Manhattan Bridge Capital (LOAN) 10-Q 20 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 20, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
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		11,461,585

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Assets
Loans receivable	$ 69,811,335	$ 74,483,463
Interest receivable on loans	1,274,288	1,363,502
Cash	248,874	103,540
Other assets	134,819	59,566
Operating lease right-of-use asset, net	234,793	262,222
Deferred financing costs, net	33,948	7,708
Total assets	71,738,057	76,280,001
Liabilities:
Line of credit	20,670,721	24,994,234
Senior secured notes (net of deferred financing costs of $209,614 and $247,155, respectively)	5,790,386	5,752,845
Deferred origination fees	686,981	669,128
Accounts payable and accrued expenses	231,736	289,868
Operating lease liability	247,287	273,485
Loan holdback	17,500
Dividends payable	1,289,428	1,436,868
Total liabilities	28,934,039	33,416,428
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; 11,461,585 and 11,494,945 outstanding, respectively	11,757	11,757
Additional paid-in capital	45,542,343	45,535,811
Treasury stock, at cost – 295,473 and 262,113 shares, respectively	(963,745)	(798,939)
Accumulated deficit	(1,786,337)	(1,885,056)
Total stockholders’ equity	42,804,018	42,863,573
Total liabilities and stockholders’ equity	$ 71,738,057	$ 76,280,001

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Senior secured notes, deferred financing costs	$ 209,614	$ 247,155
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	11,461,585	11,494,945
Treasury stock, shares	295,473	262,113

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Interest income from loans	$ 1,942,527	$ 1,612,308	$ 3,896,349	$ 3,256,097
Origination fees	456,835	504,455	900,806	975,726
Total revenue	2,399,362	2,116,763	4,797,155	4,231,823
Operating costs and expenses:
Interest and amortization of deferred financing costs	595,427	376,383	1,241,690	708,236
Referral fees	1,000	1,958	1,292	3,320
General and administrative expenses	400,979	386,238	897,075	747,726
Total operating costs and expenses	997,406	764,579	2,140,057	1,459,282
Income from operations	1,401,956	1,352,184	2,657,098	2,772,541
Other income	20,380	4,500	24,880	9,000
Income before income tax expense	1,422,336	1,356,684	2,681,978	2,781,541
Income tax expense	(650)	(650)	(650)	(650)
Net income	$ 1,421,686	$ 1,356,034	$ 2,681,328	$ 2,780,891
Basic and diluted net income per common share outstanding:
—Basic	$ 0.12	$ 0.12	$ 0.23	$ 0.24
—Diluted	$ 0.12	$ 0.12	$ 0.23	$ 0.24
Weighted average number of common shares outstanding:
—Basic	11,475,406	11,494,945	11,485,116	11,494,945
—Diluted	11,475,406	11,494,945	11,485,116	11,494,945

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021	$ 11,757	$ 45,522,746	$ (798,939)	$ (1,349,322)	$ 43,386,242
Balance, shares at Dec. 31, 2021	11,757,058		262,113
Non - cash compensation		6,532			6,532
Dividends declared and payable				(1,436,868)	(1,436,868)
Net income				2,780,891	2,780,891
Dividends paid				(1,436,868)	(1,436,868)
Balance at Jun. 30, 2022	$ 11,757	45,529,278	$ (798,939)	(1,442,167)	43,299,929
Balance, shares at Jun. 30, 2022	11,757,058		262,113
Balance at Mar. 31, 2022	$ 11,757	45,526,012	$ (798,939)	(1,361,333)	43,377,497
Balance, shares at Mar. 31, 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				1,356,034	1,356,034
Balance at Jun. 30, 2022	$ 11,757	45,529,278	$ (798,939)	(1,442,167)	43,299,929
Balance, shares at Jun. 30, 2022	11,757,058		262,113
Balance at Dec. 31, 2022	$ 11,757	45,535,811	$ (798,939)	(1,885,056)	42,863,573
Balance, shares at Dec. 31, 2022	11,757,058		262,113
Purchase of treasury shares			$ (164,806)		(164,806)
Purchase of treasury stock, shares			33,360
Non - cash compensation		6,532			6,532
Dividends declared and payable				(1,289,428)	(1,289,428)
Net income				2,681,328	2,681,328
Dividends paid				(1,293,181)	(1,293,181)
Balance at Jun. 30, 2023	$ 11,757	45,542,343	$ (963,745)	(1,786,337)	42,804,018
Balance, shares at Jun. 30, 2023	11,757,058		295,473
Balance at Mar. 31, 2023	$ 11,757	45,539,077	$ (798,939)	(1,918,595)	42,833,300
Balance, shares at Mar. 31, 2023	11,757,058		262,113
Purchase of treasury shares			$ (164,806)		(164,806)
Purchase of treasury stock, shares			33,360
Non - cash compensation		3,266			3,266
Dividends declared and payable				(1,289,428)	(1,289,428)
Net income				1,421,686	1,421,686
Balance at Jun. 30, 2023	$ 11,757	$ 45,542,343	$ (963,745)	$ (1,786,337)	$ 42,804,018
Balance, shares at Jun. 30, 2023	11,757,058		295,473

