Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

v3.20.2
Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Interest on delinquent association fees $ 105,592 $ 348,451 $ 495,280 $ 1,226,464
Administrative and late fees 19,929 33,690 78,397 116,497
Recoveries in excess of cost - special product 37,127 30,927 122,117 57,199
Underwriting and other revenues 27,651 49,242 96,815 164,757
Rental revenue 62,185 90,353 143,609 310,307
Total revenues 252,484 552,663 936,218 1,875,224
Operating Expenses:        
Professional fees 385,705 380,307 1,372,281 1,334,380
Settlement costs with associations 17,934 8,825 29,854 49,003
Selling, general and administrative 96,483 102,027 251,434 285,430
Recovery of cost from related party receivable (100,000)   (300,000)  
Provision for credit losses 30,000 7,641 30,000 266
Real estate management and disposal 53,432 84,362 152,882 381,796
Depreciation and amortization (3,383) 18,122 10,383 55,513
Collection costs 771 (3,974) (28,484) (17,275)
Other operating expenses 3,120 3,009 13,758 18,265
Total operating expenses 3,006,543 919,142 4,683,141 3,031,532
Operating loss from continuing operations (2,754,059) (366,479) (3,746,923) (1,156,308)
Gain on disposal of assets   (6,421)   (6,421)
Interest expense (2,300) 23,150 10,326 76,913
Loss from continuing operations before income taxes (2,751,759) (383,208) (3,757,249) (1,226,800)
Net loss from continuing operations (2,751,759) (383,208) (3,757,249) (1,226,800)
Gain on disposal of discontinued operations     16,428  
Gain from operations of discontinued operations   103,561 16,428 39,632
Net gain/(loss) from discontinued operations   103,561 16,428 39,632
Net loss $ (2,751,759) $ (279,647) $ (3,740,821) $ (1,187,168)
Earnings/(loss) per share:        
Basic loss per common share - continuing operations $ (0.28) $ (0.12) $ (0.66) $ (0.39)
Basic earnings/(loss) per common share - discontinued operations   0.03 0.00 0.01
Basic loss per common share - net loss (0.28) (0.09) (0.66) (0.38)
Diluted loss per common share - continuing operations (0.28) (0.12) (0.66) (0.39)
Diluted earnings/(loss) per common share - discontinued operations   0.03 0.00 0.01
Diluted loss per common share - net loss $ (0.28) $ (0.09) $ (0.66) $ (0.38)
Weighted average number of common shares outstanding:        
Basic 9,790,538 3,134,160 5,662,035 3,133,495
Diluted 9,790,538 3,134,160 5,662,035 3,133,495
Service [Member]        
Operating Expenses:        
Staff costs and payroll $ 2,522,481 $ 318,823 $ 3,151,033 $ 924,154