Manhattan Bridge Capital (LOAN) 10-Q 21 Oct 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 21, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
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, 2022	Dec. 31, 2021
Assets
Loans receivable	$ 72,701,582	$ 65,715,364
Interest receivable on loans	1,132,189	955,443
Cash	109,708	142,546
Cash - restricted	433,269
Other assets	94,202	64,745
Operating lease right-of-use asset, net	275,937	317,080
Deferred financing costs, net	19,271	10,539
Total assets	74,766,158	67,205,717
Liabilities:
Line of credit	23,361,607	15,645,970
Senior secured notes (net of deferred financing costs of $265,928 and $322,241, respectively)	5,734,072	5,677,759
Deferred origination fees	642,106	580,461
Accounts payable and accrued expenses	202,059	154,169
Operating lease liability	286,378	324,248
Dividends payable	1,436,868	1,436,868
Total liabilities	31,663,090	23,819,475
Commitments and contingencies
Stockholders’ equity:
Preferred shares - $.01 par value per share; 5,000,000 shares authorized; none issued
Common shares - $.001 par value per share; 25,000,000 shares authorized; 11,757,058 issued; 11,494,945 outstanding	11,757	11,757
Additional paid-in capital	45,532,544	45,522,746
Treasury shares, at cost – 262,113 shares	(798,939)	(798,939)
Accumulated deficit	(1,642,294)	(1,349,322)
Total stockholders’ equity	43,103,068	43,386,242
Total liabilities and stockholders’ equity	$ 74,766,158	$ 67,205,717

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Senior secured notes, deferred financing costs	$ 265,928	$ 322,241
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	11,757,058
Common stock, shares outstanding	11,494,945	11,494,945
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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Interest income from loans	$ 1,677,670	$ 1,323,085	$ 4,933,767	$ 4,189,658
Origination fees	429,350	304,297	1,405,076	880,440
Total revenue	2,107,020	1,627,382	6,338,843	5,070,098
Operating costs and expenses:
Interest and amortization of deferred financing costs	496,718	184,914	1,204,954	819,015
Referral fees	625	2,069	3,945	6,463
General and administrative expenses	377,436	335,284	1,125,162	983,867
Total operating costs and expenses	874,779	522,267	2,334,061	1,809,345
Income from operations	1,232,241	1,105,115	4,004,782	3,260,753
Other income	4,500	4,500	13,500	13,500
Income before income tax expense	1,236,741	1,109,615	4,018,282	3,274,253
Income tax expense			(650)	(647)
Net income	$ 1,236,741	$ 1,109,615	$ 4,017,632	$ 3,273,606
Basic and diluted net income per common share outstanding:
—Basic	$ 0.11	$ 0.10	$ 0.35	$ 0.32
—Diluted	$ 0.11	$ 0.10	$ 0.35	$ 0.32
Weighted average number of common shares outstanding
—Basic	11,494,945	11,331,902	11,494,945	10,196,868
—Diluted	11,494,945	11,331,902	11,494,945	10,196,868

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, 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
Non-cash compensation		9,798			9,798
Net income				3,273,606	3,273,606
Public offering, net	$ 1,875	12,352,585			12,354,460
Public offering, net, shares	1,875,000
Dividends paid				(2,495,062)	(2,495,062)
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
Non-cash compensation		3,266			3,266
Net income				1,109,615	1,109,615
Public offering, net	$ 1,875	12,352,585			12,354,460
Public offering, net, shares	1,875,000
Dividends paid				(1,436,868)	(1,436,868)
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 Dec. 31, 2021	$ 11,757	45,522,746	$ (798,939)	(1,349,322)	43,386,242
Beginning balance, shares at Dec. 31, 2021	11,757,058		262,113
Non-cash compensation		9,798			9,798
Dividends declared and payable				(1,436,868)	(1,436,868)
Net income				4,017,632	4,017,632
Dividends paid				(2,873,736)	(2,873,736)
Ending balance, value at Sep. 30, 2022	$ 11,757	45,532,544	$ (798,939)	(1,642,294)	43,103,068
Ending balance, shares at Sep. 30, 2022	11,757,058		262,113
Beginning balance, value at Jun. 30, 2022	$ 11,757	45,529,278	$ (798,939)	(1,442,167)	43,299,929
Beginning balance, shares at Jun. 30, 2022	11,757,058		262,113
Non-cash compensation		3,266			3,266
Dividends declared and payable				(1,436,868)	(1,436,868)
Net income				1,236,741	1,236,741
Ending balance, value at Sep. 30, 2022	$ 11,757	$ 45,532,544	$ (798,939)	$ (1,642,294)	$ 43,103,068
Ending balance, shares at Sep. 30, 2022	11,757,058		262,113

