0001144204-13-016885.txt : 20130322 0001144204-13-016885.hdr.sgml : 20130322 20130322125442 ACCESSION NUMBER: 0001144204-13-016885 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130322 DATE AS OF CHANGE: 20130322 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANHATTAN BRIDGE CAPITAL, INC CENTRAL INDEX KEY: 0001080340 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 113474831 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25991 FILM NUMBER: 13710315 BUSINESS ADDRESS: STREET 1: 60 CUTTER MILL RD., STREET 2: SUITE 205 CITY: GREAT NECK, STATE: NY ZIP: 11021 BUSINESS PHONE: (516) 444-3400 MAIL ADDRESS: STREET 1: 60 CUTTER MILL RD., STREET 2: SUITE 205 CITY: GREAT NECK, STATE: NY ZIP: 11021 FORMER COMPANY: FORMER CONFORMED NAME: DAG MEDIA INC DATE OF NAME CHANGE: 19990223 10-K 1 v337677_10k.htm 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2012

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 000-25991

MANHATTAN BRIDGE CAPITAL, INC.

New York	11-3474831
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

60 Cutter Mill Road, Suite 205, Great Neck, NY 11021

(Address of Principal Executive Office) (Zip Code)

(516) 444-3400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Name of each exchange

on which registered

Common Stock, par value $.001 per share

The NASDAQ Capital Market

Securities registered pursuant to section 12(g) of the Act: NONE

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨. No þ.

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ¨. No þ.

Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter earlier period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ. No ¨.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to post such files). Yes þ. No ¨.

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Act.

Large accelerated filer ¨	Accelerated filer ¨
Non-accelerated filer ¨ (Do not check if a smaller reporting company)	Smaller Reporting Company þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨. No þ

The aggregate market value of the Registrant’s voting and non-voting common stock held by non-affiliates of the Registrant on June 29, 2012, the last business day of the Registrant’s most recently completed second fiscal quarter, computed by reference to the closing price for such common stock on the NASDAQ Capital Market on such date, was approximately $1,784,496. (For this computation, the Registrant has excluded the market value of all shares of its common stock reported as beneficially owned by executive officers and directors of the Registrant and certain other stockholders; such an exclusion shall not be deemed to constitute an admission that any such person is an “affiliate” of the Registrant.)

As of March 22, 2013 the registrant has a total of 4,268,459 shares of Common Stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None.

MANHATTAN BRIDGE CAPITAL, INC.

FORM 10-K ANNUAL REPORT

TABLE OF CONTENTS

		Page
PART I
Item 1.	Business	6
Item 1A.	Risk Factors	9
Item 1B.	Unresolved Staff Comments	13
Item 2.	Properties	13
Item 3.	Legal Proceedings	13
Item 4.	Mine Safety Disclosure	14

PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	15
Item 6.	Selected Financial Data	16
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	23
Item 8.	Financial Statements and Supplementary Data	23
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	23
Item 9A.	Controls and Procedures	23
Item 9B.	Other Information	24

PART III
Item 10.	Directors, Executive Officers and Corporate Governance	25
Item 11.	Executive Compensation	29
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters	32
Item 13.	Certain Relationships and Related Transactions and Director Independence	34
Item 14.	Principal Accountant Fees and Services	35

PART IV
Item 15.	Exhibits, Financial Statement Schedules	36

SIGNATURES		38
EXHIBITS		39

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 conditions and results of operations and our business and growth strategies. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those 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) the successful integration of new businesses that we may acquire; (ii) the success of new operations which we have commenced and of our new business strategy; (iii) our limited operating history in our new business; (iv) potential fluctuations in our quarterly operating results; and (v) challenges facing us relating to our growth. The accompanying information contained in this report, including the information set forth under “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, identifies important factors known to us that could cause such differences. These forward-looking statements speak only as of the date of this report, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to update or revise any forward-looking statements. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Cautionary Statements.

All references in this Annual Report to “Manhattan Bridge Capital” “the Company,” “we,” “us” and “our” refer to Manhattan Bridge Capital, Inc. a New York corporation founded in 1989 and its consolidated subsidiaries DAG Funding Solutions, Inc. (“DAG Funding”), formed under the laws of the State of New York in May 2007 and MBC Funding I, Inc. (“MBC Funding”), formed under the laws of the State of New York in October 2010 and 1490-1496 Hicks, LLC (“Hicks LLC”), formed under the laws of the State of New York in March 2011, unless the context otherwise requires.

PART I

Item 1. Business

General

Products and services

▪ Manhattan Bridge Capital, DAG Funding and MBC Funding

The Company offers short-term, secured, non–banking loans to real estate investors (also known as hard money) to fund their acquisition of properties located in the New York Metropolitan area. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses. The loans are generally for a term of one year. Most of the loans provide for receipt of interest only during the term of the loan and a balloon payment at the end of the term. For the years ended December 31, 2012 and 2011 the total amounts of $15,173,500 and $8,512,537, respectively, have been lent, offset by collections received from borrowers, under the commercial loans in the amount of $10,963,486 and $7,254,478, respectively. Loans ranging in size from $30,000 to $1,000,000 were concluded at stated interest rates of 12% to 15%, but often at higher effective rates based upon points or other up-front fees. The Company uses its own employees, outside lawyers and other independent professionals to verify titles and ownership, to file liens and to consummate the transactions. Outside appraisers are used to assist the Company’s officials in evaluating the worth of collateral, when deemed necessary by management. The Company also uses independent construction inspectors as well as mortgage brokers and deal initiators.

