Assets
Mortgages Owned	$	1,999,132	$	-	$	1,999,132	$	-
Financial Liabilities
Mortgage Secured Notes Payable	$	1,999,132	$	-	$	1,999,132	$	-

	March 31, 2018
Financial Assets
Mortgages Owned	$	4,187,861	$	-	$	4,187,861	$	-
Mortgage Servicing	$	130,043	$	-	$	-	$	130,043
Total Financial Assets	$	4,317,904	$	-	$	4,187,861	$	130,043

Fair Value Measurements

The following table presents a reconciliation of changes in Level 3 assets and liabilities reported in the Statements of Financial Condition for the quarter ended March 31, 2018:

Changes in assets:
Quarter ended March 31, 2018	Mortgage Servicing Value
Beginning balance at January 1, 2018	$	0
Purchases		-
Sales		-
Issues		-
Settlements		-
Net realized gain/loss		-
Unrealized gain on Mortgages		130,043
Transfers into Level 3		-
Transfers out of Level 3		-
Ending balance at March 31, 2018	$	130,043

The Company’s policy for recording transfers between levels of the fair value hierarchy is to recognize as of the financial statement date. For the quarter ended March 31, 2018, there were no transfers between levels.

The Company has established valuation processes and policies for its Level 3 investments to ensure that the methods used are fair and consistent in accordance with ASC 820. The Company’s valuation committee performs reviews of the Level 3 investments’ valuations, which include reviewing any significant price changes reported from the prior period. When a Level 3 investment has a significant price change, the valuation committee reviews relevant market data to substantiate the price change.

The following table presents quantitative information regarding the significant unobservable inputs the Fund uses to determine the fair value of Level 3 investments held as of March 31, 2018:

Investment type	Fair Value		Valuation technique	Unobservable input	Value
				Prepayment Discount		-
Mortgage servicing	$	130,043	Net Present Value	Discount rate		6.50	%
				Default rate		-

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following is a discussion of our historical consolidated financial condition and results of operations, and should be read in conjunction with (i) our historical consolidated financial statements and accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Q; (ii) our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission (the “SEC”) on April 2, 2018; and (iii) our management’s discussion and analysis of financial condition and results of operations included in our 2017 Form 10-K. This discussion includes forward-looking statements that are subject to risk and uncertainties. Actual results may differ substantially from the statements we make in this section due to a number of factors that are discussed in “Forward-Looking Statements” herein and “Part I – Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2017.

Overview

Korth Direct Mortgage LLC (“KDM,” the “Company”, “we,” or “us”) was organized in Florida on July 24, 2009, under the name HCMK Consulting LLC. We changed our name to J. W. Korth & Company LLC, in November 2010, and then to Korth Direct Mortgage LLC, on August 24, 2016. Our principal executive offices are located at 2937 SW 27^th Avenue Suite 307, Miami, Florida 33133, and our telephone number is (305) 668-8485. Our website address is www.korthdirect.com.

Korth Direct Mortgage LLC, began its formal operations in October of 2016 when we engaged our Chief Lending Officer. KDM is a licensed Mortgage Lender Servicer with the State of Florida. Our NMLS License Number is 1579547. Our operating history is limited. We are primarily supported by our parent company, J. W. Korth & Company Limited Partnership (“J.W. Korth & Company”), a FINRA and SEC registered broker-dealer founded in 1982. We believe we will continue to be supported by our parent company through 2018. Over this period, we believe that we will achieve adequate revenue and cash-flow through making and servicing our mortgage loans to make us self-sufficient. We do not anticipate the need to raise any funds to finance our operating expenses during this period. During this period, any staffing requirements will be supplied by our parent company. These services and office space are provided free of charge in anticipation of the future success of KDM by the owners of the parent. During this period, we anticipate no research and development expenses and no expenses for plant and equipment, and that office space will be provided by J. W. Korth & Company. We intend to rent space and hire employees or assign employees from J. W. Korth & Company to KDM as business development requires. As we hire or are assigned employees the expenses of those employees will accrue to us.

The total support we have received from J. W. Korth & Company through March 31, 2018, is $$382,626. The Support Agreement provides support that is at the discretion of J. W. Korth & Company, and could be ended at any time for any reason. However, J. W. Korth & Company expects to continue to provide approximately another $200,000 to support KDM after which it is expected to be self-supporting.

Results of Operations for the Three Months March 31, 2018

First quarter net income came in at $91,892, 36% of which was attributable to origination and servicing revenue, totaling $32,850, while the remainder of the net income was an unrealized gain of $130,043, which represents the net present value of the future servicing income. Two new loans were originated during the period, earning a total of $26,825, or 82% of revenue. Salaries, at $28,382, and Professional & Legal, at $34,050 made up 91% of expenses together, due to higher legal and audit expenses in the first quarter of the year. The two new loans that we made were not yet securitized, so there were no ratings or underwriting expense for the period.

We have received strong demand for the Notes. We issue the Notes pursuant to registration statements of which we file with the Securities and Exchange Commission on Form S-1. Echoing the sentiment from our 10-K, a significant risk to our business model is the rate at which we are able to close loans. We are still in the process of obtaining a warehouse line of credit to help cover the gap between closings and the time when registration statements for the sale of Notes to loans which we make become effective. Shortening the time between the date we file a registration statement for Notes and the effective date for our registration statements will be key to profitability.

Financial Condition for the Three Months March 31, 2018

As of March 31, 2018, we had four loans on the balance sheet for a total of $4,317,904 at fair value. The original loan amounts totaled $4,200,250; however, two loans are amortizing, which we carry at its remaining principal balance. We have recognized an unrealized gain of $130,043 which is the net present value of the future servicing income we receive from the loans made to date. We did not include this category of income on our year end financial statements, and it is a new category. This value is highly subjective and includes such variables as discount rate, prepay rate, and default rate; this value will be recalculated monthly and discount rate will change as interest rates change. The current value uses 6.5% for the discount rate and includes 0% constant prepayment rate (“CPR”) and default rates. We have no basis for estimating the CPR and default rate due to our newly formed operations, and are actively looking for a data provider to assist us with these estimates as our portfolio grows.

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We expect to become cash flow positive by year end if we meet projections of closing $75 million in loans. We do not expect to increase staff by a material amount until we have sufficient pipeline and servicing to warrant additional outlay. Our liquidity needs in the meantime will be met by our parent company, J. W. Korth & Company, which has sufficient capital to support our operations.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We have no instruments subject to market risk.

Item 4. Controls and Procedures.

We are responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined by Securities Exchange Act Rule 13a-15(f). Our internal controls are designed to provide reasonable assurance as to the reliability of our financial statements for external purposes in accordance with accounting principles generally accepted in the United States.

