Manhattan Bridge Capital (LOAN) 10-Q 20 Oct 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 20, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	000-25991
Entity Registrant Name	MANHATTAN BRIDGE CAPITAL, INC.
Entity Central Index Key	0001080340
Entity Tax Identification Number	11-3474831
Entity Incorporation, State or Country Code	NY
Entity Address, Address Line One	60 Cutter Mill Road
Entity Address, City or Town	Great Neck
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11021
City Area Code	(516)
Local Phone Number	444-3400
Title of 12(b) Security	Common shares, par value $.001
Trading Symbol	LOAN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,494,945

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Assets
Loans receivable	$ 53,574,221	$ 58,097,970
Interest receivable on loans	995,384	827,236
Cash	109,692	131,654
Cash - restricted		327,483
Other assets	93,387	66,566
Operating lease right-of-use asset, net	330,795	369,699
Deferred financing costs, net	12,798	22,807
Total assets	55,116,277	59,843,415
Liabilities:
Line of credit	3,484,151	20,308,873
Senior secured notes (net of deferred financing costs of $341,013 and $397,327, respectively)	5,658,987	5,602,673
Deferred origination fees	453,583	367,638
Accounts payable and accrued expenses	75,958	168,940
Operating lease liability	336,606	372,907
Dividends payable		1,058,194
Total liabilities	10,009,285	27,879,225
Commitments and contingencies
Stockholders’ equity:
Preferred stock - $.01 par value; 5,000,000 shares authorized; none issued
Common stock - $.001 par value; 25,000,000 shares authorized; 11,757,058 and 9,882,058 issued; 11,494,945 and 9,619,945 outstanding	11,757	9,882
Additional paid-in capital	45,519,479	33,157,096
Treasury stock, at cost – 262,113 shares	(798,939)	(798,939)
Retained earnings (accumulated deficit)	374,695	(403,849)
Total stockholders’ equity	45,106,992	31,964,190
Total liabilities and stockholders’ equity	$ 55,116,277	$ 59,843,415

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Senior secured notes, deferred financing costs	$ 341,013	$ 397,327
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	11,757,058	9,882,058
Common stock, shares outstanding	11,494,945	9,619,945
Treasury stock, shares	262,113	262,113

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Interest income from loans	$ 1,323,085	$ 1,521,474	$ 4,189,658	$ 4,485,414
Origination fees	304,297	264,878	880,440	753,111
Total revenue	1,627,382	1,786,352	5,070,098	5,238,525
Operating costs and expenses:
Interest and amortization of deferred financing costs	184,914	337,901	819,015	1,016,590
Referral fees	2,069	1,641	6,463	3,569
General and administrative expenses	335,284	305,407	983,867	968,914
Total operating costs and expenses	522,267	644,949	1,809,345	1,989,073
Income from operations	1,105,115	1,141,403	3,260,753	3,249,452
Other income	4,500	9,500	13,500	15,500
Income before income tax expense	1,109,615	1,150,903	3,274,253	3,264,952
Income tax expense			(647)	(645)
Net income	$ 1,109,615	$ 1,150,903	$ 3,273,606	$ 3,264,307
Basic and diluted net income per common share outstanding:
—Basic	$ 0.10	$ 0.12	$ 0.32	$ 0.34
—Diluted	$ 0.10	$ 0.12	$ 0.32	$ 0.34
Weighted average number of common shares outstanding
—Basic	11,331,902	9,625,140	10,196,868	9,635,107
—Diluted	11,331,902	9,625,140	10,196,868	9,635,107