The Company generally grants loans for a term of one year. In certain situations the Company and its borrowers have mutually agreed to the extension of the loans as a result of the downturn in the economy and the real estate industry in the New York metropolitan area. Potential buyers of the real estate serving as collateral for the short-term loans may have difficulty securing financing due to restrictions imposed by financial institutions resulting from the recent mortgage crisis. In addition, the Company’s borrowers may be having difficulty securing permanent financing. Prior to the Company granting an extension of any loan, it reevaluates the underlying collateral.

To date, the Company has not experienced any defaults and none of the loans previously made have been non-collectable, although no assurances can be given that existing or future loans may not go into default or prove to be non-collectible in the future.

At December 31, 2012, the Company is committed to an additional $2,009,500 in construction loans that can be drawn by the borrower when certain conditions are met.

Growth strategy

The immediate focus of our expansion plans is to increase the volume of our short-term, secured commercial loans to real estate investors. As we increase our market share and establish our position as a leader in our niche market, and develop a successful track record in our lending operations, we seek to increase loans and lines of credit from commercial banks which will enable us to maintain higher outstanding loan balances to our customers.

Sales and Marketing

The Company offers its loans primarily through the Company’s officers and independent loan brokers. Leads have been generated through a limited amount of newspaper advertising and direct mail. A principal source of new transactions has been repeat business from prior customers and their referral of new business.

Government regulation

We are subject to laws and regulations relating to business corporations generally, such as the Occupational Safety and Health Act, Fair Employment Practices and minimum wage standards. In addition, we are subject to laws and regulations imposing various requirements and restrictions, which among other things establish maximum interest rates, finance charges and charges we can impose for credit and our right to repossess and sell collateral.

We believe that we are in compliance with all laws and regulations affecting our business and we do not have any material liabilities under these laws and regulations. In addition, compliance with all of these laws and regulations does not have a material adverse effect on our capital expenditures, earnings, or competitive position.

Competition

As a commercial lender, we face intense competition in our business from numerous bank and non-bank providers of commercial loans. Our competitors include bank and institutional commercial lenders in the mortgage lending businesses, such as lending institutions and non-depository institutions that are able to offer the same products and services. Some of these companies are substantially larger and have more resources than we do. In addition, such larger competitors may have a larger customer base, operational efficiencies and more versatile technology platforms than we do. Competitors will continue to increase pressures on both us and other companies in our industry. Industry competitors have continuously solicited our customers with varied loan programs and interest rate strategies. Management believes the competition has put, and will continue to put pressure on our pricing.

We believe that we are able to compete effectively in our current markets. There can be no assurance, however, that our ability to market products and services successfully or to obtain adequate returns on our products and services will not be impacted by the nature of the competition that now exists or may later develop.

Website access to Company’s reports and governance documents

The Company’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports are available free of charge on the Company’s website at www.manhattanbridgecapital.com as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission. Copies of the Company’s annual report are also available, on the Company’s website. Charters of the Company’s Audit Committee, Compensation Committee, and Nominating Committee, along with the Company’s Code of Ethics, are available for viewing on the Company’s website.

Intellectual property

To protect our rights to our intellectual property, we rely on a combination of federal, state and common law trademarks, service marks and trade names, copyrights and trade secret protection. We have registered some of our trademarks and service marks in the United States Patent and Trademark Office (USPTO) including the following marks relating to our current business:

Manhattan Bridge Capital

DAG Funding Solutions

The protective steps we have taken may be inadequate to deter misappropriation of our proprietary information. These claims, if meritorious, could require us to license other rights or subject us to damages and, even if not meritorious, could result in the expenditure of significant financial and managerial resources on our part.

Employees and independent contractors

As of December 31, 2012, we employed three employees. In addition, during 2012 we used outside lawyers and other independent professionals to verify titles and ownership, to file liens and to consummate the transactions. Outside appraisers were used to assist the Company’s officials in evaluating the worth of collateral, when deemed necessary by management. The Company also used independent construction inspectors as well as mortgage brokers and deal initiators.

Item 1A. Risk Factors

We are exposed to certain risk factors that may affect growth and financial results. The risks and uncertainties described below are not the only risks and uncertainties that we face. Additional risks and uncertainties not presently known to us or that are currently deemed immaterial may also impair our future business operations.

Risks Related to our Business

We have generated only limited revenues from our lending operations

We have generated aggregate revenues of approximately $3.22 million from our lending operations during 2012 and 2011 and there can be no assurance that we can operate on a scale that would permit us to earn substantial income.

We face intense competition in our market

We operate in a highly competitive environment, and we expect competitive conditions to continue to intensify as merger activity in the financial services industry continues to produce larger, better capitalized and more geographically diverse companies that are capable of offering a wider array of financial products and services at better prices. In such a competitive environment, we may lose entire accounts, or may lose account balances, to competing financial institutions, or find it more costly to maintain our existing customer base. Customer attrition from any or all of our lending products, together with any lowering of interest rates or fees that we might implement to retain customers, could reduce our revenues and therefore our earnings.

