Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Manhattan Bridge Capital, Inc. Reports Third Quarter 2023 Results By: Manhattan Bridge Capital, Inc. via GlobeNewswire October 24, 2023 at 07:05 AM EDT GREAT NECK, N.Y., Oct. 24, 2023 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its net income for the three months ended September 30, 2023 was approximately $1,446,000, or $0.13 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), as compared to approximately $1,237,000, or $0.11 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), for the three months ended September 30, 2022, an increase of $209,000, or 16.9%. This increase is primarily attributable to an increase in interest income from loans, partially offset by an increase in interest expense. Total revenues for the three months ended September 30, 2023 were approximately $2,434,000 compared to approximately $2,107,000 for the three months ended September 30, 2022, an increase of $327,000, or 15.5%. The increase in revenues was due to higher interest rates charged on the Company’s commercial loans. For the three months ended September 30, 2023 and 2022, approximately $1,992,000 and $1,678,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that the Company offers to real estate investors, and approximately $441,000 and $429,000, respectively, of the Company’s revenues were attributable to 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. Net income for the nine months ended September 30, 2023 was approximately $4,128,000, or $0.36 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), as compared to approximately $4,018,000, or $0.35 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares) for the nine months ended September 30, 2022, an increase of $110,000, or 2.7%. This increase is primarily attributable to an increase in interest income from loans, partially offset by an increase in interest expense. Total revenues for the nine months ended September 30, 2023 were approximately $7,231,000 compared to approximately $6,339,000 for the nine months ended September 30, 2022, an increase of $892,000, or 14.1%. The increase in revenues was due to higher interest rates charged on the Company’s commercial loans. For the nine months ended September 30, 2023 and 2022, revenues of approximately $5,889,000 and $4,934,000, respectively, were attributable to interest income on the secured commercial loans that the Company offers to real estate investors, and approximately $1,342,000 and $1,405,000, respectively, of the Company’s revenues were attributable to 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 September 30, 2023, total stockholders' equity was approximately $42,944,000. On April 11, 2023, the Company’s Board of Directors authorized a share buy back program, pursuant to which the Company may, from time to time, purchase up to 100,000 of its common shares. This program does not obligate the Company to purchase any shares and expires on April 10, 2024. The authorization for the program may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. As of September 30, 2023, the Company has purchased an aggregate of 37,860 common shares under this repurchase program, at an aggregate cost of approximately $186,000. Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “In the current real estate market condition, we are reaping the fruits of our disciplined and conservative underwriting practices as well as our extraordinary low leverage versus our peers. Due to the high interest rates environment, real estate markets are slower and heavier. Yet, we face less competition, so we have managed to remain active.” “I’d like to offer my sincere condolences to the families of the victims of the evil massacre of innocent Israeli citizens, including babies, children and women by the terror organization Hamas, and I pray for fast recovery of the wounded and the return of the over 200 hostages,” added Mr. Ran. 