XML 17 R6.htm IDEA: XBRL DOCUMENT v3.24.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 2,885,264 $ 2,681,328
Adjustments to reconcile net income to net cash provided by operating activities -    
Amortization of deferred financing costs 44,191 49,494
Adjustment to right-of-use asset - operating lease and liability 190 1,230
Depreciation 2,209 1,946
Non-cash compensation expense 6,532 6,532
Changes in operating assets and liabilities:    
Interest and other fees receivable on loans (92,879) 89,214
Other assets (71,703) (72,115)
Accounts payable and accrued expenses (53,044) (58,132)
Deferred origination fees (72,992) 17,853
Net cash provided by operating activities 2,647,768 2,717,350
Cash flows from investing activities:    
Issuance of short-term loans (19,677,520) (28,122,249)
Collections received from loans 25,866,190 32,811,877
Purchase of fixed assets (1,191) (5,085)
Net cash provided by investing activities 6,187,479 4,684,543
Cash flows from financing activities:    
Repayment of line of credit, net (7,806,828) (4,323,513)
Dividends paid (2,602,518) (2,730,049)
Purchase of treasury shares (9,800) (164,806)
Deferred financing costs incurred (2,167) (38,191)
Net cash used in financing activities (10,421,313) (7,256,559)
Net (decrease) increase in cash (1,586,066) 145,334
Cash and cash - restricted, beginning of period [1] 1,691,995 103,540
Cash, end of period 105,929 248,874
Supplemental Disclosure of Cash Flow Information:    
Cash paid during the period for taxes 650 650
Cash paid during the period for interest 1,297,587 1,215,297
Cash paid during the period for operating leases 32,208 31,863
Supplemental Schedule of Noncash Financing Activities:    
Dividend declared and payable 1,315,445 1,289,428
Loan holdback relating to mortgage receivable $ 17,500
[1] At December 31, 2023, cash and restricted cash consisted of $1,587,773 of restricted cash.