10-Q Filing

MANHATTAN BRIDGE CAPITAL, INC CIK: 1080340 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001493152-22-020092`
Period End Date	20220630
Filing Date	20220722
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 64 Cash Flow Statement 59 Stockholders Equity 25

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Senior secured notes, deferred financing costs	`DeferredFinanceCostsNet`	$284.70K	USD	Point-in-time
Senior secured notes, deferred financing costs	`DeferredFinanceCostsNet`	$322.24K	USD	Point-in-time
Loans receivable	`NotesAndLoansReceivableNetCurrent`	$69.30M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Loans receivable	`NotesAndLoansReceivableNetCurrent`	$65.72M	USD	Point-in-time
Interest receivable on loans	`InterestReceivable`	$955.44K	USD	Point-in-time
Interest receivable on loans	`InterestReceivable`	$1.05M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$142.55K	USD	Point-in-time
Cash	`Cash`	$117.62K	USD	Point-in-time
Other assets	`OtherAssets`	$64.75K	USD	Point-in-time
Other assets	`OtherAssets`	$129.54K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$317.08K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$289.65K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Deferred financing costs, net	`DeferredFinanceCostsGross`	$29.90K	USD	Point-in-time
Deferred financing costs, net	`DeferredFinanceCostsGross`	$10.54K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	11.76M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	11.76M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	11.49M	shares	Point-in-time
Total assets	`Assets`	$70.92M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	11.49M	shares	Point-in-time
Total assets	`Assets`	$67.21M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	262,113.00	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	262,113.00	shares	Point-in-time
Line of credit	`LineOfCredit`	$15.65M	USD	Point-in-time
Line of credit	`LineOfCredit`	$19.27M	USD	Point-in-time
Senior secured notes (net of deferred financing costs of $284,698 and $322,241, respectively)	`SecuredDebt`	$5.68M	USD	Point-in-time
Senior secured notes (net of deferred financing costs of $284,698 and $322,241, respectively)	`SecuredDebt`	$5.72M	USD	Point-in-time
Deferred origination fees	`DeferredOriginationFees`	$580.46K	USD	Point-in-time
Deferred origination fees	`DeferredOriginationFees`	$712.63K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$185.32K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$154.17K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiability`	$324.25K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiability`	$299.13K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$1.44M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$1.44M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$1.44M	USD	Point-in-time
Total liabilities	`Liabilities`	$23.82M	USD	Point-in-time
Total liabilities	`Liabilities`	$27.62M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock - $.01 par value; 5,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock - $.01 par value; 5,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,494,945 outstanding	`CommonStockValue`	$11.76K	USD	Point-in-time
Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,494,945 outstanding	`CommonStockValue`	$11.76K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$45.52M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$45.53M	USD	Point-in-time
Treasury stock, at cost 262,113 shares	`TreasuryStockValue`	$798.94K	USD	Point-in-time
Treasury stock, at cost 262,113 shares	`TreasuryStockValue`	$798.94K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.35M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.44M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$43.39M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$43.38M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$33.07M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$43.30M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$33.08M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$31.96M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$67.21M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$70.92M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Interest income from loans	`InterestAndFeeIncomeLoansAndLeases`	$1.42M	USD	1 Quarter
Interest income from loans	`InterestAndFeeIncomeLoansAndLeases`	$3.26M	USD	2 Qtrs
Interest income from loans	`InterestAndFeeIncomeLoansAndLeases`	$1.61M	USD	1 Quarter
Interest income from loans	`InterestAndFeeIncomeLoansAndLeases`	$2.87M	USD	2 Qtrs
Origination fees	`OriginationFees`	$975.73K	USD	2 Qtrs
Origination fees	`OriginationFees`	$576.14K	USD	2 Qtrs
Origination fees	`OriginationFees`	$289.67K	USD	1 Quarter
Origination fees	`OriginationFees`	$504.45K	USD	1 Quarter
Total revenue	`Revenues`	$3.44M	USD	2 Qtrs
Total revenue	`Revenues`	$1.71M	USD	1 Quarter
Total revenue	`Revenues`	$4.23M	USD	2 Qtrs
Total revenue	`Revenues`	$2.12M	USD	1 Quarter
Interest and amortization of deferred financing costs	`InterestAndAmortizationOfDeferredFinancingCosts`	$316.92K	USD	1 Quarter
Interest and amortization of deferred financing costs	`InterestAndAmortizationOfDeferredFinancingCosts`	$376.38K	USD	1 Quarter
Interest and amortization of deferred financing costs	`InterestAndAmortizationOfDeferredFinancingCosts`	$708.24K	USD	2 Qtrs
Interest and amortization of deferred financing costs	`InterestAndAmortizationOfDeferredFinancingCosts`	$634.10K	USD	2 Qtrs
Referral fees	`ReferralFees`	$3.32K	USD	2 Qtrs
Referral fees	`ReferralFees`	$1.96K	USD	1 Quarter
Referral fees	`ReferralFees`	$4.39K	USD	2 Qtrs
Referral fees	`ReferralFees`	$2.64K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$747.73K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$339.60K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$386.24K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$648.58K	USD	2 Qtrs
Total operating costs and expenses	`OperatingCostsAndExpenses`	$1.46M	USD	2 Qtrs
Total operating costs and expenses	`OperatingCostsAndExpenses`	$659.16K	USD	1 Quarter
Total operating costs and expenses	`OperatingCostsAndExpenses`	$764.58K	USD	1 Quarter
Total operating costs and expenses	`OperatingCostsAndExpenses`	$1.29M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$1.35M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.16M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$2.77M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$1.05M	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$9.00K	USD	2 Qtrs
Other income	`NonoperatingIncomeExpense`	$4.50K	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$9.00K	USD	2 Qtrs
Other income	`NonoperatingIncomeExpense`	$4.50K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.06M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.36M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.16M	USD	2 Qtrs