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income		$ 4,017,632	$ 3,273,606
Adjustments to reconcile net income to net cash provided by operating activities -
Amortization of deferred financing costs		83,401	66,324
Adjustment to operating lease right-of-use asset and liability		3,274	2,603
Depreciation		1,598	1,716
Non-cash compensation expense		9,798	9,798
Changes in operating assets and liabilities:
Interest receivable on loans		(176,746)	(168,148)
Other assets		(29,164)	(28,538)
Accounts payable and accrued expenses		47,890	(92,982)
Deferred origination fees		61,645	85,945
Net cash provided by operating activities		4,019,328	3,150,324
Cash flows from investing activities:
Issuance of short term loans		(49,241,679)	(28,534,303)
Collections received from loans		42,255,461	33,058,052
Purchase of fixed assets		(1,893)
Net cash (used in) provided by investing activities		(6,988,111)	4,523,749
Cash flows from financing activities:
Proceeds from (repayment of) line of credit, net		7,715,637	(16,824,722)
Dividends paid		(4,310,604)	(3,553,256)
Proceeds from public offering, net			12,354,460
Deferred financing costs incurred		(35,819)
Net cash provided by (used in) financing activities		3,369,214	(8,023,518)
Net increase (decrease) in cash and restricted cash	[1]	400,431	(349,445)
Cash and restricted cash, beginning of year	[1]	142,546	459,137
Cash and restricted cash, end of period	[1]	542,977	109,692
Supplemental Cash Flow Information:
Taxes paid during the period		650	647
Interest paid during the period		1,036,338	811,610
Operating leases paid during the period		47,703	47,600
Supplemental Information – Noncash Information:
Dividend declared and payable		$ 1,436,868
[1]At January 1, 2021 and at September 30, 2022, cash and restricted cash included $ 327,483 433,269

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Jan. 01, 2021
Statement of Cash Flows [Abstract]
Restricted cash	$ 433,269		$ 327,483

THE COMPANY

THE COMPANY	9 Months Ended
	Sep. 30, 2022
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, 2021 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, 2022
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, 2022
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 Webster Credit Line (as defined below), established pursuant to the Amended and Restated Credit Agreement (as defined below, see Note 5).

COMMERCIAL LOANS

COMMERCIAL LOANS	9 Months Ended
	Sep. 30, 2022
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, 2022, the Company was committed to $ 7,903,853 At September 30, 2022, 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, the Company reevaluates the underlying collateral. Credit Risk Credit risk profile based on loan activity as of September 30, 2022 and December 31, 2021: SCHEDULE OF CREDIT RISK Performing loans Developers- Residential Developers- Commercial Developers- Mixed Use Total outstanding loans September 30, 2022 $ 59,163,582 $ 10,619,000 $ 2,919,000 $ 72,701,582 December 31, 2021 $ 57,432,364 $ 5,819,000 $ 2,464,000 $ 65,715,364 At September 30, 2022, the Company’s loans receivable consisted of loans in the amount of $ 49,830 500,000 736,083 3,820,250 8,390,886 9,764,413 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. In all instances the borrower has either signed an extension agreement or are in the process of signing the extension. At September 30, 2022, no loan impairments exist and there are no provisions for impairments of loans or recoveries thereof. Subsequent to the balance sheet date, $ 890,000

