Sachem Capital (SACH) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 05, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity File Number	001-37997
Entity Registrant Name	SACHEM CAPITAL CORP.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	81-3467779
Entity Address, Address Line One	698 Main Street,
Entity Address, City or Town	Branford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06405
City Area Code	203
Local Phone Number	433-4736
Entity Current Reporting Status	Yes
Entity Central Index Key	0001682220
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Trading Symbol	SACH
Entity Common Stock, Shares Outstanding		22,124,801
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Shares, par value $.001 per share
Security Exchange Name	NYSE

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 5,384,073	$ 18,841,937
Investments	27,688,794	15,949,802
Mortgages receivable	124,131,879	94,348,689
Interest and fees receivable	1,551,333	1,370,998
Other receivables	87,307	141,397
Due from borrowers	1,501,470	840,930
Prepaid expenses	106,816	24,734
Property and equipment, net	1,418,442	1,346,396
Deposits on property and equipment	172,210	71,680
Real estate owned	7,523,584	8,258,082
Deferred financing costs	66,086	16,600
Total assets	169,631,994	141,211,245
Liabilities:
Notes payable (net of deferred financing costs of $3,074,115 and $2,687,190)	69,452,636	55,475,810
Mortgage payable	771,785	784,081
Line of credit	12,080,569	0
Accounts payable and accrued expenses	522,453	249,879
Other loans	257,845	0
Security deposits held	13,416	7,800
Advances from borrowers	1,413,974	848,268
Deferred revenue	1,114,721	1,205,740
Notes payable	60,130	75,433
Accrued interest	80,672	3,416
Total liabilities	85,768,201	58,650,427
Commitments and Contingencies
Shareholders' equity:
Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued	0	0
Common stock - $.001 par value; 100,000,000 shares authorized; 22,117,301 issued and outstanding	22,117	22,117
Paid-in capital	83,810,276	83,856,308
Accumulated other comprehensive loss	(37,596)	(50,878)
Retained earnings (accumulated deficit)	68,996	(1,266,729)
Total shareholders' equity	83,863,793	82,560,818
Total liabilities and shareholders' equity	$ 169,631,994	$ 141,211,245

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
BALANCE SHEETS
Deferred financing costs	$ 3,074,115	$ 2,687,190
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	22,117,301	22,117,301
Common Stock, Shares, Outstanding	22,117,301	22,117,301

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue:
Interest income from loans	$ 3,473,304	$ 2,442,750	$ 9,640,387	$ 7,509,155
Interest income on investments	32,483	28,148	163,161	28,148
Gain/(loss)on sale of investment securities	(21,858)	0	415,301	0
Origination fees, net	393,097	497,237	1,551,652	1,202,777
Late and other fees	10,955	18,149	46,835	205,182
Processing fees	37,445	44,870	123,568	121,470
Rental income, net	9,593	9,446	49,777	82,350
Other income	336,789	325,523	904,071	622,054
Net gain on sale of real estate	0	12,927	0	20,076
Total revenue	4,271,808	3,379,050	12,894,752	9,791,212
Operating costs and expenses:
Interest and amortization of deferred financing costs	1,262,278	537,878	3,564,533	1,611,332
Compensation, fees and taxes	496,058	476,404	1,220,412	1,325,822
Stock based compensation	4,107	4,107	12,321	12,327
Professional fees	158,206	105,053	400,868	259,275
Other expenses and taxes	26,247	39,355	61,484	70,683
Exchange fees	22,713	11,343	29,986	32,850
Expense in connection with termination of LOC	0	0	0	779,641
Impairment	0	0	495,000	0
Net loss on sale of real estate	2,816	0	7,276	0
Depreciation	15,348	18,618	46,318	44,286
General and administrative expenses	145,251	131,206	412,677	400,561
Total operating costs and expenses	2,133,024	1,323,964	6,250,875	4,536,777
Net income	2,138,784	2,055,086	6,643,877	5,254,435
Other comprehensive income (loss)
Unrealized gain (loss) on investment securities	(72,785)	0	13,282	0
Comprehensive income	$ 2,065,999	$ 2,055,086	$ 6,657,159	$ 5,254,435
Basic and diluted net income per common share outstanding:
Basic	$ 0.10	$ 0.10	$ 0.30	$ 0.30
Diluted	$ 0.10	$ 0.10	$ 0.30	$ 0.30
Weighted average number of common shares outstanding:
Basic	22,117,301	21,336,870	22,117,301	17,662,480
Diluted	22,117,301	21,336,870	22,117,301	17,622,480