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 SUBSIDIARYCONSOLIDATED BALANCE SHEETS AssetsSeptember 30, 2023(unaudited) December 31, 2022(audited)Loans receivable$70,781,039 $74,483,463 Interest receivable on loans 1,349,374 1,363,502 Cash 133,147 103,540 Other assets 100,030 59,566 Operating lease right-of-use asset, net 221,079 262,222 Deferred financing costs, net 30,765 7,708 Total assets$72,615,434 $76,280,001 Liabilities and Stockholders’ Equity Liabilities: Line of credit$21,433,094 $24,994,234 Senior secured notes (net of deferred financing costs of $190,842 and $247,155, respectively) 5,809,158 5,752,845 Deferred origination fees 670,295 669,128 Accounts payable and accrued expenses 236,186 289,868 Operating lease liability 233,978 273,485 Dividends payable 1,288,753 1,436,868 Total liabilities 29,671,464 33,416,428 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; 11,457,085 and 11,494,945 outstanding, respectively 11,757 11,757 Additional paid-in capital 45,545,609 45,535,811 Treasury stock, at cost – 299,973 and 262,113 shares, respectively (984,630) (798,939)Accumulated deficit (1,628,766) (1,885,056) Total stockholders’ equity 42,943,970 42,863,573 Total liabilities and stockholders’ equity$72,615,434 $76,280,001 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF OPERATIONS(unaudited) Three MonthsEnded September 30,Nine MonthsEnded September 30, 2023 2022 2023 2022 Interest income from loans$1,992,495 $1,677,670 $5,888,843 $4,933,767 Origination fees 441,271 429,350 1,342,077 1,405,076 Total revenue 2,433,766 2,107,020 7,230,920 6,338,843 Operating costs and expenses: Interest and amortization of deferred financing costs 614,389 496,718 1,856,079 1,204,954 Referral fees 361 625 1,652 3,945 General and administrative expenses 377,192 377,436 1,274,267 1,125,162 Total operating costs and expenses 991,942 874,779 3,131,998 2,334,061 Income from operations 1,441,824 1,232,241 4,098,922 4,004,782 Other income 4,500 4,500 29,380 13,500 Income before income tax expense 1,446,324 1,236,741 4,128,302 4,018,282 Income tax expense --- --- (650) (650)Net income$1,446,324 $1,236,741 $4,127,652 $4,017,632 Basic and diluted net income per common share outstanding: --Basic$0.13 $0.11 $0.36 $0.35 --Diluted$0.13 $0.11 $0.36 $0.35 Weighted average number of common shares outstanding --Basic 11,461,052 11,494,945 11,477,133 11,494,945 --Diluted 11,461,052 11,494,945 11,477,133 11,494,945 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY(unaudited) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 Common SharesAdditional Paid in CapitalTreasury SharesAccumulated DeficitTotals SharesAmount SharesCost Balance, July 1, 202311,757,058$11,757$45,542,343295,473$(963,745)$(1,786,337)$42,804,018Purchase of treasury shares 4,500(20,885) (20,885)Non-cash compensation 3,266 3,266Dividends declared and payable (1,288,753)(1,288,753)Net income 1,446,3241,446,324Balance, September 30, 202311,757,058$11,757$45,545,609299,973$(984,630)$(1,628,766)$42,943,970 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 Common SharesAdditional Paid in CapitalTreasury SharesAccumulated DeficitTotals SharesAmount SharesCost Balance, July 1, 202211,757,058$11,757$45,529,278262,113$(798,939)$(1,442,167)$43,299,929Non-cash compensation 3,266 3,266Dividends declared and payable (1,436,868)(1,436,868)Net income 1,236,7411,236,741Balance, September 30, 202211,757,058$11,757$45,532,544262,113$(798,939)$(1,642,294) $43,103,068 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 Common SharesAdditional Paidin CapitalTreasury SharesAccumulatedDeficitTotals SharesAmount SharesCost Balance, January 1, 202311,757,058$11,757$45,535,811262,113$(798,939)$(1,885,056)$42,863,573Purchase of treasury shares 37,860(185,691) (185,691)Non-cash compensation 9,798 9,798Dividends paid (2,582,609)(2,582,609)Dividends declared and payable (1,288,753)(1,288,753)Net income 4,127,6524,127,652Balance, September 30, 202311,757,058$11,757$45,545,609299,973$(984,630)$(1,628,766)$42,943,970 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 Common SharesAdditional Paidin CapitalTreasury SharesAccumulatedDeficitTotals SharesAmount SharesCost Balance, January 1, 202211,757,058$11,757$45,522,746262,113$(798,939)$(1,349,322)$43,386,242Non-cash compensation 9,798 9,798Dividends paid (2,873,736)(2,873,736)Dividends declared and payable (1,436,868)(1,436,868)Net income 4,017,6324,017,632Balance, September 30, 202211,757,058$11,757$45,532,544262,113$(798,939)$(1,642,294)$43,103,068 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited) Nine Months Ended September 30, 2023 2022 Cash flows from operating activities: Net income $4,127,652 $4,017,632 Adjustments to reconcile net income to net cash provided by operating activities - Amortization of deferred financing costs 71,449 83,401 Adjustment to operating lease right-of-use asset and liability 1,636 3,274 Depreciation 