Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2015 | |
Document Information [Line Items] | |
Entity Registrant Name | MANHATTAN BRIDGE CAPITAL, INC |
Entity Central Index Key | 1,080,340 |
Entity Filer Category | Smaller Reporting Company |
Document Type | S-11/A |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 106,836 | $ 47,676 |
Short term loans receivable | 20,199,000 | 19,138,426 |
Interest receivable on loans | 382,572 | 213,766 |
Other current assets | 32,865 | 26,995 |
Total current assets | 20,721,273 | 19,426,863 |
Long term loans receivable | 10,705,040 | 4,894,050 |
Property and equipment, net | 8,771 | 19,088 |
Security deposit | 6,816 | 6,816 |
Investment in privately held company | 50,000 | 65,000 |
Deferred financing costs | 164,510 | 32,500 |
Total assets | 31,656,410 | 24,444,317 |
Current liabilities: | ||
Line of credit | 11,821,099 | 7,700,000 |
Short term loans | 1,095,620 | 2,469,465 |
Accounts payable and accrued expenses | 99,643 | 163,622 |
Deferred origination fees | 279,682 | 244,776 |
Dividends payable | 617,443 | 0 |
Total liabilities, all current | $ 13,913,487 | $ 10,577,863 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred shares - $.01 par value; 5,000,000 shares authorized; no shares issued | $ 0 | $ 0 |
Common shares - $.001 par value; 25,000,000 authorized; 7,441,039 and 6,260,689 issued; 7,264,039 and 6,083,689 outstanding | 7,441 | 6,260 |
Additional paid-in capital | 18,500,524 | 14,116,183 |
Treasury stock, at cost - 177,000 | (369,335) | (369,335) |
(Accumulated deficit) Retained earnings | (395,707) | 113,346 |
Total stockholders’ equity | 17,742,923 | 13,866,454 |
Total liabilities and stockholders’ equity | $ 31,656,410 | $ 24,444,317 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 7,441,039 | 6,260,689 |
Common stock, shares outstanding | 7,264,039 | 6,083,689 |
Treasury stock, shares | 177,000 | 177,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income from loans | $ 3,355,920 | $ 2,401,150 |
Origination fees | 644,706 | 502,515 |
Total Revenue | 4,000,626 | 2,903,665 |
Operating costs and expenses: | ||
Interest and amortization of debt service costs | 691,392 | 563,368 |
Referral fees | 2,356 | 2,244 |
General and administrative expenses | 1,038,849 | 876,906 |
Total operating costs and expenses | 1,732,597 | 1,442,518 |
Income from operations | 2,268,029 | 1,461,147 |
Other income (Note 5) | 0 | 21,197 |
Impairment loss on property and equipment (Note 6) | (13,863) | 0 |
Loss on write-down of investment in privately held company (Note 7) | (15,000) | 0 |
Total other (loss) income, net | (28,863) | 21,197 |
Income before income tax expense | 2,239,166 | 1,482,344 |
Income tax expense | (1,595) | (27,839) |
Net income | $ 2,237,571 | $ 1,454,505 |
Basic and diluted net income per common share outstanding: | ||
Basic (in dollars per share) | $ 0.33 | $ 0.29 |
Diluted (in dollars per share) | $ 0.33 | $ 0.29 |
Weighted average number of common shares outstanding | ||
Basic (in shares) | 6,759,219 | 5,028,645 |
Diluted (in shares) | 6,786,610 | 5,058,421 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2013 | $ 8,892,687 | $ 4,433 | $ 9,745,249 | $ (369,335) | $ (487,660) |
Balance (in shares) at Dec. 31, 2013 | 4,433,190 | 177,000 | |||
Non cash compensation | 28,767 | 28,767 | |||
Exercise of stock options | 55,230 | $ 67 | 55,163 | ||
Exercise of stock options (in shares) | 66,887 | ||||
Exercise of warrants | 0 | $ 6 | (6) | ||
Exercise of warrants (in shares) | 6,226 | ||||
Public offering | 4,288,764 | $ 1,754 | 4,287,010 | ||
Public offering (in shares) | 1,754,386 | ||||
Dividends paid | (853,499) | (853,499) | |||
Net income for the year ended | 1,454,505 | 1,454,505 | |||
Balance at Dec. 31, 2014 | 13,866,454 | $ 6,260 | 14,116,183 | $ (369,335) | 113,346 |
Balance (in shares) at Dec. 31, 2014 | 6,260,689 | 177,000 | |||
Non cash compensation | 13,664 | 13,664 | |||
Exercise of stock options | 61,190 | $ 40 | 61,150 | ||
Exercise of stock options (in shares) | 40,000 | ||||
Exercise of warrants | 73,470 | $ 21 | 73,449 | ||
Exercise of warrants (in shares) | 20,350 | ||||
Public offering | 4,237,198 | $ 1,120 | 4,236,078 | ||
Public offering (in shares) | 1,120,000 | ||||
Dividends paid | (2,129,181) | (2,129,181) | |||
Dividends declared and payable | (617,443) | (617,443) | |||
Net income for the year ended | 2,237,571 | 2,237,571 | |||
Balance at Dec. 31, 2015 | $ 17,742,923 | $ 7,441 | $ 18,500,524 | $ (369,335) | $ (395,707) |
Balance (in shares) at Dec. 31, 2015 | 7,441,039 | 177,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net Income | $ 2,237,571 | $ 1,454,505 |
Adjustments to reconcile net income to net cash provided by operating activities - | ||
Amortization of deferred financing costs | 39,542 | 0 |
Depreciation | 5,714 | 0 |
Non cash compensation expense | 13,664 | 28,767 |
Impairment loss on property and equipment (Note 6) | 13,863 | 0 |
Loss on write-down of investment in privately held company (Note 7) | 15,000 | 0 |
Changes in operating assets and liabilities: | ||
Interest receivable on loans | (168,806) | (42,283) |
Other current and non current assets | (5,871) | (8,634) |
Accounts payable and accrued expenses | (63,979) | 106,556 |
Deferred origination fees | 34,906 | 112,758 |
Income taxes payable | 0 | (373,219) |
Net cash provided by operating activities | 2,121,604 | 1,278,450 |
Cash flows from investing activities: | ||
Issuance of short term loans | (21,609,000) | (22,585,990) |
Collections received from loans | 14,737,436 | 13,248,464 |
Proceeds from exercise of option (Note 5) | 0 | 146,821 |
Purchase of fixed assets | (9,260) | (19,088) |
Net cash used in investing activities | (6,880,824) | (9,209,793) |
Cash flows from financing activities: | ||
Proceeds from loans and line of credit, net | 2,747,254 | 3,500,000 |
Proceeds from exercise of stock options and warrants | 134,660 | 55,230 |
Proceeds from public offering, net | 4,237,198 | 4,288,765 |
Dividends paid | (2,129,181) | (853,499) |
Deferred financing costs incurred | (171,551) | (32,500) |
Net cash provided by financing activities | 4,818,380 | 6,957,996 |
Net increase (decrease) in cash and cash equivalents | 59,160 | (973,347) |
Cash and cash equivalents, beginning of year | 47,676 | 1,021,023 |
Cash and cash equivalents, end of year | 106,836 | 47,676 |
Supplemental Cash Flow Information: | ||
Taxes paid during the year | 56 | 416,083 |
Interest paid during the year | 596,187 | 563,368 |
