v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2014
Dec. 31, 2013
Assets    
Cash and cash equivalents $ 488,501 $ 1,108,300
Mortgage Investments:    
Investment in trust receivable 622,342 653,736
Investment in residential mortgages 111,249 65,335
Interim mortgages, related party 16,098,574 16,282,339
Allowance for loan losses (129,878) (128,053)
Total mortgage investments 16,702,287 16,873,357
Lines of credit receivable, related parties 86,151,485 86,151,485
Lines of credit receivable 9,755,248 8,961,704
Accrued interest receivable 1,946,016 1,882,012
Accrued interest receivable, related parties 13,598,606 10,968,042
Reserves - accrued interest receivable (4,050,978) (3,693,244)
Recourse obligations, related parties 20,248,348 20,094,279
Real estate owned, net 4,845,798 5,287,857
Deficiency notes 4,976,199 4,976,199
Deficiency notes, related parties 29,175,409 29,295,567
Allowance for loan losses - deficiency notes (1,921,306) (1,736,306)
Other assets 571,467 1,959,363
Total assets 182,487,080 182,128,615
Liabilities and Shareholders' Equity    
Dividends payable 311,000 311,000
Lines of credit payable 7,998,441 7,682,920
Accounts payable and accrued liabilities 559,271 820,321
Accounts payable and accrued liabilities, related parties 2,888,420 1,939,695
Participation payable, related parties 70,835,104 70,835,104
Notes payable 6,380,656 6,190,656
Total liabilities 88,972,892 87,779,696
Commitments and contingencies      
Shareholders' equity    
Shares of beneficial interest; $.01 par value; 100,000,000 share authorized; 8,364,250 and 8,360,463 share issued in 2014 and 2013, respectively; and 6,435,945 and 6,436,767 outstanding in 2014 and 2013, respectively 83,643 83,605
Additional paid-in capital 147,804,188 147,748,315
Cumulative distributions in excess of earnings (17,233,937) (16,411,341)
Shareholders Equity Attributable To Parent Before Deducting Treasury Stock Value 130,653,894 131,420,579
Less treasury stock of 1,928,305 and 1,923,695 shares in 2014 and 2013, respectively, at cost (37,139,706) (37,071,660)
Total shareholders' equity 93,514,188 94,348,919
Total liabilities and shareholders' equity $ 182,487,080 $ 182,128,615