STATEMENT OF CHANGES IN SHAREHO

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Common SharesATM	Common Shares	Additional Paid-in CapitalATM	Additional Paid-in Capital	Accumulated Other Comprehensive Income/(Loss)	(Accumulated Deficit) Retained Earnings	ATM	Total
Beginning balance at Dec. 31, 2018		$ 15,439		$ 53,192,859		$ (405,483)		$ 52,802,815
Beginning balance (in shares) at Dec. 31, 2018		15,438,621
Sales of stock	$ 4,333	$ 2,300	$ 19,832,267	10,668,202			$ 19,836,600	10,670,502
Sales of stock (in shares)		2,300,000
Exercise of warrants		$ 16		82,019				82,035
Exercise of warrants (in shares)		16,407
Stock based compensation				12,327				12,327
Dividends paid						(4,403,181)		(4,403,181)
Net income						5,254,435		5,254,435
Balance at Sep. 30, 2019		$ 22,088		83,787,674		445,771		84,255,533
Balance (in shares) at Sep. 30, 2019		22,088,325
Beginning balance at Jun. 30, 2019		$ 18,906		68,658,030		739,137		69,416,073
Beginning balance (in shares) at Jun. 30, 2019		18,905,586
Sales of stock	$ 866	$ 2,300	$ 4,375,320	10,668,202			$ 4,376,186	10,670,502
Sales of stock (in shares)	866,332	2,300,000
Exercise of warrants		$ 16		82,019				82,035
Exercise of warrants (in shares)		16,407
Stock based compensation				4,103				4,103
Dividends paid						(2,348,452)		(2,348,452)
Net income						2,055,086		2,055,086
Balance at Sep. 30, 2019		$ 22,088		83,787,674		445,771		84,255,533
Balance (in shares) at Sep. 30, 2019		22,088,325
Beginning balance at Dec. 31, 2019		$ 22,117		83,856,308	$ (50,878)	(1,280,011)		82,547,536
Beginning balance (in shares) at Dec. 31, 2019		22,117,301
Offering costs-ATM				(58,353)				(58,353)
Stock based compensation				12,321				12,321
Unrealized gain on marketable securities					13,282			13,282
Dividends paid						(5,308,152)		(5,308,152)
Net income						6,657,159		6,657,159
Balance at Sep. 30, 2020		$ 22,117		83,810,276	(37,596)	68,996		83,863,793
Balance (in shares) at Sep. 30, 2020		22,117,301
Beginning balance at Jun. 30, 2020		$ 22,117		83,806,169	35,189	584,288		84,447,763
Beginning balance (in shares) at Jun. 30, 2020		22,117,301
Stock based compensation				4,107				4,107
Unrealized gain on marketable securities					(72,785)			(72,785)
Dividends paid						(2,654,076)		(2,654,076)
Net income						2,138,784		2,138,784
Balance at Sep. 30, 2020		$ 22,117		$ 83,810,276	$ (37,596)	$ 68,996		$ 83,863,793
Balance (in shares) at Sep. 30, 2020		22,117,301

STATEMENTS OF CASH FLOW

STATEMENTS OF CASH FLOW - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 6,643,877	$ 5,254,435
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs	357,497	159,872
Depreciation expense	46,318	44,286
Stock based compensation	12,321	12,327
Impairment loss	495,000	0
Loss (gain) on sale of real estate	7,276	(20,076)
Abandonment of office furniture	0	12,000
Costs in connection with termination of line of credit		439,446
Realized gain on investments	(415,301)	0
(Increase) decrease in:
Escrow deposits	0	12,813
Interest and fees receivable	(180,335)	(454,487)
Other receivables	54,090	(67,237)
Due from borrowers	(273,202)	2,122,939
Prepaid expenses	(82,082)	(22,305)
Deposits on property and equipment	(100,530)	(37,881)
(Decrease) increase in:
Due to note purchaser	0	(176,619)
Accrued interest	77,256	3,323
Accounts payable and accrued expenses	272,574	(159,512)
Deferred revenue	(91,019)	9,261
Advances from borrowers	565,706	180,889
Total adjustments	745,569	2,059,039
NET CASH PROVIDED BY OPERATING ACTIVITIES	7,389,446	7,313,474
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments	(37,216,177)	0
Proceeds from the sale of investments	25,905,769	0
Proceeds from sale of real estate owned	1,816,522	362,136
Acquisitions of and improvements to real estate owned	(1,584,300)	(443,217)
Purchase of property and equipment	(118,364)	(196,603)
Security deposits held	5,616	0
Principal disbursements for mortgages receivable	(68,029,798)	(42,163,704)
Principal collections on mortgages receivable	37,859,270	27,917,331
NET CASH USED FOR INVESTING ACTIVITIES	(41,361,462)	(14,524,057)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit	14,080,569	42,720,829
Repayment of line of credit	(2,000,000)	(69,939,952)
Proceeds from notes sold to shareholder	0	1,017,000
Repayment of notes sold to shareholder	0	(2,217,000)
Principal payments on mortgage payable	(12,296)	0
Principal payments on notes payable	(15,303)	0
Dividends paid	(5,308,152)	(7,027,746)
Financing costs incurred	(108,353)	(6,836)
Proceeds from other loans	257,845	0
Proceeds from mortgage payable	0	795,000
Repayment of mortgage payable	0	(297,837)
Proceeds from notes payable, net	0	68,634
Proceeds from issuance of common stock	0	30,736,148
Costs associated with the issuance of common stock	0	(147,002)
Gross proceeds from issuance of fixed rate notes	14,363,750	23,663,000
Financing costs incurred in connection with fixed rate notes	(743,908)	(1,307,571)
NET CASH PROVIDED BY FINANCING ACTIVITIES	20,514,152	18,056,667
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(13,457,864)	10,846,084
CASH AND CASH EQUIVALENTS- BEGINNING OF YEAR	18,841,937	158,859
CASH AND CASH EQUIVALENTS - END OF PERIOD	5,384,073	11,004,943
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Taxes paid	0	0
Interest paid	2,093,080	472,329
SUPPLEMENTAL INFORMATION-NON-CASH
Dividends declared and payable	$ 0	$ 0

STATEMENTS OF CASH FLOW (Parent

STATEMENTS OF CASH FLOW (Parenthetical) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020
STATEMENTS OF CASH FLOW
Real estate acquired in connection with the foreclosure of certain mortgages, inclusive of interest and other fees receivable	$ 2,265,927	$ 170,383
Purchase of equipment subject to capital lease	13,005
Reclassification of mortgage receivable	879,457
Remaining balance of mortgages receivable	$ 0

