Sachem Capital Corp
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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FY2023 · Filed Apr 1, 2024
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOW
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Years Ended | ||||||
| · · December 31, | ||||||
| · 2023 · 2022 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES · · · | ||||||
| Net income | | $15,899,153 | | $20,908,651 | ||
| Adjustments to reconcile net income to net | | | | |||
| cash provided by operating activities: | | | | | | |
| Amortization of deferred financing costs and bond discount | | 2,415,405 | | 2,104,093 | ||
| Depreciation expense | | | 266,331 | | | 106,414 |
| Write-off of failed deal expenses | | 477,047 | | — | ||
| Stock based compensation | | 822,231 | | 495,015 | ||
| Provision for credit losses related to loans | | | 5,571,612 | | | 105,000 |
| Provision for credit losses related to available-for-sale debt securities | | | 808,561 | | | — |
| Impairment loss | | | 794,462 | | | 799,909 |
| Loss (Gain) on sale of real estate and property and equipment, net | | | 88,115 | | | (44,752) |
| Unrealized (gain) loss on investment securities | | | (835,818) | | | 2,963,760 |
| Gain on sale of investment securities | | | — | | | (521,662) |
| Changes in operating assets and liabilities: | | | | |||
| (Increase) decrease in operating assets: | | | | | ||
| Interest and fees receivable, net | | (2,285,064) | | (2,616,200) | ||
| Other assets - miscellaneous | | | (3,504,390) | | | (3,599,779) |
| Due from borrowers, net | | (334,253) | | (1,605,951) | ||
| Accrued dividends payable | | | — | | | (1,414,560) |
| Other assets - prepaid expenses | | (100,649) | | — | ||
| (Decrease) increase in operating liabilities: | | | | | | |
| Accrued Interest | | 158,973 | | 158,687 | ||
| Accounts payable and accrued liabilities | | 220,757 | | 766,723 | ||
| Deferred revenue | | 286,850 | | (283,038) | ||
| Advances from borrowers | | 1,106,187 | | (5,173,950) | ||
| Total adjustments | | 5,956,357 | | (7,760,291) | ||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | | 21,855,510 | | 13,148,360 | ||
| | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | ||||
| Purchase of investment securities | | | (30,415,304) | | | (51,651,930) |
| Proceeds from the sale of investment securities | | | 18,120,095 | | | 85,113,227 |
| Purchase of interests in investment partnerships, net | | | (12,235,563) | | | (24,775,342) |
| Proceeds from sale of real estate owned | | | 450,420 | | | 2,090,879 |
| Acquisitions of and improvements to real estate owned, net | | (229,587) | | (126,442) | ||
| Proceeds from sale (purchases) of property and equipment, net | | 515,391 | | (1,581,350) | ||
| Investment in rental real estate, net | | | (10,845,107) | | | — |
| Principal disbursements for mortgages receivable | | (204,884,592) | | (300,277,303) | ||
| Principal collections on mortgages receivable | | 167,036,071 | | 131,840,244 | ||
| Other assets - pre-offering costs | | | — | | | (170,606) |
| NET CASH USED FOR INVESTING ACTIVITIES | | (72,488,176) | | (159,538,623) | ||
| | | | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | ||||
| Net proceeds from (repayment of) lines of credit | | 58,204,436 | | (29,590,137) | ||
| Net proceeds from (repayment of) repurchase facility | | (16,072,368) | | 23,446,277 | ||
| Proceeds from mortgage | | | 331,303 | | | — |
| Accounts payable and accrued liabilities - principal payments on other notes | | | (6,014) | | | (24,907) |
| Dividends paid on common shares | | (21,932,500) | | (18,809,722) | ||
| Dividends paid on Series A Preferred Stock | | (3,795,389) | | (3,687,062) | ||
| Proceeds from issuance of common shares, net of expenses | | | 20,450,874 | | | 39,291,945 |
| Repurchase of common shares | | | (226,327) | | | — |
| Proceeds from issuance of Series A Preferred Stock, net of expenses | | | 2,563,810 | | | (70,000) |
| Gross proceeds from issuance of fixed rate notes | | | — | | | 122,125,000 |
| Financings costs incurred in connection with fixed rate notes | | | — | | | (4,516,931) |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | | 39,517,825 | | 128,164,463 | ||
| | | | | | | |
| NET DECREASE IN CASH AND CASH EQUIVALENTS | | (11,114,841) | | (18,225,800) | ||
| | | | | | | |
| CASH AND CASH EQUIVALENTS- BEGINNING OF YEAR | | 23,713,097 | | 41,938,897 | ||
| | | | | | | |
| CASH AND CASH EQUIVALENTS - END OF YEAR | | $12,598,256 | | $23,713,097 | ||
CONSOLIDATED STATEMENTS OF CASH FLOW (Continued)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Years Ended | ||||||
| · · December 31, | ||||||
| · 2023 · 2022 | ||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION · · · | ||||||
| Cash paid during the year for interest | | $26,615,523 | | $19,286,819 | ||
| | | | | | | |
| SUPPLEMENTAL SCHEDULE OF NON-CASH | | | ||||
| Dividends declared and payable | | $5,144,203 | | $5,342,360 | ||
Real estate acquired in connection with the foreclosure of certain mortgages, inclusive of interest and other fees receivable, during the years ended December 31, 2023 and 2022 totaled $1,756,125 and $1,376,733, respectively. Increase in mortgage receivable from sale of real estate owned during the year ended December 31, 2023 was $2,576,855.
The accompanying notes are an integral part of these consolidated financial statements**.**
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.