XML 34 R2.htm IDEA: XBRL DOCUMENT v3.20.1
Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Cash and cash equivalents $ 47,170 $ 191,987
Accounts receivable 109,797 125,539
Interest receivable 186,970 185,190
Investments 2,410 2,410
Prepaid expenses 19,529 13,121
Mortgage Loans Receivable, net of allowance of $1,439,487 and $1,672,003 and deferred origination fees of $278,663and $271,913 at and December 31, 2019 and 2018, respectively 17,855,031 20,717,058
Bond Portfolio 17,448,937 16,055,937
Real Estate Held for Sale 651,398 651,398
Total Assets 36,321,242 37,942,640
LIABILITIES    
Accounts payable 3,875 12,311
Management fee payable 48,224 27,255
Line of credit 600,000 1,445,000
Dividends payable 67,112 125,835
Secured Investor Certificates, Series B 8,056,000 8,855,000
Secured Investor Certificates, Series C 6,319,000 6,324,000
Secured Investor Certificates, Series D 8,074,000 8,109,000
Secured Investor Certificates, Series E 3,656,000 3,562,000
(Less) Deferred Offering Costs, net of accumulated amortization of $956,811 and $1,059,702 at December 31, 2019 and 2018, respectively 836,472 865,533
Total liabilities 25,987,739 27,594,868
Stockholders' Equity    
Common Stock, par value $.01 per share authorized, 30,000,000 shares, issued and outstanding, 1,677,798 shares at December 31, 2019 and 2018, respectively 16,778 16,778
Additional paid-in capital 19,113,458 19,113,458
Accumulated deficit (8,796,733) (8,782,464)
Total stockholders equity 10,333,503 10,347,772
Total liabilities and stockholders equity $ 36,321,242 $ 37,942,640