ANNUAL REPORT
Statements of Operations
Years ended February 28, 2014 and 2013
2014 2013
Income
Interest
$ 2,546,869 $ 979,258
Lender fees Note 6
- 30,599
2,546,869 1,009,857
Expenses
Service fees Note 5
273,034 87,381
Management fees Note 5
191,015 81,045
Other operating
24,880 12,158
Audit fees
15,751 13,612
Legal fees 5,445 24,911
Director fees Note 5 9,461 8,652
Independent review committee fees Note 5 2,100 900
521,686 228,659
Increase in net assets from operations $ 2,025,183 $ 781,198
Increase in net assets from operations:
Class A preferred shares $ 1,434,687 $ 777,247
Class B preferred shares 590,496 3,951
Common shares - -
Increase in net assets from operations per share:
Class A preferred shares $ 0.85 $ 0.87
Class B preferred shares 0.85 0.87
Common shares - -
See accompanying notes to financial statements.
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