Manhattan Bridge Capital (LOAN) 10-K 19 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 19, 2018	Jun. 29, 2017
Document And Entity Information
Entity Registrant Name	MANHATTAN BRIDGE CAPITAL, INC
Entity Central Index Key	1,080,340
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 30,770,102
Entity Common Stock, Shares Outstanding		8,108,934
Trading Symbol	LOAN
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Assets
Loans receivable	$ 45,124,000	$ 34,755,320
Interest receivable on loans	535,045	346,519
Cash and cash equivalents	136,441	96,299
Deferred financing costs	45,269	56,193
Other assets	55,941	79,193
Total assets	45,896,696	35,333,524
Liabilities:
Line of credit	16,914,594	6,482,848
Senior secured notes (net of deferred financing costs of $622,584 and $697,669)	5,377,416	5,302,331
Deferred origination fees	298,471	315,411
Accounts payable and accrued expenses	167,559	105,541
Dividends payable	891,983	813,503
Total liabilities	23,650,023	13,019,634
Stockholders' equity:
Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued
Common shares - $.001 par value; 25,000,000 authorized; 8,319,036 and 8,312,036 issued; 8,108,934 and 8,135,036 outstanding	8,319	8,312
Additional paid-in capital	23,167,511	23,134,013
Treasury stock, at cost - 210,102 and 177,000 shares	(541,491)	(369,335)
Accumulated deficit	(387,666)	(459,100)
Total stockholders' equity	22,246,673	22,313,890
Total liabilities and stockholders' equity	$ 45,896,696	$ 35,333,524

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Debt issuance costs, net (deferred financing costs)	$ 622,584	$ 697,669
Preferred stock, par value	$ .01	$ .01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Common stock, par value	$ .001	$ .001
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	8,319,036	8,312,036
Common stock, shares outstanding	8,108,934	8,135,036
Treasury stock, shares	210,102	177,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Interest income from loans	$ 5,015,987	$ 3,845,091
Origination fees	902,950	803,469
Total Revenue	5,918,937	4,648,560
Operating costs and expenses:
Interest and amortization of deferred financing costs	1,226,728	780,119
Referral fees	3,701	8,682
General and administrative expenses	1,227,003	1,005,653
Total operating costs and expenses	2,457,432	1,794,454
Income from operations	3,461,505	2,854,106
Loss on write-down of investment in privately held company (Note 7)	(20,000)	(15,000)
Income before income tax expense	3,441,505	2,839,106
Income tax expense	(2,971)	(2,146)
Net income	$ 3,438,534	$ 2,836,960
Basic and diluted net income per common share
--Basic	$ 0.42	$ 0.37
--Diluted	$ 0.42	$ 0.37
Weighted average number of common shares outstanding
--Basic	8,117,280	7,590,114
--Diluted	8,128,685	7,608,201

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2015	$ 7,441	$ 18,500,524	$ (369,335)	$ (395,707)	$ 17,742,923
Balance, shares at Dec. 31, 2015	7,441,039		177,000
Non cash compensation		13,589			13,589
Exercise of warrants	$ 98	409,687			409,785
Exercise of warrants, shares	97,888
Public offering	$ 773	4,210,213			4,210,986
Public offering, shares	773,109
Dividends paid				(2,086,850)	(2,086,850)
Dividends declared and payable				(813,503)	(813,503)
Net income				2,836,960	2,836,960
Balance at Dec. 31, 2016	$ 8,312	23,134,013	$ (369,335)	(459,100)	22,313,890
Balance, shares at Dec. 31, 2016	8,312,036		177,000
Non cash compensation		13,065			13,065
Dividends paid				(2,475,117)	(2,475,117)
Dividends declared and payable				(891,983)	(891,983)
Purchase of treasury shares			$ (172,156)		(172,156)
Purchase of treasury shares, shares			33,102
Exercise of options	$ 7	20,433			$ 20,440
Exercise of options, shares	7,000				(7,000)
Net income				3,438,534	$ 3,438,534
Balance at Dec. 31, 2017	$ 8,319	$ 23,167,511	$ (541,491)	$ (387,666)	$ 22,246,673
Balance, shares at Dec. 31, 2017	8,319,036		210,102

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 3,438,534	$ 2,836,960
Adjustments to reconcile net income to net cash provided by operating activities -
Amortization of deferred financing costs	129,131	101,351
Depreciation	4,595	3,810
Non cash compensation expense	13,065	13,589
Loss on write-down of investment in privately held company (Note 7)	20,000	15,000
Changes in operating assets and liabilities
Interest receivable on loans	(188,526)	36,053
Other current and non current assets	323	3,468
Accounts payable and accrued expenses	62,019	5,898
Deferred origination fees	(16,940)	35,729
Net cash provided by operating activities	3,462,201	3,051,858
Cash flows from investing activities:
Issuance of short term loans	(37,871,500)	(36,657,000)
Collections received from loans	27,502,820	32,805,720
Purchase of fixed assets	(1,666)	(3,019)
Net cash used in investing activities	(10,370,346)	(3,854,299)
Cash flows from financing activities:
Proceeds from (repayments of) line of credit, net	10,431,746	(5,338,251)
Repayments of short-term loans, net		(1,095,620)
Proceeds from public stock offering, net		4,210,986
Proceeds from public bond offering, net		5,309,297
Dividends paid	(3,288,621)	(2,704,293)
Purchase of treasury shares	(172,156)
Deferred financing costs incurred	(43,122)
Proceeds from exercise of stock options and warrants	20,440	409,785
Net cash provided by financing activities	6,948,287	791,904
Net increase (decrease) in cash and cash equivalents	40,142	(10,537)
Cash and cash equivalents, beginning of year	96,299	106,836
Cash and cash equivalents, end of year	136,441	96,299
Supplemental Cash Flow Information:
Taxes paid during the year	2,971	1,948
Interest paid during the year	1,034,097	691,581
Supplement Information - Noncash Information:
Dividend declared and payable	$ 891,983	$ 813,503

