Manhattan Bridge Capital (LOAN) 10-Q 22 Jul 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 22, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
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		11,438,651

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Assets
Loans receivable	$ 66,859,733	$ 73,048,403
Interest and other fees receivable on loans	1,488,784	1,395,905
Cash	105,929	104,222
Cash - restricted		1,587,773
Other assets	134,321	63,636
Right-of-use asset - operating lease, net	180,446	207,364
Deferred financing costs, net	23,101	27,583
Total assets	68,792,314	76,434,886
Liabilities:
Line of credit	17,345,510	25,152,338
Senior secured notes (net of deferred financing costs of $134,528 and $172,069, respectively)	5,865,472	5,827,931
Deferred origination fees	646,027	719,019
Accounts payable and accrued expenses	242,248	295,292
Operating lease liability	193,800	220,527
Dividends payable	1,315,445	1,287,073
Total liabilities	25,608,502	33,502,180
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; 11,438,651 and 11,440,651 outstanding, respectively	11,757	11,757
Additional paid-in capital	45,555,408	45,548,876
Less: Treasury stock, at cost – 318,407 and 316,407 shares, respectively	(1,070,406)	(1,060,606)
Accumulated deficit	(1,312,947)	(1,567,321)
Total stockholders’ equity	43,183,812	42,932,706
Total liabilities and stockholders’ equity	$ 68,792,314	$ 76,434,886

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Senior secured notes, deferred financing costs	$ 134,528	$ 172,069
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	11,438,651	11,440,651
Treasury stock, shares	318,407	316,407

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Interest income from loans	$ 2,032,687	$ 1,942,527	$ 4,175,174	$ 3,896,349
Origination fees	410,528	456,835	841,119	900,806
Total revenue	2,443,215	2,399,362	5,016,293	4,797,155
Operating costs and expenses:
Interest and amortization of deferred financing costs	603,230	595,427	1,293,819	1,241,690
Referral fees	500	1,000	1,000	1,292
General and administrative expenses	434,282	400,979	844,560	897,075
Total operating costs and expenses	1,038,012	997,406	2,139,379	2,140,057
Income from operations	1,405,203	1,401,956	2,876,914	2,657,098
Other income	4,500	20,380	9,000	24,880
Income before income tax expense	1,409,703	1,422,336	2,885,914	2,681,978
Income tax expense	(650)	(650)	(650)	(650)
Net income	$ 1,409,053	$ 1,421,686	$ 2,885,264	$ 2,681,328
Basic and diluted net income per common share outstanding:
—Basic	$ 0.12	$ 0.12	$ 0.25	$ 0.23
—Diluted	$ 0.12	$ 0.12	$ 0.25	$ 0.23
Weighted average number of common shares outstanding:
—Basic	11,438,651	11,475,406	11,438,662	11,485,116
—Diluted	11,438,651	11,475,406	11,438,662	11,485,116

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, 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
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
Purchase of treasury shares			$ (164,806)		(164,806)
Purchase of treasury stock, shares			33,360
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
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
Purchase of treasury shares			$ (164,806)		(164,806)
Purchase of treasury stock, shares			33,360
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 Dec. 31, 2023	$ 11,757	45,548,876	$ (1,060,606)	(1,567,321)	42,932,706
Balance, shares at Dec. 31, 2023	11,757,058		316,407
Non - cash compensation		6,532			6,532
Dividends declared and payable				(1,315,445)	(1,315,445)
Net income				2,885,264	2,885,264
Purchase of treasury shares			$ (9,800)		(9,800)
Purchase of treasury stock, shares			2,000
Dividends paid				(1,315,445)	(1,315,445)
Balance at Jun. 30, 2024	$ 11,757	45,555,408	$ (1,070,406)	(1,312,947)	43,183,812
Balance, shares at Jun. 30, 2024	11,757,058		318,407
Balance at Mar. 31, 2024	$ 11,757	45,552,142	$ (1,070,406)	(1,406,555)	43,086,938
Balance, shares at Mar. 31, 2024	11,757,058		318,407
Non - cash compensation		3,266			3,266
Dividends declared and payable				(1,315,445)	(1,315,445)
Net income				1,409,053	1,409,053
Balance at Jun. 30, 2024	$ 11,757	$ 45,555,408	$ (1,070,406)	$ (1,312,947)	$ 43,183,812
Balance, shares at Jun. 30, 2024	11,757,058		318,407

