Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 13, 2014 | |
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 | ' | 6,059,576 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $135,495 | $1,021,023 |
Short term loans receivable | 11,415,967 | 10,697,950 |
Interest receivable on loans | 200,245 | 171,483 |
Other current assets | 50,428 | 18,540 |
Total current assets | 11,802,135 | 11,908,996 |
Investment in real estate | 146,821 | 146,821 |
Long term loans receivable | 5,505,000 | 3,997,000 |
Other assets | 204,429 | 0 |
Security deposit | 6,637 | 6,637 |
Investment in privately held company | 65,000 | 65,000 |
Total assets | 17,730,022 | 16,124,454 |
Current liabilities: | ' | ' |
Short term loans | 1,319,465 | 1,319,465 |
Line of credit | 6,600,000 | 5,350,000 |
Accounts payable and accrued expenses | 49,416 | 57,066 |
Deferred origination fees | 174,889 | 132,017 |
Income taxes payable | 130,224 | 373,219 |
Total liabilities, all current | 8,273,994 | 7,231,767 |
Commitments | ' | ' |
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; 4,482,190 and 4,433,190 issued; 4,305,190 and 4,256,190 outstanding | 4,482 | 4,433 |
Additional paid-in capital | 9,807,261 | 9,745,249 |
Treasury stock, at cost - 177,000 shares | -369,335 | -369,335 |
Retained earnings (accumulated deficit) | 13,620 | -487,660 |
Total stockholders’ equity | 9,456,028 | 8,892,687 |
Total liabilities and stockholders’ equity | $17,730,022 | $16,124,454 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 4,482,190 | 4,433,190 |
Common stock, shares outstanding | 4,305,190 | 4,256,190 |
Treasury stock, shares | 177,000 | 177,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Interest income from loans | $518,065 | $447,522 | $1,025,436 | $892,301 |
Origination fees | 112,017 | 106,273 | 213,556 | 195,855 |
Total Revenue | 630,082 | 553,795 | 1,238,992 | 1,088,156 |
Operating costs and expenses: | ' | ' | ' | ' |
Interest and amortization of debt service costs | 122,906 | 101,560 | 239,329 | 204,206 |
Referral fees | 275 | 334 | 384 | 929 |
General and administrative expenses | 175,812 | 204,857 | 351,808 | 377,725 |
Total operating costs and expenses | 298,993 | 306,751 | 591,521 | 582,860 |
Income from operations | 331,089 | 247,044 | 647,471 | 505,296 |
Other income (Note 4) | 6,887 | 6,887 | 13,774 | 13,774 |
Income before income tax benefit (expense) | 337,976 | 253,931 | 661,245 | 519,070 |
Income tax benefit (expense) | 83,000 | -96,000 | -32,000 | -188,000 |
Net Income | $420,976 | $157,931 | $629,245 | $331,070 |
Basic and diluted net income per common share outstanding: | ' | ' | ' | ' |
-Basic (in dollars per share) | $0.10 | $0.04 | $0.15 | $0.08 |
-Diluted (in dollars per share) | $0.10 | $0.04 | $0.15 | $0.08 |
Weighted average number of common shares outstanding | ' | ' | ' | ' |
-Basic (in shares) | 4,283,805 | 4,274,562 | 4,270,074 | 4,278,868 |
-Diluted (in shares) | 4,323,026 | 4,289,134 | 4,303,742 | 4,289,988 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net Income | $629,245 | $331,070 |
Adjustments to reconcile net income to net cash provided by operating activities - | ' | ' |
Amortization of deferred financing costs | 0 | 23,538 |
Non cash compensation expense | 6,832 | 8,518 |
Changes in operating assets and liabilities: | ' | ' |
Interest receivable on loans | -28,762 | -76 |
Other current and non current assets | -31,888 | -32,202 |
Accounts payable and accrued expenses | -7,651 | -50,638 |
Deferred origination fees | 42,873 | 54,523 |
Income taxes payable | -242,995 | -86,120 |
Net cash provided by operating activities | 367,654 | 248,613 |
Cash flows from investing activities: | ' | ' |
Issuance of short term loans | -9,764,000 | -8,430,500 |
Collections received from loans | 7,537,983 | 7,871,866 |
Net cash used in investing activities | -2,226,017 | -558,634 |
Cash flows from financing activities: | ' | ' |
Proceeds from loans and line of credit, net | 1,250,000 | 1,260,000 |
Purchase of treasury shares | 0 | -76,053 |
Capital raising costs | -204,429 | 0 |
Proceeds from exercise of stock options | 55,230 | 22,540 |
Dividend paid | -127,966 | -42,786 |
Net cash provided by financing activities | 972,835 | 1,163,701 |
Net (decrease) increase in cash and cash equivalents | -885,528 | 853,680 |
Cash and cash equivalents, beginning of period | 1,021,023 | 240,693 |
Cash and cash equivalents, end of period | 135,495 | 1,094,373 |
Supplemental Cash Flow Information: | ' | ' |
Taxes paid during the period | 274,995 | 274,120 |
Interest paid during the period | $239,329 | $180,667 |
THE_COMPANY
THE COMPANY | 6 Months Ended | |
Jun. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Organization, Consolidation and Presentation Of Financial Statements Disclosure [Text Block] | ' | |