The Company

The Company	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	1. The Company Manhattan Bridge Capital, Inc. (“MBC”) and its wholly-owned subsidiaries DAG Funding Solutions, Inc. (dissolved in September 2016) (“DAG Funding”) and MBC Funding II Corp. (“MBC Funding” and collectively with MBC and DAG Funding until it was dissolved, the “Company”), offer short-term, secured, non–banking loans (sometimes referred to as “hard money” loans) to real estate investors to fund their acquisition, renovation, rehabilitation or development of residential or commercial properties located around the New York metropolitan area.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	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 until its dissolution and MBC Funding. 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 conditions. 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. The Company maintains its cash and cash equivalents with two major financial institutions. Accounts at the financial institutions 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. 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. Income Taxes The Company follows Accounting Standards Codification (“ASC”) 740-10, “Accounting for Uncertainty in Income Taxes”, which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. As of December 31, 2017 and 2016, the Company has no material uncertain tax positions to be accounted for in the financial statements. The Company recognizes interest and penalties related to uncertain tax positions, if any, as part of income tax expense. The Company is organized and conducts its operations to qualify as a real estate investment trust for federal income tax purposes (“REIT”). The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2014. A REIT calculates taxable income similar to other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its REIT taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate income tax on such income. The Company may be subject to federal excise tax and minimum state taxes. Revenue Recognition The Company recognizes revenues in accordance with ASC 605, “Revenue Recognition”, 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 The Company presents deferred financing costs, excluding those incurred in connection with its line of credit, in the balance sheet as a direct reduction from the related debt liability rather than an asset, in accordance with Accounting Standards Update (“ASU”) 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. These costs, incurred in connection with the issuance of the Company’s senior secured notes, are being amortized over ten years, using the straight-line method, as the difference between use of the effective interest method is not material. Deferred financing costs in connection with the Company’s Webster Credit Line, as discussed in Note 5, are presented as an asset in the balance sheet, in accordance with ASU 2015-15, “Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line of Credit Arrangements”. These costs are being amortized over the term of the respective agreement, using the straight-line method. Earnings Per Share (“EPS”) Basic and diluted EPS 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 EPS 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 EPS 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, 2017 2016 Basic weighted average common shares outstanding 8,117,280 7,590,114 Incremental shares for assumed exercise of options 11,405 18,087 Diluted weighted average common shares outstanding 8,128,685 7,608,201 59,238 and 32,944 vested options and warrants were not included in the diluted EPS calculation for the years ended December 31, 2017 and 2016, respectively, because their effect would have been anti-dilutive. 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. Fair Value of Financial Instruments For cash and cash equivalents, 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 Company determines the fair value of its senior secured notes using market prices which currently approximate their carrying amount. Recent Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (the “FASB”) issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. For all entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The ASU expands the activities that qualify for hedge accounting and simplifies the rules for reporting hedging transactions. For public companies that file with the Securities Exchange Commission (“SEC”), the standard is effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. In November 2017, the FASB issued ASU 2017-14, “Income Statement – Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606).” The ASU adds, amends, and supersedes certain paragraphs of the ASC pursuant to Staff Accounting Bulletin No. 116 and SEC Release 33-10403, which amends the ASC to align SEC guidance with the new guidance in ASC Topic 606. Adoption of ASU 2017-14 should be concurrent with an entity’s adoption of the guidance contained in ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The ASU amends ASC 220, “Income Statement — Reporting Comprehensive Income,” to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. In addition, under the ASU, an entity will be required to provide certain disclosures regarding stranded tax effects. For all entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. 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 effective, 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, 2017
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	3. Cash and Cash Equivalents Effective January 1, 2008, the Company adopted ASC 820, “Fair Value Measurements” , 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. As of December 31, 2017 and 2016, the Company’s Level 1 investments consisted of cash and money market accounts in the amount of approximately $136,000 and $96,000, respectively, and were recorded as cash and cash equivalents in the Company’s consolidated balance sheets.

Commercial Loans

Commercial Loans	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Commercial Loans	4. Commercial Loans 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 around 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 borrowers. 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, 2017 and 2016, the total amounts of $37,871,500 and $36,657,000, respectively, have been lent, offset by collections received from borrowers, under the commercial loans in the amount of $27,502,820 and $32,805,720, respectively. The face amounts of the loans the Company originated in the past seven years have ranged from a minimum of $30,000 to a maximum of $2,000,000. The Company’s board of directors established a policy limiting the maximum amount of any loan to the lower of (i) 9.9% of the aggregate amount of our loan portfolio (not including the loan under consideration) and (ii) $2 million. The Company’s loans typically have a maximum initial term of 12 months and bear interest at a fixed rate of 11% to 14% per year. In addition, the Company usually receives origination fees, or “points,” ranging from 0% to 3% of the original principal amount of the loan as well as other fees relating to underwriting, funding and managing the loan. Interest is always payable monthly, in arrears. In the case of acquisition financing, the principal amount of the loan usually does not exceed 75% of the value of the property (as determined by an independent appraiser), and in the case of construction financing, up to 80% of construction costs. At December 31, 2017, the Company was committed to an additional $5,280,500 in construction loans that can be drawn by the borrowers when certain conditions are met. At December 31, 2017 and 2016, no one entity has loans outstanding representing more than 10% of the total balance of the loans outstanding. The Company generally grants loans for a term of one year. When a performing loan reaches its maturity and the borrower requests an extension, the Company may extend the term of the loan beyond one year. Prior to granting an extension of any loan, we reevaluates the underlying collateral. Credit Risk Credit risk profile based on loan activity as of December 31, 2017 and 2016: Performing loans Developers-Residential Developers-Commercial Developers-Mixed Used Total outstanding loans December 31, 2017 $ 41,739,000 $ 900,000 $ 2,485,000 $ 45,124,000 December 31, 2016 $ 31,865,320 $ 500,000 $ 2,390,000 $ 34,755,320 At December 31, 2017, the Company’s loans receivable consisted of loans in the amount of $80,000, $400,000, $2,940,000 and $13,187,500, originally due in 2014, 2015, 2016 and 2017, 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, 2017 and 2016, 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, $7,567,500 of the loans receivable at December 31, 2017 were paid off, including $5,257,500 originally due in or before 2017.

