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Korth Direct Mortgage

KDM originates and funds CM Loans made to borrowers; the loans are held by KDM as lender. KDM also services its loans, though it may use a sub-servicer for some loans. KDM funds its loans directly in the capital markets through issuance of Mortgage Secured Notes (“MSNs” or “Notes”). The MSNs are special obligations of KDM, payable to the extent that the underlying mortgage is paid by the borrower. MSNs are secured by KDM’s interest in the underlying Corresponding Mortgage Loan (“CM Loan”). CM Loans are secured obligations of the borrowers that are generally a single-purpose entity formed or existing that owns the underlying property that is financed.

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

2 Sep 21
23 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 40.67M 40.67M 40.67M 40.67M 40.67M 40.67M
Cash burn (monthly) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) 39.24K
Cash used (since last report) n/a n/a n/a n/a n/a 148.98K
Cash remaining n/a n/a n/a n/a n/a 40.52M
Runway (months of cash) n/a n/a n/a n/a n/a 1032.7

Beta Read what these cash burn values mean

Financial report summary

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Management Discussion
  • The Company generated revenues of $3,305,696 for the six months ended June 30, 2021, an increase of $2,549,115 compared with revenues of $756,581 for the six months ended June 30, 2020, a 337% increase. As of June 30, 2021, the Company owned mortgages of $254,310,056 compared with mortgages of $175,370,580 as of December 31, 2020 and $102,972,421 as of June 30, 2020, a 45% and 147% increase, respectively.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
7th grade Avg
New words: BBB, case, declared, detailed, entitled, equal, equivalent, estate, event, Exhibit, final, formatted, grace, inclusive, infusion, inline, law, long, mandatory, NaN, negative, NRSRO, Page, pari, passu, rank, real, Secretary, senior, statistical, thereof, thirty, XBRL
Removed: Eligibility, forbearance, succeeding, Trustee

Proxies

No filings