Internal control over financial reporting has inherent limitations and may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable, not absolute, assurance with respect to financial statement preparation and presentation. Further, because of changes in conditions, the effectiveness of internal control over financial reporting may vary over time.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our internal control over financial reporting as of March 31, 2018, as required by Securities Exchange Act Rule 13a-15(c). In making our assessment, we have utilized the criteria set forth by the 2013 Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. We concluded that based on our evaluation our internal control over financial reporting was effective as of March 31, 2018.

Changes in internal control over financial reporting

We have made changes to our internal control procedures with respect to financial reporting to further tighten our internal processes. Our financial reports are now reviewed on a periodic basis to ensure proper disclosure of report elements and classification of expenses.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

The Company is not subject to any legal proceeding.

Item 1A. Risk Factors.

There have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017. Please refer to the “Risks Factors” section in our Annual Report for a discussion of risks to which our business, financial condition, results of operations and cash flows are subject.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

In the quarter ended March 31, 2018, the Company issued notes in the principal amounts of $1,049,132 and $950,000, the proceeds of which were used to fund first mortgage commercial loans made by the Company. The notes were issued pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.

In December 2017 the Company issued a Mortgage Secured Note (MSN”) pursuant to Registration Statement 333-219895 effective December 21, 2017. The proceeds of sale of that MSN were used to redeem the note in the principal amount of $1,049,132 described in the preceding paragraph.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

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Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit
Number	Description

1.1	Underwriting Agreement

3.1	Operating Agreement of Korth Direct Mortgage, LLC, a Florida limited liability company
3.2	Articles of Organization for HCMK Consulting LLC filed on July 24, 2009
3.3	Articles of Amendment to Articles of Organization Changing Name from HCMK Consulting LLC to J W Korth & Company LLC filed on November 18, 2010
3.4	Articles of Amendment to Articles of Organization Changing Name from J W Korth & Company LLC to Korth Direct Mortgage, LLC, filed August 24, 2016

4.1	Trust Indenture and Security Agreement between Korth Direct Mortgage, LLC, and Delaware Trust Company

10.0	Support Agreement

25.	Statement of Eligibility of Trustee

31.1	Section 302 Certificate of Chief Executive Officer*
31.2	Section 302 Certificate of Chief Financial Officer *
32.1	Section 906 Certificate of Chief Executive Officer*
32.2	Section 906 Certificate of Chief Financial Officer*

101.	Interactive Data File

*Filed here with.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	KORTH DIRECT MORTGAGE, LLC

Dated: May 18, 2018	By:	/s/ James W. Korth
		James W. Korth, Chief Executive Officer and Manager

EX-31.1 2 ex31_1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) OR 15d-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, James W. Korth, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Korth Direct Mortgage, LLC (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the unaudited condensed consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d. Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of Registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: May 18, 2018	/s/ James W. Korth
	James W. Korth, Chief Executive Officer

EX-31.2 3 ex31_2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(a) OR 15d-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Holly MacDonald-Korth, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Korth Direct Mortgage, LLC (the “Registrant”);

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: May 18, 2018	/s/ Holly MacDonald-Korth
	Holly MacDonald-Korth, Chief Financial Officer

EX-32.1 4 ex32_1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, James W. Korth, the President and Chief Executive Officer of Korth Direct Mortgage, LLC, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. This Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2018 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

2. The information contained in this Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 18, 2018	/s/ James W. Korth
	James W. Korth, Chief Executive Officer

EX-32.2 5 ex32_2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Holly MacDonald-Korth, the Chief Financial Officer of Korth Direct Mortgage, LLC, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

2. The information contained in this Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 18, 2018	/s/ Holly MacDonald-Korth
	Holly MacDonald-Korth, Chief Financial Officer

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NOTE 1 - 	NATURE OF BUSINESS   Korth Direct Mortgage, LLC (“the Company”) is a limited liability company formed in the State of Florida. The Company is a wholly owned subsidiary of J. W. Korth & Company, L.P. an SEC and FINRA registered broker dealer. The Company was created to sell Notes secured by mortgage loans. The Company may not incur any debt other than support provided by its owner J. W. Korth & Company.   The Company and J. W. Korth & Company executed a support agreement that provides financial, managerial, and office support to the Company until it is fully operational and a going concern. Pursuant to this agreement, for any moneys owed by the Company to J. W Korth, J. W. Korth may not seek reimbursement from the Company until the Company shall maintain a liquid net worth of at least $1,000,000 for a minimum period of 90 days.   Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with US generally accepted accounting principles (“GAAP”) have been condensed or omitted. These unaudited financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission.

REVENUE RECOGNITION   The Company has three primary sources of revenue: origination fees, servicing fees, and processing fees.   Origination Fees  Loan origination fees represent revenue earned from originating mortgage loans. Loan origination fees generally represent flat, per-loan fee amounts and, are recognized as revenue at the time the loans are funded.   Servicing Fees  Loan servicing fees represent revenue earned for servicing loans for various investors. Loan servicing fees are a percentage of the outstanding unpaid principal balance and represent the difference between the CM Loan interest received and the MSN interest payable. Servicing Fees are recognized into revenue as the related mortgage payments are received, similarly, loan servicing expenses are charged to operations as incurred.   Processing Fees  Processing fees are collected from the borrower at the time the commitment letter is signed and cover a variety of expenses during the underwriting process. If the Company cancels the transaction, then unused fees are refunded. If the transaction is unable to proceed for any reason not the fault of the Company, then the Company keeps the full processing fee. Revenues from processing fees are recognized at closing or at the time a transaction is canceled.

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Unrealized Gain on Mortgages Owned   The net present value of the servicing income is recognized at the time the mortgage is initiated. This value uses several inputs that are highly subjective including: discount rate, prepayment rate, the current interest rate environment, and default rate assumptions. Since the Company has limited operating history and a small amount of loans outstanding, we have a limited basis to predict prepayment rates and default rates.