Line of Credit and Loans

Line of Credit and Loans	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Line of Credit and Loans	5. Line of Credit and Loans Line of Credit Currently, we have a $20 million credit line with Webster Business Credit Corporation (“Webster”) and Flushing Bank (“Flushing”). On February 27, 2015, the Company entered into a Line of Credit and Security Agreement (the “Webster Credit Line”) with Webster pursuant to which it could borrow up to $14 million until February 27, 2018 against assignments of mortgages and other collateral. The Webster Credit Line initially provided for an interest rate (until amended – as described below) of either LIBOR plus 4.75% or the base commercial lending rate of Webster plus 3.25% as chosen by the Company for each drawdown. The Webster Credit Line contains various covenants and restrictions including, among other covenants and restrictions, limiting the amount that the Company can borrow relative to the value of the underlying collateral, maintaining various financial ratios and limitations on the terms of loans the Company makes to its customers, limiting the Company’s ability to pay dividends under certain circumstances, and limiting the Company’s ability to repurchase its common shares, sell assets, engage in mergers or consolidations, grant liens, and enter into transactions with affiliates. In addition, the Webster Credit Line also contains a cross default provision which will deem any default under any indebtedness owed by us or our subsidiary, MBC Funding II, as a default under the credit line. Mr. Assaf Ran, the Company’s President and Chief Executive Officer, had personally guaranteed all of the Company’s obligations to Webster. Effective July 7, 2017, the Company entered into an Amendment of the Webster Credit Line (the “Amendment”), with Webster. In conjunction with the execution of the Amendment, the Company also entered into an Amended and Restated Revolving Credit Note (the “Amended Note”), and Amendment No. 3 Fee Letter (the “Fee Letter”), each dated July 7, 2017, with Webster. Pursuant to the terms of the Amendment, the Webster Credit Line was increased by $1 million to $15 million in the aggregate, with an option, at the discretion of Webster, to increase the Webster Credit Line to $20 million in the aggregate. The term of the Webster Credit Line was extended to February 28, 2021, unless sooner terminated, and contains a provision that permits a Company option for a further extension of the Webster Credit Line until February 28, 2022, subject to Webster’s consent. Pursuant to the terms of the Amendment, the terms of the personal guaranty provided by Mr. Ran were amended such that the potential sums owed under Mr. Ran’s personal guaranty will not exceed the sum of $500,000 plus any costs relating to the enforcement of the personal guaranty. In addition, the interest rates relating to the Webster Credit Line were amended such that the interest rates now equal (i) LIBOR plus 3.75% plus a 0.5% Agency Fee (as hereinafter defined) or (ii) a Base Rate (as defined in the Webster Credit Line) plus 2.25% plus a 0.5% Agency Fee, as chosen by the Company for each drawdown. Finally, the Amendment provides that the Company shall not permit mortgage loans that are outstanding more than 24 months after their origination date to comprise more than 17.5% of their total portfolio of mortgage loans at any time. Pursuant to the terms of the Fee Letter, the Company agreed to pay Webster an agency fee equal to 0.5% per annum (the “Agency Fee”) on the actual principal amount of advances outstanding during any month, as well as a $15,000 syndication fee. On August 8, 2017, the Company entered into the Amended and Restated Credit Agreement (“Amended Credit Agreement”) with Webster and Flushing. In conjunction with the execution of the Amended Credit Agreement, the Company also entered into a Revolving Credit Note in the principal aggregate amount of $5 million with Flushing (the “Flushing Note”) and an Amended and Restated Fee Letter (the “Amended Fee Letter”) with Webster, each dated August 8, 2017. Pursuant to the terms of the Amended Credit Agreement, the Company’s existing Webster Credit Line was amended to include Flushing as an additional lender, as well as increased the funds available under the Webster Credit Line by $5 million, to $20 million in the aggregate. The Amended Credit Agreement also incorporated and restated previously reported amendments. In addition, Mr. Ran executed an Amended and Restated Guaranty, which was restated to include previously reported amendments. Finally, the Company executed the Amended Fee Letter which incorporated and restated previously reported amendments. Total costs to establish the Webster Credit Line were approximately $144,000, and the total costs to amend the Webster Credit Line were approximately $43,000. These costs are being amortized over the term of the respective agreement, using the straight-line method. The amortization costs for the years ended December 31, 2017 and 2016 were $54,045 and $48,165, respectively. The Company was in compliance with all covenants of the Amended Credit Agreement as of December 31, 2017. At December 31, 2017, the outstanding amount under the Amended Credit Agreement was $16,914,594. The interest rate on the amount outstanding fluctuates daily. The rate, including a 0.5% Agency Fee, for December 31, 2017 was 5.819%. Short Term Loans During the third quarter of 2017, Mr. Ran, the Chief Executive Officer of the Company, made two short term bridge loans to the Company in the aggregate amount of $860,000, at an interest rate of 6% per annum. Both loans were repaid in full on August 8, 2017. The aggregate interest expense for these loans was $923. Subsequent to the balance sheet date, Mr. Ran made three short term bridge loans to the Company in the aggregate amount of $950,000, at an interest rate of 6% per annum. All loans were repaid in full on February 9, 2018. The aggregate interest expense for these loans was $1,533.