1 | THE COMPANY | |
The accompanying unaudited consolidated financial statements of Manhattan Bridge Capital, Inc. (“MBC”), a New York corporation, and its wholly-owned subsidiaries DAG Funding Solutions, Inc.(“DAG Funding”), MBC Funding I, Inc. (“MBC Funding”) and 1490-1496 Hicks, LLC (“Hicks LLC”) (collectively referred to herein as the “Company”) have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2013 and the notes thereto included in the Company’s Form 10-K. Results of consolidated operations for the interim period are not necessarily indicative of the operating results to be attained in the entire fiscal year. | ||
The preparation of financial statements in conformity with GAAP 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. We base our use of estimates on (a) a preset number of assumptions that consider past experience, (b) future projections and (c) general financial market conditions. Actual amounts could differ from those estimates. | ||
The consolidated financial statements include the accounts of MBC, DAG Funding, MBC Funding, and Hicks LLC. All significant intercompany balances and transactions have been eliminated in consolidation. | ||
The Company is a New York-based real estate finance company that specializes in originating, servicing and managing a portfolio of first mortgage loans. The Company offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area. | ||
The Company believes it currently satisfies all of the requirements to be taxed as a Real Estate Investment Trust and intends to elect REIT status beginning with its 2014 tax year. | ||
The Company recognize 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, we recognize 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 is recognized, as earned, over the loan period. | ||
Origination fee revenue is amortized over the term of the respective note. | ||
RECENT_TECHNICAL_ACCOUNTING_PR
RECENT TECHNICAL ACCOUNTING PRONOUNCEMENTS | 6 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Changes and Error Corrections [Abstract] | ' | ||
Accounting Changes and Error Corrections [Text Block] | ' | ||
2 | RECENT TECHNICAL ACCOUNTING PRONOUNCEMENTS | ||
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 did not 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. | |||
In May 2014, the FASB and IASB jointly issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” The intent of this guidance is to provide greater comparability for financial statement users by eliminating inconsistencies in current revenue recognition GAAP. Specifically, an entity should recognize revenue based on the transaction price, which is the amount of consideration the entity expects to be entitled to in exchange for transferring promised goods or services. A single principles-based, five-step revenue model must be applied to all contracts with customers. For public entities, the ASU is effective for annual and interim periods beginning after December 15, 2016. Early application is not permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | |||
In June 2014, the FASB issued ASU 2014-12, “Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force”). The ASU clarifies that entities should treat performance targets that can be met after the requisite service period of a share-based payment award as performance conditions that affect vesting. Therefore, an entity would not record compensation expense (measured as of the grant date without taking into account the effect of the performance target) related to an award for which transfer to the employee is contingent on the entity’s satisfaction of a performance target until it becomes probable that the performance target will be met. No new disclosures are required under the ASU. The ASU is effective for all entities for reporting periods beginning after December 15, 2015. Early adoption is permitted. 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. | |||
COMMERCIAL_LOANS
COMMERCIAL LOANS | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Commercial Loans [Abstract] | ' | ||||||||||||||||
Commercial Loans [Text Block] | ' | ||||||||||||||||
3 | COMMERCIAL LOANS | ||||||||||||||||
Short Term Loans Receivable | |||||||||||||||||
The Company offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area. | |||||||||||||||||
The properties securing the loans are generally classified as residential or commercial real estate and, typically, are not income producing. Each loan is secured by a first mortgage lien on real estate. In addition, each loan is also personally guaranteed by the principal(s) of the borrower, which may be collaterally secured by a pledge of the guarantor’s interest in the borrower. | |||||||||||||||||
