|
|
|
|
Consolidated Statements of Operations |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Nine Months |
|
|
Ended September, 30 |
|
|
Ended September 30, |
|
|
2005 |
2004 |
|
|
2005 |
2004 |
INTEREST INCOME: |
|
|
|
|
|
|
|
Mortgage notes receivable |
$ |
1,202,034 |
- |
|
$ |
2,746,415 |
- |
Other interest |
|
59,520 |
64,557 |
|
|
133,324 |
64,557 |
|
|
|
|
|
|
|
|
Total interest income |
|
1,261,554 |
64,557 |
|
|
2,879,739 |
64,557 |
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
Interest expense |
|
289,428 |
13,401 |
|
|
790,735 |
13,401 |
|
|
|
|
|
|
|
|
Total interest expense |
|
289,428 |
13,401 |
|
|
790,735 |
13,401 |
|
|
|
|
|
|
|
|
Net interest income |
|
972,126 |
51,156 |
|
|
2,089,004 |
51,156 |
Provision for loan losses |
|
13,739 |
4,589 |
|
|
41,345 |
4,589 |
|
|
|
|
|
|
|
|
Net interest income after provision for loan loss |
|
958,387 |
46,567 |
|
|
2,047,659 |
46,567 |
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
Loan brokerage fees |
|
2,350,262 |
- |
|
|
7,769,711 |
- |
Service and other loan fees |
|
385,439 |
- |
|
|
1,750,241 |
- |
Other |
|
66,978 |
- |
|
|
133,609 |
- |
|
|
|
|
|
|
|
|
Total non-interest income |
|
2,802,679 |
- |
|
|
9,653,561 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
Compensation |
|
475,000 |
43,993 |
|
|
1,412,455 |
91,993 |
Management fees |
|
816,764 |
5,606 |
|
|
2,562,539 |
5,606 |
Professional fees |
|
378,501 |
- |
|
|
1,363,305 |
- |
Insurance |
|
99,780 |
51,000 |
|
|
328,911 |
51,000 |
Other |
|
329,990 |
17,947 |
|
|
953,822 |
34,804 |
|
|
|
|
|
|
|
|
Total non-interest expense |
2,100,035 |
118,546 |
|
|
6,621,032 |
183,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before taxes |
|
1,661,031 |
(71,979) |
|
|
5,080,188 |
(136,836) |
|
|
|
|
|
|
|
|
Income tax expense |
|
89,662 |
- |
|
|
451,678 |
- |
|
|
|
|
|
|
|
|
Income before minority interest |
|
1,571,369 |
(71,979) |
|
|
4,628,510 |
(136,836) |
Income allocated to minority interest |
259,744 |
- |
|
|
1,695,101 |
- |
|
|
|
|
|
|
|
|
Net income |
$ |
1,311,625 |
(71,979) |
|
$ |
2,933,409 |
(136,836) |
|
|
|
|
|
|
|
|
Net earnings (loss) per share - basic and diluted |
0.25 |
(0.30) |
|
|
0.78 |
(1.45) |
|
|
|
|
|
|
|
|
Weighted average outstanding shares |
5,271,441 |
243,068 |
|
|
3,764,800 |
94,356 |
 < BACKNEXT >
|
|
|
