Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | MANHATTAN BRIDGE CAPITAL, INC | |
Entity Central Index Key | 1,080,340 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | LOAN | |
Entity Common Stock, Shares Outstanding | 7,271,289 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 61,279 | $ 106,836 |
Cash - restricted | 464,889 | 0 |
Short term loans receivable | 19,417,500 | 20,199,000 |
Interest receivable on loans | 364,808 | 382,572 |
Other current assets | 48,928 | 32,865 |
Total current assets | 20,357,404 | 20,721,273 |
Long term loans receivable | 9,591,050 | 10,705,040 |
Property and equipment, net | 8,947 | 8,771 |
Security deposit | 6,816 | 6,816 |
Investment in privately held company | 50,000 | 50,000 |
Deferred financing costs | 315,581 | 164,510 |
Total assets | 30,329,798 | 31,656,410 |
Current liabilities: | ||
Line of credit | 10,650,498 | 11,821,099 |
Short term loans | 860,620 | 1,095,620 |
Accounts payable and accrued expenses | 127,777 | 99,643 |
Deferred origination fees | 249,258 | 279,682 |
Dividends payable | 0 | 617,443 |
Total liabilities, all current | $ 11,888,153 | $ 13,913,487 |
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; 7,441,039 issued; 7,264,039 outstanding | 7,441 | 7,441 |
Additional paid-in capital | 18,503,921 | 18,500,524 |
Treasury stock, at cost - 177,000 | (369,335) | (369,335) |
Retained earnings (Accumulated deficit) | 299,618 | (395,707) |
Total stockholders’ equity | 18,441,645 | 17,742,923 |
Total liabilities and stockholders’ equity | $ 30,329,798 | $ 31,656,410 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 7,441,039 | 7,441,039 |
Common stock, shares outstanding | 7,264,039 | 7,264,039 |
Treasury stock, shares | 177,000 | 177,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income from loans | $ 914,309 | $ 756,750 |
Origination fees | 190,281 | 155,011 |
Total revenue | 1,104,590 | 911,761 |
Operating costs and expenses: | ||
Interest and amortization of debt service costs | 179,550 | 183,055 |
Referral fees | 1,369 | 1,197 |
General and administrative expenses | 227,839 | 251,913 |
Total operating costs and expenses | 408,758 | 436,165 |
Income from operations before income tax expense | 695,832 | 475,596 |
Income tax expense | (508) | 0 |
Net income | $ 695,324 | $ 475,596 |
Basic and diluted net income per common share outstanding: | ||
Basic (in dollars per share) | $ 0.1 | $ 0.08 |
Diluted (in dollars per share) | $ 0.1 | $ 0.08 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 7,264,039 | 6,087,531 |
Diluted (in shares) | 7,292,372 | 6,129,016 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 695,324 | $ 475,596 |
Adjustments to reconcile net income to net cash provided by operating activities - | ||
Amortization of deferred financing costs | 12,041 | 3,418 |
Depreciation | 862 | 1,591 |
Non cash compensation expense | 3,397 | 3,416 |
Changes in operating assets and liabilities: | ||
Interest receivable on loans | 17,764 | (5,532) |
Other current and non current assets | (16,063) | (25,309) |
Accounts payable and accrued expenses | 28,135 | (97,560) |
Deferred origination fees | (30,424) | (78,243) |
Net cash provided by operating activities | 711,036 | 277,377 |
Cash flows from investing activities: | ||
Issuance of short term loans | (5,913,500) | (2,807,000) |
Collections received from loans | 7,808,990 | 3,078,520 |
Purchase of fixed assets | (1,038) | 0 |
Net cash provided by investing activities | 1,894,452 | 271,520 |
Cash flows from financing activities: | ||
(Repayment of) proceeds from lines of credit, net | (1,405,601) | 1,616,046 |
Cash restricted for reduction of line of credit | (464,889) | 0 |
Repayments of short-term loans, net | 0 | (1,373,846) |
Deferred financing costs | (163,112) | (90,556) |
Dividend paid | (617,443) | (486,695) |
Capital raising costs | 0 | (12,500) |
Proceeds from exercise of stock options and warrants | 0 | 7,260 |
Net cash used in financing activities | (2,651,045) | (340,291) |
Net (decrease) increase in cash and cash equivalents | (45,557) | 208,606 |
Cash and cash equivalents, beginning of period | 106,836 | 47,676 |
Cash and cash equivalents, end of period | 61,279 | 256,282 |
Supplemental Cash Flow Information: | ||
Taxes paid during the period | 508 | 0 |
Interest paid during the period | $ 176,799 | $ 179,637 |
THE COMPANY
THE COMPANY | 3 Months Ended |
Mar. 31, 2016 | |
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 founded in 1989, and its consolidated subsidiaries, DAG Funding Solutions, Inc. (“DAG Funding”), a New York corporation formed in May 2007, and MBC Funding II Corp. (“MBC Funding II”), a New York corporation formed in December 2015 (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, 2015 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 consolidated 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 amount of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. The consolidated financial statements include the accounts of MBC, DAG Funding and MBC Funding II. All significant intercompany balances and transactions have been eliminated in consolidation. The Company offers short-term, secured, nonbanking 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 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. |