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. Sometimes we have renewed or extended our loans to enable the borrower to avoid premature sale or refinancing of the property. When we renew or extend a loan we receive additional ‘‘points’’ and other fees. | |||||||||||||||||
At June 30, 2014, we were committed to an additional $1,555,500 in construction loans that can be drawn by the borrowers when certain conditions are met. | |||||||||||||||||
At June 30, 2014, no one entity has loans outstanding representing more than 10% of the total balance of the loans outstanding. | |||||||||||||||||
At June 30, 2014, three of the loans in the Company’s portfolio were jointly funded by the Company and unrelated entities, for aggregate loans of $2,275,000. The accompanying balance sheets include the Company’s portion of the loans in the amount of $1,450,000. | |||||||||||||||||
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 June 30, 2015. At June 30, 2014, the Company’s loan portfolio consists of $11,415,967 short term loans receivable and $5,505,000 long term loans receivable. | |||||||||||||||||
Credit Risk | |||||||||||||||||
Credit risk profile based on loan activity as of June 30, 2014 and 2013: | |||||||||||||||||
Performing | Developers- | Developers- | Developers | Other | Total | ||||||||||||
loans | Residential | Commercial | Mixed Used | outstanding | |||||||||||||
loans | |||||||||||||||||
30-Jun-14 | $ | 15,019,000 | $ | 1,350,000 | $ | 525,000 | $ | 26,967 | $ | 16,920,967 | |||||||
30-Jun-13 | $ | 12,043,000 | $ | 1,510,000 | $ | 630,000 | $ | — | $ | 14,183,000 | |||||||
At June 30, 2014, the Company’s commercial loans include loans in the amount of $290,000, $100,000, $135,000 and $1,155,000, originally due in 2009, 2010, 2011 and 2013, 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 June 30, 2014, no loan impairments exist and there are no provisions for impairments of loans or recoveries thereof included in operations. | |||||||||||||||||
Subsequent to the balance sheet date, $990,000 of the Company’s commercial loans, of which $180,000 is included in long-term loans receivable at June 30, 2014, have been paid off. | |||||||||||||||||
INVESTMENT_IN_REAL_ESTATE
INVESTMENT IN REAL ESTATE | 6 Months Ended | ||
Jun. 30, 2014 | |||
Investment In Real Estate [Abstract] | ' | ||
Investment In Real Estate Disclosure [Text Block] | ' | ||
4 | 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 June 19, 2014, the Company entered into a Contract of Sale for this property with a third-party for a purchase price of $415,000. 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 six month periods ended June 30, 2014 and 2013 in the amount of $13,774 represents the fees generated from the seller buy back options. | |||
EARNINGS_PER_SHARE_OF_COMMON_S
EARNINGS PER SHARE OF COMMON STOCK | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||
5 | EARNINGS PER SHARE OF COMMON STOCK | |||||||||||||
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 shareholders by the weighted-average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to 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 period is the reported net income. | ||||||||||||||
The denominator is based on the following weighted average number of common shares: | ||||||||||||||
Three Months | Six Months | |||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Basic | 4,283,805 | 4,274,562 | 4,270,074 | 4,278,868 | ||||||||||
Incremental shares for assumed conversion of options | 39,221 | 14,572 | 33,668 | 11,120 | ||||||||||
Diluted | 4,323,026 | 4,289,134 | 4,303,742 | 4,289,988 | ||||||||||
For the three and six month periods ended June 30, 2014, 47,779, and 53,332, stock options were not included in the diluted earnings per share calculation, respectively, because their effect would have been anti-dilutive. | ||||||||||||||
For the three and six month periods ended June 30, 2013, 270,428, and 273,880, stock options were not included in the diluted earnings per share calculation, respectively, either because their effect would have been anti-dilutive, or because they are being held in escrow (See Note 7). | ||||||||||||||
STOCK_BASED_COMPENSATION
STOCK - BASED COMPENSATION | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Text Block] | ' | |||||||||||||
6 | 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. | ||||||||||||||
Share based compensation expense recognized under ASC 718 for the three and six months ended June 30, 2014 were $3,416 and $6,832, respectively. Share based compensation expense recognized under ASC 718 for the three and six months ended June 30, 2013 were $5,102 and $8,518, respectively. | ||||||||||||||