The following tables display the Company’s assets and liabilities measured at fair value on a recurring basis <table align="left" border="0" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; margin-left: 72pt; width: 90%"> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td colspan="14" style="white-space: nowrap; vertical-align: top; text-align: center">December 31, 2018</td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: top; text-align: center">Total</td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: top; text-align: center">Level I</td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: top; text-align: center">Level II</td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: top; text-align: center">Level III</td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top; text-align: justify">Financial Asssets</td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: middle"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: middle"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: middle"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: middle"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td></tr> <tr style="background-color: rgb(204, 238, 255)"> <td style="width: 52%; padding-bottom: 4px; vertical-align: top; text-align: justify; padding-left: 14.4pt">Mortgages Owned</td> <td style="width: 1%; padding-bottom: 4px; vertical-align: bottom"> </td> <td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: rgb(0, 0, 0) 4px double">$</td> <td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: rgb(0, 0, 0) 4px double">1,999,132</td> <td style="white-space: nowrap; width: 1%; text-align: left; padding-bottom: 4px; vertical-align: bottom"> </td> <td style="width: 1%; padding-bottom: 4px; vertical-align: bottom"> </td> <td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: rgb(0, 0, 0) 4px double">$</td> <td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: rgb(0, 0, 0) 4px double">-</td> <td style="white-space: nowrap; width: 1%; text-align: left; padding-bottom: 4px; vertical-align: bottom"> </td> <td style="width: 1%; padding-bottom: 4px; vertical-align: bottom"> </td> <td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: rgb(0, 0, 0) 4px double">$</td> <td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: rgb(0, 0, 0) 4px double">1,999,132</td> <td style="white-space: nowrap; width: 1%; text-align: left; padding-bottom: 4px; vertical-align: bottom"> </td> <td style="width: 1%; padding-bottom: 4px; vertical-align: bottom"> </td> <td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: rgb(0, 0, 0) 4px double">$</td> <td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: rgb(0, 0, 0) 4px double">-</td> <td style="white-space: nowrap; width: 1%; text-align: left; padding-bottom: 4px; vertical-align: bottom"> </td></tr> <tr style="background-color: rgb(255, 255, 255)"> <td style="vertical-align: top; text-align: justify">Financial Liabilities</td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td></tr> <tr style="background-color: rgb(204, 238, 255)"> <td style="padding-bottom: 4px; vertical-align: top; text-align: justify; padding-left: 14.4pt">Mortgage Secured Notes Payable</td> <td style="padding-bottom: 4px; vertical-align: bottom"> </td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: left; vertical-align: bottom">$</td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: right; vertical-align: bottom">1,999,132</td> <td style="white-space: nowrap; text-align: left; padding-bottom: 4px; vertical-align: bottom"> </td> <td style="padding-bottom: 4px; vertical-align: bottom"> </td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: left; vertical-align: bottom">$</td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: right; vertical-align: bottom">-</td> <td style="white-space: nowrap; text-align: left; padding-bottom: 4px; vertical-align: bottom"> </td> <td style="padding-bottom: 4px; vertical-align: bottom"> </td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: left; vertical-align: bottom">$</td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: right; vertical-align: bottom">1,999,132</td> <td style="white-space: nowrap; text-align: left; padding-bottom: 4px; vertical-align: bottom"> </td> <td style="padding-bottom: 4px; vertical-align: bottom"> </td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: left; vertical-align: bottom">$</td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: right; vertical-align: bottom">-</td> <td style="white-space: nowrap; text-align: left; padding-bottom: 4px; vertical-align: bottom"> </td></tr> <tr style="background-color: rgb(255, 255, 255)"> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td colspan="14" style="white-space: nowrap; vertical-align: top; text-align: center">March 31, 2018</td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td></tr> <tr style="background-color: rgb(255, 255, 255)"> <td style="vertical-align: top; text-align: justify">Financial Assets</td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td></tr> <tr style="background-color: rgb(204, 238, 255)"> <td style="vertical-align: top; text-align: justify; padding-left: 14.4pt">Mortgages Owned</td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom">$</td> <td style="text-align: right; vertical-align: bottom">4,187,861</td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom">$</td> <td style="text-align: right; vertical-align: bottom">-</td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom">$</td> <td style="text-align: right; vertical-align: bottom">4,187,861</td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom">$</td> <td style="text-align: right; vertical-align: bottom">-</td> <td style="white-space: nowrap; text-align: left; vertical-align: bottom"> </td></tr> <tr style="background-color: rgb(255, 255, 255)"> <td style="padding-bottom: 2px; vertical-align: top; text-align: justify; padding-left: 14.4pt">Mortgage Servicing</td> <td style="padding-bottom: 2px; vertical-align: bottom"> </td> <td style="border-bottom: rgb(0, 0, 0) 2px solid; text-align: left; vertical-align: bottom">$</td> <td style="border-bottom: rgb(0, 0, 0) 2px solid; text-align: right; vertical-align: bottom">130,043</td> <td style="white-space: nowrap; text-align: left; padding-bottom: 2px; vertical-align: bottom"> </td> <td style="padding-bottom: 2px; vertical-align: bottom"> </td> <td style="border-bottom: rgb(0, 0, 0) 2px solid; text-align: left; vertical-align: bottom">$</td> <td style="border-bottom: rgb(0, 0, 0) 2px solid; text-align: right; vertical-align: bottom">-</td> <td style="white-space: nowrap; text-align: left; padding-bottom: 2px; vertical-align: bottom"> </td> <td style="padding-bottom: 2px; vertical-align: bottom"> </td> <td style="border-bottom: rgb(0, 0, 0) 2px solid; text-align: left; vertical-align: bottom">$</td> <td style="border-bottom: rgb(0, 0, 0) 2px solid; text-align: right; vertical-align: bottom">-</td> <td style="white-space: nowrap; text-align: left; padding-bottom: 2px; vertical-align: bottom"> </td> <td style="padding-bottom: 2px; vertical-align: bottom"> </td> <td style="border-bottom: rgb(0, 0, 0) 2px solid; text-align: left; vertical-align: bottom">$</td> <td style="border-bottom: rgb(0, 0, 0) 2px solid; text-align: right; vertical-align: bottom">130,043</td> <td style="white-space: nowrap; text-align: left; padding-bottom: 2px; vertical-align: bottom"> </td></tr> <tr style="background-color: rgb(204, 238, 255)"> <td style="padding-bottom: 4px; vertical-align: top; text-align: justify">Total Financial Assets</td> <td style="padding-bottom: 4px; vertical-align: bottom"> </td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: left; vertical-align: bottom">$</td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: right; vertical-align: bottom">4,317,904</td> <td style="white-space: nowrap; text-align: left; padding-bottom: 4px; vertical-align: bottom"> </td> <td style="padding-bottom: 4px; vertical-align: bottom"> </td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: left; vertical-align: bottom">$</td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: right; vertical-align: bottom">-</td> <td style="white-space: nowrap; text-align: left; padding-bottom: 4px; vertical-align: bottom"> </td> <td style="padding-bottom: 4px; vertical-align: bottom"> </td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: left; vertical-align: bottom">$</td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: right; vertical-align: bottom">4,187,861</td> <td style="white-space: nowrap; text-align: left; padding-bottom: 4px; vertical-align: bottom"> </td> <td style="padding-bottom: 4px; vertical-align: bottom"> </td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: left; vertical-align: bottom">$</td> <td style="border-bottom: rgb(0, 0, 0) 4px double; text-align: right; vertical-align: bottom">130,043</td> <td style="white-space: nowrap; text-align: left; padding-bottom: 4px; vertical-align: bottom"> </td></tr> </table>