Senior Secured Notes

Senior Secured Notes	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Senior Secured Notes	6. Senior Secured Notes On April 25, 2016, in an initial public offering, MBC Funding issued 6% senior secured notes, due April 22, 2026 (the “Notes”) in the aggregate principal amount of $6,000,000 under the Indenture, dated April 25, 2016, among MBC Funding, as Issuer, the Company, as Guarantor, and Worldwide Stock Transfer LLC, as Indenture Trustee (the “Indenture”). The Notes, having a principal amount of $1,000 each, are listed on the NYSE American and trade under the symbol “LOAN/26”. Interest accrues on the Notes commencing on May 16, 2016. The accrued interest is payable monthly in cash, in arrears, on the 15th day of each calendar month commencing June 2016. Under the terms of the Indenture, the aggregate outstanding principal balance of the mortgage loans held by MBC Funding (see Note 11), together with MBC Funding’s cash on hand, must always equal at least 120% of the aggregate outstanding principal amount of the Notes at all times. To the extent the aggregate principal amount of the mortgage loans owned by MBC Funding plus MBC Funding’s cash on hand is less than 120% of the aggregate outstanding principal balance of the Notes, MBC Funding is required to repay, on a monthly basis, the principal amount of the Notes equal to the amount necessary such that, after giving effect to such repayment, the aggregate principal amount of all mortgage loans owned by MBC Funding plus, MBC Funding’s cash on hand at such time is equal to or greater than 120% of the outstanding principal amount of the Notes. For this purpose, each mortgage loan is deemed to have a value equal to its outstanding principal balance, unless the borrower is in default of its obligations. MBC Funding may redeem the Notes, in whole or in part, at any time after April 22, 2019 upon at least 30 days prior written notice to the Noteholders. The redemption price will be equal to the outstanding principal amount of the Notes redeemed plus the accrued but unpaid interest thereon up to, but not including, the date of redemption, without penalty or premium; provided that (i) if the Notes are redeemed on or after April 22, 2019 but prior to April 22, 2020, the redemption price will be 103% of the principal amount of the Notes redeemed and (ii) if the Notes are redeemed on or after April 22, 2020 but prior to April 22, 2021, the redemption price will be 101.5% of the principal amount of the Notes redeemed plus, in either case, the accrued but unpaid interest on the Notes redeemed up to, but not including, the date of redemption. Each Noteholder has the right to cause MBC Funding to redeem his, her, or its Notes on April 22, 2021. The redemption price will be equal to the outstanding principal amount of the Notes redeemed plus the accrued but unpaid interest up to, but not including, the date of redemption, without penalty or premium. In order to exercise this right, the Noteholder must notify MBC Funding, in writing, no earlier than November 22, 2020 and no later than January 22, 2021. All Notes that are subject to a properly and timely notice will be redeemed on April 22, 2021. Any Noteholder who fails to make a proper and timely election will be deemed to have waived his, her or its right to have his, her or its Notes redeemed prior to the maturity date. MBC Funding is obligated to offer to redeem the Notes if there occurs a “change of control” with respect to MBC Funding or the Company or if MBC Funding or the Company sell any assets unless, in the case of an asset sale, the proceeds are reinvested in the business of the seller. The redemption price in connection with a “change of control” will be 101% of the principal amount of the Notes redeemed plus accrued but unpaid interest thereon up to, but not including, the date of redemption. The redemption price in connection with an asset sale will be the outstanding principal amount of the Notes redeemed plus accrued but unpaid interest thereon up to, but not including, the date of redemption.

Investment in Privately Held Co

Investment in Privately Held Company	12 Months Ended
	Dec. 31, 2017
Investments, All Other Investments [Abstract]
Investment in Privately Held Company	7. Investment in Privately Held Company The Company had an original investment in a privately held Israeli-based company in the amount of $100,000. The privately held company offers surgeons and radiologists the ability to detect cancer in real time. Due to the fact that the privately held company has experienced delays in executing its business plan, the Company determined to write down the value of its investment (included in other assets in the accompanying consolidated balance sheets) to $65,000 at December 31, 2013 and to $50,000 at December 31, 2015. The Company further wrote down the value of its investment to $35,000 at December 31, 2016 and to $15,000 at December 31, 2017, resulting in a charge to the statement of operations of $15,000 and $20,000, respectively, for the years ended December 31, 2016 and 2017.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes Income tax expense consists of the following: 2017 2016 Current Taxes: Federal $ --- $ --- State 2,971 2,146 Income tax expense $ 2,971 $ 2,146

Simple IRA Plan

Simple IRA Plan	12 Months Ended
	Dec. 31, 2017
Simple Ira Plan
Simple IRA Plan	9. 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 allows for participation by up to 100 eligible employees of the Company. Under the IRA Plan, eligible employees may contribute a portion of their pre-tax yearly salary, up to the maximum contribution limit for Simple IRA Plans ($12,500 for 2017) as set forth under the Internal Revenue Code of 1986, as amended, with the Company matching on a dollar-for-dollar basis up to 3% of the employees’ annual pre-tax compensation. These thresholds are subject to change under notice by the trustee for the IRA Plan. The Company is not responsible for any other costs under the IRA Plan. For the years ended December 31, 2017 and 2016 the Company contributed $12,810 and $11,430, respectively, as matching contributions to the IRA Plan.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	10. 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. All options granted under the Prior Plan were 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 subsidiary 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 discretionary grants by the board of directors. The board of directors 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. A maximum of 400,000 common shares were reserved for the grant of awards under the Plan, subject to adjustment as provided in Section 9 of the Plan. As of December 31, 2017, an aggregate of 376,000 options were granted under the Plan of which 238,000 options were cancelled or expired, and 262,000 are available for future grants under the Plan. The exercise price of options granted under 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. Generally, options outstanding vest over periods not exceeding four years and are exercisable for up to five years from the grant date. Stock based compensation expense recognized under ASC 718 for the years ended December 31, 2017 and 2016 of $13,065 and $13,589, respectively, mainly reflects the amortization of the fair value of restricted shares granted to the Company's Chief Executive Officer 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. The following summarizes stock option activity for the years ended December 31, 2017 and 2016: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at January 1, 2016 35,000 $1.92 2.35 $ 24,876 Expired in 2016 ( 7,000) 1.21 Outstanding at December 31, 2016 28,000 $2.10 1.75 $ 19,851 Exercised in 2017 ( 7,000) 2.92 Expired in 2017 ( 7,000) 1.02 Outstanding at December 31, 2017 14,000 $2.23 1.00 $ 10,513 There was no grant of options during the years ended December 31, 2017 and 2016. All outstanding options at December 31, 2017 and 2016 are vested The fair value of options granted, if any, is estimated on the date of grant using the Black-Scholes option-pricing model utilizing weighted average assumptions for (1) expected life; (2) annual dividend yield; (3) expected volatility; (4) risk free interest rate. The following table summarizes information about stock options outstanding at December 31, 2017: Stock Option Outstanding Range of Exercise Prices Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) $ 1.01- $ 2.00 7,000 $ 1.53 0.50 $ 2.01- $ 3.00 7,000 2.92 1.50 14,000 $2.23 1.00 On July 31, 2014, in connection with the Company’s public offering in July 2014, the Company issued warrants to purchase up to 87,719 common shares, with an exercise price of $3.5625 per common share, to the representative of the underwriters of the offering (the “July 2014 Rep Warrants”). These warrants are exercisable at any time, and from time to time, in whole or in part, commencing on July 28, 2015 and expire on July 28, 2019. The fair value of these warrants, using the Black-Scholes option pricing model, on the date of issuance was $42,224. At December 31, 2017, July 2014 Rep Warrants to purchase up to 4,000 common shares were outstanding. On May 29, 2015, in connection with the Company’s public offering in May 2015, the Company issued warrants to purchase up to 50,750 common shares, with an exercise price of $5.4875 per common share, to the representative of the underwriters of the offering (the “May 2015 Rep Warrants”). These warrants are exercisable at any time, and from time to time, in whole or in part, commencing on May 22, 2016 and expire on May 22, 2020. The fair value of these warrants, using the Black-Scholes option pricing model, on the date of issuance was $54,928. At December 31, 2017, May 2015 Rep Warrants to purchase up to 19,031 common shares were outstanding. On August 15, 2016, in connection with the Shelf Takedown (defined below), the Company issued warrants to purchase up to 33,612 common shares, with an exercise price of $7.4375 per common share, to the representative of the underwriters of the offering (the “August 2016 Rep Warrants”). The warrants are exercisable at any time, and from time to time, in whole or in part, commencing on August 9, 2017 and expire on August 9, 2021. The fair value of these warrants, using the Black-Scholes option pricing model, on the date of issuance was $47,020. At December 31, 2017, all of the August 2016 Rep Warrants were outstanding.

