v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Operating Activities    
Net income $ 110,130 $ 82,572
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for loan losses 475,842 520,083
Depreciation and amortization 4,125 7,950
Changes in assets and liabilities:    
Accrued interest receivable, net (15,046) 88,596
Accrued interest receivable, related parties (706,165) (520,762)
Other assets 1,383,771 42,454
Accounts payable and accrued liabilities (261,050) (171,197)
Accounts payable and accrued liabilities, related parties 33,500 (213,983)
Net cash provided by (used in) operating activities 1,025,107 (164,287)
Investing Activities    
Principal receipts on trust receivables 31,394 31,121
Principal receipts on residential mortgages 1,835 1,883,422
Principal receipts on interim mortgages and deficiency notes 1,825 0
Principal receipts on interim mortgages and deficiency notes, related parties 152,011 359,062
Investments in recourse obligations, related parties (2,157) (269)
Principal receipts from recourse obligation, related parties 0 53,483
Principal investments in lines of credit receivable, related parties, net 0 (5,000)
Principal receipts from investments in lines of credit receivable, net (1,493,941) (2,230,956)
Investments in real estate owned 0 (11,225)
Proceeds from sale of real estate owned 103,467 261,350
Net cash (used in) provided by investing activities (1,205,566) 340,988
Financing Activities    
Proceeds from issuance of shares of beneficial interest 55,911 57,813
Net borrowings on lines of credit payable 315,521 316,828
Proceeds from notes payable 190,000 1,420,000
Principal payments on notes payable 0 (275,065)
Purchase of treasury stock (68,046) (88,500)
Dividends (932,726) (933,123)
Net cash (used in) provided by financing activities (439,340) 497,953
Net (decrease) increase in cash and cash equivalents (619,799) 674,654
Cash and cash equivalents at beginning of period 1,108,300 236,213
Cash and cash equivalents at end of period 488,501 910,867
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 216,013 149,808
Supplemental Disclosure of Noncash Activity:    
Transfers of loans to foreclosed properties or recourse obligations 0 308,132
Increase (decrease) trust receivables 0 (111,176)
Increase (decrease) residential mortgages 47,749 (47,749)
(Increase) decrease participation receivable, related parties 0 (26,440)
Increase (decrease) participation payable, related parties 0 26,440
(Increase) decrease participation accrued interest receivable , related parties (1,615,623) (2,578,681)
Increase (decrease) participation accrued interest payable, related parties 1,615,623 2,578,681
(Increase) decrease in accrued interest receivable, related parties 0 83,732
(Increase) decrease interim mortgages and deficiency notes, related parties 317,754 (1,235,315)
(Increase) decrease interim mortgages and deficiency notes, related parties 0 (47,988)
(Increase) decrease recourse notes, related parties (151,912) 0
Increase (decrease) in real estate owned $ (213,592) $ 1,050,363