The Company

The Company	9 Months Ended
	Sep. 30, 2020
The Company
The Company	1. The Company Sachem Capital Corp. (the “Company”), a New York corporation, specializes in originating, underwriting, funding, servicing and managing a portfolio of first mortgage loans. The Company offers short term ( i.e. one ), secured, loans (sometimes referred to as “hard money” loans) to real estate owners and investors to fund their acquisition, renovation, development, rehabilitation or improvement of properties located primarily in Connecticut. The properties securing the Company’s loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate and may also be secured with additional collateral, such as other real estate owned by the borrower or its principals or a pledge of the ownership interests in the borrower by the principals thereof, as well as personal guarantees by the principals of the borrower. The Company does not lend to owner occupants. The Company’s primary underwriting criteria is a conservative loan to value ratio. In addition, the Company may make opportunistic real estate purchases apart from its lending activities. The Company believes it qualifies and has operated as a real estate investment trust since 2017.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies Unaudited Financial Statements The accompanying unaudited financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations for the interim periods are not necessarily indicative of the operating results to be attained in the entire fiscal year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on (a) assumptions that consider the Company’s past experience, (b) projections regarding the Company’s future operations and (c) general financial market and local and general economic conditions. Actual amounts could differ from those estimates. Cash and Cash Equivalents The Company considers all demand deposits, cashier’s checks, money market accounts and certificates of deposit with an original maturity of three months or less to be cash equivalents. The Company maintains its cash and cash equivalents at various financial institutions. The account balances typically exceed the Federal Deposit Insurance Corporation insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. The Company does not believe that the risk is significant. Allowance for Loan Loss The Company reviews each loan on a quarterly basis and evaluates the borrower’s ability to pay the monthly interest, the borrower’s likelihood of executing the original exit strategy, as well as the loan-to-value (LTV) ratio. Based on the analysis, management determines if any provisions for impairment of loans should be made and whether any loan loss reserves are required. Fair Value Measurements The framework for measuring fair value provides a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 820 are described as follows: Level 1 Level 2 ● quoted prices for similar assets or liabilities in active markets; ● quoted prices for identical or similar assets or liabilities in inactive markets; ● inputs other than quoted prices that are observable for the asset or liability; and ● inputs that are derived principally from or corroborated by observable market data by correlation or other means. ​ If the asset or liability has a specified (i.e., Level 3 Property and Equipment Land and building acquired in December 2016 to serve as the Company’s office facilities is stated at cost. The building is being depreciated using the straight-line method over its estimated useful life of 40 years. Expenditures for repairs and maintenance are charged to expense as incurred. The Company relocated its entire operations to this property in March 2019. Impairment of long-lived assets The Company continually monitors events or changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the undiscounted cash flows is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair market value of the assets. Deferred Financing Costs Costs incurred by the Company in connection with the public offering of its unsecured, unsubordinated notes, described in Note 6 - Notes Payable -- are being amortized over the term of the respective Notes. Revenue Recognition Interest income from the Company's loan portfolio is earned, over the loan period and is calculated using the simple interest method on principal amounts outstanding. Generally, the Company's loans provide for interest to be paid monthly in arrears. The Company does not accrue interest income on mortgages receivable that are more than 90 days past due. Origination fee revenue, generally 2%- 5% of the original loan principal amount, is collected at loan funding and in connection with the extension of loans, and is recognized ratably over the contractual life of the loan in accordance with ASC 310. Income Taxes The Company believes it qualifies as a Real Estate Investment Trust (REIT) for federal income tax purposes and made the election to be taxed as a REIT when it filed its 2017 federal income tax return. As a REIT, the Company is required to distribute at least 90% of its taxable income to its shareholders on an annual basis. The Company’s qualification as a REIT depends on its ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code of 1986, as amended, relating to, among other things, the sources of its income, the composition and values of its assets, its compliance with the distribution requirements applicable to REITs and the diversity of ownership of its outstanding common shares. So long as it qualifies as a REIT, the Company, generally, will not be subject to U.S. federal income tax on its taxable income distributed to its shareholders. However, if it fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal income tax at regular corporate rates and may also be subject to various penalties and may be precluded from re-electing REIT status for the four taxable years following the year during in which it lost its REIT qualification. The Company follows the provisions of FASB ASC Topic 740-10 “Accounting for Uncertainty in Income Taxes”, which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and disclosure required. Under this standard, an entity may only recognize or continue to recognize tax positions that meet a “more likely than not” threshold. Should the Company become liable for interest and penalties related to unrecognized tax benefits, such amounts would be included in interest expense. The Company has determined that there are no uncertain tax positions requiring accrual or disclosure in the accompanying financial statements as of September 30, 2020. Earnings Per Share Basic and diluted earnings per share are calculated in accordance with FASB ASC 260 “Earnings Per Share”. Under ASC 260, basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. The numerator in calculating both basic and diluted earnings per common share for each period is the reported net income. Recent Accounting Pronouncements In May 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-05, “Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief," which requires that entities use a new forward looking "expected loss" model that generally will result in the earlier recognition of an allowance for credit losses. This ASU allows entities to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost upon adoption of ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” The Company adopted both ASU 2016-13 and ASU 2019-05 effective January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s financial statements. Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the Company’s financial statements. Reclassifications Certain 2019 account balances have been reclassified to conform with the current year’s presentation. ​

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2020
Fair Value Measurement
Fair Value Measurement	3. Fair Value Measurement The fair value measurement level within the fair value hierarchy of an asset or liability is based on the lowest level of any input that is significant to the fair market value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following table sets forth by Level, within the fair value hierarchy, the Company’s assets at fair value as of September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Stocks and ETFs ​ $ 1,332,540 ​ ​ — ​ ​ — ​ $ 1,332,540 Fixed and Preferred Securities ​ $ 2,862,830 ​ ​ — ​ ​ — ​ $ 2,862,830 Mutual Funds ​ $ 23,493,424 ​ — ​ — ​ $ 23,493,424 Total Investments ​ $ 27,688,794 ​ ​ — ​ ​ — ​ $ 27,688,794 Real Estate Owned ​ ​ ​ $ 7,523,584 ​ $ 7,523,584 ​ Following is a description of the methodologies used for assets measured at fair value: ● Stocks and ETFs: Valued at the closing price reported on the active market on which such securities are traded. ● Fixed and Preferred Securities: Valued at the closing price reported on the active market on which such securities are traded. ● Mutual funds: Valued at the daily closing price reported by the fund. Mutual funds held by the Company are open-end mutual funds that are registered with the Securities and Exchange Commission (the “SEC”). These funds are required to publish their daily net asset values and to transact at that price. The mutual funds held by the Company are deemed to be actively traded. ● Real estate owned: The Company estimates fair values of real estate owned using market information such as recent sales contracts, appraisals, recent sales offers, assessed values or discounted cash value models.