3,001 1,598 Non-cash compensation expense 9,798 9,798 Changes in operating assets and liabilities: Interest receivable on loans 14,128 (176,746)Other assets (38,381) (29,164)Accounts payable and accrued expenses (53,682) 47,890 Deferred origination fees 1,167 61,645 Net cash provided by operating activities 4,136,768 4,019,328 Cash flows from investing activities: Issuance of short term loans (40,810,565) (49,241,679)Collections received from loans 44,512,989 42,255,461 Purchase of fixed assets (5,085) (1,893)Net cash provided by (used in) investing activities 3,697,339 (6,988,111) Cash flows from financing activities: (Repayment of) proceeds from line of credit, net (3,561,140) 7,715,637 Dividends paid (4,019,478) (4,310,604)Purchase of treasury shares (185,691) --- Deferred financing costs incurred (38,191) (35,819)Net cash (used in) provided by financing activities (7,804,500) 3,369,214 Net increase in cash and restricted cash* 29,607 400,431 Cash and restricted cash*, beginning of year 103,540 142,546 Cash and restricted cash*, end of period $133,147 $542,977 Supplemental Cash Flow Information: Taxes paid during the period $650 $650 Interest paid during the period $1,797,254 $1,036,338 Operating leases paid during the period $47,822 $47,703 Supplemental Information – Noncash Information: Dividend declared and payable $1,288,753 $1,436,868 * At September 30, 2022, cash and restricted cash included $433,269 of restricted cash. Contact: Assaf Ran, CEO Vanessa Kao, CFO (516) 444-3400 SOURCE: Manhattan Bridge Capital, Inc. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Manhattan Bridge Capital, Inc. Reports Third Quarter 2023 Results By: Manhattan Bridge Capital, Inc. via GlobeNewswire October 24, 2023 at 07:05 AM EDT GREAT NECK, N.Y., Oct. 24, 2023 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its net income for the three months ended September 30, 2023 was approximately $1,446,000, or $0.13 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), as compared to approximately $1,237,000, or $0.11 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), for the three months ended September 30, 2022, an increase of $209,000, or 16.9%. This increase is primarily attributable to an increase in interest income from loans, partially offset by an increase in interest expense. Total revenues for the three months ended September 30, 2023 were approximately $2,434,000 compared to approximately $2,107,000 for the three months ended September 30, 2022, an increase of $327,000, or 15.5%. The increase in revenues was due to higher interest rates charged on the Company’s commercial loans. For the three months ended September 30, 2023 and 2022, approximately $1,992,000 and $1,678,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that the Company offers to real estate investors, and approximately $441,000 and $429,000, respectively, of the Company’s revenues were attributable to 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. Net income for the nine months ended September 30, 2023 was approximately $4,128,000, or $0.36 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), as compared to approximately $4,018,000, or $0.35 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares) for the nine months ended September 30, 2022, an increase of $110,000, or 2.7%. This increase is primarily attributable to an increase in interest income from loans, partially offset by an increase in interest expense. Total revenues for the nine months ended September 30, 2023 were approximately $7,231,000 compared to approximately $6,339,000 for the nine months ended September 30, 2022, an increase of $892,000, or 14.1%. The increase in revenues was due to higher interest rates charged on the Company’s commercial loans. For the nine months ended September 30, 2023 and 2022, revenues of approximately $5,889,000 and $4,934,000, respectively, were attributable to interest income on the secured commercial loans that the Company offers to real estate investors, and approximately $1,342,000 and $1,405,000, respectively, of the Company’s revenues were attributable to 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 September 30, 2023, total stockholders' equity was approximately $42,944,000. On April 11, 2023, the Company’s Board of Directors authorized a share buy back program, pursuant to which the Company may, from time to time, purchase up to 100,000 of its common shares. This program does not obligate the Company to purchase any shares and expires on April 10, 2024. The authorization for the program may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. As of September 30, 2023, the Company has purchased an aggregate of 37,860 common shares under this repurchase program, at an aggregate cost of approximately $186,000. Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “In the current real estate market condition, we are reaping the fruits of our disciplined and conservative underwriting practices as well as our extraordinary low leverage versus our peers. Due to the high interest rates environment, real estate markets are slower and heavier. Yet, we face less competition, so we have managed to remain active.” “I’d like to offer my sincere condolences to the families of the victims of the evil massacre of innocent Israeli citizens, including babies, children and women by the terror organization Hamas, and I pray for fast recovery of the wounded and the return of the over 200 hostages,” added Mr. Ran. 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 SUBSIDIARYCONSOLIDATED BALANCE SHEETS AssetsSeptember 30, 2023(unaudited) December 31, 2022(audited)Loans receivable$70,781,039 $74,483,463 Interest receivable on loans 1,349,374 1,363,502 Cash 133,147 103,540 Other assets 100,030 59,566 Operating lease right-of-use asset, net 221,079 262,222 Deferred financing costs, net 30,765 7,708 Total assets$72,615,434 $76,280,001 Liabilities and Stockholders’ Equity Liabilities: Line of credit$21,433,094 $24,994,234 Senior secured notes (net of deferred financing costs of $190,842 and $247,155, respectively) 5,809,158 5,752,845 Deferred origination fees 670,295 669,128 Accounts payable and accrued expenses 236,186 289,868 Operating lease liability 233,978 273,485 Dividends payable 1,288,753 1,436,868 Total liabilities 29,671,464 33,416,428 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; 11,457,085 and 11,494,945 outstanding, respectively 11,757 11,757 Additional paid-in capital 45,545,609 45,535,811 Treasury stock, at cost – 299,973 and 262,113 shares, respectively (984,630) (798,939)Accumulated deficit (1,628,766) (1,885,056) Total stockholders’ equity 42,943,970 42,863,573 Total liabilities and stockholders’ equity$72,615,434 $76,280,001 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF OPERATIONS(unaudited) Three MonthsEnded September 30,Nine MonthsEnded September 30, 2023 2022 2023 2022 Interest income from loans$1,992,495 $1,677,670 $5,888,843 $4,933,767 Origination fees 441,271 429,350 1,342,077 1,405,076 Total revenue 2,433,766 2,107,020 7,230,920 6,338,843 Operating costs and expenses: Interest and amortization of deferred financing costs 614,389 496,718 1,856,079 1,204,954 Referral fees 361 625 1,652 3,945 General and administrative expenses 377,192 377,436 1,274,267 1,125,162 Total operating costs and expenses 991,942 874,779 3,131,998 2,334,061 Income from operations 1,441,824 1,232,241 4,098,922 4,004,782 Other income 4,500 4,500 29,380 13,500 Income before income tax expense 1,446,324 1,236,741 4,128,302 4,018,282 Income tax expense --- --- (650) (650)Net income$1,446,324 $1,236,741 $4,127,652 $4,017,632 Basic and diluted net income per common share outstanding: --Basic$0.13 $0.11 $0.36 $0.35 --Diluted$0.13 $0.11 $0.36 $0.35 Weighted average number of common shares outstanding --Basic 11,461,052 11,494,945 11,477,133 11,494,945 --Diluted 11,461,052 11,494,945 11,477,133 11,494,945 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY(unaudited) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 Common SharesAdditional Paid in CapitalTreasury SharesAccumulated DeficitTotals SharesAmount SharesCost Balance, July 1, 202311,757,058$11,757$45,542,343295,473$(963,745)$(1,786,337)$42,804,018Purchase of treasury shares 4,500(20,885) (20,885)Non-cash compensation 3,266 3,266Dividends declared and payable (1,288,753)(1,288,753)Net income 1,446,3241,446,324Balance, September 30, 202311,757,058$11,757$45,545,609299,973$(984,630)$(1,628,766)$42,943,970 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 Common SharesAdditional Paid in CapitalTreasury SharesAccumulated DeficitTotals SharesAmount SharesCost Balance, July 1, 202211,757,058$11,757$45,529,278262,113$(798,939)$(1,442,167)$43,299,929Non-cash compensation 3,266 3,266Dividends declared and payable (1,436,868)(1,436,868)Net income 