2020 Q4 Form 10-Q Financial Statement

#000110465920122493 Filed on November 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $5.673M $4.272M $3.379M
YoY Change 94.11% 26.42% 10.75%
Cost Of Revenue $2.002M $1.285M $588.6K
YoY Change 47.42% 118.32% 15.03%
Gross Profit $3.671M $2.977M $2.768M
YoY Change 134.63% 7.56% 14.88%
Gross Profit Margin 64.71% 69.69% 81.92%
Selling, General & Admin $957.3K $803.6K $716.8K
YoY Change 71.6% 12.12% 25.76%
% of Gross Profit 26.08% 26.99% 25.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.55K $15.35K $18.62K
YoY Change -19.35% -17.56% 172.43%
% of Gross Profit 0.42% 0.52% 0.67%
Operating Expenses $1.021M $835.6K $725.9K
YoY Change 72.94% 15.11% 28.11%
Operating Profit $2.650M $2.142M $2.042M
YoY Change 172.01% 4.87% 10.81%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $2.350M $2.139M $2.055M
YoY Change 149.58% 4.07% 4.71%
Income Tax
% Of Pretax Income
Net Earnings $2.350M $2.139M $2.055M
YoY Change 149.58% 4.07% 4.71%
Net Earnings / Revenue 41.43% 50.07% 60.82%
Basic Earnings Per Share $0.10 $0.10
Diluted Earnings Per Share $106.2K $0.10 $0.10
COMMON SHARES
Basic Shares Outstanding 22.12M 22.12M 21.34M
Diluted Shares Outstanding 22.12M 21.34M

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.41M $5.384M $11.00M
YoY Change 3.0% -51.08% 1923.34%
Cash & Equivalents $19.41M $5.384M $11.00M
Short-Term Investments
Other Short-Term Assets $71.31K $106.8K $37.17K
YoY Change 188.35% 187.38% 34.63%
Inventory
Prepaid Expenses
Receivables $1.820M $1.551M $1.654M
Other Receivables $2.093M $1.589M $843.4K
Total Short-Term Assets $23.39M $8.631M $13.54M
YoY Change 10.24% -36.25% 402.2%
LONG-TERM ASSETS
Property, Plant & Equipment $1.433M $1.418M $6.631M
YoY Change 6.46% -78.61% 715.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $37.29M $27.69M
YoY Change 133.82%
Other Assets $72.81K $66.09K $38.35K
YoY Change 338.61% 72.33% -93.3%
Total Long-Term Assets $203.3M $161.0M $95.74M
YoY Change 69.41% 68.17% 16.28%
TOTAL ASSETS
Total Short-Term Assets $23.39M $8.631M $13.54M
Total Long-Term Assets $203.3M $161.0M $95.74M
Total Assets $226.7M $169.6M $109.3M
YoY Change 60.52% 55.23% 28.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $400.0K $522.4K $131.9K
YoY Change 60.08% 296.1% 31.9%
Accrued Expenses $3.340K $80.67K $3.320K
YoY Change -2.34% 2329.82% -98.69%
Deferred Revenue
YoY Change
Short-Term Debt $28.06M $12.08M $0.00
YoY Change -100.0%
Long-Term Debt Due $11.57K
YoY Change
Total Short-Term Liabilities $32.56M $14.11M $653.1K
YoY Change 2834.81% 2060.66% -97.65%
LONG-TERM LIABILITIES
Long-Term Debt $110.7M $70.54M $23.28M
YoY Change 96.54% 203.05% 7829.14%
Other Long-Term Liabilities $2.099M $1.115M $1.093M
YoY Change 74.11% 2.02% -5.21%
Total Long-Term Liabilities $112.8M $71.66M $24.37M
YoY Change 96.07% 194.04% 1585.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.56M $14.11M $653.1K
Total Long-Term Liabilities $112.8M $71.66M $24.37M
Total Liabilities $145.8M $85.77M $25.02M
YoY Change 148.51% 242.75% -14.42%
SHAREHOLDERS EQUITY
Retained Earnings -$2.891M $69.00K
YoY Change 128.22%
Common Stock $22.13K $22.12K
YoY Change 0.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.92M $83.86M $84.26M
YoY Change
Total Liabilities & Shareholders Equity $226.7M $169.6M $109.3M
YoY Change 60.52% 55.23% 28.51%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $2.350M $2.139M $2.055M
YoY Change 149.58% 4.07% 4.71%
Depreciation, Depletion And Amortization $15.55K $15.35K $18.62K
YoY Change -19.35% -17.56% 172.43%
Cash From Operating Activities $2.238M $3.414M $3.586M
YoY Change 178.93% -4.79% 329.15%
INVESTING ACTIVITIES
Capital Expenditures -$258.2K -$612.6K -$132.0K
YoY Change -70.29% 364.2% -64.92%
Acquisitions
YoY Change
Other Investing Activities -$41.20M -$25.05M -$6.731M
YoY Change 83.75% 272.17% 20.9%
Cash From Investing Activities -$41.46M -$25.66M -$6.863M
YoY Change 78.0% 273.94% 15.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 53.25M 22.99M 11.19M
YoY Change 75.57% 105.48% 226.35%
NET CHANGE
Cash From Operating Activities 2.238M 3.414M 3.586M