341250 2800000

1999132

4187861

130043 130043

1999132

4317904

4187861

130043

32850

1500

26825

6025

1500

2243

3836

545

-7000

3539

5002

157

165

950

401

2320

11332

10584

55487

99774

2085795

4459003

2403943

4685261

1999132 4187861

15000

8908 25076 46579 74697

-318148

-226258

3522

-321670

-229780

2085795

4459003

1999132

4317904

<div><div><div style="background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; text-align: justify; margin-left: 72pt">The following table presents a reconciliation of changes in Level 3 assets and liabilities reported in the Statements of Financial Condition for the quarter ended March 31, 2018:</div> <div> </div> </div> <table id="z3b13e2fd2e7a4e22b065408a2aedd502" cellspacing="0" cellpadding="0" align="center" border="0" style="font: 10pt Times New Roman, Times, serif; width: 80%"> <tr> <td style="vertical-align: bottom; vertical-align: middle; width: 85%"><div style="font: italic bold 10pt Times New Roman, Times, serif; text-align: left">Changes in assets:</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%"> </td> </tr> <tr> <td style="vertical-align: bottom; vertical-align: middle; width: 85%"><div style="font: bold 10pt Times New Roman, Times, serif; color: #000000; text-align: left">Quarter ended March 31, 2018</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; vertical-align: middle"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: center">Mortgage Servicing Value</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%"> </td> </tr> <tr> <td style="vertical-align: bottom; vertical-align: middle; width: 85%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: left">Beginning balance at January  1, 2018</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">$</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: right; width: 12%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">0</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"> </td> </tr> <tr> <td style="vertical-align: bottom; vertical-align: middle; width: 85%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: left">Purchases</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: #ffffff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: right; width: 12%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">-</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff"> </td> </tr> <tr> <td style="vertical-align: bottom; vertical-align: middle; width: 85%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: left">Sales</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: right; width: 12%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">-</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"> </td> </tr> <tr> <td style="vertical-align: bottom; vertical-align: middle; width: 85%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: left">Issues</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: #ffffff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: right; width: 12%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">130,043</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff"> </td> </tr> <tr> <td style="vertical-align: bottom; vertical-align: middle; width: 85%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: left">Settlements</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: right; width: 12%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">-</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"> </td> </tr> <tr style="height: 13px"> <td style="vertical-align: bottom; vertical-align: middle; width: 85%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: left">Net realized gain/loss</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: #ffffff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: right; width: 12%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">-</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff"> </td> </tr> <tr> <td style="vertical-align: bottom; vertical-align: middle; width: 85%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: left">Net change in unrealized appreciation or depreciation</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: right; width: 12%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">-</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"> </td> </tr> <tr> <td style="vertical-align: bottom; vertical-align: middle; width: 85%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: left">Transfers into Level 3</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: #ffffff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: right; width: 12%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">-</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff"> </td> </tr> <tr> <td style="vertical-align: bottom; vertical-align: middle; padding-bottom: 2px; width: 85%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: left">Transfers out of Level 3</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 12%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">-</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff"> </td> </tr> <tr> <td style="vertical-align: bottom; vertical-align: middle; padding-bottom: 4px; width: 85%; background-color: #ffffff"><div style="font: bold 10pt Times New Roman, Times, serif; color: #000000; text-align: left">Ending balance at March 31, 2018</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">$</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 12%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">130,043</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff"> </td> </tr> </table> <div> </div></div></div>

130043

6.50

Net Present Value Discount rate

<div style="background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; text-align: justify; margin-left: 72pt">The following table presents quantitative information regarding the significant unobservable inputs the Fund uses to determine the fair value of Level 3 investments held as of March 31, 2018:</div></div> <div style="font: 10pt Times New Roman, Times, serif; text-align: justify; margin-left: 72pt"> </div> <div> </div> <div><table id="z0bc07cf2e00e4692a80a2f6c776be773" cellspacing="0" cellpadding="0" align="center" border="0" style="font: 10pt Times New Roman, Times, serif; width: 80%"> <tr><td style="vertical-align: bottom; vertical-align: middle; width: 24%"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: center">Investment type</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; vertical-align: middle"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: center">Fair Value</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%"> </td> <td style="vertical-align: bottom; vertical-align: middle; width: 23%"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: center">Valuation technique</div> </td> <td style="vertical-align: bottom; vertical-align: middle; width: 23%"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: center">Unobservable input</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; vertical-align: middle"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: center">Value</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: left; width: 1%"> </td> </tr> <tr> <td style="vertical-align: bottom; vertical-align: bottom; width: 24%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: #cceeff"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; vertical-align: middle; background-color: #cceeff"> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 23%; background-color: #cceeff">   </td> <td style="vertical-align: bottom; vertical-align: middle; width: 23%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: right">Prepayment Discount</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: right; width: 12%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">-</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"> </td> </tr> <tr> <td style="vertical-align: bottom; vertical-align: middle; width: 24%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: center"> Mortgage</div> <div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: center">servicing</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: #ffffff"> </td> <td style="vertical-align: middle; text-align: left; width: 1%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">$</div> </td> <td style="vertical-align: middle; text-align: right; width: 12%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">130,043</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff"> </td> <td style="vertical-align: bottom; vertical-align: middle; width: 23%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: center">Net Present Value</div> </td> <td style="vertical-align: bottom; vertical-align: middle; width: 23%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: right">Discount rate</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: #ffffff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff"> </td> <td style="vertical-align: middle; text-align: right; width: 12%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">6.50</div> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: left; width: 1%; background-color: #ffffff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">%</div> </td> </tr> <tr> <td style="vertical-align: bottom; vertical-align: middle; width: 24%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: right; width: 12%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: middle; width: 23%; background-color: #cceeff">   </td> <td style="vertical-align: bottom; vertical-align: middle; width: 23%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000; text-align: right">Default rate</div> </td> <td style="vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"> </td> <td style="vertical-align: bottom; vertical-align: bottom; text-align: right; width: 12%; background-color: #cceeff"><div style="font: 10pt Times New Roman, Times, serif; color: #000000">-</div> </td> <td style="vertical-align: bottom; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff"> </td> </tr> </table> </div>