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income		$ 2,885,264	$ 2,681,328
Adjustments to reconcile net income to net cash provided by operating activities -
Amortization of deferred financing costs		44,191	49,494
Adjustment to right-of-use asset - operating lease and liability		190	1,230
Depreciation		2,209	1,946
Non-cash compensation expense		6,532	6,532
Changes in operating assets and liabilities:
Interest and other fees receivable on loans		(92,879)	89,214
Other assets		(71,703)	(72,115)
Accounts payable and accrued expenses		(53,044)	(58,132)
Deferred origination fees		(72,992)	17,853
Net cash provided by operating activities		2,647,768	2,717,350
Cash flows from investing activities:
Issuance of short-term loans		(19,677,520)	(28,122,249)
Collections received from loans		25,866,190	32,811,877
Purchase of fixed assets		(1,191)	(5,085)
Net cash provided by investing activities		6,187,479	4,684,543
Cash flows from financing activities:
Repayment of line of credit, net		(7,806,828)	(4,323,513)
Dividends paid		(2,602,518)	(2,730,049)
Purchase of treasury shares		(9,800)	(164,806)
Deferred financing costs incurred		(2,167)	(38,191)
Net cash used in financing activities		(10,421,313)	(7,256,559)
Net (decrease) increase in cash		(1,586,066)	145,334
Cash and cash - restricted, beginning of period	[1]	1,691,995	103,540
Cash, end of period		105,929	248,874
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for taxes		650	650
Cash paid during the period for interest		1,297,587	1,215,297
Cash paid during the period for operating leases		32,208	31,863
Supplemental Schedule of Noncash Financing Activities:
Dividend declared and payable		1,315,445	1,289,428
Loan holdback relating to mortgage receivable			$ 17,500
[1]At December 31, 2023, cash and restricted cash consisted of $ 1,587,773

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)	Dec. 31, 2023 USD ($)
Statement of Cash Flows [Abstract]
Cash and restricted cash	$ 1,587,773

THE DESCRIPTION OF COMPANY

THE DESCRIPTION OF COMPANY	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
THE DESCRIPTION OF COMPANY	1. THE DESCRIPTION OF COMPANY The accompanying unaudited condensed 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 (“U.S. 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 U.S. GAAP for complete annual 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 condensed consolidated financial statements should be read in conjunction with the Company’s annual audited consolidated financial statements for the year ended December 31, 2023 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 Company offers short-term, secured, non–banking loans to real estate investors (also known as hard money loans) 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. Summary of Significant Accounting Policies The preparation of condensed consolidated financial statements in conformity with 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 condensed consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. The condensed consolidated financial statements include the accounts of MBC and MBC Funding II. All significant intercompany balances and transactions have been eliminated in consolidation. 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.

RECENTLY ISSUED ACCOUNTING PRON

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	2. RECENTLY ISSUED 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 condensed consolidated financial statements.

CASH _ RESTRICTED

CASH – RESTRICTED	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
CASH – RESTRICTED	3. CASH – RESTRICTED Restricted cash mainly represents collections received, pending 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	6 Months Ended
	Jun. 30, 2024
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 loans) 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, 2024, the Company was committed to $ 9,057,307 At June 30, 2024, 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, 2024 and December 31, 2023: SCHEDULE OF CREDIT RISK Performing loans Developers- Residential Developers- Commercial Developers- Mixed Use Total outstanding loans June 30, 2024 $ 57,210,156 $ 8,204,577 $ 1,445,000 $ 66,859,733 December 31, 2023 (audited) $ 64,729,403 $ 7,300,000 $ 1,019,000 $ 73,048,403 At June 30, 2024, the Company’s loans receivable consisted of loans in the amount of $ 26,213 760,433 1,760,250 120,000 5,265,000 16,615,666 11,446,000 Generally, borrowers are paying their interest, and 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 is in the process of signing the extension. Accordingly, at June 30, 2024, no loan impairments exist and there are no provisions for impairments of loans or recoveries thereof. During February 2023, the Company sold one of its loans receivable at its face value of $ 485,000 152,000 Subsequent to the balance sheet date, $ 600,000

LINE OF CREDIT

LINE OF CREDIT	6 Months Ended
	Jun. 30, 2024
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 The interest rates relating to the Webster Credit Line equal (i) the Secured Overnight Financing Rate (“SOFR”) plus a premium, which rate aggregated approximately 8.9 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 an 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, 2024. At June 30, 2024, the outstanding amount under the Amended Credit Agreement was $ 17,345,510 0.5 8.9

SENIOR SECURED NOTES

SENIOR SECURED NOTES	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
SENIOR SECURED NOTES	6. SENIOR SECURED NOTES On April 25, 2016, in an initial public offering, MBC Funding II issued 6 April 22, 2026 6,000,000 1,000 Under the terms of the Indenture, the aggregate outstanding principal balance of the mortgage loans held by MBC Funding II, together with MBC Funding II’s cash on hand, must always equal at least 120 MBC Funding II may redeem the Notes, in whole or in part, at any time after April 22, 2019, upon at least 30 days prior written notice to the Noteholders. 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, 2024. 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 The Company’s principal executive officers consist of Assaf Ran, who serves as its Chief Executive Officer and President, and Vanessa Kao, who serves as its Chief Financial Officer. As of June 30, 2024, each of Mr. Ran and Ms. Kao own an aggregate of $ 704,000 288,000

