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Korth Direct Mortgage Inc. – ‘10-Q’ for 6/30/22 – ‘XML’

On:  Monday, 8/15/22, at 3:20pm ET   ·   For:  6/30/22   ·   Accession #:  1214659-22-10126   ·   File #:  333-215782

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/15/22  Korth Direct Mortgage Inc.        10-Q        6/30/22   69:3.7M                                   Securex Filings/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    575K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     23K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     23K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     20K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     20K 
11: R1          Cover                                               HTML     71K 
12: R2          Unaudited Consolidated Statements of Financial      HTML    101K 
                Condition                                                        
13: R3          Unaudited Consolidated Statements of Financial      HTML     42K 
                Condition (Parenthetical)                                        
14: R4          Unaudited Consolidated Statements of Income         HTML    110K 
15: R5          Unaudited Consolidated Statement of Changes in      HTML     54K 
                Stockholders' Equity                                             
16: R6          Unaudited Consolidated Statements of Cash Flows     HTML    102K 
17: R7          Nature of Business                                  HTML     24K 
18: R8          Summary of Significant Accounting Policies          HTML     53K 
19: R9          Contingent Liability                                HTML     28K 
20: R10         Mortgage Secured Notes Payable                      HTML     33K 
21: R11         Restricted Cash                                     HTML     27K 
22: R12         Commitments                                         HTML     31K 
23: R13         Indemnifications                                    HTML     22K 
24: R14         Related Party Transactions                          HTML     24K 
25: R15         Deferred Revenue, Net                               HTML     35K 
26: R16         Employee and Director Stock Options                 HTML     44K 
27: R17         Preferred Equity                                    HTML     39K 
28: R18         Fair Value                                          HTML     81K 
29: R19         Income Taxes                                        HTML     28K 
30: R20         Property and Equipment                              HTML     32K 
31: R21         Warehouse Line of Credit                            HTML     26K 
32: R22         Subsequent Events                                   HTML     25K 
33: R23         Summary of Significant Accounting Policies          HTML     90K 
                (Policies)                                                       
34: R24         Summary of Significant Accounting Policies          HTML     25K 
                (Tables)                                                         
35: R25         Contingent Liability (Tables)                       HTML     26K 
36: R26         Mortgage Secured Notes Payable (Tables)             HTML     26K 
37: R27         Commitments (Tables)                                HTML     27K 
38: R28         Deferred Revenue, Net (Tables)                      HTML     31K 
39: R29         Employee and Director Stock Options (Tables)        HTML     41K 
40: R30         Fair Value (Tables)                                 HTML     77K 
41: R31         Property and Equipment (Tables)                     HTML     30K 
42: R32         The following table provides a reconciliation of    HTML     27K 
                cash, cash equivalents, and restricted cash to                   
                amounts shown in the consolidated statements of                  
                cash flows as of June 30, 2022 and 2021 (Details)                
43: R33         Summary of Significant Accounting Policies          HTML     27K 
                (Details Narrative)                                              
44: R34         The following table summarizes the unpaid           HTML     27K 
                Contingent Liability outstanding as of June 30,                  
                2022 (Details)                                                   
45: R35         Contingent Liability (Details Narrative)            HTML     27K 
46: R36         The following table presents the future scheduled   HTML     41K 
                principal payments on the Company?s MSNs (Details)               
47: R37         Mortgage Secured Notes Payable (Details Narrative)  HTML     32K 
48: R38         Restricted Cash (Details Narrative)                 HTML     37K 
49: R39         The following is a schedule of the maturities of    HTML     39K 
                future lease payments over the remaining life of                 
                the operating leases, reconciled to the net                      
                present value of as of June 30, 2022 (Details)                   
50: R40         Commitments (Details Narrative)                     HTML     28K 
51: R41         The following is a summary of the loan origination  HTML     34K 
                fees and costs deferred and amortized for the six                
                months ended June 30, 2022 (Details)                             
52: R42         Schedule of estimated fair value of stockoptions    HTML     30K 
                weighted-average assumptions (Details)                           
53: R43         Stock option activity for the six months ended      HTML     53K 
                June 30, 2022, is summarized as follows (Details)                
54: R44         Employee and Director Stock Options (Details        HTML     37K 
                Narrative)                                                       
55: R45         Preferred Equity (Details Narrative)                HTML     51K 
56: R46         The following tables display the Company?s assets   HTML     49K 
                and liabilities measured at fair value on a                      
                recurring basis (Details)                                        
57: R47         The following table presents a reconciliation of    HTML     56K 
                changes in Level 3 assets and liabilities reported               
                in the Consolidated Statements of Financial                      
                Condition for June 30, 2022 (Details)                            
58: R48         The following table presents quantitative           HTML     36K 
                information regarding the significant unobservable               
                inputs the Company uses to determine the fair                    
                value of Level 3 investments held as of June 30,                 
                2022 (Details)                                                   
59: R49         Fair Value (Details Narrative)                      HTML     25K 
60: R50         Income Taxes (Details Narrative)                    HTML     34K 
61: R51         Schedule of property and equipment (Details)        HTML     32K 
62: R52         Property and Equipment (Details Narrative)          HTML     22K 
63: R53         Warehouse Line of Credit (Details Narrative)        HTML     27K 
64: R54         Subsequent Events (Details Narrative)               HTML     31K 
67: XML         IDEA XML File -- Filing Summary                      XML    124K 
65: XML         XBRL Instance -- k81022010q_htm                      XML    721K 
66: EXCEL       IDEA Workbook of Financial Reports                  XLSX    103K 
 7: EX-101.CAL  XBRL Calculations -- cik0001695963-20220630_cal      XML    145K 
 8: EX-101.DEF  XBRL Definitions -- cik0001695963-20220630_def       XML    383K 
 9: EX-101.LAB  XBRL Labels -- cik0001695963-20220630_lab            XML    730K 
10: EX-101.PRE  XBRL Presentations -- cik0001695963-20220630_pre     XML    606K 
 6: EX-101.SCH  XBRL Schema -- cik0001695963-20220630                XSD    138K 
68: JSON        XBRL Instance as JSON Data -- MetaLinks              305±   446K 
69: ZIP         XBRL Zipped Folder -- 0001214659-22-010126-xbrl      Zip    168K

‘XML’   —   XBRL Instance — k81022010q_htm

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<p id="xdx_805_eus-gaap--NatureOfOperations_zcMgRUGa3fNl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>NOTE 1 - <span id="xdx_82E_zsdnQpJujge4">NATURE OF BUSINESS</span></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Korth Direct Mortgage, Inc. (the “Company” or “KDM”) is incorporated in the State of Florida. The Company was created to originate mortgages and fund those mortgages with Notes secured by mortgage loans. J.W. Korth & Company Limited Partnership (“J.W. Korth”) is a wholly owned subsidiary of KDM.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">J.W. Korth is a securities broker dealer registered with the Securities Exchange Commission and the states of Michigan, Florida, and various other states and an SEC registered investment adviser under the Investment Advisers Act of 1940. J.W. Korth is a licensed member of the Financial Industry Regulatory Authority (FINRA), the Securities Investor Protection Corporation, as well as a Municipal Securities Rulemaking Board (MSRB) registrant.</p>
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<p id="xdx_807_eus-gaap--SignificantAccountingPoliciesTextBlock_zolvsERWOsxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>NOTE 2 - <span id="xdx_823_zEHH4LIeUfQh">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_842_eus-gaap--ConsolidationPolicyTextBlock_zVmAbHB7JJmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_867_zrqvgD1FAkTb">PRINCIPLES OF CONSOLIDATION</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The accompanying consolidated financial statements include the accounts of the Company and J.W. Korth, its wholly-owned subsidiary. Intercompany balances and transactions have been eliminated upon consolidation.</p> <p id="xdx_85D_zj9Isj6BpWi3" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_848_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z4Hrh7G6CnHe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_864_zyRX5huH3pvf">BASIS OF ACCOUNTING</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The accompanying financial statements have been prepared on the accrual basis of accounting, in accordance with Generally Accepted Accounting Principles (“GAAP”). The accompanying financial statements have also been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).</p> <p id="xdx_856_zGU5JCBGE4g9" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_840_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_z6DspGTerbL9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_86A_zTNGtiwm0Imc">BASIS OF PRESENTATION</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Beginning in the first quarter of 2022, we have condensed certain categories of information in our consolidated financial statements to enhance the readability and understanding of those statements by making them more succinct. As a result, certain footnote disclosures we normally include in our annual consolidated financial statements have been omitted, but remain prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments, except as otherwise indicated) necessary to fairly present our unaudited consolidated statements of financial condition, income, changes in stockholders’ equity, and cash flows. Our interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on March 31, 2022.</p> <p id="xdx_85C_zd7NQ9CixRde" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_848_eus-gaap--UseOfEstimates_zuS1g4pPhdZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_86C_zlpwqietlNk3">USE OF ESTIMATES</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</p> <p id="xdx_857_zWTefqi3rm29" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_845_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_z2SvcZ72d8xl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_865_zwxg6seIpc75">CASH AND CASH EQUIVALENTS</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For purposes of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_89F_eus-gaap--ScheduleOfCashAndCashEquivalentsTableTextBlock_zypN5zbESgff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_8B8_zx2sSr4grK6f">The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the consolidated statements of cash flows as of June 30, 2022 and 2021:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20220630_z04psqvOBni9" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">6/30/2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20210630_zQqDTJOD3oXf" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">6/30/2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--CashEquivalentsAtCarryingValue_i01I_maCzKOE_zHV4m0kW56Qc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left">Cash and Cash Equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">4,436,479</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">9,137,672</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RestrictedCash_i01I_maCzKOE_z8c2MuxtZvTb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted Cash</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24,862,805</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,751,992</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--CashAndCashEquivalentsAtCarryingValue1_iI_zJ3JlJ3XfoRb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">29,299,284</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">19,889,664</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A7_z1RtaYwxmO14" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company maintains cash and restricted cash balances at financial institutions in excess of federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $<span id="xdx_900_eus-gaap--CashFDICInsuredAmount_c20220630_pp0p0" title="FDIC Insured Amount">250,000</span> per depositor at each financial institution. The Company holds cash and restricted cash at well-known banks and does not believe that it is exposed to any significant credit risk on cash and cash equivalents</p> <p id="xdx_85D_zuHgJzkEGSa" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"/> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_843_ecustom--MortgageValuation_zFKQoL39ObRg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_867_z87DQTw93lF3">MORTGAGE VALUATION</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Mortgages that are current are carried at the principal value owed by the borrower, as of the date of the financial statements, according to the amortization schedule for the loan. Mortgages owned as of the date of these financial statements are current. The net present value of the servicing revenue is recorded as mortgage servicing rights, at fair value on the consolidated Statements of Financial Condition, and is recognized on the consolidated Statements of Income as an unrealized gain on mortgages.</p> <p id="xdx_852_zDSdXtH3g4s4" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_84D_ecustom--MortgageSecuredNotesPolicyTextBlock_z7yPg4LJcdRg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_863_zVuRN9xsBZW">MORTGAGE SECURED NOTES</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company primarily funds the mortgage loans (”CM Loans”) that it makes by issuing Mortgage Secured Notes (“MSNs”) in series, each of which MSN series is secured by the mortgage or mortgages funded from proceeds of the MSN series. Our MSNs have been funded in multiple ways, including private placements, SEC registered offerings, loan participations, and Rule 144A offerings. As of June 30, 2022, the Company has funded loans totaling $454,012,345 since inception and it issued MSNs secured by those loans in the amount of $402,712,364 since inception.</p> <p id="xdx_858_ziabDcCkqSI7" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_84C_ecustom--PortfolioLoansPolicyTextBlock_zA0jNXVODLSk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span id="xdx_867_zCfmmudnIZad">PORTFOLIO LOANS</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company recognizes loans made with its own capital, or those not securitized, under the caption “Portfolio Loans” on the statement of financial condition. As of June 30, 2022, the Company had issued Portfolio Loans in the amount of $26,670,623 and currently holds $23,897,064. Of this amount, $15,050,000 is a portion of the MSNs not funded by the warehouse line, and the balance are loans that were funded by the Company as well as affiliates.</p> <p id="xdx_856_zY601XgXs5dd" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_840_ecustom--ParticipationsPolicyTextBlock_ztFXnxPieTgk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span id="xdx_862_zSVWWIOdgBZh">PARTICIPATIONS</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">From time to time, the Company sells all or part of its loans as loan participations to banks or other lending Institutions that prefer to hold their mortgage investment in that manner. As of June 30, 2022, the Company had issued Loan Participations in the amount of $6,500,000, all of which are still outstanding. These participations are included in the Mortgages Owned number and Mortgage Secured Notes Payable.</p> <p id="xdx_851_zwa8i8e3LQD9" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_842_eus-gaap--GoodwillAndIntangibleAssetsPolicyTextBlock_zjCcblkjyaUc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span id="xdx_86B_zFC7z4MWEll">GOODWILL</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Section 350 requires an annual assessment of the recoverability of goodwill using a two-step process. The first step of the impairment test involves a comparison of the fair value of the reporting unit to its carrying value. If the carrying value is higher than the fair value or there is an indication that impairment may exist, a second step must be performed to compute the amount of the impairment. Management conducted its annual assessment of goodwill impairment and determined that there were no indicators of goodwill impairment and therefore did not record an impairment loss for the period ending June 30, 2022.</p> <p id="xdx_850_zmU3ePfEbrv" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_845_eus-gaap--RevenueRecognitionPolicyTextBlock_z1LHBQGN6pl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span id="xdx_86E_z6db6BWYa4l8">REVENUE RECOGNITION</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company’s primary sources of revenue are origination fees, servicing fees, processing fees, underwriting income, trading profits, and interest income.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration: underline">Origination Fees</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Loan origination fees represent revenue earned from originating mortgage loans; net of any credits given to the borrower. Loan origination fees generally represent flat, per-loan fee amounts and are deferred and recognized as revenue over the life of the loan. The associated loan origination costs are also deferred and recognized as expense over the life of the loan. The deferred portion of the loan origination fees is netted against the deferred portion of the loan origination costs, which include mortgage broker expenses, and reported as a net deferred revenue liability on the Company’s Statements of Financial Condition.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration: underline">Servicing Fees</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Loan servicing fees represent revenue earned for servicing loans for various investors. Loan servicing fees are a percentage of the outstanding unpaid principal balance and represent the difference between the interest received from our CM Loans and the MSN interest payable. Servicing fees are recognized as revenue as the related mortgage payments are received; similarly, loan servicing expenses are charged to operations as incurred.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="text-decoration: underline">Processing Fees</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Processing fees are collected from the borrower at the time the commitment letter is signed and cover a variety of expenses during the underwriting process. If the Company cancels the transaction, then unused fees are refunded. If the transaction is unable to proceed for any reason not the fault of the Company, then the Company keeps the full processing fee. Revenues from processing fees are recognized at closing or at the time a transaction is canceled.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration: underline">Underwriting Income</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Underwriting income represents revenue earned by J.W. Korth for underwriting and distribution of the Company’s securities. Revenues from underwriting income are recognized on the settlement date of the trades.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration: underline">Trading Profits</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Trading profits represent revenue generated through the trading of securities either for its own account or on behalf of J.W. Korth’s clients. Revenue from trading profits is recognized upon settlement of the securities transactions.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration: underline">Interest Income</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Interest Income is primarily derived from interest earned on Portfolio Loans and includes interest earned on cash and securities.</p> <p id="xdx_851_zGTwTwEqpw11" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_84B_eus-gaap--LesseeLeasesPolicyTextBlock_zI2d6WfCzcfk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_868_ziWUmYZdhzA5">LEASES</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842).” The standard requires organizations to recognize right-of-use (“ROU”) assets and lease liabilities on the statement of financial condition and disclose key information about leases that were historically classified as operating leases under previous GAAP. As part of the adoption of this standard, the Company recognizes lease liabilities with a corresponding ROU leased asset of approximately the same amount based on the present value of the remaining lease payments pursuant to current leasing standards for existing operating leases.</p> <p id="xdx_85D_zD4OBqkfLiYi" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_840_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zTyF1FeEaWci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_86A_zwm0ecuA8h5j">STOCK-BASED COMPENSATION</span> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company estimates the fair values of share-based payments on the date of grant using a Black-Scholes option pricing model. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s accounting policy is to recognize forfeitures as they occur.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Black-Scholes option pricing model requires assumptions for the expected volatility of the share price of our common stock, the expected dividend yield, and a risk-free interest rate over the expected term of the stock-based award. The assumptions used in calculating the fair value of stock-based awards represent our best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and we use different assumptions, our stock-based compensation expense could be materially different in the future.