Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 24, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'MANHATTAN BRIDGE CAPITAL, INC | ' | ' |
Entity Central Index Key | '0001080340 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Trading Symbol | 'LOAN | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 4,256,190 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,665,132 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $1,021,023 | $240,693 |
Short term loans receivable | 10,697,950 | 11,022,866 |
Interest receivable on loans | 171,483 | 160,342 |
Other current assets | 18,540 | 18,903 |
Total current assets | 11,908,996 | 11,442,804 |
Investment in real estate | 146,821 | 146,821 |
Long term loans receivable | 3,997,000 | 2,601,500 |
Security deposit | 6,637 | 6,491 |
Investment in privately held company | 65,000 | 100,000 |
Deferred financing costs | 0 | 41,735 |
Total assets | 16,124,454 | 14,339,351 |
Current liabilities: | ' | ' |
Short term loans | 1,319,465 | 1,399,465 |
Line of credit | 5,350,000 | 3,500,000 |
Senior secured notes | 0 | 500,000 |
Accounts payable and accrued expenses | 57,066 | 70,403 |
Deferred origination fees | 132,017 | 122,242 |
Income taxes payable | 373,219 | 268,256 |
Total liabilities, all current | 7,231,767 | 5,860,366 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred shares - $.01 par value; 5,000,000 shares authorized; no shares issued | 0 | 0 |
Common shares - $.001 par value; 25,000,000 authorized; 4,433,190 and 4,405,190 issued; 4,256,190 and 4,298,059 outstanding | 4,433 | 4,405 |
Additional paid-in capital | 9,745,249 | 9,687,159 |
Treasury stock, at cost - 177,000 and 107,131 shares | -369,335 | -269,972 |
Accumulated deficit | -487,660 | -942,607 |
Total stockholders’ equity | 8,892,687 | 8,478,985 |
Total liabilities and stockholders’ equity | $16,124,454 | $14,339,351 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 4,433,190 | 4,405,190 |
Common stock, shares outstanding | 4,256,190 | 4,298,059 |
Treasury stock, shares | 177,000 | 107,131 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Interest income from loans | $1,858,033 | $1,475,800 |
Origination fees | 401,514 | 339,767 |
Total Revenue | 2,259,547 | 1,815,567 |
Operating costs and expenses: | ' | ' |
Interest and amortization of debt service costs | 442,661 | 280,654 |
Referral fees | 1,679 | 6,133 |
General and administrative expenses | 837,788 | 864,398 |
Total operating costs and expenses | 1,282,128 | 1,151,185 |
Income from operations | 977,419 | 664,382 |
Other income (Note 5) | 27,548 | 27,548 |
Loss on write-down of investment in privately held company (Note 6) | -35,000 | 0 |
Total other (loss) income, net | -7,452 | 27,548 |
Income before income tax expense | 969,967 | 691,930 |
Income tax expense | -387,000 | -303,320 |
Net income | $582,967 | $388,610 |
Basic and diluted net income per common share outstanding: | ' | ' |
-Basic (in dollars per share) | $0.14 | $0.09 |
-Diluted (in dollars per share) | $0.14 | $0.09 |
Weighted average number of common shares outstanding | ' | ' |
-Basic (in shares) | 4,269,169 | 4,320,050 |
-Diluted (in shares) | 4,289,818 | 4,326,329 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AccumulatedDeficit [Member] |
Balance at Dec. 31, 2011 | $8,088,068 | $4,405 | $9,656,280 | ($241,400) | ($1,331,217) |
Balance (in shares) at Dec. 31, 2011 | ' | 4,405,190 | ' | 80,731 | ' |
Non cash compensation | 30,879 | ' | 30,879 | ' | ' |
Purchase of treasury shares | -28,572 | ' | ' | -28,572 | ' |
Purchase of treasury shares (in shares) | ' | ' | ' | 26,400 | ' |
Net income for the year ended | 388,610 | ' | ' | ' | 388,610 |
Balance at Dec. 31, 2012 | 8,478,985 | 4,405 | 9,687,159 | -269,972 | -942,607 |
Balance (in shares) at Dec. 31, 2012 | ' | 4,405,190 | ' | 107,131 | ' |
Non cash compensation | 35,578 | ' | 35,578 | ' | ' |
Exercise of stock options | 22,540 | 28 | 22,512 | ' | ' |
Exercise of stock options (in shares) | ' | 28,000 | ' | ' | ' |
Purchase of treasury shares | -99,363 | ' | ' | -99,363 | ' |
Purchase of treasury shares (in shares) | ' | ' | ' | 69,869 | ' |
Dividends paid | -128,020 | ' | ' | ' | -128,020 |
Net income for the year ended | 582,967 | ' | ' | ' | 582,967 |
Balance at Dec. 31, 2013 | $8,892,687 | $4,433 | $9,745,249 | ($369,335) | ($487,660) |
Balance (in shares) at Dec. 31, 2013 | ' | 4,433,190 | ' | 177,000 | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net income | $582,967 | $388,610 |
Adjustments to reconcile net income to net cash provided by operating activities - | ' | ' |
Amortization of deferred financing costs | 41,735 | 47,078 |
Depreciation | 0 | 588 |
Non cash compensation expense | 35,578 | 30,879 |
Loss on write-down of investment in privately held company (Note 6) | 35,000 | 0 |
Changes in operating assets and liabilities | ' | ' |
Interest receivable on loans | -11,141 | -50,437 |
Other current and non current assets | 217 | -2,582 |
Accounts payable and accrued expenses | -13,337 | 10,331 |
Deferred origination fees | 9,775 | 9,462 |
Income taxes payable | 104,963 | 99,470 |
Net cash provided by operating activities | 785,757 | 533,399 |
Cash flows from investing activities: | ' | ' |
Issuance of short term loans | -15,159,450 | -15,173,500 |
Collections received from loans | 14,088,866 | 10,963,486 |
Net cash used in investing activities | -1,070,584 | -4,210,014 |
Cash flows from financing activities: | ' | ' |
Proceeds from loans and line of credit, net | 1,770,000 | 3,740,000 |
Purchase of treasury shares | -99,363 | -28,572 |
Repayment of senior secured notes | -500,000 | 0 |
Proceeds from exercise of stock options | 22,540 | 0 |
Dividends paid ($0.01 per share) | -128,020 | 0 |
Deferred financing costs incurred | 0 | -16,025 |
Net cash provided by financing activities | 1,065,157 | 3,695,403 |
Net increase in cash and cash equivalents | 780,330 | 18,788 |
Cash and cash equivalents, beginning of year | 240,693 | 221,905 |
Cash and cash equivalents, end of year | 1,021,023 | 240,693 |
Supplemental Cash Flow Information: | ' | ' |
Taxes paid during the year | 283,084 | 203,850 |
Interest paid during the year | $400,925 | $234,835 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Common Stock, Dividends, Per Share, Cash Paid | $0.01 |
The_Company
The Company | 12 Months Ended | ||
Dec. 31, 2013 | |||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ||
Organization, Consolidation and Presentation Of Financial Statements Disclosure [Text Block] | ' | ||
1 | The Company | ||
Manhattan Bridge Capital, Inc. (“MBC”) and its wholly-owned subsidiaries DAG Funding Solutions, Inc. and MBC Funding I, Inc. (collectively the “Company”), offer short-term, secured, non–banking loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in the New York Metropolitan area. | |||
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Significant Accounting Policies [Text Block] | ' | |||||||
2 | Significant Accounting Policies | |||||||
Principles of Consolidation | ||||||||
The consolidated financial statements include the accounts of Manhattan Bridge Capital, Inc., and its wholly-owned subsidiaries DAG Funding Solutions, Inc.(“DAG Funding”), MBC Funding I, Inc. (“MBC Funding”) and 1490-1496 Hicks, LLC (“Hicks LLC”). All significant intercompany balances and transactions have been eliminated in consolidation. | ||||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management will base the use of estimates on (a) a preset number of assumptions that consider past experience, (b) future projections, and (c) general financial market condition. Actual amounts could differ from those estimates. | ||||||||
Cash and Cash Equivalents | ||||||||
For the purposes of the statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||||||||
Concentrations of Credit Risk | ||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains its cash and cash equivalents with one major financial institution. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation up to $250,000. | ||||||||
Credit risks associated with short term commercial loans the Company makes to small businesses and related interest receivable are described in Note 4 entitled Commercial Loans. | ||||||||
Impairment of long- lived assets | ||||||||
The Company continually monitors events or changes in circumstances that could indicate carrying amounts of long lived assets, may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the undiscounted cash flows is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. During the year ended December 31, 2013, the Company recognized an impairment loss on the write-down of its investment in a privately held company in the amount of $35,000 (See Note 6). | ||||||||
Income Taxes | ||||||||
The Company accounts for income taxes under the provisions of FASB ASC 740, “Income Taxes”. Under the provisions of FASB ASC 740, deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date. | ||||||||
Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies. In the event that the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made. | ||||||||
The Company follows ASC 740 rules governing tax positions which provide guidance for recognition and measurement. This prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognition, classification and disclosure of these uncertain tax positions. | ||||||||
Revenue Recognition | ||||||||
The Company recognizes revenues in accordance with ASC 605, which provides guidance on the recognition, presentation and disclosure of revenue in financial statements. ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue when (i) persuasive evidence of an arrangement exists, (ii) delivery of the product has occurred or services have been rendered, (iii) the sales price charged is fixed or determinable, and (iv) collectability is reasonably assured. | ||||||||
Interest income from commercial loans is recognized, as earned, over the loan period. | ||||||||
Origination fee revenue on commercial loans is amortized over the term of the respective note. | ||||||||
Deferred Financing Costs | ||||||||
Costs incurred in connection with the Company’s line of credit, as discussed in Note 7, are being amortized over one year, using the straight-line method. Costs incurred in connection with the Company’s senior secured notes, as discussed in Note 8 are being amortized over the term of the notes, using the straight-line method. | ||||||||
Earnings Per Share (“EPS”) | ||||||||
Basic and diluted earnings per share are calculated in accordance with ASC 260 “Earnings Per Share”. Under ASC 260, basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. | ||||||||
The numerator in calculating both basic and diluted earnings per common share for each year is the reported net income. The denominator is based on the following weighted average number of common shares: | ||||||||