Cash From Investing Activities -41.46M -25.66M -6.863M
Cash From Financing Activities 53.25M 22.99M 11.19M
Net Change In Cash 14.02M 736.1K 7.909M
YoY Change 78.95% -90.69% -570.69%
FREE CASH FLOW
Cash From Operating Activities $2.238M $3.414M $3.586M
Capital Expenditures -$258.2K -$612.6K -$132.0K
Free Cash Flow $2.497M $4.026M $3.718M
YoY Change 49.36% 8.31% 206.81%

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Depreciation
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Depreciation
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ShareBasedCompensation
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us-gaap Goodwill Impairment Loss
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495000
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GoodwillImpairmentLoss
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GainsLossesOnSalesOfInvestmentRealEstate
20076
sach Abandonment Of Office Furniture
AbandonmentOfOfficeFurniture
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AbandonmentOfOfficeFurniture
12000
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
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sach Increase Decrease In Escrow Deposit
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MortgageLoansOnRealEstateDefaultInterestRate
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IncomeFromLenderModificationAndExtensionFees
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us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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PaymentsOfFinancingCosts
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0
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77256
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3323
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us-gaap Increase Decrease In Deferred Revenue
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9261
us-gaap Increase Decrease In Advance Payments By Borrowers For Taxes And Insurance
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565706
us-gaap Increase Decrease In Advance Payments By Borrowers For Taxes And Insurance
IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance
180889
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
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745569
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
2059039
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7389446
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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us-gaap Payments To Acquire Real Estate Held For Investment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments For Proceeds From Other Deposits
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sach Payments To Acquire Mortgage Receivable
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sach Payments To Acquire Mortgage Receivable
PaymentsToAcquireMortgageReceivable
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sach Proceeds From Collection Of Mortgage Receivable
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27917331
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
14080569
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
42720829
us-gaap Repayments Of Lines Of Credit
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2000000
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RepaymentsOfLinesOfCredit
69939952
sach Proceeds From Notes Sold To Shareholder
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0
sach Proceeds From Notes Sold To Shareholder
ProceedsFromNotesSoldToShareholder
1017000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
2217000
us-gaap Payments For Proceeds From Mortgage Deposits
PaymentsForProceedsFromMortgageDeposits
12296
us-gaap Payments For Proceeds From Mortgage Deposits
PaymentsForProceedsFromMortgageDeposits
0
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
15303
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
5308152
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
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PaymentsOfFinancingCosts
108353