NOTE 8 – 	FAIR VALUE   GAAP establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring financial assets and liabilities at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: Level I—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level II—Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level III—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation Process Cash and cash equivalents:  The carrying amounts of cash and short-term instruments approximate fair values and are classified as either Level 1 or Level 2. Mortgages Owned and Mortgage Secured Notes Payable: All of the loans on the balance sheet as of March 31, 2018 were completed within the last 4 months. Due to the recency of issue and the securitization and sale of these loans, all priced at par, the Company has determined that the fair values were determined by the market at the time of sale and should be classified as Level II of the fair value hierarchy. The carrying amounts for these items approximate the fair value. For amortizing loans, the Company discounts those to remaining principal value. Due to the fact that the Company issues notes secured directly by underlying loans, our assets and liabilities in this category have identical values and assets have offsetting balances. Mortgage Servicing The net present value of the servicing income is recognized at the time the mortgage is initiated as an unrealized gain, beginning in 2018. This value uses several inputs that are highly subjective including: discount rate, prepayment rate, the current interest rate environment, and default rate assumptions. Since the Company has limited operating history and a small amount of loans outstanding, we have a limited basis to predict prepayment rates and default rates. Fair Value Disclosure The following tables display the Company’s assets and liabilities measured at fair value on a recurring basis: <table border="0" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, serif; margin-left: 72pt; width: 90%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">December 31, 2017</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Total</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Level I</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Level II</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Level III</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Financial Assets</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-bottom: 4px; width: 52%; text-align: justify; padding-left: 14.4pt">Mortgages Owned</td> <td style="padding-bottom: 4px; width: 1%"> </td> <td style="border-bottom: #000000 4px double; text-align: left; width: 1%">$</td> <td style="border-bottom: #000000 4px double; text-align: right; width: 9%">1,999,132</td> <td style="text-align: left; padding-bottom: 4px; width: 1%; white-space: nowrap"> </td> <td style="padding-bottom: 4px; width: 1%"> </td> <td style="border-bottom: #000000 4px double; text-align: left; width: 1%">$</td> <td style="border-bottom: #000000 4px double; text-align: right; width: 9%">-</td> <td style="text-align: left; padding-bottom: 4px; width: 1%; white-space: nowrap"> </td> <td style="padding-bottom: 4px; width: 1%"> </td> <td style="border-bottom: #000000 4px double; text-align: left; width: 1%">$</td> <td style="border-bottom: #000000 4px double; text-align: right; width: 9%">1,999,132</td> <td style="text-align: left; padding-bottom: 4px; width: 1%; white-space: nowrap"> </td> <td style="padding-bottom: 4px; width: 1%"> </td> <td style="border-bottom: #000000 4px double; text-align: left; width: 1%">$</td> <td style="border-bottom: #000000 4px double; text-align: right; width: 9%">-</td> <td style="text-align: left; padding-bottom: 4px; width: 1%; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #ffffff"> <td style="text-align: justify">Financial Liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-bottom: 4px; text-align: justify; padding-left: 14.4pt">Mortgage Secured Notes Payable</td> <td style="padding-bottom: 4px"> </td> <td style="border-bottom: #000000 4px double; text-align: left">$</td> <td style="border-bottom: #000000 4px double; text-align: right">1,999,132</td> <td style="text-align: left; padding-bottom: 4px; white-space: nowrap"> </td> <td style="padding-bottom: 4px"> </td> <td style="border-bottom: #000000 4px double; text-align: left">$</td> <td style="border-bottom: #000000 4px double; text-align: right">-</td> <td style="text-align: left; padding-bottom: 4px; white-space: nowrap"> </td> <td style="padding-bottom: 4px"> </td> <td style="border-bottom: #000000 4px double; text-align: left">$</td> <td style="border-bottom: #000000 4px double; text-align: right">1,999,132</td> <td style="text-align: left; padding-bottom: 4px; white-space: nowrap"> </td> <td style="padding-bottom: 4px"> </td> <td style="border-bottom: #000000 4px double; text-align: left">$</td> <td style="border-bottom: #000000 4px double; text-align: right">-</td> <td style="text-align: left; padding-bottom: 4px; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #ffffff"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">March 31, 2018</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #ffffff"> <td style="text-align: justify">Financial Assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-align: justify; padding-left: 14.4pt">Mortgages Owned</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">4,187,861</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">4,187,861</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #ffffff"> <td style="padding-bottom: 2px; text-align: justify; padding-left: 14.4pt">Mortgage Servicing</td> <td style="padding-bottom: 2px"> </td> <td style="border-bottom: #000000 2px solid; text-align: left">$</td> <td style="border-bottom: #000000 2px solid; text-align: right">130,043</td> <td style="text-align: left; padding-bottom: 2px; white-space: nowrap"> </td> <td style="padding-bottom: 2px"> </td> <td style="border-bottom: #000000 2px solid; text-align: left">$</td> <td style="border-bottom: #000000 2px solid; text-align: right">-</td> <td style="text-align: left; padding-bottom: 2px; white-space: nowrap"> </td> <td style="padding-bottom: 2px"> </td> <td style="border-bottom: #000000 2px solid; text-align: left">$</td> <td style="border-bottom: #000000 2px solid; text-align: right">-</td> <td style="text-align: left; padding-bottom: 2px; white-space: nowrap"> </td> <td style="padding-bottom: 2px"> </td> <td style="border-bottom: #000000 2px solid; text-align: left">$</td> <td style="border-bottom: #000000 2px solid; text-align: right">130,043</td> <td style="text-align: left; padding-bottom: 2px; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-bottom: 4px; text-align: justify">Total Financial Assets</td> <td style="padding-bottom: 4px"> </td> <td style="border-bottom: #000000 4px double; text-align: left">$</td> <td style="border-bottom: #000000 4px double; text-align: right">4,317,904</td> <td style="text-align: left; padding-bottom: 4px; white-space: nowrap"> </td> <td style="padding-bottom: 4px"> </td> <td style="border-bottom: #000000 4px double; text-align: left">$</td> <td style="border-bottom: #000000 4px double; text-align: right">-</td> <td style="text-align: left; padding-bottom: 4px; white-space: nowrap"> </td> <td style="padding-bottom: 4px"> </td> <td style="border-bottom: #000000 4px double; text-align: left">$</td> <td style="border-bottom: #000000 4px double; text-align: right">4,187,861</td> <td style="text-align: left; padding-bottom: 4px; white-space: nowrap"> </td> <td style="padding-bottom: 4px"> </td> <td style="border-bottom: #000000 4px double; text-align: left">$</td> <td style="border-bottom: #000000 4px double; text-align: right">130,043</td> <td style="text-align: left; padding-bottom: 4px; white-space: nowrap"> </td></tr> </table> Fair Value Measurements The following table presents a reconciliation of changes in Level 3 assets and liabilities reported in the Statements of Financial Condition for the quarter ended March 31, 2018: <table border="0" cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, serif; width: 80%"> <tr style="vertical-align: bottom"> <td style="text-align: left">Changes in assets:</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Quarter ended March 31, 2018</td> <td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Mortgage Servicing Value</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="width: 86%; text-align: left">Beginning balance at January  1, 2018</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 11%">0</td> <td style="text-align: left; width: 1%; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #ffffff"> <td style="text-align: left">Purchases</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-align: left">Sales</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #ffffff"> <td style="text-align: left">Issues</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-align: left">Settlements</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #ffffff"> <td style="text-align: left">Net realized gain/loss</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-align: left">Unrealized gain on Mortgages</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">130,043</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #ffffff"> <td style="text-align: left">Transfers into Level 3</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-bottom: 2px; text-align: left">Transfers out of Level 3</td> <td style="padding-bottom: 2px"> </td> <td style="border-bottom: #000000 2px solid; text-align: left"> </td> <td style="border-bottom: #000000 2px solid; text-align: right">-</td> <td style="text-align: left; padding-bottom: 2px; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #ffffff"> <td style="padding-bottom: 4px; text-align: left">Ending balance at March 31, 2018</td> <td style="padding-bottom: 4px"> </td> <td style="border-bottom: #000000 4px double; text-align: left">$</td> <td style="border-bottom: #000000 4px double; text-align: right">130,043</td> <td style="text-align: left; padding-bottom: 4px; white-space: nowrap"> </td></tr> </table> The Company’s policy for recording transfers between levels of the fair value hierarchy is to recognize as of the financial statement date.  For the quarter ended March 31, 2018, there were no transfers between levels. The Company has established valuation processes and policies for its Level 3 investments to ensure that the methods used are fair and consistent in accordance with ASC 820.  The Company’s valuation committee performs reviews of the Level 3 investments’ valuations, which include reviewing any significant price changes reported from the prior period.  When a Level 3 investment has a significant price change, the valuation committee reviews relevant market data to substantiate the price change. The following table presents quantitative information regarding the significant unobservable inputs the Fund uses to determine the fair value of Level 3 investments held as of March 31, 2018: <table border="0" cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, serif; width: 80%"> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: center">Investment type</td> <td> </td> <td colspan="2" style="white-space: nowrap; text-decoration: underline; text-align: center">Fair Value</td> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-decoration: underline; text-align: center">Valuation technique</td> <td style="text-decoration: underline; text-align: center">Unobservable input</td> <td> </td> <td colspan="2" style="white-space: nowrap; text-decoration: underline; text-align: center">Value</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td>   </td> <td style="text-align: right">Prepayment Discount</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #ffffff"> <td style="width: 26%; vertical-align: bottom"> Mortgageservicing</td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="text-align: left; width: 1%; vertical-align: middle">$</td> <td style="text-align: right; width: 11%; vertical-align: middle">130,043</td> <td style="text-align: left; width: 1%; vertical-align: bottom; white-space: nowrap"> </td> <td style="width: 23%; vertical-align: bottom; text-align: center">Net Present Value</td> <td style="width: 23%; vertical-align: bottom; text-align: right">Discount rate</td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="text-align: left; width: 1%; vertical-align: bottom"> </td> <td style="text-align: right; width: 11%; vertical-align: middle">6.50</td> <td style="text-align: left; width: 1%; vertical-align: middle; white-space: nowrap">%</td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td>   </td> <td style="text-align: right">Default rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td></tr> </table>