We expect that competition will continue to grow more intensely with respect to our products. Some of our competitors may be substantially larger than we are, which may give those competitors advantages, including a more diversified product and customer base, the ability to reach out to more customers and potential customers, operational efficiencies, lower-cost funding, and larger existing branch networks. These competitors may also consolidate with other financial institutions in ways that enhance these advantages and intensify our competitive environment.

We may experience increased delinquencies and credit losses

Like other lenders, we face the risk that our customers will not repay their loans. Rising losses or leading indicators of rising losses (higher delinquencies, non-performing loans, or bankruptcy rates; lower collateral values) may require us to establish or increase our allowance for loan losses and may degrade our profitability if we are unable to raise revenue or reduce costs to compensate for higher losses. In particular, we face the following risks in this area:

Missed Payments. We face the risk that customers will miss payments. Loan charge-offs are generally preceded by missed payments or other indications of worsening financial condition. Customers may be more likely to miss payments in the event of an economic downturn. In addition, we face the risk that consumer and commercial customer behavior may change, causing a long-term rise in delinquencies and charge-offs;

Collateral. We face the risk that the value of the collateral may not be sufficient to compensate us for the amount of the unpaid loan and we may be unsuccessful in recovering the remaining balance from our customers. Particularly with respect to our commercial lending, decreases in real estate values could adversely affect the value of property used as collateral for our loans. Thus, the recovery of such property could be insufficient to compensate us for the value of these loans;

Estimates of future losses. We face the risk that we may underestimate our future losses and fail to hold a loan loss allowance sufficient to account for these losses. Incorrect assumptions could lead to material underestimates of future losses and inadequate allowance for loan losses. In addition, our estimate of future losses impacts the amount of reserves we build to account for those losses. The build or release of reserves impacts our current financial results.

We face risk from a volatile real estate market and risks inherent in the real estate lending business.

We concentrate our lending in the real estate market. Accordingly, our portfolio may experience more volatility and be exposed to greater risk than a more diversified portfolio. Our business and performance will be affected by factors affecting the value of real estate and the earnings of companies engaged in the real estate industry. These factors include, but are not limited to: (a) changes in general economic and market conditions; (b) changes in the value of real estate properties; (c) risks related to local economic conditions, overbuilding, and increased competition; (d) increases in property taxes and operating expenses; (e) changes in zoning laws; (f) variations in rental income, neighborhood values, or appeal of property to tenants; and (g) changes in interest rates.

The recent decline in the broader credit markets related to sub-prime mortgage dislocation has caused the global financial markets to become more volatile and the homebuilding and real estate markets have been dramatically impacted as a result. The continued depression in and volatility of these markets could create a difficult operating environment in the near term and investors should be aware that general risks of investing in real estate may be magnified.

Real estate lending involves certain inherent risks, including the following:

Our real estate loans may include loans secured by income producing commercial property. These loans have risk because leases expire, market rents may decline, expenses may rise and net operating income may decline. Our loans may include construction mortgage loans. These are loans generally made to real estate developers to fund the construction of one or more buildings on commercial real property. These loans are riskier than loans secured by income producing properties because during the construction period the borrower does not receive income from the property to make payments on the loan. In addition, events may occur during the time the property is under construction that causes its value to be less than the outstanding loan amount.

Our loans provide for a "balloon payment." A balloon payment is a large principal balance that is payable after a period of time during which the borrower has repaid none or only a small portion of the principal balance. Loans with balloon payments can be riskier than fully amortizing loans with even payments of principal over an extended time period because the borrower's repayment depends on its ability to refinance the loan or sell the property profitably when the loan comes due. There is no assurance that a borrower will have sufficient resources to make a balloon payment when due. The borrower or property may not qualify for the refinancing of the balloon amount if the borrower’s creditworthiness has declined, the property’s net operating income is insufficient to support the necessary debt service for the new loan or there simply is not capital available to finance the property.

Our business is affected by market interest rates.

Our business and financial performance is affected by market interest rates and movement in those rates. The monetary, tax and other policies of governmental agencies, including the Federal Reserve, have a significant impact on interest rates and overall financial market performance over which we have no control and which we may not be able to adequately predict.

We face risk from economic downturns

Delinquencies and credit losses in real estate related loans generally increase during economic downturns or recessions. Likewise, demand from these borrowers may decline during an economic downturn or recession. The effects of higher interest rates, higher energy costs and pressure on housing prices may place added strain on our customers’ ability to repay their loans. These risks may be exacerbated because our loans are concentrated in a single region, the New York metropolitan area. Continuing decline in general economic conditions could have a material adverse effect on our financial condition and results of operations.

Reputational risk and social factors may impact our results

Our ability to originate loans is highly dependent upon the perceptions of small business borrowers and other external perceptions of our business. Adverse perceptions regarding our reputation in the consumer, commercial and funding markets could lead to difficulties in generating loans. In addition, adverse developments or perceptions regarding the practices of our competitors may also negatively impact our reputation. Finally, negative perceptions regarding the reputations of third parties with whom we have important relationships, such as our independent auditors, also may adversely impact our reputation.

We may face limited availability of financing

Our ability to grow and compete is dependent on our ability to borrow money to leverage our loans and to build and manage the cost of an expanded infrastructure. In general, the amount, type and cost of our funding, including financing from other financial institutions directly impact our expenses in operating our business and growing our assets and therefore, can positively or negatively affect our financial results.