The exercise price of options granted under our stock option plan may not be less than the fair market value on the date of grant. The options may vest over a period not to exceed ten years. 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. The objectives of our stock option plan include attracting and retaining key personnel, providing for additional performance incentives and promoting the success of the Company by increasing the efforts of such officers, employees, consultants and directors. Our stock option plan is the only plan that the Company has adopted with stock options available for grant. | ||||||||||||||
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: (1) expected life of 5 years; (2) annual dividend yield of 2.61%; (3) expected volatility 75%; (4) risk free interest rate of 1.07%. | ||||||||||||||
The following summarizes stock option activity for the six month period ended June 30, 2014: | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term (in | ||||||||||||||
years) | ||||||||||||||
Outstanding at December 31, 2013 | 285,000 | $ | 0.97 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | -49,000 | 1.13 | ||||||||||||
Forfeited or expired | -147,000 | 0.75 | ||||||||||||
Outstanding at June 30, 2014 | 89,000 | $ | 1.26 | 2.55 | $ | 64,519 | ||||||||
Vested and exercisable at June 30, 2014 | 87,000 | $ | 1.27 | 2.56 | $ | 63,321 | ||||||||
The weighted-average fair value of each option granted during the six month period ended June 30, 2013, estimated as of the grant date using the Black-Scholes option valuation model was $0.78 per option. There was no grant of options during the six month period ended June 30, 2014. | ||||||||||||||
RESTRICTED_STOCK_GRANT
RESTRICTED STOCK GRANT | 6 Months Ended | ||
Jun. 30, 2014 | |||
Restricted Grant Stock [Abstract] | ' | ||
Restricted Grant Stock [Text Block] | ' | ||
7 | RESTRICTED STOCK GRANT | ||
On September 9, 2011, we granted 1,000,000 shares of restricted common shares (the ‘‘Restricted Shares’’) to Mr. Ran, our 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 common shares with exercise prices above $1.21 per share and agreed not to exercise additional options held by him for an aggregate of 210,000 stock of common stock with exercise prices below $1.21 per share all of which expired unexercised in March 2014. 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 one-third of the Restricted Shares, September 9, 2027 with respect to an additional one-third of the Restricted Shares and September 9, 2028 with respect to the final one-third of the Restricted Shares; (ii) the date on which Mr. Ran’s employment is terminated for any reason other than for ‘‘Cause’’ (as such term is defined in his employment agreement); 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 us prevents him from being employed by us 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 us 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 chief executive officer. 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. | |||
LOANS_AND_LINE_OF_CREDIT
LOANS AND LINE OF CREDIT | 6 Months Ended | ||
Jun. 30, 2014 | |||
Loans and Line Of Credit [Abstract] | ' | ||
Loans And Line Of Credit [Text Block] | ' | ||
8 | LOANS AND LINE OF CREDIT | ||
Short Term Loans | |||
At June 30, 2014, 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 former member of the board of directors. Interest expense on this loan amounted to $8,000 for the six months ended June 30, 2014. 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. | |||
Subsequent to the balance sheet date, the Company received two separate short-term loans from two different entities, in the aggregate amount of $1,100,000, bearing interest at rates ranging from 12% to 14%, per annum. In addition, Mr. Ran made a bridge loan to the Company in the amount of $200,000, at an interest rate of 6%, per annum. On July 31, 2014, the Company repaid in full one of the short-term loans in the amount of $700,000 as well as the bridge loan from Mr. Ran in the amount of $200,000. | |||
Line 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 June 30, 2014), 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 three and six month periods ended June 30, 2013 were $1,335 and $5,341, 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. Effective on June 24, 2014, the term of the Sterling Credit Line was extended to October 29, 2014. At June 30, 2014, the outstanding amount under the Sterling Credit Line was $6,600,000. | |||
On July 15, 2014, the Company entered into another amendment to the Line of Credit Agreement with Sterling National Bank to temporarily increase the Sterling Credit Line from $7 million to $7.7 million for 30 days (the “Third Amendment”). | |||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended | ||