Supplement Information - Noncash Information: | ||
Dividend declared and payable | $ 617,443 | $ 0 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation Of Financial Statements Disclosure [Text Block] | 1. The Company Manhattan Bridge Capital, Inc. (“MBC”) and its wholly-owned subsidiaries DAG Funding Solutions, Inc. and MBC Funding II Corp. (collectively the “Company”), offer short-term, secured, nonbanking 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 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies The consolidated financial statements include the accounts of Manhattan Bridge Capital, Inc., and its wholly-owned subsidiaries DAG Funding Solutions, Inc.(“DAG Funding”) and MBC Funding II Corp. (“MBC Funding”). All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America 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 condition. Actual amounts could differ from those estimates. For the purposes of the statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains its cash and cash equivalents with one major financial institution. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation up to $ 250,000 Credit risks associated with short term commercial loans the Company makes to small businesses and related interest receivable are described in Note 4 entitled Commercial Loans. The Company continually monitors events or changes in circumstances that could indicate carrying amounts of long lived assets, may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the undiscounted cash flows is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. The Company accounts for income taxes under the provisions of FASB ASC 740, “Income Taxes”. Under the provisions of FASB ASC 740, deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date. Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies. In the event that the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made. The Company follows ASC 740 rules governing tax positions which provide guidance for recognition and measurement. This prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognition, classification and disclosure of these uncertain tax positions. 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 our 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% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. The Company may be subject to federal excise tax and minimum state taxes. The Company recognizes revenues in accordance with ASC 605, which provides guidance on the recognition, presentation and disclosure of revenue in financial statements. ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue when (i) persuasive evidence of an arrangement exists, (ii) delivery of the product has occurred or services have been rendered, (iii) the sales price charged is fixed or determinable, and (iv) collectability is reasonably assured. 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. D proposed public offering of the Company’s securities and costs incurred in connection with the Company’s Webster Credit Line, as discussed in Note 8, which are being amortized over three years using the straight-line method Basic and diluted earnings per share 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 earnings per share include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. Years ended 2015 2014 Basic weighted average common shares outstanding 6,759,219 5,028,645 Incremental shares for assumed exercise of options 27,391 29,776 Diluted weighted average common shares outstanding 6,786,610 5,058,421 77,778 51,224 because their effect would have been anti-dilutive. The Company measures and recognizes 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”, 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. For cash and cash equivalents, short term loans, the line of credit and accounts payable, 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. In January 2015, the FASB issued ASU 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” This ASU eliminates the separate presentation of extraordinary items but does not change the requirement to disclose material items that are unusual or infrequent in nature. The ASU is effective for fiscal years beginning after December 15, 2015, as well as interim periods within those fiscal years. The ASU may be applied retrospectively to all prior periods presented in the financial statements, and early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. Under the ASU, an entity presents debt issuance costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. The ASU is effective for public entities for fiscal years beginning after December 15, 2015, and interim periods therein. For private companies and not-for-profit organizations, the ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (a consensus of the Emerging Issues Task Force)". The ASU provides reporting entities with an option to measure the fair value of certain investments using net asset value instead of fair value. The ASU is effective for public entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting”. The ASU incorporates the SEC staff's announcement that clarifies the exclusion of line-of-credit arrangements from the scope of ASU 2015-03. Therefore, debt issuance costs related to line-of-credit arrangements can be deferred and presented as an asset that is subsequently amortized over the time of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The ASU should be adopted concurrent with adoption of ASU 2015-03. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. The ASU simplifies the presentation of deferred income taxes by requiring deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. This Update will align the presentation of deferred income tax assets and liabilities with International Financial Reporting Standards (IFRS). For public business entities, the ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the ASU is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “ ”. The ASU For public business entities, t For all other entities, Early adoption is permitted The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. Management does not believe that any other recently issued, but not yet effected, accounting standards if currently adopted would have a material effect on the Company’s consolidated financial statements. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | 3. Cash and Cash Equivalents Effective January 1, 2008, the Company adopted ASC 820, Fair Value Measurements, Level 1Quoted prices in active markets. Level 2Observable inputs other than quoted prices in active markets that are either directly or indirectly observable. Level 3Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Cash equivalents and investment instruments are classified within Level 1 or Level 2 of the fair value hierarchy. The Company’s Level 1 investments are valued using quoted market prices in active markets. As of December 31, 2015 and 2014 the Company’s Level 1 investments consisted of cash and money market accounts in the amount of approximately $ 107,000 48,000 |