Years ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Basic weighted average common shares outstanding | 4,269,169 | 4,320,050 | ||||||
Incremental shares for assumed exercise of options | 20,649 | 6,279 | ||||||
Diluted weighted average common shares outstanding | 4,289,818 | 4,326,329 | ||||||
262,351 and 345,721 vested options were not included in the diluted earnings per share calculation for the years ended December 31, 2013 and 2012, respectively, either because their effect would have been anti-dilutive, or because they are being held in escrow (See Note 12). | ||||||||
Stock-Based Compensation | ||||||||
The Company measures and recognizes compensation awards for all stock option grants made to employees and directors, based on their fair value in accordance with ASC 718 “Compensation - Stock Compensation”, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. A key provision of this statement is to measure the cost of employee services received in exchange for an award of equity instruments (including stock options) based on the grant-date fair value of the award. The cost will be recognized over the service period during which an employee is required to provide service in exchange for the award (i.e., the requisite service period or vesting period). The Company accounts for equity instruments issued to non-employees in accordance with the provisions of ASC 718 and ASC 505-50, “Equity Based Payment to Non-Employees”. All transactions with non-employees, in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more appropriately measurable. | ||||||||
The stock based compensation expense for the years ended December 31, 2013 and 2012 also includes the amortization of the fair value of the restricted shares granted on September 9, 2011, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value will be amortized over 15 years (See Note 12). | ||||||||
Fair Value of Financial Instruments | ||||||||
For cash and cash equivalents, short term loans, the line of credit and accounts payable, as well as interest bearing commercial loans held by the Company, the carrying amount approximates fair value due to the relative short-term nature of such instruments. The senior secured notes approximate fair value due to the relative short term of the notes and the prevailing interest rate. | ||||||||
Recent Accounting Pronouncements | ||||||||
In July 2012, the FASB issued ASU 2012-02, “Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” The revised standard is intended to reduce the cost and complexity of testing indefinite-lived intangible assets other than goodwill for impairment. It allows companies to perform a "qualitative" assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary, similar in approach to the goodwill impairment test. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption was permitted. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements. | ||||||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The ASU is intended to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. This guidance adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (AOCI). It does not amend any existing requirements for reporting net income or OCI in the financial statements. The standard is effective prospectively for public entities for annual and interim reporting periods beginning after December 15, 2012. Private companies may adopt the standard one year later but early adoption is permitted. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements. | ||||||||
In February 2013, the FASB issued ASU 2013-04, “Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” The main objective of this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in GAAP. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||||
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The objective of this guidance is to clarify the balance sheet presentation of an unrecognized tax benefit and to resolve the diversity in practice that had developed in the absence of any on-point GAAP. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforwards in the same tax jurisdiction as of the reporting date. For public entities, ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||||
In January 2014, the FASB issued ASU 2014-04, “Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (A Consensus of the FASB Emerging Issues Task Force).” The purpose of the update is to define an in substance repossession or foreclosure for purposes of determining whether or not an entity should derecognize a residential real estate collateralized consumer mortgage loan if the entity has foreclosed on the real estate. The ASU is effective for public entities for fiscal years beginning after December 15, 2014, and interim periods therein. For nonpublic entities, the ASU is effective for annual periods beginning after December 15, 2014, and interim and annual periods thereafter. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||||
Management does not believe that any other recently issued, but not yet effected, accounting standards if currently adopted would have a material effect on the Company’s consolidated financial statements. | ||||||||
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended | |
Dec. 31, 2013 | ||
Cash and Cash Equivalents [Abstract] | ' | |
Cash and Cash Equivalents Disclosure [Text Block] | ' | |
3 | Cash and Cash Equivalents | |
Effective January 1, 2008, the Company adopted ASC 820, Fair Value Measurements, which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | ||
Level 1—Quoted prices in active markets. | ||
Level 2—Observable inputs other than quoted prices in active markets that are either directly or indirectly observable. | ||
Level 3—Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||
Cash equivalents and investment instruments are classified within Level 1 or Level 2 of the fair value hierarchy. The Company’s Level 1 investments are valued using quoted market prices in active markets. The Company’s Level 2 investments are valued using an appraiser, broker or dealer quotations for similar assets and liabilities. As of December 31, 2013 and 2012 the Company’s Level 1 investments consisted of cash and money market accounts in the amount of approximately $1,021,000 and $241,000, respectively, and were recorded as cash and cash equivalents in the Company’s consolidated balance sheets. As of both December 31, 2013 and 2012, the Company’s Level 2 investments consisted of investments in real estate in the amount of approximately $147,000 in the Company’s consolidated balance sheets. | ||
Commercial_Loans
Commercial Loans | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Commercial Loans [Abstract] | ' | |||||||||||||
Commercial Loans [Text Block] | ' | |||||||||||||
4 | Commercial Loans | |||||||||||||
Short Term Loans Receivable | ||||||||||||||
The Company offers short-term secured non–banking loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in the New York Metropolitan area. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses. The loans are generally for a term of one year. The short term loans are initially recorded, and carried thereafter, in the financial statements at cost. Most of the loans provide for receipt of interest only during the term of the loan and a balloon payment at the end of the term. For the years ended December 31, 2013 and 2012 the total amounts of $15,159,450 and $15,173,500, respectively, have been lent, offset by collections received from borrowers, under the commercial loans in the amount of $14,088,866 and $10,963,486, respectively. Loans ranging in size from $30,000 to $1,000,000 were concluded at stated interest rates of 12% to 15%, but often at higher effective rates based upon points or other up-front fees. | ||||||||||||||
The Company uses its own employees, outside lawyers and other independent professionals to verify titles and ownership, to file liens and to consummate the transactions. Outside appraisers are also used to assist the Company’s officials in evaluating the worth of collateral. To date, the Company has not experienced any defaults and none of the loans previously made have been non-collectable, although no assurances can be given that existing or future loans may not go into default or prove to be non-collectible in the future. | ||||||||||||||
At December 31, 2013, the Company was committed to an additional $1,017,500 in construction loans that can be drawn by the borrower when certain conditions are met. | ||||||||||||||
At December 31, 2013, the Company has made loans to eight different entities in the aggregate amount of $1,989,000, of which $899,000 is included in long-term loans receivable. One individual holds at least a fifty percent interest in each of the different entities. The Company also has made loans to six different entities in the aggregate amount of $1,761,950, of which $400,000 is included in long-term loans receivable. One individual holds at least a twenty-five percent interest in each of the borrowers. The aggregate loans to all these entities totaled $3,750,950 or 25.5% of our loan portfolio. All individuals have no relationship to any of the officers or directors of the Company. | ||||||||||||||
At December 31, 2012, the Company has made loans to five different entities in the aggregate amount of $1,570,000, none of which are long term loans receivable. One individual holds one hundred percent interest in each of the entities. These loans represent 11.5% of our loan portfolio. The individual has no relationship to any of the officers or directors of the Company. | ||||||||||||||
At December 31, 2013 and 2012, no one entity has loans outstanding representing more than 10% of the total balance of the loans outstanding. | ||||||||||||||
At December 31, 2013, three of the loans in the Company’s portfolio were jointly funded by the Company and one to three unrelated entities, for aggregate loans of $2,400,000. The accompanying 2013 balance sheet includes the Company’s portion of the loans in the amount of $1,650,000. | ||||||||||||||
At December 31, 2012, two of the loans in the Company’s portfolio were jointly funded for aggregate loans of $510,000. The accompanying 2012 balance sheet includes the Company’s portion of the loans in the amount of $255,000. | ||||||||||||||
The Company generally grants loans for a term of one year. In some cases, the Company has agreed to extend the term of the loans beyond one year. This was mainly due to the additional lending conditions generally imposed by traditional lenders and financial institutions as a result of the mortgage crisis, which has made it more difficult overall for borrowers, including the Company’s borrowers, to secure long term financing. Prior to the Company granting an extension of any loan, it reevaluates the underlying collateral. | ||||||||||||||
