Cash Flow

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,826,896) $ (3,252,501)
Adjustments to reconcile net loss to net cash used in operating activities:    
Provision for credit losses 347,163 919,529
Adjustment of interest rate on book of loans 60,201
Depreciation and amortization 4,274 4,495
Loss on marketable securities sold 194 153,514
Changes in assets - (increase) decrease:    
Legal settlements and related fees 178,982
Other receivables (1,540) 14,194
Prepaid expenses 1,156 (17,171)
Deposits (5,794)
Changes in liabilities - increase (decrease):    
Accounts payable and accrued expenses (707) 157,107
NET CASH USED IN OPERATING ACTIVITIES (1,416,155) (1,847,645)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Loans receivable originated (710,000) (1,140,000)
Loans receivable repaid 1,500,650 1,440,627
Purchase of marketable securities (2,092)
Sale of marketable securities 1,898 3,400,106
NET CASH PROVIDED BY INVESTING ACTIVITIES 790,456 3,700,733
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments for buyback of common stock (56,038) (276,880)
Common stock dividends paid (111,927)
Deposits on preferred shares to be issued 63,595
Proceeds from issuance of preferred stock 360,000
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 303,962 (325,212)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (321,737) 1,527,876
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 704,006 322,441
CASH AND CASH EQUIVALENTS, END OF YEAR 382,267 1,850,317
Supplemental disclosures:    
Interest paid in cash
Income taxes paid in cash
Issuance of common stock for tender offer $ 3,553,620

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