RECENT TECHNICAL ACCOUNTING PRO
RECENT TECHNICAL ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | 2. RECENT TECHNICAL ACCOUNTING PRONOUNCEMENTS In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. Under the ASU, an entity presents debt issuance costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. The ASU is effective for public entities for fiscal years beginning after December 15, 2015, and interim periods therein. For private companies and not-for-profit organizations, the ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (a consensus of the Emerging Issues Task Force)". The ASU provides reporting entities with an option to measure the fair value of certain investments using net asset value instead of fair value. The ASU is effective for public entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting”. The ASU incorporates the SEC staff's announcement that clarifies the exclusion of line-of-credit arrangements from the scope of ASU 2015-03. Therefore, debt issuance costs related to line-of-credit arrangements can be deferred and presented as an asset that is subsequently amortized over the time of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The ASU should be adopted concurrent with adoption of ASU 2015-03. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. The ASU simplifies the presentation of deferred income taxes by requiring deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. This Update will align the presentation of deferred income tax assets and liabilities with International Financial Reporting Standards (IFRS). For public business entities, the ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the ASU is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. 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 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”. The ASU intends to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. For public business entities, the ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2018, and for interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted for certain provisions. 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 - RESTRICTED
CASH - RESTRICTED | 3 Months Ended |
Mar. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | 3. CASH RESTRICTED Restricted cash represents collections received, pending clearance, from the Company’s commercial loans pledged to Webster Business Credit Corporation, and is dedicated to the reduction of the Webster Credit Line (see Note 7). |
COMMERCIAL LOANS
COMMERCIAL LOANS | 3 Months Ended |
Mar. 31, 2016 | |
Commercial Loans [Abstract] | |
Commercial Loans [Text Block] | 4. COMMERCIAL LOANS Short Term Loans Receivable The Company offers short-term secured nonbanking 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. At March 31, 2016, we were committed to an additional $ 1,720,000 At March 31, 2016 At March 31, 2016 of the loans in the Company’s portfolio were jointly funded by the Company and , for aggregate loans of $ 1,835,000 1,230,000 The Company generally grants loans for a term of one year. When a performing loan reaches its maturity and the borrower requests an extension we may extend the term of the loan beyond one year and reclassify it as part of long term loans receivable. Prior to granting an extension of any loan, we reevaluate the underlying collateral. Long Term Loans Receivable Long term loans receivable is comprised of the loans that were extended beyond the original maturity dates, unless it is clear that the loan will be paid back by March 31, 2017. At March 31, 2016, the Company’s loan portfolio consists of $ 19,417,500 9,591,050 Credit Risk Performing loans Developers- Developers- Developers Other Total March 31, 2016 $ 26,141,050 $ 1,000,000 $ 1,867,500 $ $ 29,008,550 March 31, 2015 $ 22,322,040 $ 1,406,500 $ 20,000 $ 12,416 $ 23,760,956 At March 31, 2016, the Company’s long term loans receivable includes loans in the amount of $ 179,050 100,000 225,000 2,525,000 6,192,000 Subsequent to the balance sheet date, $ 1,343,000 |
EARNINGS PER SHARE OF COMMON ST
EARNINGS PER SHARE OF COMMON STOCK | 3 Months Ended |
Mar. 31, 2016 | |
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 Ended 2016 2015 Basic weighted average common shares outstanding 7,264,039 6,087,531 Incremental shares for assumed exercise of options 28,333 41,485 Diluted weighted average common shares outstanding 7,292,372 6,129,016 28,333 and 35,515 for the three month periods ended March 31, 2016 and 2015 . |
STOCK - BASED COMPENSATION
STOCK - BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2016 | |