Commercial Loans
Commercial Loans | 12 Months Ended |
Dec. 31, 2015 | |
Commercial Loans [Abstract] | |
Commercial Loans [Text Block] | 4. Commercial Loans Short Term Loans Receivable The Company offers short-term, secured, nonbanking 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. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses. The loans are generally for a term of one year. The short term loans are initially recorded, and carried thereafter, in the financial statements at cost. Most of the loans provide for receipt of interest only during the term of the loan and a balloon payment at the end of the term. For the years ended December 31, 2015 and 2014 the total amounts of $ 21,609,000 and $ 22,585,990 14,737,436 13,248,464 14,000 1,475,000 the lower of (i) 9.9% of the aggregate amount of our loan portfolio (not including the loan under consideration) and (ii) $1.5 million. 12 15 1 3 In the case of acquisition financing, the principal amount of the loan usually does not exceed 75% of the value of the property 80 The Company uses its own employees, outside lawyers and other independent professionals to verify titles and ownership, to file liens and to consummate the transactions. Outside appraisers are also used to assist the Company’s officials in evaluating the worth of collateral. To date, the Company has not experienced any defaults and none of the loans previously made have been non-collectable, although no assurances can be given that existing or future loans may not go into default or prove to be non-collectible in the future. At December 31, 2015, the Company was committed to an additional $ 2,155,000 At December 31, 2015 and 2014, no one entity has loans outstanding representing more than 10% of the total balance of the loans outstanding. At December 31, 2015, two of the loans in the Company’s portfolio were jointly funded by the Company and unrelated entities, for aggregate loans of $ 1,835,000 1,230,000 At December 31, 2014, eight of the loans in the Company’s portfolio were jointly funded by the Company and unrelated entities, for aggregate loans of $ 5,105,000 2,665,000 The Company generally grants loans for a term of one year. When a performing loan reaches its maturity and the borrower requests an extension we may extend the term of the loan beyond one year and reclassify it as part of long term loans receivable. Prior to granting an extension of any loan, we reevaluate the underlying collateral. Long Term Loans Receivable Long term loans receivable comprise the loans that were extended beyond the original maturity dates, unless it is clear that the loan will be paid back by December 31, 2016. At December 31, 2015, the Company’s loan portfolio consists of $ 20,199,000 10,705,000 19,138,000 4,894,000 Credit Risk Performing loans Developers- Developers- Developers- Other Total outstanding December 31, 2015 $ 28,801,540 $ 1,000,000 $ 1,102,500 $ $ 30,904,040 December 31, 2014 $ 22,360,040 $ 1,635,000 $ 20,000 $ 17,436 $ 24,032,476 At December 31, 2015, the Company’s long term loans receivable consists of loans in the amount of $ 179,050 100,000 225,000 2,525,000 7,675,990 179,050 100,000 120,000 570,000 3,925,000 respectively. In all instances the borrowers are currently paying their interest and, generally, the Company receives a fee in connection with the extension of the loans. Accordingly, at December 31, 2015 and 2014, no loan impairments exist and there are no provisions for impairments of loans or recoveries thereof included in operations for the years then ended. Subsequent to the balance sheet date, $ 6,155,000 |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Investment In Real Estate [Abstract] | |
Investment In Real Estate Disclosure [Text Block] | 5. Investment in Real Estate Other income for the year ended December 31, 2014 in the amount of $ 21,197 146,821 |
Impairment Loss on Property and
Impairment Loss on Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Impairment Loss on Property and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Impairment Loss on Property and Equipment During the year ended December 31, 2015, the Company determined to terminate the use of a computer software, resulting in an impairment loss in the amount of $ 13,863 |
Investment in Privately Held Co
Investment in Privately Held Company | 12 Months Ended |
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Cost-method Investments, Description [Text Block] | 7. Investment in Privately Held Company The Company had an original investment in a privately held Israeli-based company in the amount of $ 100,000 65,000 50,000 15,000 |
Loans and Lines of Credit
Loans and Lines of Credit | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Loans And Line Of Credit [Text Block] | 8. Loans and Lines of Credit Short Term Loans At December 31, 2014, the Company owed an aggregate of $ 2,419,465 8 12 160,000 10 16,000 In addition, 50,000 6 At December 31, 2015, the Company owed an aggregate of $ 1,095,620 8 12 335,000 10 31,118 During 2014, the Company received four separate short-term loans from three different entities in the aggregate amount of $ 2,100,000 12 14 seven separate loans from Mr. Ran in amounts ranging from $ 50,000 250,000 6 100,000 200,000 1,100,000 from Mr. Ran with the exception of 50,000 5,867 During 2015, 410,000 12 1,050,000 6 from Mr. Ran in the aggregate amount of $ 1,100,000 including the $50,000 outstanding balance remaining from 2014 8,817 the outstanding balances on other short term loans in the aggregate amount of $ 1,733,845 8 12 Subsequent to the balance sheet date, the Company fully repaid the outstanding balance on one of its short-term loans in the amount of $ 235,000 12 As a result, the remaining its short-term loans is currently 860,620 Lines of Credit On February 27, 2015, the Company entered into a Line of Credit Agreement with Webster Business Credit Corporation (“Webster”) pursuant to which it may borrow up to $ 14 39,542 The Webster Credit Line replaced the $ 7.7 1,100,000 1,000,000 12 11,821,099 The interest rate on the amount outstanding fluctuates daily. The rate for December 31, 2015 was 5.1739 %. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 9. Income Taxes 2015 2014 Current Taxes: Federal (refund) $ (1,137) $ 8,539 State 2,732 19,300 Income tax expense $ 1,595 $ 27,839 The income tax expense for the year ended December 31, 2014, represents the under accrual of the prior year's income tax expense. The Company had a capital loss carryover of $ 390,609 21,197 2015 The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authorities. Tax positions not deemed to meet the more likely than not threshold are recorded as tax benefits or expenses in the current year. Management has analyzed the Company’s tax positions taken on Federal, state and local tax returns for all open tax years, and has concluded that no provision for Federal income tax is required in the Company’s financial statements. 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% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. The Company may be subject to federal excise tax and minimum state taxes. The Company is no longer subject to U.S. federal and state and local income tax examinations by tax authorities for years prior to 2012, as these tax years are closed. |
Simple IRA Plan
Simple IRA Plan | 12 Months Ended |
Dec. 31, 2015 | |
Simple Ira Plan Abstract [Abstract] | |
Simple Ira Plan Disclosure [Text Block] | 10. Simple IRA Plan On October 26, 2000, the board of directors approved a Simple IRA Plan (the “IRA Plan”) for the purpose of attracting and retaining valuable executives. The IRA Plan allows for participation by up to 100 12,500 3 10,500 9,734 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Text Block] | Stock-Based Compensation On June 23, 2009 the Company adopted the 2009 Stock Option Plan (the “Plan”) and replaced the 1999 Stock Option Plan as amended (the “Prior Plan”), which expired in May of 2009. All options granted under the Prior Plan were expired, exercised or cancelled. The purpose of the Plan is to align the interests of officers, other key employees, consultants and non-employee directors of the Company and its subsidiary with those of the stockholders of the Company, to afford an incentive to such officers, employees, consultants and directors to continue as such, to increase their efforts on behalf of the Company and to promote the success of the Company’s business. The availability of additional shares will enhance the Company’s ability to achieve these goals. The basis of participation in the Plan is discretionary grants by the board of directors. The board of directors may at any time, and from time to time, suspend or terminate the Plan in whole or in part or amend it from time to time. A maximum of 400,000 376,000 224,000 248,000 The exercise price of options granted under the Plan may not be less than the fair market value on the date of grant. Stock options under the Plan may be awarded to officers, key-employees, consultants and non-employee directors of the Company. Share based compensation expense recognized under ASC 718 for the years ended December 31, 2015 and 2014 were $ 13,664 28,767 The share based compensation expense for each of the years ended December 31, 2015 and 2014 includes 13,065 amortization of the fair value of 1,000,000 restricted shares granted to the Company's CEO on September 9, 2011 195,968 , after adjusting for the effect on the fair value of the stock options related to this transaction 15 The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average share assumptions used for grants in 2014: (1) expected life of 5 9.59 59.5 1.71 Number of Weighted Weighted Aggregate Outstanding at January 1, 2014 285,000 $ 0.97 1.43 $ 147,656 Granted in 2014 21,000 2.92 Exercised in 2014 (77,000) 1.18 Forfeited or expired in 2014 (147,000) 0.75 Outstanding at December 31, 2014 82,000 $ 1.68 2.68 $ 59,115 Exercised in 2015 (40,000) 1.53 Forfeited or expired in 2015 (7,000) 1.34 Outstanding at December 31, 2015 35,000 $ 1.92 2.35 $ 24,876 Vested and exercisable at December 31, 2014 81,000 $ 1.69 2.69 $ 58,515 Vested and exercisable at December 31, 2015 35,000 $ 1.92 2.35 $ 24,876 The weighted-average fair value of options granted during the year ended December 31, 2014, estimated as of the grant date using the Black-Scholes option-pricing model, were $ 0.72 Stock Option Outstanding Exercisable Range of Exercise Number of Weighted Weighted Number of Weighted $ 1.01- $ 2.00 21,000 $ 1.25 1.58 21,000 $ 1.25 $ 2.01- $ 3.00 14,000 2.92 3.50 14,000 2.92 35,000 $ 1.92 2.35 35,000 $ 1.92 In connection with the Company’s private placement of senior secured notes, the Company issued 20,000 2.50 . exercisable over a five-year period. In December 2014, the Placement Agent exercised the warrant for all 20,000 common shares using the cashless exercise option under the warrant in lieu of paying cash in satisfaction of the exercise price, pursuant to which the Placement Agent received a lesser number of common shares. As a result, the Company issued 6,226 On July 31, 2014, in connection with the Company’s public offering in July 2014, the Company issued warrants to purchase 87,719 3.5625 July 28, 2019 42,224 17,550 On May 29, 2015, in connection with the Company’s public offering in May 2015, the Company issued warrants to purchase 50,750 5.4875 May 22, 2020 54,928 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 12. Stockholders’ Equity On July 31, 2014, the Company completed a public offering of 1,754,386 2.85 5,000,000 4,289,000 45 263,157 On May 29, 2015, the Company completed another public offering of 1,015,000 4.39 4,460,000 45 152,250 105,000 460,000 4,920,000 47,250 4,240,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 13. Commitments and Contingencies Operating Leases On June 9, 2011, the Company entered into a new lease agreement (the “Lease’) to relocate its corporate headquarters to 60 Cutter Mill Road, Great Neck, New York. The Lease is for a term of five years and two months 2,800 3,200 At December 31, 2015, approximate future minimum rental, including utilities, payments under these commitments are $ 28,100 Rent expense, including utilities, was approximately $ 42,000 Employment Agreements In March 1999, we entered into an employment agreement with Assaf Ran, our President and Chief Executive Officer pursuant to which: (i) Mr. Ran’s employment term renews automatically on June 30th of each year for successive one-year periods unless either party gives to the other written notice at least 180 days prior to June 30th of its intention to terminate the agreement; (ii) Mr. Ran receives an annual base salary of $225,000 and annual bonuses as determined by the Compensation Committee of the board of directors, in its sole and absolute discretion, and is eligible to participate in all executive benefit plans established and maintained by us; and (iii) Mr. Ran agreed to a one-year non-competition period following the termination of his employment. Mr. Ran’s annual base compensation was $ 225,000 65,000 35,000 |
