Statements of Net Assets
As at
Feb 28, 2014 Feb 28, 2013
Assets
Mortgage loan investments Note 2 $ 37,067,774 $ 13,019,170
Cash 810,825 128,938
Accrued interest receivable 373,125 101,249
Subscription proceeds receivable 242,770 61,159
Other assets Note 6 5,000 -
38,499,494 13,310,516
Liabilities
Due to Fund Manager Note 6 143,413 50,194
Accounts payable and accrued expenses 24,626 7,706
Dividends payable 118,679 47,061
286,718 104,961
Commitments and contingencies Note 11
Net assets, representing shareholders' equity $ 38,212,776 $ 13,205,555
Shareholders' equity (Note 4):
Class A preferred shares $ 25,363,855 $ 11,933,257
Class B preferred shares 12,847,921 1,271,298
Common shares 1,000 1,000
$ 38,212,776 $ 13,205,555
Shares outstanding (Note 4):
Class A preferred shares 2,536,385 1,193,725
Class B preferred shares 1,284,792 127,172
Common shares 400 400
Net assets per share (Note 8):
Class A preferred shares $ 10.00 $ 10.00
Class B preferred shares 10.00 10.00
Common shares 2.50 2.50
See accompanying notes to financial statements.
Approved by the Board of Directors:
Original signed by Cameron Brinkman, Director
Original signed by Aleem Virani, Director
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