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 2,681,328	$ 2,780,891
Adjustments to reconcile net income to net cash provided by operating activities -
Amortization of deferred financing costs	49,494	53,999
Adjustment to operating lease right-of-use asset and liability	1,230	2,316
Depreciation	1,946	972
Non-cash compensation expense	6,532	6,532
Changes in operating assets and liabilities:
Interest receivable on loans	89,214	(96,889)
Other assets	(72,115)	(63,871)
Accounts payable and accrued expenses	(58,132)	31,151
Deferred origination fees	17,853	132,166
Net cash provided by operating activities	2,717,350	2,847,267
Cash flows from investing activities:
Issuance of short term loans	(28,122,249)	(37,953,007)
Collections received from loans	32,811,877	34,364,708
Purchase of fixed assets	(5,085)	(1,893)
Net cash provided by (used in) investing activities	4,684,543	(3,590,192)
Cash flows from financing activities:
(Repayment of) proceeds from line of credit, net	(4,323,513)	3,627,556
Dividends paid	(2,730,049)	(2,873,736)
Purchase of treasury shares	(164,806)
Deferred financing costs incurred	(38,191)	(35,819)
Net cash (used in) provided by financing activities	(7,256,559)	718,001
Net increase (decrease) in cash	145,334	(24,924)
Cash, beginning of year	103,540	142,546
Cash, end of period	248,874	117,622
Supplemental Cash Flow Information:
Taxes paid during the period	650	650
Interest paid during the period	1,215,297	608,902
Operating leases paid during the period	31,863	31,786
Supplemental Information – Noncash Information:
Dividend declared and payable	1,289,428	1,436,868
Loan holdback relating to mortgage receivable	$ 17,500

THE COMPANY

THE COMPANY	6 Months Ended
	Jun. 30, 2023
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, 2022 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	6 Months Ended
	Jun. 30, 2023
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.

COMMERCIAL LOANS

COMMERCIAL LOANS	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
COMMERCIAL LOANS	3. 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 June 30, 2023, the Company was committed to $ 8,388,975 At June 30, 2023, no entity had 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 June 30, 2023 and December 31, 2022: SCHEDULE OF CREDIT RISK Performing loans Developers-Residential Developers-Commercial Developers-Mixed Use Total outstanding loans June 30, 2023 $ 58,112,335 $ 10,230,000 $ 1,469,000 $ 69,811,335 December 31, 2022 $ 62,264,463 $ 9,300,000 $ 2,919,000 $ 74,483,463 At June 30, 2023, the Company’s loans receivable consisted of loans in the amount of $ 40,160 755,636 2,635,250 2,356,000 12,435,000 15,429,000 Generally, borrowers are paying their interest, and the Company receives a fee in connection with the extension of the loans. In all instances, except as described below, the borrower has either signed an extension agreement or are in the process of signing the extension. Accordingly, at June 30, 2023, no loan impairments exist and there are no provisions for impairments of loans or recoveries thereof. During February 2023, 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 Subsequent to the balance sheet date, $ 2,187,000 152,000

LINE OF CREDIT

LINE OF CREDIT	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
LINE OF CREDIT	4. LINE OF CREDIT The Company executed an Amended and Restated Credit and Security Agreement (as amended on January 31, 2023, 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 The interest rates relating to the Webster Credit Line equal (i) the Secured Overnight Financing Rate (“SOFR”) plus a premium, which rate aggregated approximately 8.7% 0.5% 2.00% 0.5% The Webster Credit Line contains various covenants and restrictions including, among other covenants and restrictions, limiting the amount that the Company can borrow relative to the value of the underlying collateral, maintaining various financial ratios and limitations on the terms of loans the Company makes to its customers, limiting the Company’s ability to pay dividends under certain circumstances, and limiting the Company’s ability to repurchase its common shares, sell assets, engage in mergers or consolidations, grant liens, and enter into transactions with affiliates. In addition, the Webster Credit Line contains a cross default provision which will deem any default under any indebtedness owed by us or our subsidiary, MBC Funding II, as a default under the credit line. 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. 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 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 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 Company was in compliance with all covenants of the Webster Credit Line, as amended, as of June 30, 2023. At June 30, 2023, the outstanding amount under the Amended Credit Agreement was $ 20,670,721 0.5% 8.7%

SENIOR SECURED NOTES

SENIOR SECURED NOTES	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
SENIOR SECURED NOTES	5. 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. 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 June 30, 2023. 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 June 30, 2023, each of Mr. Ran and Ms. Kao own an aggregate of $ 704,000 288,000

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	6. STOCKHOLDERS’ EQUITY On April 11, 2023, the Company’s Board of Directors authorized a share buy back program, pursuant to which the Company may, from time to time, purchase up to 100,000 33,360 165,000

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2023
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.