A number of factors could make such financing more difficult, more expensive or unavailable on any terms both domestically and internationally (where funding transactions may be on terms more or less favorable than in the United States), including, but not limited to, financial results and losses, specific events that adversely impact our reputation, specific events that adversely impact the financial services industry, counter-party availability, interest rate fluctuations, rating agencies’ actions, and the general state of the U.S. and world economies. Also, we compete for funding with other lenders, some of which are publicly traded. Many of these lenders are substantially larger, may have more capital and other resources.

Our growth depends on the continued services of Assaf Ran.

We depend on the continued services of Assaf Ran, our founder, president and chief executive officer. Mr. Ran supervises all aspects of our business. Mr. Ran has entered into an employment agreement that is subject to automatic one-year renewals on June 30^thof every year, unless either party gives a termination notice at least 180 days prior to this date. In addition, we have purchased a $500,000 key man life insurance policy on Mr. Ran.

Risks Related to Our Common Stock

Our management and other affiliates have significant control of our common stock and could significantly influence our actions in a manner that conflicts with our interests and the interests of other stockholders.

As of March 22, 2013, our executive officers and directors collectively own approximately 60.98% of the outstanding shares of our common stock or beneficially own 62.24% of the outstanding shares of our common stock, assuming the exercise of options which are currently exercisable or will become exercisable within 60 days from the filing of this report, held by these stockholders. As a result, these stockholders, acting together, will be able to exercise significant influence over matters requiring approval by our stockholders, including the election of directors. Such a concentration of ownership may have the effect of delaying or preventing a change in control of us, including transactions in which our stockholders might otherwise receive a premium for their shares over then current market prices.

Our stockholders may experience dilution as a result of the exercise of outstanding options to purchase our common stock.

As of December 31, 2012, we had outstanding options for 145,000 shares (excluding the 210,000 options Mr. Ran, our CEO, agreed not to exercise in accordance with the Restricted Stock Agreement - See Item 11) with exercise prices range from $0.67 to $1.34 per share. The exercise of these options could result in dilution to our existing stockholders and could have a material adverse effect on our stock price.

Our stock price is volatile, and purchasers of our common stock could incur substantial losses.

The market price of our common stock may be influenced by many factors, including:

sales of large blocks of our common stock;

sales of our common stock by our executive officers, directors and significant stockholders; and

restatements of our financial results and/or material weaknesses in our internal controls.

The stock markets in general and the markets for real estate in particular, have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price of our common stock. In the past, class action litigation has often been instituted against companies whose securities have experienced periods of volatility in market price. Any such litigation brought against us could result in substantial costs, which would hurt our financial condition and results of operations, divert management’s attention and resources.

Our common stock has a limited trading market, which could limit your ability to resell your shares of common stock at or above your purchase price.

Our common stock is quoted on the Nasdaq Capital Market and currently has a limited trading market. We cannot assure you that an active trading market will develop or, if developed, will be maintained. As a result, our stockholders may find it difficult to dispose of shares of our common stock and, as a result, may suffer a loss of all or a substantial portion of their investment.

Item 1B. Unresolved Staff Comments

None.

Item 2. Properties

Our executive and principal operating office is located in Great Neck, New York. We use this space for all of our operations. This space is occupied under a lease that expires August 31, 2016. The current monthly rent is $3,246, including electricity. We believe this facility is adequate to meet our requirements at our current level of business activity.

Item 3. Legal Proceedings

The Company has been sued as a nominal defendant in a stockholder derivative action, Alan R. Kahn v. Assaf Ran, et al., Supreme Court of the State of New York, County of Nassau, filed against the members of its Board of Directors. The plaintiff, who asserts that he was a stockholder of the Company at all pertinent times, alleges wrongdoing by the Board in a transaction in which Director and Chief Executive Officer, Assaf Ran, was granted certain shares of the Company’s restricted stock in exchange for giving up his rights in certain options that he had held at the time of the transaction. Plaintiff contends that the Company was harmed by the transaction. The Directors disagree with the plaintiff’s position that the transaction involved any wrongful conduct or that it harmed the Company in any way. The court dismissed the original complaint, but gave plaintiff leave to file an amended complaint, which the plaintiff did. The defendants moved to dismiss the amended complaint, but before the court ruled on that motion, the parties reached an agreement to settle the action, subject to approval of the court. The terms of the settlement include the Company’s agreement to continue utilizing certain corporate governance matters that the Company had already implemented before the lawsuit was filed and would continue to implement regardless of the settlement agreement, and to pay Plaintiff’s counsel’s fees and expenses in an amount to be determined by the court, which amount shall not exceed $80,000. In addition, Assaf Ran will reiterate his commitment to extend his personal guarantee to the Company for up to $5 million. This commitment was available to the Company prior to the settlement agreement. The court has preliminarily approved the settlement, and the Company has provided notice of the settlement to stockholders, in order to provide them with an opportunity to object to the settlement if they choose to do so. The court has scheduled a final hearing to address the fairness and reasonableness of the settlement for April 2, 2013. If the court approves the settlement, it is anticipated that any fees and expenses that the court awards to plaintiff’s counsel will be paid by an officers’ and directors’ liability insurance policy, rather than by the Company. If the court refuses to approve the settlement and the litigation went forward, any ruling in favor of the plaintiff in that event would result in an award that would be paid to the Company, not by the Company, because the litigation is a derivative action, not a direct action.

