Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities    
Net loss $ (6,992,889) $ (2,533,760)
Adjustments to reconcile net loss to net cash used in operating activities:    
Undistributed loss from equity method investment in affiliate   1,921,412
Unrealized gain on derivative instrument (14,808) (29,965)
Depreciation and amortization of intangibles 215,989 219,737
Equity-based compensation 6,178,956 7,200
Amortization of deferred financing fees      
Noncash gain on securitizations (9,976) (37,016)
Amortization of servicing assets 255,252 222,847
Change in securitization residual assets 124,561 275,081
Changes in other assets and liabilities:    
Accounts payable and accrued expenses (2,925,608) (4,921,931)
Other (649,584) 85,344
Net cash used in operating activities (3,818,107) (4,791,051)
Cash flows from investing activities    
Investment in financing receivables (89,789,899) (83,279,776)
Principal collections from financing receivables 11,947,078 16,589,402
Purchases of other investments (37,020,780)  
Principal collections from other investments      
Purchase of property and equipment   (64,635)
Investment in equity method affiliate   (876,034)
Advances to affiliates 277,933 (290,261)
Proceeds from marketable securities   507,316
Purchase of marketable securities   (254,068)
Change in restricted cash (29,168,045) 195,815
Net cash used in investing activities (143,753,713) (67,472,241)
Cash flows from financing activities    
Net proceeds from issuance of equity 160,342,155  
Proceeds from nonrecourse debt 29,122,358 83,542,321
Principal payments on nonrecourse debt (30,938,360) (16,910,643)
Principal payments on credit facility (4,169,818) (1,297,261)
Net cash provided by financing activities 154,356,335 65,334,417
Increase (decrease) in cash and cash equivalents 6,784,515 (6,928,875)
Cash and cash equivalents at beginning of period 8,024,271 7,644,162
Cash and cash equivalents at end of period $ 14,808,786 $ 715,287