Manhattan Bridge Capital (LOAN) 10-K 10 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 10, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
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, Address Line Two	Suite 205
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 Stock, par value $.001 per share
Trading Symbol	LOAN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 48,770,635
Entity Common Stock, Shares Outstanding		11,494,945
ICFR Auditor Attestation Flag	false
Auditor Firm ID	694
Auditor Name	Hoberman & Lesser, CPA’s LLP
Auditor Location	New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Assets
Loans receivable	$ 74,483,463	$ 65,715,364
Interest receivable on loans	1,363,502	955,443
Cash	103,540	142,546
Other assets	59,566	64,745
Operating lease right-of-use asset, net	262,222	317,080
Deferred financing costs, net	7,708	10,539
Total assets	76,280,001	67,205,717
Liabilities:
Line of credit	24,994,234	15,645,970
Senior secured notes (net of deferred financing costs of $247,155 and $322,241, respectively)	5,752,845	5,677,759
Deferred origination fees	669,128	580,461
Accounts payable and accrued expenses	289,868	154,169
Operating lease liability	273,485	324,248
Dividends payable	1,436,868	1,436,868
Total liabilities	33,416,428	23,819,475
Commitments and contingencies
Stockholders’ equity:
Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued
Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,494,945 outstanding	11,757	11,757
Additional paid-in capital	45,535,811	45,522,746
Treasury stock, at cost – 262,113 shares	(798,939)	(798,939)
Accumulated deficit	(1,885,056)	(1,349,322)
Total stockholders’ equity	42,863,573	43,386,242
Total liabilities and stockholders’ equity	$ 76,280,001	$ 67,205,717

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Senior secured notes, deferred financing costs	$ 247,155	$ 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 - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Interest income from loans	$ 6,772,889	$ 5,608,660
Origination fees	1,798,075	1,199,230
Total Revenue	8,570,964	6,807,890
Operating costs and expenses:
Interest and amortization of deferred financing costs	1,822,825	1,045,548
Referral fees	4,500	7,532
General and administrative expenses	1,549,251	1,348,838
Total operating costs and expenses	3,376,576	2,401,918
Income from operations	5,194,388	4,405,972
Other income	18,000	18,000
Income before income tax expense	5,212,388	4,423,972
Income tax expense	(650)	(647)
Net income	$ 5,211,738	$ 4,423,325
Basic and diluted net income per common share outstanding:
—Basic	$ 0.45	$ 0.42
—Diluted	$ 0.45	$ 0.42
Weighted average number of common shares outstanding
—Basic	11,494,945	10,524,055
—Diluted	11,494,945	10,524,055

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - 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
Public offering, net	$ 1,875	12,352,585			12,354,460
Public offering, net, shares	1,875,000
Non cash compensation		13,065			13,065
Dividends paid				(3,931,930)	(3,931,930)
Dividends declared and payable				(1,436,868)	(1,436,868)
Net income				4,423,325	4,423,325
Ending balance, value at Dec. 31, 2021	$ 11,757	45,522,746	$ (798,939)	(1,349,322)	43,386,242
Ending balance, shares at Dec. 31, 2021	11,757,058		262,113
Non cash compensation		13,065			13,065
Dividends paid				(4,310,604)	(4,310,604)
Dividends declared and payable				(1,436,868)	(1,436,868)
Net income				5,211,738	5,211,738
Ending balance, value at Dec. 31, 2022	$ 11,757	$ 45,535,811	$ (798,939)	$ (1,885,056)	$ 42,863,573
Ending balance, shares at Dec. 31, 2022	11,757,058		262,113