Significant Accounting Polici20
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | The consolidated financial statements include the accounts of Manhattan Bridge Capital, Inc., and its wholly-owned subsidiaries DAG Funding Solutions, Inc.(“DAG Funding”) and MBC Funding II Corp. (“MBC Funding”). All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America 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 condition. Actual amounts could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For the purposes of the statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains its cash and cash equivalents with one major financial institution. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation up to $ 250,000 Credit risks associated with short term commercial loans the Company makes to small businesses and related interest receivable are described in Note 4 entitled Commercial Loans. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long- lived assets The Company continually monitors events or changes in circumstances that could indicate carrying amounts of long lived assets, may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the undiscounted cash flows is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. |
Income Tax, Policy [Policy Text Block] | The Company accounts for income taxes under the provisions of FASB ASC 740, “Income Taxes”. Under the provisions of FASB ASC 740, deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date. Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies. In the event that the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made. The Company follows ASC 740 rules governing tax positions which provide guidance for recognition and measurement. This prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognition, classification and disclosure of these uncertain tax positions. 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 our 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% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. The Company may be subject to federal excise tax and minimum state taxes. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenues in accordance with ASC 605, which provides guidance on the recognition, presentation and disclosure of revenue in financial statements. ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue when (i) persuasive evidence of an arrangement exists, (ii) delivery of the product has occurred or services have been rendered, (iii) the sales price charged is fixed or determinable, and (iv) collectability is reasonably assured. 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 [Policy Text Block] | D proposed public offering of the Company’s securities and costs incurred in connection with the Company’s Webster Credit Line, as discussed in Note 8, which are being amortized over three years using the straight-line method |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share (“EPS”) Basic and diluted earnings per share 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 earnings per share include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. Years ended 2015 2014 Basic weighted average common shares outstanding 6,759,219 5,028,645 Incremental shares for assumed exercise of options 27,391 29,776 Diluted weighted average common shares outstanding 6,786,610 5,058,421 77,778 51,224 because their effect would have been anti-dilutive. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company measures and recognizes 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”, 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, Policy [Policy Text Block] | Fair Value of Financial Instruments For cash and cash equivalents, short term loans, the line of credit and accounts payable, 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | In January 2015, the FASB issued ASU 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” This ASU eliminates the separate presentation of extraordinary items but does not change the requirement to disclose material items that are unusual or infrequent in nature. The ASU is effective for fiscal years beginning after December 15, 2015, as well as interim periods within those fiscal years. The ASU may be applied retrospectively to all prior periods presented in the financial statements, and early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. Under the ASU, an entity presents debt issuance costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. The ASU is effective for public entities for fiscal years beginning after December 15, 2015, and interim periods therein. For private companies and not-for-profit organizations, the ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (a consensus of the Emerging Issues Task Force)". The ASU provides reporting entities with an option to measure the fair value of certain investments using net asset value instead of fair value. The ASU is effective for public entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting”. The ASU incorporates the SEC staff's announcement that clarifies the exclusion of line-of-credit arrangements from the scope of ASU 2015-03. Therefore, debt issuance costs related to line-of-credit arrangements can be deferred and presented as an asset that is subsequently amortized over the time of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The ASU should be adopted concurrent with adoption of ASU 2015-03. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. The ASU simplifies the presentation of deferred income taxes by requiring deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. This Update will align the presentation of deferred income tax assets and liabilities with International Financial Reporting Standards (IFRS). For public business entities, the ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the ASU is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “ ”. The ASU For public business entities, t For all other entities, Early adoption is permitted The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. Management does not believe that any other recently issued, but not yet effected, accounting standards if currently adopted would have a material effect on the Company’s consolidated financial statements. |