LINE OF CREDIT

LINE OF CREDIT	9 Months Ended
	Sep. 30, 2022
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 three years The interest rates relating to the Webster Credit Line equal (i) LIBOR plus a premium, which rate aggregated approximately 7.14 0.5 0.5 Further, 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 March 7, 2022, the Company entered into a Waiver Agreement (the “Waiver”), with respect to the Amended and Restated Credit Agreement, with the Lenders and Mr. Ran, as guarantor, to provide the Company with a waiver of its covenant with respect to maintaining its fixed charge coverage ratio for the period ended December 31, 2021. In addition, the Waiver also provided that an amount of $ 700,000 On April 25, 2022, the Company entered into an amendment (the “2022 Amendment”), with respect to the Amended and Restated Credit Agreement with the Lenders and Mr. Ran, as guarantor. Pursuant to the terms of the 2022 Amendment, each of the Company and the Lenders agreed to amend the Amended and Restated Credit Agreement to provide as follows: (i) to increase the limit on individual loans from $ 1 2 2.5 5 4.875 Except as set forth in the preceding paragraphs, the Company was in compliance with all covenants of the Webster Credit Line, as amended, as of September 30, 2022. At September 30, 2022, the outstanding amount under the Amended Credit Agreement was $ 23,361,607 0.5 7.14

SENIOR SECURED NOTES

SENIOR SECURED NOTES	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
SENIOR SECURED NOTES	6. SENIOR SECURED NOTES On April 25, 2016, in an initial public offering, MBC Funding II issued 6 6,000,000 April 25, 2016 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. 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. No Notes were redeemed by MBC Funding II as of September 30, 2022. 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 The Company guaranteed MBC Funding II’s obligations under the Notes, which are secured by its pledge of 100 Our principal executive officers consist of Assaf Ran, who serves as our Chief Executive Officer and President, and Vanessa Kao, who serves as our Chief Financial Officer. As of September 30, 2022, each of Mr. Ran and Ms. Kao owned an aggregate of $ 704,000 288,000

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2022
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. There were no outstanding stock options or warrants at September 30, 2022 and 2021.

STOCK_BASED COMPENSATION

STOCK–BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
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, 2022 and 2021 of $ 9,798 1,000,000 195,968 15 1,000,000 51,170

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENT	9. SUBSEQUENT EVENT In accordance with the dividend declared by the Company’s Board of Directors on July 28, 2022, a cash dividend of $ 0.125 1,436,868 October 17, 2022 October 11, 2022

COMMERCIAL LOANS (Tables)

COMMERCIAL LOANS (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
SCHEDULE OF CREDIT RISK	Credit risk profile based on loan activity as of September 30, 2022 and December 31, 2021: SCHEDULE OF CREDIT RISK Performing loans Developers- Residential Developers- Commercial Developers- Mixed Use Total outstanding loans September 30, 2022 $ 59,163,582 $ 10,619,000 $ 2,919,000 $ 72,701,582 December 31, 2021 $ 57,432,364 $ 5,819,000 $ 2,464,000 $ 65,715,364

SCHEDULE OF CREDIT RISK (Detail

SCHEDULE OF CREDIT RISK (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total outstanding loans	$ 72,701,582	$ 65,715,364
Developers-Residential [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total outstanding loans	59,163,582	57,432,364
Developers-Commercial [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total outstanding loans	10,619,000	5,819,000
Developers-Mixed Used [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total outstanding loans	$ 2,919,000	$ 2,464,000