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income		$ 5,211,738	$ 4,423,325
Adjustments to reconcile net income to net cash provided by operating activities -
Amortization of deferred financing costs		113,736	87,353
Depreciation		2,307	2,265
Non cash compensation expense		13,065	13,065
Adjustment to operating lease right-of-use asset and liability		4,096	3,960
Changes in operating assets and liabilities
Interest receivable on loans		(408,059)	(128,207)
Other assets		5,742	(443)
Accounts payable and accrued expenses		135,699	(14,771)
Deferred origination fees		88,667	212,823
Net cash provided by operating activities		5,166,991	4,599,370
Cash flows from investing activities:
Issuance of short term loans		(60,915,596)	(49,267,892)
Collections received from loans		52,147,497	41,650,498
Purchase of fixed assets		(2,871)
Net cash used in investing activities		(8,770,970)	(7,617,394)
Cash flows from financing activities:
Proceeds from public offering, net			12,354,460
Proceeds from (repayment of) line of credit, net		9,348,264	(4,662,903)
Dividends paid		(5,747,472)	(4,990,124)
Deferred financing costs incurred		(35,819)
Net cash provided by financing activities		3,564,973	2,701,433
Net decrease in cash and restricted cash		(39,006)	(316,591)
Cash and restricted cash, beginning of year	[1]	142,546	459,137
Cash, end of year		103,540	142,546	[1]
Supplemental Cash Flow Information:
Taxes paid during the year		650	647
Interest paid during the year		1,581,935	982,491
Operating leases paid during the year		63,621	63,481
Supplemental Information – Noncash Information:
Dividend declared and payable		$ 1,436,868	$ 1,436,868
[1]At January 1, 2021, cash and restricted cash included $ 327,483

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical)	Jan. 01, 2021 USD ($)
Statement of Cash Flows [Abstract]
Restricted cash	$ 327,483

The Company

The Company	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	1. The Company Manhattan Bridge Capital, Inc. (“MBC”) and its wholly-owned subsidiary, MBC Funding II Corp. (“MBC Funding”) (collectively 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 in the New York metropolitan area, including New Jersey and Connecticut, and in Florida.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
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 subsidiary, MBC Funding. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. 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. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and short term commercial loans. The Company maintains its cash 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 real estate investors and related interest receivable are described in Note 4. Allowance for Credit Losses Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326)”. The ASU introduced a new credit loss methodology, Current Expected Credit Losses (“CECL”), which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The CECL methodology utilizes a lifetime “expected credit loss” methodology for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This method replaces the multiple existing impairment methods in current U.S. GAAP, which generally require a loss be incurred before it is recognized. The Company estimates its CECL reserve primarily using the Weighted Average Remaining Maturity (“WARM”) method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in the Financial Accounting Standards Board (“FASB”) Staff Q&A Topic 326, No.1. The WARM method requires reference to historic loss data taking into consideration expected economic conditions over the relevant timeframe. The Company applies the WARM method for the majority of its loan portfolio, which loans share similar risk characteristics. Application of the WARM method to estimate a CECL reserve requires judgment, including (i) the appropriate historical loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current credit quality of the Company’s loan portfolio and expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to the Company’s portfolio, the Company reviews its historical loan performance, which includes zero realized principal losses since the inception of our business. In addition, the Company reviews each loan on a quarterly basis and evaluates the borrower’s ability to pay the monthly interest, the borrower’s likelihood of executing the original exit strategy, as well as the loan-to-value ratio. Based on these analyses, as of December 31, 2022 and 2021, no allowance for credit losses is required. Failure to properly measure an allowance for credit losses could result in the overstatement of earnings and the carrying value of the loans receivable. Actual losses, if any, could differ significantly from estimated amounts. Accrued interest receivable on loans receivable is excluded from the estimate of credit losses. Income Taxes The Company follows Accounting Standards Codification (“ASC”) 740-10, “Accounting for Uncertainty in Income Taxes” (“ASC 740”), 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, 2022 and 2021, the Company has no material uncertain tax positions to be accounted for in the consolidated 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 (“REIT”) for federal income tax purposes. 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 10 Revenue Recognition 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 consolidated balance sheet as a direct reduction from the related debt liability rather than an asset, in accordance with 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. The amortization of loan costs are included in interest and amortization of deferred financing costs in the accompanying consolidated statements of operations. Deferred financing costs in connection with the Company’s 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”), which established the Company’s credit line (the “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 includes 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. There were no outstanding stock options or warrants at December 31, 2022 and 2021. Stock-Based Compensation The Company measured and recognized 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” (“ASC 718”), 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 the line of credit, 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 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	12 Months Ended
	Dec. 31, 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 Company’s Webster Credit Line established pursuant to the Amended and Restated Credit Agreement (see Note 5).