Significant Accounting Polici21
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The numerator in calculating both basic and diluted earnings per common share for each year is the reported net income. The denominator is based on the following weighted average number of common shares: Years ended 2015 2014 Basic weighted average common shares outstanding 6,759,219 5,028,645 Incremental shares for assumed exercise of options 27,391 29,776 Diluted weighted average common shares outstanding 6,786,610 5,058,421 |
Commercial Loans (Tables)
Commercial Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commercial Loans [Abstract] | |
Schedule of Debt [Table Text Block] | Credit risk profile based on loan activity as of December 31, 2015 and 2014: Performing loans Developers- Developers- Developers- Other Total outstanding December 31, 2015 $ 28,801,540 $ 1,000,000 $ 1,102,500 $ $ 30,904,040 December 31, 2014 $ 22,360,040 $ 1,635,000 $ 20,000 $ 17,436 $ 24,032,476 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense consists of the following: 2015 2014 Current Taxes: Federal (refund) $ (1,137) $ 8,539 State 2,732 19,300 Income tax expense $ 1,595 $ 27,839 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following summarizes stock option activity for the years ended December 31, 2015 and 2014: Number of Weighted Weighted Aggregate Outstanding at January 1, 2014 285,000 $ 0.97 1.43 $ 147,656 Granted in 2014 21,000 2.92 Exercised in 2014 (77,000) 1.18 Forfeited or expired in 2014 (147,000) 0.75 Outstanding at December 31, 2014 82,000 $ 1.68 2.68 $ 59,115 Exercised in 2015 (40,000) 1.53 Forfeited or expired in 2015 (7,000) 1.34 Outstanding at December 31, 2015 35,000 $ 1.92 2.35 $ 24,876 Vested and exercisable at December 31, 2014 81,000 $ 1.69 2.69 $ 58,515 Vested and exercisable at December 31, 2015 35,000 $ 1.92 2.35 $ 24,876 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information about stock options outstanding at December 31, 2015: Stock Option Outstanding Exercisable Range of Exercise Number of Weighted Weighted Number of Weighted $ 1.01- $ 2.00 21,000 $ 1.25 1.58 21,000 $ 1.25 $ 2.01- $ 3.00 14,000 2.92 3.50 14,000 2.92 35,000 $ 1.92 2.35 35,000 $ 1.92 |
Significant Accounting Polici25
Significant Accounting Policies (Details) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Basic weighted average common shares outstanding | 6,759,219 | 5,028,645 |
Incremental shares for assumed exercise of options | 27,391 | 29,776 |
Diluted weighted average common shares outstanding | 6,786,610 | 5,058,421 |
Significant Accounting Polici26
Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Significant Accounting Policies [Line Items] | ||
Cash, FDIC Insured Amount | $ 250,000 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Vested Options and Warrants | 77,778 | 51,224 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details Textual) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and Cash Equivalents [Line Items] | |||
Cash and Cash Equivalents, at Carrying Value, Total | $ 106,836 | $ 47,676 | $ 1,021,023 |
Commercial Loans (Details)
Commercial Loans (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Performing loans | $ 30,904,040 | $ 24,032,476 |
Developers Residential [Member] | ||
Debt Instrument [Line Items] | ||
Performing loans | 28,801,540 | 22,360,040 |
Developers Commercial [Member] | ||
Debt Instrument [Line Items] | ||
Performing loans | 1,000,000 | 1,635,000 |
Developers Mixed Used [Member] | ||
Debt Instrument [Line Items] | ||
Performing loans | 1,102,500 | 20,000 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Performing loans | $ 0 | $ 17,436 |
Commercial Loans (Details Textu
Commercial Loans (Details Textual) - USD ($) | 2 Months Ended | 12 Months Ended | |
Feb. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Jointly Funded Loans Total | $ 1,835,000 | $ 5,105,000 | |
Jointly Funded Loans | 1,230,000 | 2,665,000 | |
Short Term Loans Receivable | 20,199,000 | 19,138,426 | |
Long Term Loans Receivable | 10,705,040 | 4,894,050 | |
Issuance Of Short Term Loans | 21,609,000 | 22,585,990 | |
Collections Received From Loans | $ 14,737,436 | 13,248,464 | |
Short Term Loans Receivable, Limitation on Face Amount Description | the lower of (i) 9.9% of the aggregate amount of our loan portfolio (not including the loan under consideration) and (ii) $1.5 million. | ||
Acquisition financing [Member] | |||
Debt Instrument [Line Items] | |||
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 | ||
Construction Financing [Member] | |||
Debt Instrument [Line Items] | |||
Short Term Loans Receivable, Loan-to-value Ratio | in the case of construction financing, up to 80% of construction costs | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Loans Receivable Fixed Rates Of Interest | 12.00% | ||
Loans and Leases Receivable, Face Amount | $ 14,000 | ||
Origination Fees ,Percentage of Principal amount of the loan | 1.00% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Loans Receivable Fixed Rates Of Interest | 15.00% | ||
Loans and Leases Receivable, Face Amount | $ 1,475,000 | ||
Origination Fees ,Percentage of Principal amount of the loan | 3.00% | ||
Construction Loans [Member] | |||
Debt Instrument [Line Items] | |||
Short Term Loans Receivable Additional Borrowing Capacity | $ 2,155,000 | ||
Subsequent Event [Member] | Commercial Loan [Member] | |||
Debt Instrument [Line Items] | |||
Collections Received From Loans | $ 6,155,000 | ||
Due In 2009 [Member] | |||
Debt Instrument [Line Items] | |||
Long Term Loans Receivable | 179,050 | 179,050 | |
Due In 2010 [Member] | |||
Debt Instrument [Line Items] | |||
Long Term Loans Receivable | 100,000 | 100,000 | |
Due In 2011 [Member] | |||
Debt Instrument [Line Items] | |||
Long Term Loans Receivable | 120,000 | ||
Due In 2013 [Member] | |||
Debt Instrument [Line Items] | |||
Long Term Loans Receivable | 225,000 | 570,000 | |