COMMERCIAL LOANS (Details Narra

COMMERCIAL LOANS (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Oct. 20, 2022	Sep. 30, 2022
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Loan term		1 year
Loans receivable paid off	$ 890,000
Originally Due In 2016 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Loans receivable		$ 49,830
Originally Due In 2017 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Loans receivable		500,000
Originally Due In 2019 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Loans receivable		736,083
Originally Due In 2020 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Loans receivable		3,820,250
Originally Due In 2021 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Loans receivable		8,390,886
Originally Due During First Nine Months of 2022 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Loans receivable		9,764,413
Construction Loans [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Loans		$ 7,903,853

LINE OF CREDIT (Details Narrati

LINE OF CREDIT (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Apr. 25, 2022
Debt Instrument [Line Items]
Line of credit term		1 year
Dividends paid		$ 4,310,604	$ 3,553,256
Line of credit outstanding amount		$ 23,361,607
Debt agency fee rate		0.50%
Interest rate percentage		7.14%
Amended and Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Percentage of agency fee		0.50%
Amended and Restated Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of credit borrowing capacity				$ 1,000,000
Line of credit to increase the mortgagor				2,500,000
Amended and Restated Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit borrowing capacity				2,000,000
Line of credit to increase the mortgagor				5,000,000
Originate loans amount				$ 4,875,000
Waiver Agreement [Member]
Debt Instrument [Line Items]
Dividends paid	$ 700,000
Webster Credit Line [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 32,500,000
Line of credit, expiration date		Feb. 28, 2023
Line of credit term		3 years
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 7.14%, including a 0.5% agency fee, as of September 30, 2022, 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. Under the Amended and Restated Credit Agreement, the Company may repurchase, redeem or otherwise retire its equity securities in an amount not to exceed ten percent of our annual net income from the prior fiscal year
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] | Mr. Ran [Member]
Debt Instrument [Line Items]
Debt guaranteed amount		$ 500,000
Webster Credit Line [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end		7.14%
Percentage of agency fee		0.50%

SENIOR SECURED NOTES (Details N

SENIOR SECURED NOTES (Details Narrative) - USD ($)	Apr. 25, 2016	Sep. 30, 2022
Mr. Ran [Member]
Short-Term Debt [Line Items]
Senior notes		$ 704,000
Ms. Kao [Member]
Short-Term Debt [Line Items]
Senior notes		$ 288,000
MBC Funding II Corp [Member]
Short-Term Debt [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.
Debt instrument collateral, percentage	120%
Common stock outstanding percentage	100%
MBC Funding II Corp [Member] | Change of Control [Member]
Short-Term Debt [Line Items]
Debt instrument redemption price percentage	101%
Senior Secured Notes [Member]
Short-Term Debt [Line Items]
Principal amount	$ 1,000
Senior Secured Notes [Member] | Indenture [Member] | MBC Funding II Corp [Member]
Short-Term Debt [Line Items]
Debt instrument interest rate	6%
Debt instrument principal amount	$ 6,000,000
Debt instrument maturity date	Apr. 25, 2016

STOCK_BASED COMPENSATION (Detai

STOCK–BASED COMPENSATION (Details Narrative) - USD ($)		9 Months Ended
	Sep. 09, 2011	Sep. 30, 2022	Sep. 30, 2021
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Share based compensation		$ 9,798	$ 9,798
Remaining shares of restricted stock, shares		1,000,000
Unrecognized stock-based compensation		$ 51,170
Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Fair value of restricted shares granted, shares	1,000,000
Fair value of restricted shares granted	$ 195,968
Fair value of restricted shares amortization period	15 years

SUBSEQUENT EVENT (Details Narra

SUBSEQUENT EVENT (Details Narrative) - USD ($)	Jul. 28, 2022	Sep. 30, 2022	Dec. 31, 2021
Subsequent Events [Abstract]
Cash dividend, per share	$ 0.125
Dividends payable	$ 1,436,868	$ 1,436,868	$ 1,436,868
Dividends payable, date to be paid	Oct. 17, 2022
Dividend payable record date	Oct. 11, 2022