Commercial Loans

Commercial Loans	12 Months Ended
	Dec. 31, 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 For the years ended December 31, 2022 and 2021, the total amounts of $ 60,915,596 49,267,892 52,147,497 41,650,498 40,000 3,300,000 (i) 9.9% of the aggregate amount of our loan portfolio (not including the loan under consideration) and (ii) $3.5 million. 9 12 0 2 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, 2022, the Company was committed to $ 8,580,822 At December 31, 2022 and 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 December 31, 2022 and 2021: Schedule of Credit Risk Performing loans Developers- Residential Developers- Commercial Developers- Mixed Use Total outstanding loans December 31, 2022 $ 62,264,463 $ 9,300,000 $ 2,919,000 $ 74,483,463 December 31, 2021 $ 57,432,364 $ 5,819,000 $ 2,464,000 $ 65,715,364 At December 31, 2022, the Company’s loans receivable consisted of loans in the amount of $ 46,678 500,000 749,391 3,230,250 6,515,000 19,802,356 367,500 1,052,400 170,000 2,536,883 5,800,250 16,087,931 Generally, borrowers are paying their interest, and the Company receives a fee in connection with the extension of the loans. All loans originally due on or before December 31, 2022 are extended with agreements. Accordingly, at December 31, 2022, no loan impairments exist and there are no provisions for impairments of loans or recoveries thereof. Subsequent to the balance sheet date, the Company determined to, and sold, one of its loans receivable to a third-party investor at its face value of $ 485,000 152,000 11,939,000 7,360,000 December 31, 2022

Line of Credit

Line of Credit	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Line of Credit	5. Line of Credit The Company is a party to the Amended and Restated Credit and Security Agreement with Webster, Flushing Bank and Mizrahi (the “Lenders”), which provides for the Webster Credit Line. Currently, the Webster Credit Line provides the Company with a credit line of $ 32.5 As of December 31, 2022, the interest rates relating to the Webster Credit Line equaled (i) LIBOR plus a premium, which rate aggregated approximately 8.39 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. On March 7, 2022, the Company entered into a waiver agreement, 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 agreement also provided an amount of $ 700,000 On April 25, 2022, the Company entered into an amendment, with respect to the Amended and Restated Credit Agreement with the Lenders and Mr. Ran, as guarantor, to increase the limit on individual loans as well as the concentration of any mortgagor (together with guarantors and other related entities and affiliates), and also permit the Company to originate loans in the state of Florida in any county south of, and including, Palm Beach and Lee counties, in an amount up to $ 4.875 On January 31, 2023, the Company entered into another amendment, effective as of January 2, 2023, with respect to the Amended and Restated Credit Agreement with the lenders and Mr. Ran, as guarantor, to (i) extend the maturity date of the credit line by three years to February 28, 2026; (ii) transition the applicable benchmark from LIBOR to Secured Overnight Financing Rate Data (“SOFR”) and adjust the applicable margin with respect to Base Rate Loans and SOFR Loans; (iii) update the required calculation with respect to the fixed charge coverage ratio covenant; (iv) further increase the limit on individual loans and the concentration of any mortgagor (together with guarantors and other related entities and affiliates); and (v) eliminate the requirement to pledge additional mortgage loans as collateral for the credit line. In addition, the terms of the personal guaranty provided by Mr. Ran were amended such that the potential sums owed under such guaranty will not exceed the sum of $ 1,000,000 The costs to establish and amend the Webster Credit Line are being amortized over the term of the respective agreement, using the straight-line method. The amortization costs for the years ended December 31, 2022 and 2021 were $ 39,583 12,268 The Company was in compliance with all covenants of the Webster Credit Line, as amended, as of December 31, 2022. At December 31, 2022, the outstanding amount under the Amended Credit Agreement was $ 24,994,234 0.5 8.39

