GREAT NECK, N.Y., April 14, 2022 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (NASDAQ:LOAN) announced today that net income for the three months ended March 31, 2022 was approximately $1,425,000, or $0.12 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), versus approximately $1,106,000, or $0.12 per basic and diluted share (based on approximately 9.6 million weighted-average outstanding common shares) for the three months ended March 31, 2021, an increase of $319,000, or 28.8%. This increase is primarily attributable to an increase in revenue, partially offset by an increase in general and administrative expenses.

Total revenue for the three months ended March 31, 2022 was approximately $2,115,000 compared to approximately $1,729,000 for the three months ended March 31, 2021, an increase of $386,000, or 22.3%. The increase in revenue was due to an increase in lending operations. For the three months ended March 31, 2022, approximately $1,644,000 of the Company's revenue represents interest income on secured commercial loans that it offers to small businesses, compared to approximately $1,443,000 for the same period in 2021, and approximately $471,000 and $286,000, 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, 2022, total shareholders' equity was approximately $43,377,000.

Assaf Ran, Chairman of the Board and CEO, stated, "The first quarter financial results represent the impact of the additional funds we raised in the equity offering last summer. Despite the relatively lower interest rates that we are currently charging due to market conditions, our quarterly revenue and net earnings were near our all-time high."

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

	March 31, 2022 (unaudited)	December 31, 2021 (audited)
Assets
Loans receivable	$ 68,438,336	$ 65,715,364
Interest receivable on loans	1,028,917	955,443
Cash	145,366	142,546
Other assets	91,555	64,745
Operating lease right-of-use asset, net	303,366	317,080
Deferred financing costs, net	41,115	10,539
Total assets	$ 70,048,655	$ 67,205,717

Liabilities and Stockholders' Equity
Liabilities:
Line of credit	$ 18,389,558	$ 15,645,970
Senior secured notes (net of deferred financing costs of $303,470 and $322,241, respectively)	5,696,530	5,677,759
Deferred origination fees	688,233	580,461
Accounts payable and accrued expenses	148,211	154,169
Operating lease liability	311,758	324,248
Dividends payable	1,436,868	1,436,868
Total liabilities	26,671,158	23,819,475

Commitments and contingencies
Stockholders' equity:
Preferred stock - $.01 par value; 5,000,000 shares authorized; none issued	---	---
Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,494,945 outstanding	11,757	11,757
Additional paid-in capital	45,526,012	45,522,746
Treasury stock, at cost – 262,113 shares	(798,939)	(798,939)
Accumulated deficit	(1,361,333)	(1,349,322)
Total stockholders' equity	43,377,497	43,386,242

Total liabilities and stockholders' equity	$ 70,048,655	$ 67,205,717

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	Three Months Ended March 31,
		2022		2021

Interest income from loans		$1,643,789		$1,442,814
Origination fees		471,271		286,473
Total revenue		2,115,060		1,729,287
Operating costs and expenses:
Interest and amortization of deferred financing costs		331,853		317,186
Referral fees		1,361		1,751
General and administrative expenses		361,489		308,981
Total operating costs and expenses		694,703		627,918

Income from operations		1,420,357		1,101,369
Other income		4,500		4,500
Net income		$1,424,857		$1,105,869

Basic and diluted net income per common share outstanding:
--Basic	$	0.12	$	0.12
--Diluted	$	0.12	$	0.12

Weighted average number of common shares outstanding:
--Basic		11,494,945		9,619,945
--Diluted		11,494,945		9,619,945

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(unaudited)

FOR THE THREE MONTHS ENDED MARCH 31, 2022

Common Shares

Additional

Paid-in

Capital

Treasury Stock

Accumulated

Deficit

Totals

Shares

Amount

Shares

Cost

Balance, January 1, 2022

11,757,058

$11,757

$45,522,746

262,113

$(798,939)

$ (1,349,322

)

$ 43,386,242

Non-cash compensation

3,266

Dividends declared and

payable

(1,436,868

)

(1,436,868

)

Net income

1,424,857

Balance, March 31, 2022

11,757,058

$11,757

$45,526,012

262,113

$(798,939)

$(1,361,333

)

$ 43,377,497

FOR THE THREE MONTHS ENDED MARCH 31, 2021

Common Shares

Additional

Paid-in

Capital

Treasury Stock

(Accumulated

Deficit)

Retained

Earnings

Totals

Shares

Amount

Shares

Cost

Balance, January 1, 2021

9,882,058

$9,882

$33,157,096

262,113

$(798,939)

$ (403,849

)

$ 31,964,190

Non-cash compensation

3,266

Net income

1,105,869

Balance, March 31, 2021

9,882,058

$9,882

$33,160,362

262,113

$(798,939)

$702,020

$ 33,073,325

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Three Months Ended March 31,
		2022			2021
Cash flows from operating activities:
Net income	$	1,424,857		$	1,105,869
Adjustments to reconcile net income to net cash provided by operating activities -
Amortization of deferred financing costs		24,015			24,263
Adjustment to operating lease right-of-use asset and liability		1,224			1,192
Depreciation		469			587
Non-cash compensation expense		3,266			3,266
Changes in operating assets and liabilities:
Interest receivable on loans		(73,474	)		(87,896	)
Other assets		(27,280	)		(14,998	)
Accounts payable and accrued expenses		(5,958	)		(38,587	)
Deferred origination fees		107,772			71,289
Net cash provided by operating activities		1,454,891			1,064,985

Cash flows from investing activities:
Issuance of short term loans		(18,295,339	)		(9,659,678	)
Collections received from loans		15,572,367			9,267,410
Net cash used in investing activities		(2,722,972	)		(392,268	)

Cash flows from financing activities:
Proceeds from line of credit, net		2,743,588			132,174
Dividend paid		(1,436,868	)		(1,058,194	)
Deferred financing costs incurred		(35,819	)		---
Net cash provided by (used in) financing activities		1,270,901			(926,020	)

Net increase (decrease) in cash		2,820			(253,303	)
Cash and restricted cash*, beginning of year		142,546			459,137
Cash and restricted cash*, end of period	$	145,366		$	205,834

Supplemental Cash Flow Information:
Interest paid during the period	$	277,757	$	302,160
Operating leases paid during the period	$	15,881	$	15,849

Supplemental Information – Noncash Information:
Dividend declared and payable	$	1,436,868	$	---

* At January 1, 2021, cash and restricted cash included $327,483 of restricted cash. No other periods above included restricted cash.

Contact:
Assaf Ran, CEO
Vanessa Kao, CFO
(516) 444-3400
SOURCE: Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. Reports First Quarter 2022 Results