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.78M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$650.00	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$650.00	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$647.00	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$647.00	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.06M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.36M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.16M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.78M	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.22	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.24	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.24	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.22	USD	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.49M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.49M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.62M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.62M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.62M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.62M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.49M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.49M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Restricted cash	`RestrictedCash`	$327.48K	USD	Point-in-time
Net income	`NetIncomeLoss`	$1.06M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.36M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.16M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.78M	USD	2 Qtrs
Amortization of deferred financing costs	`AmortizationOfDeferredCharges`	$45.29K	USD	2 Qtrs
Amortization of deferred financing costs	`AmortizationOfDeferredCharges`	$54.00K	USD	2 Qtrs
Adjustment to operating lease right-of-use asset and liability	`AdjustmentToOperatingLeaseRightofuseAssetAndLiability`	$2.32K	USD	2 Qtrs
Adjustment to operating lease right-of-use asset and liability	`AdjustmentToOperatingLeaseRightofuseAssetAndLiability`	$2.06K	USD	2 Qtrs
Depreciation	`Depreciation`	$1.15K	USD	2 Qtrs
Depreciation	`Depreciation`	$972.00	USD	2 Qtrs
Non-cash compensation expense	`ShareBasedCompensation`	$6.53K	USD	2 Qtrs
Non-cash compensation expense	`ShareBasedCompensation`	$6.53K	USD	2 Qtrs
Interest receivable on loans	`IncreaseDecreaseInAccruedInterestReceivableNet`	$96.89K	USD	2 Qtrs
Interest receivable on loans	`IncreaseDecreaseInAccruedInterestReceivableNet`	$88.50K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$63.87K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$56.77K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$31.15K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-35.03K	USD	2 Qtrs
Deferred origination fees	`IncreaseDecreaseInDeferredCharges`	$9.88K	USD	2 Qtrs
Deferred origination fees	`IncreaseDecreaseInDeferredCharges`	$-132.17K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.85M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.03M	USD	2 Qtrs
Issuance of short term loans	`PaymentsToAcquireLoansReceivable`	$37.95M	USD	2 Qtrs
Issuance of short term loans	`PaymentsToAcquireLoansReceivable`	$15.57M	USD	2 Qtrs
Collections received from loans	`ProceedsFromCollectionOfLoansReceivable`	$20.28M	USD	2 Qtrs
Collections received from loans	`ProceedsFromCollectionOfLoansReceivable`	$34.36M	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.89K	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$4.71M	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.59M	USD	2 Qtrs
Proceeds from (repayment of) line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-4.91M	USD	2 Qtrs
Proceeds from (repayment of) line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$3.63M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$2.12M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$2.87M	USD	2 Qtrs
Deferred financing costs incurred	`PaymentsOfFinancingCosts`	-	USD	2 Qtrs
Deferred financing costs incurred	`PaymentsOfFinancingCosts`	$35.82K	USD	2 Qtrs
Pre-offering costs incurred	`PaymentsOfPreofferingCostsIncurred`	$18.75K	USD	2 Qtrs
Pre-offering costs incurred	`PaymentsOfPreofferingCostsIncurred`	-	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.05M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$718.00K	USD	2 Qtrs
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-305.95K	USD	2 Qtrs
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-24.92K	USD	2 Qtrs
Cash and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$117.62K	USD	Point-in-time
Cash and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$142.55K	USD	Point-in-time
Cash and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$459.14K	USD	Point-in-time
Cash and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$153.19K	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$117.62K	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$142.55K	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$459.14K	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$153.19K	USD	Point-in-time
Taxes paid during the period	`IncomeTaxesPaidNet`	$647.00	USD	2 Qtrs
Taxes paid during the period	`IncomeTaxesPaidNet`	$650.00	USD	2 Qtrs
Interest paid during the period	`InterestPaidNet`	$603.87K	USD	2 Qtrs
Interest paid during the period	`InterestPaidNet`	$608.90K	USD	2 Qtrs
Operating leases paid during the period	`OperatingLeasesPaidDuringPeriod`	$31.79K	USD	2 Qtrs
Operating leases paid during the period	`OperatingLeasesPaidDuringPeriod`	$31.72K	USD	2 Qtrs
Dividend declared and payable	`DividendDeclaredAndPayable`	-	USD	2 Qtrs
Dividend declared and payable	`DividendDeclaredAndPayable`	$1.44M	USD	2 Qtrs

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$43.39M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$43.38M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$33.07M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$43.30M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$33.08M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$31.96M	USD	Point-in-time
Non - cash compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.53K	USD	2 Qtrs
Non - cash compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.27K	USD	1 Quarter
Non - cash compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.53K	USD	2 Qtrs
Non - cash compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.27K	USD	1 Quarter
Dividends declared and payable	`StockIssuedDuringPeriodValueStockDividend`	$1.44M	USD	1 Quarter
Dividends declared and payable	`StockIssuedDuringPeriodValueStockDividend`	$1.44M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.06M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.36M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.16M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.78M	USD	2 Qtrs
Dividends paid	`DividendsCommonStock`	$1.06M	USD	2 Qtrs
Dividends paid	`DividendsCommonStock`	$1.44M	USD	2 Qtrs
Dividends paid	`DividendsCommonStock`	$1.06M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$43.39M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$43.38M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$33.07M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$43.30M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$33.08M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$31.96M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.