AMERICAN CHURCH MORTGAGE CO

CIK:0000934543|SEC Filings

Statment of Operations 6 Months Ended - USD ($)	3 Months Ended				6 Months Ended
Statment of Operations 6 Months Ended - USD ($)	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Interest and Loan Fee Income	$ 515,479		$ 387,569		$ 1,081,144	$ 986,100
Interest Expense	992,399		407,247		1,353,093	821,512
Net Interest Income	(476,920)		(19,678)		(271,949)	164,588
Provision for losses on mortgage loans receivable	1,430,163		13,943		1,486,434	21,042
Net Interest Income after Provision for Losses on Mortgage Loans	(1,907,083)		(33,621)		(1,758,383)	143,546
Operating Expenses
Other than temporary impairment on bond portfolio	1,567,244		171,263		1,755,504	223,545
Impairment on real estate held for sale	35,086				35,086
Other operating expenses	223,515		146,513		335,106	375,987
Net (Loss)	$ (3,732,928)	$ (151,151)	$ (351,397)	$ (104,589)	$ (3,884,079)	$ (455,986)
Basic and Diluted Loss Per Share	$ (2.23)		$ (0.21)		$ (2.32)	$ (0.27)
Dividends Declared Per Share						$ 0.01
Weighted Average Number of Shares Outstanding, Diluted	1,676,598		1,676,598		1,676,598	1,677,198

Statements of Cash Flows - USD ($)	6 Months Ended
Statements of Cash Flows - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities
Net (loss)	$ (3,884,079)	$ (455,986)
Adjustments to reconcile net (loss) income to net cash
Net loss on sales and impairment on real estate held for sale	328,996	100,000
Provision for losses on mortgage loans receivable	(1,486,434)	21,042
Other than temporary impairment on bond portfolio	(1,755,504)	223,545
Amortization of loan origination discounts	1,327,649	(37,983)
Accounts receivable	(1,640,771)	11,410
Interest receivable	89,280	142,131
Prepaid expenses	1,986	(6,114)
Accounts payable		(13,862)
Management fee payable	(2,156)	(1,197)
Net cash (used for) provided by operating activities	(7,825,653)	30,039
Cash Flows from Investing Activities
Net decrease in loans	15,383,676	1,969,753
Proceeds from bonds	18,093,483	85,000
Net cash provided by investing activities	33,477,159	2,054,753
Cash Flows from Financing Activities
Net decrease in secured investor certificates	(22,278,500)	(866,000)
Net change in short term borrowings	$ (300,000)	$ (1,210,000)
Dividends paid		$ (33,532)
Net cash (used for) financing activities	$ (22,578,500)	$ (2,109,532)
Net Increase (Decrease) in Cash and Cash Equivalents	3,073,006	(24,740)
Cash and Cash Equivalents - Beginning of Year	114,798	87,702
Cash and Cash Equivalents - End of Year	$ 3,187,804	$ 62,962

Balance Sheet ACMC - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 3,187,804	$ 114,798
Accounts receivable	1,720,658	79,887
Interest receivable		89,280
Prepaid expenses	331	2,317
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss		13,744,525
Bond Portfolio		16,337,978
Real Estate Held for Sale		328,996
Liabilities
Accounts payable	137	137
Management fee payable	19,374	21,530
Line of credit		300,000
Secured Investor Certificates, Series B		4,766,500
Secured Investor Certificates, Series C		5,977,000
Secured Investor Certificates, Series D		7,797,000
Secured Investor Certificates, Series E		3,738,000
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net		675,746
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net		(675,746)
Stockholders’ Equity
Common Stock, Value, Issued	16,766	16,766
Additional paid-in capital	19,111,060	19,111,060
Accumulated deficit	(14,238,545)	(10,354,466)
Total stockholders’ equity	4,889,281	8,773,360
Total liabilities and stockholders' equity	$ 4,908,792	$ 30,697,781