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2019	$ 9,882	$ 33,144,032	$ (619,688)	$ (590,808)	$ 31,943,418
Beginning balance, shares at Dec. 31, 2019	9,882,058		223,214
Purchase of treasury shares			$ (179,251)		(179,251)
Purchase of treasury shares, shares			38,899
Non-cash compensation		9,798			9,798
Dividends paid				(2,022,230)	(2,022,230)
Net income				3,264,307	3,264,307
Ending balance, value at Sep. 30, 2020	$ 9,882	33,153,830	$ (798,939)	651,269	33,016,042
Ending balance, shares at Sep. 30, 2020	9,882,058		262,113
Beginning balance, value at Jun. 30, 2020	$ 9,882	33,150,564	$ (771,559)	463,050	32,851,937
Beginning balance, shares at Jun. 30, 2020	9,882,058		255,213
Purchase of treasury shares			$ (27,380)		(27,380)
Purchase of treasury shares, shares			6,900
Non-cash compensation		3,266			3,266
Dividends paid				(962,684)	(962,684)
Net income				1,150,903	1,150,903
Ending balance, value at Sep. 30, 2020	$ 9,882	33,153,830	$ (798,939)	651,269	33,016,042
Ending balance, shares at Sep. 30, 2020	9,882,058		262,113
Beginning balance, value at Dec. 31, 2020	$ 9,882	33,157,096	$ (798,939)	(403,849)	31,964,190
Beginning balance, shares at Dec. 31, 2020	9,882,058		262,113
Public offering, net	$ 1,875	12,352,585			12,354,460
Public offering, net shares	1,875,000
Non-cash compensation		9,798			9,798
Dividends paid				(2,495,062)	(2,495,062)
Net income				3,273,606	3,273,606
Ending balance, value at Sep. 30, 2021	$ 11,757	45,519,479	$ (798,939)	374,695	45,106,992
Ending balance, shares at Sep. 30, 2021	11,757,058		262,113
Beginning balance, value at Jun. 30, 2021	$ 9,882	33,163,628	$ (798,939)	701,948	33,076,519
Beginning balance, shares at Jun. 30, 2021	9,882,058		262,113
Public offering, net	$ 1,875	12,352,585			12,354,460
Public offering, net shares	1,875,000
Non-cash compensation		3,266			3,266
Dividends paid				(1,436,868)	(1,436,868)
Net income				1,109,615	1,109,615
Ending balance, value at Sep. 30, 2021	$ 11,757	$ 45,519,479	$ (798,939)	$ 374,695	$ 45,106,992
Ending balance, shares at Sep. 30, 2021	11,757,058		262,113

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 3,273,606	$ 3,264,307
Adjustments to reconcile net income to net cash provided by operating activities -
Amortization of deferred financing costs	66,324	76,136
Adjustment to operating lease right-of-use asset and liability	2,603	(333)
Depreciation	1,716	744
Non-cash compensation expense	9,798	9,798
Changes in operating assets and liabilities:
Interest receivable on loans	(168,148)	(163,650)
Other assets	(28,538)	(35,156)
Accounts payable and accrued expenses	(92,982)	(19,241)
Deferred origination fees	85,945	130,795
Net cash provided by operating activities	3,150,324	3,263,400
Cash flows from investing activities:
Issuance of short term loans	(28,534,303)	(35,410,076)
Collections received from loans	33,058,052	31,041,693
Release of loan holdback relating to mortgage receivable		(15,000)
Purchase of fixed assets		(923)
Net cash provided by (used in) investing activities	4,523,749	(4,384,306)
Cash flows from financing activities:
Proceeds from public offering, net	12,354,460
(Repayment of) proceeds from line of credit, net	(16,824,722)	4,546,858
Dividends paid	(3,553,256)	(3,181,291)
Purchase of treasury shares		(179,251)
Deferred financing costs incurred		(27,102)
Net cash (used in) provided by financing activities	(8,023,518)	1,159,214
Net (decrease) increase in cash	(349,445)	38,308
Cash and restricted cash, beginning of year	459,137	118,407
Cash, end of period	109,692	156,715
Supplemental Cash Flow Information:
Taxes paid during the period	647	645
Interest paid during the period	811,610	954,622
Operating leases paid during the period	47,600	40,973
Non-cash Investing Activities:
Interest receivable converted to loans receivable in connection with forbearance agreements		$ 29,671

THE COMPANY

THE COMPANY	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY	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 subsidiary, 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, 2020 and the notes thereto included in the Company’s Annual Report on 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 and MBC Funding II. All significant intercompany balances and transactions have been eliminated in consolidation. The Company offers short-term, secured, non–banking loans to real estate investors (also known as hard money) to fund their acquisition, renovation, rehabilitation or development of residential or commercial properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. 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	9 Months Ended
	Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]
RECENT TECHNICAL ACCOUNTING PRONOUNCEMENTS	2. RECENT TECHNICAL ACCOUNTING PRONOUNCEMENTS Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial statements.

CASH - RESTRICTED

CASH - RESTRICTED	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
CASH - RESTRICTED	3. CASH - RESTRICTED Restricted cash mainly represents collections received, pending check clearance, from the Company’s commercial loans and is primarily dedicated to the reduction of the Company’s Webster Credit Line established pursuant to the Amended and Restated Credit Agreement (see Note 5).

