Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

v3.19.3
Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Interest on delinquent association fees $ 348,451 $ 459,505 $ 1,226,464 $ 1,574,960
Administrative and late fees 33,690 59,517 116,497 178,146
Recoveries in excess of cost - special product 18,356 31,446 44,628 90,546
Underwriting and other revenues 49,242 79,838 164,757 188,024
Net commission revenue 221,085   501,244  
Rental revenue 102,924 151,204 322,878 591,553
Total revenues 773,748 781,510 2,376,468 2,623,229
Operating Expenses:        
Professional fees 387,508 432,265 1,538,043 888,949
Settlement costs with associations 8,825 11,731 49,003 38,846
Selling, general and administrative 139,364 71,864 376,997 224,079
Provision for credit losses 7,641   266 581
Real estate management and disposal 84,362 178,372 381,796 460,312
Depreciation and amortization 20,110 10,884 60,012 55,195
Collection costs (3,974) 8,797 (17,275) 38,959
Other operating expenses 6,931 3,614 37,618 15,493
Total operating expenses 1,020,211 990,927 3,459,979 2,696,748
Operating income (loss) (246,463) (209,417) (1,083,511) (73,519)
Interest expense 39,605 377,387 110,078 471,963
Gain on disposal of assets (6,421)   (6,421)  
Gain on litigation       (405,000)
Income (loss) before income taxes (279,647) (586,804) (1,187,168) (140,482)
Net income (loss) $ (279,647) $ (586,804) $ (1,187,168) $ (140,482)
Income (loss) per share:        
Basic $ (0.09) $ (0.94) $ (0.38) $ (0.22)
Diluted $ (0.09) $ (0.94) $ (0.38) $ (0.22)
Weighted average number of common shares outstanding:        
Basic 3,134,160 625,318 3,133,495 625,318
Diluted 3,134,160 625,318 3,133,495 625,318
Service [Member]        
Operating Expenses:        
Staff costs and payroll $ 369,444 $ 273,400 $ 1,033,519 $ 974,334