Long Term Loans Receivable | ||||||||||||||
Long term loans receivable comprise the loans that were extended beyond the original maturity dates, unless it is clear that the loan will be paid back by December 31, 2014. At December 31, 2013, the Company’s loan portfolio consists of approximately $10,698,000 short term loans receivable and $3,997,000 long term loans receivable. At December 31, 2012, the Company’s loan portfolio consists of approximately $11,023,000 short term loans receivable and approximately $2,602,000 long term loans receivable. | ||||||||||||||
Credit Risk | ||||||||||||||
Credit risk profile based on loan activity as of December 31, 2013 and 2012: | ||||||||||||||
Performing loans | Developers- | Developers- | Developers-Mixed | Total outstanding | ||||||||||
Residential | Commercial | Used | loans | |||||||||||
31-Dec-13 | $ | 12,467,950 | $ | 1,750,000 | $ | 477,000 | $ | 14,694,950 | ||||||
31-Dec-12 | $ | 12,169,366 | $ | 400,000 | $ | 1,055,000 | $ | 13,624,366 | ||||||
At December 31, 2013, the Company’s commercial loans include loans in the amount of $290,000, $152,000, $150,000, $150,000 and $3,307,000, originally due in 2009, 2010, 2011, 2012 and 2013, respectively. At December 31, 2012, the Company’s commercial loans include loans in the amount of $499,666, $567,200, $750,000 and $1,537,500, originally due in 2009, 2010, 2011 and 2012, respectively. In all instances the borrowers are currently paying their interest and, generally, the Company receives a fee in connection with the extension of the loans. Accordingly, at December 31, 2013 and 2012, no loan impairments exist and there are no provisions for impairments of loans or recoveries thereof included in operations for the years then ended. | ||||||||||||||
Subsequent to the balance sheet date, $2,452,000 of commercial loans, of which $850,000 is included in long term loans receivable, outstanding at December 31, 2013, were paid off. In addition, two of the commercial loans outstanding at December 31, 2013 have been partially paid down in the aggregate amount of $350,000, including $100,000 long term loans receivable. | ||||||||||||||
Investment_in_Real_Estate
Investment in Real Estate | 12 Months Ended | ||
Dec. 31, 2013 | |||
Investment In Real Estate [Abstract] | ' | ||
Investment In Real Estate Disclosure [Text Block] | ' | ||
5 | Investment in Real Estate | ||
On March 21, 2011, the Company purchased three 2-family buildings located in the Bronx, New York for $675,000, including related costs, and sold to the seller a one year option to buy back the properties for the same price (the “Buy Back Option”). The Buy Back Option was sold for $3,900, plus a monthly fee of $10,530 payable to the Company by the option holder for the life of the option. | |||
On September 28, 2011, the option holder partially exercised the Buy Back Option with respect to one of the properties for $380,679. On October 1, 2011, the Company issued a new one year option for the two remaining properties at an aggregate exercise price of $294,321 with a monthly option fee of $4,591 (the “New Option”). On October 21, 2011, the option holder partially exercised the New Option to buy back one of the two remaining properties for $147,500 and had a continuing option, though October 1, 2012, to purchase the one remaining property at an exercise price of $146,821 with a monthly option fee of $2,296. Subsequently, the New Option’s expiration date was extended twice, on October 1, 2012, which extended the expiration date through March 30, 2013, and again on April 1, 2013, which extended the expiration date through September 30, 2013. | |||
The New Option expired on September 30, 2013, and the Company continues to receive option fee payments on a month-to-month basis from the former option holder. On March 10, 2014, the Company entered into a Contract of Sale for this property with a third-party for a purchase price of $410,000. Prior to consummation of this sale the Company will refuse to allow the option to be renewed or reach an agreement with the option holder to allow the sale to be consummated. | |||
Other income for each of the years ended December 31, 2013 and 2012, in the amount of $27,548, represents the fees generated from the seller buy back options. | |||
Investment_in_Privately_Held_C
Investment in Privately Held Company | 12 Months Ended | |
Dec. 31, 2013 | ||
Investments, All Other Investments [Abstract] | ' | |
Cost-method Investments, Description [Text Block] | ' | |
6. | Investment in Privately Held Company | |
The Company has an investment in privately held Israeli-based company that offers surgeons and radiologists the ability to detect cancer in real time. | ||
Due to the fact that the privately held company is experiencing delays in executing its business plan, the Company determined to write down the value of its investment to $65,000 at December 31, 2013, resulting in a charge to the statement of operations of $35,000 during the year ended December 31, 2013. | ||
Loans_and_Lines_of_Credit
Loans and Lines of Credit | 12 Months Ended | ||
Dec. 31, 2013 | |||
Loans And Line Of Credit [Abstract] | ' | ||
Loans And Line Of Credit [Text Block] | ' | ||
7 | Loans and Lines of Credit | ||
Short Term Loans | |||
At December 31, 2013, the Company owed an aggregate of $1,319,465 under six separate short term loans, bearing interest at rates ranging from 8% to 10% per annum. One of the loans in the amount of $160,000, bearing interest at the rate of 10% per annum, is from a parent of a member of the board of directors. Interest expense on this loan amounted to $4,978 for the year ended December 31, 2013. The loans are secured by certain of the Company’s short term loans pursuant to a security agreement, and two of the loans are also personally guaranteed by the Company’s CEO. | |||
During 2012, the Company received five separate short-term loans from three different entities, in the aggregate amount of $1,030,000, bearing interest at rates ranging from 10% to 14%, per annum. By the end of December 31, 2012, the Company repaid in full three of the five loans in the aggregate amount of $590,000. At December 31, 2012, the outstanding balance of the short-term loans is $1,399,465, of which five of the loans were secured by certain of the Company’s short term loans, pursuant to a security agreement, and two of the loans were also personally guaranteed by our CEO. | |||
Lines of Credit | |||
On May 2, 2012, the Company entered into a one-year revolving Line of Credit Agreement with Sterling National Bank pursuant to which the Bank agreed to advance up to $3.5 million (the “Sterling Credit Line”) against assignments of mortgages and other collateral. The Sterling Credit Line was conditioned on an unlimited personal guarantee from Assaf Ran, the Company’s CEO, and requires the maintenance of certain non-financial covenants including limitations on the percentage of loans outstanding in excess of one year, loans made to affiliated groups and the extent of construction loans made by the Company. The interest rate on the Sterling Credit Line is 2% in excess of the Wall Street Journal prime rate (3.25% at December 31, 2013), but in no event less than 6%, per annum, on the money in use. Total initiation costs for the Sterling Credit Line were approximately $16,000. These costs are being amortized over one year, using the straight-line method. The amortization costs for the years ended December 31, 2013 and 2012 were $5,341 and $10,683, respectively. | |||
On January 31, 2013, the Company entered into an amendment to the Line of Credit Agreement with Sterling National Bank to increase the Sterling Credit Line from $3.5 million to $5 million, under the same terms as the original line of credit (the “Amendment”). In connection with the Amendment, Mr. Ran agreed to increase his personal guarantee to $5 million. Effective on May 1, 2013 and July 1, 2013, the term of the Sterling Credit Line was extended through July 1, 2013 and July 1, 2014, respectively. | |||
On December 13, 2013, the Company entered into another amendment to the Line of Credit Agreement with Sterling National Bank to increase the Sterling Credit Line from $5 million to $7 million, under the same terms as the original line of credit (the “Second Amendment”). In connection with the Second Amendment, Mr. Ran agreed to increase his personal guarantee to $7 million. At December 31, 2013, the outstanding balance of the Sterling Credit Line is $5,350,000. At December 31, 2012, the outstanding amount under the Sterling Credit Line was $3,500,000. | |||
Senior_Secured_Notes
Senior Secured Notes | 12 Months Ended | ||
Dec. 31, 2013 | |||
Senior Secured Notes Disclosure [Abstract] | ' | ||
Senior Secured Notes Disclosure [Text Block] | ' | ||
8 | Senior Secured Notes | ||
On December 28, 2010, MBC Funding completed a $500,000 private placement of three-year 6.63% senior secured notes. As collateral for these notes, MBC agreed to assign to MBC Funding the mortgages and related notes that it held as a creditor in the aggregate amount of no less than $750,000. MBC also guaranteed the repayment of the notes. The notes required quarterly payments of interest only through the expiration date, December 28, 2013. | |||
Financing costs incurred in connection with the agreement totaled $109,183, including five year warrants (the “warrants”) to purchase 20,000 shares of Common Stock issued to the underwriter at $2.50 per share, which were valued at $11,683. These costs were amortized over the life of the senior secured notes. The amortization costs for each of the years ended December 31, 2013 and 2012 were $36,395. In December 2013, the Company repaid all senior secured notes in full. | |||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
9 | Income Taxes | ||||||||
Income tax expense consists of the following: | |||||||||
2013 | 2012 | ||||||||
Current Taxes: | |||||||||
Federal | $ | 306,900 | $ | 241,995 | |||||
State | 80,100 | 61,325 | |||||||
387,000 | 303,320 | ||||||||
Deferred taxes: | |||||||||
Federal | — | — | |||||||
State | — | — | |||||||
Income tax expense | $ | 387,000 | $ | 303,320 | |||||
Deferred tax assets consist of the following: | |||||||||
2013 | 2012 | ||||||||
Deferred tax assets: | |||||||||
Capital loss carryover | $ | 105,200 | $ | — | |||||
Compensation expense - other | 8,766 | 7,838 | |||||||
Compensation expense - restricted stocks | 78,388 | 86,226 | |||||||
Deferred tax assets | 192,354 | 94,064 | |||||||
Less: valuation allowance | -192,354 | -94,064 | |||||||
$ | — | $ | — | ||||||