Item 4. Mine Safety Disclosure

Not applicable.

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

(a)

Market Information

Our Common Stock is traded on the NASDAQ Capital Market under the symbol “LOAN”. The high and low sales prices for our common stock as reported by the NASDAQ Capital Market for the quarterly periods during 2012 and 2011were as follows:

	High		Low
2011
First Quarter	$	1.80	$	1.26
Second Quarter	$	1.85	$	1.30
Third Quarter	$	1.34	$	0.92
Fourth Quarter	$	1.20	$	0.82
2012
First Quarter	$	1.44	$	0.90
Second Quarter	$	1.17	$	0.95
Third Quarter	$	1.05	$	0.84
Fourth Quarter	$	1.12	$	0.98

On March 15, 2013, the last reported sale price of our common stock on the NASDAQ Capital Market was $1.41 per share.

(b)

Holders

As of March 15, 2013, the approximate number of record holders of our Common Stock was 16. The number of holders does not include individuals or entities who beneficially own shares but whose shares, which are held of record by a broker or clearing agency, but does include each such broker or clearing agency as one record holder. American Stock Transfer & Trust Company serves as transfer agent for our shares of common stock.

(c)

Dividends

In 2012 and 2011, we did not declare a dividend.

(d) Issuer Purchases of Equity Securities

On September 19, 2012, the Company adopted a stock buy-back program for the repurchase of up to 100,000 shares of the Company's common stock. As set forth in the table below, during the quarter ended December 31, 2012, the Company repurchased 23,900 shares of the Company's common stock under the stock buy-back program at a cost of approximately $25,965.

Issuer Purchases of Equity Securities

	(a) Total Number of Shares (or Units) Purchased		(b) Average Price Paid per Share (or Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
October 1-31, 2012		10,000		1.07		10,000		87,500
November 1-30, 2012		9,600		1.09		9,600		77,900
December 1-31, 2012		4,300		1.11		4,300		73,600
Total in 2012		23,900	$	1.09		23,900		73,600

Item 6. Selected Financial Data

The Company is a “smaller reporting company” as defined by Regulation S-K and as such, is not required to provide the information contained in this item pursuant to Regulation S-K.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following management’s discussion and analysis of financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and notes thereto contained elsewhere in this report. This discussion contains 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.

Overview

The Company offers short-term, secured, non–banking loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in the New York Metropolitan area. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses. The loans are generally for a term of one year. Most of the loans provide for receipt of interest only during the term of the loan and a balloon payment at the end of the term. For the years ended December 31, 2012 and 2011 the total amounts of $15,173,500 and $8,512,537, respectively, have been lent, offset by collections received from borrowers, under the commercial loans in the amount of 10,963,486 and $7,254,478, respectively. Loans ranging in size from $30,000 to $1,000,000 were concluded at stated interest rates of 12% to 15%, but often at higher effective rates based upon points or other up-front fees.

The Company uses its own employees, outside lawyers and other independent professionals to verify titles and ownership, to file liens and to consummate the transactions. Outside appraisers are used to assist the Company’s officials in evaluating the worth of collateral, when deemed necessary by management. The Company also uses independent construction inspectors as well as mortgage brokers and deal initiators.

At December 31, 2012, the Company’s commercial loans include loans in the amount of $499,666, $567,200, $750,000 and $1,537,500, originally due in 2009, 2010, 2011 and 2012, respectively. In all instances the borrowers are currently paying their interest and, generally, the Company receives a fee in connection with the extension of the loans. Accordingly, at December 31, 2012 and 2011, no loan impairments exist and there are no provisions for impairments of loans or recoveries thereof included in operations for the years then ended.

At December 31, 2012, the Company was committed to an additional $2,009,500 in construction loans that can be drawn by the borrower when certain conditions are met.

Critical Accounting Policies and Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management will base the use of estimates on (a) a preset number of assumptions that consider past experience, (b) future projections, and (c) general financial market conditions. Actual amounts could differ from those estimates.

The Company recognizes revenues in accordance with ASC 605, which provides guidance on the recognition, presentation and disclosure of revenue in financial statements. ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue when (i) persuasive evidence of an arrangement exists, (ii) delivery of the product has occurred or services have been rendered, (iii) the sales price charged is fixed or determinable, and (iv) collectability is reasonably assured.

Interest income from commercial loans is recognized, as earned, over the loan period.

Origination fee revenue on commercial loans is amortized over the term of the respective note.

The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of long lived assets, including intangible assets and goodwill, may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the undiscounted cash flows is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets.

There are also areas in which in management's judgment in selecting any available alternative would not produce a materially different result. See our audited consolidated financial statements and Notes thereto which begin on page F-1 of this Annual Report on Form 10-K, which contain accounting policies and other disclosures required by generally accepted accounting principles in the United States of America.

Results of operations

Years ended December 31, 2012 and 2011

Total revenue

Total revenue for the year ended December 31, 2012 was $1,816,000 compared to $1,400,000 for the year ended December 31, 2011, an increase of $416,000 or 29.7%. The increase in revenue represents an increase in lending operations. In 2012, $1,476,000 of the Company’s revenue represents interest income on secured, commercial loans that the Company offers to small businesses compared to $1,142,000 in 2011, and $340,000 represents origination fees on such loans compared to $259,000 in 2011. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses.