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2024
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”) Topic 260, “Earnings Per Share” (“ASC Topic 260”). Under ASC Topic 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, 2024
Share-Based Payment Arrangement [Abstract]
STOCK–BASED COMPENSATION	8. STOCK–BASED COMPENSATION Stock-based compensation expense recognized under ASC Topic 718, “Compensation-Stock Compensation,” for each of the three-month periods ended June 30, 2024 and 2023 of $ 3,266 6,532 1,000,000 195,968 15 1,000,000 28,307 One third of such restricted shares shall vest on each of September 9, 2026, September 9, 2027, and September 9, 2028, respectively.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	9. STOCKHOLDERS’ EQUITY The Company adopted a share buyback program on April 11, 2023, for the repurchase of up to 100,000 56,294 271,468 2,000 9,800

COMMITMENT

COMMITMENT	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENT	10. COMMITMENT In accordance with the dividend declared by the Company’s Board of Directors on March 12, 2024 0.115 1,315,445 July 15, 2024 July 10, 2024

COMMERCIAL LOANS (Tables)

COMMERCIAL LOANS (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
SCHEDULE OF CREDIT RISK	Credit risk profile based on loan activity as of June 30, 2024 and December 31, 2023: SCHEDULE OF CREDIT RISK Performing loans Developers- Residential Developers- Commercial Developers- Mixed Use Total outstanding loans June 30, 2024 $ 57,210,156 $ 8,204,577 $ 1,445,000 $ 66,859,733 December 31, 2023 (audited) $ 64,729,403 $ 7,300,000 $ 1,019,000 $ 73,048,403

SCHEDULE OF CREDIT RISK (Detail

SCHEDULE OF CREDIT RISK (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding loans	$ 66,859,733	$ 73,048,403
Developers-Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding loans	57,210,156	64,729,403
Developers-Commercial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding loans	8,204,577	7,300,000
Developers-Mixed Used [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding loans	$ 1,445,000	$ 1,019,000

COMMERCIAL LOANS (Details Narra

COMMERCIAL LOANS (Details Narrative) - USD ($)		1 Months Ended	6 Months Ended
	Jul. 01, 2024	Feb. 28, 2023	Jun. 30, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan term			1 year
Proceeds from sale of notes receivable		$ 485,000
Subsequent Event [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment for loans receivable	$ 600,000
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			$ 26,213
Originally Due in 2019 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			760,433
Originally Due in 2020 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			1,760,250
Originally Due in 2021 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			120,000
Originally Due in 2022 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			5,265,000
Originally Due in 2023 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			16,615,666
Originally due in First Six Months of 2024 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable			11,446,000
Construction Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amount committed in construction loans			$ 9,057,307
Loan outstanding percentage			10%

LINE OF CREDIT (Details Narrati

LINE OF CREDIT (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jan. 31, 2023
Line of Credit Facility [Line Items]
Debt agency fee rate	0.50%
Line of credit outstanding amount	$ 17,345,510
Interest rate percentage	8.90%
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 8.9%, including a 0.5% agency fee, as of June 30, 2024, 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	8.90%
Debt agency fee rate	0.50%

SENIOR SECURED NOTES (Details N

SENIOR SECURED NOTES (Details Narrative) - USD ($)	Apr. 25, 2016	Jun. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Secured notes		$ 5,865,472	$ 5,827,931
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

STOCK_BASED COMPENSATION (Detai

STOCK–BASED COMPENSATION (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended
	Sep. 09, 2011	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share based compensation		$ 3,266	$ 3,266	$ 6,532	$ 6,532
Remaining shares of restricted stock, shares				1,000,000
Unrecognized stock-based compensation		$ 28,307		$ 28,307
Vesting term				One third of such restricted shares shall vest on each of September 9, 2026, September 9, 2027, and September 9, 2028, respectively.
Chief Executive Officer [Member]
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

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - Common Stock [Member] - USD ($)		3 Months Ended	12 Months Ended
	Apr. 11, 2023	Mar. 31, 2024	Apr. 10, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares purchased		2,000	56,294
Number of shares purchased, value		$ 9,800	$ 271,468
Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares repurchased	100,000

COMMITMENT (Details Narrative)

COMMITMENT (Details Narrative) - USD ($)	Mar. 12, 2024	Jun. 30, 2024	Dec. 31, 2023
Dividends Payable [Line Items]
Cash dividend, per share	$ 0.115
Dividend payable value	$ 1,315,445	$ 1,315,445	$ 1,287,073
Dividend Paid [Member]
Dividends Payable [Line Items]
Dividends payable, declared date	Mar. 12, 2024
Dividends payable, date to be paid	Jul. 15, 2024
Dividend payable record date	Jul. 10, 2024