STOCK _ BASED COMPENSATION

STOCK – BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
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 three-month periods ended June 30, 2023 and 2022 of $ 3,266 6,532 1,000,000 195,968 15 1,000,000 41,371

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENT	9. SUBSEQUENT EVENT In accordance with the dividend declared by the Company’s Board of Directors on April 17, 2023, a cash dividend of $ 0.1125 1,289,428 July 17, 2023 July 10, 2023

COMMERCIAL LOANS (Tables)

COMMERCIAL LOANS (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
SCHEDULE OF CREDIT RISK	Credit risk profile based on loan activity as of June 30, 2023 and December 31, 2022: SCHEDULE OF CREDIT RISK Performing loans Developers-Residential Developers-Commercial Developers-Mixed Use Total outstanding loans June 30, 2023 $ 58,112,335 $ 10,230,000 $ 1,469,000 $ 69,811,335 December 31, 2022 $ 62,264,463 $ 9,300,000 $ 2,919,000 $ 74,483,463

SCHEDULE OF CREDIT RISK (Detail

SCHEDULE OF CREDIT RISK (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding loans	$ 69,811,335	$ 74,483,463
Developers-Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding loans	58,112,335	62,264,463
Developers-Commercial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding loans	10,230,000	9,300,000
Developers-Mixed Used [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding loans	$ 1,469,000	$ 2,919,000

COMMERCIAL LOANS (Details Narra

COMMERCIAL LOANS (Details Narrative) - USD ($)	1 Months Ended		6 Months Ended
	Jul. 20, 2023	Feb. 28, 2023	Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan term			1 year
Proceeds fom sale of notes receivable		$ 485,000
Subsequent Event [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment for loans receivable	$ 2,187,000
Subsequent Event [Member] | Due in or Before 2022 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment for loans receivable	$ 152,000
Assaf Ran [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Related-party transactions		$ 152,000
Originally Due in 2016 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			$ 40,160
Originally Due in 2019 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			755,636
Originally Due in 2020 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			2,635,250
Originally Due in 2021 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			2,356,000
Originally Due in 2022 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			12,435,000
Originally Due in the Second Quarter of 2023 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			15,429,000
Construction Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amount committed in construction loans			$ 8,388,975
Loan outstanding percentage			10%

LINE OF CREDIT (Details Narrati

LINE OF CREDIT (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jan. 31, 2023
Line of Credit Facility [Line Items]
Debt agency fee rate	0.50%
Line of credit outstanding amount	$ 20,670,721
Interest rate percentage	8.70%
Webster Credit Line [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 32,500,000
Line of credit facility, interest rate description	The interest rates relating to the Webster Credit Line equal (i) the Secured Overnight Financing Rate (“SOFR”) plus a premium, which rate aggregated approximately 8.7%, including a 0.5% agency fee, as of June 30, 2023, or (ii) a Base Rate (as defined in the Amended and Restated Credit Agreement) plus 2.00% and a 0.5% agency fee, as chosen by the Company for each drawdown.
Line of credit facility, interest rate at period end	2%
Debt agency fee rate	0.50%
Mortgage notes receivable, description	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
Webster Credit Line [Member] | Mr. Ran [Member] | Amended and Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Debt guaranteed amount		$ 1,000,000
Webster Credit Line [Member] | Secured Overnight Financing Rate [Member]
Line of Credit Facility [Line Items]
Line of credit facility, interest rate at period end	8.70%
Debt agency fee rate	0.50%

SENIOR SECURED NOTES (Details N

SENIOR SECURED NOTES (Details Narrative) - USD ($)	Apr. 25, 2016	Jun. 30, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Secured notes		$ 5,790,386	$ 5,752,845
Mr. Ran [Member]
Short-Term Debt [Line Items]
Secured notes		704,000
Mr. Kao [Member]
Short-Term Debt [Line Items]
Secured 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 of each note	$ 1,000
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 principal amount	$ 6,000,000

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - Shares Buy Back Program [Member] - USD ($)	Jun. 30, 2023	Apr. 11, 2023
Equity, Class of Treasury Stock [Line Items]
Shares repurchased	33,360
Aggregate cost	$ 165,000
Director [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased		100,000

STOCK _ BASED COMPENSATION (Det

STOCK – BASED COMPENSATION (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended
	Sep. 09, 2011	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Share based compensation		$ 3,266	$ 3,266	$ 6,532	$ 6,532
Remaining shares of restricted stock, shares				1,000,000
Unrecognized stock-based compensation		$ 41,371		$ 41,371
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 ($)	Apr. 17, 2023	Jun. 30, 2023	Dec. 31, 2022
Subsequent Events [Abstract]
Cash dividend, per share	$ 0.1125
Dividend payable value	$ 1,289,428	$ 1,289,428	$ 1,436,868
Dividends payable, date to be paid	Jul. 17, 2023
Dividend payable record date	Jul. 10, 2023