American Church Mortgage (ACMC) 10-Q/A 1 Aug 19 2019 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 15, 2019
Document And Entity Information
Entity Registrant Name	AMERICAN CHURCH MORTGAGE CO
Entity Central Index Key	0000934543
Document Type	10-Q/A
Document Period End Date	Aug. 1, 2019
Amendment Flag	true
Amendment Description	American Church Mortgage Company 10Q/A
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Is Entity Emerging Growth Company?	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Common Stock, Shares Outstanding		1,677,798
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019
Interactive Data Current	Yes
Incorporation State Country Code	MN
File Number	000-25919

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Cash and cash equivalents	$ 433,604	$ 2,183,441
Accounts receivable	253,639	251,535
Interest receivable	189,694	184,869
Investments	2,410	2,410
Current maturities of mortgage loans receivable, net of allowance for loan losses of $84,916 and 172,481 and deferred origination fees of $21,283 at both March 31, 2019 and December 31, 2018, respectively	1,068,436	2,241,557
Current maturities of bond portfolio, at fair value	219,000	167,000
Prepaid expenses	17,798	7,166
Total current assets	2,184,581	5,037,978
Mortgage Loans Receivable, net of current maturities, allowance of $1,504,828 and $1,499,522 and deferred origination fess of $250,630 at both March 31, 2019 and December 31, 2018, respectively	19,060,728	19,422,182
Bond Portfolio, at fair value, net of current maturities	15,983,937	15,222,807
Real Estate Held for Sale	327,925	340,659
Total Assets	37,557,171	40,023,626
Current Liabilities
Current maturities of secured investor certificates	2,780,000	4,105,000
Accounts payable	113,359	604,876
Dividends payable	92,279	142,613
Total current liabilities	2,985,638	4,852,489
Secured Investor Certificates, Series B, net of current maturities	7,454,000	8,880,000
Secured Investor Certificates, Series C, net of current maturities	6,231,000	5,659,000
Secured Investor Certificates, Series D, net of current maturities	7,899,000	7,956,000
Secured Investor Certificates, Series E	3,187,000	2,786,000
(Less) Deferred Offering Costs, net of accumulated amortization of $1,086,783 and $1,059,702 at March 31, 2019 and December 31, 2018, respectively	880,142	886,411
Total liabilities	26,876,496	29,247,078
Stockholders' Equity
Common stock, par value $.01 per share, Authorized, 30,000,000 shares, Issued and outstanding, 1,677,798 shares at March 31, 2019 and December 31, 2018, respectively	16,778	16,778
Additional paid-in capital	19,113,458	19,113,458
Accumulated deficit	(8,449,561)	(8,353,688)
Total stockholders' equity	10,680,675	10,776,548
Total Liabilities and Stockholders' Equity	$ 37,557,171	$ 40,023,626

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current Assets
Current allowance for current maturities of mortgage loans recievable	$ (1,589,744)	$ (1,672,003)
Current deferred origination fees for current mortgage loans recievable	21,283	21,283
Allowance for mortgage loans recievable	1,504,828	1,499,522
Deferred origination fees for mortgage loans recievable	250,630	250,630
LIABILITIES AND STOCKHOLDERS' EQUITY
Accumulated amortization deferred offering costs	$ 1,086,783	$ 1,059,702
Stockholders' Equity
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, Authorized	30,000,000	30,000,000
Common Stock, Issued	1,677,798	1,677,798
Common Stock, Outstanding	1,677,798	1,677,798

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Interest and Other Income	$ 648,471	$ 664,896
Interest Expense	457,333	475,694
Net Interest Income	191,138	189,202
Provision for losses on mortgage loans receivable	18,278	109,234
Net Interest Income after Provision for Mortgage Losses	172,860	79,968
Operating Expenses
Write-down on bond portfolio	50,000
Other operating expenses	126,784	105,393
Operating Loss	(3,724)	(25,425)
Other Income	130
Net Loss	$ (3,594)	$ (25,425)
Basic and Diluted (Loss) Income Per Share	$ (.02)	$ (.015)
Dividends Declared Per Share	$ .055	$ .070
Weighted Average Common Shares Outstanding - Basic and Diluted	1,677,798	1,677,798

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities
Net (loss)	$ (3,594)	$ (25,425)
Adjustments to reconcile net (loss) income to net cash from operating activites:
Net loss on sales and impairment on real estate held for sale	12,734
Provision for losses on mortgage loans receivable	18,278	109,234
Amortization of deferred offering costs	27,081	26,073
Accounts receivable	(2,104)	15,946
Interest receivable	(4,825)	2,090
Prepaid expenses	(10,632)	(13,302)
Accounts payable	(491,517)	(19,263)
Net cash (used for) provided by operating activities	(404,579)	95,353
Cash Flows from Investing Activities
Collections of mortgage loans	1,616,833	936,878
Investment in bonds	(895,000)	(151,000)
Proceeds from bonds	31,870	37,000
Proceeds from real estate held for sale	(100,537)
Net cash provided by (used for) investing activities	653,166	822,878
Cash Flows from Financing Activities
Proceeds from the sale of secured investor certificates	401,000	1,677,000
Payments on secured investor certificate maturities	(2,236,000)	(117,000)
Payments for deferred costs	(20,811)	(74,210)
Dividends paid	(142,613)	(117,446)
Net cash (used for) provided by financing activities	(1,998,424)	1,368,344
Net (Decrease) Increase in Cash and Cash Equivalents	(1,749,837)	2,286,575
Cash and Cash Equivalents - Beginning Period	2,183,441	502,490
Cash and Equivalents - Ending Period	$ 433,604	$ 2,789,065

Statements of Cash Flows (Paren

Statements of Cash Flows (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Cash Flows [Abstract]
Dividends payable	$ 92,279	$ 117,446
Interest paid	$ 430,251	$ 445,970