Senior Secured Notes

Senior Secured Notes	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Senior Secured Notes	6. Senior Secured Notes On April 25, 2016, in an initial public offering, MBC Funding 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, together with MBC Funding’s cash on hand, must always equal at least 120 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. No Notes were redeemed by MBC Funding as of December 31, 2022. Each Noteholder had the right to cause MBC Funding to redeem his, her or its Notes on April 22, 2021 by notifying MBC Funding 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 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 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 December 31, 2022, each of Mr. Ran and Ms. Kao own an aggregate of $ 704,000 288,000

Simple IRA Plan

Simple IRA Plan	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Simple IRA Plan	7. Simple IRA Plan On October 26, 2000, the board of directors approved a Simple IRA Plan (the “IRA Plan”) to attract and retain valuable executives. The IRA Plan allows for participation by up to 100 18,985 15,123

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	8. Stock-Based Compensation Stock based compensation expense recognized under ASC 718 of $ 13,065 1,000,000 195,968 15 1,000,000 47,904

Public Offering

Public Offering	12 Months Ended
	Dec. 31, 2022
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

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Operating Leases On October 27, 2020, the Company amended its existing lease (the “Lease Amendment”) for its corporate headquarters located at 60 Cutter Mill Road, Great Neck, New York, to expand the office premises and to extend the term of the lease through November 30, 2027 the Lease Amendment provides for gradual rent increases from approximately $ 4,500 5,100 At December 31, 2022, approximate future minimum lease payments, including mandatory fixed electricity charges, are as follows: Schedule of Future Minimum Lease Payments 2023 $ 63,326 2024 61,526 2025 60,926 2026 60,926 2027 55,848 Total minimum lease payments 302,552 Less: amount representing interest (29,067 ) Present Value of Net Minimum Lease Payments $ 273,485 At December 31, 2022, our operating lease had a weighted-average remaining lease term of 4.88 4.16 Rent expense, including fixed electricity charges and variable real estate taxes, in each of the years 2022 and 2021 was approximately $ 63,000 Employment Agreements In March 1999, the Company entered into an employment agreement with Mr. Ran, pursuant to which: (i) Mr. Ran’s employment term renews automatically on June 30 th th In June 2022, the Compensation Committee approved an increase of Mr. Ran’s annual base salary from $ 305,000 350,000 76,250 329,231 228,750

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
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 subsidiary, 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 accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. 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.
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 short term commercial loans. The Company maintains its cash 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 real estate investors and related interest receivable are described in Note 4.
Allowance for Credit Losses	Allowance for Credit Losses Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326)”. The ASU introduced a new credit loss methodology, Current Expected Credit Losses (“CECL”), which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The CECL methodology utilizes a lifetime “expected credit loss” methodology for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This method replaces the multiple existing impairment methods in current U.S. GAAP, which generally require a loss be incurred before it is recognized. The Company estimates its CECL reserve primarily using the Weighted Average Remaining Maturity (“WARM”) method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in the Financial Accounting Standards Board (“FASB”) Staff Q&A Topic 326, No.1. The WARM method requires reference to historic loss data taking into consideration expected economic conditions over the relevant timeframe. The Company applies the WARM method for the majority of its loan portfolio, which loans share similar risk characteristics. Application of the WARM method to estimate a CECL reserve requires judgment, including (i) the appropriate historical loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current credit quality of the Company’s loan portfolio and expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to the Company’s portfolio, the Company reviews its historical loan performance, which includes zero realized principal losses since the inception of our business. In addition, the Company reviews each loan on a quarterly basis and evaluates the borrower’s ability to pay the monthly interest, the borrower’s likelihood of executing the original exit strategy, as well as the loan-to-value ratio. Based on these analyses, as of December 31, 2022 and 2021, no allowance for credit losses is required. Failure to properly measure an allowance for credit losses could result in the overstatement of earnings and the carrying value of the loans receivable. Actual losses, if any, could differ significantly from estimated amounts. Accrued interest receivable on loans receivable is excluded from the estimate of credit losses.
Income Taxes	Income Taxes The Company follows Accounting Standards Codification (“ASC”) 740-10, “Accounting for Uncertainty in Income Taxes” (“ASC 740”), 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, 2022 and 2021, the Company has no material uncertain tax positions to be accounted for in the consolidated 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 (“REIT”) for federal income tax purposes. 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 10
Revenue Recognition	Revenue Recognition 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 consolidated balance sheet as a direct reduction from the related debt liability rather than an asset, in accordance with 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. The amortization of loan costs are included in interest and amortization of deferred financing costs in the accompanying consolidated statements of operations. Deferred financing costs in connection with the Company’s 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”), which established the Company’s credit line (the “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 includes 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. There were no outstanding stock options or warrants at December 31, 2022 and 2021.
Stock-Based Compensation	Stock-Based Compensation The Company measured and recognized 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” (“ASC 718”), 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 the line of credit, 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 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.