Public Offerings

Public Offerings	12 Months Ended
	Dec. 31, 2017
Public Offerings
Public Offerings	11. Public Offerings As mentioned above, on April 25, 2016, MBC Funding completed a firm commitment underwritten public offering of 6% senior secured notes due April 22, 2026. The Company guaranteed MBC Funding’s obligations under the Notes, which are secured by a pledge by the Company of 100% of the outstanding common shares of MBC Funding it owns. The gross proceeds to MBC Funding II from this offering were $6,000,000, and the net proceeds were approximately $5,200,000, after deducting the underwriting discounts and commissions and other offering expenses. MBC Funding utilized the proceeds to purchase a pool of mortgage loans from MBC, which the Company in turn used to pay down the Webster Credit Line (see Note 5). In connection with the initial public offering of MBC Funding, our Chief Executive Officer purchased approximately $594,000 of the senior secured Notes and our Chief Financial Officer purchased approximately $38,000 of the senior secured Notes. Subsequent to the offering, our Chief Financial Officer purchased an additional $70,000 on the senior secured Notes. On August 15, 2016, the Company completed another public offering of 672,269 common shares at an offering price of $5.95 per share (the “Shelf Takedown”). The gross proceeds raised by the Company from the Shelf Takedown were approximately $4,600,000 (including approximately $600,000 from the sale of 100,840 additional common shares upon the exercise of the over-allotment option by the underwriter) before deducting underwriting discounts and commissions and other offering expenses. The total net proceeds from the Shelf Takedown were approximately $4,200,000.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. 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 was for a term of five years and two months commencing June 2011 and ending August 2016. The rent increased annually during the term and ranged from approximately $2,800 per month during the first year to approximately $3,200 per month during the fifth year. On July 21, 2016, the Company amended the Lease (the “Lease Amendment”) to extend the term of the Lease for an additional five years, through September 30, 2021. Among other things, the Lease Amendment provides for gradual annual rent increases from approximately $3,500 per month during the first year to $3,900 per month during the fifth year of the extension term. At December 31, 2017, approximate future minimum rental payments, including utilities, are as follows: 2018……..…………… $ 47,000 2019……..…………… 49,000 2020……..…………… 50,000 2021……..…………… 39,000 Total……..…………… $185,000 Rent expense, including utilities, in the years 2017 and 2016 was approximately $49,000 and $45,000, respectively. Employment Agreements In March 1999, we entered into an employment agreement with Mr. Ran, 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 of directors, 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. In June 2016, the Compensation Committee approved an increase of Mr. Ran’s annual base salary from $225,000 to $275,000. In June 2017, the Compensation Committee approved another increase of Mr. Ran’s annual base salary from $275,000 to $305,000. Mr. Ran’s annual base compensation for the years 2017 and 2016 were $290,000 and $250,000, respectively. In 2017, the Compensation Committee also approved a special bonus of $33,000 and an annual bonus of $45,000 to Mr. Ran.

Reclassifications

Reclassifications	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	13. Reclassifications During the quarter ended June 30, 2017, management determined to adopt an unclassified balance sheet format for financial statement reporting purposes in order to be consistent with common practice in the REIT industry. Certain reclassifications have been made to the classified balance sheet as of December 31, 2016 to conform to the current year’s presentation.

Significant Accounting Polici20

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Manhattan Bridge Capital, Inc., and its wholly-owned subsidiaries DAG Funding until its dissolution and MBC Funding. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	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 conditions. Actual amounts could differ from those estimates.
Cash and Cash Equivalents	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	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains its cash and cash equivalents with two major financial institutions. Accounts at the financial institutions 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.
Impairment of Long-Lived Assets	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.
Income Taxes	Income Taxes The Company follows Accounting Standards Codification (“ASC”) 740-10, “Accounting for Uncertainty in Income Taxes”, which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. As of December 31, 2017 and 2016, the Company has no material uncertain tax positions to be accounted for in the financial statements. The Company recognizes interest and penalties related to uncertain tax positions, if any, as part of income tax expense. The Company is organized and conducts its operations to qualify as a real estate investment trust for federal income tax purposes (“REIT”). The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2014. A REIT calculates taxable income similar to other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its REIT taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate income tax on such income. The Company may be subject to federal excise tax and minimum state taxes.
Revenue Recognition	Revenue Recognition The Company recognizes revenues in accordance with ASC 605, “Revenue Recognition”, 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	Deferred Financing Costs The Company presents deferred financing costs, excluding those incurred in connection with its line of credit, in the balance sheet as a direct reduction from the related debt liability rather than an asset, in accordance with Accounting Standards Update (“ASU”) 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. These costs, incurred in connection with the issuance of the Company’s senior secured notes, are being amortized over ten years, using the straight-line method, as the difference between use of the effective interest method is not material. Deferred financing costs in connection with the Company’s Webster Credit Line, as discussed in Note 5, are presented as an asset in the balance sheet, in accordance with ASU 2015-15, “Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line of Credit Arrangements”. These costs are being amortized over the term of the respective agreement, using the straight-line method.
Earnings Per Share ("EPS")	Earnings Per Share (“EPS”) Basic and diluted EPS 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 EPS 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 EPS 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, 2017 2016 Basic weighted average common shares outstanding 8,117,280 7,590,114 Incremental shares for assumed exercise of options 11,405 18,087 Diluted weighted average common shares outstanding 8,128,685 7,608,201 59,238 and 32,944 vested options and warrants were not included in the diluted EPS calculation for the years ended December 31, 2017 and 2016, respectively, because their effect would have been anti-dilutive.
Stock-Based Compensation	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.
Fair Value of Financial Instruments	Fair Value of Financial Instruments For cash and cash equivalents, 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 Company determines the fair value of its senior secured notes using market prices which currently approximate their carrying amount.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (the “FASB”) issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. For all entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The ASU expands the activities that qualify for hedge accounting and simplifies the rules for reporting hedging transactions. For public companies that file with the Securities Exchange Commission (“SEC”), the standard is effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. In November 2017, the FASB issued ASU 2017-14, “Income Statement – Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606).” The ASU adds, amends, and supersedes certain paragraphs of the ASC pursuant to Staff Accounting Bulletin No. 116 and SEC Release 33-10403, which amends the ASC to align SEC guidance with the new guidance in ASC Topic 606. Adoption of ASU 2017-14 should be concurrent with an entity’s adoption of the guidance contained in ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The ASU amends ASC 220, “Income Statement — Reporting Comprehensive Income,” to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. In addition, under the ASU, an entity will be required to provide certain disclosures regarding stranded tax effects. For all entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. 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 effective, accounting standards if currently adopted would have a material effect on the Company’s consolidated financial statements.