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business American Church Mortgage Company, a Minnesota corporation, was incorporated on May 27, 1994. The Company is engaged primarily in the business of making mortgage loans to churches and other nonprofit religious organizations throughout the United States, on terms established for individual organizations. Accounting Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. The most sensitive estimates relate to the realizability of the mortgage loans receivable, the valuation of the bond portfolio and the valuation of real estate held for sale. It is at least reasonably possible that these estimates could change in the near term and that the effect of the change, if any, may be material to the financial statements. Concentration of Credit Risk The Company's loans have been granted to churches and other non-profit religious organizations. The ability of the Company’s debtors to honor their contracts is dependent on member contributions and the involvement in the church or organization of its senior pastor. Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with maturities of three months or less to be cash equivalents. The Company maintains accounts primarily at two financial institutions. At times throughout the year, the Company’s cash and equivalents balances may exceed amounts insured by the Federal Deposit Insurance Corporation. Cash in money market funds is not federally insured. The Company had $219,899 and $974,346 in a money market fund account at March 31, 2019 and December 31, 2018, respectively. The Company has not experienced any losses in such accounts. Bond Portfolio The Company accounts for the bond portfolio under the Accounting Standards Codification (ASC) 320, Investments-Debt and Equity Securities. The Company classifies the bond portfolio as “available-for sale” and measures the portfolio at fair value. While the bonds are generally held until contractual maturity, the Company classifies them as available for sale as the bonds may be used to repay secured investor certificates or provide additional liquidity or working capital in the short term. The Company has classified $219,000 and $167,000 in bonds as current assets as of March 31, 2019 and December 31, 2018, respectively, based on management’s estimates for liquidity requirements and contractual maturities of certain bonds maturing in 2020 and 2019, respectively. Allowance for Loan Losses on Mortgage Loans Receivable The Company records mortgage loans receivable at estimated net realizable value, which is the unpaid principal balances of the mortgage loans receivable, less the allowance for loan losses on mortgage loans receivable and less deferred loan origination fees. The Company’s loan policy provides an allowance for estimated uncollectible loans based on an evaluation of the current status of the loan portfolio with application of reserve percentages to specific loans based on payment status. This policy reserves for principal amounts outstanding on a specific loan if cumulative interruptions occur in the normal payment schedule of the loan, therefore, the Company recognizes a provision for losses and an allowance for the outstanding principal amount of the loan in the Company’s portfolio if the amount is in doubt of collection. Additionally, no interest income is recognized on impaired loans that are declared to be in default and are in the foreclosure process. At March 31, 2019, the Company reserved $1,589,744 for sixteen mortgage loans. Ten of these loans are three or more mortgage payments in arrears of which three are declared to be in default and one is in the foreclosure process. The total principal amount of these sixteen loans totals approximately $6,494 A summary of transactions in the allowance for mortgage loans for the period ended March 31, 2019 is as follows: Balance at December 31, 2018 $ 1,672,003 Provision for additional losses 18,278 Proceeds from sale of property held for sale (100,537) Balance at March 31, 2019 $ 1,589,744 The total impaired loans, which are loans that are in the foreclosure process or are declared to be in default, were approximately $1,352,000 and $1,498,000 at March 31, 2019 and December 31, 2018, respectively, which the Company believes are adequately secured by the underlying collateral and the allowance for mortgage loans. Approximately $744,000 of the Company’s allowance for mortgage loans was allocated to these loans at March 31, 2019. Approximately $833,000 of the Company’s allowance for mortgage loans was allocated to impaired loans at December 31, 2018. The Company will declare a loan to be in default and will place the loan on non-accrual status when the following thresholds have been met: (i) the borrower has missed three consecutive mortgage payments; (ii) the borrower has not communicated to the Company any legitimate reason for delinquency in its payments to the Company and has not arranged for the re-continuance of payments; (iii) lines of communication to the borrower have broken down such that any reasonable prospect of rehabilitating the loan and return of regular payments is gone. The Company’s policies on payments received and interest accrued on non-accrual loans are as follows: (i) The Company will accept payments on loans that are currently on non-accrual status when a borrower has communicated to us that they intend to meet their mortgage obligations. A payment made on a non-accrual loan is considered a good faith deposit as to the intent to resume their mortgage payment obligation. This good faith deposit is credited back to interest first then principal as stated in the mortgage loan documentation. (ii) A letter outlining the re-payment terms or the restructure terms (if any) of the loan is provided to the borrower. This letter will be signed by the Senior Pastor and either officers or board members of the borrower. This letter resumes the obligation to make payments on non-accrual loans. (iii) The borrower must meet all its payment obligations for the next 120 days without interruption in order to be removed from non-accrual status. No interest income was recognized on non-accrual loans as of March 31, 2019. When a loan is declared in default according to the Company’s policy or deemed to be doubtful of collection, the loan committee of the Advisor to the Company will direct the staff to charge-off the uncollectable receivables. Loans totaling approximately $2,906,000 and $2,853,000 exceeded 90 days past due but continued to accrue interest as of March 31, 2019 and December 31, 2018, respectively. The Company believes that continued interest accruals are appropriate because the loans are well secured, not deemed to be in technical default and the Company is actively pursuing collection of past due payments. Real Estate Held for Sale As of March 31, 2019, the Company had one acquired one property located in Bethel, Ohio through the foreclosure process with an outstanding balance of $102,153 and one property located in Pine Bluff, Arkansas acquired via deed in lieu