1,236,7411,236,741Balance, September 30, 202211,757,058$11,757$45,532,544262,113$(798,939)$(1,642,294) $43,103,068 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 Common SharesAdditional Paidin CapitalTreasury SharesAccumulatedDeficitTotals SharesAmount SharesCost Balance, January 1, 202311,757,058$11,757$45,535,811262,113$(798,939)$(1,885,056)$42,863,573Purchase of treasury shares 37,860(185,691) (185,691)Non-cash compensation 9,798 9,798Dividends paid (2,582,609)(2,582,609)Dividends declared and payable (1,288,753)(1,288,753)Net income 4,127,6524,127,652Balance, September 30, 202311,757,058$11,757$45,545,609299,973$(984,630)$(1,628,766)$42,943,970 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 Common SharesAdditional Paidin CapitalTreasury SharesAccumulatedDeficitTotals SharesAmount SharesCost Balance, January 1, 202211,757,058$11,757$45,522,746262,113$(798,939)$(1,349,322)$43,386,242Non-cash compensation 9,798 9,798Dividends paid (2,873,736)(2,873,736)Dividends declared and payable (1,436,868)(1,436,868)Net income 4,017,6324,017,632Balance, September 30, 202211,757,058$11,757$45,532,544262,113$(798,939)$(1,642,294)$43,103,068 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited) Nine Months Ended September 30, 2023 2022 Cash flows from operating activities: Net income $4,127,652 $4,017,632 Adjustments to reconcile net income to net cash provided by operating activities - Amortization of deferred financing costs 71,449 83,401 Adjustment to operating lease right-of-use asset and liability 1,636 3,274 Depreciation 3,001 1,598 Non-cash compensation expense 9,798 9,798 Changes in operating assets and liabilities: Interest receivable on loans 14,128 (176,746)Other assets (38,381) (29,164)Accounts payable and accrued expenses (53,682) 47,890 Deferred origination fees 1,167 61,645 Net cash provided by operating activities 4,136,768 4,019,328 Cash flows from investing activities: Issuance of short term loans (40,810,565) (49,241,679)Collections received from loans 44,512,989 42,255,461 Purchase of fixed assets (5,085) (1,893)Net cash provided by (used in) investing activities 3,697,339 (6,988,111) Cash flows from financing activities: (Repayment of) proceeds from line of credit, net (3,561,140) 7,715,637 Dividends paid (4,019,478) (4,310,604)Purchase of treasury shares (185,691) --- Deferred financing costs incurred (38,191) (35,819)Net cash (used in) provided by financing activities (7,804,500) 3,369,214 Net increase in cash and restricted cash* 29,607 400,431 Cash and restricted cash*, beginning of year 103,540 142,546 Cash and restricted cash*, end of period $133,147 $542,977 Supplemental Cash Flow Information: Taxes paid during the period $650 $650 Interest paid during the period $1,797,254 $1,036,338 Operating leases paid during the period $47,822 $47,703 Supplemental Information – Noncash Information: Dividend declared and payable $1,288,753 $1,436,868 * At September 30, 2022, cash and restricted cash included $433,269 of restricted cash. Contact: Assaf Ran, CEO Vanessa Kao, CFO (516) 444-3400 SOURCE: Manhattan Bridge Capital, Inc.
GREAT NECK, N.Y., Oct. 24, 2023 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its net income for the three months ended September 30, 2023 was approximately $1,446,000, or $0.13 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), as compared to approximately $1,237,000, or $0.11 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), for the three months ended September 30, 2022, an increase of $209,000, or 16.9%. This increase is primarily attributable to an increase in interest income from loans, partially offset by an increase in interest expense. Total revenues for the three months ended September 30, 2023 were approximately $2,434,000 compared to approximately $2,107,000 for the three months ended September 30, 2022, an increase of $327,000, or 15.5%. The increase in revenues was due to higher interest rates charged on the Company’s commercial loans. For the three months ended September 30, 2023 and 2022, approximately $1,992,000 and $1,678,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that the Company offers to real estate investors, and approximately $441,000 and $429,000, respectively, of the Company’s revenues were attributable to 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. Net income for the nine months ended September 30, 2023 was approximately $4,128,000, or $0.36 