COMMERCIAL LOANS

COMMERCIAL LOANS	9 Months Ended
	Sep. 30, 2021
Receivables [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 in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers. The loans are generally for a term of one year At September 30, 2021, the Company was committed to $ 5,664,928 At September 30, 2021, no one entity has loans outstanding representing more than 10 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, the Company reevaluates the underlying collateral. Credit Risk Credit risk profile based on loan activity as of September 30, 2021 and December 31, 2020: SCHEDULE OF CREDIT RISK Performing loans Developers- Residential Developers- Commercial Developers- Mixed Used Total September 30, 2021 $ 45,511,221 $ 5,819,000 $ 2,244,000 $ 53,574,221 December 31, 2020 $ 55,119,107 $ 1,564,863 $ 1,414,000 $ 58,097,970 At September 30, 2021, the Company’s loans receivable consisted of loans in the amount of $ 367,500 1,052,400 1,120,000 2,485,825 7,409,749 Subsequent to the balance sheet date, $ 1,310,000 of the loans receivable at September 30, 2021 were paid off, including $ 950,000

LINE OF CREDIT

LINE OF CREDIT	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
LINE OF CREDIT	5. LINE OF CREDIT The Company executed an Amended and Restated Credit and Security Agreement, as amended (the “Amended and Restated Credit Agreement”), with Webster Business Credit Corporation (“Webster”), Flushing Bank (“Flushing”) and Mizrahi Tefahot Bank Ltd (“Mizrahi” and together with Webster and Flushing, the “Lenders”), which established the Company’s credit line (the “Webster Credit Line”). Currently, the Webster Credit Line provides the Company with a credit line of $ 32.5 February 28, 2023 The interest rates relating to the Webster Credit Line equal (i) LIBOR plus a premium, which rate aggregated approximately 4.1 0.5 2.25 0.5 the Company may issue up to $20 million in bonds through its subsidiary, of which not more than $10 million of such bonds may be secured by mortgage notes receivable, and provided that the terms and conditions of such bonds are approved by Webster, subject to its reasonable discretion. 500,000 On July 2, 2021, the Company entered into a consent and amendment letter agreement, with respect to the Amended and Restated Credit Agreement, with the Lenders and Assaf Ran, as guarantor, to amend the definition of “Change of Control” to provide that Mr. Ran would be required to own at least 20%, instead of 27%, of the equity interests of the Company, on a fully diluted basis. The Company was in compliance with all covenants of the Webster Credit Line, as amended, as of September 30, 2021. At September 30, 2021, the outstanding amount under the Amended Credit Agreement was $ 3,484,151 The rate, including a 0.5 4.1

SENIOR SECURED NOTES

SENIOR SECURED NOTES	9 Months Ended
	Sep. 30, 2021
Senior Secured Notes
SENIOR SECURED NOTES	6. SENIOR SECURED NOTES On April 25, 2016, in an initial public offering, MBC Funding II issued 6 April 22, 2026 6,000,000 1,000 Under the terms of the Indenture, the aggregate outstanding principal balance of the mortgage loans held by MBC Funding II, together with MBC Funding II’s cash on hand, must always equal at least 120 MBC Funding II 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. No Notes were redeemed by MBC Funding II as of September 30, 2021. Each Noteholder had the right to cause MBC Funding II to redeem his, her or its Notes on April 22, 2021 by notifying MBC Funding II in writing, no earlier than November 22, 2020 and no later than January 22, 2021. No Noteholder exercised such right during the required time frame and as such the Notes are no longer redeemable by the Noteholders. MBC Funding II is obligated to offer to redeem the Notes if there occurs a “change of control” with respect to MBC Funding II or the Company or if MBC Funding II 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

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2021
Basic and diluted net income per common share outstanding:
EARNINGS PER COMMON SHARE	7. EARNINGS PER COMMON SHARE Basic and diluted earnings per share are calculated in accordance with Accounting Standards Codification (“ASC”) 260, “Earnings Per Share” (“ASC 260”). 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: SCHEDULE OF WEIGHTED AVERAGE NUMBER OF COMMON SHARES Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Basic weighted average common shares outstanding 11,331,902 9,625,140 10,196,868 9,635,107 Incremental shares for assumed exercise of warrants — — — — Diluted weighted average common shares outstanding 11,331,902 9,625,140 10,196,868 9,635,107 For each of the three and nine months ended September 30, 2020, vested warrants to purchase 33,612

STOCK_BASED COMPENSATION

STOCK–BASED COMPENSATION	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
STOCK–BASED COMPENSATION	8. STOCK–BASED COMPENSATION Stock based compensation expense recognized under ASC 718, “Compensation-Stock Compensation,” for each of the nine months ended September 30, 2021 and 2020 of $ 9,798 1,000,000 195,968 15