of foreclosure with an outstanding balance totaling balance totaling $225,872. The Church is still occupying the Arkansas property and paying rent while trying to either sell the building or obtain refinancing. The Company records real estate held for sale at the estimated fair value, which is net of the expected expenses related to the sale of the real estate. The fair value of our real estate held for sale, which represents the carrying value, is $27,925 as of March 31, 2019. The Company sold one property for the period ended March 31, 2019 for approximately $61,000 which approximates the carrying value. Carrying Value of Long-Lived Assets The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that the carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of the estimated useful life. Recoverability is assessed based on the carrying amount of the asset compared to the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is deemed not recoverable and exceeds fair value as determined through various valuation techniques including, but not limited to, discounted cash flow models, quoted market values, and third party independent appraisals. Revenue Recognition Interest income on mortgage loans receivable and the bond portfolio is recognized as earned per the terms of the specific asset. Other income included with interest represents cash received for loan origination fees, which are recognized over the life of the loan as an adjustment to the yield on the loan. As of January 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers - Topic 606 The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 that significantly affects the determination of the amount and timing of revenue from contracts with customers. The main types of revenue contracts included in non-interest income within the consolidated statements of operations are as follows: Gain Losses on Sale of OREO The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction prices and related gain (loss) on sale if a significant financing component is present. Deferred Financing Costs The Company defers the costs related to obtaining financing. These costs are amortized over the life of the financing using the straight line method, which approximates the effective interest method. Income (Loss) Per Common Share No adjustments were made to income (loss) for the purpose of calculating earnings per share, as there were no potential dilutive shares outstanding. Recent Accounting Pronouncements In 2016 the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit. For public entities, ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company has not yet fully evaluated the potential effects of adopting ASU 2016-13 on the Company’s results of operations, financial position or cash flows. Recent Accounting Pronouncements – Adopted In the first quarter of 2018, the Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). Subsequent Events The Company has evaluated events and transactions through the date the financial statements were available to be issued. No material events or transactions occurred in the time period referenced above requiring adjustment to or disclosure in the March 31, 2019 financial statements.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurement	2. FAIR VALUE MEASUREMENT The Company measures certain financial instruments at fair value in our balance sheets. The fair value of these instruments is based on valuations that include inputs that can be classified within one of the three levels of a hierarchy. Level 1 inputs include quoted market prices in an active market for identical assets or liabilities. Level 2 inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. Level 3 inputs are unobservable and corroborated by little or no market data. Except for the bond portfolio, which is required by authoritative accounting guidance to be recorded at fair value in our balance sheets, the Company elected not to record any other financial assets or liabilities at fair value on a recurring basis. We recorded an aggregate other than temporary impairment for losses on our Agape bonds (Note 3), which totaled $508,000 and $458,000 for the periods ended March 31, 2019 and December 31, 2018, respectively. The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring basis: Fair Value Measurement March 31, 2019 Fair Value Level 3 Bond portfolio $ 16,202,937 $ 16,202,937 Fair Value Measurement December 31, 2018 Fair Value Level 3 Bond portfolio $ 15,389,807 $ 15,389,807 We determine the fair value of the bond portfolio shown in the table above by comparing it with similar instruments in inactive markets. The analysis reflects the contractual terms of the bonds, which are callable at par by the issuer at any time, and the anticipated cash flows of the bonds and uses observable and unobservable market-based inputs. Unobservable inputs include our internal credit rating and selection of similar bonds for valuation. The change in Level 3 assets measured at fair value on a recurring basis is summarized as follows: Bond Portfolio Balance at December 31, 2018 $ 15,389,807 Additional losses on bond portfolio (50,000 ) Purchases 895,000 Proceeds (31,870 ) Balance at March 31, 2019 $ 16,202,937 Real estate held for sale and impaired loans are recorded at fair value on a nonrecurring basis. The fair value of real estate held for sale was based upon the listed sales price less expected selling costs, which is a Level 3 input. The resulting impairment charges were $0 and $114,787 for the periods ended March 31, 2019 and December 31, 2018, respectively. The following table summarizes the Company’s financial instruments that were measured at fair value on a nonrecurring basis: March 31, 2019 Level 1 Level 2 Level 3 Fair Value at March 31, Impaired Loans $ — $ — $ 608,139 $ 608,139 Real estate held for resale — — 327,925 327,925 $ — $ — $ 936,064 $ 936,064 December 31, 2018 Level 1 Level 2 Level 3 Fair Value at December 31, Impaired Loans $ — $ — $ 608,139 $ 608,139 Real estate held for resale — — 327,925 327,925 $ — $ — $ 936,064 $ 936,064 The change in Level 3 assets measured at fair value on a nonrecurring basis is summarized as follows: Impaired Loans Real Estate Held for Sale Balance at December 31, 2018 $ 665,267 $ 340,659 Additions/Acquisitions — — Dispositions/Proceeds (45,828 ) (12,734 ) Impairment (11,300 ) — Balance at March 31, 2019 $ 608,139 $ 327,925 The fair value of impaired loans referenced above was determined by obtaining independent third party appraisals and/or internally developed collateral valuations to support the Company’s estimates and judgments in determining the fair value of the underlying collateral supporting impaired loans. The fair value of real estate held for resale referenced above was determined by obtaining market price valuations from independent third parties wherever such quotes were available for the other collateral owned. The company utilized independent third party appraisal to support the Company’s estimates and judgments in determining fair value for other real estate owned.

