FINANCIAL
STATEMENTS
Statements of Financial Position
As at
Feb 28, 2015 Feb 28, 2014 Mar 1, 2013
Assets
Cash $ 2,704,336 $ 810,825 $ 128,938
Accrued interest receivable 500,636 373,125 101,249
Subscription proceeds receivable 170,170 242,770 61,159
Mortgage loan investments Note 5 57,319,141 37,067,774 13,019,170
Prepaid expenses 9,088 - -
Other assets Note 9 - 5,000 -
Total assets $ 60,703,371 $ 38,499,494 $ 13,310,516
Liabilities
Due to Fund Manager Note 9 $ 263,316 $ 143,413 50,194
Accounts payable and accrued expenses 10,625 24,626 7,706
Dividends payable 218,637 118,679 47,061
Total liabilities 492,578 286,718 104,961
Shareholders' equity
Class A preferred shares Note 7 40,111,495 25,363,855 11,933,257
Class B preferred shares Note 7 20,098,298 12,847,921 1,271,298
Common shares Note 7 1,000 1,000 1,000
60,210,793 38,212,776 13,205,555
Retained earnings - - -
Total liabilities and shareholders' equity $ 60,703,371 $ 38,499,494 $ 13,310,516
See accompanying notes to financial statements.
Approved by the Board of Directors:
Original signed by Paul Allard, Director
Original signed by Aleem Virani, Director
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