The Company has a capital loss carryover of $390,609, a portion of which it expects to utilize to offset its other income in the amount of $27,548, in connection with the filing of its income tax returns for the year ended December 31, 2013. In addition, the Company is expected to realize a taxable gain from the sale of property discussed in Note 5 that will be offset by the capital loss carryover in connection with the filing of its income tax returns for the year ended December 31, 2014. The remaining capital loss carryover expires through 2015. | |||||||||
The income tax expense (benefit) differs from the amount computed using the federal statutory rate of 34% as a result of the following: | |||||||||
Year Ended December 31, | 2013 | 2012 | |||||||
Federal Statutory Rate | 34 | % | 34 | % | |||||
State and local income tax expense net of federal tax effect | 6 | % | 9 | % | |||||
Valuation allowance | — | — | |||||||
State and local franchise taxes | — | — | |||||||
Other | — | 1 | % | ||||||
Income tax expense | 40 | % | 44 | % | |||||
The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authorities. Tax positions not deemed to meet the more likely than not threshold are recorded as tax benefits or expenses in the current year. Management has analyzed the Company’s tax positions taken on Federal, state and local tax returns for all open tax years, and has concluded that no provision for Federal income tax is required in the Company’s financial statements. The Company reports interest and penalties as income tax expense, which amounted to approximately $3,800 and $7,400 for the years ended December 31, 2013 and 2012, respectively. | |||||||||
The Company is no longer subject to U.S. federal and state and local income tax examinations by tax authorities for years prior to 2010, as these tax years are closed. | |||||||||
Simple_IRA_Plan
Simple IRA Plan | 12 Months Ended | ||
Dec. 31, 2013 | |||
Simple Ira Plan [Abstract] | ' | ||
Simple Ira Plan Disclosure [Text Block] | ' | ||
10 | Simple IRA Plan | ||
On October 26, 2000, the Board of Directors approved a Simple IRA Plan (the “IRA Plan”) for the purpose of attracting and retaining valuable executives. The IRA Plan was effective August 2000 with a trustee, which allows up to 100 eligible executives to participate. It is a “Matching Contribution” plan under which eligible executives may contribute up to 6% of their yearly salary, on a pre-tax basis (with a cap of $12,000), with the Company matching on a dollar-for-dollar basis up to 3% of the executives’ compensation (with a cap of $12,000). These thresholds are subject to change under notice by the trustee. The Company is not responsible for any other costs under this plan. For the years ended December 31, 2013 and 2012 the Company contributed $9,100 and $9,000, respectively, as matching contributions to the IRA Plan. | |||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Text Block] | ' | ||||||||||||||||
11 | Stock-Based Compensation | ||||||||||||||||
On June 23, 2009 the Company adopted the 2009 Stock Option Plan (the “Plan”) and replaced the 1999 Stock Option Plan as amended (the “Prior Plan”), which expired in May of 2009. Options granted under the Prior Plan remain outstanding until expired, exercised or cancelled. | |||||||||||||||||
The purpose of the Plan is to align the interests of officers, other key employees, consultants and non-employee directors of the Company and its subsidiaries with those of the stockholders of the Company, to afford an incentive to such officers, employees, consultants and directors to continue as such, to increase their efforts on behalf of the Company and to promote the success of the Company’s business. The availability of additional shares will enhance the Company’s ability to achieve these goals. The basis of participation in the Plan is upon discretionary grants of the Board. The Board may at any time, and from time to time, suspend or terminate the Plan in whole or in part or amend it from time to time. | |||||||||||||||||
The maximum number of Common Shares reserved for the grant of awards under the Plan is 400,000, subject to adjustment as provided in Section 9 of the Plan. As of December 31, 2013, 355,000 options were granted, 210,000 options were cancelled, and 255,000 are available for grant under the 2009 stock option plan. | |||||||||||||||||
The exercise price of options granted under the Company’s stock option plan may not be less than the fair market value on the date of grant. Stock options under our stock option plan may be awarded to officers, key-employees, consultants and non-employee directors of the Company. Under our stock option plan, every non-employee director of the Company is granted 7,000 options upon first taking office, and then 7,000 upon each additional year in office. Generally, options outstanding vest over periods not exceeding four years and are exercisable for up to five years from the grant date. | |||||||||||||||||
Share based compensation expense recognized under ASC 718 for the years ended December 31, 2013 and 2012 were $35,578 and 30,879, respectively. | |||||||||||||||||
The stock based compensation expense for each of the years ended December 31, 2013 and 2012 includes $13,065 of amortization of the fair value of the 1,000,000 restricted shares granted to the Company’s Chief Executive Officer on September 9, 2011 of $195,968, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value will be amortized over 15 years (See Note 12). | |||||||||||||||||
The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average share assumptions used for grants in 2013 and 2012, respectively: (1) expected life of 5 years; (2) annual dividend yield of 2.61% to 0%; (3) expected volatility 75% to 74.6%; and (4) risk free interest rate of 1.07% to 0.73%. | |||||||||||||||||
The following summarizes stock option activity for the years ended December 31, 2013 and 2012: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term (in | |||||||||||||||||
years) | |||||||||||||||||
Outstanding at January 1, 2012 | 348,000 | $ | 0.96 | 2.26 | $ | 177,253 | |||||||||||
Granted in 2012 | 28,000 | 1.02 | |||||||||||||||
Exercised in 2012 | — | — | |||||||||||||||
Forfeited in 2012 | -21,000 | 1.65 | |||||||||||||||
Outstanding at December 31, 2012 | 355,000 | $ | 0.92 | 1.62 | $ | 173,006 | |||||||||||
Granted in 2013 | 28,000 | 1.53 | |||||||||||||||
Exercised in 2013 | -28,000 | 0.81 | |||||||||||||||
Forfeited or expired in 2013 | -70,000 | 1.01 | |||||||||||||||
Outstanding at December 31, 2013 | 285,000 | $ | 0.97 | 1.43 | $ | 147,656 | |||||||||||
Vested and exercisable at December 31, 2012 | 352,000 | $ | 0.92 | 1.6 | $ | 171,208 | |||||||||||
Vested and exercisable at December 31, 2013 | 283,000 | $ | 0.97 | 1.42 | $ | 146,458 | |||||||||||
The weighted-average fair value of each option granted during the years ended December 31, 2013 and 2012, estimated as of the grant date using the Black-Scholes option-pricing model, was $0.78 per option and $0.61 per option, respectively. | |||||||||||||||||
Mr. Ran, our CEO, agreed not to exercise his 140,000 Remaining Options, which are vested and outstanding as of December 31, 2013, in accordance with the Restricted Stock Agreement (See Note 12). | |||||||||||||||||
A summary of the status of the Company’s nonvested shares as of December 31, 2013 and 2012, and changes during the years then ended is as presented below: | |||||||||||||||||
Number of | Weighted | Weighted Average | |||||||||||||||
Shares | Average | Remaining Contractual | |||||||||||||||
Exercise Price | Term (in years) | ||||||||||||||||
Nonvested shares at January 1, 2012 | 4,000 | $ | 1.01 | 4.88 | |||||||||||||
Granted | 28,000 | 1.02 | 4.5 | ||||||||||||||
Vested | -29,000 | 1.02 | 4.48 | ||||||||||||||
Nonvested shares at December 31, 2012 | 3,000 | $ | 1.01 | 3.88 | |||||||||||||
Granted | 28,000 | 1.53 | 4.5 | ||||||||||||||
Vested | -29,000 | 1.51 | 4.44 | ||||||||||||||
Nonvested shares at December 31, 2013 | 2,000 | $ | 1.01 | 2.88 | |||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||
Stock Option Outstanding | Exercisable | ||||||||||||||||
Range of Exercise | Number of | Weighted | Weighted | Number | Weighted | ||||||||||||
Prices | Shares | Average | Average | of Shares | Average | ||||||||||||
Exercise | Remaining | Exercise | |||||||||||||||
Price | Contractual | Price | |||||||||||||||
Term (in | |||||||||||||||||
years) | |||||||||||||||||
$ 0.50- $ 1.00 | 168,000 | $ | 0.77 | 0.29 | 168,000 | $ | 0.77 | ||||||||||
$ 1.01- $ 2.00 | 117,000 | 1.26 | 3.05 | 115,000 | 1.27 | ||||||||||||
285,000 | $ | 0.97 | 1.43 | 283,000 | $ | 0.97 | |||||||||||
In connection with the Company’s private placement of senior secured notes the Company issued to Paulson 20,000 warrants. The warrants are convertible into the same number of common shares at an exercise price of $2.50 per warrant. The warrants are exercisable over a five-year period beginning December 28, 2010. | |||||||||||||||||
Restricted_Stock_Grant
Restricted Stock Grant | 12 Months Ended | ||
Dec. 31, 2013 | |||
Restricted Grant Stock [Abstract] | ' | ||
Restricted Grant Stock [Text Block] | ' | ||
12 | Restricted Stock Grant | ||
On September 9, 2011, upon stockholders approval at the 2011 annual meeting of stockholders, the Company granted 1,000,000 shares of its restricted common stock (the “Restricted Shares”) to Mr. Ran, the Company’s chief executive officer. Under the terms of the restricted shares agreement (the “Restricted Shares Agreement”), Mr. Ran agreed to forfeit options held by him exercisable for an aggregate of 280,000 shares of common stock of the Company (“Common Stock”) with exercise prices above $1.21 per share and agreed not to exercise additional options held by him for an aggregate of 210,000 shares of Common Stock with exercise prices below $1.21 per share (the “Remaining Options”). Until their expiration, Mr. Ran will be required to forfeit approximately 4.76 Restricted Shares for each share of Common Stock issued upon any exercise of the Remaining Options. In addition, Mr. Ran may not sell, convey, transfer, pledge, encumber or otherwise dispose of the Restricted Shares until the earliest to occur of the following: (i) September 9, 2026, with respect to 1/3 of the Restricted Shares, September 9, 2027 with respect to an additional 1/3 of the Restricted Shares and September 9, 2028 with respect to the final 1/3 of the Restricted Shares; (ii) the date on which Mr. Ran’s employment is terminated by the Company for any reason other than for “Cause” (i.e., misconduct that is materially injurious to us monetarily or otherwise, including engaging in any conduct that constitutes a felony under federal, state or local law); or (iii) the date on which Mr. Ran’s employment is terminated on account of (A) his death; or (B) his disability, which, in the opinion of his personal physician and a physician selected by the Company prevents him from being employed with the Company on a full-time basis (each such date being referred to as a “Risk Termination Date”). If at any time prior to a Risk Termination Date Mr. Ran’s employment is terminated by the Company for Cause or by Mr. Ran voluntarily for any reason other than death or disability, Mr. Ran will forfeit that portion of the Restricted Shares which have not previously vested. Mr. Ran will have the power to vote the Restricted Shares and will be entitled to all dividends payable with respect to the Restricted Shares from the date the Restricted Shares are issued. | |||