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), as compared to approximately $4,018,000, or $0.35 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares) for the nine months ended September 30, 2022, an increase of $110,000, or 2.7%. This increase is primarily attributable to an increase in interest income from loans, partially offset by an increase in interest expense. Total revenues for the nine months ended September 30, 2023 were approximately $7,231,000 compared to approximately $6,339,000 for the nine months ended September 30, 2022, an increase of $892,000, or 14.1%. The increase in revenues was due to higher interest rates charged on the Company’s commercial loans. For the nine months ended September 30, 2023 and 2022, revenues of approximately $5,889,000 and $4,934,000, respectively, were attributable to interest income on the secured commercial loans that the Company offers to real estate investors, and approximately $1,342,000 and $1,405,000, respectively, of the Company’s revenues were attributable to 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 September 30, 2023, total stockholders' equity was approximately $42,944,000. On April 11, 2023, the Company’s Board of Directors authorized a share buy back program, pursuant to which the Company may, from time to time, purchase up to 100,000 of its common shares. This program does not obligate the Company to purchase any shares and expires on April 10, 2024. The authorization for the program may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. As of September 30, 2023, the Company has purchased an aggregate of 37,860 common shares under this repurchase program, at an aggregate cost of approximately $186,000. Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “In the current real estate market condition, we are reaping the fruits of our disciplined and conservative underwriting practices as well as our extraordinary low leverage versus our peers. Due to the high interest rates environment, real estate markets are slower and heavier. Yet, we face less competition, so we have managed to remain active.” “I’d like to offer my sincere condolences to the families of the victims of the evil massacre of innocent Israeli citizens, including babies, children and women by the terror organization Hamas, and I pray for fast recovery of the wounded and the return of the over 200 hostages,” added Mr. Ran. 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 SUBSIDIARYCONSOLIDATED BALANCE SHEETS AssetsSeptember 30, 2023(unaudited) December 31, 2022(audited)Loans receivable$70,781,039 $74,483,463 Interest receivable on loans 1,349,374 1,363,502 Cash 133,147 103,540 Other assets 100,030 59,566 Operating lease right-of-use asset, net 221,079 262,222 Deferred financing costs, net 30,765 7,708 Total assets$72,615,434 $76,280,001 Liabilities and Stockholders’ Equity Liabilities: Line of credit$21,433,094 $24,994,234 Senior secured notes (net of deferred financing costs of $190,842 and $247,155, respectively) 5,809,158 5,752,845 Deferred origination fees 670,295 669,128 Accounts payable and accrued expenses 236,186 289,868 Operating lease liability 233,978 273,485 Dividends payable 1,288,753 1,436,868 Total liabilities 29,671,464 33,416,428 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; 11,457,085 and 11,494,945 outstanding, respectively 11,757 11,757 Additional paid-in capital 45,545,609 45,535,811 Treasury stock, at cost – 299,973 and 262,113 shares, respectively (984,630) (798,939)Accumulated deficit (1,628,766) (1,885,056) Total stockholders’ equity 42,943,970 42,863,573 Total liabilities and stockholders’ equity$72,615,434 $76,280,001 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF OPERATIONS(unaudited) Three MonthsEnded September 30,Nine MonthsEnded September 30, 2023 2022 2023 2022 Interest income from loans$1,992,495 $1,677,670 $5,888,843 $4,933,767 Origination fees 441,271 429,350 1,342,077 1,405,076 Total revenue 2,433,766 2,107,020 7,230,920 6,338,843 Operating costs and expenses: Interest and amortization of deferred financing costs 614,389 496,718 1,856,079 1,204,954 Referral fees 361 625 1,652 3,945 General and administrative expenses 377,192 377,436 1,274,267 1,125,162 Total operating costs and expenses 991,942 874,779 3,131,998 2,334,061 Income from operations 1,441,824 1,232,241 4,098,922 4,004,782 Other income 4,500 4,500 29,380 13,500 Income before income tax expense 