10-K Filing

Sachem Capital Corp. CIK: 1682220 FY 2017

Filing Information

Form Type	10-K
Accession Number	`0001144204-18-018601`
Period End Date	20171231
Filing Date	20180402
Fiscal Year	2017
Fiscal Period	FY
XBRL Instance	sach-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 44 Cash Flow Statement 88 Stockholders Equity 14

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash	`Cash`	$954.22K	USD	Point-in-time
Cash	`Cash`	$1.56M	USD	Point-in-time
Cash	`Cash`	$1.83M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Escrow deposits	`EscrowDeposit`	-	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Escrow deposits	`EscrowDeposit`	$111.19K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Mortgages receivable	`MortgageLoansOnRealEstate`	$62.17M	USD	Point-in-time
Mortgages receivable	`MortgageLoansOnRealEstate`	$32.52M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Mortgages receivable affiliate	`MortgagesReceivableFromAffiliate`	$1.23M	USD	Point-in-time
Mortgages receivable affiliate	`MortgagesReceivableFromAffiliate`	$1.10M	USD	Point-in-time
Interest and fees receivable	`InterestReceivable`	$645.49K	USD	Point-in-time
Interest and fees receivable	`InterestReceivable`	$478.93K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	15.42M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	15.42M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	15.42M	shares	Point-in-time
Other receivables	`OtherReceivables`	$182.84K	USD	Point-in-time
Other receivables	`OtherReceivables`	$234.57K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	15.42M	shares	Point-in-time
Due from borrowers	`DueFromAffiliates`	$451.80K	USD	Point-in-time
Due from borrowers	`DueFromAffiliates`	$81.91K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrentAndNoncurrent`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrentAndNoncurrent`	$4.52K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$501.82K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$397.45K	USD	Point-in-time
Real estate owned	`RealEstateInvestments`	$1.22M	USD	Point-in-time
Real estate owned	`RealEstateInvestments`	$1.22M	USD	Point-in-time
Pre-offering costs	`PreofferingCosts`	-	USD	Point-in-time
Pre-offering costs	`PreofferingCosts`	$625.89K	USD	Point-in-time
Deferred financing costs	`DeferredFinanceCostsNet`	$67.47K	USD	Point-in-time
Deferred financing costs	`DeferredFinanceCostsNet`	$95.56K	USD	Point-in-time
Total assets	`Assets`	$38.37M	USD	Point-in-time
Total assets	`Assets`	$67.49M	USD	Point-in-time
Line of credit	`LineOfCredit`	$9.84M	USD	Point-in-time
Line of credit	`LineOfCredit`	$8.11M	USD	Point-in-time
Mortgage payable	`NotesPayable`	$301.10K	USD	Point-in-time
Mortgage payable	`NotesPayable`	$310.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$390.76K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$196.09K	USD	Point-in-time
Security deposit held	`SecurityDepositLiability`	$2.55K	USD	Point-in-time
Security deposit held	`SecurityDepositLiability`	$800.00	USD	Point-in-time
Advances from borrowers	`AdvancePaymentsByBorrowersForTaxesAndInsurance`	$291.88K	USD	Point-in-time
Advances from borrowers	`AdvancePaymentsByBorrowersForTaxesAndInsurance`	$519.76K	USD	Point-in-time
Due to member	`DueToAffiliateCurrentAndNoncurrent`	$656.30K	USD	Point-in-time
Due to member	`DueToAffiliateCurrentAndNoncurrent`	-	USD	Point-in-time
Due to note purchaser	`NotesPayableRelatedPartiesCurrentAndNoncurrent`	$723.48K	USD	Point-in-time
Due to note purchaser	`NotesPayableRelatedPartiesCurrentAndNoncurrent`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$290.46K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$1.11M	USD	Point-in-time
Accrued interest	`InterestPayableCurrentAndNoncurrent`	$40.59K	USD	Point-in-time
Accrued interest	`InterestPayableCurrentAndNoncurrent`	$24.35K	USD	Point-in-time
Total liabilities	`Liabilities`	$9.88M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.93M	USD	Point-in-time
Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued	`PreferredStockValue`	-	USD	Point-in-time
Common shares - $.001 par value; 50,000,000 shares authorized; 15,415,737 issued and outstanding	`CommonStockValue`	$15.42K	USD	Point-in-time
Common shares - $.001 par value; 50,000,000 shares authorized; 15,415,737 issued and outstanding	`CommonStockValue`	-	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$53.32M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Members equity	`MembersEquity`	$24.23M	USD	Point-in-time
Members equity	`MembersEquity`	-	USD	Point-in-time
Members equity	`MembersEquity`	$28.49M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	-	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.24M	USD	Point-in-time
Total shareholders/members equity	`StockholdersEquity`	$28.49M	USD	Point-in-time
Total shareholders/members equity	`StockholdersEquity`	$54.57M	USD	Point-in-time
Total liabilities and shareholders/members equity	`LiabilitiesAndStockholdersEquity`	$38.37M	USD	Point-in-time
Total liabilities and shareholders/members equity	`LiabilitiesAndStockholdersEquity`	$67.49M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Interest income from loans	`InterestAndFeeIncomeLoansAndLeases`	$5.43M	USD	Annual
Interest income from loans	`InterestAndFeeIncomeLoansAndLeases`	$3.65M	USD	Annual
Origination fees, net	`OriginationFees`	$802.26K	USD	Annual
Origination fees, net	`OriginationFees`	$197.38K	USD	Annual
Late and other fees	`FeesAndCommissionsCreditAndDebitCards`	$105.91K	USD	Annual
Late and other fees	`FeesAndCommissionsCreditAndDebitCards`	$136.83K	USD	Annual
Processing fees	`ProcessingFees`	$124.24K	USD	Annual
Processing fees	`ProcessingFees`	$65.94K	USD	Annual
Rental income, net	`RentalIncomeNonoperating`	$88.36K	USD	Annual
Rental income, net	`RentalIncomeNonoperating`	$68.42K	USD	Annual
Other income	`OtherIncome`	$47.43K	USD	Annual
Other income	`OtherIncome`	$410.49K	USD	Annual
Net gain on sale of real estate	`GainOnSaleOfRealEstateInvestement`	-	USD	Annual
Net gain on sale of real estate	`GainOnSaleOfRealEstateInvestement`	$179.00	USD	Annual
Total revenue	`Revenues`	$7.00M	USD	Annual
Total revenue	`Revenues`	$4.13M	USD	Annual
Interest and amortization of deferred financing costs	`InterestAndAmortizationOfDebtServiceCosts`	$505.13K	USD	Annual
Interest and amortization of deferred financing costs	`InterestAndAmortizationOfDebtServiceCosts`	$664.13K	USD	Annual
Compensation to manager	`SalariesAndWages`	$350.23K	USD	Annual
Compensation to manager	`SalariesAndWages`	$35.85K	USD	Annual
Professional fees	`ProfessionalFees`	$87.49K	USD	Annual
Professional fees	`ProfessionalFees`	$299.94K	USD	Annual
Compensation and related costs	`LaborAndRelatedExpense`	$698.23K	USD	Annual
Compensation and related costs	`LaborAndRelatedExpense`	$34.66K	USD	Annual
Other expenses and taxes	`TaxesAndLicenses`	$155.34K	USD	Annual
Other expenses and taxes	`TaxesAndLicenses`	-	USD	Annual
Depreciation	`Depreciation`	$28.36K	USD	Annual
Depreciation	`Depreciation`	-	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$254.19K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$17.38K	USD	Annual
Loss on sale of real estate	`LossOnSaleOfRealEstateInvestement`	$87.97K	USD	Annual
Loss on sale of real estate	`LossOnSaleOfRealEstateInvestement`	-	USD	Annual
Total operating costs and expenses	`CostsAndExpenses`	$1.08M	USD	Annual
Total operating costs and expenses	`CostsAndExpenses`	$2.14M	USD	Annual
Net income	`NetIncomeLoss`	$3.05M	USD	Annual
Net income	`NetIncomeLoss`	$4.86M	USD	Annual
Basic	`EarningsPerShareBasic`	-	USD	Annual
Basic	`EarningsPerShareBasic`	$0.38	USD	Annual
Diluted	`EarningsPerShareDiluted`	$0.38	USD	Annual
Diluted	`EarningsPerShareDiluted`	-	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.96M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	0.00	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	0.00	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.96M	shares	Annual

