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 2014 Y2015 Y2016 Y2017 Y2018 Q1 YTD
Source Document12/31/201612/31/201712/31/201712/31/20173/31/2018
Currency CodeUSDUSDUSDUSDUSD
(in units)     
      
CASH FLOWS FROM OPERATING ACTIVITIES 
Net income 8,095,07426,236,44027,980,7738,679,848469,466
Adjustments to reconcile net income to net cash provided by (used in) operating activities 
(Gain) loss on sales of real estate, net (3,243,359)(21,818,553)(24,497,763)(14,728,921)(154,577)
Gain on foreclosures of loans (464,754)NANANANA
Deferred income tax expense (benefit) 00(7,248,977)4,041,655183,445
(Recovery of) provision for loan losses (1,869,733)(1,026,909)1,284,896(360,012)(80,265)
Impairment losses on real estate properties 179,0401,589,4343,227,8071,423,286NA
Depreciation and amortization 2,255,5772,052,1811,258,3051,138,515217,072
Amortization of deferred financing costs 132,723367,471456,168317,41985,801
Accretion of discount on loans (122,004)(536,816)00(37,178)
Changes in operating assets and liabilities 
Interest and other receivables (944,608)(282,538)(441,985)(266,122)460,384
Other assets (118,577)(122,622)(420,759)34,17290,610
Investment in limited liability company (169,999)(175,451)(179,450)(185,063)(31,883)
Accounts payable and accrued liabilities (752,081)(526,952)(2,314,291)(2,351,676)(91,862)
Due to Manager (10,132)124,999(48,016)(82,956)34,673
Forward contract liability NA00459,688(459,688)
Net cash provided by (used in) operating activities 2,967,1675,880,684(943,292)(1,880,167)685,998
CASH FLOWS FROM INVESTING ACTIVITIES 
Principal collected on loans 27,718,91735,216,16555,849,88469,266,33711,728,112
Investment in loans (44,805,577)(68,739,645)(78,272,140)(85,824,680)(18,340,807)
Investment in real estate properties (21,605,288)(23,607,553)(26,406,879)(11,232,758)(198,037)
Net proceeds from disposition of real estate properties 1,822,02048,602,32889,401,64255,879,1235,225,168
Purchases of vehicles and equipment (22,212)(48,402)(29,887)(16,170)0
Distribution received from investment in limited liability company 170,000177,000180,000185,000NA
Transfer from (to) restricted cash, net (2,153,311)(976,625)725,3713,000,000NA
Net cash used in investing activities (38,875,451)(9,376,732)41,447,99131,256,852(1,585,564)
CASH FLOWS FROM FINANCING ACTIVITIES 
Advances on notes payable 23,331,20728,603,25123,966,38310,543,172238,393
Repayments on notes payable (800,954)(20,055,762)(36,380,880)(13,972,820)(5,251,285)
Advances on lines of credit 59,879,34569,247,50079,416,79319,945,00012,957,200
Repayments on lines of credit (48,429,345)(59,782,000)(95,356,293)(23,366,000)(2,427,000)
Payment of deferred financing costs (354,549)(41,735)(279,599)(12,500)NA
Distributions to non-controlling interests (2,455,121)(2,592,412)(8,144,059)0NA
Contribution from non-controlling interest 112,533279,18444,2070NA
Purchase of treasury stock (325,488)(7,502,902)0(16,531,578)(2,814,146)
Dividends paid (including tax payments on behalf of shareholders) (1,794,533)(4,816,779)(4,592,850)(4,245,386)(1,572,047)
Net cash provided by financing activities 29,163,0953,338,345(41,326,298)(27,640,112)1,131,115
Net increase in cash, cash equivalents and restricted cash (6,745,189)(157,703)(821,599)1,736,573231,549
Cash, cash equivalents and restricted cash at beginning of period 8,158,7341,413,5451,255,842434,2435,670,816
Cash, cash equivalents and restricted cash at end of period 1,413,5451,255,842434,2432,170,8165,902,365
Supplemental Disclosure of Cash Flow Information 
Cash paid during the period for interest (excluding amounts capitalized) 915,1171,570,8872,495,0001,291,743411,017
Cash paid during the period for interest that was capitalized 213,934393,591555,453472,3570
Cash paid during the year for income taxes 093,33500NA
Supplemental Disclosure of Non-Cash Activity 
Amortization of deferred financing costs capitalized to construction project (120,952)(207,347)(119,471)(76,260)0
Increase in real estate from loan foreclosures 9,107,6520700,8000NA
Decrease in loans, net of allowance for loan losses, from loan foreclosures (7,671,446)0(631,232)0NA
Decrease in interest and other receivables from adding balances to loans 00(69,568)0NA
Decrease in interest and other receivables from loan foreclosures (1,436,206)000NA
Increase in loans from sales of real estate 04,650,0001,595,000450,0005,406,295
Deferred financing costs paid from notes payable proceeds 1,121,711NANANANA
Change in capital expenditures financed through accounts payable (261,010)(1,666,572)(2,654,856)(42,146)(16,369)
Dividends declared but not paid (1,292,160)(2,133,455)(1,402,496)(1,572,047)(1,449,435)
Repurchase of treasury stock accrued as forward contract liability NA00(2,271,483)NA
Reversal of deferred gain on adoption of ASU 2014-09 NANANANA(302,895)
Loan discounts established on adoption of ASU 2014-09 NANANANA136,000


Data shown on this page is extracted directly from the company’s documents. SNL 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, SNL, as always, stands by its commitment to the quality of the data.

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