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ProceedsFromOtherDebt
0
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ProceedsFromMortgagePayable
0
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ProceedsFromMortgagePayable
795000
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RepaymentOfMortgagePayable
0
sach Repayment Of Mortgage Payable
RepaymentOfMortgagePayable
297837
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
68634
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ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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PaymentsOfStockIssuanceCosts
0
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
147002
sach Proceeds From Issuance Of Fixed Rate Notes
ProceedsFromIssuanceOfFixedRateNotes
14363750
sach Proceeds From Issuance Of Fixed Rate Notes
ProceedsFromIssuanceOfFixedRateNotes
23663000
sach Financing Costs Incurred In Connection With Fixed Rate Notes
FinancingCostsIncurredInConnectionWithFixedRateNotes
743908
sach Financing Costs Incurred In Connection With Fixed Rate Notes
FinancingCostsIncurredInConnectionWithFixedRateNotes
1307571
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
20514152
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
18056667
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13457864
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
10846084
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18841937
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
158859
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5384073
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11004943
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
us-gaap Interest Paid Net
InterestPaidNet
2093080
us-gaap Interest Paid Net
InterestPaidNet
472329
CY2020Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0
CY2019Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0
CY2019Q3 us-gaap Real Estate Acquired Through Foreclosure
RealEstateAcquiredThroughForeclosure
2265927
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
13005
sach Reclassification Of Notes Receivable To Mortgage Receivable
ReclassificationOfNotesReceivableToMortgageReceivable
879457
CY2019Q3 sach Remaining Balance Of Mortgages Receivable
RemainingBalanceOfMortgagesReceivable
0
CY2020Q3 us-gaap Real Estate Acquired Through Foreclosure
RealEstateAcquiredThroughForeclosure
170383
CY2020Q3 sach Fixed And Preferred Securities Fair Value Disclosure
FixedAndPreferredSecuritiesFairValueDisclosure
2862830
CY2020Q3 sach Mutual Funds Fair Value Disclosure
MutualFundsFairValueDisclosure
23493424
CY2020Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
27688794
CY2019Q3 sach Income On Inhouse Legal Fees
IncomeOnInhouseLegalFees
36500
sach Income From Lender Modification And Extension Fees
IncomeFromLenderModificationAndExtensionFees
431977
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 18pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 18pt;">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.</p>
CY2020Q3 sach Real Estate Owned Fair Value Disclosure
RealEstateOwnedFairValueDisclosure
7523584
CY2020Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 18pt;">Reclassifications</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 18pt;">Certain 2019 account balances have been reclassified to conform with the current year’s presentation.</p>
CY2020Q3 sach Stocks And Exchange Traded Funds Fair Value Disclosure
StocksAndExchangeTradedFundsFairValueDisclosure
1332540
CY2020Q3 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
124131879
CY2019Q4 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
94348689
CY2020Q3 sach Maturities Of Mortgage Receivable Year One
MaturitiesOfMortgageReceivableYearOne
40472468
CY2020Q3 sach Maturities Of Mortgage Receivable Year Two
MaturitiesOfMortgageReceivableYearTwo
68804366
CY2020Q3 sach Maturities Of Mortgage Receivable Year Three
MaturitiesOfMortgageReceivableYearThree
12471850
CY2020Q3 sach Maturities Of Mortgage Receivable Year Four
MaturitiesOfMortgageReceivableYearFour
2383195