Mortgages Receivable

Mortgages Receivable	9 Months Ended
	Sep. 30, 2020
Mortgages Receivable
Mortgages Receivable	4. Mortgages Receivable Mortgages Receivable The Company offers secured, non-bank loans to real estate owners and investors (also known as “hard money” loans) to fund their acquisition, renovation, development, rehabilitation or improvement of properties located primarily in Connecticut. The loans are secured by first mortgage liens on one or more properties owned by the borrower or related parties. In addition, each loan is personally guaranteed by the borrower or its principals, which guarantees may be collaterally secured as well. The loans are generally for a term of one to three years . The loans are initially recorded and carried thereafter, in the financial statements, at cost. All loans provide for monthly payments of interest only (in arrears) during the term of the loan and a “balloon” payment of the principal on the maturity date. For the nine-month periods ended September 30, 2020 and 2019, the aggregate amounts of loans funded by the Company were $68,029,798 and $42,163,704 , respectively, offset by principal repayments of $37,859,270 and $27,917,331 , respectively. At September 30, 2020, the Company’s portfolio included loans with outstanding principal balances up to approximately $3.2 million, with stated interest rates ranging from 5.0% to 13.0% and a default interest rate for non-payment of 18% . At September 30, 2020, no single borrower had loans outstanding representing more than 10% of the total balance of the loans outstanding. The Company will extend the term of a loan if, at the time of the extension, the loan and the borrower satisfy the Company’s underwriting requirements at the time of the extension. The Company treats a loan extension as a new loan. Credit Risk Credit risk profile based on loan activity as of September 30, 2020 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Mortgages Receivable Residential Commercial Land Mixed Use Mortgages September 30, 2020 ​ $ 83,885,131 ​ $ 29,316,495 ​ $ 7,222,077 ​ $ 3,708,176 ​ $ 124,131,879 December 31, 2019 ​ $ 71,605,920 ​ $ 16,122,990 ​ $ 5,639,979 ​ $ 979,800 ​ $ 94,348,689 ​ The following are the maturities of mortgages receivable as of September 30: ​ ​ ​ ​ ​ 2020 $ 40,472,468 2021 ​ 68,804,366 2022 ​ 12,471,850 2023 ​ 2,383,195 Total ​ $ 124,131,879 ​ At September 30, 2020, the Company’s mortgage loan portfolio included 480 mortgage loans, of which fourteen were the subject of foreclosure proceedings. The aggregate outstanding balances due on these fourteen loans as of September 30, 2020, including unpaid principal, accrued but unpaid interest and borrower fees, was approximately $4.0 million. In the case of each of these loans, the Company believes the value of the collateral exceeds the total amount due. In the second quarter of 2020, the Company restructured twenty-three loans, having an aggregate balance of $6.5 million at June 30, 2020, pursuant to forbearance requests by borrowers under a program the Company adopted in response to the COVID-19 pandemic. The total amount of interest deferred under these twenty-three loans was approximately $200,000. At September 30, 2020, eighteen of the original twenty-three forbearance loans, having an aggregate principal balance of $5.1 million and $146,000 of deferred interest, were still outstanding. Once a forbearance request is initiated by the borrower, the Company requests documentation to determine the validity of the request and if deemed valid and reasonable, the Company defers the borrower's payment of interest for a period of 90 days . A legal fee is the only charge passed on to the borrower. To qualify for forbearance, a borrower must be current on all its obligations to the Company.

Real Estate Owned

Real Estate Owned	9 Months Ended
	Sep. 30, 2020
Real Estate Owned
Real Estate Owned	5. Real Estate Owned Property purchased for rental or acquired through foreclosure are included on the balance sheet as real estate owned. As of September 30, 2020, and December 31, 2019, real estate owned totaled $7,523,584 and $8,258,082, respectively. As of September 30, 2020, real estate owned included $1,478,854 of real estate held for rental and $6,044,730 of real estate held for sale. In the first nine months of 2020, the Company recorded an impairment loss of $495,000 compared to an impairment loss of $-0- in the first nine months of 2019.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2020
Notes Payable
Notes Payable	6. Notes Payable At September 30, 2020, the Company had three series of unsecured unsubordinated notes issued and outstanding having an outstanding aggregate principal amount of of its 30, commencing September 30, 2019 for the June Notes, December 30, 2019 for the December Notes and December 30, 2020 for the September Notes . The June Notes, December Notes and September Notes mature, and all amounts outstanding thereunder including principal, accrued but unpaid interest and any other fees and costs, June 30, 2024, December 30, 2024 and September 30, 2025, respectively. So long as the Notes are outstanding, the Company is prohibited from making distributions in excess of 90% of its taxable income, incurring any additional indebtedness for borrowed money or purchasing any shares of its capital stock unless it has an “Asset Coverage Ratio” of at least 150% after giving effect to the payment of such dividend, the incurrence of such indebtedness or the application of the net proceeds, as the case may be. The Company may redeem the Notes, in whole or in part, without premium or penalty, at any time after June 25, 2021, in the case of the June Notes, November 7, 2021, in the case of the December Notes, and September 4, 2022, in case of the September Notes, upon at least 30 days ​

Line of Credit

Line of Credit	9 Months Ended
	Sep. 30, 2020
Line of Credit
Line of Credit	7. Line of Credit During the nine months ended September 30, 2020, the Company obtained a $12.1 million priority credit line from Wells Fargo, which is secured by the Company's portfolio of short-term securities. The credit line bears interest at a rate equal to 1.5% below the prime rate (1.75% at September 30, 2020).