</p> <p id="xdx_85B_zwwiEJWOClX5" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_84C_ecustom--UnrealizedGainOnMortgagesPolicyTextBlock_z2RTCEYKoRsl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="text-transform: uppercase"><i><span id="xdx_86F_zpMsOPxo5mI3">Unrealized Gain on Mortgages OWNED</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The net present value of the servicing income is recognized at the time the mortgage is initiated. This value uses several inputs that are highly subjective including: discount rate, prepayment rate, the current interest rate environment, and default rate assumptions. Since the Company has a short operating history and a small number of loans outstanding, we have a limited basis to predict prepayment rates and default rates.</p> <p id="xdx_856_z6e9dnaFDyac" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_845_eus-gaap--DepreciationDepletionAndAmortizationPolicyTextBlock_zLVuiifSl85d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_865_zPimsziHY26g">DEPRECIATION</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Depreciation is provided on a straight-line basis using estimated useful lives of <span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dxL_c20220101__20220630__srt--RangeAxis__srt--MinimumMember_ze7Y81iupn02" title="Estimated useful lives::XDX::P3Y"><span style="-sec-ix-hidden: xdx2ixbrl0541">three</span></span> to <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dxL_c20220101__20220630__srt--RangeAxis__srt--MaximumMember_zrm5xg5yv9s9" title="Estimated useful lives::XDX::P5Y"><span style="-sec-ix-hidden: xdx2ixbrl0543">seven</span></span> years.</p> <p id="xdx_859_zWe95kDfaCK" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_84C_eus-gaap--IncomeTaxPolicyTextBlock_zlqppMV2tHui" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span id="xdx_866_zKPJ0oYlnR67">INCOME TAXES</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or all of the deferred tax assets will not be realized.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense.</p> <p id="xdx_85C_z9vDh4i9spz3" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_84F_eus-gaap--DebtPolicyTextBlock_zaKUrEhDpkI2" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span id="xdx_86F_zd5MjUZyIkai">DEBT ISSUANCE COSTS</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Debt issuance costs are amortized over the term of the respective obligation, using the straight-line method. Amortization expense of debt issuance costs is recorded in interest expense in the consolidated statements of financial income.</p> <p id="xdx_85B_zbVjmiEbi60c" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/> <p id="xdx_84A_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z2POVMeoUc96" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span id="xdx_86B_zLxhnQKHOANk">RECENT ACCOUNTING PRONOUNCEMENTS</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2016, the FASB issued ASU 2016-13 Financial Instruments, Measurement of Credit Losses on Financial Instruments. This ASU updates the existing incurred loss model to a current expected credit loss (“CECL”) model for financial assets and net investments in leases that are not accounted for at fair value through earnings. The amendments affect cash and cash equivalents, reverse repurchase agreements, certain loans, held-to-maturity debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures and any other financial assets not excluded from the scope. There are also limited amendments to the impairment model for available-for-sale debt securities. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2022 for public smaller reporting companies, including interim reporting periods within those fiscal years. Early adoption is permitted, but not before annual reporting periods beginning after December 15, 2018. Management is currently evaluating the impact that the adoption of ASU 2016-13 will have on the Company’s consolidated financial statements.</p> <p id="xdx_855_zVicKr8CMfzf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p>
</us-gaap:SignificantAccountingPoliciesTextBlock>
<us-gaap:ConsolidationPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_842_eus-gaap--ConsolidationPolicyTextBlock_zVmAbHB7JJmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_867_zrqvgD1FAkTb">PRINCIPLES OF CONSOLIDATION</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The accompanying consolidated financial statements include the accounts of the Company and J.W. Korth, its wholly-owned subsidiary. Intercompany balances and transactions have been eliminated upon consolidation.</p>
</us-gaap:ConsolidationPolicyTextBlock>
<us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_848_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z4Hrh7G6CnHe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_864_zyRX5huH3pvf">BASIS OF ACCOUNTING</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The accompanying financial statements have been prepared on the accrual basis of accounting, in accordance with Generally Accepted Accounting Principles (“GAAP”). The accompanying financial statements have also been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).</p>
</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
<us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_840_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_z6DspGTerbL9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_86A_zTNGtiwm0Imc">BASIS OF PRESENTATION</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Beginning in the first quarter of 2022, we have condensed certain categories of information in our consolidated financial statements to enhance the readability and understanding of those statements by making them more succinct. As a result, certain footnote disclosures we normally include in our annual consolidated financial statements have been omitted, but remain prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments, except as otherwise indicated) necessary to fairly present our unaudited consolidated statements of financial condition, income, changes in stockholders’ equity, and cash flows. Our interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on March 31, 2022.</p>
</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>
<us-gaap:UseOfEstimates contextRef="From2022-01-01to2022-06-30">
<p id="xdx_848_eus-gaap--UseOfEstimates_zuS1g4pPhdZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_86C_zlpwqietlNk3">USE OF ESTIMATES</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</p>
</us-gaap:UseOfEstimates>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_845_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_z2SvcZ72d8xl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_865_zwxg6seIpc75">CASH AND CASH EQUIVALENTS</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For purposes of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_89F_eus-gaap--ScheduleOfCashAndCashEquivalentsTableTextBlock_zypN5zbESgff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_8B8_zx2sSr4grK6f">The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the consolidated statements of cash flows as of June 30, 2022 and 2021:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20220630_z04psqvOBni9" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">6/30/2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20210630_zQqDTJOD3oXf" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">6/30/2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--CashEquivalentsAtCarryingValue_i01I_maCzKOE_zHV4m0kW56Qc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left">Cash and Cash Equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">4,436,479</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">9,137,672</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RestrictedCash_i01I_maCzKOE_z8c2MuxtZvTb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted Cash</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24,862,805</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,751,992</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--CashAndCashEquivalentsAtCarryingValue1_iI_zJ3JlJ3XfoRb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">29,299,284</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">19,889,664</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A7_z1RtaYwxmO14" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company maintains cash and restricted cash balances at financial institutions in excess of federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $<span id="xdx_900_eus-gaap--CashFDICInsuredAmount_c20220630_pp0p0" title="FDIC Insured Amount">250,000</span> per depositor at each financial institution. The Company holds cash and restricted cash at well-known banks and does not believe that it is exposed to any significant credit risk on cash and cash equivalents</p>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_89F_eus-gaap--ScheduleOfCashAndCashEquivalentsTableTextBlock_zypN5zbESgff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_8B8_zx2sSr4grK6f">The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the consolidated statements of cash flows as of June 30, 2022 and 2021:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20220630_z04psqvOBni9" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">6/30/2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20210630_zQqDTJOD3oXf" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">6/30/2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--CashEquivalentsAtCarryingValue_i01I_maCzKOE_zHV4m0kW56Qc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left">Cash and Cash Equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">4,436,479</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">9,137,672</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--RestrictedCash_i01I_maCzKOE_z8c2MuxtZvTb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted Cash</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24,862,805</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,751,992</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--CashAndCashEquivalentsAtCarryingValue1_iI_zJ3JlJ3XfoRb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">29,299,284</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">19,889,664</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock>
<us-gaap:CashEquivalentsAtCarryingValue contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 4436479 </us-gaap:CashEquivalentsAtCarryingValue>
<us-gaap:CashEquivalentsAtCarryingValue contextRef="AsOf2021-06-30" decimals="0" unitRef="USD"> 9137672 </us-gaap:CashEquivalentsAtCarryingValue>
<us-gaap:RestrictedCash contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 24862805 </us-gaap:RestrictedCash>
<us-gaap:RestrictedCash contextRef="AsOf2021-06-30" decimals="0" unitRef="USD"> 10751992 </us-gaap:RestrictedCash>
<cik0001695963:CashAndCashEquivalentsAtCarryingValue1 contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 29299284 </cik0001695963:CashAndCashEquivalentsAtCarryingValue1>
<cik0001695963:CashAndCashEquivalentsAtCarryingValue1 contextRef="AsOf2021-06-30" decimals="0" unitRef="USD"> 19889664 </cik0001695963:CashAndCashEquivalentsAtCarryingValue1>
<us-gaap:CashFDICInsuredAmount contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 250000 </us-gaap:CashFDICInsuredAmount>
<cik0001695963:MortgageValuation contextRef="From2022-01-01to2022-06-30">
<p id="xdx_843_ecustom--MortgageValuation_zFKQoL39ObRg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_867_z87DQTw93lF3">MORTGAGE VALUATION</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Mortgages that are current are carried at the principal value owed by the borrower, as of the date of the financial statements, according to the amortization schedule for the loan. Mortgages owned as of the date of these financial statements are current. The net present value of the servicing revenue is recorded as mortgage servicing rights, at fair value on the consolidated Statements of Financial Condition, and is recognized on the consolidated Statements of Income as an unrealized gain on mortgages.</p>
</cik0001695963:MortgageValuation>
<cik0001695963:MortgageSecuredNotesPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_84D_ecustom--MortgageSecuredNotesPolicyTextBlock_z7yPg4LJcdRg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_863_zVuRN9xsBZW">MORTGAGE SECURED NOTES</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company primarily funds the mortgage loans (”CM Loans”) that it makes by issuing Mortgage Secured Notes (“MSNs”) in series, each of which MSN series is secured by the mortgage or mortgages funded from proceeds of the MSN series. Our MSNs have been funded in multiple ways, including private placements, SEC registered offerings, loan participations, and Rule 144A offerings. As of June 30, 2022, the Company has funded loans totaling $454,012,345 since inception and it issued MSNs secured by those loans in the amount of $402,712,364 since inception.</p>
</cik0001695963:MortgageSecuredNotesPolicyTextBlock>
<cik0001695963:PortfolioLoansPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_84C_ecustom--PortfolioLoansPolicyTextBlock_zA0jNXVODLSk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span id="xdx_867_zCfmmudnIZad">PORTFOLIO LOANS</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company recognizes loans made with its own capital, or those not securitized, under the caption “Portfolio Loans” on the statement of financial condition. As of June 30, 2022, the Company had issued Portfolio Loans in the amount of $26,670,623 and currently holds $23,897,064. Of this amount, $15,050,000 is a portion of the MSNs not funded by the warehouse line, and the balance are loans that were funded by the Company as well as affiliates.</p>
</cik0001695963:PortfolioLoansPolicyTextBlock>
<cik0001695963:ParticipationsPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_840_ecustom--ParticipationsPolicyTextBlock_ztFXnxPieTgk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span id="xdx_862_zSVWWIOdgBZh">PARTICIPATIONS</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">From time to time, the Company sells all or part of its loans as loan participations to banks or other lending Institutions that prefer to hold their mortgage investment in that manner. As of June 30, 2022, the Company had issued Loan Participations in the amount of $6,500,000, all of which are still outstanding. These participations are included in the Mortgages Owned number and Mortgage Secured Notes Payable.</p>
</cik0001695963:ParticipationsPolicyTextBlock>
<us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_842_eus-gaap--GoodwillAndIntangibleAssetsPolicyTextBlock_zjCcblkjyaUc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span id="xdx_86B_zFC7z4MWEll">GOODWILL</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Section 350 requires an annual assessment of the recoverability of goodwill using a two-step process. The first step of the impairment test involves a comparison of the fair value of the reporting unit to its carrying value. If the carrying value is higher than the fair value or there is an indication that impairment may exist, a second step must be performed to compute the amount of the impairment. Management conducted its annual assessment of goodwill impairment and determined that there were no indicators of goodwill impairment and therefore did not record an impairment loss for the period ending June 30, 2022.</p>
</us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_845_eus-gaap--RevenueRecognitionPolicyTextBlock_z1LHBQGN6pl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span id="xdx_86E_z6db6BWYa4l8">REVENUE RECOGNITION</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company’s primary sources of revenue are origination fees, servicing fees, processing fees, underwriting income, trading profits, and interest income.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration: underline">Origination Fees</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Loan origination fees represent revenue earned from originating mortgage loans; net of any credits given to the borrower. Loan origination fees generally represent flat, per-loan fee amounts and are deferred and recognized as revenue over the life of the loan. The associated loan origination costs are also deferred and recognized as expense over the life of the loan. The deferred portion of the loan origination fees is netted against the deferred portion of the loan origination costs, which include mortgage broker expenses, and reported as a net deferred revenue liability on the Company’s Statements of Financial Condition.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration: underline">Servicing Fees</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Loan servicing fees represent revenue earned for servicing loans for various investors. Loan servicing fees are a percentage of the outstanding unpaid principal balance and represent the difference between the interest received from our CM Loans and the MSN interest payable. Servicing fees are recognized as revenue as the related mortgage payments are received; similarly, loan servicing expenses are charged to operations as incurred.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="text-decoration: underline">Processing Fees</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Processing fees are collected from the borrower at the time the commitment letter is signed and cover a variety of expenses during the underwriting process. If the Company cancels the transaction, then unused fees are refunded. If the transaction is unable to proceed for any reason not the fault of the Company, then the Company keeps the full processing fee. Revenues from processing fees are recognized at closing or at the time a transaction is canceled.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration: underline">Underwriting Income</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Underwriting income represents revenue earned by J.W. Korth for underwriting and distribution of the Company’s securities. Revenues from underwriting income are recognized on the settlement date of the trades.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration: underline">Trading Profits</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Trading profits represent revenue generated through the trading of securities either for its own account or on behalf of J.W. Korth’s clients. Revenue from trading profits is recognized upon settlement of the securities transactions.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration: underline">Interest Income</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Interest Income is primarily derived from interest earned on Portfolio Loans and includes interest earned on cash and securities.</p>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:LesseeLeasesPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_84B_eus-gaap--LesseeLeasesPolicyTextBlock_zI2d6WfCzcfk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_868_ziWUmYZdhzA5">LEASES</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842).” The standard requires organizations to recognize right-of-use (“ROU”) assets and lease liabilities on the statement of financial condition and disclose key information about leases that were historically classified as operating leases under previous GAAP. As part of the adoption of this standard, the Company recognizes lease liabilities with a corresponding ROU leased asset of approximately the same amount based on the present value of the remaining lease payments pursuant to current leasing standards for existing operating leases.</p>
</us-gaap:LesseeLeasesPolicyTextBlock>
<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="From2022-01-01to2022-06-30">
<p id="xdx_840_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zTyF1FeEaWci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_86A_zwm0ecuA8h5j">STOCK-BASED COMPENSATION</span> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company estimates the fair values of share-based payments on the date of grant using a Black-Scholes option pricing model. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s accounting policy is to recognize forfeitures as they occur.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Black-Scholes option pricing model requires assumptions for the expected volatility of the share price of our common stock, the expected dividend yield, and a risk-free interest rate over the expected term of the stock-based award. The assumptions used in calculating the fair value of stock-based awards represent our best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and we use different assumptions, our stock-based compensation expense could be materially different in the future.</p>
</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
<cik0001695963:UnrealizedGainOnMortgagesPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_84C_ecustom--UnrealizedGainOnMortgagesPolicyTextBlock_z2RTCEYKoRsl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="text-transform: uppercase"><i><span id="xdx_86F_zpMsOPxo5mI3">Unrealized Gain on Mortgages OWNED</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The net present value of the servicing income is recognized at the time the mortgage is initiated. This value uses several inputs that are highly subjective including: discount rate, prepayment rate, the current interest rate environment, and default rate assumptions. Since the Company has a short operating history and a small number of loans outstanding, we have a limited basis to predict prepayment rates and default rates.</p>
</cik0001695963:UnrealizedGainOnMortgagesPolicyTextBlock>
<us-gaap:DepreciationDepletionAndAmortizationPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_845_eus-gaap--DepreciationDepletionAndAmortizationPolicyTextBlock_zLVuiifSl85d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_865_zPimsziHY26g">DEPRECIATION</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Depreciation is provided on a straight-line basis using estimated useful lives of <span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dxL_c20220101__20220630__srt--RangeAxis__srt--MinimumMember_ze7Y81iupn02" title="Estimated useful lives::XDX::P3Y"><span style="-sec-ix-hidden: xdx2ixbrl0541">three</span></span> to <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dxL_c20220101__20220630__srt--RangeAxis__srt--MaximumMember_zrm5xg5yv9s9" title="Estimated useful lives::XDX::P5Y"><span style="-sec-ix-hidden: xdx2ixbrl0543">seven</span></span> years.</p>
</us-gaap:DepreciationDepletionAndAmortizationPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_84C_eus-gaap--IncomeTaxPolicyTextBlock_zlqppMV2tHui" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span id="xdx_866_zKPJ0oYlnR67">INCOME TAXES</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or all of the deferred tax assets will not be realized.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense.</p>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:DebtPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_84F_eus-gaap--DebtPolicyTextBlock_zaKUrEhDpkI2" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span id="xdx_86F_zd5MjUZyIkai">DEBT ISSUANCE COSTS</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Debt issuance costs are amortized over the term of the respective obligation, using the straight-line method. Amortization expense of debt issuance costs is recorded in interest expense in the consolidated statements of financial income.</p>