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It represent of mortgage secured notes funded. It represents the escrow deposit payable. It represents the due to investor. It represents the number of customer. It represents the increase (decrease) in restricted cash under operating activity. It represents the increase (decrease) in escrow payable. It represents the increase (decrease) in due to investor current. It represents the increase (decrease) in mortgage secured notes. The entire disclosure related to restricted cash and cash equivalents. The entire disclosure related to indemnification. Disclosure related to policy of mortgage valuation. Disclosure related to policy of mortgage secured notes. Disclosure related to policy of due to parent and payable. It represents the mortgages payable fair value disclosure. It represents the payroll taxes. It represents the professional and legal expenses. It represents the SEC filings expense. Amount of unrealized gain on mortgages. Information about origination revenue. 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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	Mar. 29, 2018
Document And Entity Information
Entity Registrant Name	Korth Direct Mortgage LLC
Entity Central Index Key	0001695963
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		1,000,000
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2018

XML 13 R2.htm IDEA: XBRL DOCUMENT

UNAUDITED STATEMENT OF FINANCIAL CONDITION - USD ($)	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and Cash Equivalents	$ 30,741	$ 19,844
Restricted Cash	99,774	55,487
Mortgages Owned, at fair value	4,317,904	1,999,132
Prepaid Expenses	10,584	11,332
TOTAL ASSETS	4,459,003	2,085,795
LIABILITIES
Due to Parent	382,627	334,324
Escrow Payable	74,697	46,579
Due to Investors	25,076	8,908
Accrued Expenses	15,000	15,000
Mortgage Secured Notes Payable	4,187,861	1,999,132
Total Liabilities	4,685,261	2,403,943
MEMBERS' DEFICIT
Accumulated Deficit	(229,780)	(321,670)
Capital	3,522	3,522
Total Members' Deficit	(226,258)	(318,148)
TOTAL LIABILITIES AND MEMBERS' DEFICIT	$ 4,459,003	$ 2,085,795

XML 14 R3.htm IDEA: XBRL DOCUMENT

UNAUDITED STATEMENT OF OPERATIONS - USD ($)	3 Months Ended
UNAUDITED STATEMENT OF OPERATIONS - USD ($)	Mar. 31, 2018	Mar. 31, 2017
REVENUES
Total Revenues	$ 32,850	$ 1,500
COST OF REVENUES
Total Cost of Revenues	2,243	3,836
GROSS PROFIT (LOSS)	30,607	(2,336)
OPERATING EXPENSES
Office Supplies	1,171	187
Salaries	28,382	23,129
Payroll Taxes	4,203	6,367
Professional & Legal	34,050	5,150
SEC Filings Expense	748
Travel & Entertainment	204	439
Total Expenses	68,758	35,272
Other Income
Unrealized gain on Mortgages	130,043
Net Income (Loss) From Operations	91,892	(37,608)
NET INCOME (LOSS)	91,892	(37,608)
Origination Revenue [Member]
REVENUES
Total Revenues	26,825
Servicing Revenue [Member]
REVENUES
Total Revenues	6,025
Processing Revenue [Member]
REVENUES
Total Revenues		1,500
Bank Fees [Member]
COST OF REVENUES
Total Cost of Revenues	545	165
Appraisal Costs [Member]
COST OF REVENUES
Total Cost of Revenues	(7,000)	950
Marketing [Member]
COST OF REVENUES
Total Cost of Revenues	3,539	401
License and Registration [Member]
COST OF REVENUES
Total Cost of Revenues	5,002	2,320
Ratings [Member]
COST OF REVENUES
Total Cost of Revenues
Technology Fees [Member]
COST OF REVENUES
Total Cost of Revenues	$ 157