Other income

Other income	9 Months Ended
	Sep. 30, 2020
Other income
Other income	8. Other income For the three-month and nine-months periods ended September 30, 2020 and 2019, other income consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ ​ ended September 30, ​ ended September 30, ​ ​ ​ 2020 2019 ​ 2020 2019 Income on borrower charges ​ $ 46,432 ​ $ 130,871 ​ $ 204,964 ​ $ 163,364 ​ Lender, modification and extension fees ​ 154,175 ​ 138,148 ​ 431,977 ​ 288,373 ​ In-house legal fees ​ 53,740 ​ 36,500 ​ 156,090 ​ 108,200 ​ Other income ​ 82,442 ​ 20,004 ​ 111,040 ​ 62,117 ​ Total ​ $ 336,789 ​ $ 325,523 ​ $ 904,071 ​ $ 622,054 ​ ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies
Commitments and Contingencies	9. Commitments and Contingencies Origination Fees Loan origination fees consist of points, generally 2%-5% of the original loan principal. These payments are amortized over the life of the loan for financial statement purposes. Original maturities of deferred revenue are as follows as of: ​ ​ ​ ​ ​ September 30, ​ ​ 2020 ​ $ 332,869 2021 ​ ​ 618,867 2022 ​ 158,506 2023 ​ 4,479 Total ​ $ 1,114,721 ​ In instances in which mortgages are repaid before their maturity date, the balance of any unamortized deferred revenue is recognized in full at the time of repayment. Unfunded Commitments At September 30, 2020, the Company was committed to an additional $13,342,248 in construction loans that can be drawn by the borrower when certain conditions are met. Other In the normal course of its business, the Company is named as a party-defendant because it is a mortgagee having interests in real properties that are being foreclosed upon, usually because the owner failed to pay property taxes. The Company actively monitors these actions and, in all cases, believes there remains sufficient value in the subject property to assure that no loan impairment exists. At September 30, 2020, there were eight such properties, representing approximately $1.3 million in mortgages receivable.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions
Related Party Transactions	10. Related Party Transactions In the ordinary course of business, the Company may originate, fund, manage and service loans to shareholders. The underwriting process on these loans is consistent with Company policy. The terms of such loans, including the interest rate, income, origination fees and other closing costs are the same as those applicable to loans made to unrelated third parties in the portfolio. As of September 30, 2020, and 2019, loans to known shareholders totaled $4,626,665 and $5,703,655, respectively. Interest income earned on these mortgage loans for the three- and nine-months ended September 30, 2020 was $129,956 and $397,293, respectively. Interest income earned on these mortgage loans for the three- and nine-months ended September 30, 2019 was $143,061 and $365,784, respectively. For each of the nine-month periods ended September 30, 2020 and 2019, the wife of the Company’s chief executive officer was paid $75,000 for accounting and financial reporting services provided to the Company.

Concentration of Credit Risk

Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2020
Concentration of Credit Risk
Concentration of Credit Risk	11. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and mortgage loans. The Company maintains its cash and cash equivalents with various financial institutions. Accounts at the financial institutions are insured by the Federal Deposit Insurance Corporation up to $250,000. The Company makes loans that are secured by first mortgage liens on real property located primarily (approximately 90%) in Connecticut. This concentration of credit risk may be affected by changes in economic or other conditions of the geographic area. Credit risks associated with the Company’s mortgage loan portfolio and related interest receivable are described in Note 4 - Mortgages Receivable.

Equity Financing Transactions

Equity Financing Transactions	9 Months Ended
	Sep. 30, 2020
Equity Financing Transactions
Equity Financing Transactions	12. Equity Financing Transactions During the nine-month period ended September 30, 2019, the Company generated approximately $32 million of gross proceeds from the sale of its securities as follows: (i) $20,465,203 from the sale of 4,340,456 common shares in an "at-the-market" offerings; (ii) $82,035 from the exercise of 16,407 warrants; and (iii) $11,500,000 from the sale of 2,300,000 common shares. A portion of the net proceeds from these transactions were used to repay, the outstanding balance on a credit facility maintained with Webster Business Credit Corporation, with the balance used as working capital and for general corporate purposes. On January 27, 2020, the Company filed a Registration Statement on Form S-3 with the SEC covering the offering and sale of up to $100 million of its securities, including common shares, preferred shares, debt securities, warrants, guaranties and units consisting of two or more classes of the foregoing securities. The registration statement became effective February 5, 2020.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events
Subsequent Events	13. Subsequent Events In October 2020, the Company sold an additional $14,000,000 aggregate principal amount of its September 2025 Notes. In connection with the offering of such notes, the Company granted the underwriters an option to purchase up to an additional $2.1 million aggregate principal amount of September 2025 Notes. The option expires November 20, 20120. On November 4, 2020, the Company paid a dividend of $0.12 per share, or $2,654,076 in the aggregate, to shareholders of record as of October 26, 2020.