Jun. 30, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments and Contingencies Disclosure [Text Block] | ' | ||
9 | COMMITMENTS AND CONTINGENCIES | ||
Operating Lease | |||
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. | |||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended | |
Jun. 30, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events [Text Block] | ' | |
10 | SUBSEQUENT EVENTS | |
The Company completed a public offering of 1,754,386 common shares at a price to the public of $2.85 per share on July 31, 2014. Gross proceeds raised by the Company in the offering were $5,000,000, before deducting underwriting discounts and commissions and other estimated offering expenses. The Company has granted the underwriters a 45-day option to purchase up to 263,157 additional common shares to cover over-allotments, if any. | ||
The net proceeds from the issuance and sale of our common shares in this offering were approximately $4.3 million (or approximately $5.0 million if the representative exercises its over-allotment option in full), after deducting underwriting discounts and commissions and offering expenses payable by us. | ||
As a result of the offering, the Company believes it currently satisfies all of the requirements to be taxed as a Real Estate Investment Trust and intends to elect REIT status beginning with its 2014 tax year. As a REIT, the Company will generally not be subject to income taxes on its income, including interest earned on its real estate secured loans, so long as it meets certain requirements, including distributing 90% of its taxable income to shareholders. | ||
COMMERCIAL_LOANS_Tables
COMMERCIAL LOANS (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Commercial Loans [Abstract] | ' | ||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||
Credit risk profile based on loan activity as of June 30, 2014 and 2013: | |||||||||||||||||
Performing | Developers- | Developers- | Developers | Other | Total | ||||||||||||
loans | Residential | Commercial | Mixed Used | outstanding | |||||||||||||
loans | |||||||||||||||||
30-Jun-14 | $ | 15,019,000 | $ | 1,350,000 | $ | 525,000 | $ | 26,967 | $ | 16,920,967 | |||||||
30-Jun-13 | $ | 12,043,000 | $ | 1,510,000 | $ | 630,000 | $ | — | $ | 14,183,000 | |||||||
EARNINGS_PER_SHARE_OF_COMMON_S1
EARNINGS PER SHARE OF COMMON STOCK (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | |||||||||||||
The denominator is based on the following weighted average number of common shares: | ||||||||||||||
Three Months | Six Months | |||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Basic | 4,283,805 | 4,274,562 | 4,270,074 | 4,278,868 | ||||||||||
Incremental shares for assumed conversion of options | 39,221 | 14,572 | 33,668 | 11,120 | ||||||||||
Diluted | 4,323,026 | 4,289,134 | 4,303,742 | 4,289,988 | ||||||||||
STOCK_BASED_COMPENSATION_Table
STOCK - BASED COMPENSATION (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
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 six month period ended June 30, 2014: | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term (in | ||||||||||||||
years) | ||||||||||||||
Outstanding at December 31, 2013 | 285,000 | $ | 0.97 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | -49,000 | 1.13 | ||||||||||||
Forfeited or expired | -147,000 | 0.75 | ||||||||||||
Outstanding at June 30, 2014 | 89,000 | $ | 1.26 | 2.55 | $ | 64,519 | ||||||||
Vested and exercisable at June 30, 2014 | 87,000 | $ | 1.27 | 2.56 | $ | 63,321 | ||||||||
COMMERCIAL_LOANS_Details
COMMERCIAL LOANS (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Debt Instrument [Line Items] | ' | ' |
Performing loans | $16,920,967 | $14,183,000 |
Developers Residential [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Performing loans | 15,019,000 | 12,043,000 |
Developers Commercial [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Performing loans | 1,350,000 | 1,510,000 |
Developers Mixed Used [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Performing loans | 525,000 | 630,000 |
Developers Other [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Performing loans | $26,967 | $0 |
COMMERCIAL_LOANS_Details_Textu
COMMERCIAL LOANS (Details Textual) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Long-Term Loans Receivable [Member] | Subsequent Event [Member] | Due In 2009 [Member] | Due In 2010 [Member] | Due In 2011 [Member] | Due In 2013 [Member] | ||||