</us-gaap:DebtPolicyTextBlock>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_84A_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z2POVMeoUc96" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span id="xdx_86B_zLxhnQKHOANk">RECENT ACCOUNTING PRONOUNCEMENTS</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2016, the FASB issued ASU 2016-13 Financial Instruments, Measurement of Credit Losses on Financial Instruments. This ASU updates the existing incurred loss model to a current expected credit loss (“CECL”) model for financial assets and net investments in leases that are not accounted for at fair value through earnings. The amendments affect cash and cash equivalents, reverse repurchase agreements, certain loans, held-to-maturity debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures and any other financial assets not excluded from the scope. There are also limited amendments to the impairment model for available-for-sale debt securities. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2022 for public smaller reporting companies, including interim reporting periods within those fiscal years. Early adoption is permitted, but not before annual reporting periods beginning after December 15, 2018. Management is currently evaluating the impact that the adoption of ASU 2016-13 will have on the Company’s consolidated financial statements.</p>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_80B_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock_zv9ZNBivDbk1" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in"><b>NOTE 3 – <span id="xdx_824_znQffmYJg5tl">CONTINGENT LIABILITY</span> </b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">As part of the acquisition of J. W. Korth, the Company agreed to pay (i) the Preferred Capital Interest partners of J.W. Korth accrued and unpaid dividends of 6% per annum through <span id="xdx_900_eus-gaap--DividendPayableDateToBePaidDayMonthAndYear_dd_c20220101__20220630__us-gaap--BusinessAcquisitionAxis__custom--MichiganLimitedPartnershipMember_z0teExjwi0Zd" title="Dividends payable, date to be paid">July 31, 2020</span>; (ii) the JW Korth Preferred Capital Interest Partners quarterly dividends concurrently with its payment of the Company’s Series A Preferred Stock dividends at least annually; and (iii) in such years as it pays Series A Preferred dividends, redeem <span id="xdx_901_eus-gaap--PreferredStockDividendRatePercentage_pid_dp_uPure_c20220101__20220630__us-gaap--BusinessAcquisitionAxis__custom--MichiganLimitedPartnershipMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zHsbb9rN7YFa" title="Dividend rate">25</span>% annually of the JW Korth Preferred Capital Interest partners through a capital contribution to J. W. Korth.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_89B_eus-gaap--ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense_zfFByDC85BTl" style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B7_zQU3kNP0irZ5">The following table summarizes the unpaid Contingent Liability outstanding as of June 30, 2022:</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20220101__20220630_zDyjIJrOBUc3" style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--ContingentLiabilityToRedeemPreferredCapitalInterestPartners_zIMtRSPfzfk3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left">Contingent liability to redeem J.W. Korth Preferred Capital Interest Partners</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right">696,253</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PaymentForContingentConsiderationLiabilityFinancingActivities_iN_di_zstmFgxIXVA2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contingent liability payment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(215,502</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--AccruedQuarterlyDividendsRecordedAsInterestExpense_zfrtPixXrzHh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accrued quarterly dividends recorded as interest expense through June 30, 2022</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,688</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--BusinessCombinationContingentConsiderationLiability1_zE2HUwlLsDrd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Contingent Liability, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">492,439</td><td style="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AB_zsIOb1KTdJih" style="font: 10pt Times New Roman; margin: 0pt 0"/>
</us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock>
<us-gaap:DividendPayableDateToBePaidDayMonthAndYear contextRef="From2022-01-012022-06-30_custom_MichiganLimitedPartnershipMember"> 2020-07-31 </us-gaap:DividendPayableDateToBePaidDayMonthAndYear>
<us-gaap:PreferredStockDividendRatePercentage contextRef="From2022-01-012022-06-30_custom_MichiganLimitedPartnershipMember_us-gaap_SeriesAPreferredStockMember" decimals="INF" unitRef="Pure"> 0.25 </us-gaap:PreferredStockDividendRatePercentage>
<us-gaap:ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense contextRef="From2022-01-01to2022-06-30">
<p id="xdx_89B_eus-gaap--ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense_zfFByDC85BTl" style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B7_zQU3kNP0irZ5">The following table summarizes the unpaid Contingent Liability outstanding as of June 30, 2022:</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20220101__20220630_zDyjIJrOBUc3" style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--ContingentLiabilityToRedeemPreferredCapitalInterestPartners_zIMtRSPfzfk3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left">Contingent liability to redeem J.W. Korth Preferred Capital Interest Partners</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 15%; text-align: right">696,253</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PaymentForContingentConsiderationLiabilityFinancingActivities_iN_di_zstmFgxIXVA2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contingent liability payment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(215,502</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--AccruedQuarterlyDividendsRecordedAsInterestExpense_zfrtPixXrzHh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accrued quarterly dividends recorded as interest expense through June 30, 2022</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,688</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--BusinessCombinationContingentConsiderationLiability1_zE2HUwlLsDrd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Contingent Liability, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">492,439</td><td style="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense>
<cik0001695963:ContingentLiabilityToRedeemPreferredCapitalInterestPartners contextRef="From2022-01-01to2022-06-30" decimals="0" unitRef="USD"> 696253 </cik0001695963:ContingentLiabilityToRedeemPreferredCapitalInterestPartners>
<us-gaap:PaymentForContingentConsiderationLiabilityFinancingActivities contextRef="From2022-01-01to2022-06-30" decimals="0" unitRef="USD"> 215502 </us-gaap:PaymentForContingentConsiderationLiabilityFinancingActivities>
<cik0001695963:AccruedQuarterlyDividendsRecordedAsInterestExpense contextRef="From2022-01-01to2022-06-30" decimals="0" unitRef="USD"> 11688 </cik0001695963:AccruedQuarterlyDividendsRecordedAsInterestExpense>
<cik0001695963:BusinessCombinationContingentConsiderationLiability1 contextRef="From2022-01-01to2022-06-30" decimals="0" unitRef="USD"> 492439 </cik0001695963:BusinessCombinationContingentConsiderationLiability1>
<us-gaap:DebtDisclosureTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_807_eus-gaap--DebtDisclosureTextBlock_zUM8zKJZRAUe" style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>NOTE 4 – <span id="xdx_82F_zP6UKvcyoB5i">MORTGAGE SECURED NOTES PAYABLE</span></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">As stated above in Note 2, the Company funds mortgage loans that it makes by issuing Mortgage Secured Notes (“MSNs”), which are secured by those same mortgages. As of June 30, 2022 and December 31, 2021, the Company has outstanding loans securing MSNs totaling $<span id="xdx_902_eus-gaap--LongTermDebt_iI_dxL_c20220630__us-gaap--AssetsSoldUnderAgreementsToRepurchaseAxis__us-gaap--LoansMember_zo3sMmaVUUr4" title="Funded loans"><span style="-sec-ix-hidden: xdx2ixbrl0569">417,102,419</span></span> and $<span id="xdx_90E_eus-gaap--LongTermDebt_iI_c20211231__us-gaap--AssetsSoldUnderAgreementsToRepurchaseAxis__us-gaap--LoansMember_zQGX0JaxycRe" title="Funded loans">326,312,345</span>, respectively, and it issued MSNs secured by those loans in the amount of $386,335,219 and $326,212,364, respectively. The deals have been funded in multiple ways, including private placements, loan participations, SEC registered deals, and 144A offerings.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The MSNs are typically five-year interest-only notes with the principal balance due at maturity, but terms can vary. Interest rates on the MSNs range from <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20220630__srt--RangeAxis__srt--MinimumMember_z9dKivQ115Gh" title="Interest Percentage">4.25</span>% to <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220630__srt--RangeAxis__srt--MaximumMember_zjMJXP5Rbjbb" title="Interest Percentage">6.50</span>% and mature at various dates from September 2023 to June 2037. The MSNs are non-recourse to KDM and are payable to the extent that the Company receives payment from the borrower of the mortgage loans. Payments are received from the borrowers and passed through to the MSN noteholders.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_89A_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zrZcKjCoAYO8" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_8B6_zorip4BOdCsl">The following table presents the future scheduled principal payments on the Company’s MSNs:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 40%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Future <br/> Maturities of <br/> Debt</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 73%; text-align: center">Last 6 months of 2022</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_c20220630_zNwCNrNn7ny7" style="width: 22%; text-align: right" title="Last 6 months of 2022">239,795</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_c20220630_zZGTQcBgNyPl" style="text-align: right" title="2023">10,968,184</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_c20220630_zRc4rB4hSuie" style="text-align: right" title="2024">105,932,917</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_c20220630_zoE8roc4GEfk" style="text-align: right" title="2025">90,939,523</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_c20220630_zDtYu2XGd0o7" style="text-align: right" title="2026">118,372,000</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_c20220630_zvihs3ou655k" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">59,882,800</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--LongTermDebt_iI_c20220630_zSGO82DdLyzl" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">386,335,219</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zvEJrHKM3H54" style="font: 10pt Times New Roman; margin: 0pt 0"> </p>
</us-gaap:DebtDisclosureTextBlock>
<us-gaap:LongTermDebt contextRef="AsOf2021-12-31_us-gaap_LoansMember" decimals="0" unitRef="USD"> 326312345 </us-gaap:LongTermDebt>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2022-06-30_srt_MinimumMember" decimals="INF" unitRef="Pure"> 0.0425 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2022-06-30_srt_MaximumMember" decimals="INF" unitRef="Pure"> 0.0650 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_89A_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zrZcKjCoAYO8" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_8B6_zorip4BOdCsl">The following table presents the future scheduled principal payments on the Company’s MSNs:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 40%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Future <br/> Maturities of <br/> Debt</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 73%; text-align: center">Last 6 months of 2022</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_c20220630_zNwCNrNn7ny7" style="width: 22%; text-align: right" title="Last 6 months of 2022">239,795</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_c20220630_zZGTQcBgNyPl" style="text-align: right" title="2023">10,968,184</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_c20220630_zRc4rB4hSuie" style="text-align: right" title="2024">105,932,917</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_c20220630_zoE8roc4GEfk" style="text-align: right" title="2025">90,939,523</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_c20220630_zDtYu2XGd0o7" style="text-align: right" title="2026">118,372,000</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_c20220630_zvihs3ou655k" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">59,882,800</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--LongTermDebt_iI_c20220630_zSGO82DdLyzl" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">386,335,219</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 239795 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 10968184 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 105932917 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 90939523 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 118372000 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 59882800 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive>
<us-gaap:LongTermDebt contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 386335219 </us-gaap:LongTermDebt>
<cik0001695963:RestrictedCashAndCashEquivalentsTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_806_ecustom--RestrictedCashAndCashEquivalentsTextBlock_zrk96LJpFOw8" style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>NOTE 5 - <span id="xdx_820_zl3h5rq5bhK9">RESTRICTED CASH</span></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company maintains multiple segregated accounts in trust for borrowers and investors. The value of these accounts is carried under the asset “Restricted Cash.”</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The “In Trust for 1” account holds the monthly tax and insurance payments collected from borrowers and distributes payments annually, on behalf of borrowers, to the appropriate tax authority and insurance companies. This account corresponds to the Escrow Payable liability. As of June 30, 2022, and December 31, 2021, this account has a balance of $<span id="xdx_90F_ecustom--RestrictedCashCorrespondsToEscrowPayableLiability_iI_c20220630_zCbq9b2FdNp7" title="Mortgage second secured notes funded">11,480,984</span> and $<span id="xdx_90F_ecustom--RestrictedCashCorrespondsToEscrowPayableLiability_iI_c20211231_z16nFwUeiuVa" title="Mortgage second secured notes funded">9,519,859</span>, respectively.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The “In Trust for 2” account receives payments from borrowers, distributes payments to investors, and pays the servicing fee to the Company. This account corresponds to the Due to Investors liability, which is included in other liabilities and payables. As of June 30, 2022 and December 31, 2021, this account had a balance of $<span id="xdx_907_eus-gaap--DueFromOtherRelatedPartiesCurrent_iI_c20220630__srt--RestatementAxis__custom--ActualBasisMember_zBVJlW78Qsbj" title="Due to investors liability including commitment fees and accrued interest">393,905</span> and $<span id="xdx_902_eus-gaap--DueFromOtherRelatedPartiesCurrent_iI_c20211231__srt--RestatementAxis__custom--ActualBasisMember_zeRcDyqMGcUj" title="Due to investors liability including commitment fees and accrued interest">421,286</span>, respectively.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">As of June 30, 2022 the company had restricted cash of $<span id="xdx_904_eus-gaap--RestrictedCash_iI_c20220630__us-gaap--CreditFacilityAxis__custom--LoanMember_z2IfEgqroxz1" title="Restricted cash">11,602,800</span> pending closing of one loan.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company also maintains multiple lockbox accounts that collect rental payments directly from tenants on the borrowers’ behalf. These accounts typically net out funds monthly. The lockbox account balances as of June 30, 2022 and December 31, 2021 were $<span id="xdx_907_eus-gaap--DueFromOtherRelatedPartiesCurrent_iI_c20220630_zdmBFszYdIjk" title="Account balance">76,367</span> and $<span id="xdx_90B_eus-gaap--DueFromOtherRelatedPartiesCurrent_iI_c20211231_zedLu1DYLI53" title="Account balance">93,775</span>, respectively. This account is included as part of the Escrow Payable liability account.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company maintains an account for payment of quarterly Preferred Series B dividends that has a balance of $<span id="xdx_904_eus-gaap--EscrowDeposit_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zhdOiaSYMx7d" title="Deposits"><span id="xdx_90F_eus-gaap--EscrowDeposit_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zRVjPqsgfQdg">308,750</span></span> as of June 30, 2022, and December 31, 2021, respectively.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company maintains an account restricted per the warehouse line agreement that has a balance of $<span id="xdx_905_eus-gaap--RestrictedInvestments_iI_c20220630__srt--MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis__custom--WarehouseLineAgreementMember_zubgn1XGgWV1" title="Account restricted per the warehouse line agreement">1,000,000</span> as of June 30, 2022.</p>
</cik0001695963:RestrictedCashAndCashEquivalentsTextBlock>
<cik0001695963:RestrictedCashCorrespondsToEscrowPayableLiability contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 11480984 </cik0001695963:RestrictedCashCorrespondsToEscrowPayableLiability>
<cik0001695963:RestrictedCashCorrespondsToEscrowPayableLiability contextRef="AsOf2021-12-31" decimals="0" unitRef="USD"> 9519859 </cik0001695963:RestrictedCashCorrespondsToEscrowPayableLiability>
<us-gaap:DueFromOtherRelatedPartiesCurrent contextRef="AsOf2022-06-30_custom_ActualBasisMember" decimals="0" unitRef="USD"> 393905 </us-gaap:DueFromOtherRelatedPartiesCurrent>
<us-gaap:DueFromOtherRelatedPartiesCurrent contextRef="AsOf2021-12-31_custom_ActualBasisMember" decimals="0" unitRef="USD"> 421286 </us-gaap:DueFromOtherRelatedPartiesCurrent>
<us-gaap:RestrictedCash contextRef="AsOf2022-06-30_custom_LoanMember" decimals="0" unitRef="USD"> 11602800 </us-gaap:RestrictedCash>
<us-gaap:DueFromOtherRelatedPartiesCurrent contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 76367 </us-gaap:DueFromOtherRelatedPartiesCurrent>
<us-gaap:DueFromOtherRelatedPartiesCurrent contextRef="AsOf2021-12-31" decimals="0" unitRef="USD"> 93775 </us-gaap:DueFromOtherRelatedPartiesCurrent>
<us-gaap:EscrowDeposit contextRef="AsOf2021-12-31_us-gaap_SeriesBPreferredStockMember" decimals="0" unitRef="USD"> 308750 </us-gaap:EscrowDeposit>
<us-gaap:EscrowDeposit contextRef="AsOf2022-06-30_us-gaap_SeriesBPreferredStockMember" decimals="0" unitRef="USD"> 308750 </us-gaap:EscrowDeposit>
<us-gaap:RestrictedInvestments contextRef="AsOf2022-06-30_custom_WarehouseLineAgreementMember" decimals="0" unitRef="USD"> 1000000 </us-gaap:RestrictedInvestments>
<us-gaap:CommitmentsDisclosureTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_805_eus-gaap--CommitmentsDisclosureTextBlock_z5isFhqbdLT2" style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>NOTE 6 - <span id="xdx_824_z7MLR7vXamLl">COMMITMENTS</span></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">In November 2020, the Company signed a lease for office space in Miami, Florida, for a term of sixty-two months with the right to extend the term of the lease for two additional, successive periods of two years upon the same terms and conditions as the initial term. In December 2020, the Company entered into a Sublease Agreement to sublet a portion of the office space described above. The subtenant has agreed to cover the proportionate amount of the lease costs associated with the office space based on essentially the same terms as the lease described above, including the rights to extend for two successive two-year periods.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company also maintains an office in Lansing, Michigan for J.W. Korth.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The net present value of future lease payments pursuant to the operating lease agreements are included in the ROU Leased Asset and the Lease Liability accounts on the Consolidated Statements of Financial Condition. The ROU Leased Asset represents the right to use an underlying asset for the remaining lease term. The Lease Liability represents the obligation to make lease payments pursuant to the terms of the lease agreements.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">Rental expense for the quarter ended June 30, 2022 was $<span id="xdx_909_eus-gaap--OperatingLeasesRentExpenseNet_c20220101__20220630_pp0p0" title="Rent expense">125,521</span> compared to $<span id="xdx_903_eus-gaap--OperatingLeasesRentExpenseNet_pp0p0_c20210101__20210630_zP2zPZ3fDdr5" title="Rent expense">148,977</span> for the year ended June 30, 2021, which includes additional expenses for common area, direct operating expense, utilities, parking, and taxes.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">As of June 31, 2022, the net present value of the future lease liabilities, using the weighted-average discount rate of <span id="xdx_90D_eus-gaap--LesseeOperatingLeaseDiscountRate_iI_pid_dp_uPure_c20220630_znVDbYjGcBZk" title="Weighted-average discount rate">4.24</span>%, which is commensurate with the Company’s secured borrowing rate, over the weighted-average remaining life of <span id="xdx_906_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dxL_c20220630_zepdBDDL34se" title="Weighted-average remaining life::XDX::P3Y7M6D"><span style="-sec-ix-hidden: xdx2ixbrl0622">3.6</span></span> years was $<span id="xdx_906_eus-gaap--FinanceLeaseLiability_iI_pp0p0_c20220630_z9GBpPZAFgM4" title="Present value of lease liabilities">876,661</span>.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_893_eus-gaap--ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_z5U7R328NU1h" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_8BA_z5eYKchNLVHj">The following is a schedule of the maturities of future lease payments over the remaining life of the operating leases, reconciled to the net present value of as of June 30, 2022:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 40%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Future Lease <br/> Payments</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 73%; text-align: center">2022</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInTwoYears_iI_c20220630_zXq496rh8eK9" style="width: 22%; text-align: right">125,364</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInThreeYears_iI_c20220630_zSquxSaJ9lx9" style="text-align: right">256,920</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInFourYears_iI_c20220630_z8tmN1KI9d39" style="text-align: right">264,087</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInFiveYears_iI_c20220630_zQvHfqYqZznc" style="text-align: right">271,470</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center; padding-bottom: 1pt">2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueThereafter_iI_c20220630_zEO35jiRc0a1" style="border-bottom: Black 1pt solid; text-align: right">30,504</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right">Total Lease Payments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--OperatingLeasesFutureMinimumPaymentsDue_iI_c20220630_zM4tzmJWJJj3" style="text-align: right">948,345</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-bottom: 1pt">Less: Imputed Interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_ecustom--OperatingLeasesFutureMinimumPaymentsDueImputedInterest_iI_c20220630_zJjOg6OBnDke" style="border-bottom: Black 1pt solid; text-align: right">(71,684</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; font-weight: bold; padding-bottom: 2.5pt">Present Value of Lease Liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98B_eus-gaap--FinanceLeaseLiability_iI_c20220630_z1J4sjhfOGQj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">876,661</td><td style="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AC_zQaCui5nxs6i" style="font: 10pt Times New Roman; margin: 0pt 0"/>