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 month periods ended March 31, 2016 and 2015 was $ 3,397 3,416 1,000,000 195,968 15 The exercise price of options granted under the Company’s stock option plan (the “Plan”) may not be less than the fair market value on the date of grant. Stock options under the Plan may be awarded to officers, key-employees, consultants and non-employee directors of the Company. Historically, until the year ended December 31, 2014, each non-employee director of the Company was granted an option for 7,000 common shares upon first taking office, and received an annual option grant for an additional 7,000 common shares for 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. The objectives of the 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. The Plan is the only plan that the Company has adopted with stock options available for grant. No activity occurred during the three month period ended March 31, 2016. Shares Weighted Weighted Aggregate Outstanding at March 31, 2016 35,000 $ 1.92 2.10 $ 24,876 On July 31, 2014, in connection with the Company’s public offering in July 2014, the Company issued warrants to purchase 87,719 3.5625 July 28, 2019 42,224 17,550 On May 29, 2015, in connection with the Company’s public offering in May 2015, the Company issued warrants to purchase 50,750 5.4875 May 22, 2020 54,928 |
LOANS AND LINES OF CREDIT
LOANS AND LINES OF CREDIT | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Loans And Line Of Credit [Text Block] | 7. LOANS AND LINES OF CREDIT Short Term Loans At March 31, 2016, the Company owed an aggregate of $ 860,620 8 10 335,000 10 8,375 5,993 The loans are secured by certain of the Company’s short term loans pursuant to a security agreement, and one of the loans is also personally guaranteed by the Company’s CEO. Lines of Credit On February 27, 2015, the Company entered into a Line of Credit Agreement with Webster Business Credit Corporation (“Webster”) pursuant to which it may borrow up to $ 14 interest rate of either LIBOR plus 4.75% or the base commercial lending rate of Webster plus 3.25% 144,000 and 2015 were $ 12,041 and $ 3,418 The Webster Credit Line replaced the $ 7.7 1,100,000 1,000,000 12 10,650,498 5.1829 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 8. 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 2,800 3,200 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 9. SUBSEQUENT EVENTS Subsequent to the balance sheet date, the Company repaid in full all of its short-term loans, outstanding at March 31, 2016, in the aggregate of $ 860,620 8 10 On April 25, 2016, MBC Funding II Corp (“Funding”), the Company’s wholly owned subsidiary, completed a firm commitment underwritten public offering of 6 April 22, 2026 , which is secured by a pledge by the Company of 100 the outstanding common shares of Funding it owns 6,000,000 5,300,000 |
COMMERCIAL LOANS (Tables)
COMMERCIAL LOANS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commercial Loans [Abstract] | |
Schedule of Debt [Table Text Block] | Credit risk profile based on loan activity as of March 31, 2016 and 2015: Performing loans Developers- Developers- Developers Other Total March 31, 2016 $ 26,141,050 $ 1,000,000 $ 1,867,500 $ $ 29,008,550 March 31, 2015 $ 22,322,040 $ 1,406,500 $ 20,000 $ 12,416 $ 23,760,956 |
EARNINGS PER SHARE OF COMMON 16
EARNINGS PER SHARE OF COMMON STOCK (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Ended 2016 2015 Basic weighted average common shares outstanding 7,264,039 6,087,531 Incremental shares for assumed exercise of options 28,333 41,485 Diluted weighted average common shares outstanding 7,292,372 6,129,016 |
STOCK - BASED COMPENSATION (Tab
STOCK - BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted Weighted Aggregate Outstanding at March 31, 2016 35,000 $ 1.92 2.10 $ 24,876 |
COMMERCIAL LOANS (Details)
COMMERCIAL LOANS (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Debt Instrument [Line Items] | ||
Performing loans | $ 29,008,550 | $ 23,760,956 |
Developers Residential [Member] | ||
Debt Instrument [Line Items] | ||
Performing loans | 26,141,050 | 22,322,040 |
Developers Commercial [Member] | ||
Debt Instrument [Line Items] | ||
Performing loans | 1,000,000 | 1,406,500 |
Developers Mixed Used [Member] | ||
Debt Instrument [Line Items] | ||
Performing loans | 1,867,500 | 20,000 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Performing loans | $ 0 | $ 12,416 |
COMMERCIAL LOANS (Details Textu
COMMERCIAL LOANS (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Apr. 25, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Jointly Funded Loans Total | $ 1,835,000 | |||
Jointly Funded Loans | 1,230,000 | |||
Short Term Loans Receivable | 19,417,500 | $ 20,199,000 | ||
Long Term Loans Receivable | 9,591,050 | $ 10,705,040 | ||
Collections Received From Loans | 7,808,990 | $ 3,078,520 | ||
Construction Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Short Term Loans Receivable Additional Borrowing Capacity | 1,720,000 | |||