In connection with the Compensation Committee’s approval of the foregoing grant of Restricted Shares, the Compensation Committee consulted with and obtained the concurrence of independent compensation experts and informed Mr. Ran that it had no present intention of continuing its prior practice of annually awarding stock options to Mr. Ran as CEO. Also Mr. Ran, advised the Compensation Committee that he would not seek future stock option grants. | |||
The grant of Restricted Shares was exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended. The stock certificates for the Restricted Shares were imprinted with restrictive legends and are held in escrow until vesting occurs. | |||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |
Dec. 31, 2013 | ||
Stockholders' Equity Note [Abstract] | ' | |
Stockholders' Equity Note Disclosure [Text Block] | ' | |
13 | Stockholders’ Equity | |
On September 19, 2012, the Company adopted a stock buy-back program for the repurchase of up to 100,000 shares of the Company's common stock. During 2012 and 2013 the Company has purchased 96,269 common shares from this repurchase program, at an aggregate cost of approximately $128,000. | ||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
14 | Commitments and Contingencies | ||||
Operating Leases | |||||
On June 9, 2011, the Company entered into a new lease agreement (the “Lease’) to relocate its corporate headquarters to 60 Cutter Mill Road, Great Neck, New York. The Lease is for a term of five years and two months commencing June 2011 and ending August 2016. The rent increases annually during the term and ranges from approximately $2,800 per month during the first year to approximately $3,200 per month during the fifth year. | |||||
At December 31, 2013, approximate future minimum rental, including utilities, payments under these commitments are as follows: | |||||
2014 | $ | 40,300 | |||
2015 | 41,400 | ||||
2016 | 28,100 | ||||
Total | $ | 109,800 | |||
Rent expense, including utilities, was approximately $39,000 and $38,000 in 2013 and 2012, respectively. | |||||
Employment Agreements | |||||
In March 1999, we entered into an employment agreement with Assaf Ran, our President and Chief Executive Officer pursuant to which: (i) Mr. Ran’s employment term renews automatically on June 30th of each year for successive one-year periods unless either party gives to the other written notice at least 180 days prior to June 30th of its intention to terminate the agreement; (ii) Mr. Ran receives an annual base salary of $225,000 and annual bonuses as determined by the Compensation Committee of the Board, in its sole and absolute discretion, and is eligible to participate in all executive benefit plans established and maintained by us; and (iii) Mr. Ran agreed to a one-year non-competition period following the termination of his employment. | |||||
Mr. Ran’s annual base compensation was $225,000, and a bonus of $65,000 for each of the years 2013 and 2012 which was approved by the Compensation Committee. | |||||
Derivative Action | |||||
The Company was sued in 2011 as a nominal defendant in a stockholder derivative action, Alan R. Kahn v. Assaf Ran, et al., Supreme Court of the State of New York, County of Nassau, filed against the members of its Board of Directors. The plaintiff, who asserted that he was a stockholder of the Company at all pertinent times, alleged wrongdoing by the Board in a transaction in which Director and Chief Executive Officer, Assaf Ran, was granted certain shares of the Company’s restricted stock in exchange for giving up his rights in certain options that he had held at the time of the transaction. Plaintiff contended that the Company was harmed by the transaction. The Directors disagreed with the plaintiff’s position that the transaction involved any wrongful conduct or that it harmed the Company in any way. The court dismissed the original complaint, but gave plaintiff leave to file an amended complaint, which the plaintiff did. The defendants moved to dismiss the amended complaint, but before the court ruled on that motion, the parties reached an agreement to settle the action, subject to approval of the court. The terms of the settlement include the Company’s agreement to continue utilizing certain corporate governance matters that the Company had already implemented before the lawsuit was filed and would continue to implement regardless of the settlement agreement, and to pay Plaintiff’s counsel’s fees and expenses in an amount to be determined by the court, which amount shall not exceed $80,000. In addition, Assaf Ran will reiterate his commitment to extend his personal guarantee to the Company for up to $5 million. This commitment was available to the Company prior to the settlement agreement. After the court preliminarily approved the settlement, the Company provided notice of the settlement to stockholders, in order to provide them with an opportunity to object to the settlement if they choose to do so. No stockholders submitted any objections to the settlement. At a final hearing to address the fairness and reasonableness of the settlement held on April 2, 2013, the court approved the settlement, dismissed the action, and awarded plaintiff $80,000 in fees and costs. The fee award has been paid by an officers’ and directors’ liability insurance policy, rather than by the Company. As a result of the court’s ruling, the litigation has been concluded. | |||||
Related_Parties_Transactions
Related Parties Transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions Disclosure [Text Block] | ' | |
15 | Related Parties Transactions | |
In 2012, Mr. Ran made seven separate loans to the Company in amounts ranging from $25,000 to $115,000, bearing interest at rates ranging from 6% to 12%, per annum. All of these loans were repaid by the Company as of December 31, 2012. The aggregate interest expense for these loans was $3,942. | ||
In 2013, Mr. Ran made five separate loans to the Company in amounts ranging from $50,000 to $100,000, bearing interest at the rate of 6% per annum. All of these loans were repaid by the Company as of December 31, 2013. The aggregate interest expense for these loans was $1,124. | ||
In September 2013, the Company received a short-term loan in the amount of $160,000, from a parent of a member of the board of directors, bearing interest at the rate of 10% per annum. | ||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||
Principles of Consolidation | ||||||||
The consolidated financial statements include the accounts of Manhattan Bridge Capital, Inc., and its wholly-owned subsidiaries DAG Funding Solutions, Inc.(“DAG Funding”), MBC Funding I, Inc. (“MBC Funding”) and 1490-1496 Hicks, LLC (“Hicks LLC”). All significant intercompany balances and transactions have been eliminated in consolidation. | ||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management will base the use of estimates on (a) a preset number of assumptions that consider past experience, (b) future projections, and (c) general financial market condition. Actual amounts could differ from those estimates. | ||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||
Cash and Cash Equivalents | ||||||||
For the purposes of the statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | |||||||
Concentrations of Credit Risk | ||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains its cash and cash equivalents with one major financial institution. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation up to $250,000. | ||||||||
Credit risks associated with short term commercial loans the Company makes to small businesses and related interest receivable are described in Note 4 entitled Commercial Loans. | ||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |||||||
Impairment of long- lived assets | ||||||||
The Company continually monitors events or changes in circumstances that could indicate carrying amounts of long lived assets, may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the undiscounted cash flows is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. During the year ended December 31, 2013, the Company recognized an impairment loss on the write-down of its investment in a privately held company in the amount of $35,000 (See Note 6). | ||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||
Income Taxes | ||||||||
The Company accounts for income taxes under the provisions of FASB ASC 740, “Income Taxes”. Under the provisions of FASB ASC 740, deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date. | ||||||||
Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies. In the event that the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made. | ||||||||
The Company follows ASC 740 rules governing tax positions which provide guidance for recognition and measurement. This prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognition, classification and disclosure of these uncertain tax positions. | ||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||||||
Revenue Recognition | ||||||||
The Company recognizes revenues in accordance with ASC 605, which provides guidance on the recognition, presentation and disclosure of revenue in financial statements. ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue when (i) persuasive evidence of an arrangement exists, (ii) delivery of the product has occurred or services have been rendered, (iii) the sales price charged is fixed or determinable, and (iv) collectability is reasonably assured. | ||||||||
Interest income from commercial loans is recognized, as earned, over the loan period. | ||||||||
Origination fee revenue on commercial loans is amortized over the term of the respective note. | ||||||||
Deferred Financing Costs, Policy [Policy Text Block] | ' | |||||||
Deferred Financing Costs | ||||||||
Costs incurred in connection with the Company’s line of credit, as discussed in Note 7, are being amortized over one year, using the straight-line method. Costs incurred in connection with the Company’s senior secured notes, as discussed in Note 8 are being amortized over the term of the notes, using the straight-line method. | ||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||