</us-gaap:CommitmentsDisclosureTextBlock>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="From2022-01-01to2022-06-30" decimals="0" unitRef="USD"> 125521 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="From2021-01-012021-06-30" decimals="0" unitRef="USD"> 148977 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:LesseeOperatingLeaseDiscountRate contextRef="AsOf2022-06-30" decimals="INF" unitRef="Pure"> 0.0424 </us-gaap:LesseeOperatingLeaseDiscountRate>
<us-gaap:FinanceLeaseLiability contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 876661 </us-gaap:FinanceLeaseLiability>
<us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_893_eus-gaap--ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_z5U7R328NU1h" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_8BA_z5eYKchNLVHj">The following is a schedule of the maturities of future lease payments over the remaining life of the operating leases, reconciled to the net present value of as of June 30, 2022:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 40%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Future Lease <br/> Payments</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 73%; text-align: center">2022</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInTwoYears_iI_c20220630_zXq496rh8eK9" style="width: 22%; text-align: right">125,364</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInThreeYears_iI_c20220630_zSquxSaJ9lx9" style="text-align: right">256,920</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInFourYears_iI_c20220630_z8tmN1KI9d39" style="text-align: right">264,087</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInFiveYears_iI_c20220630_zQvHfqYqZznc" style="text-align: right">271,470</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center; padding-bottom: 1pt">2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueThereafter_iI_c20220630_zEO35jiRc0a1" style="border-bottom: Black 1pt solid; text-align: right">30,504</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right">Total Lease Payments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--OperatingLeasesFutureMinimumPaymentsDue_iI_c20220630_zM4tzmJWJJj3" style="text-align: right">948,345</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-bottom: 1pt">Less: Imputed Interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_ecustom--OperatingLeasesFutureMinimumPaymentsDueImputedInterest_iI_c20220630_zJjOg6OBnDke" style="border-bottom: Black 1pt solid; text-align: right">(71,684</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; font-weight: bold; padding-bottom: 2.5pt">Present Value of Lease Liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98B_eus-gaap--FinanceLeaseLiability_iI_c20220630_z1J4sjhfOGQj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">876,661</td><td style="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 125364 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 256920 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 264087 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 271470 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueThereafter contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 30504 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueThereafter>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDue contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 948345 </us-gaap:OperatingLeasesFutureMinimumPaymentsDue>
<cik0001695963:OperatingLeasesFutureMinimumPaymentsDueImputedInterest contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> -71684 </cik0001695963:OperatingLeasesFutureMinimumPaymentsDueImputedInterest>
<us-gaap:FinanceLeaseLiability contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 876661 </us-gaap:FinanceLeaseLiability>
<cik0001695963:IndemnificationTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_80E_ecustom--IndemnificationTextBlock_zKFGxNxSDoDf" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in"><b>NOTE 7 - <span id="xdx_82B_zuxVFsCOKY0i">INDEMNIFICATIONS</span> </b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. These indemnifications generally are standard contractual terms and are entered into in the normal course of business. The maximum potential amount of future payments that the Company could be required to make under these indemnifications cannot be estimated. However, the Company believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the consolidated financial statements for these indemnifications.</p>
</cik0001695963:IndemnificationTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_805_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zIsem4teAF5" style="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.25in"><b>NOTE 8 – <span id="xdx_828_znC3QYXyfbC1">RELATED PARTY TRANSACTIONS</span></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">From time to time, the Company purchases MSNs and holds them in its brokerage account. These MSNs are included on the consolidated statements of financial condition as mortgages owned. Also, from time to time, second lien or balance sheet loans may be all or partially funded by entities controlled by KDM directors or employees; such loans are serviced by KDM. In some circumstances, in the event a foreclosure becomes necessary, KDM may acquire properties where MSNs are in default as a deed in lieu of foreclosure, KDM may create single purpose entities to take title to such properties and liquidate them to satisfy any debts due under an MSN.</p>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<us-gaap:RevenueFromContractWithCustomerTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_80E_eus-gaap--RevenueFromContractWithCustomerTextBlock_zVCS4Bpczjpc" style="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.25in"><b>NOTE 9 – <span id="xdx_824_zaXLJhVb6aDc">DEFERRED REVENUE, NET</span></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">Loan origination fees are deferred and recognized as revenue over the life of the respective loan. The associated loan origination costs are also deferred and recognized as expense over the life of the loan. The deferred portion of the loan origination fees is netted against the deferred portion of the loan origination costs and reported as a net deferred revenue liability on the Company’s consolidated Statements of Financial Condition.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_893_ecustom--LoanOriginatingFeesAndCostsDeferredAndAmortizedTableTextBlock_zEGeLnlagEL8" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_8B5_zFQJNjFrCyLi">The following is a summary of the loan origination fees and costs deferred and amortized for the six months ended June 30, 2022:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Deferred</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Deferred</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Origination</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Origination</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Deferred</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: center"><span style="text-decoration: underline">Fees</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: center"><span style="text-decoration: underline">Costs</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: center"><span style="text-decoration: underline">Revenue, net</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Deferred Revenue at January 1, 2022</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_ecustom--AmortizationOfDeferredLoanOriginationFeesNet1_iS_c20220101__20220630_zw72LwACaOt7" style="width: 15%; text-align: right" title="Deferred origination fees, begnning">4,226,325</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">($</td><td id="xdx_985_ecustom--AmortizationOfDeferredLoanOriginationCostNet1_iS_c20220101__20220630_z7X34FEPEfT2" style="width: 15%; text-align: right" title="Deferred origination cost, beginning">3,068,653</td><td style="white-space: nowrap; width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_ecustom--DeferredRevenueNet_iS_c20220101__20220630_znW9pNjzQlo3" style="width: 15%; text-align: right" title="Deferred revenue net, beginning">1,157,672</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 16pt">New loan deferrals</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--AmortizationOfDeferredLoanOriginationFeesNet_c20220101__20220630__us-gaap--DeferredRevenueArrangementTypeAxis__custom--NewLoanDeferralsMember_zROuymEJ90w7" style="text-align: right" title="Deferred origination fees">2,336,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--AmortizationOfDeferredLoanOriginationCostNetNewLoanDeferrals_c20220101__20220630__us-gaap--DeferredRevenueArrangementTypeAxis__custom--NewLoanDeferralsMember_zOuXtzQuqn38" style="text-align: right" title="Deferred origination fees">(1,070,211</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--DeferredRevenueNet_iI_c20220630__us-gaap--DeferredRevenueArrangementTypeAxis__custom--NewLoanDeferralsMember_zRx2YdML0Yuc" style="text-align: right" title="Deferred origination fees">1,265,789</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-indent: 16pt">Amortization of deferrals</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--AmortizationOfDeferredLoanOriginationFeesNet_c20220101__20220630__us-gaap--DeferredRevenueArrangementTypeAxis__custom--AmortizationOfDeferralsMember_zr9Wnucwqj5a" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred origination fees">(730,012</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--AmortizationOfDeferredLoanOriginationCostNet_c20220101__20220630__us-gaap--DeferredRevenueArrangementTypeAxis__custom--AmortizationOfDeferralsMember_zUQ337k3ctyk" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred origination fees">547,689</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--DeferredRevenueNet_iI_c20220630__us-gaap--DeferredRevenueArrangementTypeAxis__custom--AmortizationOfDeferralsMember_zJUMD4h4WPl5" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred origination fees">(182,323</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Deferred Revenue at June 30, 2022</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td id="xdx_981_ecustom--AmortizationOfDeferredLoanOriginationFeesNet1_iE_c20220101__20220630_zcINJn9ftOxf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Deferred origination fees ,ending">5,832,313</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">($</td><td id="xdx_98D_ecustom--AmortizationOfDeferredLoanOriginationCostNet1_iE_c20220101__20220630_zUKRL7OjsZxe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Deferred origination cost, ending">3,591,175</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td id="xdx_983_ecustom--DeferredRevenueNet_iE_c20220101__20220630_zJXyhIEtmVP7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Deferred origination cost, ending">2,241,138</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zTItpwIkAW0f" style="font: 10pt Times New Roman; margin: 0pt 0"/>
</us-gaap:RevenueFromContractWithCustomerTextBlock>
<cik0001695963:LoanOriginatingFeesAndCostsDeferredAndAmortizedTableTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_893_ecustom--LoanOriginatingFeesAndCostsDeferredAndAmortizedTableTextBlock_zEGeLnlagEL8" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_8B5_zFQJNjFrCyLi">The following is a summary of the loan origination fees and costs deferred and amortized for the six months ended June 30, 2022:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Deferred</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Deferred</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Origination</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Origination</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Deferred</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: center"><span style="text-decoration: underline">Fees</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: center"><span style="text-decoration: underline">Costs</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: center"><span style="text-decoration: underline">Revenue, net</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Deferred Revenue at January 1, 2022</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_ecustom--AmortizationOfDeferredLoanOriginationFeesNet1_iS_c20220101__20220630_zw72LwACaOt7" style="width: 15%; text-align: right" title="Deferred origination fees, begnning">4,226,325</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">($</td><td id="xdx_985_ecustom--AmortizationOfDeferredLoanOriginationCostNet1_iS_c20220101__20220630_z7X34FEPEfT2" style="width: 15%; text-align: right" title="Deferred origination cost, beginning">3,068,653</td><td style="white-space: nowrap; width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_ecustom--DeferredRevenueNet_iS_c20220101__20220630_znW9pNjzQlo3" style="width: 15%; text-align: right" title="Deferred revenue net, beginning">1,157,672</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 16pt">New loan deferrals</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--AmortizationOfDeferredLoanOriginationFeesNet_c20220101__20220630__us-gaap--DeferredRevenueArrangementTypeAxis__custom--NewLoanDeferralsMember_zROuymEJ90w7" style="text-align: right" title="Deferred origination fees">2,336,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--AmortizationOfDeferredLoanOriginationCostNetNewLoanDeferrals_c20220101__20220630__us-gaap--DeferredRevenueArrangementTypeAxis__custom--NewLoanDeferralsMember_zOuXtzQuqn38" style="text-align: right" title="Deferred origination fees">(1,070,211</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--DeferredRevenueNet_iI_c20220630__us-gaap--DeferredRevenueArrangementTypeAxis__custom--NewLoanDeferralsMember_zRx2YdML0Yuc" style="text-align: right" title="Deferred origination fees">1,265,789</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-indent: 16pt">Amortization of deferrals</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--AmortizationOfDeferredLoanOriginationFeesNet_c20220101__20220630__us-gaap--DeferredRevenueArrangementTypeAxis__custom--AmortizationOfDeferralsMember_zr9Wnucwqj5a" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred origination fees">(730,012</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--AmortizationOfDeferredLoanOriginationCostNet_c20220101__20220630__us-gaap--DeferredRevenueArrangementTypeAxis__custom--AmortizationOfDeferralsMember_zUQ337k3ctyk" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred origination fees">547,689</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--DeferredRevenueNet_iI_c20220630__us-gaap--DeferredRevenueArrangementTypeAxis__custom--AmortizationOfDeferralsMember_zJUMD4h4WPl5" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred origination fees">(182,323</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Deferred Revenue at June 30, 2022</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td id="xdx_981_ecustom--AmortizationOfDeferredLoanOriginationFeesNet1_iE_c20220101__20220630_zcINJn9ftOxf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Deferred origination fees ,ending">5,832,313</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">($</td><td id="xdx_98D_ecustom--AmortizationOfDeferredLoanOriginationCostNet1_iE_c20220101__20220630_zUKRL7OjsZxe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Deferred origination cost, ending">3,591,175</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td id="xdx_983_ecustom--DeferredRevenueNet_iE_c20220101__20220630_zJXyhIEtmVP7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Deferred origination cost, ending">2,241,138</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table>
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<cik0001695963:AmortizationOfDeferredLoanOriginationFeesNet1 contextRef="AsOf2021-12-31" decimals="0" unitRef="USD"> 4226325 </cik0001695963:AmortizationOfDeferredLoanOriginationFeesNet1>
<cik0001695963:AmortizationOfDeferredLoanOriginationCostNet1 contextRef="AsOf2021-12-31" decimals="0" unitRef="USD"> 3068653 </cik0001695963:AmortizationOfDeferredLoanOriginationCostNet1>
<cik0001695963:DeferredRevenueNet contextRef="AsOf2021-12-31" decimals="0" unitRef="USD"> 1157672 </cik0001695963:DeferredRevenueNet>
<us-gaap:AmortizationOfDeferredLoanOriginationFeesNet contextRef="From2022-01-012022-06-30_custom_NewLoanDeferralsMember" decimals="0" unitRef="USD"> 2336000 </us-gaap:AmortizationOfDeferredLoanOriginationFeesNet>
<cik0001695963:AmortizationOfDeferredLoanOriginationCostNetNewLoanDeferrals contextRef="From2022-01-012022-06-30_custom_NewLoanDeferralsMember" decimals="0" unitRef="USD"> -1070211 </cik0001695963:AmortizationOfDeferredLoanOriginationCostNetNewLoanDeferrals>
<cik0001695963:DeferredRevenueNet contextRef="AsOf2022-06-30_custom_NewLoanDeferralsMember" decimals="0" unitRef="USD"> 1265789 </cik0001695963:DeferredRevenueNet>
<us-gaap:AmortizationOfDeferredLoanOriginationFeesNet contextRef="From2022-01-012022-06-30_custom_AmortizationOfDeferralsMember" decimals="0" unitRef="USD"> -730012 </us-gaap:AmortizationOfDeferredLoanOriginationFeesNet>
<cik0001695963:AmortizationOfDeferredLoanOriginationCostNet contextRef="From2022-01-012022-06-30_custom_AmortizationOfDeferralsMember" decimals="0" unitRef="USD"> 547689 </cik0001695963:AmortizationOfDeferredLoanOriginationCostNet>
<cik0001695963:DeferredRevenueNet contextRef="AsOf2022-06-30_custom_AmortizationOfDeferralsMember" decimals="0" unitRef="USD"> -182323 </cik0001695963:DeferredRevenueNet>
<cik0001695963:AmortizationOfDeferredLoanOriginationFeesNet1 contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 5832313 </cik0001695963:AmortizationOfDeferredLoanOriginationFeesNet1>
<cik0001695963:AmortizationOfDeferredLoanOriginationCostNet1 contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 3591175 </cik0001695963:AmortizationOfDeferredLoanOriginationCostNet1>
<cik0001695963:DeferredRevenueNet contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 2241138 </cik0001695963:DeferredRevenueNet>
<us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_803_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zaBKtvOXxjR7" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in"><b>NOTE 10 – <span id="xdx_829_zqDbM6FYdm8i">EMPLOYEE AND DIRECTOR STOCK OPTIONS</span></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 28, 2019, the Company’s Board of Directors adopted the 2019 Stock Option Plan (the “Incentive Plan”). The Incentive Plan provides for the grant of both incentive and non-statutory stock options to key employees, directors or other persons having a service relationship with the Company for the purchase of up to an aggregate of <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_pii_uShares_c20190627__20190628__us-gaap--PlanNameAxis__custom--StockOptionPlanMember__srt--TitleOfIndividualAxis__srt--DirectorMember_zf2UHp0jBXx4" title="Number of shares purchase">1,000,000</span> shares of the Company’s unissued, or reacquired, common stock, $<span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pii_uUSDPShares_c20190628__us-gaap--PlanNameAxis__custom--StockOptionPlanMember__srt--TitleOfIndividualAxis__srt--DirectorMember_zl6YOHuxCJad" title="Common stock, par value (in dollars per share)">0.001</span> par value. The Plan will be administered by the Board of Directors.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2019, the Company issued options to purchase <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_pii_uShares_c20190101__20191231_zlO16v8lEL86" title="Stock compensation">835,000</span> shares of the Company’s common stock at an exercise price of $<span id="xdx_901_eus-gaap--SharePrice_iI_pii_uUSDPShares_c20190630_zloZCm0vjtQ3" title="Share price (in dollars per share)">1.00</span> per share. The weighted-average grant date fair values of options granted was $<span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pii_uUSDPShares_c20190101__20191231_zMQObzPUWZY4" title="Weighted-average grant date fair values">0.1855</span> per share. The fair values of the stock-based awards granted were calculated with the following weighted-average assumptions:</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_897_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zQYiIE6WgImh" style="font: 10pt Times New Roman; margin: 0pt 0"><span id="xdx_8B6_ztZsVcnzAg08" style="display: none; visibility: hidden">Schedule of estimated fair value of stockoptions weighted-average assumptions</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Risk-free interest rate:</td><td style="width: 1%"> </td> <td style="width: 25%; text-align: center"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20220101__20220331_zkJhALi4ZGee" title="Risk-free interest rate:">1.76</span>%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term:</td><td> </td> <td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtYxL_c20220101__20220630_zN5NnEtWXBxl" style="text-align: center" title="Expected term"><span style="-sec-ix-hidden: xdx2ixbrl0684">5.75 years</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected dividend yield:</td><td> </td> <td style="text-align: center"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20220101__20220630_zg9HDgTp9C01" title="Expected dividend yield:">0</span>%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility:</td><td> </td> <td style="text-align: center"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20220101__20220630_zdECrsx17a0c" title="Expected volatility:">35</span>.01%</td></tr> </table> <p id="xdx_8A9_zX4HgYij9FV1" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">For the six months ended June 30, 2022, and June 30, 2021, the Company recorded $<span id="xdx_90D_eus-gaap--ShareBasedCompensation_c20210101__20210630_zNZS3QFiffjh" title="Share based payment non cash expense">12,906</span> of stock-based compensation expense. Stock options vest 50% at issuance and then ratably over the remaining three years vesting period until they are fully vested. As of June 30, 2022, there was $<span id="xdx_90A_eus-gaap--ShareBasedCompensation_c20220101__20220630__us-gaap--PlanNameAxis__custom--StockOptionPlanMember_z2ettQzdWVg1" title="Share based payment non cash expense">0</span> in total unrecognized compensation expense related to non-vested employee stock options granted under the Incentive Plan.