Commercial Loans (Tables)

Commercial Loans (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Schedule of Credit Risk	Credit risk profile based on loan activity as of December 31, 2022 and 2021: Schedule of Credit Risk Performing loans Developers- Residential Developers- Commercial Developers- Mixed Use Total outstanding loans December 31, 2022 $ 62,264,463 $ 9,300,000 $ 2,919,000 $ 74,483,463 December 31, 2021 $ 57,432,364 $ 5,819,000 $ 2,464,000 $ 65,715,364

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments	At December 31, 2022, approximate future minimum lease payments, including mandatory fixed electricity charges, are as follows: Schedule of Future Minimum Lease Payments 2023 $ 63,326 2024 61,526 2025 60,926 2026 60,926 2027 55,848 Total minimum lease payments 302,552 Less: amount representing interest (29,067 ) Present Value of Net Minimum Lease Payments $ 273,485

Significant Accounting Polici_3

Significant Accounting Policies (Details Narrative)	12 Months Ended
	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Cash, FDIC insured amount	$ 250,000
Reit percentage of income tax	90%
Reit remaining percentage of income tax	10%

Schedule of Credit Risk (Detail

Schedule of Credit Risk (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total outstanding loans	$ 74,483,463	$ 65,715,364
Developers-Residential [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total outstanding loans	62,264,463	57,432,364
Developers-Commercial [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total outstanding loans	9,300,000	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 ($)		12 Months Ended
	Mar. 10, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan term		1 year
Loan lent amount		$ 60,915,596	$ 49,267,892
Proceeds from collection of notes receivable		$ 52,147,497	41,650,498
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) $3.5 million.
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 (as determined by an independent appraiser), and in the case of construction financing, up to 80% of construction costs.
Subsequent Event [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from collection of notes receivable	$ 11,939,000
Proceeds fom sale of notes receivable	$ 485,000
Debt maturity date	Dec. 31, 2022
Subsequent Event [Member] | Assaf Ran [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds fom sale of notes receivable	$ 152,000
Originally Due In 2016 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable		$ 46,678	367,500
Originally Due in 2017 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable		500,000	1,052,400
Originally Due In 2019 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable		749,391	2,536,883
Originally Due in 2020 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable		3,230,250	5,800,250
Originally Due In 2021 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable		6,515,000	16,087,931
Originally Due In 2022 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable		19,802,356
Originally Due in 2018 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			$ 170,000
Originally Due in or Before 2021 [Member] | Subsequent Event [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from collection of notes receivable	$ 7,360,000
Construction Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amount committed in construction loans		$ 8,580,822
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable fixed rates of interest		9%
Origination fees ,percentage of principal amount of the loan		0%
Minimum [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan outstanding percentage		10%	10%
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable fixed rates of interest		12%
Origination fees ,percentage of principal amount of the loan		2%
Historical Value [Member] | Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, face amount		$ 40,000
Historical Value [Member] | Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, face amount		$ 3,300,000