PUBLIC OFFERING

PUBLIC OFFERING	9 Months Ended
	Sep. 30, 2021
Public Offering
PUBLIC OFFERING	9. PUBLIC OFFERING On July 9, 2021, the Company completed an underwritten public offering of 1,875,000 7.20 13,500,000 12,354,000 281,250

COVID-19

COVID-19	9 Months Ended
	Sep. 30, 2021
Unusual or Infrequent Items, or Both [Abstract]
COVID-19	10. COVID-19 As a result of the COVID-19 pandemic, the Company may experience difficulties collecting monthly interest on time from its borrowers, property values may decline and certain of the Company’s originated loans may need to be extended. Since the onset of the COVID-19 pandemic, the Company has continued to originate loans as well as continued to service its existing loans, though the Company has observed lower demand for new loans. To date, the Company has not been materially impacted by the COVID-19 pandemic and will continue to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. If the COVID-19 pandemic worsens in the geographic areas in which the Company operates, the pandemic could materially affect its financial and operational results.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENT	11. SUBSEQUENT EVENT On September 28, 2021, Mr. Ran, the Company’s chief executive officer, voluntarily agreed to forgo his base salary for the months of October, November and December 2021 in an aggregate amount of $ 76,250 In accordance with the dividend declared by the Company’s Board of Directors on July 29, 2021, a cash dividend of $ 0.125 1,436,868

COMMERCIAL LOANS (Tables)

COMMERCIAL LOANS (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
SCHEDULE OF CREDIT RISK	Credit risk profile based on loan activity as of September 30, 2021 and December 31, 2020: SCHEDULE OF CREDIT RISK Performing loans Developers- Residential Developers- Commercial Developers- Mixed Used Total September 30, 2021 $ 45,511,221 $ 5,819,000 $ 2,244,000 $ 53,574,221 December 31, 2020 $ 55,119,107 $ 1,564,863 $ 1,414,000 $ 58,097,970

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
Basic and diluted net income per common share outstanding:
SCHEDULE OF WEIGHTED AVERAGE NUMBER OF COMMON SHARES	The denominator is based on the following weighted average number of common shares: SCHEDULE OF WEIGHTED AVERAGE NUMBER OF COMMON SHARES Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Basic weighted average common shares outstanding 11,331,902 9,625,140 10,196,868 9,635,107 Incremental shares for assumed exercise of warrants — — — — Diluted weighted average common shares outstanding 11,331,902 9,625,140 10,196,868 9,635,107

COMMERCIAL LOANS (Details Narra

COMMERCIAL LOANS (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Oct. 20, 2021	Sep. 30, 2021
Debt Instrument [Line Items]
Loan term		1 year
Loan outstanding percentage		10.00%
Subsequent Event [Member]
Debt Instrument [Line Items]
Repayments of Debt	$ 1,310,000
Originally Due In 2016 [Member]
Debt Instrument [Line Items]
Loans receivable		$ 367,500
Originally Due in 2017 [Member]
Debt Instrument [Line Items]
Loans receivable		1,052,400
Originally Due in 2018 [Member]
Debt Instrument [Line Items]
Loans receivable		1,120,000
Originally Due in 2018 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Repayments of Debt	$ 950,000
Originally Due in 2019 [Member]
Debt Instrument [Line Items]
Loans receivable		2,485,825
Originally Due in 2020 [Member]
Debt Instrument [Line Items]
Loans receivable		7,409,749
Construction Loans [Member]
Debt Instrument [Line Items]
Principal amount committed in construction loans		$ 5,664,928

SCHEDULE OF CREDIT RISK (Detail

SCHEDULE OF CREDIT RISK (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Total outstanding loans	$ 53,574,221	$ 58,097,970
Developers-Residential [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Total outstanding loans	45,511,221	55,119,107
Developers-Commercial [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Total outstanding loans	5,819,000	1,564,863
Developers Mixed Used [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Total outstanding loans	$ 2,244,000	$ 1,414,000