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_89A_eus-gaap--ScheduleOfShareBasedCompensationActivityTableTextBlock_zbQ7FJuhjwNl" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in"><span id="xdx_8B4_zuSsS08xFo56">Stock option activity for the six months ended June 30, 2022, is summarized as follows:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold">2019 Stock Option Plan:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted <br/> Average <br/> Exercise <br/> Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted <br/> Remaining <br/> Contractual <br/> Life (Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Options outstanding at January 1, 2022</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pii_uShares_c20220101__20220630_zAO4sSiCEhOf" style="width: 15%; font-weight: bold; text-align: right" title="Shares outstanding, beginning">835,000</td><td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pii_uUSDPShares_c20220101__20220630_zVbYMqMCInTj" style="width: 15%; font-weight: bold; text-align: right" title="Weighted average, beginning">1.00</td><td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_983_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm_dtxL_c20220101__20220630_zsXCAsEe0QXe" style="width: 15%; font-weight: bold; text-align: right" title="Weighted contractual life, beginning::XDX::P7Y6M"><span style="-sec-ix-hidden: xdx2ixbrl0700">7.50</span></td><td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220101__20220630_zExwV77I8bGe" style="text-align: right" title="Granted"><span style="-sec-ix-hidden: xdx2ixbrl0702">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pii_uShares_c20220101__20220630_zwXgARlDfSqb" style="text-align: right" title="Exercised"><span style="-sec-ix-hidden: xdx2ixbrl0704">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt; text-align: left; padding-bottom: 1pt">Expired or forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_pii_uShares_c20220101__20220630_zmMnPATXx3Z6" style="border-bottom: Black 1pt solid; text-align: right" title="Expired or forfieted"><span style="-sec-ix-hidden: xdx2ixbrl0706">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Options outstanding at June 30, 2022</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_uShares_c20220101__20220630_z8L0LnALyXjl" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Shares outstanding, ending">835,000</td><td style="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20220101__20220630_zJsV6ssmqfd4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted average, ending">1.00</td><td style="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtxL_c20220101__20220630_zlo7B83IpSjd" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted contractual life, ending::XDX::P7Y"><span style="-sec-ix-hidden: xdx2ixbrl0712">7.00</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Options exercisable at June 30, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pii_uShares_c20220630_zO65oEvQYzT2" style="text-align: right" title="Options exercisable, ending">417,500</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20220630_zmzjzMwNiFMd" style="text-align: right" title="Weighted average options exercisable, ending">1.00</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtxL_c20220101__20220630_zlxZj0Xnvcu9" style="text-align: right" title="Weighted contractual life options exercisable, ending::XDX::P7Y"><span style="-sec-ix-hidden: xdx2ixbrl0718">7.00</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Options expected to vest at June 30, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pii_uShares_c20220630_zzqdOM6xr7ml" style="text-align: right" title="Options expected to vest, ending">417,500</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20220630_zPXJ8ZjKOJM3" style="text-align: right" title="Weighted average options expected to vest, ending">1.00</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtxL_c20220101__20220630_zPOa8kTQKbY7" style="text-align: right" title="Weighted contractual life options expected to vest, ending::XDX::P7Y"><span style="-sec-ix-hidden: xdx2ixbrl0724">7.00</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zOuUffyxDKv1" style="font: 10pt Times New Roman; margin: 0pt 0"> </p>
</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
<us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets contextRef="From2019-06-272019-06-28_custom_StockOptionPlanMember_srt_DirectorMember" decimals="INF" unitRef="Shares"> 1000000 </us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets>
<us-gaap:CommonStockParOrStatedValuePerShare contextRef="AsOf2019-06-28_custom_StockOptionPlanMember_srt_DirectorMember" decimals="INF" unitRef="USDPShares"> 0.001 </us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets contextRef="From2019-01-012019-12-31" decimals="INF" unitRef="Shares"> 835000 </us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets>
<us-gaap:SharePrice contextRef="AsOf2019-06-30" decimals="INF" unitRef="USDPShares"> 1.00 </us-gaap:SharePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="From2019-01-012019-12-31" decimals="INF" unitRef="USDPShares"> 0.1855 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
<us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_897_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zQYiIE6WgImh" style="font: 10pt Times New Roman; margin: 0pt 0"><span id="xdx_8B6_ztZsVcnzAg08" style="display: none; visibility: hidden">Schedule of estimated fair value of stockoptions weighted-average assumptions</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Risk-free interest rate:</td><td style="width: 1%"> </td> <td style="width: 25%; text-align: center"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20220101__20220331_zkJhALi4ZGee" title="Risk-free interest rate:">1.76</span>%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term:</td><td> </td> <td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtYxL_c20220101__20220630_zN5NnEtWXBxl" style="text-align: center" title="Expected term"><span style="-sec-ix-hidden: xdx2ixbrl0684">5.75 years</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected dividend yield:</td><td> </td> <td style="text-align: center"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20220101__20220630_zg9HDgTp9C01" title="Expected dividend yield:">0</span>%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility:</td><td> </td> <td style="text-align: center"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20220101__20220630_zdECrsx17a0c" title="Expected volatility:">35</span>.01%</td></tr> </table>
</us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="From2022-01-012022-03-31" decimals="INF" unitRef="Pure"> 0.0176 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate contextRef="From2022-01-01to2022-06-30" decimals="INF" unitRef="Pure"> 0 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="From2022-01-01to2022-06-30" decimals="INF" unitRef="Pure"> 0.35 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>
<us-gaap:ShareBasedCompensation contextRef="From2021-01-012021-06-30" decimals="0" unitRef="USD"> 12906 </us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="From2022-01-012022-06-30_custom_StockOptionPlanMember" decimals="0" unitRef="USD"> 0 </us-gaap:ShareBasedCompensation>
<us-gaap:ScheduleOfShareBasedCompensationActivityTableTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_89A_eus-gaap--ScheduleOfShareBasedCompensationActivityTableTextBlock_zbQ7FJuhjwNl" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in"><span id="xdx_8B4_zuSsS08xFo56">Stock option activity for the six months ended June 30, 2022, is summarized as follows:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold">2019 Stock Option Plan:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted <br/> Average <br/> Exercise <br/> Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted <br/> Remaining <br/> Contractual <br/> Life (Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold">Options outstanding at January 1, 2022</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pii_uShares_c20220101__20220630_zAO4sSiCEhOf" style="width: 15%; font-weight: bold; text-align: right" title="Shares outstanding, beginning">835,000</td><td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pii_uUSDPShares_c20220101__20220630_zVbYMqMCInTj" style="width: 15%; font-weight: bold; text-align: right" title="Weighted average, beginning">1.00</td><td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_983_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm_dtxL_c20220101__20220630_zsXCAsEe0QXe" style="width: 15%; font-weight: bold; text-align: right" title="Weighted contractual life, beginning::XDX::P7Y6M"><span style="-sec-ix-hidden: xdx2ixbrl0700">7.50</span></td><td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220101__20220630_zExwV77I8bGe" style="text-align: right" title="Granted"><span style="-sec-ix-hidden: xdx2ixbrl0702">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pii_uShares_c20220101__20220630_zwXgARlDfSqb" style="text-align: right" title="Exercised"><span style="-sec-ix-hidden: xdx2ixbrl0704">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt; text-align: left; padding-bottom: 1pt">Expired or forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_pii_uShares_c20220101__20220630_zmMnPATXx3Z6" style="border-bottom: Black 1pt solid; text-align: right" title="Expired or forfieted"><span style="-sec-ix-hidden: xdx2ixbrl0706">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Options outstanding at June 30, 2022</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_uShares_c20220101__20220630_z8L0LnALyXjl" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Shares outstanding, ending">835,000</td><td style="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20220101__20220630_zJsV6ssmqfd4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted average, ending">1.00</td><td style="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtxL_c20220101__20220630_zlo7B83IpSjd" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted contractual life, ending::XDX::P7Y"><span style="-sec-ix-hidden: xdx2ixbrl0712">7.00</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Options exercisable at June 30, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pii_uShares_c20220630_zO65oEvQYzT2" style="text-align: right" title="Options exercisable, ending">417,500</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20220630_zmzjzMwNiFMd" style="text-align: right" title="Weighted average options exercisable, ending">1.00</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtxL_c20220101__20220630_zlxZj0Xnvcu9" style="text-align: right" title="Weighted contractual life options exercisable, ending::XDX::P7Y"><span style="-sec-ix-hidden: xdx2ixbrl0718">7.00</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Options expected to vest at June 30, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pii_uShares_c20220630_zzqdOM6xr7ml" style="text-align: right" title="Options expected to vest, ending">417,500</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20220630_zPXJ8ZjKOJM3" style="text-align: right" title="Weighted average options expected to vest, ending">1.00</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtxL_c20220101__20220630_zPOa8kTQKbY7" style="text-align: right" title="Weighted contractual life options expected to vest, ending::XDX::P7Y"><span style="-sec-ix-hidden: xdx2ixbrl0724">7.00</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfShareBasedCompensationActivityTableTextBlock>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2021-12-31" decimals="INF" unitRef="Shares"> 835000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2021-12-31" decimals="INF" unitRef="USDPShares"> 1.00 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2022-06-30" decimals="INF" unitRef="Shares"> 835000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2022-06-30" decimals="INF" unitRef="USDPShares"> 1.00 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber contextRef="AsOf2022-06-30" decimals="INF" unitRef="Shares"> 417500 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="AsOf2022-06-30" decimals="INF" unitRef="USDPShares"> 1.00 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber contextRef="AsOf2022-06-30" decimals="INF" unitRef="Shares"> 417500 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice contextRef="AsOf2022-06-30" decimals="INF" unitRef="USDPShares"> 1.00 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice>
<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_80C_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zWNi5OVYV6w3" style="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.25in"><b>NOTE 11 – <span id="xdx_829_zU67dsahpeIg">PREFERRED EQUITY</span></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">On September 27, 2019, the Company issued <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_uShares_c20190926__20190927__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePerpetualConvertiblePreferredStockMember_ztOoYECoGMV8" title="Issue of shares">200,000</span> shares of its Series A 6% Cumulative Perpetual Convertible Preferred Stock for net proceeds of $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_c20190926__20190927__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePerpetualConvertiblePreferredStockMember_zbzu1isip0Bj" title="Net proceeds from issuance of shares">4,750,000</span>. The Company paid $<span id="xdx_906_eus-gaap--PrepaidExpenseCurrentAndNoncurrent_iI_c20190927__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePerpetualConvertiblePreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--SubsidiariesMember_zJ5gcKuXpkpb" title="Prepaid Expenses">250,000</span> in expenses related to the preferred stock issuance to J. W. Korth as underwriter and distributor. Each share was sold for $<span id="xdx_90C_eus-gaap--ConversionOfStockAmountConverted1_c20190926__20190927__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePerpetualConvertiblePreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--SubsidiariesMember_zREkAqQn7IZf" title="Amount of conversion">25</span>, and is <span id="xdx_908_eus-gaap--ConversionOfStockDescription_c20190926__20190927__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePerpetualConvertiblePreferredStockMember" title="Conversion description">convertible into common stock at a ratio of 5 shares of common stock for each share of Series A Preferred Stock.</span> On September 15, 2021 and June 28, 2022, the Company sold an additional 100,000 and 480,000 shares, respectively of its Series A 6% Cumulative Perpetual Convertible Preferred Stock for net proceeds of $2,375,000 and $11,856,000.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">On June 29, 2021, the Company issued <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210627__20210629__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePerpetualConvertiblePreferredStockMember_zGaAdJNs3lF5" title="Issue of shares">19,000</span> shares of its Series B 6.50% Cumulative Non-Voting Redeemable Secured Preferred Stock, with a liquidation preference of $1,000 per share, for net proceeds of $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_c20210627__20210629__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePerpetualConvertiblePreferredStockMember_z1rl3lZDaoxh" title="Proceeds from issuance of shares">18,302,500</span>. The Company paid $<span id="xdx_90A_eus-gaap--PrepaidExpenseCurrentAndNoncurrent_iI_pp0p0_c20210629__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePerpetualConvertiblePreferredStockMember_z9j1iVB9zNhb" title="Prepaid expenses">697,500</span> in expenses related to the preferred stock issuance to its financial advisor and placement agent.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The Series B preferred stock is non-convertible and will pay cumulative dividends, if and when declared by the Company’s board of directors, at a rate of <span id="xdx_90D_ecustom--PercentageOfDividendPayableIfAndWhenDeclared_iI_pid_dp_uPure_c20220630__us-gaap--StatementClassOfStockAxis__custom--SeriesBPreferredStockNonConvertibleMember_zo1cOKllNwy6" title="Percentage of dividend payable if and when declared">6.50</span>% per annum. Dividends declared will be payable quarterly in arrears on the 15th day of January, April, July and October of each year. The Series B preferred stock ranks senior to KDM’s outstanding Series A 6% Cumulative Perpetual Convertible Preferred Stock, par value $<span id="xdx_901_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20220630__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativePerpetualConvertiblePreferredStockMember_zLPQ8nKzXat1" title="Preferred stock, par value">0.00</span>1 per share, or Series A preferred stock, and all of KDM’s common stock, and will rank <i>pari passu</i> with, or senior to, all future issuances of preferred stock of KDM.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company is required to use commercially reasonable efforts to maintain a nationally-recognized statistical ratings organization, or NRSRO, rating for so long as any shares of Series B preferred stock remain outstanding. If the Company fails to maintain an NRSRO rating for the Series B preferred stock of at least BBB (or the equivalent thereof), the dividend rate applicable to the Series B preferred stock will be increased by 25 basis points, and in the event the Company fails to maintain an NRSRO rating of at least BBB- (or the equivalent thereof), the dividend rate applicable to the Series B preferred stock will be increased by an additional 25 basis points.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The Series B preferred stock is redeemable at the Company’s option,<span id="xdx_902_ecustom--StockRedeemableTerms_c20220101__20220630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePerpetualConvertiblePreferredStockMember_zHtA025hbMK4"> in</span> whole or in part, on or after June 29, 2026, at a redemption price per share equal to $<span id="xdx_90D_eus-gaap--PreferredStockRedemptionPricePerShare_iI_pid_uUSDPShares_c20220630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePerpetualConvertiblePreferredStockMember_z2h7dLqIfkv7" title="Preferred Stock, Redemption Price Per Share">1,000</span> per share, plus accrued and unpaid dividends, if any. Subject to applicable law, the Company is required to redeem the Series B preferred stock, in each case at a redemption price equal to $<span id="xdx_902_eus-gaap--PreferredStockRedemptionPricePerShare_iI_pid_uUSDPShares_c20220630__us-gaap--StatementClassOfStockAxis__custom--SeriesBCumulativePerpetualConvertiblePreferredStockMember_zVPnsHztU1O3" title="Preferred Stock, Redemption Price Per Share">1,000</span> per share, plus accrued and unpaid dividends, as follows:</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Times New Roman">10% of the originally-issued shares of Series B preferred stock on June 29, 2027;</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Times New Roman">10% of the originally-issued shares of Series B preferred stock on June 29, 2028;</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Times New Roman">10% of the originally-issued shares of Series B preferred stock on June 29, 2029;</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Times New Roman">20% of the originally-issued shares of Series B preferred stock on June 29, 2030; and</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Times New Roman">50% of the originally-issued shares of Series B preferred stock on June 29, 2031.</span></td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company’s obligations to redeem the Series B preferred stock are secured by a security interest on servicing fees, as specified in each mortgage secured note issued by the Company, which is the difference between the interest payable pursuant to the mortgage secured note and the interest receivable pursuant to the related commercial real estate mortgage loan. The requisite holders of Series B preferred stock will be entitled to exercise rights and remedies pursuant to such security interest in the event that the Company does not pay the relevant mandatory redemption price (inclusive of any accrued and unpaid dividends) within thirty (30) days of the applicable redemption date, except with respect to the final redemption date, which is not subject to a thirty (30)-day grace period.</p>
</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="From2019-09-262019-09-27_custom_SeriesACumulativePerpetualConvertiblePreferredStockMember" decimals="INF" unitRef="Shares"> 200000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>
<us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock contextRef="From2019-09-262019-09-27_custom_SeriesACumulativePerpetualConvertiblePreferredStockMember" decimals="0" unitRef="USD"> 4750000 </us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock>
<us-gaap:PrepaidExpenseCurrentAndNoncurrent contextRef="AsOf2019-09-27_custom_SeriesACumulativePerpetualConvertiblePreferredStockMember_srt_SubsidiariesMember" decimals="0" unitRef="USD"> 250000 </us-gaap:PrepaidExpenseCurrentAndNoncurrent>
<us-gaap:ConversionOfStockAmountConverted1 contextRef="From2019-09-262019-09-27_custom_SeriesACumulativePerpetualConvertiblePreferredStockMember_srt_SubsidiariesMember" decimals="0" unitRef="USD"> 25 </us-gaap:ConversionOfStockAmountConverted1>
<us-gaap:ConversionOfStockDescription contextRef="From2019-09-262019-09-27_custom_SeriesACumulativePerpetualConvertiblePreferredStockMember"> convertible into common stock at a ratio of 5 shares of common stock for each share of Series A Preferred Stock. </us-gaap:ConversionOfStockDescription>
<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="From2021-06-272021-06-29_custom_SeriesBCumulativePerpetualConvertiblePreferredStockMember" decimals="INF" unitRef="Shares"> 19000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>
<us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock contextRef="From2021-06-272021-06-29_custom_SeriesBCumulativePerpetualConvertiblePreferredStockMember" decimals="0" unitRef="USD"> 18302500 </us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock>
<us-gaap:PrepaidExpenseCurrentAndNoncurrent contextRef="AsOf2021-06-29_custom_SeriesBCumulativePerpetualConvertiblePreferredStockMember" decimals="0" unitRef="USD"> 697500 </us-gaap:PrepaidExpenseCurrentAndNoncurrent>
<cik0001695963:PercentageOfDividendPayableIfAndWhenDeclared contextRef="AsOf2022-06-30_custom_SeriesBPreferredStockNonConvertibleMember" decimals="INF" unitRef="Pure"> 0.0650 </cik0001695963:PercentageOfDividendPayableIfAndWhenDeclared>
<us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2022-06-30_custom_SeriesACumulativePerpetualConvertiblePreferredStockMember" decimals="INF" unitRef="USDPShares"> 0.00 </us-gaap:PreferredStockParOrStatedValuePerShare>
<cik0001695963:StockRedeemableTerms contextRef="From2022-01-012022-06-30_custom_SeriesBCumulativePerpetualConvertiblePreferredStockMember"> in </cik0001695963:StockRedeemableTerms>