Earnings Per Share (“EPS”) | ||||||||
Basic and diluted earnings per share are calculated in accordance with ASC 260 “Earnings Per Share”. Under ASC 260, basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. | ||||||||
The numerator in calculating both basic and diluted earnings per common share for each year is the reported net income. The denominator is based on the following weighted average number of common shares: | ||||||||
Years ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Basic weighted average common shares outstanding | 4,269,169 | 4,320,050 | ||||||
Incremental shares for assumed exercise of options | 20,649 | 6,279 | ||||||
Diluted weighted average common shares outstanding | 4,289,818 | 4,326,329 | ||||||
262,351 and 345,721 vested options were not included in the diluted earnings per share calculation for the years ended December 31, 2013 and 2012, respectively, either because their effect would have been anti-dilutive, or because they are being held in escrow (See Note | ||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||||
Stock-Based Compensation | ||||||||
The Company measures and recognizes compensation awards for all stock option grants made to employees and directors, based on their fair value in accordance with ASC 718 “Compensation - Stock Compensation”, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. A key provision of this statement is to measure the cost of employee services received in exchange for an award of equity instruments (including stock options) based on the grant-date fair value of the award. The cost will be recognized over the service period during which an employee is required to provide service in exchange for the award (i.e., the requisite service period or vesting period). The Company accounts for equity instruments issued to non-employees in accordance with the provisions of ASC 718 and ASC 505-50, “Equity Based Payment to Non-Employees”. All transactions with non-employees, in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more appropriately measurable. | ||||||||
The stock based compensation expense for the years ended December 31, 2013 and 2012 also includes the amortization of the fair value of the restricted shares granted on September 9, 2011, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value will be amortized over 15 years (See Note 12). | ||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | |||||||
Fair Value of Financial Instruments | ||||||||
For cash and cash equivalents, short term loans, the line of credit and accounts payable, as well as interest bearing commercial loans held by the Company, the carrying amount approximates fair value due to the relative short-term nature of such instruments. The senior secured notes approximate fair value due to the relative short term of the notes and the prevailing interest rate. | ||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||
Recent Accounting Pronouncements | ||||||||
In July 2012, the FASB issued ASU 2012-02, “Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” The revised standard is intended to reduce the cost and complexity of testing indefinite-lived intangible assets other than goodwill for impairment. It allows companies to perform a "qualitative" assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary, similar in approach to the goodwill impairment test. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption was permitted. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements. | ||||||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The ASU is intended to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. This guidance adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (AOCI). It does not amend any existing requirements for reporting net income or OCI in the financial statements. The standard is effective prospectively for public entities for annual and interim reporting periods beginning after December 15, 2012. Private companies may adopt the standard one year later but early adoption is permitted. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements. | ||||||||
In February 2013, the FASB issued ASU 2013-04, “Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” The main objective of this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in GAAP. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||||
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The objective of this guidance is to clarify the balance sheet presentation of an unrecognized tax benefit and to resolve the diversity in practice that had developed in the absence of any on-point GAAP. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforwards in the same tax jurisdiction as of the reporting date. For public entities, ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||||
In January 2014, the FASB issued ASU 2014-04, “Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (A Consensus of the FASB Emerging Issues Task Force).” The purpose of the update is to define an in substance repossession or foreclosure for purposes of determining whether or not an entity should derecognize a residential real estate collateralized consumer mortgage loan if the entity has foreclosed on the real estate. The ASU is effective for public entities for fiscal years beginning after December 15, 2014, and interim periods therein. For nonpublic entities, the ASU is effective for annual periods beginning after December 15, 2014, and interim and annual periods thereafter. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||||
Management does not believe that any other recently issued, but not yet effected, accounting standards if currently adopted would have a material effect on the Company’s consolidated financial statements. | ||||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | |||||||
The denominator is based on the following weighted average number of common shares: | ||||||||
Years ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Basic weighted average common shares outstanding | 4,269,169 | 4,320,050 | ||||||
Incremental shares for assumed exercise of options | 20,649 | 6,279 | ||||||
Diluted weighted average common shares outstanding | 4,289,818 | 4,326,329 | ||||||
Commercial_Loans_Tables
Commercial Loans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Commercial Loans [Abstract] | ' | |||||||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||||||
Credit risk profile based on loan activity as of December 31, 2013 and 2012: | ||||||||||||||
Performing loans | Developers- | Developers- | Developers-Mixed | Total outstanding | ||||||||||
Residential | Commercial | Used | loans | |||||||||||
31-Dec-13 | $ | 12,467,950 | $ | 1,750,000 | $ | 477,000 | $ | 14,694,950 | ||||||
31-Dec-12 | $ | 12,169,366 | $ | 400,000 | $ | 1,055,000 | $ | 13,624,366 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||
Income tax expense consists of the following: | |||||||||
2013 | 2012 | ||||||||
Current Taxes: | |||||||||
Federal | $ | 306,900 | $ | 241,995 | |||||
State | 80,100 | 61,325 | |||||||
387,000 | 303,320 | ||||||||
Deferred taxes: | |||||||||
Federal | — | — | |||||||
State | — | — | |||||||
Income tax expense | $ | 387,000 | $ | 303,320 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
Deferred tax assets consist of the following: | |||||||||
2013 | 2012 | ||||||||
Deferred tax assets: | |||||||||
Capital loss carryover | $ | 105,200 | $ | — | |||||
Compensation expense - other | 8,766 | 7,838 | |||||||
Compensation expense - restricted stocks | 78,388 | 86,226 | |||||||
Deferred tax assets | 192,354 | 94,064 | |||||||
Less: valuation allowance | -192,354 | -94,064 | |||||||
$ | — | $ | — | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||
The income tax expense (benefit) differs from the amount computed using the federal statutory rate of 34% as a result of the following: | |||||||||
Year Ended December 31, | 2013 | 2012 | |||||||
Federal Statutory Rate | 34 | % | 34 | % | |||||
State and local income tax expense net of federal tax effect | 6 | % | 9 | % | |||||
Valuation allowance | — | — | |||||||
State and local franchise taxes | — | — | |||||||
Other | — | 1 | % | ||||||
Income tax expense | 40 | % | 44 | % | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
The following summarizes stock option activity for the years ended December 31, 2013 and 2012: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term (in | |||||||||||||||||
years) | |||||||||||||||||
Outstanding at January 1, 2012 | 348,000 | $ | 0.96 | 2.26 | $ | 177,253 | |||||||||||
Granted in 2012 | 28,000 | 1.02 | |||||||||||||||
Exercised in 2012 | — | — | |||||||||||||||
Forfeited in 2012 | -21,000 | 1.65 | |||||||||||||||
Outstanding at December 31, 2012 | 355,000 | $ | 0.92 | 1.62 | $ | 173,006 | |||||||||||
Granted in 2013 | 28,000 | 1.53 | |||||||||||||||
Exercised in 2013 | -28,000 | 0.81 | |||||||||||||||
Forfeited or expired in 2013 | -70,000 | 1.01 | |||||||||||||||
Outstanding at December 31, 2013 | 285,000 | $ | 0.97 | 1.43 | $ | 147,656 | |||||||||||
Vested and exercisable at December 31, 2012 | 352,000 | $ | 0.92 | 1.6 | $ | 171,208 | |||||||||||
Vested and exercisable at December 31, 2013 | 283,000 | $ | 0.97 | 1.42 | $ | 146,458 | |||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||||||||||
A summary of the status of the Company’s nonvested shares as of December 31, 2013 and 2012, and changes during the years then ended is as presented below: | |||||||||||||||||
Number of | Weighted | Weighted Average | |||||||||||||||
Shares | Average | Remaining Contractual | |||||||||||||||
Exercise Price | Term (in years) | ||||||||||||||||
Nonvested shares at January 1, 2012 | 4,000 | $ | 1.01 | 4.88 | |||||||||||||
Granted | 28,000 | 1.02 | 4.5 | ||||||||||||||
Vested | -29,000 | 1.02 | 4.48 | ||||||||||||||
Nonvested shares at December 31, 2012 | 3,000 | $ | 1.01 | 3.88 | |||||||||||||
Granted | 28,000 | 1.53 | 4.5 | ||||||||||||||
Vested | -29,000 | 1.51 | 4.44 | ||||||||||||||
Nonvested shares at December 31, 2013 | 2,000 | $ | 1.01 | 2.88 | |||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||
Stock Option Outstanding | Exercisable | ||||||||||||||||
Range of Exercise | Number of | Weighted | Weighted | Number | Weighted | ||||||||||||
Prices | Shares | Average | Average | of Shares | Average | ||||||||||||
Exercise | Remaining | Exercise | |||||||||||||||
Price | Contractual | Price | |||||||||||||||
Term (in | |||||||||||||||||
years) | |||||||||||||||||
$ 0.50- $ 1.00 | 168,000 | $ | 0.77 | 0.29 | 168,000 | $ | 0.77 | ||||||||||
$ 1.01- $ 2.00 | 117,000 | 1.26 | 3.05 | 115,000 | 1.27 | ||||||||||||
285,000 | $ | 0.97 | 1.43 | 283,000 | $ | 0.97 | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