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UNAUDITED STATEMENT OF CASH FLOWS - USD ($)	3 Months Ended
UNAUDITED STATEMENT OF CASH FLOWS - USD ($)	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income/(Loss)	$ 91,892	$ (37,608)
Changes in Operating Assets and Liabilities:
Mortgages owned, at fair value	(2,318,772)
Restricted Cash	(44,287)
Mortgage Secured Notes Issued	2,188,729
Prepaid Expenses	748
Due to Parent	48,301	40,622
Taxes Payable		(8,213)
Escrow Payable	28,118
Due to Investors	16,168
Accrued Expenses
Total Adjustments	(80,995)	32,409
NET CASH PROVIDED BY/ (USED IN) OPERATING ACTIVITIES	10,898	(5,200)
NET CASH USED IN INVESTING ACTIVITIES
NET CASH PROVIDED BY FINANCING ACTIVITIES
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS	10,898	(5,200)
CASH AND CASH EQUIVALENTS - Beginning of Period	19,844	7,290
CASH AND CASH EQUIVALENTS - End of Period	$ 30,741	$ 2,090

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NATURE OF BUSINESS

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NATURE OF BUSINESS

NOTE 1 - NATURE OF BUSINESS

Korth Direct Mortgage, LLC (“the Company”) is a limited liability company formed in the State of Florida. The Company is a wholly owned subsidiary of J. W. Korth & Company, L.P. an SEC and FINRA registered broker dealer. The Company was created to sell Notes secured by mortgage loans. The Company may not incur any debt other than support provided by its owner J. W. Korth & Company.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

The accompanying financial statements are solely for the Company. The financial statements of the parent company, J. W. Korth & Company, have these accounts consolidated within them.

BASIS OF ACCOUNTING

The accompanying financial statements have been prepared on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America.

CASH AND CASH EQUIVALENTS

For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.

MORTGAGE VALUATION

MORTGAGE SECURED NOTES

REVENUE RECOGNITION

The Company has three primary sources of revenue: origination fees, servicing fees, and processing fees.

Origination Fees

Servicing Fees

Processing Fees

Unrealized Gain on Mortgages Owned

ESTIMATES

DUE TO PARENT AND PAYABLES

INCOME TAXES

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RESTRICTED CASH

3 Months Ended

Mar. 31, 2018

Restricted Cash [Abstract]

RESTRICTED CASH

NOTE 3 - RESTRICTED CASH

The Company maintains two segregated accounts in trust for borrowers and investors. The value of these accounts is carried under the asset “Restricted Cash.”

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COMMITMENTS

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

NOTE 4 - COMMITMENTS

The Company relies entirely on its parent, J. W. Korth & Company, L.P. to provide office space, internet connectivity, phone service, and incidentals for the foreseeable future.

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INDEMNIFICATIONS

3 Months Ended

Mar. 31, 2018

Indemnifications

INDEMNIFICATIONS

NOTE 5 - INDEMNIFICATIONS

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CUSTOMERS

3 Months Ended

Mar. 31, 2018

Risks and Uncertainties [Abstract]

CUSTOMERS

NOTE 6 - CUSTOMERS

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RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2018

RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

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FAIR VALUE

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

FAIR VALUE

NOTE 8 – FAIR VALUE

Level I—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level II—Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level III—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

Valuation Process

Cash and cash equivalents:

The carrying amounts of cash and short-term instruments approximate fair values and are classified as either Level 1 or Level 2.

Mortgages Owned and Mortgage Secured Notes Payable:

Due to the fact that the Company issues notes secured directly by underlying loans, our assets and liabilities in this category have identical values and assets have offsetting balances.

Mortgage Servicing

Fair Value Disclosure

The following tables display the Company’s assets and liabilities measured at fair value on a recurring basis:

	December 31, 2017
	Total		Level I		Level II		Level III
Financial Assets
Mortgages Owned	$	1,999,132	$	-	$	1,999,132	$	-
Financial Liabilities
Mortgage Secured Notes Payable	$	1,999,132	$	-	$	1,999,132	$	-

	March 31, 2018
Financial Assets
Mortgages Owned	$	4,187,861	$	-	$	4,187,861	$	-
Mortgage Servicing	$	130,043	$	-	$	-	$	130,043
Total Financial Assets	$	4,317,904	$	-	$	4,187,861	$	130,043

Fair Value Measurements

The following table presents a reconciliation of changes in Level 3 assets and liabilities reported in the Statements of Financial Condition for the quarter ended March 31, 2018:

Changes in assets:
Quarter ended March 31, 2018	Mortgage Servicing Value
Beginning balance at January 1, 2018	$	0
Purchases		-
Sales		-
Issues		-
Settlements		-
Net realized gain/loss		-
Unrealized gain on Mortgages		130,043
Transfers into Level 3		-
Transfers out of Level 3		-
Ending balance at March 31, 2018	$	130,043

The following table presents quantitative information regarding the significant unobservable inputs the Fund uses to determine the fair value of Level 3 investments held as of March 31, 2018:

Investment type	Fair Value		Valuation technique	Unobservable input	Value
				Prepayment Discount		-
Mortgageservicing	$	130,043	Net Present Value	Discount rate		6.50	%
				Default rate		-