<us-gaap:PreferredStockRedemptionPricePerShare contextRef="AsOf2022-06-30_custom_SeriesBCumulativePerpetualConvertiblePreferredStockMember" decimals="INF" unitRef="USDPShares"> 1000 </us-gaap:PreferredStockRedemptionPricePerShare>
<us-gaap:PreferredStockRedemptionPricePerShare contextRef="AsOf2022-06-30_custom_SeriesBCumulativePerpetualConvertiblePreferredStockMember" decimals="INF" unitRef="USDPShares"> 1000 </us-gaap:PreferredStockRedemptionPricePerShare>
<us-gaap:FairValueDisclosuresTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_80F_eus-gaap--FairValueDisclosuresTextBlock_zpJVeellBc3c" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>NOTE 12 – <span id="xdx_820_zb56Qkhap6Cg">FAIR VALUE</span></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">FASB ASC 820, <i>Fair Value Measurements and Disclosures</i> (“ASC 820”), defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not assumptions specific to the entity.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">ASC 820 establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring financial assets and liabilities at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below:</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.75in; text-align: justify"><i>Level I</i>—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.75in; text-align: justify"><i>Level II</i>—Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.75in; text-align: justify"><i>Level III</i>—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurements. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Valuation Process</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration: underline">Cash and cash equivalents:</span> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The carrying amounts of cash and short-term instruments approximate fair values and are classified as Level 1.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration: underline">Mortgages Owned and Mortgage Secured Notes Payable:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">Mortgage loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances, net of any unearned income, premiums or discounts. If a decline in fair value below the carrying balance is other-than-temporary, an unrealized impairment loss is recorded and the loan is recorded at the lower fair value at each reporting period. To date, the Company has not recorded any impairment losses related to the mortgage loans.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">Due to the fact that the Company issues notes secured directly by underlying loans, our assets and liabilities in this category have identical values and assets have offsetting balances.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration: underline">Mortgage Servicing:</span> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The net present value of the servicing income is recognized at the time the mortgage is initiated as an unrealized gain. This value uses several inputs that are highly subjective including: discount rate, constant prepayment rate, the current interest rate environment, and default rate assumptions. Since the Company has limited operating history and a small amount of loans outstanding, we have a limited basis to predict prepayment rates and default rates, but have engaged a third party, MIAC Analytics, to assist us in our valuation of this asset. The amount is included on the Consolidated Statements of Financial Condition as “Mortgage Servicing Rights, at Fair Value.”</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration: underline">Securities</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">J. W. Korth holds $<span id="xdx_906_eus-gaap--DebtDefaultLongtermDebtAmount_iI_c20220630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JWKorthMember__us-gaap--LongtermDebtTypeAxis__custom--SecuritiesMember_zfCBtJ0b5rNk" title="Default bonds amount">225,000</span> of defaulted Banco Cruzeiro del Sur bonds which it reasonably believes it will receive par value for from the receiver handling the liquidation in Brazil. Local counsel has informed us that the bank has sufficient cash to pay off our bonds. We therefore carry them at par value.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">KDM also holds a small amount of its own MSNs in an account which it may buy from time to time to provide liquidity to clients of J.W. Korth. These bonds are carried at the published statement values.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Fair Value Disclosure</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_89C_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zgcLU6TvXeh9" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_8B6_zI3wCWVoH166">The following tables display the Company’s assets and liabilities measured at fair value on a recurring basis:</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_49E_20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zEGbGzmCDG27" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_49B_20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zzyJDtwLe315" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_49A_20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zZdrvmCl4LM6" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_49C_20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z5NZNYktD4ya" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"><span style="text-decoration: underline">June 30, 2022</span></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Total</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Level I</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Level II</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Level III</td><td> </td></tr> <tr id="xdx_40C_eus-gaap--FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_iB_zc7d2OrCGcL" style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">Financial Assets</td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr id="xdx_406_eus-gaap--AssetsFairValueDisclosure_iI_z8kpBCjhIsp2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; text-indent: 9pt">Mortgages Owned</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">417,102,419</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="padding-left: 9pt; width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0765">-</span></td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">417,102,419</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0767">-</span></td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--AssetsFairValueDisclosure1_iI_zsC8NEIljRz7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 9pt">Mortgage Servicing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,193,466</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0770">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0771">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,193,466</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--AssetsFairValueDisclosure2_iI_ztGO0cXGOPnh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 9pt">Portfolio Loans</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,897,064</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0775">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,897,064</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0777">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--MarketableSecurities_iI_zlvX3rpFWh3g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 9pt">Non-MSN Securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">325,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0780">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0781">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">325,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--TotalFinancialAssets_iI_ztXdjeYcJeSc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in">Total Financial Assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">454,517,949</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0785">-</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">440,999,483</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,518,466</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--FinancialLiabilitiesAbstract_iI_zlznduYfOqsl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Financial Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueDisclosure_iI_zcKIH0DYUFJh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 9pt">Mortgage Secured Notes Payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">386,335,219</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0795">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">386,335,219</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0797">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--WarehouseLineofCredit_iI_zhXcCxnCdLj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Warehouse Line of Credit</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36,150,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0800">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36,150,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0802">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--TotalFinancialLiabilities_iI_zWyp0po9a731" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in">Total Financial Liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">422,485,219</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0805">-</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">422,485,219</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0807">-</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_491_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zanB7G3ojlUk" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_497_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zXITzN9wIuQc" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_49D_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zSbYUSEV1sQe" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_490_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z67mK6is20W" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"><span style="text-decoration: underline">December 31, 2021</span></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40F_eus-gaap--FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_iB_zVf12ypu1Ye1" style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">Financial Assets</td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr id="xdx_406_eus-gaap--AssetsFairValueDisclosure_iI_zq6s3wwjRwq7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; text-indent: 9pt">Mortgages Owned</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">326,312,345</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0815">-</span></td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">326,312,345</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0817">-</span></td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--AssetsFairValueDisclosure1_iI_zM9H7dxkiNog" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 9pt">Mortgage Servicing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,616,357</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0820">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0821">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,616,357</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--AssetsFairValueDisclosure2_iI_zZraKx6AAIhf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 9pt">Portfolio Loans</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,749,862</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0825">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,749,862</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0827">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--MarketableSecurities_iI_zB2K3g3pjhW2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 9pt">Non- MSN Securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">225,006</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0830">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0831">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">225,006</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--TotalFinancialAssets_iI_zZ1anGzkAWQ1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in">Total Financial Assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">350,903,570</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0835">-</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">341,062,207</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,841,363</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_iB_zgk5vEks6hs4" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Financial Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueDisclosure_iI_zlGhJuIiU9o1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 9pt">Mortgage Secured Notes Payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">326,212,364</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0845">-</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">326,212,364</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0847">-</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_zJFvhcUfUbK" style="font: 10pt Times New Roman; margin: 0pt 0"/> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><b><i>Fair Value Measurements </i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><span style="text-decoration: underline">Changes in Fair Value Measurements for the six months ended June 31, 2022</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_89E_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zktaaEDcxDV2" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><span id="xdx_8B2_zKwROLZoEVI4">The following table presents a reconciliation of changes in Level 3 assets and liabilities reported in the Consolidated Statements of Financial Condition for June 30, 2022:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; font-style: italic">Changes in assets:</td><td> </td> <td colspan="2" id="xdx_49E_20220101__20220630__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zttlIkPsZNGh" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" id="xdx_499_20220101__20220630__us-gaap--LongtermDebtTypeAxis__custom--SecuritiesMember_z1qHM9xztvDi" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" id="xdx_49D_20220101__20220630_zmhfYr9ZU318" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Period ended June 30, 2022</td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Mortgage Servicing <br/> Value</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Non- MSN <br/> Securities</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Total Value</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr id="xdx_409_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_zkWBPy6Q8G9k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-indent: 8pt">Beginning balance at January 1, 2022</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">9,616,357</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">225,006</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">9,841,363</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_ziA6ekmiw686" style="vertical-align: bottom; background-color: White"> <td style="text-indent: 8pt">Purchases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0855">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTrades_z7SvAuoFryma" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 8pt">Trades</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0859">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0860">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0861">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_ze3wsKJJGiS3" style="vertical-align: bottom; background-color: White"> <td style="text-indent: 8pt">Sales</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0863">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues_z6ei8hAG1jpe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 8pt">Issues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0867">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0868">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0869">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements_znlwLRXMItnh" style="vertical-align: bottom; background-color: White"> <td style="text-indent: 8pt">Settlements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0871">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0872">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0873">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_zNkKb5ivSeP" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 8pt">Net realized gain/loss or Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0875">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0876">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0877">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease_zaPn3nnjrMta" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 8pt">Unrealized Gain from newly issued mortgages</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,041,144</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0880">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,041,144</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AssetsFairValueAdjustment_z37mlwP2PeLf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 8pt">Fair Value adjustment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(464,035</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0884">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(464,035</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3_zTz5jobe63f9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 8pt">Transfers into Level 3</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0887">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0888">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0889">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3_zooXvn1RzeV2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 8pt">Transfers out of Level 3</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0891">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0892">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0893">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_zWy8cCHpzFu7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Ending balance at June 30, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,193,466</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">325,000</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,518,466</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AA_zhZV8w1K2dHi" style="font: 10pt Times New Roman; margin: 0pt 0"/> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company’s policy for recording transfers between levels of the fair value hierarchy is to recognize such transfers as of the financial statement date. For the six months ended June 30, 2022, there were no transfers between levels.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company has established valuation processes and policies for its Level 3 investments to ensure that the methods used are fair and consistent in accordance with ASC 820 – <i>Fair Value Measurements and Disclosures</i>. The Company’s valuation committee performs reviews of the Level 3 investments’ valuations, which include reviewing any significant price changes reported from the prior period. When a Level 3 investment has a significant price change, the valuation committee reviews relevant market data to substantiate the price change.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_89A_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zaNSij809RF7" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_8BB_zFuHSlwCIM6b">The following table presents quantitative information regarding the significant unobservable inputs the Company uses to determine the fair value of Level 3 investments held as of June 30, 2022:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"><span style="text-decoration: underline">Investment type</span></td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"><span style="text-decoration: underline">Fair Value</span></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"><span style="text-decoration: underline">Valuation technique</span></td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"><span style="text-decoration: underline">Unobservable inputs</span></td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"><span style="text-decoration: underline">Values</span></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 18%; text-align: left"> Mortgage servicing</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td id="xdx_98C_ecustom--AssetsFairValueDisclosure1_iI_c20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--MortgageServicingMember_zdnk8XH9atc1" style="white-space: nowrap; width: 15%; text-align: right" title="Fair Value">13,193,466</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td id="xdx_982_ecustom--FairVAlueMeasurementValuationTechnique_c20220101__20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--MortgageServicingMember_zOd0mFSI8nj3" style="white-space: nowrap; width: 22%; text-align: center" title="Valuation technique">Net Present Value</td><td style="white-space: nowrap; width: 1%"> </td> <td id="xdx_981_ecustom--FairVAlueMeasurementUnobservableInput_c20220101__20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--MortgageServicingMember_z1zDk3Cf6Tlk" style="white-space: nowrap; width: 22%; text-align: right" title="Unobservable inputs">Prepayment Discount</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 15%; text-align: right"><span id="xdx_903_eus-gaap--ServicingAssetMeasurementInput_iI_pii_dp_uPure_c20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--MortgageServicingMember_zt8FvB27jdE3" title="Value">9.5</span>8</td><td style="white-space: nowrap; width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td> </td><td> </td> <td id="xdx_984_ecustom--FairVAlueMeasurementUnobservableInput_c20220101__20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--MortgageServicing1Member_zvFydf1jfpQe" style="text-align: right" title="Unobservable inputs">Discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--ServicingAssetMeasurementInput_iI_pii_dp_uPure_c20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--MortgageServicing1Member_z4ShyGCzJ7F" title="Value">15.00</span></td><td style="white-space: nowrap; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Non-MSN Securities</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_ecustom--AssetsFairValueDisclosure1_iI_c20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--SecuritiesMember_zTCnMebADN8b" style="text-align: right" title="Fair Value">325,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td id="xdx_98F_ecustom--FairVAlueMeasurementValuationTechnique_c20220101__20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--SecuritiesMember_zE9NcAXtCWU3" style="text-align: center" title="Valuation technique">Net Par Value</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zGndaWoyVcNf" style="margin-top: 0; margin-bottom: 0"/>
</us-gaap:FairValueDisclosuresTextBlock>
<us-gaap:DebtDefaultLongtermDebtAmount contextRef="AsOf2022-06-30_custom_JWKorthMember_custom_SecuritiesMember" decimals="0" unitRef="USD"> 225000 </us-gaap:DebtDefaultLongtermDebtAmount>
