As Reported Financials

Source Document Currency Code (in units) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD
Source Document Currency Code 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD

Cash flows from operating activities

Net income 26,236,440 27,980,773 8,679,848 6,889,531

Adjustments to reconcile net income to net cash (used in) provided by operating activities

Gain on sales of real estate, net (21,818,553) (24,497,763) (14,728,921) (4,610,824)
Deferred income tax benefit 0 (7,248,977) 4,041,655 509,842
Distribution received from equity method investee NA 180,000 185,000 384,500
Income in earnings of equity method investee NA (179,450) (185,063) (383,197)
(Reversal of) provision for loan losses (1,026,909) 1,284,896 (360,012) (239,144)
Impairment losses on real estate properties 1,589,434 3,227,807 1,423,286 1,053,161
Depreciation and amortization 2,052,181 1,258,305 1,138,515 761,717
Amortization of deferred financing costs 367,471 456,168 317,419 267,932
Accretion of discount on loans (536,816) 0 0 (241,061)
Deferred loan fees, net of amortization NA 0 0 385,682
Changes in operating assets and liabilities
Interest and other receivables (282,538) (441,985) (266,122) 575,657
Other assets (122,622) (420,759) 34,172 227,432
Investment in limited liability company (175,451) NA NA NA
Accounts payable and accrued liabilities (526,952) (2,314,291) (2,351,676) (225,062)
Due to Manager 124,999 (48,016) (82,956) (35,501)
Forward contract liability 0 0 459,688 (459,688)
Net cash provided by (used in) operating activities 5,880,684 (763,292) (1,695,167) 4,860,977

Cash flows from investing activities

Principal collected on loans 35,216,165 55,849,884 69,266,337 78,632,376
Investments in loans (68,739,645) (78,272,140) (85,824,680) (68,792,474)
Investment in real estate properties (23,607,553) (26,406,879) (11,232,758) (496,826)
Net proceeds from disposition of real estate properties 48,602,328 89,401,642 55,879,123 21,286,595
Purchases of vehicles and equipment (48,402) (29,887) (16,170) 0
Distribution received from investment in limited liability company 177,000 NA NA NA
Transfer from (to) restricted cash, net (976,625) NA NA NA
Net cash provided by investing activities (9,376,732) 40,542,620 28,071,852 30,629,671

Cash flows from financing activities

Advances on notes payable 28,603,251 23,966,383 10,543,172 243,267
Repayments on notes payable (20,055,762) (36,380,880) (13,972,820) (17,789,514)
Advances on lines of credit 69,247,500 79,416,793 19,945,000 71,634,706
Repayments of lines of credit (59,782,000) (95,356,293) (23,366,000) (71,461,706)
Payment of deferred financing costs (41,735) (279,599) (12,500) (439,591)
Distributions to non-controlling interests (2,592,412) (8,144,059) 0 0
Contribution from non-controlling interest 279,184 44,207 0 0
Purchase of treasury stock (7,502,902) 0 (16,531,578) (12,369,554)
Dividends paid (4,816,779) (4,592,850) (4,245,386) (6,464,771)
Net cash used in financing activities 3,338,345 (41,326,298) (27,640,112) (36,647,163)
Net decrease in cash, cash equivalents and restricted cash (157,703) (1,546,970) (1,263,427) (1,156,515)
Cash, cash equivalents and restricted cash at beginning of year 1,413,545 8,481,213 6,934,243 5,670,816
Cash, cash equivalents and restricted cash at end of year 1,255,842 6,934,243 5,670,816 4,514,301

Supplemental Disclosures of Cash Flow Information

Cash paid during the year for interest (excluding amounts capitalized) 1,570,887 2,495,000 1,291,743 1,893,988
Cash paid during the year for interest that was capitalized 393,591 555,453 472,357 0
Cash paid during the year for income taxes 93,335 NA NA NA

Supplemental Disclosure of Non-Cash Activity

Increase in real estate from loan foreclosures 0 700,800 0 2,062,729
Decrease in loans, net of allowance for loan losses, from loan foreclosures 0 (631,232) 0 (1,937,475)
Decrease in interest and other receivables from adding balances to loans 0 (69,568) 0 0
Decrease in interest and other receivables from loan foreclosures 0 0 0 (44,912)
Increase in loans from sales of real estate 4,650,000 1,595,000 450,000 8,679,065
Amortization of deferred financing costs capitalized to construction project (207,347) (119,471) (76,260) 0
Capital expenditures financed through accounts payable (1,666,572) (2,654,856) (42,146) 0
Dividends declared but not paid (2,133,455) (1,402,496) (1,572,047) (1,696,576)
Repurchase of treasury stock accrued as forward contract liability 0 0 (2,271,483) 0
Reversal of deferred gain on adoption of ASU 2014-09 NA 0 0 (302,895)
Loan discounts established on adoption of ASU 2014-09 NA 0 0 136,000
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.