Interest and amortization of debt service costs

Interest and amortization of debt service costs for the year ended December 31, 2012 were $281,000 compared to $157,000 for the year ended December 31, 2011, an increase of $124,000. The increase in interest and amortization of debt service costs is primarily attributable to the Company’s receipt of short term loans and a line of credit in order to increase its ability to make loans. (See Notes 7 and 8 to the financial statements included elsewhere in this report.)

Referral fees

Referral fees for the year ended December 31, 2012 were $6,000 compared to $8,000 for the year ended December 31, 2011. The referral fees represent fees paid on such loans which amortize over the life of the loan.

General and administrative expenses

General and administrative expenses for the year ended December 31, 2012 were $864,000 compared to $867,000 for the year ended December 31, 2011, a decrease of $3,000. This decrease is primarily attributable to decreases in office rent, in NASDAQ listing fee and in stock based compensation expense (See Note 12 to the financial statements included elsewhere in this report), offset by increases in travel expenses for meeting with prospective investors, partners and customers, and in legal expenses resulting from the derivative action (See Note 14 to the financial statements included elsewhere in this report).

Other income

Other income for the years ended December 31, 2012 and 2011 was approximately $28,000 and $79,000, respectively, which represents the fees generated from the buyback options the Company sold to the seller of three 2-family buildings it purchased in March 2011 (See Note 5 to the financial statements included elsewhere in this report). The decrease in the other income in 2012 was due to the reduction of the monthly option fees in 2012 compared to 2011 as a result of the partial exercise of the buyback options by the seller in 2011 to repurchase two of the properties.

Income before income tax expense

Income before provision for income tax for the year ended December 31, 2012 was $692,000 compared to $448,000 for the year ended December 31, 2011, an increase of $244,000 or 54.5%. This increase is primarily attributable to the increase in revenue, offset by the increase in interest and amortization of debt service costs.

Income tax expense

Income tax expense, including interest and penalties, for the years ended December 31, 2012 and 2011 was approximately $303,000 and $192,000, respectively.

Liquidity and Capital Resources

At December 31, 2012, we had cash and cash equivalents of $241,000 and working capital of $5,582,000 compared to cash and cash equivalents of $222,000 and working capital of $5,763,000 at December 31, 2011. The increase in cash and cash equivalents primarily reflects the proceeds from the Company’s receipt of short term loans and the use of a line of credit (See Note 7 to the financial statements included elsewhere in this report), offset by an increase in lending operations. The decrease in working capital is primarily attributable to the reclassification of senior secured notes from long term liabilities to current liabilities (See Note 8 to the financial statements included elsewhere in this report).

For the years ended December 31, 2012 and 2011, net cash provided by operating activities was approximately $533,000 and $381,000, respectively. The increase in net cash provided by operating activities primarily results from increases in net income and in income taxes payable, offset by decreases in non cash compensation expense and in deferred revenues, and an increase in interest receivable on loans.

For the year ended December 31, 2012 net cash used in investing activities was approximately $4,210,000, compared to approximately $1,405,000 for the year ended December 31, 2011. Net cash used in investing activities for the year ended December 31, 2012, consisted primarily of the issuance of our short term commercial loans in the amount of approximately $15,174,000, offset by collection of these loans in the amount of approximately $10,963,000. Net cash used in investing activities for the year ended December 31, 2011, consisted primarily of the issuance of our short term commercial loans in the amount of approximately $8,513,000, offset by collection of these loans in the amount of approximately $7,254,000, and the investment in real estate in the amount of approximately $675,000, which was offset by the proceeds of approximately $528,000 upon the partial exercises of options by the option holder.

For the year ended December 31, 2012 net cash provided by financing activities was approximately $3,695,000, compared to approximately $859,000 for the year ended December 31, 2011. Net cash provided by financing activities for the year ended December 31, 2012 reflects the Company’s receipt of the proceeds of short term loans and the use of a line of credit in the aggregate amount of $3,740,000, offset by purchase of treasury stock in the amount of approximately $29,000 and by the deferred financing costs on Sterling credit line in the amount of approximately $16,000. Net cash provided by financing activities for the year ended December 31, 2011 reflects the Company’s receipt of the proceeds of short term loans.

Until our initial public offering in 1999, our only source of funds was cash flow from operations, which funded both our working capital needs and capital expenditures. As a result of our initial public offering in May 1999, we received proceeds of approximately $6.4 million. Our credit facilities are limited. As of December 31, 2012, our funds were invested in money market funds and commercial loans.

On May 2, 2012, we entered into a 1-year revolving Line of Credit Agreement with Sterling National Bank (“Sterling”) pursuant to which the Bank has agreed to advance up to $3.5 million against assignments of mortgages and other collateral (the “Sterling Credit Line”). The Sterling Credit Line was conditioned on an unlimited personal guarantee from Assaf Ran, our president and chief executive officer, and requires the maintenance of certain non-financial covenants including limitations on the percentage of loans outstanding in excess of one year, loans made to affiliated groups and the extent of construction loans made by the Company. The interest rate on the Sterling Credit Line is 2% in excess of the Wall Street Journal prime rate, but in no event less than 6%, per annum, on the money in use.

We anticipate that our current cash balances and the Sterling Credit Line together with our cash flows from operations will be sufficient to fund the operations for the next 12 months.