Mortgage Loans Receivable and B

Mortgage Loans Receivable and Bond Portfolio	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Mortgage Loans Receivable and Bond Portfolio	3. MORTGAGE LOANS RECEIVABLE AND BOND PORTFOLIO At March 31, 2019, the Company had first mortgage loans receivable totaling $21,990,821. The loans bear interest ranging from 0% to 10.25% with a weighted average of approximately 8.21% at March 31, 2019. At December 31, 2018, the Company had first mortgage loans receivable totaling $23,607,655. The loans bear interest ranging from 0% to 10.25% with a weighted average of approximately 8.15% at December 31, 2018. The Company has a portfolio of secured church bonds at March 31, 2019 and December 31, 2018, which are carried at fair value. The bonds pay either semi-annual or quarterly interest ranging from 3.50% to 9.75%. The aggregate par value of secured church bonds equaled approximately $16,728,598 at March 31, 2019 with a weighted average interest rate of 6.85% and approximately $15,847,807 at December 31, 2018 with a weighted average interest rate of 6.80%. These bonds are due at various maturity dates through February 2047. The Company has recorded an aggregate other than temporary impairment of $508,000 and $458,000 for March 31, 2019 and December 31, 2018, respectively for the First Mortgage Bonds issued by Agape Assembly Baptist Church. This bond series in the aggregate constitute approximately 6.13% and 6.47% of the bond portfolio at March 31, 2019 and December 31, 2018, respectively. The Company had maturities and redemptions of bonds of approximately $84,000 and $723,000 in 2019 and 2018, respectively. The contractual maturity schedule for mortgage loans receivable and the bond portfolio as of March 31, 2019, is as follows: Mortgage Loans Bond Portfolio 2020 $ 1,174,635 $ 219,000 2021 744,013 172,000 2022 744,674 270,000 2023 1,547,946 192,000 2024 914,549 295,000 Thereafter 16,865,004 15,562,937 21,990,821 16,710,937 Less loan loss and other than temporary impairment on bonds allowance (1,589,744) (508,000) Less deferred origination income (271,913 ___-____ Totals $ 20,129,164 $ 16,202,937 The Company currently owns $529,000 First Mortgage Bonds and $497,000 Second Mortgage Bonds issued by Agape Assembly Baptist Church located in Orlando, Florida. The total principal amount of First Mortgage Bonds issued by Agape is $7,200,000, and the total principal amount of Second Mortgage Bonds issued is $715,000. Agape defaulted on its payment obligations to bondholders in September 2010. The church subsequently commenced a Chapter 11 bankruptcy reorganization proceeding regarding the property that secures the First Mortgage Bonds in December 2010. In October 2014, a minimum of 80% of the bondholders of Agape agreed to a modification in the terms of their bonds which resulted in the temporary resumption of both principal and interest payments to both the first and second mortgage bond holders. Both the First Mortgage Bonds and Second Mortgage Bonds were modified to a fully amortized fixed rate, quarterly interest payment of 6.25% with a new maturity date of September 2037 for all the issued and outstanding bonds. The Company, along with all other bondholders, has a superior lien over all other creditors. The Church subsequently defaulted on their modification agreement in 2016 and no interest payments were made to bondholders during the period ended March 31, 2019. However, the trustee made a distribution to bondholders during 2017 of $18.75 per $1,000 bond as a repayment of principal only, effectively reducing the outstanding balance of each $1,000 bond to approximately $826. The Company has an aggregate other than temporary impairment of $508,000 and $458,000 for the First and Second Mortgage Bonds at March 31, 2019 and December 31, 2018, respectively, which effectively reduces the bonds to the fair value amount management believes will be recovered. The Company restructured two mortgage loans during the year ended December 31, 2018. The first restructured loan was a $669,544 first mortgage loan located in Indianapolis, Indiana. The Church was unable to meet its monthly debt obligations. The Company reduced the Church’s monthly mortgage obligation to interest only payments for a period of three years. After the initial three-year period, the Church will resume its regular monthly mortgage payments. The Church accepted the restructured loan terms. The modification had no effect on the Company’s financial statements. The second restructured loan was a $470,000 first mortgage loan located in Cincinnati, Ohio. The Church was unable to meet its monthly debt obligations. The Company reduced the Church’s monthly mortgage obligation to interest only for a period of three years which included a reduction in their interest rate. After the initial three-year term, the rate of interest will increase for an additional three-year period. At the end of the sixth year, the Church will resume its regular monthly mortgage payments at the original rate of interest. The Church accepted the restructured loan terms. The modification had no effect on the Company’s financial statements. The Company did not restructure any loans during the three month period ended March 31, 2019. A summary of loans re-structured or modified for the years ended December 31, 2018 are shown below. All of the loans shown are currently performing under the terms of the modifications for their mortgage obligations. March 31, 2019 Type of Loan Number of Loans Original Principal Balance Original Average Interest Rate Unpaid Principal Balance Modified Average Interest Rate First Mortgage Loan 7 $4,415,544 8.014% $3,444,462 6.03% December 31, 2018 Type of Loan Number of Loans Original Principal Balance Original Average Interest Rate Unpaid Principal Balance Modified Average Interest Rate First Mortgage Loan 7 $4,415,544 8.014% $3,838,819 6.03%

Secured Investor Certificates

Secured Investor Certificates	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Secured Investor Certificates	4. SECURED INVESTOR CERTIFICATES Secured investor certificates are collateralized by certain mortgage loans receivable or secured church bonds of approximately the same value as the certificates. The weighted average interest rate on the certificates was 6.33% and 6.35% at March 31, 2019 and December 31, 2018, respectively. Holders of the secured investor certificates may renew certificates at the current rates and terms upon maturity at the Company’s discretion. Renewals upon maturity are considered neither proceeds from nor issuance of secured investor certificates. Renewals totaled approximately $220,000 and $1,671,000 at March 31, 2019 and December 31, 2018, respectively. The secured investor certificates have certain financial and non-financial covenants identified in the respective series’ trust indentures. The estimated maturity schedule for the secured investor certificates at March 31, 2019 is as follows: April 1, 2019 through March 31, 2020 $ 2,780,000 April 1, 2020 through December 31, 2020 3,078,000 2021 2,378,000 2022 2,164,000 2023 2,511,000 Thereafter 14,640,000 $ 27,551,000 Less deferred offering costs (880,142 ) Totals $ 26,670,588 In September 2017, the Company filed a registration statement with the Securities and Exchange Commission to offer $10,000,000 worth of Series E secured investor certificates. The offering was declared effective by the SEC on November 6, 2017. The certificates are being offered in multiples of $1,000 with interest rates ranging from 4.00% to 6.50%, subject to changing market rates, and maturities from 5 to 15 years. The certificates are collateralized by certain mortgage loan receivables and church bonds of approximately the same value. At March 31, 2019, approximately 3,187 Series E certificates had been issued and were outstanding for $3,187,000.