COVID-19

COVID-19	9 Months Ended
	Sep. 30, 2020
COVID-19
COVID-19	14. COVID-19 On March 20, 2020, Governor Ned Lamont of Connecticut issued an executive order requiring all “non-essential” businesses to close effective 8:00 p.m., Monday, March 23, 2020, until further notice. During the second quarter of 2020, the State of Connecticut announced plans to re-open selected businesses pursuant to a three Phase reopening plan for those businesses deemed non-essential and closed due to the March 20, 2020 executive order. On May 20, 2020, Phase 1 of the re-opening plan was put in place, on June 17, 2020 Phase 2 was put into effect and on October 8, 2020 Phase 3 was put into effect. The compliance requirements for certain businesses to operate are difficult to administer, costly and in many situations not customer friendly. If these orders remain in effect for an extended period, it could disrupt the Company’s operations in a material way, resulting in reductions in revenues, net income, and cash flow. In addition, any disruption to the operations of a borrower could impair its ability to make monthly payments of interest, payments of insurance and/or taxes or to repay the outstanding balances on their loans at maturity. Furthermore, if a liquidity crisis were to develop, borrowers may not be able to refinance their loans when due. Finally, the spread of COVID-19 is having a negative impact on the overall economy, including on real estate values. If borrowers cannot sell their properties or the values of properties securing mortgage loans decline significantly, the borrowers may not be able to repay their loans when due. In addition, the filing and preparation of loan documents with the various recording offices may be delayed and currently there is only limited access to the Connecticut court system to process foreclosures and evictions. In the second quarter of 2020, the Company restructured twenty-three loans , having an aggregate balance of $6.5 million at June 30, 2020, pursuant to forbearance requests by borrowers under a program the Company adopted in response to the COVID-19 pandemic. The total amount of interest deferred under these twenty-three loans was approximately $200,000. At September 30, 2020, eighteen forbearance loans, having an aggregate principal balance of $5.1 million and $146,000 of deferred interest, were still outstanding. If there is a re-occurrence of the virus in Connecticut or the State mandates further business closures, the Company may be compelled to take measures to preserve its cash flow, including reducing operating expenses and dividend payments until the consequences of the outbreak subside. There may be other adverse consequences to the Company’s business, operations, and financial condition from the spread of COVID-19 that have not been considered.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Significant Accounting Policies
Unaudited Financial Statements	Unaudited Financial Statements The accompanying unaudited financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations for the interim periods are not necessarily indicative of the operating results to be attained in the entire fiscal year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on (a) assumptions that consider the Company’s past experience, (b) projections regarding the Company’s future operations and (c) general financial market and local and general economic conditions. Actual amounts could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all demand deposits, cashier’s checks, money market accounts and certificates of deposit with an original maturity of three months or less to be cash equivalents. The Company maintains its cash and cash equivalents at various financial institutions. The account balances typically exceed the Federal Deposit Insurance Corporation insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. The Company does not believe that the risk is significant.
Allowance for Loan Loss	Allowance for Loan Loss The Company reviews each loan on a quarterly basis and evaluates the borrower’s ability to pay the monthly interest, the borrower’s likelihood of executing the original exit strategy, as well as the loan-to-value (LTV) ratio. Based on the analysis, management determines if any provisions for impairment of loans should be made and whether any loan loss reserves are required.
Fair Value Measurements	Fair Value Measurements The framework for measuring fair value provides a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 820 are described as follows: Level 1 Level 2 ● quoted prices for similar assets or liabilities in active markets; ● quoted prices for identical or similar assets or liabilities in inactive markets; ● inputs other than quoted prices that are observable for the asset or liability; and ● inputs that are derived principally from or corroborated by observable market data by correlation or other means. ​ If the asset or liability has a specified (i.e., Level 3
Property and Equipment	Property and Equipment Land and building acquired in December 2016 to serve as the Company’s office facilities is stated at cost. The building is being depreciated using the straight-line method over its estimated useful life of 40 years. Expenditures for repairs and maintenance are charged to expense as incurred. The Company relocated its entire operations to this property in March 2019.
Impairment of long-lived assets	Impairment of long-lived assets The Company continually monitors events or changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the undiscounted cash flows is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair market value of the assets.
Deferred Financing Costs	Deferred Financing Costs Costs incurred by the Company in connection with the public offering of its unsecured, unsubordinated notes, described in Note 6 - Notes Payable -- are being amortized over the term of the respective Notes.
Revenue Recognition	Revenue Recognition Interest income from the Company's loan portfolio is earned, over the loan period and is calculated using the simple interest method on principal amounts outstanding. Generally, the Company's loans provide for interest to be paid monthly in arrears. The Company does not accrue interest income on mortgages receivable that are more than 90 days past due. Origination fee revenue, generally 2%- 5% of the original loan principal amount, is collected at loan funding and in connection with the extension of loans, and is recognized ratably over the contractual life of the loan in accordance with ASC 310.
Income Taxes	Income Taxes The Company believes it qualifies as a Real Estate Investment Trust (REIT) for federal income tax purposes and made the election to be taxed as a REIT when it filed its 2017 federal income tax return. As a REIT, the Company is required to distribute at least 90% of its taxable income to its shareholders on an annual basis. The Company’s qualification as a REIT depends on its ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code of 1986, as amended, relating to, among other things, the sources of its income, the composition and values of its assets, its compliance with the distribution requirements applicable to REITs and the diversity of ownership of its outstanding common shares. So long as it qualifies as a REIT, the Company, generally, will not be subject to U.S. federal income tax on its taxable income distributed to its shareholders. However, if it fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal income tax at regular corporate rates and may also be subject to various penalties and may be precluded from re-electing REIT status for the four taxable years following the year during in which it lost its REIT qualification. The Company follows the provisions of FASB ASC Topic 740-10 “Accounting for Uncertainty in Income Taxes”, which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and disclosure required. Under this standard, an entity may only recognize or continue to recognize tax positions that meet a “more likely than not” threshold. Should the Company become liable for interest and penalties related to unrecognized tax benefits, such amounts would be included in interest expense. The Company has determined that there are no uncertain tax positions requiring accrual or disclosure in the accompanying financial statements as of September 30, 2020.
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share are calculated in accordance with FASB ASC 260 “Earnings Per Share”. Under ASC 260, basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. The numerator in calculating both basic and diluted earnings per common share for each period is the reported net income.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-05, “Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief," which requires that entities use a new forward looking "expected loss" model that generally will result in the earlier recognition of an allowance for credit losses. This ASU allows entities to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost upon adoption of ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” The Company adopted both ASU 2016-13 and ASU 2019-05 effective January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s financial statements. Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the Company’s financial statements.
Reclassifications	Reclassifications Certain 2019 account balances have been reclassified to conform with the current year’s presentation.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Measurement
Summary of company's assets at fair value	The following table sets forth by Level, within the fair value hierarchy, the Company’s assets at fair value as of September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Stocks and ETFs ​ $ 1,332,540 ​ ​ — ​ ​ — ​ $ 1,332,540 Fixed and Preferred Securities ​ $ 2,862,830 ​ ​ — ​ ​ — ​ $ 2,862,830 Mutual Funds ​ $ 23,493,424 ​ — ​ — ​ $ 23,493,424 Total Investments ​ $ 27,688,794 ​ ​ — ​ ​ — ​ $ 27,688,794 Real Estate Owned ​ ​ ​ $ 7,523,584 ​ $ 7,523,584

