XML 20 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ 6,754,947 $ 8,365,250
Adjustments to reconcile Net Income (Loss) to net cash provided by operating activities:    
Provision for loan losses 30,702,268 24,508,305
Depreciation and amortization 2,449,636 2,420,789
Provision for (prepaid) deferred income taxes (209,917) 101,845
Other (112,613) 9,010
Decrease (increase) in miscellaneous other assets 505,882 (1,661,052)
Decrease in other liablities (2,038,685) (5,597,982)
Net Cash Provided by (Used in) Operating Activities 38,051,518 28,146,165
CASH FLOWS FROM INVESTING ACTIVITIES:    
Loans originated or purchased (191,954,686) (258,275,210)
Loan liquidations 172,600,163 205,642,070
Purchases of marketable debt securities (7,881,790) (3,265,479)
Redemptions of marketable debt securities 3,355,000 3,105,000
Fixed asset additions, net (1,330,021) (2,330,727)
Fixed asset proceeds from sales 42,125 28,780
Net Cash Provided by (Used in) Investing Activities (25,169,209) (55,095,566)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase (decrease) in senior demand notes outstanding 7,174,786 965,988
Advances on credit line 84,231,820 93,325,848
Payments on credit line (98,381,820) (70,656,848)
Commercial paper issued 33,819,226 47,501,544
Commercial paper redeemed (35,752,536) (31,681,169)
Subordinated debt securities issued 2,689,883 3,093,882
Subordinated debt securities redeemed (2,934,020) (4,844,803)
Dividends / Distributions (100,000) (842,082)
Net Cash Provided by (Used in) Financing Activities (9,252,661) 36,862,360
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,629,648 9,912,959
CASH AND CASH EQUIVALENTS, beginning 58,458,580 14,025,868
CASH AND CASH EQUIVALENTS, ending 62,088,228 23,938,827
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid during the period for Interest 10,682,860 8,937,647
Income Taxes Paid 0 1,585,000
Adoption of Lease Accounting Standard ASU 2016-02 $ 0 $ 29,781,213