Transactions With Affiliates

Transactions With Affiliates	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Transactions With Affiliates	5. TRANSACTIONS WITH AFFILIATES The Company has an Advisory Agreement with Church Loan Advisors, Inc. (the “Advisor”). The Advisor is responsible for the day-to-day operations of the Company and provides office space and administrative services. The Advisor and the Company are related through common ownership and common management. For its services, the Advisor is entitled to receive a management fee equal to 1.25% annually of the Company's Average Invested Assets, plus one-half of any origination fee charged to borrowers on mortgage loans made by the Company. A majority of the independent board members approve the Advisory Agreement on an annual basis. The Company paid the Advisor management and origination fees of approximately $79,000 and $322,000at March 31, 2019 and December 31, 2018, respectively.

Line Of Credit

Line Of Credit	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Line Of Credit	6. LINE OF CREDIT On April 9, 2018, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Alerus Financial, N.A., as lender (the “Lender”), and a Revolving Note (the “Note”) evidencing a $4,000,000 revolving loan (the “Revolving Loan”). The Lender agrees to make loans to the Company from time to time and after the date of the loan agreement and the Company may repay and re-borrow pursuant to the terms and conditions of the Revolving Loan as long as no borrowing causes that dollar limit to be exceeded and the Company is not otherwise in default on the Revolving Loan. The Revolving Loan is secured by a first priority security interest in substantially all of the Company’s assets other than collateral pledged to secure the Company’s secured investor certificates, both those currently issued and any potentially issued in the future. The Company borrowed against the line of credit during the three month period ended March 31, 2019 and has re-paid the line in full as of March 31, 2019. The original maturity date of the Note is April 9, 2019 and the interest rate is the prevailing London Interbank Offering Rate (LIBOR) plus 2.70% adjusted monthly. The Company has been in discussion with the Lender to extended the line of credit for another year.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Fair Value of Financial Instruments	7. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company is required to disclose the fair value information about financial instruments, where it is practicable to estimate that value. Because assumptions used in these valuation techniques are inherently subjective in nature, the estimated fair values cannot always be substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument. The fair value estimates presented herein are based on relevant information available to management as of March 31, 2019 and December 31, 2018, respectively. Management is not aware of any factors that would significantly affect these estimated fair value amounts. As these reporting requirements exclude certain financial instruments and all non-financial instruments, the aggregate fair value amounts presented herein do not represent management’s estimate of the underlying value of the Company. The estimated fair values of the Company’s financial instruments, none of which are held for trading purposes, are as follows: March 31, 2019 December 31, 2018 Carrying Fair Carrying Fair Amount Value Amount Value Cash and equivalents $ 433,604 $ 433,604 $ 2,183,441 $ 2,183,441 Accounts receivable 253,639 253,639 251,535 251,535 Interest receivable 189,694 189,694 184,869 184,869 Mortgage loans receivable 20,129,164 23,401,582 23,607,655 23,905,564 Bond portfolio 16,202,937 16,202,937 15,847,807 15,389,807 Secured investor certificates 26,876,496 31,695,185 29,386,000 34,099,540 The following methods and assumptions were used by the Company to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value: Cash and equivalents Due to their short-term nature, the carrying amount of cash and cash equivalents approximates fair value and represents a level 1 measurement. Accounts receivable Due to the short term nature, the carrying amount of accounts receivable approximates fair value and represents a level 1 measurement. Interest receivable Due to the short term nature, the carrying amount of interest receivable approximates fair value and represents a level 1 measurement. Mortgage loans receivable The fair value of the mortgage loans receivable is currently greater than the carrying value as the portfolio is currently yielding a higher rate than similar mortgages with similar terms for borrowers with similar credit quality. The credit markets in which the Company conducts business have experienced an increase in interest rates resulting in the fair value of the mortgage loans falling during the period ended March 31, 2019. The fair value of loans is considered a level 3 measurement. Bond portfolio We determine the fair value of the bond portfolio shown in the table above by comparing with similar instruments in inactive markets. The analysis reflects the contractual terms of the bonds, which are callable at par by the issuer at any time, and the anticipated cash flows of the bonds and uses observable and unobservable market-based inputs. Unobservable inputs include our internal credit rating and selection of similar bonds for valuation. The fair value of bonds is considered a level 3 measurement. Secured investor certificates The fair value of the secured investor certificates is currently greater than the carrying value due to higher interest rates than current market rates. The fair value of secured investor certificates is considered a level 3 measurement.