Significant Accounting Polici21

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of Weighted Average Number of Common Shares	The denominator is based on the following weighted average number of common shares: Years ended December 31, 2017 2016 Basic weighted average common shares outstanding 8,117,280 7,590,114 Incremental shares for assumed exercise of options 11,405 18,087 Diluted weighted average common shares outstanding 8,128,685 7,608,201

Commercial Loans (Tables)

Commercial Loans (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Credit Risk	Credit risk profile based on loan activity as of December 31, 2017 and 2016: Performing loans Developers-Residential Developers-Commercial Developers-Mixed Used Total outstanding loans December 31, 2017 $ 41,739,000 $ 900,000 $ 2,485,000 $ 45,124,000 December 31, 2016 $ 31,865,320 $ 500,000 $ 2,390,000 $ 34,755,320

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense	Income tax expense consists of the following: 2017 2016 Current Taxes: Federal $ --- $ --- State 2,971 2,146 Income tax expense $ 2,971 $ 2,146

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	The following summarizes stock option activity for the years ended December 31, 2017 and 2016: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at January 1, 2016 35,000 $1.92 2.35 $ 24,876 Expired in 2016 ( 7,000) 1.21 Outstanding at December 31, 2016 28,000 $2.10 1.75 $ 19,851 Exercised in 2017 ( 7,000) 2.92 Expired in 2017 ( 7,000) 1.02 Outstanding at December 31, 2017 14,000 $2.23 1.00 $ 10,513
Schedule of Share-based Compensation, Stock Options Outstanding Exercise Prices	The following table summarizes information about stock options outstanding at December 31, 2017: Stock Option Outstanding Range of Exercise Prices Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) $ 1.01- $ 2.00 7,000 $ 1.53 0.50 $ 2.01- $ 3.00 7,000 2.92 1.50 14,000 $2.23 1.00

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	At December 31, 2017, approximate future minimum rental payments, including utilities, are as follows: 2018……..…………… $ 47,000 2019……..…………… 49,000 2020……..…………… 50,000 2021……..…………… 39,000 Total……..…………… $185,000

Significant Accounting Polici26

Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash, FDIC insured amount	$ 250,000
REIT percentage of income tax	90.00%
REIT remaining percentage of income tax	10.00%
Earnings per share, vested options and warrants	59,238	32,944

Significant Accounting Polici27

Significant Accounting Policies - Schedule of Weighted Average Number of Common Shares (Details)] - shares	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Basic weighted average common shares outstanding	7,590,114	8,117,280	7,590,114
Incremental shares for assumed exercise of options	18,087	11,405
Diluted weighted average common shares outstanding	7,608,201	8,128,685	7,608,201

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details Narrative) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 136,441	$ 96,299	$ 106,836

Commercial Loans (Details Narra

Commercial Loans (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Issuance of short term loans	$ 37,871,500	$ 36,657,000
Collections received from loans	$ 27,502,820	32,805,720
Short term loans receivable, limitation on face amount description	(i) 9.9% of the aggregate amount of our loan portfolio (not including the loan under consideration) and (ii) $2 million.
Loan term	1 year
Subsequent Balance Sheet Date [Member]
Loans receivable paid off	$ 7,567,500
Originally Due in 2014 [Member]
Loans receivable	80,000	475,000
Originally Due in 2015 [Member]
Loans receivable	400,000	1,477,320
Originally Due in 2016 [Member]
Loans receivable	2,940,000	6,102,500
Originally Due in 2017 [Member]
Loans receivable	13,187,500
Originally Due in 2013 [Member]
Loans receivable		$ 225,000
Originally Due in or Before 2017 [Member] | Subsequent Balance Sheet Date [Member]
Loans receivable paid off	$ 5,257,500
Construction Loans [Member]
Short term loans receivable, loan-to-value ratio	In the case of construction financing, up to 80% of construction costs.
Additional principal amount committed	$ 5,280,500
Acquisition Financing Member
Short term loans receivable, loan-to-value ratio	In the case of acquisition financing, the principal amount of the loan usually does not exceed 75% of the value of the property
Minimum [Member]
Loans receivable fixed rates of interest	11.00%
Origination fees ,percentage of principal amount of the loan	0.00%
Maximum [Member]
Loans receivable fixed rates of interest	14.00%
Origination fees ,percentage of principal amount of the loan	3.00%
Historical Value [Member] | Minimum [Member]
Loans and leases receivable, face amount	$ 30,000
Historical Value [Member] | Maximum [Member]
Loans and leases receivable, face amount	$ 2,000,000

Commercial Loans - Schedule of

Commercial Loans - Schedule of Credit Risk (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Performing loans	$ 45,124,000	$ 34,755,320
Developers Residential [Member]
Performing loans	41,739,000	31,865,320
Developers Commercial [Member]
Performing loans	900,000	500,000
Developers Mixed Used [Member]
Performing loans	$ 2,485,000	$ 2,390,000