Due In 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Long Term Loans Receivable | 2,525,000 | $ 3,925,000 | |
Due In 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Long Term Loans Receivable | $ 7,675,990 |
Investment in Real Estate (Deta
Investment in Real Estate (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Oct. 02, 2014 | |
Investment in Real Estate Disclosure [Line Items] | |||
Other Nonoperating Income | $ 0 | $ 21,197 | |
Buy Back Option [Member] | |||
Investment in Real Estate Disclosure [Line Items] | |||
Exercise Price Of Remaining Property | $ 146,821 |
Impairment Loss on Property a31
Impairment Loss on Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Impairment Loss on Property and Equipment [Line Items] | ||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | $ 13,863 | $ 0 |
Investment in Privately Held 32
Investment in Privately Held Company (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | Dec. 31, 2013 | |
Investment In Privately Held Company [Line Items] | ||||
Cost Method Investments | $ 50,000 | $ 65,000 | $ 50,000 | $ 65,000 |
Cost-method Investments, Other than Temporary Impairment | 15,000 | $ 0 | ||
Privately Held Company [Member] | ||||
Investment In Privately Held Company [Line Items] | ||||
Cost Method Investments, Original Cost | $ 100,000 |
Loans and Lines of Credit (Deta
Loans and Lines of Credit (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
Feb. 27, 2015 | Feb. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Jan. 31, 2015 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | |||||||
Short-term Loans | $ 1,095,620 | $ 2,469,465 | |||||
Amortization of Financing Costs | $ 39,542 | 0 | |||||
Repayments of Debt | $ 1,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | |||||
Line Of Credit, Current | $ 11,821,099 | $ 7,700,000 | |||||
Sterling Credit Line [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Replacement of Line of Credit Facility | 7,700,000 | ||||||
Chief Executive Officer [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Short-term Loans | 50,000 | ||||||
Interest Expense, Related Party | 5,867 | ||||||
Repayments of Debt | $ 1,100,000 | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||||||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||
Short-term Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 200,000 | $ 100,000 | |||||
Repayments of Debt | $ 1,100,000 | ||||||
Repayments of Short-term Debt | $ 1,733,845 | ||||||
Short-term Debt [Member] | Chief Executive Officer [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 1,050,000 | ||||||
Interest Expense, Related Party | $ 8,817 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | |||||
Repayments of Short-term Debt | 1,100,000 | ||||||
Short-term Debt [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | 12.00% | ||||
Short-term Debt [Member] | Maximum [Member] | Chief Executive Officer [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Short-term Loans | $ 250,000 | ||||||
Short-term Debt [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | |||||
Short-term Debt [Member] | Minimum [Member] | Chief Executive Officer [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Short-term Loans | $ 50,000 | ||||||
Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amortization of Financing Costs | $ 39,542 | ||||||
Line of Credit [Member] | Webster [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 14,000,000 | ||||||
Line of Credit Facility, Interest Rate Description | interest rate of either LIBOR plus 4.75% or the base commercial lending rate of Webster plus 3.25% | ||||||
Line Of Credit, Current | $ 11,821,099 | ||||||
Debt Issuance Cost | $ 144,000 | ||||||
Line of Credit Facility, Interest Rate at Period End | 5.1739% | ||||||
Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Short-term Debt | $ 235,000 | ||||||
Short Term Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from Short-term Debt, Total | $ 410,000 | $ 2,100,000 | |||||
Short Term Loans [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 14.00% | ||||||
Short Term Loans [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||||||
Short Term Loans [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Short-term Loans | $ 860,620 | ||||||
Mr. Ran [Member] | Short Term Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 50,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||
Director [Member] | Short-term Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Short-term Loans | 335,000 | $ 160,000 | |||||
Interest Expense, Related Party | $ 31,118 | $ 16,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current Taxes: | ||
Federal (refund) | $ (1,137) | $ 8,539 |
State | 2,732 | 19,300 |
Income tax expense | $ 1,595 | $ 27,839 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Line Items] | ||
Other Nonoperating Income | $ 0 | $ 21,197 |
Capital Loss Carryforward [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax Credit Carryforward, Amount | $ 390,609 | |
Other Tax Carryforward, Expiration Dates 1 | 2,015 |
Simple IRA Plan (Details Textua
Simple IRA Plan (Details Textual) - August 2000 [Member] | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Simple IRA Plan [Line Items] | ||
Defined Contribution Plan, Number of Employees Covered | 100 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 12,500 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
Defined Contribution Plan Employer Matching Contribution Amount | $ 10,500 | $ 9,734 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Employee Stock Option [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Outstanding, Beginning balance | 82,000 | 285,000 | |
Number of Shares, Granted | 21,000 | ||
Number of Shares, Exercised | (40,000) | (77,000) | |
Number of Shares, Forfeited or expired | (7,000) | (147,000) | |
Number of Shares, Outstanding, Ending balance | 35,000 | 82,000 | 285,000 |
Number of Shares, Vested and exercisable | 35,000 | 81,000 | |
Weighted Average Exercise Price, Outstanding, Beginning balance (in dollars per share) | $ 1.68 | $ 0.97 | |
Weighted Average Exercise Price, Granted (in dollars per share) | 2.92 | ||
Weighted Average Exercise Price, Exercised (in dollars per share) | 1.53 | 1.18 | |
Weighted Average Exercise Price, Forfeited or expired (in dollars per share) | 1.34 | 0.75 | |
Weighted Average Exercise Price, Outstanding, Ending balance (in dollars per share) | 1.92 | 1.68 | $ 0.97 |
Weighted Average Exercise Price, Vested and exercisable (in dollars per share) | $ 1.92 | $ 1.69 | |