<us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_89C_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zgcLU6TvXeh9" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_8B6_zI3wCWVoH166">The following tables display the Company’s assets and liabilities measured at fair value on a recurring basis:</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_49E_20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zEGbGzmCDG27" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_49B_20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zzyJDtwLe315" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_49A_20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zZdrvmCl4LM6" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_49C_20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z5NZNYktD4ya" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"><span style="text-decoration: underline">June 30, 2022</span></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Total</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Level I</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Level II</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Level III</td><td> </td></tr> <tr id="xdx_40C_eus-gaap--FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_iB_zc7d2OrCGcL" style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">Financial Assets</td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr id="xdx_406_eus-gaap--AssetsFairValueDisclosure_iI_z8kpBCjhIsp2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; text-indent: 9pt">Mortgages Owned</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">417,102,419</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="padding-left: 9pt; width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0765">-</span></td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">417,102,419</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0767">-</span></td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--AssetsFairValueDisclosure1_iI_zsC8NEIljRz7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 9pt">Mortgage Servicing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,193,466</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0770">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0771">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,193,466</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--AssetsFairValueDisclosure2_iI_ztGO0cXGOPnh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 9pt">Portfolio Loans</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,897,064</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0775">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,897,064</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0777">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--MarketableSecurities_iI_zlvX3rpFWh3g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 9pt">Non-MSN Securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">325,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0780">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0781">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">325,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--TotalFinancialAssets_iI_ztXdjeYcJeSc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in">Total Financial Assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">454,517,949</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0785">-</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">440,999,483</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,518,466</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--FinancialLiabilitiesAbstract_iI_zlznduYfOqsl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Financial Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueDisclosure_iI_zcKIH0DYUFJh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 9pt">Mortgage Secured Notes Payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">386,335,219</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0795">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">386,335,219</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0797">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--WarehouseLineofCredit_iI_zhXcCxnCdLj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Warehouse Line of Credit</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36,150,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0800">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36,150,000</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0802">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--TotalFinancialLiabilities_iI_zWyp0po9a731" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in">Total Financial Liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">422,485,219</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0805">-</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">422,485,219</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0807">-</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_491_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zanB7G3ojlUk" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_497_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zXITzN9wIuQc" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_49D_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zSbYUSEV1sQe" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_490_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z67mK6is20W" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"><span style="text-decoration: underline">December 31, 2021</span></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40F_eus-gaap--FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract_iB_zVf12ypu1Ye1" style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">Financial Assets</td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr id="xdx_406_eus-gaap--AssetsFairValueDisclosure_iI_zq6s3wwjRwq7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; text-indent: 9pt">Mortgages Owned</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">326,312,345</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0815">-</span></td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">326,312,345</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0817">-</span></td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--AssetsFairValueDisclosure1_iI_zM9H7dxkiNog" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 9pt">Mortgage Servicing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,616,357</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0820">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0821">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,616,357</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--AssetsFairValueDisclosure2_iI_zZraKx6AAIhf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 9pt">Portfolio Loans</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,749,862</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0825">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,749,862</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0827">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--MarketableSecurities_iI_zB2K3g3pjhW2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 9pt">Non- MSN Securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">225,006</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0830">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0831">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">225,006</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--TotalFinancialAssets_iI_zZ1anGzkAWQ1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in">Total Financial Assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">350,903,570</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0835">-</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">341,062,207</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,841,363</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_iB_zgk5vEks6hs4" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Financial Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LiabilitiesFairValueDisclosure_iI_zlGhJuIiU9o1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 9pt">Mortgage Secured Notes Payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">326,212,364</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0845">-</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">326,212,364</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0847">-</span></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
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<us-gaap:AssetsFairValueDisclosure contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel2Member" decimals="0" unitRef="USD"> 417102419 </us-gaap:AssetsFairValueDisclosure>
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<cik0001695963:AssetsFairValueDisclosure1 contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel3Member" decimals="0" unitRef="USD"> 13193466 </cik0001695963:AssetsFairValueDisclosure1>
<cik0001695963:AssetsFairValueDisclosure2 contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember" decimals="0" unitRef="USD"> 23897064 </cik0001695963:AssetsFairValueDisclosure2>
<cik0001695963:AssetsFairValueDisclosure2 contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel2Member" decimals="0" unitRef="USD"> 23897064 </cik0001695963:AssetsFairValueDisclosure2>
<us-gaap:MarketableSecurities contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember" decimals="0" unitRef="USD"> 325000 </us-gaap:MarketableSecurities>
<us-gaap:MarketableSecurities contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel3Member" decimals="0" unitRef="USD"> 325000 </us-gaap:MarketableSecurities>
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<cik0001695963:TotalFinancialAssets contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel2Member" decimals="0" unitRef="USD"> 440999483 </cik0001695963:TotalFinancialAssets>
<cik0001695963:TotalFinancialAssets contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel3Member" decimals="0" unitRef="USD"> 13518466 </cik0001695963:TotalFinancialAssets>
<us-gaap:LiabilitiesFairValueDisclosure contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember" decimals="0" unitRef="USD"> 386335219 </us-gaap:LiabilitiesFairValueDisclosure>
<us-gaap:LiabilitiesFairValueDisclosure contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel2Member" decimals="0" unitRef="USD"> 386335219 </us-gaap:LiabilitiesFairValueDisclosure>
<cik0001695963:WarehouseLineofCredit contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember" decimals="0" unitRef="USD"> 36150000 </cik0001695963:WarehouseLineofCredit>
<cik0001695963:WarehouseLineofCredit contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel2Member" decimals="0" unitRef="USD"> 36150000 </cik0001695963:WarehouseLineofCredit>
<cik0001695963:TotalFinancialLiabilities contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember" decimals="0" unitRef="USD"> 422485219 </cik0001695963:TotalFinancialLiabilities>
<cik0001695963:TotalFinancialLiabilities contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel2Member" decimals="0" unitRef="USD"> 422485219 </cik0001695963:TotalFinancialLiabilities>
<us-gaap:AssetsFairValueDisclosure contextRef="AsOf2021-12-31_us-gaap_FairValueMeasurementsRecurringMember" decimals="0" unitRef="USD"> 326312345 </us-gaap:AssetsFairValueDisclosure>
<us-gaap:AssetsFairValueDisclosure contextRef="AsOf2021-12-31_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel2Member" decimals="0" unitRef="USD"> 326312345 </us-gaap:AssetsFairValueDisclosure>
<cik0001695963:AssetsFairValueDisclosure1 contextRef="AsOf2021-12-31_us-gaap_FairValueMeasurementsRecurringMember" decimals="0" unitRef="USD"> 9616357 </cik0001695963:AssetsFairValueDisclosure1>
<cik0001695963:AssetsFairValueDisclosure1 contextRef="AsOf2021-12-31_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel3Member" decimals="0" unitRef="USD"> 9616357 </cik0001695963:AssetsFairValueDisclosure1>
<cik0001695963:AssetsFairValueDisclosure2 contextRef="AsOf2021-12-31_us-gaap_FairValueMeasurementsRecurringMember" decimals="0" unitRef="USD"> 14749862 </cik0001695963:AssetsFairValueDisclosure2>
<cik0001695963:AssetsFairValueDisclosure2 contextRef="AsOf2021-12-31_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel2Member" decimals="0" unitRef="USD"> 14749862 </cik0001695963:AssetsFairValueDisclosure2>
<us-gaap:MarketableSecurities contextRef="AsOf2021-12-31_us-gaap_FairValueMeasurementsRecurringMember" decimals="0" unitRef="USD"> 225006 </us-gaap:MarketableSecurities>
<us-gaap:MarketableSecurities contextRef="AsOf2021-12-31_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel3Member" decimals="0" unitRef="USD"> 225006 </us-gaap:MarketableSecurities>
<cik0001695963:TotalFinancialAssets contextRef="AsOf2021-12-31_us-gaap_FairValueMeasurementsRecurringMember" decimals="0" unitRef="USD"> 350903570 </cik0001695963:TotalFinancialAssets>
<cik0001695963:TotalFinancialAssets contextRef="AsOf2021-12-31_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel2Member" decimals="0" unitRef="USD"> 341062207 </cik0001695963:TotalFinancialAssets>
<cik0001695963:TotalFinancialAssets contextRef="AsOf2021-12-31_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel3Member" decimals="0" unitRef="USD"> 9841363 </cik0001695963:TotalFinancialAssets>
<us-gaap:LiabilitiesFairValueDisclosure contextRef="AsOf2021-12-31_us-gaap_FairValueMeasurementsRecurringMember" decimals="0" unitRef="USD"> 326212364 </us-gaap:LiabilitiesFairValueDisclosure>
<us-gaap:LiabilitiesFairValueDisclosure contextRef="AsOf2021-12-31_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_FairValueInputsLevel2Member" decimals="0" unitRef="USD"> 326212364 </us-gaap:LiabilitiesFairValueDisclosure>
<us-gaap:FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_89E_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zktaaEDcxDV2" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><span id="xdx_8B2_zKwROLZoEVI4">The following table presents a reconciliation of changes in Level 3 assets and liabilities reported in the Consolidated Statements of Financial Condition for June 30, 2022:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; font-style: italic">Changes in assets:</td><td> </td> <td colspan="2" id="xdx_49E_20220101__20220630__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zttlIkPsZNGh" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" id="xdx_499_20220101__20220630__us-gaap--LongtermDebtTypeAxis__custom--SecuritiesMember_z1qHM9xztvDi" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" id="xdx_49D_20220101__20220630_zmhfYr9ZU318" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Period ended June 30, 2022</td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Mortgage Servicing <br/> Value</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Non- MSN <br/> Securities</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">Total Value</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr id="xdx_409_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_zkWBPy6Q8G9k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-indent: 8pt">Beginning balance at January 1, 2022</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">9,616,357</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">225,006</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">9,841,363</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_ziA6ekmiw686" style="vertical-align: bottom; background-color: White"> <td style="text-indent: 8pt">Purchases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0855">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTrades_z7SvAuoFryma" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 8pt">Trades</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0859">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0860">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0861">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_ze3wsKJJGiS3" style="vertical-align: bottom; background-color: White"> <td style="text-indent: 8pt">Sales</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0863">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues_z6ei8hAG1jpe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 8pt">Issues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0867">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0868">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0869">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements_znlwLRXMItnh" style="vertical-align: bottom; background-color: White"> <td style="text-indent: 8pt">Settlements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0871">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0872">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0873">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_zNkKb5ivSeP" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 8pt">Net realized gain/loss or Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0875">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0876">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0877">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease_zaPn3nnjrMta" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 8pt">Unrealized Gain from newly issued mortgages</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,041,144</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0880">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,041,144</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AssetsFairValueAdjustment_z37mlwP2PeLf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 8pt">Fair Value adjustment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(464,035</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0884">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(464,035</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3_zTz5jobe63f9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 8pt">Transfers into Level 3</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0887">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0888">-</span></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0889">-</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3_zooXvn1RzeV2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 8pt">Transfers out of Level 3</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0891">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0892">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0893">-</span></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_zWy8cCHpzFu7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Ending balance at June 30, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,193,466</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">325,000</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,518,466</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
</us-gaap:FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue contextRef="AsOf2021-12-31_us-gaap_MortgagesMember" decimals="0" unitRef="USD"> 9616357 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue contextRef="AsOf2021-12-31_custom_SecuritiesMember" decimals="0" unitRef="USD"> 225006 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue contextRef="AsOf2021-12-31" decimals="0" unitRef="USD"> 9841363 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases contextRef="From2022-01-012022-06-30_custom_SecuritiesMember" decimals="0" unitRef="USD"> 100000 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases contextRef="From2022-01-01to2022-06-30" decimals="0" unitRef="USD"> 100000 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales contextRef="From2022-01-012022-06-30_custom_SecuritiesMember" decimals="0" unitRef="USD"> -6 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales contextRef="From2022-01-01to2022-06-30" decimals="0" unitRef="USD"> -6 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease contextRef="From2022-01-012022-06-30_us-gaap_MortgagesMember" decimals="0" unitRef="USD"> 4041144 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease contextRef="From2022-01-01to2022-06-30" decimals="0" unitRef="USD"> 4041144 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease>
<us-gaap:AssetsFairValueAdjustment contextRef="From2022-01-012022-06-30_us-gaap_MortgagesMember" decimals="0" unitRef="USD"> -464035 </us-gaap:AssetsFairValueAdjustment>
<us-gaap:AssetsFairValueAdjustment contextRef="From2022-01-01to2022-06-30" decimals="0" unitRef="USD"> -464035 </us-gaap:AssetsFairValueAdjustment>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue contextRef="AsOf2022-06-30_us-gaap_MortgagesMember" decimals="0" unitRef="USD"> 13193466 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue contextRef="AsOf2022-06-30_custom_SecuritiesMember" decimals="0" unitRef="USD"> 325000 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 13518466 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue>
<us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_89A_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zaNSij809RF7" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_8BB_zFuHSlwCIM6b">The following table presents quantitative information regarding the significant unobservable inputs the Company uses to determine the fair value of Level 3 investments held as of June 30, 2022:</span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"><span style="text-decoration: underline">Investment type</span></td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"><span style="text-decoration: underline">Fair Value</span></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"><span style="text-decoration: underline">Valuation technique</span></td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"><span style="text-decoration: underline">Unobservable inputs</span></td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; white-space: nowrap; text-align: center"><span style="text-decoration: underline">Values</span></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 18%; text-align: left"> Mortgage servicing</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td id="xdx_98C_ecustom--AssetsFairValueDisclosure1_iI_c20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--MortgageServicingMember_zdnk8XH9atc1" style="white-space: nowrap; width: 15%; text-align: right" title="Fair Value">13,193,466</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td id="xdx_982_ecustom--FairVAlueMeasurementValuationTechnique_c20220101__20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--MortgageServicingMember_zOd0mFSI8nj3" style="white-space: nowrap; width: 22%; text-align: center" title="Valuation technique">Net Present Value</td><td style="white-space: nowrap; width: 1%"> </td> <td id="xdx_981_ecustom--FairVAlueMeasurementUnobservableInput_c20220101__20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--MortgageServicingMember_z1zDk3Cf6Tlk" style="white-space: nowrap; width: 22%; text-align: right" title="Unobservable inputs">Prepayment Discount</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 15%; text-align: right"><span id="xdx_903_eus-gaap--ServicingAssetMeasurementInput_iI_pii_dp_uPure_c20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--MortgageServicingMember_zt8FvB27jdE3" title="Value">9.5</span>8</td><td style="white-space: nowrap; width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td> </td><td> </td> <td id="xdx_984_ecustom--FairVAlueMeasurementUnobservableInput_c20220101__20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--MortgageServicing1Member_zvFydf1jfpQe" style="text-align: right" title="Unobservable inputs">Discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--ServicingAssetMeasurementInput_iI_pii_dp_uPure_c20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--MortgageServicing1Member_z4ShyGCzJ7F" title="Value">15.00</span></td><td style="white-space: nowrap; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Non-MSN Securities</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_ecustom--AssetsFairValueDisclosure1_iI_c20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--SecuritiesMember_zTCnMebADN8b" style="text-align: right" title="Fair Value">325,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td id="xdx_98F_ecustom--FairVAlueMeasurementValuationTechnique_c20220101__20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__custom--SecuritiesMember_zE9NcAXtCWU3" style="text-align: center" title="Valuation technique">Net Par Value</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> </table>
