Manhattan Bridge Capital(LOAN) - 2025 Q3 - Quarterly Report

Financial Performance - Total revenue for the three months ended September 30, 2025, was $2,035,753, a decrease of 12.0% compared to $2,313,333 for the same period in 2024[16] - Net income for the three months ended September 30, 2025, was $1,202,180, down 14.1% from $1,399,286 in the prior year[16] - Net income for the nine months ended September 30, 2025, was $3,988,282, a decrease of 6.9% compared to $4,284,550 for the same period in 2024[28] - For the nine months ended September 30, 2025, total revenues were approximately $6,665,000, a decrease of $665,000 or 9.1% compared to the same period in 2024[75] - Basic and diluted net income per common share for the three months ended September 30, 2025, was $0.11, compared to $0.12 for the same period in 2024[16] Assets and Liabilities - Total assets decreased to $59,988,878 as of September 30, 2025, from $67,360,816 as of December 31, 2024, a reduction of 11.0%[13] - Total liabilities decreased to $16,672,006 as of September 30, 2025, from $24,095,689 as of December 31, 2024, a decline of 30.6%[13] - Loans receivable decreased to $57,961,155 as of September 30, 2025, from $65,405,731 as of December 31, 2024, representing a decline of 11.0%[13] - The Company’s loans receivable totaled $58,469,888 as of September 30, 2025, down from $65,974,265 at December 31, 2024, indicating a decrease of 11.4%[42] Cash Flow - Net cash provided by operating activities increased to $3,806,024 from $3,660,999, reflecting a growth of 4% year-over-year[28] - Cash flows from investing activities showed a significant increase, with net cash provided amounting to $7,517,081 compared to $4,726,869 in the previous year, representing a growth of 59.5%[28] - Net cash provided by investing activities rose to approximately $7,517,000 for the nine months ended September 30, 2025, compared to approximately $4,727,000 for the same period in 2024[81] - Net cash used in financing activities was $11,325,000 for the nine months ended September 30, 2025, an increase from approximately $9,912,000 in the prior year[82] Expenses - General and administrative expenses for the three months ended September 30, 2025, increased to $413,518, up 8.5% from $380,482 in the prior year[16] - General and administrative expenses increased to approximately $1,305,000 for the nine months ended September 30, 2025, reflecting an increase of $80,000, or 6.5% from the prior year[77] - The Company paid $1,346,361 in interest during the period, a decrease from $1,816,980 in the same period last year, reflecting a reduction of 26%[28] Dividends - The company declared dividends payable of $1,315,445 for both September 30, 2025, and September 30, 2024, indicating a consistent dividend policy[18] - The Company declared and payable dividends of $1,315,445, consistent with the previous year[28] Credit and Loans - The outstanding amount under the Amended Credit Agreement was $9,049,624 as of September 30, 2025, with an interest rate of approximately 7.8%[47] - The company has committed $4,871,256 in construction loans that can be drawn by borrowers when certain conditions are met as of September 30, 2025[68] - The Webster Credit Line provides a credit line of $32.5 million until February 28, 2026, with interest rates based on SOFR plus a premium[83] - The company plans to redeem its senior secured notes prior to maturity using proceeds from a replacement credit facility or the Webster Credit Line[50] - The company intends to continue selectively originating loans secured by first mortgages on real estate in the New York metropolitan area and Florida[65] Other Information - The accumulated deficit as of September 30, 2025, was $(1,196,218), an improvement from $(1,238,165) as of December 31, 2024[13] - The company has no loan impairments as of September 30, 2025, with all borrowers either paying interest or in the process of signing extension agreements[43] - The company adopted a share buyback program on April 11, 2023, repurchasing 56,294 common shares at an aggregate cost of $271,468[54] - Stock-based compensation expense recognized for the three-month periods ended September 30, 2025, and 2024 was $3,266[56] - The company has never foreclosed on a property since commencing business in 2007, although it filed a foreclosure lawsuit in June 2023[64] - Cash balance as of September 30, 2025 was approximately $186,000, compared to $178,000 at December 31, 2024[79] - The company expects current cash balances and cash flows from operations to be sufficient to fund operations over the next 12 months[91]