Commercial Loan [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Construction Loan For Borrowers Subject To Conditions | $1,555,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Jointly Funded Loans Total | 2,275,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Jointly Funded Loans | 1,450,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Short Term Loans Receivable | 11,415,967 | 10,697,950 | ' | ' | ' | ' | ' | ' | ' |
Long Term Loans Receivable | 5,505,000 | 3,997,000 | ' | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Commercial | 16,920,967 | ' | 14,183,000 | ' | ' | 290,000 | 100,000 | 135,000 | 1,155,000 |
Proceeds Form Collection Of Commercial Loan Receivable | ' | ' | ' | $180,000 | $990,000 | ' | ' | ' | ' |
INVESTMENT_IN_REAL_ESTATE_Deta
INVESTMENT IN REAL ESTATE (Details Textual) (USD $) | 1 Months Ended | 6 Months Ended | |||||
Mar. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 21, 2011 | Oct. 21, 2011 | Oct. 01, 2011 | Sep. 28, 2011 | |
New Option [Member] | New Option [Member] | Buy Back Option [Member] | |||||
Investment in Real Estate Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Buildings | $675,000 | ' | ' | ' | ' | ' | ' |
Option Sold | ' | ' | ' | 3,900 | ' | ' | ' |
Option Monthly Fee | ' | ' | ' | 10,530 | ' | ' | ' |
Option Partially Exercised To Buy Back Property | ' | ' | ' | ' | ' | ' | 380,679 |
Exercise Price Of Properties | ' | ' | ' | ' | ' | 294,321 | ' |
Monthly Option Fee For Properties | ' | ' | ' | ' | ' | 4,591 | ' |
Partial Exercise Of New Option | ' | ' | ' | ' | 147,500 | ' | ' |
Exercise Price Of Remaining Property | ' | 146,821 | ' | ' | ' | ' | ' |
Monthly Option Fee For Property After Partial Exercise Of Option | ' | 2,296 | ' | ' | ' | ' | ' |
Property Selling Price | ' | 415,000 | ' | ' | ' | ' | ' |
Fees Generated From Seller Buy Back Options | ' | $13,774 | $13,774 | ' | ' | ' | ' |
EARNINGS_PER_SHARE_OF_COMMON_S2
EARNINGS PER SHARE OF COMMON STOCK (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share of Common Stock [Line Items] | ' | ' | ' | ' |
Basic | 4,283,805 | 4,274,562 | 4,270,074 | 4,278,868 |
Incremental shares for assumed conversion of options | 39,221 | 14,572 | 33,668 | 11,120 |
Diluted | 4,323,026 | 4,289,134 | 4,303,742 | 4,289,988 |
EARNINGS_PER_SHARE_OF_COMMON_S3
EARNINGS PER SHARE OF COMMON STOCK (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share of Common Stock [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 47,779 | 270,428 | 53,332 | 273,880 |
STOCK_BASED_COMPENSATION_Detai
STOCK - BASED COMPENSATION (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares, Outstanding at December 31, 2013 | 285,000 |
Number of Shares, Granted | 0 |
Number of Shares, Exercised | -49,000 |
Number of Shares, Forfeited or expired | -147,000 |
Number of Shares, Outstanding at June 30, 2014 | 89,000 |
Number of Shares, Vested and exercisable at June 30, 2014 | 87,000 |
Weighted Average Exercise Price, Outstanding at December 31, 2013 (in dollars per share) | $0.97 |
Weighted Average Exercise Price, Granted (in dollars per share) | $0 |
Weighted Average Exercise Price, Exercised (in dollars per share) | $1.13 |
Weighted Average Exercise Price, Forfeited or expired (in dollars per share) | $0.75 |
Weighted Average Exercise Price, Outstanding at June 30, 2014 (in dollars per share) | $1.26 |
Weighted Average Exercise Price, Vested and exercisable at June 30, 2014 (in dollars per share) | $1.27 |
Weighted Average Remaining Contractual Term Outstanding at June 30, 2014 (in years) | '2 years 6 months 18 days |
Weighted Average Remaining Contractual Term Vested and exercisable at June 30, 2014 (in years) | '2 years 6 months 22 days |
Aggregate Intrinsic Value, Outstanding at June 30, 2014 (in dollars) | $64,519 |
Aggregate Intrinsic Value, Vested and exercisable at June 30, 2014 (in dollars) | $63,321 |
STOCK_BASED_COMPENSATION_Detai1
STOCK - BASED COMPENSATION (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share Based Compensation Expense | $3,416 | $5,102 | $6,832 | $8,518 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights for Employee and Non-Employee Directors | ' | ' | 'The options may vest over a period not to exceed ten years. 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. | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | '5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | 2.61% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | 75.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | 1.07% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $0.78 | ' |
RESTRICTED_STOCK_GRANT_Details
RESTRICTED STOCK GRANT (Details Textual) (Restricted Shares Agreement [Member], Chief Executive Officer [Member], USD $) | 1 Months Ended |
Sep. 30, 2011 | |
Restricted Shares Agreement [Member] | Chief Executive Officer [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