Subsequent event

On January 31, 2013, the Sterling Credit Line was increased from $3.5 million to $5 million (the “Amendment”), under the same terms as the original line of credit. In connection with the Amendment, Mr. Ran agreed to increase his personal guaranty to $5 million.

Contractual Obligations

Contractual Obligations	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 years
Debt Obligations	$	500,000	$	500,000	$	—	$	—	$	—
Operating Lease Obligations (*)		149,100		39,300		109,800		—		—
Total	$	649,100	$	539,300	$	109,800	$	—	$	—

(*) Operating lease obligations include utilities payable to the landlord under the lease.

Recent Technical Accounting Pronouncements

In April 2011, FASB issued ASU “011-02, "Receivables (Topic 310): A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring." ASU 2011-02 provides amendments to Topic 310 to clarify which loan modifications constitute troubled debt restructurings. It is intended to assist creditors in determining whether a modification of the terms of a receivable meets the criteria to be considered a troubled debt restructuring, both for purposes of recording an impairment loss and for disclosure of troubled debt restructurings. For public companies, the new guidance is effective for interim and annual periods beginning on or after June 15, 2011, and applies retrospectively to restructurings occurring on or after the beginning of the fiscal year of adoption. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements.

In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income”. This guidance requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. The option to present items of other comprehensive income in the statement of changes in equity is eliminated. This guidance also requires reclassification adjustments between net income and other comprehensive income to be shown on the face of the financial statements. The updated guidance is effective for interim or annual financial reporting periods beginning after December 15, 2011 and for interim periods within the fiscal year, with full retrospective application. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements.

In December 2011, the FASB issued ASU 2011-12, “Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” The update defers the requirement to present items that are reclassified from accumulated other comprehensive income to net income separately with their respective components of net income and other comprehensive income. To defer only those changes in ASU 2011-05 that relate to the presentation of reclassification adjustments, ASU 2011-12 supersedes only those paragraphs that pertain to how and where reclassification adjustments are presented. The amendments are effective at the same time as ASU 2011-05. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements.

In July 2012, the FASB issued ASU 2012-02, “Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” The revised standard is intended to reduce the cost and complexity of testing indefinite-lived intangible assets other than goodwill for impairment. It allows companies to perform a "qualitative" assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary, similar in approach to the goodwill impairment test. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financials statements.

In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The ASU is intended to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. This guidance adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (AOCI). It does not amend any existing requirements for reporting net income or OCI in the financial statements. The standard is effective prospectively for public entities for annual and interim reporting periods beginning after December 15, 2012. Private companies may adopt the standard one year later but early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financials statements.

Management does not believe that any other recently issued, but not yet effected, accounting standards if currently adopted would have a material effect on the Company’s consolidated financial statements.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

The Company is a “smaller reporting company” as defined by Regulation S-K and as such, is not required to provide the information contained in this item pursuant to Regulation S-K.

Item 8. Financial Statements

The consolidated financial statements of the Company required by this item are set forth beginning on page F-1.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures

Disclosure Controls and Procedures

Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2012 (the “Evaluation Date”). Based upon that evaluation, the chief executive officer and the chief financial officer concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act (i) are recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and (ii) are accumulated and communicated to our management, including its chief executive and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Internal Control over Financial Reporting

(a)

Management’s Annual Report on Internal Control Over Financial Reporting

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting and for the assessment of the effectiveness of internal control over financial reporting. As defined by the SEC, internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of the Company's principal executive and principal financial officers and effected by the Company's board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company's internal control over financial reporting is supported by written policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Company's assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorizations of the Company's management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.

The Company's internal control system was designed to provide reasonable assurancesto the Company's management and Board of Directors regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations which may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2012. In making this assessment, management used the framework set forth in the report entitled Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO. The COSO framework summarizes each of the components of a company’s internal control system, including (i) the control environment, (ii) risk assessment, (iii) control activities, (iv) information and communication, and (v) monitoring. Based on this evaluation, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2012.

(b)

Changes in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) under the Exchange Act) identified in connection with the evaluation required by Rules 13a-15(d) or 15d-15(d) that occurred during the fiscal quarter ended December 31, 2012 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information.

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

Executive Officers and Directors

Our executive officers and directors and their respective ages are as follows:

Name	Age	Position

Assaf Ran	47	Founder, Chairman of the Board, Chief Executive Officer, and President

Vanessa Kao	35	Chief Financial Officer, Vice President, Treasurer and Secretary

Michael Jackson (1)	48	Director
Phillip Michals (1)	43	Director
Eran Goldshmit (1)	46	Director
Mark Alhadeff	49	Director

Lyron Bentovim(2)	43	Director

(1) Member of the Compensation Committee, Audit Committee and Nominating Committee

(2) Member of the Audit Committee

All directors hold office until the next annual meeting of stockholders and until their successors are duly elected and qualified. Officers are elected to serve subject to the discretion of the board of directors.

Set forth below is a brief description of the background and business experience of our executive officers and directors:

Assaf Ran, our founder, has been our Chief Executive Officer and President since our inception in 1989. Mr. Ran has 24 years of senior management experience leading public and private directories businesses. Mr. Ran started several yellow page businesses from the ground up and managed to make each one of them successful. Mr. Ran’s professional experience and background with us, as our director since March 1999, have given him the expertise needed to serve as one of our directors.