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION The accompanying financial statements are solely for the Company. The financial statements of the parent company, J. W. Korth & Company, have these accounts consolidated within them.
BASIS OF ACCOUNTING	BASIS OF ACCOUNTING The accompanying financial statements have been prepared on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America.
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.
MORTGAGE VALUATION	MORTGAGE VALUATION Mortgages that are current are carried at the principal value owed by borrower, as of the date of the financial statements, according to the amortization schedule for the loan. All mortgages owned as of the date of these financial statements are current. The net present value of the servicing revenue is included in the fair value of the mortgages owned, and is recognized on the Statement of Operations as an unrealized gain.
MORTGAGE SECURED NOTES	MORTGAGE SECURED NOTES The Company funds the mortgage loans that it makes by issuing Mortgage Secured notes “MSNs,” which are secured by those same mortgages. As of the date of these financial statements, the Company has funded CM Loans totaling $4,200,250, and it issued MSNs secured by those loans, also in the amount of $4,200,250. Two deals, totaling $2,800,000 have been funded with privately placed MSNs, while pending SEC effective dates. A third loan for $341,250 was funded with a privately placed MSN sold to an affiliate, and has not been included in any registration statement to date.
REVENUE RECOGNITION	REVENUE RECOGNITION The Company has three primary sources of revenue: origination fees, servicing fees, and processing fees. Origination Fees Loan origination fees represent revenue earned from originating mortgage loans. Loan origination fees generally represent flat, per-loan fee amounts and, are recognized as revenue at the time the loans are funded. Servicing Fees Loan servicing fees represent revenue earned for servicing loans for various investors. Loan servicing fees are a percentage of the outstanding unpaid principal balance and represent the difference between the CM Loan interest received and the MSN interest payable. Servicing Fees are recognized into revenue as the related mortgage payments are received, similarly, loan servicing expenses are charged to operations as incurred. Processing Fees Processing fees are collected from the borrower at the time the commitment letter is signed and cover a variety of expenses during the underwriting process. If the Company cancels the transaction, then unused fees are refunded. If the transaction is unable to proceed for any reason not the fault of the Company, then the Company keeps the full processing fee. Revenues from processing fees are recognized at closing or at the time a transaction is canceled.
UNREALIZED GAIN ON MORTGAGES OWNED	Unrealized Gain on Mortgages Owned The net present value of the servicing income is recognized at the time the mortgage is initiated. This value uses several inputs that are highly subjective including: discount rate, prepayment rate, the current interest rate environment, and default rate assumptions. Since the Company has limited operating history and a small amount of loans outstanding, we have a limited basis to predict prepayment rates and default rates.
ESTIMATES	ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
DUE TO PARENT AND PAYABLES	DUE TO PARENT AND PAYABLES Items due to parent are operating expenses due to the parent company, J. W. Korth & Company, L.P. pursuant to the support agreement. The date such payments are due has not yet been determined since revenue generating operations are minimal at the current time. A repayment plan for operating expenses will be created once the Company is an independently going concern.
INCOME TAXES	INCOME TAXES The Company is a limited liability company which is treated as a partnership for federal and state income tax. Accordingly, no provision for federal income taxes is required since the members report their proportionate share of company taxable income or loss on their respective income tax returns. Such income or losses are proportionately allocated to the members based upon their ownership interests. In accordance with FASB ASC 740, management has evaluated uncertain tax positions taken or expected to be taken in the Company’s tax returns. In order for a benefit to be recognized, a tax position must be more-likely-than-not to be sustained when challenged or examined by the applicable taxing authority. For the three months ended March 31, 2018, the Company has no material uncertain tax positions to be accounted for in the financial statements.

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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of fair value disclosure

The following tables display the Company’s assets and liabilities measured at fair value on a recurring basis

	December 31, 2018
	Total		Level I		Level II		Level III
Financial Asssets
Mortgages Owned	$	1,999,132	$	-	$	1,999,132	$	-
Financial Liabilities
Mortgage Secured Notes Payable	$	1,999,132	$	-	$	1,999,132	$	-

	March 31, 2018
Financial Assets
Mortgages Owned	$	4,187,861	$	-	$	4,187,861	$	-
Mortgage Servicing	$	130,043	$	-	$	-	$	130,043
Total Financial Assets	$	4,317,904	$	-	$	4,187,861	$	130,043

Schedule of reconciliation of changes in Level 3 assets and liabilities

The following table presents a reconciliation of changes in Level 3 assets and liabilities reported in the Statements of Financial Condition for the quarter ended March 31, 2018:

Changes in assets:
Quarter ended March 31, 2018	Mortgage Servicing Value
Beginning balance at January 1, 2018	$	0
Purchases		-
Sales		-
Issues		130,043
Settlements		-
Net realized gain/loss		-
Net change in unrealized appreciation or depreciation		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending balance at March 31, 2018	$	130,043

Schedule of unobservable inputs

The following table presents quantitative information regarding the significant unobservable inputs the Fund uses to determine the fair value of Level 3 investments held as of March 31, 2018:

Investment type	Fair Value		Valuation technique	Unobservable input	Value
				Prepayment Discount		-
Mortgage servicing	$	130,043	Net Present Value	Discount rate		6.50	%
				Default rate		-

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NATURE OF BUSINESS (Details Narrative)	3 Months Ended
NATURE OF BUSINESS (Details Narrative)	Mar. 31, 2018 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquid net worth	$ 1,000,000
minimum period liquid net worth	90 days

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	Mar. 31, 2018 USD ($)
Accounting Policies [Abstract]
Mortgage secured notes funded	$ 4,200,250
Mortgage second secured notes funded	2,800,000
Mortgage third secured notes funded	$ 341,250

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RESTRICTED CASH (Details Narrative) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Restricted Cash [Abstract]
Escrow Payable	$ 74,697	$ 46,579
Due to Investors	$ 25,076	$ 8,908

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CUSTOMERS (Details Narrative)	3 Months Ended
CUSTOMERS (Details Narrative)	Mar. 31, 2018 N
Risks and Uncertainties [Abstract]
Number of customer	4
Percentage of revenue	100.00%

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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Liquid net worth	$ 1,000,000
minimum period liquid net worth	90 days
Due to Parent	$ 382,627	$ 334,324

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FAIR VALUE (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Financial Assets
Mortgages Owned	$ 4,187,861	$ 1,999,132
Mortgage Servicing	130,043
Financial Liabilities
Mortgage Secured Notes Payable	4,317,904	1,999,132
Fair Value, Inputs, Level 1 [Member]
Financial Assets
Mortgages Owned
Financial Liabilities
Mortgage Secured Notes Payable
Fair Value, Inputs, Level 2 [Member]
Financial Assets
Mortgages Owned	4,187,861	1,999,132
Financial Liabilities
Mortgage Secured Notes Payable	4,187,861	1,999,132
Fair Value, Inputs, Level 3 [Member]
Financial Assets
Mortgages Owned
Mortgage Servicing	130,043
Financial Liabilities
Mortgage Secured Notes Payable	$ 130,043

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FAIR VALUE (Details 1)	3 Months Ended
FAIR VALUE (Details 1)	Mar. 31, 2018 USD ($)
Fair Value Details 1
Beginning balance at January 1, 2018	$ 0
Purchases
Sales
Issues
Settlements
Net realized gain/loss
Unrealized gain on Mortgages	130,043
Transfers into Level 3
Transfers out of Level 3
Ending balance at March 31, 2018	$ 130,043

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FAIR VALUE (Details 2) - Fair Value, Measurements, Recurring [Member]	3 Months Ended
	Mar. 31, 2018 USD ($) N
Investment type \| $	$ 130,043
Valuation technique	Net Present Value
Unobservable input	Discount rate
Value \| N	6.50

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