Manhattan Bridge Capital, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Manhattan Bridge Capital, Inc. has submitted its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

MANHATTAN BRIDGE CAPITAL, INC (LOAN) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. Manhattan Bridge Capital, Inc. filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31. The filing was made on April 23, 2024. The company is classified under Real Estate Investment Trusts (SIC 6798). The company was formerly known as DAG Media Inc. before a name change on February 23, 1999.

Why It Matters

For investors and stakeholders tracking MANHATTAN BRIDGE CAPITAL, INC, this filing contains several important signals. This filing provides investors with an update on the company's financial performance and position during the first quarter of 2024. As a Real Estate Investment Trust, this report is crucial for understanding the company's loan portfolio and its impact on overall financial health.

Risk Assessment

Risk Level: low — MANHATTAN BRIDGE CAPITAL, INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks.

Analyst Insight

Monitor future filings for detailed financial performance metrics and any updates on loan portfolio performance.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-04-23 — Filing Date (Filed As Of Date)
• 1231 — Fiscal Year End (Fiscal Year End)
• 6798 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• MANHATTAN BRIDGE CAPITAL, INC (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-04-23 (date) — Filed as of date
• 0001080340 (company) — Central Index Key
• 6798 (industry) — Standard Industrial Classification
• NY (location) — State of incorporation
• 1231 (date) — Fiscal year end
• DAG MEDIA INC (company) — Former company name

FAQ

Industry Context

Manhattan Bridge Capital, Inc. operates as a Real Estate Investment Trust (REIT), focusing on lending activities within the real estate sector.

Regulatory Implications

As a publicly traded company, Manhattan Bridge Capital, Inc. is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to disclose financial information.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze the company's loan portfolio composition and any changes from previous periods.
3. Track any subsequent events or disclosures made after the reporting period.

Key Dates

• 2024-03-31: Quarterly Report Period End — Covers the first quarter of fiscal year 2024.
• 2024-04-23: Filing Date — Date the 10-Q was officially submitted to the SEC.
• 1999-02-23: Company Name Change — Date Manhattan Bridge Capital, Inc. adopted its current name.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing an update compared to the previous fiscal year's Q1 report and the most recent annual report (10-K).

Key Financial Figures

• $20 million — r. Further, the Company may issue up to $20 million in bonds through its subsidiary, of whi
• $10 million — its subsidiary, of which not more than $10 million of such bonds may be secured by mortgag

Filing Documents

• form10-q.htm (10-Q) — 376KB
• ex10-1.htm (EX-10.1) — 6KB
• ex31-1.htm (EX-31.1) — 15KB
• ex31-2.htm (EX-31.2) — 15KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 5KB
• ex10-1_001.jpg (GRAPHIC) — 330KB
• ex10-1_002.jpg (GRAPHIC) — 291KB
• ex10-1_003.jpg (GRAPHIC) — 445KB
• ex10-1_004.jpg (GRAPHIC) — 159KB
• ex10-1_005.jpg (GRAPHIC) — 65KB
• ex10-1_006.jpg (GRAPHIC) — 35KB
• ex10-1_007.jpg (GRAPHIC) — 27KB
• ex10-1_008.jpg (GRAPHIC) — 59KB
• 0001493152-24-015643.txt (&nbsp;) — 4163KB
• loan-20240331.xsd (EX-101.SCH) — 23KB
• loan-20240331_cal.xml (EX-101.CAL) — 31KB
• loan-20240331_def.xml (EX-101.DEF) — 70KB
• loan-20240331_lab.xml (EX-101.LAB) — 191KB
• loan-20240331_pre.xml (EX-101.PRE) — 136KB
• form10-q_htm.xml (XML) — 152KB

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 12 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 15 Item 4.

Controls and Procedures

Controls and Procedures 15 Part II OTHER INFORMATION Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 6. Exhibits 16

SIGNATURES

SIGNATURES 17 EXHIBITS 2 Forward Looking Statements This report contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are typically identified by the words "believe," "expect," "intend," "estimate" and similar expressions. Those statements appear in a number of places in this report and include statements regarding our intent, belief or current expectations or those of our directors or officers with respect to, among other things, trends affecting our financial condition and results of operations and our business and growth strategies. These forward-looking projected, expressed or implied in the forward-looking statements as a result of various factors (such factors are referred to herein as "Cautionary Statements"), including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to "lender liability" claims; (vi) our due diligence may not uncover all of a borrower's liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive; and (ix) an increase in interest rates may impact our profitability. The accompanying information contained i

CONSOLIDATED FINANCIAL STATEMENTS

Item 1. CONSOLIDATED FINANCIAL STATEMENTS MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (unaudited) (audited) Assets Loans receivable $ 72,596,149 $ 73,048,403 Interest receivable on loans 1,514,836 1,395,905 Cash 87,097 104,222 Cash - restricted 311,545 1,587,773 Other assets 97,734 63,636 Operating lease right-of-use asset, net 193,650 207,364 Deferred financing costs, net 24,400 27,583 Total assets $ 74,825,411 $ 76,434,886 Liabilities and Stockholders' Equity Liabilities: Line of credit $ 23,450,677 $ 25,152,338 Senior secured notes (net of deferred financing costs of $ 153,298 and $ 172,069 , respectively) 5,846,702 5,827,931 Deferred origination fees 655,023 719,019 Accounts payable and accrued expenses 263,692 295,292 Operating lease liability 206,934 220,527 Dividends payable 1,315,445 1,287,073 Total liabilities 31,738,473 33,502,180 Commitments and contingencies - - Stockholders' equity: Preferred shares - $ .01 par value; 5,000,000 shares authorized; none issued — — Common shares - $ .001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,438,651 and 11,440,651 outstanding, respectively 11,757 11,757 Additional paid-in capital 45,552,142 45,548,876 Less: Treasury stock, at cost – 318,407 and 316,407 shares ( 1,070,406 ) ( 1,060,606 ) Accumulated deficit ( 1,406,555 ) ( 1,567,321 ) Total stockholders' equity 43,086,938 42,932,706 Total liabilities and stockholders' equity $ 74,825,411 $ 76,434,886 The accompanying notes are an integral part of these consolidated financial statements. 4 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED (unaudited) 2024 2023 Three Months Ended March 31, 2024 2023 Revenue: Interest income from loans $ 2,142,487 $ 1,953,821 Origination fees 430,591 443,971 Total revenue 2,573,078

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q. The discussion and analysis contain forward-looking statements based on current expectations that involve risks and uncertainties. Actual results and the timing of certain events may differ significantly from those projected in such forward-looking statements . We are a New York-based real estate finance company that specializes in originating, servicing and managing a portfolio of first mortgage loans. We offer short-term, secured, non-banking loans (sometimes referred to as "hard money" loans), which we may renew or extend on, befor

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View this 10-Q filing on SEC EDGAR