</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock>
<cik0001695963:AssetsFairValueDisclosure1 contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember_custom_MortgageServicingMember" decimals="0" unitRef="USD"> 13193466 </cik0001695963:AssetsFairValueDisclosure1>
<cik0001695963:FairVAlueMeasurementValuationTechnique contextRef="From2022-01-012022-06-30_us-gaap_FairValueMeasurementsRecurringMember_custom_MortgageServicingMember"> Net Present Value </cik0001695963:FairVAlueMeasurementValuationTechnique>
<cik0001695963:FairVAlueMeasurementUnobservableInput contextRef="From2022-01-012022-06-30_us-gaap_FairValueMeasurementsRecurringMember_custom_MortgageServicingMember"> Prepayment Discount </cik0001695963:FairVAlueMeasurementUnobservableInput>
<us-gaap:ServicingAssetMeasurementInput contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember_custom_MortgageServicingMember" decimals="INF" unitRef="Pure"> 0.095 </us-gaap:ServicingAssetMeasurementInput>
<cik0001695963:FairVAlueMeasurementUnobservableInput contextRef="From2022-01-012022-06-30_us-gaap_FairValueMeasurementsRecurringMember_custom_MortgageServicing1Member"> Discount rate </cik0001695963:FairVAlueMeasurementUnobservableInput>
<us-gaap:ServicingAssetMeasurementInput contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember_custom_MortgageServicing1Member" decimals="INF" unitRef="Pure"> 0.1500 </us-gaap:ServicingAssetMeasurementInput>
<cik0001695963:AssetsFairValueDisclosure1 contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember_custom_SecuritiesMember" decimals="0" unitRef="USD"> 325000 </cik0001695963:AssetsFairValueDisclosure1>
<cik0001695963:FairVAlueMeasurementValuationTechnique contextRef="From2022-01-012022-06-30_us-gaap_FairValueMeasurementsRecurringMember_custom_SecuritiesMember"> Net Par Value </cik0001695963:FairVAlueMeasurementValuationTechnique>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_809_eus-gaap--IncomeTaxDisclosureTextBlock_z0JeiezPasV" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>NOTE 13 – <span id="xdx_827_zcSl9YdYPSr9">INCOME TAXES</span></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The provision for income taxes was $<span id="xdx_90C_eus-gaap--IncomeTaxExpenseBenefit_c20220101__20220630_pp0p0" title="Provision for income taxes">1,067,117</span> for the six months ended June 30, 2022. The effective tax rate was <span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20220630_zOmfR05YAAeg" title="Effective tax rate">26</span>% of the income before income taxes of $<span id="xdx_900_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_c20220101__20220630_pp0p0" title="Income before income taxes">4,177,029</span>, which differs from the federal statutory rate of <span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_c20220101__20220630_zNMtWDunvfla" title="Statutory corporate tax rate">21</span>% due to the effect of state income taxes and certain of the Company’s expenses that are not deductible for tax purposes.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">The provision for income taxes was $<span id="xdx_90C_eus-gaap--IncomeTaxExpenseBenefit_pp0p0_c20210101__20210630_zO1byxP2gi64">807,762</span> for the six months ended June 30, 2021. The effective tax rate was <span id="xdx_90F_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20210101__20210630_zyBuJY4isFD1">25.7</span>% of the income before income taxes of $<span id="xdx_90D_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pp0p0_c20210101__20210630_zIZj4I2XgtC1" title="Income before income taxes">3,141,235</span>, which differs from the federal statutory rate of <span id="xdx_902_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_c20210101__20210630_z3tI9gcPtAD9">21</span>% due to state income taxes and certain of the Company’s expenses that are not deductible for tax purposes.</p>
</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:IncomeTaxExpenseBenefit contextRef="From2022-01-01to2022-06-30" decimals="0" unitRef="USD"> 1067117 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="From2022-01-01to2022-06-30" decimals="INF" unitRef="Pure"> 0.26 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="From2022-01-01to2022-06-30" decimals="0" unitRef="USD"> 4177029 </us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>
<us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes contextRef="From2022-01-01to2022-06-30" decimals="INF" unitRef="Pure"> 0.21 </us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes>
<us-gaap:IncomeTaxExpenseBenefit contextRef="From2021-01-012021-06-30" decimals="0" unitRef="USD"> 807762 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="From2021-01-012021-06-30" decimals="INF" unitRef="Pure"> 0.257 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="From2021-01-012021-06-30" decimals="0" unitRef="USD"> 3141235 </us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>
<us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes contextRef="From2021-01-012021-06-30" decimals="INF" unitRef="Pure"> 0.21 </us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_808_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zBDLQKu08Cr6" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>NOTE 14 – <span id="xdx_820_zOfTYM1LvxCc">PROPERTY AND EQUIPMENT</span></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p id="xdx_89E_eus-gaap--PropertyPlantAndEquipmentTextBlock_zMV9VOFpI285" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">Property and Equipment are summarized as follows:</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"><span id="xdx_8B2_z3zpVyH24Lkl" style="display: none; visibility: hidden">Schedule of property and equipment</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto"> <tr style="vertical-align: bottom"> <td colspan="4" style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="text-decoration: underline">June 30, 2022</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%">Equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentGross_c20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_pp0p0" style="width: 20%; text-align: right" title="Total">229,177</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Furniture and fixtures</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentGross_c20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_pp0p0" style="border-bottom: Black 1pt solid; text-align: right" title="Total">182,907</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20220630_z4wDC93mRAH6" style="text-align: right" title="Gross Property Equipment">412,084</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20220630_zrXvcwMyEs9b" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated depreciation">(119,829</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 54pt; text-align: left; padding-bottom: 2.5pt">Net Property Equipment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentNet_iI_pp0p0_c20220630_zr5B3tlfYnCl" style="border-bottom: Black 2.5pt double; text-align: right" title="Net Property Equipment">292,255</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto"> <tr style="vertical-align: bottom"> <td colspan="4" style="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: center"><span style="text-decoration: underline">December 31, 2021</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%">Equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zDLKJ9W2CCuk" style="width: 20%; text-align: right" title="Total">210,953</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Furniture and fixtures</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z4ulu53Yxwt7" style="border-bottom: Black 1pt solid; text-align: right" title="Total">178,672</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20211231_zZNrHhNHKr0a" style="text-align: right" title="Total">389,625</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20211231_zGaDLuKQHtUf" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment">(85,422</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 54pt; text-align: left; padding-bottom: 2.5pt">Net Property Equipment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentNet_iI_pp0p0_c20211231_ze0RfJcfGcJ8" style="border-bottom: Black 2.5pt double; text-align: right" title="Property, Plant and Equipment, Net">304,203</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AE_z0jg9TxTjpB2" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify; background-color: white">Depreciation expense for the periods ending June 30, 2022 and June 30, 2021 was $<span id="xdx_90E_eus-gaap--DepreciationExpenseOnReclassifiedAssets_pp0p0_c20220101__20220630_zR7xiZvo7Wfe" title="Depreciation expense">34,407</span> and $<span id="xdx_904_eus-gaap--DepreciationExpenseOnReclassifiedAssets_pp0p0_c20210101__20210630_zl0P82H6Qpq4">16,193</span>, respectively.</p>
</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_89E_eus-gaap--PropertyPlantAndEquipmentTextBlock_zMV9VOFpI285" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-align: justify">Property and Equipment are summarized as follows:</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"><span id="xdx_8B2_z3zpVyH24Lkl" style="display: none; visibility: hidden">Schedule of property and equipment</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto"> <tr style="vertical-align: bottom"> <td colspan="4" style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="text-decoration: underline">June 30, 2022</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%">Equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentGross_c20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_pp0p0" style="width: 20%; text-align: right" title="Total">229,177</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Furniture and fixtures</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentGross_c20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_pp0p0" style="border-bottom: Black 1pt solid; text-align: right" title="Total">182,907</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20220630_z4wDC93mRAH6" style="text-align: right" title="Gross Property Equipment">412,084</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20220630_zrXvcwMyEs9b" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated depreciation">(119,829</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 54pt; text-align: left; padding-bottom: 2.5pt">Net Property Equipment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentNet_iI_pp0p0_c20220630_zr5B3tlfYnCl" style="border-bottom: Black 2.5pt double; text-align: right" title="Net Property Equipment">292,255</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto"> <tr style="vertical-align: bottom"> <td colspan="4" style="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: center"><span style="text-decoration: underline">December 31, 2021</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%">Equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zDLKJ9W2CCuk" style="width: 20%; text-align: right" title="Total">210,953</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Furniture and fixtures</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z4ulu53Yxwt7" style="border-bottom: Black 1pt solid; text-align: right" title="Total">178,672</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20211231_zZNrHhNHKr0a" style="text-align: right" title="Total">389,625</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20211231_zGaDLuKQHtUf" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment">(85,422</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 54pt; text-align: left; padding-bottom: 2.5pt">Net Property Equipment</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentNet_iI_pp0p0_c20211231_ze0RfJcfGcJ8" style="border-bottom: Black 2.5pt double; text-align: right" title="Property, Plant and Equipment, Net">304,203</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
</us-gaap:PropertyPlantAndEquipmentTextBlock>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2022-06-30_us-gaap_EquipmentMember" decimals="0" unitRef="USD"> 229177 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2022-06-30_us-gaap_FurnitureAndFixturesMember" decimals="0" unitRef="USD"> 182907 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 412084 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 119829 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 292255 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2021-12-31_us-gaap_EquipmentMember" decimals="0" unitRef="USD"> 210953 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2021-12-31_us-gaap_FurnitureAndFixturesMember" decimals="0" unitRef="USD"> 178672 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2021-12-31" decimals="0" unitRef="USD"> 389625 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="AsOf2021-12-31" decimals="0" unitRef="USD"> 85422 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="AsOf2021-12-31" decimals="0" unitRef="USD"> 304203 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:DepreciationExpenseOnReclassifiedAssets contextRef="From2022-01-01to2022-06-30" decimals="0" unitRef="USD"> 34407 </us-gaap:DepreciationExpenseOnReclassifiedAssets>
<us-gaap:DepreciationExpenseOnReclassifiedAssets contextRef="From2021-01-012021-06-30" decimals="0" unitRef="USD"> 16193 </us-gaap:DepreciationExpenseOnReclassifiedAssets>
<cik0001695963:WarehouseLineOfCreditTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_80E_ecustom--WarehouseLineOfCreditTextBlock_z3NnwLpr1ZJ4" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify; background-color: white"><b>NOTE 15 – <span id="xdx_82D_z2BoPhExmgJ1">WAREHOUSE LINE OF CREDIT</span></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify; background-color: white">On March 31, 2022, The Company entered into a Master Repurchase Agreement and Securities Contract (the “<span style="text-decoration: underline">Agreement</span>”) with Signature Bank (“<span style="text-decoration: underline">Signature</span>”), for the provision of an uncommitted warehouse facility up to $<span id="xdx_909_eus-gaap--ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase_pp0p0_c20220101__20220331_zBvyBg4Qz7Bh" title="Repurchase of agreeement">100,000,000</span> (the “<span style="text-decoration: underline">Line</span>”). The Agreement provides for approximately a three-year term and may be terminated in accordance therein.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify; background-color: white">The Agreement provides that from time to time the Company may receive proceeds under the Line to originate first priority lien mortgages on real property. Signature will purchase the first lien commercial real estate mortgage loans (the “<span style="text-decoration: underline">Loans</span>”) pursuant to the Agreement. Each of the Loans will be originated in accordance with the underwriting and ratings criteria of the Company as further described in the Agreement. The Company will repurchase the Loans from Signature coincident with securitization or other disposition or pooling of the Loans under the terms and timeframes set forth in more detail in the Agreement.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify; background-color: white">The Line has a back-up security interest grant secured by collateral specified in the Agreement in the event the Agreement is recharacterized as a secured loan. The Agreement contains financial covenants of the Company, including limitations on the Company’s incurrence of certain debt and requirements that the Company maintain certain financial ratios and minimum net worth.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify; background-color: white">The Company is in compliance with these covenants as of and for the quarter ended June 30, 2022.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify; background-color: white">The Line is floating rate and both the haircut percentage and SOFR-linked interest rate spread vary according to property type and time on the line. The Line offers up to 75% leverage on investment grade loans and is designed for 30 to 90 day hold periods, but can accommodate up to a 12 month holding period, with decreasing leverage as time passes.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify; background-color: white">In connection with entering into the Line, the Company incurred loans fees of approximately $<span id="xdx_90B_eus-gaap--PaymentsForLoans_c20220101__20220630_pp0p0" title="Loans fees">1,589,783</span> which is netted against the amount drawn on the line and is included in the warehouse line of credit, net in the accompanying consolidated balance sheets. Loans fees associated with the Line will be amortized on a straight-line basis over the term of the Line.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify; background-color: white">As of June 30, 2022, the Company had a balance of $<span id="xdx_903_ecustom--WarehouseCosts_iI_c20220630_zTpJCauKAohk" title="Warehouse costs">36,150,000</span> on the warehouse line net the costs associated with the final Agreement which is shown on the balance sheet as Warehouse line of credit, net. Total amortization expense for six months ended June 30, 2022 and recorded as interest expense is $<span id="xdx_902_ecustom--InterestExpense1_c20220101__20220630_ztX6y4qdNPed" title="Interest expense">94,556</span>.</p>
</cik0001695963:WarehouseLineOfCreditTextBlock>
<us-gaap:ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase contextRef="From2022-01-012022-03-31" decimals="0" unitRef="USD"> 100000000 </us-gaap:ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase>
<us-gaap:PaymentsForLoans contextRef="From2022-01-01to2022-06-30" decimals="0" unitRef="USD"> 1589783 </us-gaap:PaymentsForLoans>
<cik0001695963:WarehouseCosts contextRef="AsOf2022-06-30" decimals="0" unitRef="USD"> 36150000 </cik0001695963:WarehouseCosts>
<cik0001695963:InterestExpense1 contextRef="From2022-01-01to2022-06-30" decimals="0" unitRef="USD"> 94556 </cik0001695963:InterestExpense1>
<us-gaap:SubsequentEventsPolicyPolicyTextBlock contextRef="From2022-01-01to2022-06-30">
<p id="xdx_808_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zs6JChqurMei" style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify; background-color: white"><b>NOTE 16 – <span id="xdx_825_z27Kp4FOeQB2">SUBSEQUENT EVENTS</span></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify">The Company has evaluated all events or transactions that occurred after June 30, 2022, through the date of these financial statements, which is the date that the consolidated financial statements were available to be issued. During this period, there were no material subsequent events requiring disclosure, other than those noted below.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify">On July 28, 2022 KDM entered into a material agreement with its new wholly owned subsidiary, KDM Funding I LLC (“KDMF”), and Delaware Trust Company for an additional trust indenture under which KDMF will issue MSNs. The Company will service the loans as well as be the paying agent and authenticating agent for KDMF. The Company also signed a revised Master Purchase Agreement with J. W. Korth & Company to be the initial purchaser of its MSNs. Please see the current report Form 8-K filed with the Commission on August 5, 2022 for more information.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify">KDM and its subsidiaries have issued $86,880,000 MSNs between June 30, 2022 and the date of this filing. However, $22,000,000 were redeemed during the same period under the special redemption clause of the notes. Coincident with issuance, the warehouse line balance has been reduced by approximately $33,000,000.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify">On August 12, 2022 the Company bought in <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_pid_uShares_c20220811__20220812__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_z4884CmeMQM3" title="Series A preferred stock (in shares)">480,000</span> shares of its Series A preferred for $<span id="xdx_907_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20220812__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zs5dEiAFAQI4" title="Series A preferred stock, par value (in dollar per share)">25.25</span> per share for a total of $<span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodValuePurchaseOfAssets_c20220811__20220812__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zifGsBmDF8c3" title="Series A preferred stock value">12,120,000</span>.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 18pt; text-align: justify; background-color: white">See “Status of KDM Loans” for updates on our loans.</p>
</us-gaap:SubsequentEventsPolicyPolicyTextBlock>
<us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets contextRef="From2022-08-112022-08-12_us-gaap_SubsequentEventMember_us-gaap_SeriesAPreferredStockMember" decimals="INF" unitRef="Shares"> 480000 </us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets>
<us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2022-08-12_us-gaap_SubsequentEventMember_us-gaap_SeriesAPreferredStockMember" decimals="INF" unitRef="USDPShares"> 25.25 </us-gaap:PreferredStockParOrStatedValuePerShare>
<us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets contextRef="From2022-08-112022-08-12_us-gaap_SubsequentEventMember_us-gaap_SeriesAPreferredStockMember" decimals="0" unitRef="USD"> 12120000 </us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets>
</xbrl>

8 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/16/21  Korth Direct Mortgage Inc.        10-Q        6/30/21   68:3.9M                                   Securex Filings/FA
 7/01/21  Korth Direct Mortgage Inc.        8-K:3,5,7,9 6/30/21    6:268K                                   Securex Filings/FA
10/07/20  Korth Direct Mortgage Inc.        8-K:1,9     9/30/20    2:327K                                   Securex Filings/FA
 8/06/20  Korth Direct Mortgage Inc.        8-K:1,2,3,9 7/31/20    2:49K                                    Securex Filings/FA
 6/28/19  Korth Direct Mortgage Inc.        8-K:5,9     6/28/19    2:112K                                   Securex Filings/FA
 6/12/19  Korth Direct Mortgage Inc.        8-K:3,5,9   6/07/19    5:322K                                   Securex Filings/FA
11/13/18  Korth Direct Mortgage Inc.        10-Q        9/30/18   37:1.4M                                   Securex Filings/FA
11/20/17  Korth Direct Mortgage Inc.        S-1/A11/17/17    7:2.2M                                   Securex Filings/FA
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