At December 31, 2013, approximate future minimum rental, including utilities, payments under these commitments are as follows: | |||||
2014 | $ | 40,300 | |||
2015 | 41,400 | ||||
2016 | 28,100 | ||||
Total | $ | 109,800 | |||
Significant_Accounting_Policie3
Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted Average Number of Shares [Line Items] | ' | ' |
Basic weighted average common shares outstanding | 4,269,169 | 4,320,050 |
Incremental shares for assumed exercise of options | 20,649 | 6,279 |
Diluted weighted average common shares outstanding | 4,289,818 | 4,326,329 |
Significant_Accounting_Policie4
Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Accounting Policies [Line Items] | ' | ' |
Cash, FDIC Insured Amount | $250,000 | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 262,351 | 345,721 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '15 years | ' |
Cost-method Investments, Other than Temporary Impairment | $35,000 | $0 |
Cash_and_Cash_Equivalents_Deta
Cash and Cash Equivalents (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash and Cash Equivalents [Line Items] | ' | ' | ' |
Cash and cash equivalents | $1,021,023 | $240,693 | $221,905 |
Real Estate Investment Property, Net, Total | $147,000 | $147,000 | ' |
Commercial_Loans_Details
Commercial Loans (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Performing loans | $14,694,950 | $13,624,366 |
Developers-Residential [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Performing loans | 12,467,950 | 12,169,366 |
Developers-Commercial [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Performing loans | 1,750,000 | 400,000 |
Developers-Mixed Used [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Performing loans | $477,000 | $1,055,000 |
Commercial_Loans_Details_Textu
Commercial Loans (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Issuance Of Short Term Loans | $15,159,450 | $15,173,500 |
Proceeds From Principal Repayments On Loans And Leases Held For Investment | 14,088,866 | 10,963,486 |
Additional Construction Loan For Borrowers Subject To Conditions | 1,017,500 | ' |
Commercial Loans Issued To Borrowers | 3,750,950 | ' |
Jointly Funded Loans Total | 2,400,000 | 510,000 |
Jointly Funded Loans | 1,650,000 | 255,000 |
Short term loans receivable | 10,697,950 | 11,022,866 |
Long term loans receivable | 3,997,000 | 2,601,500 |
Aggregate Percentage Of Commercial Loans Issued | 25.50% | ' |
Commercial Loan [Member] | Subsequent Event [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Proceeds Form Collection Of Noncurrent Portion Of Commercial Loan Receivable | 850,000 | ' |
Proceeds from Collection of Loans Receivable | 2,452,000 | ' |
Two Commercial Loan [Member] | Subsequent Event [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Proceeds Form Collection Of Noncurrent Portion Of Commercial Loan Receivable | 100,000 | ' |
Proceeds from Collection of Loans Receivable | 350,000 | ' |
Due In 2009 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Receivable, Gross, Commercial, Construction | 290,000 | 499,666 |
Due In 2010 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Receivable, Gross, Commercial, Construction | 152,000 | 567,200 |
Due In 2011 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Receivable, Gross, Commercial, Construction | 150,000 | 750,000 |
Due In 2012 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Receivable, Gross, Commercial, Construction | 150,000 | 1,537,500 |
Due In 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Receivable, Gross, Commercial, Construction | 3,307,000 | ' |
Minimum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Commercial, Total | 30,000 | ' |
Loans Receivable Fixed Rates Of Interest | 12.00% | ' |
Maximum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Commercial, Total | 1,000,000 | ' |
Loans Receivable Fixed Rates Of Interest | 15.00% | ' |
Five Borrowers [Member] | Short Term Loan Three [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Commercial Loans Issued To Borrowers | ' | 1,570,000 |
Interest Percentage Of Individual | ' | 100.00% |
Aggregate Percentage Of Commercial Loans Issued | ' | 11.50% |
Six Borrowers [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Commercial Loans Issued To Borrowers | 1,761,950 | ' |
Six Borrowers [Member] | Short Term Loan Two [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Percentage Of Individual | 25.00% | ' |
Long term loans receivable | 400,000 | ' |
Eight Borrowers [Member] | Short Term Loan One [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Commercial Loans Issued To Borrowers | 1,989,000 | ' |
Interest Percentage Of Individual | 50.00% | ' |
Long term loans receivable | $899,000 | ' |
Investment_in_Real_Estate_Deta
Investment in Real Estate (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Mar. 31, 2011 | Dec. 31, 2013 | Oct. 21, 2011 | Mar. 21, 2011 | Mar. 10, 2014 | Oct. 21, 2011 | Oct. 01, 2011 | Sep. 28, 2011 | |
Subsequent Event [Member] | New Option [Member] | New Option [Member] | Buy Back Option [Member] | |||||
Investment In Real Estate Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in real estate | $675,000 | ' | ' | ' | ' | ' | ' | ' |
Option Sold | ' | ' | ' | 3,900 | ' | ' | ' | ' |
Option Monthly Fee | ' | ' | ' | 10,530 | ' | ' | ' | ' |
Option Exercised To Buy Back Property | ' | ' | ' | ' | ' | ' | ' | 380,679 |
Issuance Of Option For Properties, Exercise Price | ' | ' | ' | ' | ' | ' | 294,321 | ' |
Monthly Option Fee For Properties | ' | ' | ' | ' | ' | ' | 4,591 | ' |
Issuance Of Option For Properties Partially Exercised | ' | ' | ' | ' | ' | 147,500 | ' | ' |
Exercise Price Of Property After Partial Exercise Of Option | ' | ' | 146,821 | ' | ' | ' | ' | ' |
Monthly Option Fee For Property After Partial Exercise Of Option | ' | ' | 2,296 | ' | ' | ' | ' | ' |
Fees Generated From Seller Buy Back Options | ' | 27,548 | ' | ' | ' | ' | ' | ' |
Selling Price of Property in Contract Sale | ' | ' | ' | ' | $410,000 | ' | ' | ' |
Investment_in_Privately_Held_C1
Investment in Privately Held Company (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Investment in Privately Held Company [Line Items] | ' | ' |
Cost Method Investments | $65,000 | $100,000 |
Cost-method Investments, Other than Temporary Impairment | $35,000 | $0 |
Loans_and_Lines_of_Credit_Deta
Loans and Lines of Credit (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2008 | Dec. 31, 2013 | 2-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 13, 2013 | Jan. 31, 2013 | |
Sterling National Bank [Member] | Sterling National Bank [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Short Term Loans 2013 [Member] | Short Term Loans 2013 [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Mr. Ran [Member] | Mr. Ran [Member] | |||||
Sterling National Bank [Member] | Sterling National Bank [Member] | Short Term Loans 2012 [Member] | Short Term Loans 2013 [Member] | |||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | $3,500,000 | ' | ' | $7,000,000 | $5,000,000 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate Description | ' | ' | ' | ' | '2% in excess of the Wall Street Journal prime rate (3.25% at December 31, 2013), but in no event less than 6%, per annum, on the money in use | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments Of Financing Costs | 0 | 16,025 | ' | ' | ' | ' | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Of Financing Costs | 41,735 | 47,078 | 36,395 | 36,395 | ' | ' | 5,341 | 10,683 | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Method | 'straight-line method | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,030,000 | 160,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 8.00% | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | 10.00% | ' | ' |
Repayments of Short-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 590,000 | ' | ' | ' |
Short-Term Debt | 1,319,465 | 1,399,465 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,399,465 | 1,319,465 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 10.00% | ' | 10.00% | ' | ' |
Interest Expense, Related Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,978 | ' | ' |
Amount Of Personal Guarantee Provided By Related Party For Debt Borrowed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | 5,000,000 |
Line of Credit, Current | $5,350,000 | $3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior_Secured_Notes_Details_T
Senior Secured Notes (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2008 | |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Senior Long Term Notes Under Private Placement | ' | ' | $500,000 | ' |
Senior Notes Maturity Date | ' | ' | 'December 2013 | ' |
Loans Pledged as Collateral | ' | ' | 750,000 | ' |
Common Stock Issued To Underwriter, Value | ' | ' | 11,683 | ' |
Number Of Warrants Issued To Underwriter | ' | ' | 20,000 | ' |
Exercise Price Of Warrants Issued To Underwriter | ' | ' | $2.50 | ' |
Amortization of deferred financing costs | 41,735 | 47,078 | 36,395 | 36,395 |
Senior Secured Notes [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Senior Secured Notes Percentage | ' | ' | 6.63% | ' |
Deferred Finance Costs, Noncurrent, Net | ' | ' | $109,183 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Current Taxes: | ' | ' |
Federal | $306,900 | $241,995 |
State | 80,100 | 61,325 |
Current Income Tax Expense (Benefit) | 387,000 | 303,320 |
Deferred taxes: | ' | ' |
Federal | 0 | 0 |
State | 0 | 0 |
Deferred Income Tax Expense (Benefit) | 0 | 0 |
Income tax expense | $387,000 | $303,320 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax assets: | ' | ' |
Capital loss carryover | $105,200 | $0 |
Compensation expense - other | 8,766 | 7,838 |
Compensation expense - restricted stocks | 78,388 | 86,226 |
Deferred tax assets | 192,354 | 94,064 |
Less: valuation allowance | -192,354 | -94,064 |
Deferred Tax Assets, Net of Valuation Allowance | $0 | $0 |
Income_Taxes_Details_2
Income Taxes (Details 2) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Line Items] | ' | ' |
Federal Statutory Rate | 34.00% | 34.00% |
State and local income tax expense net of federal tax effect | 6.00% | 9.00% |
Valuation allowance | 0.00% | 0.00% |
State and local franchise taxes | 0.00% | 0.00% |
Other | 0.00% | 1.00% |
Income tax expense | 40.00% | 44.00% |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Line Items] | ' | ' |
Other Nonoperating Income | $27,548 | $27,548 |
Income Tax Examination, Penalties and Interest Expense | 3,800 | 7,400 |
Capital Loss Carryforward [Member] | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' |
Tax Credit Carryforward, Amount | $390,609 | ' |
Other Tax Carryforward, Expiration Dates 1 | 'expires through 2015. | ' |
Simple_IRA_Plan_Details_Textua
Simple IRA Plan (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Simple IRA Plan [Line Items] | ' | ' |