1,446,324 1,236,741 4,128,302 4,018,282 Income tax expense --- --- (650) (650)Net income$1,446,324 $1,236,741 $4,127,652 $4,017,632 Basic and diluted net income per common share outstanding: --Basic$0.13 $0.11 $0.36 $0.35 --Diluted$0.13 $0.11 $0.36 $0.35 Weighted average number of common shares outstanding --Basic 11,461,052 11,494,945 11,477,133 11,494,945 --Diluted 11,461,052 11,494,945 11,477,133 11,494,945 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY(unaudited) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 Common SharesAdditional Paid in CapitalTreasury SharesAccumulated DeficitTotals SharesAmount SharesCost Balance, July 1, 202311,757,058$11,757$45,542,343295,473$(963,745)$(1,786,337)$42,804,018Purchase of treasury shares 4,500(20,885) (20,885)Non-cash compensation 3,266 3,266Dividends declared and payable (1,288,753)(1,288,753)Net income 1,446,3241,446,324Balance, September 30, 202311,757,058$11,757$45,545,609299,973$(984,630)$(1,628,766)$42,943,970 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 Common SharesAdditional Paid in CapitalTreasury SharesAccumulated DeficitTotals SharesAmount SharesCost Balance, July 1, 202211,757,058$11,757$45,529,278262,113$(798,939)$(1,442,167)$43,299,929Non-cash compensation 3,266 3,266Dividends declared and payable (1,436,868)(1,436,868)Net income 1,236,7411,236,741Balance, September 30, 202211,757,058$11,757$45,532,544262,113$(798,939)$(1,642,294) $43,103,068 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 Common SharesAdditional Paidin CapitalTreasury SharesAccumulatedDeficitTotals SharesAmount SharesCost Balance, January 1, 202311,757,058$11,757$45,535,811262,113$(798,939)$(1,885,056)$42,863,573Purchase of treasury shares 37,860(185,691) (185,691)Non-cash compensation 9,798 9,798Dividends paid (2,582,609)(2,582,609)Dividends declared and payable (1,288,753)(1,288,753)Net income 4,127,6524,127,652Balance, September 30, 202311,757,058$11,757$45,545,609299,973$(984,630)$(1,628,766)$42,943,970 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 Common SharesAdditional Paidin CapitalTreasury SharesAccumulatedDeficitTotals SharesAmount SharesCost Balance, January 1, 202211,757,058$11,757$45,522,746262,113$(798,939)$(1,349,322)$43,386,242Non-cash compensation 9,798 9,798Dividends paid (2,873,736)(2,873,736)Dividends declared and payable (1,436,868)(1,436,868)Net income 4,017,6324,017,632Balance, September 30, 202211,757,058$11,757$45,532,544262,113$(798,939)$(1,642,294)$43,103,068 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited) Nine Months Ended September 30, 2023 2022 Cash flows from operating activities: Net income $4,127,652 $4,017,632 Adjustments to reconcile net income to net cash provided by operating activities - Amortization of deferred financing costs 71,449 83,401 Adjustment to operating lease right-of-use asset and liability 1,636 3,274 Depreciation 3,001 1,598 Non-cash compensation expense 9,798 9,798 Changes in operating assets and liabilities: Interest receivable on loans 14,128 (176,746)Other assets (38,381) (29,164)Accounts payable and accrued expenses (53,682) 47,890 Deferred origination fees 1,167 61,645 Net cash provided by operating activities 4,136,768 4,019,328 Cash flows from investing activities: Issuance of short term loans (40,810,565) (49,241,679)Collections received from loans 44,512,989 42,255,461 Purchase of fixed assets (5,085) (1,893)Net cash provided by (used in) investing activities 3,697,339 (6,988,111) Cash flows from financing activities: (Repayment of) proceeds from line of credit, net (3,561,140) 7,715,637 Dividends paid (4,019,478) (4,310,604)Purchase of treasury shares (185,691) --- Deferred financing costs incurred (38,191) (35,819)Net cash (used in) provided by financing activities (7,804,500) 3,369,214 Net increase in cash and restricted cash* 29,607 400,431 Cash and restricted cash*, beginning of year 103,540 142,546 Cash and restricted cash*, end of period $133,147 $542,977 Supplemental Cash Flow Information: Taxes paid during the period $650 $650 Interest paid during the period $1,797,254 $1,036,338 Operating leases paid during the period $47,822 $47,703 Supplemental Information – Noncash Information: Dividend declared and payable $1,288,753 $1,436,868 * At September 30, 2022, cash and restricted cash included $433,269 of restricted cash. Contact: Assaf Ran, CEO Vanessa Kao, CFO (516) 444-3400 SOURCE: Manhattan Bridge Capital, Inc.