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business American Church Mortgage Company, a Minnesota corporation, was incorporated on May 27, 1994. The Company was organized to engage primarily in the business of making mortgage loans to churches and other nonprofit religious organizations throughout the United States, on terms established for individual organizations.
Accounting Estimates	Accounting Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. The most sensitive estimates relate to the realizability of the mortgage loans receivable, the valuation of the bond portfolio and the valuation of real estate held for sale. It is at least reasonably possible that these estimates could change in the near term and that the effect of the change, if any, may be material to the financial statements.
Bond Portfolio	Bond Portfolio The Company accounts for the bond portfolio under the Accounting Standards Codification (ASC) 320, Investments-Debt and Equity Securities. The Company classifies the bond portfolio as “available-for sale” and measures the portfolio at fair value. While the bonds are generally held until contractual maturity, the Company classifies them as available for sale as the bonds may be used to repay secured investor certificates or provide additional liquidity or working capital in the short term. The Company has classified $219,000 and $167,000 in bonds as current assets as of March 31, 2019 and December 31, 2018, respectively, based on management’s estimates for liquidity requirements and contractual maturities of certain bonds maturing in 2020 and 2019, respectively.
Allowance for Loan Losses on Mortgage Loans Receivable	Allowance for Loan Losses on Mortgage Loans Receivable The Company records mortgage loans receivable at estimated net realizable value, which is the unpaid principal balances of the mortgage loans receivable, less the allowance for loan losses on mortgage loans receivable and less deferred loan origination fees. The Company’s loan policy provides an allowance for estimated uncollectible loans based on an evaluation of the current status of the loan portfolio with application of reserve percentages to specific loans based on payment status. This policy reserves for principal amounts outstanding on a specific loan if cumulative interruptions occur in the normal payment schedule of the loan, therefore, the Company recognizes a provision for losses and an allowance for the outstanding principal amount of the loan in the Company’s portfolio if the amount is in doubt of collection. Additionally, no interest income is recognized on impaired loans that are declared to be in default and are in the foreclosure process. At March 31, 2019, the Company reserved $1,589,744 for sixteen mortgage loans. Ten of these loans are three or more mortgage payments in arrears of which three are declared to be in default and one is in the foreclosure process. The total principal amount of these sixteen loans totals approximately $6,494 A summary of transactions in the allowance for mortgage loans for the period ended March 31, 2019 is as follows: Balance at December 31, 2018 $ 1,672,003 Provision for additional losses 18,278 Proceeds from sale of property held for sale (100,537) Balance at March 31, 2019 $ 1,589,744 The total impaired loans, which are loans that are in the foreclosure process or are declared to be in default, were approximately $1,352,000 and $1,498,000 at March 31, 2019 and December 31, 2018, respectively, which the Company believes are adequately secured by the underlying collateral and the allowance for mortgage loans. Approximately $744,000 of the Company’s allowance for mortgage loans was allocated to these loans at March 31, 2019. Approximately $833,000 of the Company’s allowance for mortgage loans was allocated to impaired loans at December 31, 2018. The Company will declare a loan to be in default and will place the loan on non-accrual status when the following thresholds have been met: (i) the borrower has missed three consecutive mortgage payments; (ii) the borrower has not communicated to the Company any legitimate reason for delinquency in its payments to the Company and has not arranged for the re-continuance of payments; (iii) lines of communication to the borrower have broken down such that any reasonable prospect of rehabilitating the loan and return of regular payments is gone. The Company’s policies on payments received and interest accrued on non-accrual loans are as follows: (i) The Company will accept payments on loans that are currently on non-accrual status when a borrower has communicated to us that they intend to meet their mortgage obligations. A payment made on a non-accrual loan is considered a good faith deposit as to the intent to resume their mortgage payment obligation. This good faith deposit is credited back to interest first then principal as stated in the mortgage loan documentation. (ii) A letter outlining the re-payment terms or the restructure terms (if any) of the loan is provided to the borrower. This letter will be signed by the Senior Pastor and either officers or board members of the borrower. This letter resumes the obligation to make payments on non-accrual loans. (iii) The borrower must meet all its payment obligations for the next 120 days without interruption in order to be removed from non-accrual status. No interest income was recognized on non-accrual loans as of March 31, 2019. When a loan is declared in default according to the Company’s policy or deemed to be doubtful of collection, the loan committee of the Advisor to the Company will direct the staff to charge-off the uncollectable receivables. Loans totaling approximately $2,906,000 and $2,853,000 exceeded 90 days past due but continued to accrue interest as of March 31, 2019 and December 31, 2018, respectively. The Company believes that continued interest accruals are appropriate because the loans are well secured, not deemed to be in technical default and the Company is actively pursuing collection of past due payments.
Real Estate Held for Sale	Real Estate Held for Sale As of March 31, 2019, the Company had one acquired one property located in Bethel, Ohio through the foreclosure process with an outstanding balance of $112,515 and one property located in Pine Bluff, Arkansas acquired via deed in lieu of foreclosure with an outstanding balance totaling balance totaling $225,872. The Church is still occupying this property and paying rent while trying to either sell the building or obtain refinancing. The Company records real estate held for sale at the estimated fair value, which is net of the expected expenses related to the sale of the real estate. The fair value of our real estate held for sale, which represents the carrying value, is $27,925 as of March 31, 2019. The Company sold one property for the period ended March 31, 2019 for approximately $61,000 which approximates the carrying value.
Carrying Value of Long-Lived Assets	Carrying Value of Long-Lived Assets The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that the carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of the estimated useful life. Recoverability is assessed based on the carrying amount of the asset compared to the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is deemed not recoverable and exceeds fair value as determined through various valuation techniques including, but not limited to, discounted cash flow models, quoted market values, and third party independent appraisals.
Revenue Recognition	Revenue Recognition Interest income on mortgage loans receivable and the bond portfolio is recognized as earned per the terms of the specific asset. Other income included with interest represents cash received for loan origination fees, which are recognized over the life of the loan as an adjustment to the yield on the loan. As of January 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers - Topic 606 The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 that significantly affects the determination of the amount and timing of revenue from contracts with customers. The main types of revenue contracts included in non-interest income within the consolidated statements of operations are as follows:
Gain Losses on Sale of OREO	Gain Losses on Sale of OREO The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determine the gain or loss on the sale, the Company adjusts the transaction prices and related gain (loss) on sale if a significant financing component is present.
Deferred Financing Costs	Deferred Financing Costs The Company defers the costs related to obtaining financing. These costs are amortized over the life of the financing using the straight line method, which approximates the effective interest method.
Income (Loss) Per Common Share	Income (Loss) Per Common Share No adjustments were made to income (loss) for the purpose of calculating earnings per share, as there were no potential dilutive shares outstanding.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June, 2016 the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit. For public entities, ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company has not yet fully evaluated the potential effects of adopting ASU 2016-13 on the Company’s results of operations, financial position or cash flows.
Recent Accounting Pronouncements Adpoted	Recent Accounting Pronouncements – Adopted In the first quarter of 2018, the Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606).
Subsequent Events	Subsequent Events The Company has evaluated events and transactions through the date the financial statements were available to be issued. No material events or transactions occurred in the time period referenced above requiring adjustment to or disclosure in the March 31, 2019 financial statements.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Allowance For Mortgage Loans	Balance at December 31, 2018 $ 1,672,003 Provision for additional losses 18,278 Proceeds from sale of property held for sale (100,537) Balance at March 31, 2019 $ 1,589,744