Mortgages Receivable (Tables)

Mortgages Receivable (Tables)	9 Months Ended
	Sep. 30, 2020
Mortgages Receivable
Schedule of credit risk profile	Credit risk profile based on loan activity as of September 30, 2020 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Mortgages Receivable Residential Commercial Land Mixed Use Mortgages September 30, 2020 ​ $ 83,885,131 ​ $ 29,316,495 ​ $ 7,222,077 ​ $ 3,708,176 ​ $ 124,131,879 December 31, 2019 ​ $ 71,605,920 ​ $ 16,122,990 ​ $ 5,639,979 ​ $ 979,800 ​ $ 94,348,689
Schedule of maturities of mortgage loans receivable	The following are the maturities of mortgages receivable as of September 30: ​ ​ ​ ​ ​ 2020 $ 40,472,468 2021 ​ 68,804,366 2022 ​ 12,471,850 2023 ​ 2,383,195 Total ​ $ 124,131,879

Other income (Tables)

Other income (Tables)	9 Months Ended
	Sep. 30, 2020
Other income
Schedule of other income	For the three-month and nine-months periods ended September 30, 2020 and 2019, other income consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ ​ ended September 30, ​ ended September 30, ​ ​ ​ 2020 2019 ​ 2020 2019 Income on borrower charges ​ $ 46,432 ​ $ 130,871 ​ $ 204,964 ​ $ 163,364 ​ Lender, modification and extension fees ​ 154,175 ​ 138,148 ​ 431,977 ​ 288,373 ​ In-house legal fees ​ 53,740 ​ 36,500 ​ 156,090 ​ 108,200 ​ Other income ​ 82,442 ​ 20,004 ​ 111,040 ​ 62,117 ​ Total ​ $ 336,789 ​ $ 325,523 ​ $ 904,071 ​ $ 622,054 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies
Schedule of original maturities of deferred revenue	Original maturities of deferred revenue are as follows as of: ​ ​ ​ ​ ​ September 30, ​ ​ 2020 ​ $ 332,869 2021 ​ ​ 618,867 2022 ​ 158,506 2023 ​ 4,479 Total ​ $ 1,114,721

The Company (Details)

The Company (Details)	9 Months Ended
	Sep. 30, 2020
Minimum [Member]
Debt term (in years)	1 year
Maximum [Member]
Debt term (in years)	3 years

Significant Accounting Polici_3

Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2020USD ($)
Uncertain tax positions	$ 0
Land and Building [Member]
Property, Plant and Equipment, Useful Life	40 years
Minimum [Member]
Origination fee revenue as a percentage of original loan principal amount	2.00%
Maximum [Member]
Origination fee revenue as a percentage of original loan principal amount	5.00%

Fair Value Measurement (Details

Fair Value Measurement (Details)	Sep. 30, 2020USD ($)
Fair Value Measurement
Stocks and ETF's	$ 1,332,540
Fixed and Preferred Securities	2,862,830
Mutual Funds	23,493,424
Total Investments	27,688,794
Real Estate Owned	7,523,584
Level 1
Fair Value Measurement
Stocks and ETF's	1,332,540
Fixed and Preferred Securities	2,862,830
Mutual Funds	23,493,424
Total Investments	27,688,794
Level 2
Fair Value Measurement
Stocks and ETF's	0
Fixed and Preferred Securities	0
Mutual Funds	0
Total Investments	0
Level 3
Fair Value Measurement
Stocks and ETF's	0
Fixed and Preferred Securities	0
Mutual Funds	0
Total Investments	0
Real Estate Owned	$ 7,523,584

Mortgages Receivable (Details)

Mortgages Receivable (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 124,131,879	$ 94,348,689
Land [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	7,222,077	5,639,979
Residential Mortgage [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	83,885,131	71,605,920
Commercial Loan [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	29,316,495	16,122,990
Mixed Use [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 3,708,176	$ 979,800

Mortgages Receivable - Maturiti

Mortgages Receivable - Maturities of mortgage loans (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Mortgages Receivable
2020	$ 40,472,468
2021	68,804,366
2022	12,471,850
2023	2,383,195
Total	$ 124,131,879	$ 94,348,689

Mortgages Receivable - Addition

Mortgages Receivable - Additional information (Details)	9 Months Ended
	Sep. 30, 2020USD ($)loan	Sep. 30, 2019USD ($)	Jun. 30, 2020USD ($)loan	Dec. 31, 2019USD ($)
Mortgage Loans on Real Estate, Default Interest Rate	18.00%
Payments to Acquire Mortgage Receivable	$ 68,029,798	$ 42,163,704
Proceeds from Collection of Mortgages Receivable	37,859,270	27,917,331
Mortgages receivable	$ 124,131,879			$ 94,348,689
Mortgage loan portfolio number of loans | loan	480
Mortgage loan portfolio number of loans in process of foreclosure | loan	14
Number of COVID-19 forbearance requests | loan	18		23
Mortgages receivable for COVID-19 forbearance requests	$ 5,100,000		$ 6,500,000
Deferred interest	$ 146,000		$ 200,000
Modification of borrower's loan period	90 days
Mortgage Concentration Risk [Member]
Concentration Risk, Percentage	10.00%
Mortgages [Member]
Payments to Acquire Mortgage Receivable	$ 68,029,798	$ 42,163,704
Minimum [Member]
Debt term (in years)	1 year
Interest rate (as a percent)	5.00%
Maximum [Member]
Debt term (in years)	3 years
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 3,200,000
Interest rate (as a percent)	13.00%
Fourteen Mortgage Loans [Member]
Mortgages receivable	$ 4,000,000