CY2020Q3 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
124131879
srt Mortgage Loans On Real Estate Number Of Loans
MortgageLoansOnRealEstateNumberOfLoans
480
sach Mortgage Loans In Process Of Foreclosure
MortgageLoansInProcessOfForeclosure
14
sach Mortgage Loans In Process Of Foreclosure
MortgageLoansInProcessOfForeclosure
14
CY2020Q2 sach Mortgage Loans Covid19 Forbearance Requests
MortgageLoansCovid19ForbearanceRequests
23
CY2020Q2 sach Mortgage Receivable For Forbearance Requests
MortgageReceivableForForbearanceRequests
6500000
CY2020Q2 sach Mortgage Loans Covid19 Forbearance Requests
MortgageLoansCovid19ForbearanceRequests
23
CY2020Q2 sach Deferred Interest For Forbearance Requests
DeferredInterestForForbearanceRequests
200000
CY2020Q3 sach Mortgage Loans Covid19 Forbearance Requests
MortgageLoansCovid19ForbearanceRequests
18
CY2020Q2 sach Mortgage Loans Covid19 Forbearance Requests
MortgageLoansCovid19ForbearanceRequests
23
CY2020Q3 sach Mortgage Receivable For Forbearance Requests
MortgageReceivableForForbearanceRequests
5100000
CY2020Q3 sach Deferred Interest For Forbearance Requests
DeferredInterestForForbearanceRequests
146000
sach Mortgage Receivable Modification Of Borrowers Loan Period
MortgageReceivableModificationOfBorrowersLoanPeriod
P90D
CY2020Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
7523584
CY2019Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
8258082
CY2020Q3 us-gaap Rental Properties
RentalProperties
1478854
CY2020Q3 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
6044730
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
495000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
sach Income From Lender Modification And Extension Fees
IncomeFromLenderModificationAndExtensionFees
288373
CY2020Q3 sach Income On Inhouse Legal Fees
IncomeOnInhouseLegalFees
53740
sach Debt Instrument Number Of Series Of Unsecured Unsubordinated Loans
DebtInstrumentNumberOfSeriesOfUnsecuredUnsubordinatedLoans
3
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
72526750
sach Threshold Percentage Of Taxable Income To Prohibit Distribution
ThresholdPercentageOfTaxableIncomeToProhibitDistribution
0.90
sach Threshold Asset Coverage Ratio
ThresholdAssetCoverageRatio
1.50
CY2020Q3 sach Income On Borrower Charges
IncomeOnBorrowerCharges
46432
CY2019Q3 sach Income On Borrower Charges
IncomeOnBorrowerCharges
130871
sach Income On Borrower Charges
IncomeOnBorrowerCharges
204964
sach Income On Borrower Charges
IncomeOnBorrowerCharges
163364
CY2020Q3 sach Income From Lender Modification And Extension Fees
IncomeFromLenderModificationAndExtensionFees
154175
sach Income On Inhouse Legal Fees
IncomeOnInhouseLegalFees
156090
sach Income On Inhouse Legal Fees
IncomeOnInhouseLegalFees
108200
CY2020Q3 sach Income And Other
IncomeAndOther
82442
CY2019Q3 sach Income And Other
IncomeAndOther
20004
sach Income And Other
IncomeAndOther
111040
sach Income And Other
IncomeAndOther
62117
CY2020Q3 us-gaap Other Income
OtherIncome
336789
CY2019Q3 us-gaap Other Income
OtherIncome
325523
us-gaap Other Income
OtherIncome
904071
us-gaap Other Income
OtherIncome
622054
sach Number Of Mortgage Properties
NumberOfMortgageProperties
8
CY2020Q3 sach Amount Of Mortgage Receivable
AmountOfMortgageReceivable
1300000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
32000000
CY2020Q2 sach Mortgage Loans Covid19 Forbearance Requests
MortgageLoansCovid19ForbearanceRequests
23
CY2020Q2 sach Mortgage Receivable For Forbearance Requests
MortgageReceivableForForbearanceRequests
6500000
CY2020Q2 sach Mortgage Loans Covid19 Forbearance Requests
MortgageLoansCovid19ForbearanceRequests
23
CY2020Q2 sach Deferred Interest For Forbearance Requests
DeferredInterestForForbearanceRequests
200000
CY2020Q3 sach Mortgage Loans Covid19 Forbearance Requests
MortgageLoansCovid19ForbearanceRequests
18
CY2020Q3 sach Mortgage Receivable For Forbearance Requests
MortgageReceivableForForbearanceRequests
5100000
CY2020Q3 sach Deferred Interest For Forbearance Requests
DeferredInterestForForbearanceRequests
146000

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