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fari Value Measurement Bond Portfolio	Fair Value Measurement March 31, 2019 Fair Value Level 3 Bond portfolio $ 16,202,937 $ 16,202,937 Fair Value Measurement December 31, 2018 Fair Value Level 3 Bond portfolio $ 15,389,807 $ 15,389,807
Change In Fair Value Measurement Bond Portfolio	Bond Portfolio Balance at December 31, 2018 $ 15,389,807 Additional losses on bond portfolio (50,000 ) Purchases 895,000 Proceeds (31,870 ) Balance at March 31, 2019 $ 16,202,937
Fair Value Measurement Impaired Loans and Real Estate Held For Sale	March 31, 2019 Level 1 Level 2 Level 3 Fair Value at March 31, Impaired Loans $ — $ — $ 608,139 $ 608,139 Real estate held for resale — — 327,925 327,925 $ — $ — $ 936,064 $ 936,064 December 31, 2018 Level 1 Level 2 Level 3 Fair Value at December 31, Impaired Loans $ — $ — $ 608,139 $ 608,139 Real estate held for resale — — 327,925 327,925 $ — $ — $ 936,064 $ 936,064
Change In Fair Value Measurement Impaired Loans and Real Estate Held For Sale	Impaired Loans Real Estate Held for Sale Balance at December 31, 2018 $ 665,267 $ 340,659 Additions/Acquisitions — — Dispositions/Proceeds (45,828 ) (12,734 ) Impairment (11,300 ) — Balance at March 31, 2019 $ 608,139 $ 327,925

Mortgage Loans Receivable and_2

Mortgage Loans Receivable and Bond Portfolio (Tables)	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Mortgage Loans Receivable and Bond Portfolio	Mortgage Loans Bond Portfolio 2020 $ 1,174,635 $ 219,000 2021 744,013 172,000 2022 744,674 270,000 2023 1,547,946 192,000 2024 914,549 295,000 Thereafter 16,865,004 15,562,937 21,990,821 16,710,937 Less loan loss and other than temporary impairment on bonds allowance (1,589,744) (508,000) Less deferred origination income (271,913 ___-____ Totals $ 20,129,164 $ 16,202,937
Restructured and Modified Loans	March 31, 2019 Type of Loan Number of Loans Original Principal Balance Original Average Interest Rate Unpaid Principal Balance Modified Average Interest Rate First Mortgage Loan 7 $ 4,415,544 8.014 % $ 3,444,462 6.03 % December 31, 2018 Type of Loan Number of Loans Original Principal Balance Original Average Interest Rate Unpaid Principal Balance Modified Average Interest Rate First Mortgage Loan 7 $ 4,415,544 8.014 % $ 3,838,819 6.03 %

Secured Investor Certificates (

Secured Investor Certificates (Tables)	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Maturity Schedule Secured Investor Certificates	April 1, 2019 through March 31, 2020 $ 2,780,000 April 1, 2020 through December 31, 2020 3,078,000 2021 2,378,000 2022 2,164,000 2023 2,511,000 Thereafter 14,640,000 $ 27,551,000 Less deferred offering costs (880,142 ) Totals $ 26,670,588

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Fair Value Financial Instruments	March 31, 2019 December 31, 2018 Carrying Fair Carrying Fair Amount Value Amount Value Cash and equivalents $ 433,504 $ 433,604 $ 2,183,441 $ 2,183,441 Accounts receivable 253,639 253,639 251,535 251,535 Interest receivable 189,694 189,694 184,869 184,869 Mortgage loans receivable 21,990,821 23,401,582 23,607,655 23,905,564 Bond portfolio 16,710,937 16,202,937 15,847,807 15,389,807 Secured investor certificates 27,551,000 31,695,185 29,386,000 34,099,540

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies - Allowance For Mortgage Loans (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
Accounting Policies [Abstract]
Balance at December 31, 2018	$ 1,672,003
Provision for losses on mortgage loans receivable	18,278
Reclassified to real estate held for sale	(100,537)
Balance at March 31, 2019	$ 1,589,744

Fair Value Measurement - Fari V

Fair Value Measurement - Fari Value Measurement Bond Portfolio (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Gross Bond portfolio	$ 16,202,937	$ 15,389,807
Impaired Loans
Gross Bond portfolio	$ 16,202,937	$ 15,389,807

Fair Value Measurement - Change

Fair Value Measurement - Change In Fair Value Measurement Bond Portfolio (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
Fair Value Disclosures [Abstract]
Balance at Decmeber 31, 2018	$ 15,389,807
Additional Losses on Bond Portfolio	(50,000)
Purchases	895,000
Proceeds	(31,870)
Balance at March 31, 2019	$ 16,202,937