Weighted Average Remaining Contractual Term Outstanding (in years) | 2 years 4 months 6 days | 2 years 8 months 5 days | 1 year 5 months 5 days |
Weighted Average Remaining Contractual Term Vested and exercisable (in years) | 2 years 4 months 6 days | 2 years 8 months 8 days | |
Aggregate Intrinsic Value, Outstanding (in dollars) | $ 24,876 | $ 59,115 | $ 147,656 |
Aggregate Intrinsic Value, Vested and exercisable (in dollars) | $ 24,876 | $ 58,515 |
Stock-Based Compensation (Det38
Stock-Based Compensation (Details 1) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Option Outstanding, Number of Shares (in shares) | shares | 35,000 |
Stock Option Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 1.92 |
Stock Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 2 years 4 months 6 days |
Exercisable, Number of Shares (in shares) | shares | 35,000 |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 1.92 |
Exercise Price Range One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Option Outstanding, Number of Shares (in shares) | shares | 21,000 |
Stock Option Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 1.25 |
Stock Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 1 year 6 months 29 days |
Exercisable, Number of Shares (in shares) | shares | 21,000 |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 1.25 |
Range of Exercise Prices, Lower Limit (in dollars per share) | 1.01 |
Range of Exercise Prices, Upper Limit (in dollars per share) | $ 2 |
Exercise Price Range Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Option Outstanding, Number of Shares (in shares) | shares | 14,000 |
Stock Option Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 2.92 |
Stock Option Outstanding, Weighted Average Remaining Contractual Term (in years) | 3 years 6 months |
Exercisable, Number of Shares (in shares) | shares | 14,000 |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 2.92 |
Range of Exercise Prices, Lower Limit (in dollars per share) | 2.01 |
Range of Exercise Prices, Upper Limit (in dollars per share) | $ 3 |
Stock-Based Compensation (Det39
Stock-Based Compensation (Details Textual) | Sep. 09, 2011USD ($)shares | Nov. 30, 2015shares | May. 29, 2015USD ($)$ / sharesshares | Dec. 31, 2014shares | Jul. 31, 2014USD ($)$ / sharesshares | Dec. 28, 2010shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Expense | $ | $ 13,664 | $ 28,767 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights for Employee and Non-Employee Directors | Historically, until the year ended December 31, 2014, each non-employee director of the Company was granted an option for 7,000 common shares upon first taking office, andreceived an annual option grant for an additional 7,000 common shares for each additional year in office. Generally, options outstanding vest over periods not exceeding four years and are exercisable for up to five years from the grant date. | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 9.59% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 59.50% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.71% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 0.72 | |||||||
Fair Value Of Restricted Shares Granted | $ | $ 195,968 | |||||||
Fair Value Of Restricted Shares Amortization Period | 15 years | |||||||
Warrants to Purchase Common Stock | 50,750 | 87,719 | ||||||
Warrants Exercise Price | $ / shares | $ 5.4875 | $ 3.5625 | ||||||
Warrants Expiry Date | May 22, 2020 | Jul. 28, 2019 | ||||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | $ | $ 54,928 | $ 42,224 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 17,550 | |||||||
Warrant [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number Of Warrants Issued To Underwriter | 20,000 | |||||||
Exercise Price Of Warrants Issued To Underwriter | 2.50 | |||||||
Common Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock Issued During Period, Shares, Warrants Exercised | 6,226 | 20,350 | 6,226 | |||||
Chief Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Expense | $ | $ 13,065 | $ 13,065 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,000,000 | |||||||
Stock Option Plan 2009 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 400,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 248,000 | |||||||
Share-based Compensation Arrangement By Share-based Payment Award Options Grants | 376,000 | |||||||
Share-based Compensation Arrangement By Share-based Payment Award Options Forfeitures | 224,000 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
Jul. 31, 2015 | Jun. 30, 2015 | May. 29, 2015 | Jul. 31, 2014 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||||||
Proceeds from Issuance of Common Stock, Gross | $ 4,920,000 | ||||||
Proceeds from Issuance of Common Stock | $ 4,240,000 | $ 4,237,198 | $ 4,288,765 | ||||
Stock Issued During Period, Value, New Issues | 4,237,198 | 4,288,764 | |||||
Stock Issued During Period, Value, Stock Options Exercised | $ 61,190 | $ 55,230 | |||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 1,015,000 | 1,754,386 | 1,120,000 | 1,754,386 | |||
Sale of Stock, Price Per Share | $ 4.39 | $ 2.85 | |||||
Proceeds from Issuance of Common Stock | $ 4,289,000 | ||||||
Stock Issued During Period, Value, New Issues | $ 4,460,000 | $ 5,000,000 | $ 1,120 | $ 1,754 | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | 40,000 | 66,887 | |||||
Stock Issued During Period, Value, Stock Options Exercised | $ 40 | $ 67 | |||||
Over-Allotment Option [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 47,250 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 152,250 | 263,157 | |||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | 105,000 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | $ 460,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 45 days | 45 days |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Operating Lease Term Of Lease | five years and two months | ||
Operating Leases, Rent Expense | $ 42,000 | $ 42,000 | |
Chief Executive Officer [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Officers' Compensation | 225,000 | 225,000 | |
Officers Bonus | 65,000 | $ 35,000 | |
Officers Special Bonus | 30,000 | ||
Minimum [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Operating Leases Rent Periodic Payment | $ 2,800 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 28,100 | ||
Maximum [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Operating Leases Rent Periodic Payment | $ 3,200 |