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 |
Market Price Per Share On Date Of Restricted Shares Grant | $1.21 |
Restriction On Exercise Of Additional Options Held By Ceo Below Prescribed Exercise Price Limit | 210,000 |
Description Of Terms Of Restricted Shares Agreement | '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 one-third of the Restricted Shares, September 9, 2027 with respect to an additional one-third of the Restricted Shares and September 9, 2028 with respect to the final one-third of the Restricted Shares; (ii) the date on which Mr. Rans employment is terminated for any reason other than for Cause (as such term is defined in his employment agreement); 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 us prevents him from being employed by us 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 us 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 |
LOANS_AND_LINE_OF_CREDIT_Detai
LOANS AND LINE OF CREDIT (Details Textual) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jan. 31, 2013 | 2-May-12 | Jul. 15, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jan. 31, 2013 | Jul. 31, 2014 | Jun. 30, 2014 | |
Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Subsequent Event [Member] | Short Term Loans [Member] | Short Term Loans [Member] | Short Term Loans [Member] | Affiliated Entity [Member] | Mr. Ran [Member] | Mr. Ran [Member] | Mr. Ran [Member] | Director [Member] | ||||
Sterling National Bank [Member] | Sterling National Bank [Member] | Sterling National Bank [Member] | Sterling National Bank [Member] | Line of Credit [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Short Term Loans [Member] | Subsequent Event [Member] | Short Term Loans [Member] | |||||||||
Sterling National Bank [Member] | Maximum [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Debt, Total | $1,319,465 | ' | $1,319,465 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,319,465 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | 200,000 | 160,000 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | 12.00% | ' | ' | ' | 6.00% | 10.00% |
Interest Expense, Related Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | 200,000 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | 5,000,000 | 3,500,000 | 7,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate Description | ' | ' | ' | ' | ' | ' | '2% in excess of the Wall Street Journal prime rate (3.25% at June 30, 2014), but in no event less than 6%, per annum, on the money in use | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Financing Costs, Total | ' | ' | ' | ' | ' | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Financing Costs, Amortization Period | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs | 0 | 23,538 | ' | 1,335 | 5,341 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Of Personal Guarantee Provided By Related Party For Debt Borrowed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | 5,000,000 | ' | ' |
Line Of Credit, Current | $6,600,000 | ' | $5,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Financing Costs, Amortization Method | ' | ' | ' | ' | ' | 'straight-line method. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details Textual) (USD $) | 12 Months Ended |
Dec. 31, 2011 | |
Commitments and Contingencies Disclosure [Line Items] | ' |
Operating Lease Term Of Lease | 'five years and two months |
Minimum [Member] | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Operating Leases Rent Periodic Payment | 2,800 |
Maximum [Member] | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Operating Leases Rent Periodic Payment | 3,200 |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS (Details Textual) (USD $) | 6 Months Ended | 1 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | ||
IPO [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | 1,754,386 |
Sale of Stock, Price Per Share | ' | ' | $2.85 |
Proceeds from Issuance of Public Offering, Gross | ' | ' | $5,000,000 |
Proceeds from Issuance of Public Offering, Net of Issuance Cost | ' | ' | $4,300,000 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 0 | ' | 263,157 |
Tax Basis of Investments, Additional Information | ' | 'As a result of the offering, the Company believes it currentlysatisfies all of the requirements to be taxed as a Real Estate Investment Trust and intends to elect REIT status beginning with its 2014 tax year. As a REIT, the Company will generally not be subject toincome taxes on its income, including interest earned on its real estate secured loans, so long as it meets certain requirements, including distributing 90% of its taxable income to shareholders | ' |