Fair Value Measurement - Fair V

Fair Value Measurement - Fair Value Measurement Impaired Loans and Real Estate Held For Sale (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Impaired Loans	$ 608,139	$ 665,267
Real estate held for resale	327,925	340,659
Total Fair Value Measurement	936,064	1,005,926
Fair Value Impaired Loans and Real Estate Held For Sale Level 1
Impaired Loans
Real estate held for resale
Total Fair Value Measurement
Fair Value Impaired Loans and Real Estate Held For Sale Level 2
Impaired Loans
Real estate held for resale
Total Fair Value Measurement
Impaired Loans
Impaired Loans	608,139	665,267
Real estate held for resale	327,925	340,659
Total Fair Value Measurement	$ 936,064	$ 1,005,926

Fair Value Measurement - Chan_2

Fair Value Measurement - Change In Fair Value Measurement Impaired Loans and Real Estate Held For Sale (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
Real Estate Held For Sale
Balance at December 31, 2018	$ 340,659
Dispositions/Proceeds	(12,734)
Impairment
Balance at March 31, 2019	327,925
Impaired Loans
Balance at December 31, 2018	665,267
Dispositions/Proceeds	(45,828)
Impairment	(11,300)
Balance at March 31, 2019	$ 608,139

Mortgage Loans Receivable and_3

Mortgage Loans Receivable and Bond Portfolio - Mortgage Loans Receivable and Bond Portfolio (Details)	Mar. 31, 2019USD ($)
Mortgage Loans
2020	$ 1,174,635
2021	744,013
2022	744,674
2023	1,547,946
2024	914,549
Thereafter	16,865,004
Subtotal	21,990,821
Less loan loss and other than temporary impairment on bonds allowance	(1,589,744)
Less deferred origination income	(271,913)
Totals	20,129,164
Bond Portfolio
2020	219,000
2021	172,000
2022	270,000
2023	192,000
2024	295,000
Thereafter	15,562,937
Subtotal	16,710,937
Less loan loss and other than temporary impairment on bonds allowance	(508,000)
Less deferred origination income
Totals	$ 16,202,937

Mortgage Loans Receivable and_4

Mortgage Loans Receivable and Bond Portfolio - Restructured and Modified Loans (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Notes to Financial Statements
Number of Loans	$ 7	$ 7
Original Principal Balance	4,415,544	4,415,544
Original Average Interest Rate	8	8
Unpaid Principal Balance	3,444,462	3,838,819
Modified Average Interest Rate	$ 6	$ 6

Secured Investor Certificates -

Secured Investor Certificates - Maturity Schedule Secured Investor Certificates (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended				135 Months Ended
	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2020	Mar. 31, 2034
Secured Investor Certificate Maturity Schedule	$ 27,551,000
Certificates Deferred Offering Costs	(880,142)
Secured Investor Certificates Net	$ 26,670,588
Secured Investor Certificates
Secured Investor Certificate Maturity Schedule		$ 3,078,000	$ 2,511,000	$ 2,164,000	$ 2,378,000	$ 2,780,000	$ 14,460,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Financial Instruments (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Interest receivable	$ 189,694	$ 184,869
Fair Value
Cash and equivalents	433,504	2,183,441
Accounts receivable	253,639	251,535
Interest receivable	189,694	184,869
Mortgage loans receivable	23,401,582	23,905,564
Bond portfolio	16,202,937	15,389,807
Secured investor certificates	31,695,185	34,099,540
Carrying Amount
Cash and equivalents	433,604	2,183,441
Accounts receivable	253,639	251,535
Interest receivable	189,694	184,869
Mortgage loans receivable	20,129,164	23,607,655
Bond portfolio	16,202,937	15,847,807
Secured investor certificates	$ 26,876,496	$ 29,386,000

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Details Narrative) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Money Market Funds	$ 219,899	$ 974,346
Bond Portfolio	219,000	167,000
Allowance for Mortgage Loans Receivable	1,589,744	1,672,003
Loans Exceeding 90 Days Past Due	6,494,000	6,893,000
Real Estate Held for Sale Carrying Value	327,925	340,659
Allowance Allocated to Impaired Loans	744,000	833,000
Total Loans On Nonaccrual Status	1,352,000	1,498,000
Loans In Default	2,906,000	2,853,000
Loans In Foreclosure	338,387
Impaired Loans	$ 744,000	$ 833,000

Fair Value Measurement (Details

Fair Value Measurement (Details Narrative) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Loan Loss Reserve Church Bonds	$ 508,000	$ 458,000
Real Estate Impairement Charge		$ 114,787

Mortgage Loans Receivable and_5

Mortgage Loans Receivable and Bond Portfolio (Details Narrative) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Notes to Financial Statements
Mortgage Loans Receivable Gross	$ 21,990,821	$ 23,607,655
Church Bonds Owned Gross	16,728,598	15,847,807
Bond Reserve Fund	508,000	458,000
Agape First Mortgage Bonds	529,000	529,000
Agape Second Mortgage Bonds	497,000	497,000
Agape First Mortgage Bonds Gross	7,200,000	7,200,000
Agape Second Mortgage Bonds Gross	715,000	715,000
Agape Distribution to Bondholders	19	19
Principal Balance Agape Bonds	826	826
Maturities and Redemption of Bonds	84,000	723,000
Restructured Mortgage Loans	$ 1,139,544	$ 1,139,544

Secured Investor Certificates_2

Secured Investor Certificates (Details Narrative) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Notes to Financial Statements
Renewals Secured Investor Certificates	$ 220,000	$ 1,671,000
Secured Investor Certificatee Offering	10,000,000
Certificate Offering Minimal Investment	1,000
Total Secured Investor Certificates Series E	3,187
Outstanding Debt Secured Investor Certificates Issued Series E	$ 3,187,000

Transactions With Affiliates (D

Transactions With Affiliates (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Notes to Financial Statements
Advisor Managment Fees	$ 79,000	$ 322,000

Line Of Credit (Details Narrati

Line Of Credit (Details Narrative)	Mar. 31, 2019USD ($)
Notes to Financial Statements
Line Of Credit	$ 4,000,000