Real Estate Owned - Additional

Real Estate Owned - Additional information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Real Estate Owned
Real Estate Investment Property, at Cost	$ 7,523,584		$ 8,258,082
Rental Properties	1,478,854
Real Estate Held-for-sale	6,044,730
Impairment loss on real estate owned	$ 495,000	$ 0

Notes Payable (Details)

Notes Payable (Details)	9 Months Ended
	Sep. 30, 2020USD ($)loan	Dec. 31, 2019USD ($)	Nov. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Number of unsecured unsubordinated notes | loan	3
Outstanding principal balance	$ 72,526,750
Aggregate amount outstanding	$ 69,452,636	$ 55,475,810
Threshold percentage of taxable income to prohibit distribution	90.00%
Threshold asset coverage ratio	150.00%
Period of written notice to redeem notes without premium or penalty	30 days
Debt Issuance Costs, Net	$ 3,074,115	2,687,190
Unsecured subordinated notes
Debt Issuance Costs, Net	3,600,000	$ 2,700,000
June 2024 Notes
Aggregate Principal amount issued				$ 23,663,000
Interest rate				7.125%
December 2024 Notes
Aggregate Principal amount issued			$ 34,500,000
Interest rate			6.875%
September 2025 Notes
Aggregate Principal amount issued	$ 14,363,750
Interest rate	7.75%

Line of Credit (Details)

Line of Credit (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Long-term Line of Credit	$ 12,080,569	$ 12,080,569	$ 0
Credit line from Wells Fargo
Line of Credit Facility [Line Items]
Long-term Line of Credit	$ 12,100,000	$ 12,100,000
Interest rate (as a percent)	1.75%	1.50%

Other income (Details)

Other income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other income
Income on borrower charges	$ 46,432	$ 130,871	$ 204,964	$ 163,364
Lender, modification and extension fees	154,175	138,148	431,977	288,373
In-house legal fees	53,740	36,500	156,090	108,200
Other income	82,442	20,004	111,040	62,117
Total	$ 336,789	$ 325,523	$ 904,071	$ 622,054

Commitments and Contingencies -

Commitments and Contingencies - Original maturities of deferred revenue (Details) - Deferred Lease Revenue [Member]	Sep. 30, 2020USD ($)
Other Commitments [Line Items]
2020	$ 332,869
2021	618,867
2022	158,506
2023	4,479
Total	$ 1,114,721

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020USD ($)property
Number of Mortgage Properties | property	8
Mortgages receivable	$ 1,300,000
Unfunded Loan Commitment [Member]
Other Commitment	$ 13,342,248
Minimum [Member]
Loan Origination Fees On Original Loan Principal, Percentage	2.00%
Maximum [Member]
Loan Origination Fees On Original Loan Principal, Percentage	5.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Shareholders [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Related Parties	$ 4,626,665	$ 5,703,655	$ 4,626,665	$ 5,703,655
Interest Income, Related Party	$ 129,956	$ 143,061	397,293	365,784
Wife of Executive Officer [Member] | Accounting and Financial Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			$ 75,000	$ 75,000

Concentration of Credit Risk (D

Concentration of Credit Risk (Details) - Credit Concentration Risk [Member]	9 Months Ended
	Sep. 30, 2020USD ($)
Concentration Risk [Line Items]
Concentration Risk, Percentage	90.00%
Cash and cash equivalents insured by the Federal Deposit Insurance Corporation	$ 250,000

Equity Financing Transactions (

Equity Financing Transactions (Details) - USD ($)	Jan. 27, 2020	Sep. 30, 2019	Sep. 30, 2019
Gross proceeds from sale of securities			$ 32,000,000
Maximum [Member]
Gross proceeds from sale of securities	$ 100,000,000
Common Shares
Gross Proceeds From Issuance Of Common Stock			$ 11,500,000
Sale of common stock		2,300,000	2,300,000
Warrants
Proceeds from Warrant Exercises			$ 82,035
Number of warrants exercised		16,407	16,407
ATM | Common Shares
Gross Proceeds From Issuance Of Common Stock			$ 20,465,203
Sale of common stock		866,332

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Nov. 04, 2020	Sep. 30, 2020	Sep. 30, 2019	Oct. 31, 2020
Subsequent Event [Line Items]
Payments of Ordinary Dividends		$ 5,308,152	$ 7,027,746
September 2025 Notes
Subsequent Event [Line Items]
Aggregate Principal amount issued		$ 14,363,750
Subsequent Events [Member]
Subsequent Event [Line Items]
Dividend paid (in dollars per share)	$ 0.12
Payments of Ordinary Dividends	$ 2,654,076
Subsequent Events [Member] | September 2025 Notes
Subsequent Event [Line Items]
Aggregate Principal amount issued				$ 14,000,000
Maximum borrowing capacity				$ 2,100,000

COVID-19 (Details)

COVID-19 (Details)	Sep. 30, 2020USD ($)loan	Jun. 30, 2020USD ($)loan
COVID-19
Number of COVID-19 forbearance requests | loan	18	23
Mortgages receivable for COVID-19 forbearance requests	$ 5,100,000	$ 6,500,000
Deferred interest	$ 146,000	$ 200,000