Line of Credit (Details Narrati

Line of Credit (Details Narrative) - USD ($)		3 Months Ended	12 Months Ended
	Jul. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2023	Apr. 25, 2022
Debt Instrument [Line Items]
Line of credit outstanding amount			$ 24,994,234
Debt agency fee rate			0.50%
Interest rate percentage			8.39%
Amended and Restated Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Originate loans amount						$ 4,875,000
Consent and Amendment Letter Amended Agreement [Member]
Debt Instrument [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.
Waiver Agreement [Member]
Debt Instrument [Line Items]
Payment on dividends		$ 700,000
Webster Credit Line [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 32,500,000
Line of credit facility, interest rate description			the interest rates relating to the Webster Credit Line equaled (i) LIBOR plus a premium, which rate aggregated approximately 8.39%, including a 0.5% agency fee, 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.
Line of credit facility, interest rate			2.25%
Percentage of agency fee			0.50%
Amortization of financing costs			$ 39,583	$ 12,268
Webster Credit Line [Member] | Amended and Restated Credit Agreement [Member]
Debt Instrument [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]
Debt Instrument [Line Items]
Debt guaranteed amount			$ 500,000
Webster Credit Line [Member] | Amended and Restated Credit Agreement [Member] | Mr. Ran [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt guaranteed amount					$ 1,000,000
Webster Credit Line [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate			8.39%
Percentage of agency fee			0.50%

Senior Secured Notes (Details N

Senior Secured Notes (Details Narrative) - USD ($)	Apr. 25, 2016	Dec. 31, 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, 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]
Short-Term Debt [Line Items]
Debt instrument, redemption price, percentage	101%
Senior Secured Notes [Member]
Short-Term Debt [Line Items]
Principal amount of each note	$ 1,000
Debt instrument collateral, percentage	120%
Senior Secured Notes [Member] | Indenture [Member]
Short-Term Debt [Line Items]
Debt instrument interest rate	6%
Debt instrument maturity date	Apr. 22, 2026
Debt instrument face amount	$ 6,000,000

Simple IRA Plan (Details Narrat

Simple IRA Plan (Details Narrative) - IRA Plan [Member]	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 26, 2000 Integer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Defined contribution plan, number of employees covered | Integer			100
Defined contribution plan, employer matching contribution amount | $	$ 18,985	$ 15,123

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($)		12 Months Ended
	Sep. 09, 2011	Dec. 31, 2022	Dec. 31, 2021
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Share based compensation		$ 13,065	$ 13,065
Remaining shares of restricted stock, shares		1,000,000
Unrecognized stock-based compensation		$ 47,904
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

Public Offering (Details Narrat

Public Offering (Details Narrative) - USD ($)		1 Months Ended	12 Months Ended
	Jul. 09, 2021	Aug. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Gross proceeds from offering				$ 12,354,460
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock issued, shares	1,875,000
Shares issued price per share	$ 7.20
Gross proceeds from offering	$ 13,500,000
Net proceeds from offering	$ 12,354,000
Over-Allotment Option [Member] | Underwriters [Member] | Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock expired unexercised		$ 281,250

Schedule of Future Minimum Leas

Schedule of Future Minimum Lease Payments (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2023	$ 63,326
2024	61,526
2025	60,926
2026	60,926
2027	55,848
Total minimum lease payments	302,552
Less: amount representing interest	(29,067)
Present Value of Net Minimum Lease Payments	$ 273,485	$ 324,248

Commitments and Contingencies_2

Commitments and Contingencies (Details Narrative) - USD ($)		1 Months Ended		12 Months Ended
	Oct. 27, 2020	Jun. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Operating lease term of lease	extend the term of the lease through November 30, 2027
Operating lease rent, description	the Lease Amendment provides for gradual rent increases from approximately $4,500 per month during the first three years to $5,100 per month during the last year of the extension term.
Operating lease periodic rent expenses				$ 63,000	$ 63,000
Operating lease, remaining lease term				4 years 10 months 17 days
Operating lease weighted average discount rate percent				4.16%
Mr. Ran [Member]
Loss Contingencies [Line Items]
Officers' compensation				$ 329,231	$ 228,750
November and December 2019 [Member] | Mr. Ran [Member] | Employment Agreement [Member]
Loss Contingencies [Line Items]
Officers' compensation waived			$ 76,250
Minimum [Member]
Loss Contingencies [Line Items]
Officers base salary, minimum		$ 305,000
Minimum [Member] | First Three Year [Member]
Loss Contingencies [Line Items]
Operating lease periodic rent expenses	$ 4,500
Maximum [Member]
Loss Contingencies [Line Items]
Officers base salary, minimum		$ 350,000
Maximum [Member] | Last Year [Member]
Loss Contingencies [Line Items]
Operating lease periodic rent expenses	$ 5,100