Cash Flow Statement 88 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.05M	USD	Annual
Net income	`NetIncomeLoss`	$4.86M	USD	Annual
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$59.12K	USD	Annual
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$47.68K	USD	Annual
Depreciation expense	`Depreciation`	$28.36K	USD	Annual
Depreciation expense	`Depreciation`	-	USD	Annual
(Gain) loss on sale of real estate	`GainsLossesOnSalesOfInvestmentRealEstate`	$179.00	USD	Annual
(Gain) loss on sale of real estate	`GainsLossesOnSalesOfInvestmentRealEstate`	$-87.97K	USD	Annual
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued	`NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1`	6.28M	shares	Point-in-time
Escrow deposits	`IncreaseDecreaseInDepositOtherAssets`	$111.19K	USD	Annual
Escrow deposits	`IncreaseDecreaseInDepositOtherAssets`	-	USD	Annual
Interest and fees receivable	`IncreaseDecreaseInInterestAndFeesReceivable`	$213.44K	USD	Annual
Interest and fees receivable	`IncreaseDecreaseInInterestAndFeesReceivable`	$166.56K	USD	Annual
Receivable with Imputed Interest, Discount	`ReceivableWithImputedInterestDiscount`	$74.95K	USD	Point-in-time
Other receivables	`IncreaseDecreaseInOtherReceivables`	$51.73K	USD	Annual
Receivable with Imputed Interest, Discount	`ReceivableWithImputedInterestDiscount`	$74.95K	USD	Point-in-time
Other receivables	`IncreaseDecreaseInOtherReceivables`	$72.37K	USD	Annual
Proceeds from Collection of Mortagage Receivable	`ProceedsFromCollectionOfMortagageReceivable`	$14.86M	USD	Annual
Prepaid Insurance	`IncreaseDecreaseInPrepaidInsurance`	$4.52K	USD	Annual
Prepaid Insurance	`IncreaseDecreaseInPrepaidInsurance`	-	USD	Annual
Proceeds from Collection of Mortagage Receivable	`ProceedsFromCollectionOfMortagageReceivable`	$23.95M	USD	Annual
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$625.89K	USD	Annual
Due to member	`IncreaseDecreaseInDueToAffiliates`	$-656.30K	USD	Annual
Due to member	`IncreaseDecreaseInDueToAffiliates`	$421.59K	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$16.24K	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-13.48K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$194.67K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$196.09K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$817.94K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$25.48K	USD	Annual
Advances from borrowers	`IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance`	$-142.00K	USD	Annual
Advances from borrowers	`IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance`	$167.04K	USD	Annual
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-16.14K	USD	Annual
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$646.56K	USD	Annual
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$3.70M	USD	Annual
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$4.84M	USD	Annual
Proceeds from sale of real estate owned	`ProceedsFromSaleOfRealEstate`	$530.18K	USD	Annual
Proceeds from sale of real estate owned	`ProceedsFromSaleOfRealEstate`	$1.06M	USD	Annual
Acquisitions of and improvements to real estate owned	`PaymentsToAcquireRealEstate`	$886.01K	USD	Annual
Acquisitions of and improvements to real estate owned	`PaymentsToAcquireRealEstate`	$531.96K	USD	Annual
Purchase of land and building	`PaymentsToAcquireLand`	$39.92K	USD	Annual
Purchase of land and building	`PaymentsToAcquireLand`	$397.45K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$92.81K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Security deposit	`ProceedsFromSaleOfInvestmentProjects`	$1.75K	USD	Annual
Security deposit	`ProceedsFromSaleOfInvestmentProjects`	$800.00	USD	Annual
Principal disbursements for mortgages receivable	`PaymentsToAcquireMortgageReceivable`	$53.47M	USD	Annual
Principal disbursements for mortgages receivable	`PaymentsToAcquireMortgageReceivable`	$21.58M	USD	Annual
Principal collections on mortgages receivable	`ProceedsFromCollectionOfMortagageReceivable`	$14.86M	USD	Annual