Line of Credit and Loans (Detai

Line of Credit and Loans (Details Narrative) - USD ($)	Aug. 08, 2017	Aug. 08, 2017	Jul. 07, 2017	Feb. 27, 2015	Feb. 27, 2015	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Credit line increased value		$ 5,000,000	$ 1,000,000
Amortization of financing costs							$ 129,131	$ 101,351
Amended Credit Agreement [Member]
Line of credit facility, interest rate at period end							5.819%
Line of credit facility, interest rate description							The interest rate on the amount outstanding fluctuates daily. The rate, including a 0.5% Agency Fee, for December 31, 2017 was 5.819%.
Percentage of agency fee							0.50%
Line of credit, current							$ 16,914,594
Mr. Ran [Member] | Two Short Term Bridge Loans [Member]
Debt instrument face amount						$ 860,000
Debt instrument, interest rate						6.00%
Interest expense						$ 923
Mr. Ran [Member] | Three Short Term Bridge Loans [Member] | Subsequent Balance Sheet Date [Member]
Debt instrument face amount							$ 950,000
Debt instrument, interest rate							6.00%
Interest expense							$ 1,533
LIBOR Plus [Member]
Line of credit facility, interest rate at period end				4.75%	4.75%
Webster Plus [Member]
Line of credit facility, interest rate at period end				3.25%	3.25%
Webster Credit Line [Member]
Maximum borrowing capacity			$ 15,000,000
Line of credit facility, interest rate description			The interest rates now equal (i) LIBOR plus 3.75% plus a 0.5% Agency Fee (as hereinafter defined) or (ii) a Base Rate (as defined in the Webster Credit Line) plus 2.25% plus a 0.5% Agency Fee
Line of credit facility, expiration date			Feb. 28, 2021
Line of credit facility, extended expiration date			Feb. 28, 2022
Percentage of agency fee			0.50%
Syndication fee			$ 15,000
Line of credit facility, covenants and restrictions			The Company shall not permit mortgage loans that are outstanding more than 24 months after their origination date to comprise more than 17.5% of their total portfolio of mortgage loans at any time.
Line of credit, cost	$ 43,000
Webster Credit Line [Member] | Mr. Ran [Member]
Personal guaranty			$ 500,000
Webster Credit Line [Member] | Maximum [Member]
Maximum borrowing capacity	20,000,000	20,000,000
Webster Credit Line [Member] | LIBOR Plus [Member]
Line of credit facility, interest rate at period end			3.75%
Percentage of agency fee			0.50%
Webster Credit Line [Member] | Base Rate Plus [Member]
Line of credit facility, interest rate at period end			2.25%
Percentage of agency fee			0.50%
Line of Credit [Member]
Amortization of financing costs							54,045	$ 48,165
Line of Credit [Member] | Webster [Member]
Maximum borrowing capacity				$ 14,000,000	$ 14,000,000
Line of credit facility, interest rate description					The Webster Credit Line provided for an interest rate (until amended - as described below) of either LIBOR plus 4.75% or the base commercial lending rate of Webster plus 3.25%
Line of Credit [Member] | Webster Credit Line [Member]
Line of credit, cost				$ 144,000
Revolving Credit Note [Member]
Debt instrument face amount	$ 5,000,000	$ 5,000,000
Webster and Flushing [Member]
Maximum borrowing capacity							$ 20,000,000

Senior Secured Notes (Details N

Senior Secured Notes (Details Narrative)	Apr. 25, 2016USD ($)	Apr. 25, 2016USD ($)
After April 22, 2019 But Prior to April 22, 2020 [Member]
Debt instrument, redemption price, percentage	103.00%
After April 22, 2020 But Prior to April 22, 2021 [Member]
Debt instrument, redemption price, percentage	101.50%
MBC Funding II Corp [Member]
Debt instrument description	Under the terms of the Indenture, the aggregate outstanding principal balance of the mortgage loans held by MBC Funding (see Note 11), together with MBC Funding’s cash on hand, must always equal at least 120% of the aggregate outstanding principal amount of the Notes at all times. To the extent the aggregate principal amount of the mortgage loans owned by MBC Funding plus MBC Funding’s cash on hand is less than 120% of the aggregate outstanding principal balance of the Notes, MBC Funding is required to repay, on a monthly basis, the principal amount of the Notes equal to the amount necessary such that, after giving effect to such repayment, the aggregate principal amount of all mortgage loans owned by MBC Funding plus, MBC Funding’s cash on hand at such time is equal to or greater than 120% of the outstanding principal amount of the Notes. For this purpose, each mortgage loan is deemed to have a value equal to its outstanding principal balance, unless the borrower is in default of its obligations.
MBC Funding II Corp [Member] | Change of Control [Member]
Debt instrument, redemption price, percentage	101.00%
Senior Secured Notes [Member]
Principal amount of each note	$ 1,000	$ 1,000
Debt instrument collateral, percentage	120.00%	120.00%
Senior Secured Notes [Member] | Indenture [Member]
Debt instrument interest rate	6.00%	6.00%
Debt instrument maturity date		Apr. 22, 2026
Debt instrument face amount	$ 6,000,000	$ 6,000,000

Investment in Privately Held 33

Investment in Privately Held Company (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2013
Investment in privately held company	$ 15,000	$ 35,000	$ 50,000	$ 65,000
Loss on write-down of investment in privately held company	20,000	$ 15,000
Historical Value [Member]
Investment original, cost	$ 100,000

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Federal
State	2,971	2,146
Income tax expense	$ 2,971	$ 2,146