Defined Contribution Plan, Number of Employees Covered | 100 | ' |
August 2000 [Member] | ' | ' |
Simple IRA Plan [Line Items] | ' | ' |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 6 | ' |
Defined Contribution Plan, Maximum Annual Contribution By Employee, Amount | $12,000 | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees Gross Pay | 3.00% | ' |
Defined Contribution Plan, Employer Matching Contribution, Amount | 9,100 | 9,000 |
Defined Contribution Plan, Employer Matching Contribution, Maximum Amount | $12,000 | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares, Outstanding, Beginning balance | 355,000 | 348,000 | ' |
Number of Shares, Granted | 28,000 | 28,000 | ' |
Number of Shares, Exercised | -28,000 | 0 | ' |
Number of Shares, Forfeited | -70,000 | -21,000 | ' |
Number of Shares, Outstanding, Ending balance | 285,000 | 355,000 | ' |
Number of Shares, Vested and exercisable | 283,000 | 352,000 | ' |
Weighted Average Exercise Price, Outstanding, Beginning balance | $0.92 | $0.96 | ' |
Weighted Average Exercise Price, Granted | $1.53 | $1.02 | ' |
Weighted Average Exercise Price, Exercised | $0.81 | $0 | ' |
Weighted Average Exercise Price, Forfeited | $1.01 | $1.65 | ' |
Weighted Average Exercise Price, Outstanding, Ending balance | $0.97 | $0.92 | ' |
Weighted Average Exercise Price, Vested and exercisable | $0.97 | $0.92 | ' |
Weighted Average Remaining Contractual Term (in years), Outstanding | '1 year 5 months 5 days | '1 year 7 months 13 days | '2 years 3 months 4 days |
Weighted Average Remaining Contractual Term (in years), Vested and exercisable | '1 year 5 months 1 day | '1 year 7 months 6 days | ' |
Aggregate Intrinsic Value, Outstanding | $147,656 | $173,006 | $177,253 |
Aggregate Intrinsic Value, Vested and exercisable | $146,458 | $171,208 | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares, Nonvested shares, Beginning balance | 3,000 | 4,000 | ' |
Number of Shares, Granted | 28,000 | 28,000 | ' |
Shares, Vested | -29,000 | -29,000 | ' |
Shares, Nonvested shares, Ending balance | 2,000 | 3,000 | 4,000 |
Weighted Average Exercise Price, Nonvested shares, Beginning balance | $1.01 | $1.01 | ' |
Weighted Average Exercise Price, Granted | $1.53 | $1.02 | ' |
Weighted Average Exercise Price, Vested | $1.51 | $1.02 | ' |
Weighted Average Exercise Price, Nonvested shares, Ending balance | $1.01 | $1.01 | $1.01 |
Weighted Average Remaining Contractual Term (in years), Nonvested shares, Outstanding | '2 years 10 months 17 days | '3 years 10 months 17 days | '4 years 10 months 17 days |
Weighted Average Remaining Contractual Term (in years), Nonvested shares, Grants in Period | '4 years 6 months | '4 years 6 months | ' |
Weighted Average Remaining Contractual Term (in years), Nonvested shares, Vested in Period | '4 years 5 months 8 days | '4 years 5 months 23 days | ' |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock Option Outstanding, Number of Shares (in shares) | 285,000 |
Stock Option Outstanding, Weighted Average Exercise Price (in dollars per share) | $0.97 |
Stock Option Outstanding, Weighted Average Remaining Contractual Term (in years) | '1 year 5 months 5 days |
Exercisable, Number of Shares (in shares) | 283,000 |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $0.97 |
Exercise Price Range One [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, Lower Limit (in dollars per share) | $0.50 |
Range of Exercise Prices, Upper Limit (in dollars per share) | $1 |
Stock Option Outstanding, Number of Shares (in shares) | 168,000 |
Stock Option Outstanding, Weighted Average Exercise Price (in dollars per share) | $0.77 |
Stock Option Outstanding, Weighted Average Remaining Contractual Term (in years) | '3 months 14 days |
Exercisable, Number of Shares (in shares) | 168,000 |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $0.77 |
Exercise Price Range Two [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, Lower Limit (in dollars per share) | $1.01 |
Range of Exercise Prices, Upper Limit (in dollars per share) | $2 |
Stock Option Outstanding, Number of Shares (in shares) | 117,000 |
Stock Option Outstanding, Weighted Average Exercise Price (in dollars per share) | $1.26 |
Stock Option Outstanding, Weighted Average Remaining Contractual Term (in years) | '3 years 18 days |
Exercisable, Number of Shares (in shares) | 115,000 |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $1.27 |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Sep. 30, 2011 | Dec. 31, 2013 | |
Stock Option Plan 2009 [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||
Chief Executive Officer [Member] | Chief Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | 400,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | 255,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 'Under our stock option plan, every non-employee director of the Company is granted 7,000 options upon first taking office, and then 7,000 upon each additional year in office. Generally, options outstanding vest over periods not exceeding four years and are exercisable for up to five years from the grant date. | ' | ' | ' | ' | ' | ' |
Non cash compensation expense | $35,578 | $30,879 | ' | ' | ' | ' | ' |
Stock or Unit Option Plan Expense | 13,065 | ' | ' | ' | ' | ' | ' |
Fair Value Of Restricted Shares Granted | ' | ' | $195,968 | ' | ' | ' | ' |
Fair Value Of Restricted Shares Amortization Period | '15 years | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '5 years | '5 years | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate Minimum | 0.00% | 0.00% | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate Maximum | 2.61% | 2.61% | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 74.60% | 74.60% | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 75.00% | 75.00% | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.73% | 0.73% | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.07% | 1.07% | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $1.53 | $1.02 | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | ' | ' | ' | ' | 1,000,000 | ' |
Number Of Warrants Issued To Underwriter | ' | ' | ' | 20,000 | ' | ' | ' |
Exercise Price Of Warrants Issued To Underwriter | ' | ' | ' | $2.50 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures | ' | ' | ' | ' | 210,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants | ' | ' | ' | ' | 355,000 | ' | ' |
Number of Outstanding Options, Restricted on Exercise of Shares Under Restricted Stock Agreement | ' | ' | ' | ' | ' | ' | 140,000 |
Restricted_Stock_Grant_Details
Restricted Stock Grant (Details Textual) (USD $) | 1 Months Ended |
Sep. 30, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Market Price Per Share On Date Of Restricted Shares Grant | $1.21 |
Share Based Compensation Arrangements By Share Based Payment Award Options Not Exercised | 210,000 |
Stockholders' Equity Note, Stock Split | 'Until their expiration, Mr. Ran will be required to forfeit approximately 4.76 Restricted Shares for each share of Common Stock issued upon any exercise of the Remaining Options. |
Restricted Shares Agreement [Member] | Chief Executive Officer [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stockholders' Equity Note, Stock Split | 'Mr. Ran may not sell, convey, transfer, pledge, encumber or otherwise dispose of the Restricted Shares until the earliest to occur of the following: (i) September 9, 2026, with respect to 1/3 of the Restricted Shares, September 9, 2027 with respect to an additional 1/3 of the Restricted Shares and September 9, 2028 with respect to the final 1/3 of the Restricted Shares; (ii) the date on which Mr. Rans employment is terminated by the Company for any reason other than for Cause (i.e., misconduct that is materially injurious to us monetarily or otherwise, including engaging in any conduct that constitutes a felony under federal, state or local law); or (iii) the date on which Mr. Rans employment is terminated on account of (A) his death; or (B) his disability, which, in the opinion of his personal physician and a physician selected by the Company prevents him from being employed with the Company on a full-time basis (each such date being referred to as a Risk Termination Date). If at any time prior to a Risk Termination Date Mr. Rans employment is terminated by the Company for Cause or by Mr. Ran voluntarily for any reason other than death or disability, Mr. Ran will forfeit that portion of the Restricted Shares which have not previously vested. Mr. Ran will have the power to vote the Restricted Shares and will be entitled to all dividends payable with respect to the Restricted Shares from the date the Restricted Shares are issued. |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 280,000 |
Shareholders_Equity_Details_Te
Shareholders' Equity (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 19, 2012 | |
Shareholders' Equity [Line Items] | ' | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | 100,000 |
Treasury Stock, Value, Acquired, Cost Method | $99,363 | $28,572 | ' |
Treasury Stock [Member] | ' | ' | ' |
Shareholders' Equity [Line Items] | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | $99,363 | $28,572 | ' |
Treasury Stock, Shares, Acquired | 69,869 | 26,400 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Line Items] | ' |
2014 | $40,300 |
2015 | 41,400 |
2016 | 28,100 |
Total | $109,800 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense | $39,000 | $38,000 | ' |
Litigation Settlement, Expense | ' | ' | 80,000 |
Amount Of Personal Guarantee Commitment Provided By Defendant | ' | ' | 5,000,000 |
Loss Contingency, Damages Awarded, Value | 80,000 | ' | ' |
Chief Executive Officer [Member] | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Officers' Compensation | 225,000 | ' | ' |
Officers' Bonus | 65,000 | 65,000 | ' |
Maximum [Member] | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Operating Leases Rent Periodic Payment | 3,200 | ' | ' |
Minimum [Member] | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Operating Leases Rent Periodic Payment | $2,800 | ' | ' |
Related_Parties_Transactions_D
Related Parties Transactions (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Board of Directors Chairman [Member] | Short Term Loans 2012 [Member] | Short Term Loans 2012 [Member] | Short Term Loans 2012 [Member] | Short Term Loans 2013 [Member] | Short Term Loans 2013 [Member] | Short Term Loans 2013 [Member] | Short Term Loans 2013 [Member] | |
Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | $115,000 | $25,000 | ' | ' | $100,000 | $50,000 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 12.00% | 6.00% | 6.00% | 10.00% | ' | ' |
Interest Expense | ' | 3,942 | ' | ' | 1,124 | ' | ' | ' |
Proceeds from Short-term Debt, Total | $160,000 | ' | ' | ' | ' | ' | ' | ' |