Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that its net income for the three months ended March 31, 2024 was approximately $1,476,000, or $0.13 per share (based on approximately 11.4 million weighted-average outstanding common shares), compared to approximately $1,260,000, or $0.11 per share (based on approximately 11.5 million weighted-average outstanding common shares) for the three months ended March 31, 2023, an increase of $216,000, or 17.1%. This increase is primarily attributable to an increase in interest income from loans and a decrease in general and administrative expenses, partially offset by an increase in interest expense.

Total revenues for the three months ended March 31, 2024 were approximately $2,573,000 compared to approximately $2,398,000 for the three months ended March 31, 2023, an increase of $175,000, or 7.3%. The increase in revenue was due to higher interest rates charged on the Company’s commercial loans. For the three months ended March 31, 2024, approximately $2,142,000 of its revenue represents interest income on secured commercial loans that the Company offers to real estate investors, compared to approximately $1,954,000 for the same period in 2023, and approximately $431,000 and $444,000, respectively, represent origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

As of March 31, 2024, total shareholders' equity was approximately $43,087,000.

Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “High interest rates are still the most common topic in the real estate investors community, as their impact is significant. Sales are lingering, refinance transactions are dragging, and existing adjustable-rate mortgages are becoming unaffordable for certain buildings. Additionally, construction costs increased to new records due to the higher-than-normal inflation. We’ve always been disciplined, conservative and careful, yet now is the time to be even stricter.”

About Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the website: https://www.manhattanbridgecapital.com.

 
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS
 
Assets March 31, 2024 (unaudited)   December 31, 2023 (audited)
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

 
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
 
  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     2,397,792
Operating costs and expenses:    
Interest and amortization of deferred financing costs   690,589     646,263
Referral fees   500     291
General and administrative expenses   410,278     496,096
Total operating costs and expenses   1,101,367     1,142,650
     
Income from operations   1,471,711     1,255,142
Other income   4,500     4,500
Net income $ 1,476,211   $ 1,259,642
     
Basic and diluted net income per common share outstanding:    
--Basic $ 0.13   $ 0.11
--Diluted $ 0.13   $ 0.11
     
Weighted average number of common shares outstanding:    
--Basic   11,438,673     11,494,945
--Diluted   11,438,673     11,494,945

 
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited)FOR THE THREE MONTHS ENDED MARCH 31, 2024
  Common Shares Additional Paid-in Capital Treasury Stock Accumulated Deficit Totals
           
  Shares Amount   Shares Cost    
Balance, January 1, 2024 11,757,058 $11,757 $45,548,876 316,407 $(1,060,606 ) $(1,567,321 ) $ 42,932,706  
Non-cash compensation       3,266         3,266  
Purchase of treasury shares       2,000   (9,800 )     (9,800 )
Dividends declared and payable             (1,315,445 )   (1,315,445 )
Net income ________  ________  ________  ________  ________    1,476,211     1,476,211  
Balance, March 31, 2024 11,757,058 $11,757 $45,552,142 318,407 $(1,070,406 ) $(1,406,555 ) $43,086,938  

FOR THE THREE MONTHS ENDED MARCH 31, 2023
 
  Common Shares Additional Paid-in Capital Treasury Stock Accumulated Deficit Totals
           
  Shares Amount   Shares Cost    
Balance, January 1, 2023 11,757,058 $11,757 $45,535,811 262,113 $(798,939 ) $ (1,885,056 ) $ 42,863,573  
Non-cash compensation       3,266         3,266  
Dividends declared and payable             (1,293,181 )   (1,293,181 )
Net income ________  ________  ________  ________  ________    1,259,642     1,259,642  
Balance, March 31, 2023 11,757,058 $11,757 $45,539,077 262,113 $(798,939 ) $(1,918,595 ) $42,833,300  

 
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
 
    Three Months Ended March 31,
      2024       2023  
Cash flows from operating activities:        
Net income   $ 1,476,211     $ 1,259,642  
Adjustments to reconcile net income to net cash provided by operating activities -        
Amortization of deferred financing costs     21,954       27,540  
Adjustment to operating lease right-of-use asset and liability     121       685  
Depreciation     1,055       892  
Non-cash compensation expense     3,266       3,266  
Changes in operating assets and liabilities:        
Interest receivable on loans     (118,931 )     104,455  
Other assets     (35,153 )     (35,189 )
Accounts payable and accrued expenses     (31,600 )     (28,043 )
Deferred origination fees     (63,996 )     (18,272 )
Net cash provided by operating activities     1,252,927       1,314,976  
         
Cash flows from investing activities:        
Issuance of short-term loans     (9,650,271 )     (13,734,803 )
Collections received from loans     10,102,525       16,285,581  
Purchase of fixed assets     ---       (5,085 )
Net cash provided by investing activities     452,254       2,545,693  
         
Cash flows from financing activities:        
Repayment of line of credit, net     (1,701,661 )     (2,413,957 )
Dividend paid     (1,287,073 )     (1,436,868 )
Purchase of treasury shares     (9,800 )     ---  
Deferred financing costs incurred     ---       (38,192 )
Net cash used in financing activities     (2,998,534 )     (3,889,017 )
         
Net decrease in cash     (1,293,353 )     (28,348 )
Cash and cash - restricted, beginning of period     1,691,995       103,540  
Cash and cash - restricted, end of period   $ 398,642     $ 75,192  
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest $ 667,488     $ 636,990  
Cash paid during the period for operating leases $ 16,370     $ 15,917  
       
Supplemental Schedule of Noncash Financing Activities:      
Dividend declared and payable $ 1,315,445     $ 1,293,181  
Loan holdback relating to mortgage receivable $ ---     $ 17,500  
The components of cash and cash - restricted are as follows:      
Cash $ 87,097     $ 75,192  
Cash - restricted $ 311,545     $ ---   
Contact:
Assaf Ran, CEO
Vanessa Kao, CFO
(516) 444-3400
SOURCE: Manhattan Bridge Capital, Inc.
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