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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Interest on delinquent association fees $ 170,174 $ 463,738 $ 389,688 $ 878,013
Administrative and late fees 35,423 43,314 58,468 82,807
Recoveries in excess of cost - special product 62,362 4,502 84,990 26,272
Underwriting and other revenues 41,235 74,791 69,164 115,515
Rental revenue 33,344 72,285 81,424 219,954
Total revenues 342,538 658,630 683,734 1,322,561
Operating Expenses:        
Professional fees 479,581 524,764 986,576 954,073
Settlement costs with associations   38,286 11,920 40,178
Selling, general and administrative 74,728 83,656 154,951 183,403
Recovery of cost from related party receivable (100,000)   (200,000)  
Provision for credit losses   (7,375)   (7,375)
Real estate management and disposal 14,108 100,306 99,450 297,434
Depreciation and amortization 7,954 19,526 13,766 37,391
Collection costs (20,934) 9,786 (29,255) (13,301)
Other operating expenses 6,844 16,191 10,638 15,256
Total operating expenses 774,774 1,127,326 1,676,598 2,112,390
Operating loss from continuing operations (432,236) (468,696) (992,864) (789,829)
Interest expense 5,732 52,731 12,626 53,763
Loss from continuing operations before income taxes (437,968) (521,427) (1,005,490) (843,592)
Net loss from continuing operations (437,968) (521,427) (1,005,490) (843,592)
Gain on disposal of discontinued operations     16,428  
Gain (loss) from operations of discontinued operations   70,924 16,426 (63,929)
Net gain/(loss) from discontinued operations   70,924 16,428 (63,929)
Net loss $ (437,968) $ (450,503) $ (989,062) $ (907,521)
Earnings/(loss) per share:        
Basic loss per common share - continuing operations $ (0.11) $ (0.17) $ (0.28) $ (0.27)
Basic earnings/(loss) per common share - discontinued operations   0.02 0.00 (0.02)
Basic loss per common share - net loss (0.11) (0.14) (0.28) (0.29)
Diluted loss per common share - continuing operations (0.11) (0.17) (0.28) (0.27)
Diluted earnings/(loss) per common share - discontinued operations   0.02 0.00 (0.02)
Diluted loss per common share - net loss $ (0.11) $ (0.14) $ (0.28) $ (0.29)
Weighted average number of common shares outstanding:        
Basic 3,915,123 3,134,261 3,575,098 3,133,106
Diluted 3,915,123 3,134,261 3,575,098 3,133,106
Service [Member]        
Operating Expenses:        
Staff costs and payroll $ 312,493 $ 342,186 $ 628,552 $ 605,331