Simple IRA Plan (Details Narrat

Simple IRA Plan (Details Narrative)	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Oct. 26, 2000Integer
Defined contribution plan employer matching contribution amount	$ 12,810	$ 11,430
IRA Plan [Member]
Defined contribution plan, number of employees covered | Integer			100
Defined contribution plan, maximum annual contributions per employee, amount	$ 12,500
Defined contribution plan, employer matching contribution, percent of employees' gross pay	3.00%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($)	Aug. 15, 2016	May 29, 2015	Jul. 31, 2014	Sep. 09, 2011	Dec. 31, 2017	Dec. 31, 2016
Share-based compensation expense					$ 13,065	$ 13,589
Shelf Takedown [Member]
Warrants to purchase common shares	33,612
Warrant exercise price	$ 7.4375
Warrant expire date	Aug. 9, 2021
Fair value of warrant issuance	$ 47,020
July 2014 Rep Warrants [Member]
Warrants to purchase common shares			87,719
Warrant exercise price			$ 3.5625
Warrant expire date			Jul. 28, 2019
Fair value of warrant issuance			$ 42,224
May 2015 Rep Warrants [Member]
Warrants to purchase common shares		50,750
Warrant exercise price		$ 5.4875
Warrant expire date		May 22, 2020
Fair value of warrant issuance		$ 54,928
Chief Executive Officer [Member]
Share based compensation expense of restricted, shares				1,000,000
Share based compensation expense of restricted, value				$ 195,968
Fair value of restricted shares amortization period				15 years
2009 Stock Option Plan [Member]
Common stock, capital shares reserved for future issuance					400,000
Aggregate of options were granted under the plan					376,000
Share-based compensation arrangement by share-based payment award options cancelled or expired					238,000
Share-based compensation arrangement by share-based payment award, number of shares available for grant					262,000
July 2014 Rep Warrants [Member]
Maximum warrants to purchase common shares were outstanding					4,000
May 2015 Rep Warrants [Member]
Maximum warrants to purchase common shares were outstanding					19,031

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Share-based Compensation, Stock Options, Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Shares, Outstanding Beginning	28,000	35,000
Number of Shares, Exercised	(7,000)
Number of Shares, Expired	(7,000)	(7,000)
Number of Shares, Outstanding Ending	14,000	28,000
Weighted Average Exercise Price, Outstanding Beginning	$ 2.10	$ 1.92
Weighted Average Exercise Price, Exercised	2.92
Weighted Average Exercise Price, Expired	1.02	1.21
Weighted Average Exercise Price, Outstanding Ending	$ 2.23	$ 2.10
Weighted Average Remaining Contractual Term (in years), Outstanding	1 year 9 months	2 years 4 months 6 days
Weighted Average Remaining Contractual Term (in Years), Outstanding	1 year	1 year 9 months
Aggregate Intrinsic Value Outstanding, Beginning	$ 19,851	$ 24,876
Aggregate Intrinsic Value, Outstanding Ending	$ 10,513	$ 19,851

Stock-Based Compensation - Sc38

Stock-Based Compensation - Schedule of Share-based Compensation, Stock Options Outstanding Exercise Prices (Details)	12 Months Ended
	Dec. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Option Outstanding, Number of Shares | shares	14,000
Stock Option Outstanding, Weighted Average Exercise Price	$ 2.23
Stock Option Outstanding, Weighted Average Remaining Contractual Term	1 year 6 months
Exercise Price Range One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, lower limit	$ 1.01
Range of exercise prices, upper limit	$ 2
Stock Option Outstanding, Number of Shares | shares	7,000
Stock Option Outstanding, Weighted Average Exercise Price	$ 1.53
Stock Option Outstanding, Weighted Average Remaining Contractual Term	6 months
Exercise Price Range Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, lower limit	$ 2.01
Range of exercise prices, upper limit	$ 3
Stock Option Outstanding, Number of Shares | shares	7,000
Stock Option Outstanding, Weighted Average Exercise Price	$ 2.92
Stock Option Outstanding, Weighted Average Remaining Contractual Term	1 year 6 months

Public Offering (Details Narrat

Public Offering (Details Narrative) - USD ($)	Aug. 15, 2016	Apr. 25, 2016	Dec. 31, 2017	Dec. 31, 2016
Net proceeds from issuance public offering				$ 4,210,986
Stock issued during period, value, stock options exercised			$ 20,440
Shelf Takedown [Member]
Number of common shares for public offering	672,269
Sale of stock, price per share	$ 5.95
Proceeds from issuance of common stock, gross	$ 4,600,000
Stock issued during period, value, stock options exercised	$ 600,000
Share-based compensation arrangement by share-based payment award, number of additional shares authorized	100,840
Proceeds from issuance of common stock	$ 4,200,000
MBC Funding II Corp [Member]
Ownership percentage		100.00%
Gross proceeds from issuance public offering		$ 6,000,000
Net proceeds from issuance public offering		5,200,000
MBC Funding II Corp [Member] | Chief Executive Officer [Member]
Payments to acquire senior secured debt		594,000
MBC Funding II Corp [Member] | Chief Financial Officer [Member]
Payments to acquire senior secured debt		38,000
MBC Funding II Corp [Member] | Chief Financial Officer [Member] | Subsequent to Offering [Member] | Additional Senior Secured Notes [Member]
Payments to acquire senior secured debt		$ 70,000
Senior Secured Notes [Member]
Debt instrument, interest rate		6.00%
Debt instrument, maturity date		Apr. 22, 2026

Commitments and Contingencies40

Commitments and Contingencies (Details Narrative) - USD ($)	Jul. 21, 2016	Jun. 09, 2011	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2016
Operating lease periodic rent expenses					$ 49,000	$ 45,000
Operating lease term of lease	Five-years, through September 30, 2021	Term of five years and two months commencing June 2011 and ending August 2016.
Operating lease rent, description	Lease Amendment provides for gradual annual rent increases from approximately $3,500 per month during the first year to $3,900 per month during the fifth year of the extension term.	The rent increased annually during the term and ranged from approximately $2,800 per month during the first year to approximately $3,200 per month during the fifth year.
Lease extend, term	5 years	5 years
Mr. Ran [Member]
Officers' compensation					290,000	$ 250,000
Officers special bonus					33,000
Officers bonus					45,000
Mr. Ran [Member] | Employment Agreement [Member]
Officers' compensation					$ 225,000
Minimum [Member]
Operating lease periodic rent expenses	$ 3,500	$ 2,800
Minimum [Member] | Mr. Ran [Member]
Officers' compensation			$ 275,000	$ 225,000
Maximum [Member] | Mr. Ran [Member]
Officers' compensation			$ 305,000	$ 275,000
Maximum [Member] | Fifth Year [Member]
Operating lease periodic rent expenses	$ 3,900	$ 3,200

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details)	Dec. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,018	$ 47,000
2,019	49,000
2,020	50,000
2,021	39,000
Total	$ 185,000