Subsequent Event [Member] | Commercial Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Collections Received From Loans | $ 1,343,000 | |||
Due In 2009 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long Term Loans Receivable | 179,050 | |||
Due In 2010 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long Term Loans Receivable | 100,000 | |||
Due In 2013 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long Term Loans Receivable | 225,000 | |||
Due In 2014 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long Term Loans Receivable | 2,525,000 | |||
Due In 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long Term Loans Receivable | $ 6,192,000 |
EARNINGS PER SHARE OF COMMON 20
EARNINGS PER SHARE OF COMMON STOCK (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Basic weighted average common shares outstanding | 7,264,039 | 6,087,531 |
Incremental shares for assumed exercise of options | 28,333 | 41,485 |
Diluted weighted average common shares outstanding | 7,292,372 | 6,129,016 |
EARNINGS PER SHARE OF COMMON 21
EARNINGS PER SHARE OF COMMON STOCK (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 28,333 | 35,515 |
STOCK - BASED COMPENSATION (Det
STOCK - BASED COMPENSATION (Details) - Employee Stock Option [Member] | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding | shares | 35,000 |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ / shares | $ 1.92 |
Weighted Average Remaining Contractual Term Outstanding (in years) | 2 years 1 month 6 days |
Aggregate Intrinsic Value, Outstanding (in dollars) | $ | $ 24,876 |
STOCK - BASED COMPENSATION (D23
STOCK - BASED COMPENSATION (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Nov. 30, 2015 | May. 29, 2015 | Jul. 31, 2014 | Sep. 09, 2011 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Expense | $ 3,397 | $ 3,416 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights for Employee and Non-Employee Directors | Historically, until the year ended December 31, 2014, each non-employee director of the Company was granted an option for 7,000 common shares upon first taking office, and received an annual option grant for an additional 7,000 common shares for 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. | |||||
Fair Value Of Restricted Shares Granted | $ 195,968 | |||||
Fair Value Of Restricted Shares Amortization Period | 15 years | |||||
Warrants to Purchase Common Stock | 50,750 | 87,719 | ||||
Warrants Exercise Price | $ 5.4875 | $ 3.5625 | ||||
Warrants Expiry Date | May 22, 2020 | Jul. 28, 2019 | ||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | $ 54,928 | $ 42,224 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 17,550 | |||||
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 |
LOANS AND LINES OF CREDIT (Deta
LOANS AND LINES OF CREDIT (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Feb. 27, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Short-term Loans | $ 860,620 | $ 1,095,620 | ||
Amortization of Financing Costs | 12,041 | $ 3,418 | ||
Repayments of Debt | $ 1,000,000 | 0 | 1,373,846 | |
Line Of Credit, Current | $ 10,650,498 | $ 11,821,099 | ||
Sterling Credit Line [Member] | ||||
Debt Instrument [Line Items] | ||||
Replacement of Line of Credit Facility | 7,700,000 | |||
Chief Executive Officer [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 1,100,000 | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Short-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||
Short-term Debt [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||
Short-term Debt [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Amortization of Financing Costs | $ 12,041 | 3,418 | ||
Line of Credit [Member] | Webster [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 14,000,000 | |||
Line of Credit Facility, Interest Rate Description | interest rate of either LIBOR plus 4.75% or the base commercial lending rate of Webster plus 3.25% | |||
Line Of Credit, Current | $ 10,650,498 | |||
Debt Issuance Cost | $ 144,000 | |||
Line of Credit Facility, Interest Rate at Period End | 5.1829% | |||
Director [Member] | Short-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term Loans | $ 335,000 | |||
Interest Expense, Related Party | $ 8,375 | $ 5,993 | ||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) | 12 Months Ended |
Dec. 31, 2011USD ($) | |
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 ($) | 1 Months Ended | |
Apr. 25, 2016 | Mar. 31, 2016 | |
Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Repayments of Short-term Debt, Total | $ 860,620 | |
Subsequent Event [Member] | Six Percentage Senior notes [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |
Proceeds from Issuance of Senior Long-term Debt Gross | $ 6,000,000 | |
Proceeds from Issuance of Senior Long-term Debt | $ 5,300,000 | |
Debt Instrument, Maturity Date | Apr. 22, 2026 | |
Debt Instrument, Equity Pledged for Debt | 100.00% |