LINE OF CREDIT (Details Narrati

LINE OF CREDIT (Details Narrative) - USD ($)	Jul. 02, 2021	Sep. 30, 2021
Amended and Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Line of credit facility, interest rate description		The rate, including a 0.5% Agency Fee, as of September 30, 2021, was approximately 4.1%.
Line of credit facility, interest rate at period end		4.10%
Percentage of agency fee		0.50%
Line of credit, current		$ 3,484,151
Consent and Amendment Letter Amended Agreement [Member]
Line of Credit Facility [Line Items]
Line of credit facility, interest rate description	the Company entered into a consent and amendment letter agreement, with respect to the Amended and Restated Credit Agreement, with the Lenders and Assaf Ran, as guarantor, to amend the definition of “Change of Control” to provide that Mr. Ran would be required to own at least 20%, instead of 27%, of the equity interests of the Company, on a fully diluted basis.
London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Line of credit facility, interest rate at period end		4.10%
Percentage of agency fee		0.50%
Base Rate [Member] | Amended and Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Line of credit facility, interest rate at period end		2.25%
Percentage of agency fee		0.50%
Webster Credit Line [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 32,500,000
Line of credit, expiration date		Feb. 28, 2023
Line of credit facility, interest rate description		The interest rates relating to the Webster Credit Line equal (i) LIBOR plus a premium, which rate aggregated approximately 4.1%, including a 0.5% agency fee, as of September 30, 2021, or (ii) a Base Rate (as defined in the Amended and Restated Credit Agreement) plus 2.25% plus a 0.5% agency fee, as chosen by the Company for each drawdown.
Webster Credit Line [Member] | Amended and Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Mortgage notes receivable, description		the Company may issue up to $20 million in bonds through its subsidiary, of which not more than $10 million of such bonds may be secured by mortgage notes receivable, and provided that the terms and conditions of such bonds are approved by Webster, subject to its reasonable discretion.
Webster Credit Line [Member] | Amended and Restated Credit Agreement [Member] | Mr. Ran [Member]
Line of Credit Facility [Line Items]
Debt guaranteed amount		$ 500,000

SENIOR SECURED NOTES (Details N

SENIOR SECURED NOTES (Details Narrative)	Apr. 25, 2016USD ($)	Apr. 25, 2016USD ($)
MBC Funding II Corp [Member]
LongTermDebtLineItem [Line Items]
Debt instrument description	Under the terms of the Indenture, the aggregate outstanding principal balance of the mortgage loans held by MBC Funding II, together with MBC Funding II’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 II plus MBC Funding II’s cash on hand is less than 120% of the aggregate outstanding principal balance of the Notes, MBC Funding II 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 II plus, MBC Funding II’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]
LongTermDebtLineItem [Line Items]
Debt instrument, redemption price, percentage	101.00%
Senior Secured Notes [Member]
LongTermDebtLineItem [Line Items]
Principal amount of each note	$ 1,000	$ 1,000
Debt instrument collateral, percentage	120.00%	120.00%
Senior Secured Notes [Member] | Indenture [Member]
LongTermDebtLineItem [Line Items]
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

SCHEDULE OF WEIGHTED AVERAGE NU

SCHEDULE OF WEIGHTED AVERAGE NUMBER OF COMMON SHARES (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic and diluted net income per common share outstanding:
Basic weighted average common shares outstanding	11,331,902	9,625,140	10,196,868	9,635,107
Incremental shares for assumed exercise of warrants
Diluted weighted average common shares outstanding	11,331,902	9,625,140	10,196,868	9,635,107

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details Narrative) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Vested Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive earning per share common shares	33,612	33,612

STOCK_BASED COMPENSATION (Detai

STOCK–BASED COMPENSATION (Details Narrative) - USD ($)	Sep. 09, 2011	Sep. 30, 2021	Sep. 30, 2020
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Share-based compensation expense		$ 9,798	$ 9,798
Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
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

PUBLIC OFFERING (Details Narrat

PUBLIC OFFERING (Details Narrative) - USD ($)	Jul. 09, 2021	Sep. 30, 2021	Sep. 30, 2020
SharesIssuedLineItem [Line Items]
Net proceeds from offering		$ 12,354,460
Public Offering [Member]
SharesIssuedLineItem [Line Items]
Number of common stock issued, shares	1,875,000
Shares issued price per share	$ 7.20
Net proceeds from offering	$ 13,500,000
Public Offering [Member] | Webster Credit Line [Member]
SharesIssuedLineItem [Line Items]
Net proceeds from offering	$ 12,354,000
Over-Allotment Option [Member] | Underwriters [Member] | Maximum [Member]
SharesIssuedLineItem [Line Items]
Number of option to purchase an additional common stock grants	281,250

SUBSEQUENT EVENT (Details Narra

SUBSEQUENT EVENT (Details Narrative) - USD ($)	3 Months Ended
	Dec. 31, 2021	Oct. 15, 2021	Sep. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Aggregate amount				$ 1,058,194
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividend		$ 0.125
Aggregate amount		$ 1,436,868
Mr. Ran [Member] | Forecast [Member]
Subsequent Event [Line Items]
Aggregate amount	$ 76,250