Principal collections on mortgages receivable	`ProceedsFromCollectionOfMortagageReceivable`	$23.95M	USD	Annual
Repurchase of notes sold	`PaymentsToAcquireMortgageNotesReceivable`	$2.00M	USD	Annual
Repurchase of notes sold	`PaymentsToAcquireMortgageNotesReceivable`	-	USD	Annual
Proceeds from notes sold	`ProceedsFromSaleOfNotesReceivable`	-	USD	Annual
Proceeds from notes sold	`ProceedsFromSaleOfNotesReceivable`	$2.72M	USD	Annual
NET CASH USED FOR INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-6.94M	USD	Annual
NET CASH USED FOR INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-28.93M	USD	Annual
Proceeds from line of credit	`ProceedsFromLinesOfCredit`	$44.18M	USD	Annual
Proceeds from line of credit	`ProceedsFromLinesOfCredit`	$7.47M	USD	Annual
Repayment of line of credit	`RepaymentsOfLinesOfCredit`	$42.45M	USD	Annual
Repayment of line of credit	`RepaymentsOfLinesOfCredit`	$5.36M	USD	Annual
(Principal payments on) proceeds from mortgage payable	`PaymentsForProceedsFromMortgageDeposits`	$8.90K	USD	Annual
(Principal payments on) proceeds from mortgage payable	`PaymentsForProceedsFromMortgageDeposits`	$-310.00K	USD	Annual
Dividends	`PaymentsOfOrdinaryDividends`	-	USD	Annual
Dividends	`PaymentsOfOrdinaryDividends`	$3.34M	USD	Annual
Proceeds from public offerings	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	Annual
Proceeds from public offerings	`ProceedsFromIssuanceInitialPublicOffering`	$30.25M	USD	Annual
Offering costs incurred	`PaymentsOfStockIssuanceCosts`	$3.26M	USD	Annual
Offering costs incurred	`PaymentsOfStockIssuanceCosts`	-	USD	Annual
Pre-offering costs incurred	`PreofferingCostsIncurred`	$580.89K	USD	Annual
Pre-offering costs incurred	`PreofferingCostsIncurred`	-	USD	Annual
Financing costs incurred	`PaymentOfFinancingAndStockIssuanceCosts`	$87.20K	USD	Annual
Financing costs incurred	`PaymentOfFinancingAndStockIssuanceCosts`	$76.16K	USD	Annual
Members contributions	`ProceedsFromPartnershipContribution`	$5.08M	USD	Annual
Members contributions	`ProceedsFromPartnershipContribution`	$653.65K	USD	Annual
Members distributions	`PaymentsOfPartnershipDistributions`	$2.46M	USD	Annual
Members distributions	`PaymentsOfPartnershipDistributions`	$3.88M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$2.97M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$23.48M	USD	Annual
NET DECREASE IN CASH	`CashPeriodIncreaseDecrease`	$-272.22K	USD	Annual
NET DECREASE IN CASH	`CashPeriodIncreaseDecrease`	$-607.64K	USD	Annual
CASH - BEGINNING OF YEAR	`Cash`	$954.22K	USD	Point-in-time
CASH - BEGINNING OF YEAR	`Cash`	$1.56M	USD	Point-in-time
CASH - BEGINNING OF YEAR	`Cash`	$1.83M	USD	Point-in-time
CASH - END OF YEAR	`Cash`	$954.22K	USD	Point-in-time
CASH - END OF YEAR	`Cash`	$1.56M	USD	Point-in-time
CASH - END OF YEAR	`Cash`	$1.83M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$470.82K	USD	Annual
Interest paid	`InterestPaidNet`	$587.44K	USD	Annual

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`MembersEquity`	$24.23M	USD	Point-in-time
Beginning balance	`MembersEquity`	-	USD	Point-in-time
Beginning balance	`MembersEquity`	$28.49M	USD	Point-in-time
Member contributions	`PartnersCapitalAccountContributions`	$653.65K	USD	Annual
Member contributions	`PartnersCapitalAccountContributions`	$5.08M	USD	Annual
Member distributions	`PartnersCapitalAccountDistributions`	$3.88M	USD	Annual
Member distributions	`PartnersCapitalAccountDistributions`	$2.46M	USD	Annual
Conversion of members' equity into common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$-26.97M	USD	Annual
Initial public offering	`StockIssuedDuringPeriodValueNewIssues`	$2.25M	USD	Point-in-time
Initial public offering (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	562,500.00	shares	Point-in-time
Net income	`ProfitLoss`	$3.05M	USD	Annual
Balance	`MembersEquity`	$24.23M	USD	Point-in-time
Balance	`MembersEquity`	-	USD	Point-in-time
Balance	`MembersEquity`	$28.49M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.