Vanessa Kao rejoined us on June 30, 2011 as Chief Financial Officer, Vice President, Treasurer and Secretary. Previously, from July 2004 through April 2006, she served as the Assistant Chief Financial Officer of the Company until she joined DAG Jewish Directories, Inc. in April 2006. Since April 2006, she has been the Chief Financial Officer of DAG Jewish Directories, Inc. Ms. Kao holds a M.B.A. in Finance and MIS/E-Commerce from the University of Missouri and a Bachelor degree of Business Administration in Finance from the National Taipei University in Taiwan.

Michael J. Jackson has been a member of our Board since July 2000. Since April 2007, he has been the Chief Financial Officer and the Executive Vice President of iCrossing, Inc., a digital marketing agency. From September 1999 to April 2007, he was the corporate controller of AGENCY.COM, a global Internet professional services company, for which he was the Chief Accounting Officer from May 2000 until September 2001 and the Chief Financial Officer from October 2001 to April 2007. From October 1994 until August 1999, Mr. Jackson was a manager at Arthur Andersen, LLP and Ernst and Young. Mr. Jackson also served on the New York State Society Auditing Standards and Procedures Committee from 1998 to 1999 and served on the New York State Society’s SEC Committee from 1999 to 2001. Mr. Jackson holds an M.B.A. in Finance from Hofstra University and is a Certified Public Accountant. During the past five years, until May 2008, Mr. Jackson also was a member of the Board of Directors of Adstar, Inc. (OTC PINK: ADST). Mr. Jackson’s professional experience and background with other companies and with us have given him the expertise needed to serve as one of our directors.

Phillip Michals has been a member of our Board since March 1999. Mr. Michals currently is the Head of Business Development with Aegis Capital Corp. Mr. Michals has specialized in recruiting and retention and has been partners in two previous HR consulting companies MSCI and Uptick Trading, both companies consulted with NYSE and FINRA broker- dealers. Since November 2000, he has also been a Principal of RG Michals and PPG Trading. Mr. Michals is also a Founder and Principal of Quadstar Capital Advisors, a financial advisory company. Mr. Michals received a BS degree in human resources from the University of Delaware in May 1992. Mr. Michals is currently registered as an Investment Advisor. Mr. Michals’ professional experience and background with other companies and with us have given him the expertise needed to serve as one of our directors.

Eran Goldshmit has been a member of our Board since March 1999. Mr. Goldshmit received certification as a financial consultant in February 1993 from the School for Investment Consultants, Tel Aviv, Israel, and a BA in business administration from the University of Humberside, England, in December 1998. From December 1998 until July 2001, Mr. Goldshmit has been the general manager of the Carmiel Shopping Center in Carmiel, Israel. Since August 2001, he has been the president of the New York Diamond Center, New York, NY. Mr. Goldshmit’s professional experience and background with other companies and with us have given him the expertise needed to serve as one of our directors.

Mark Alhadeff has been a member of our Board since December 2005. Mr. Alhadeff also served as the Chief Technology Officer of DAG Interactive, Inc. until it was dissolved in June 2010. Mr. Alhadeff is the co-founder of Ocean-7 Development, Inc., a technology corporation in the business of providing programming services as well as web development services and database solutions. Mr. Alhadeff has been Ocean-7’s President since its formation in 1999. Prior to founding Ocean-7, Mr. Alhadeff served as a consultant to various publishers, worked as an art director and was actively involved in creating and implementing the transition to digital production methodologies before they became common industry practice. Mr. Alhadeff is a Stony Brook University graduate. Mr. Alhadeff’s business experience and background with other companies and with us have given him the expertise needed to serve as one of our directors.

Lyron Bentovim has been a member of our Board since December 2008. Mr. Bentovim currently serves as a strategic, financial and operations advisor to companies, foundations and partnerships. From August 2009 until July 2012, Mr. Bentovim has served as the Chief Operating Officer and the Chief Financial Officer of Sunrise Telecom Inc, a leader in test and measurement solutions for telecom, wireless and cable networks. Prior to joining Sunrise Telecom Inc. since January 2002, Mr. Bentovim has been a Portfolio Manager for Skiritai Capital LLC, an investment advisor based in San Francisco. Mr. Bentovim has over 20 years of industry experience, including his experience as a member of the board of directors at RTW Inc., Ault Inc, Top Image Systems, Three-Five Systems Inc., Sunrise Telecom Incorporated, and Argonaut Technologies Inc. Prior to his position in Skiritai Capital LLC, Mr. Bentovim served as the President, COO, and co-founder of WebBrix Inc. Additionally; Mr. Bentovim spent time as a Senior Engagement Manager with strategy consultancies USWeb/CKS, the Mitchell Madison Group LLC and McKinsey & Company Inc. Mr. Bentovim has a MBA from Yale School of Management and a Law degree from the Hebrew University. Mr. Bentovim's professional experience and background with other companies and with us have given him the expertise needed to serve as one of our directors.

Our Board has established Compensation, Audit and Nominating Committees. The Compensation Committee reviews and recommends to the Board the compensation and benefits of all of our officers, reviews general policy matters relating to compensation and benefits of our employees, administers the stock option plan and authorizes the issuance of stock options to our officers, employees, directors and consultants.

The Audit Committee meets with management and our independent auditors to determine the adequacy of internal controls and other financial reporting matters. In addition, the committee provides an avenue for communication between the independent accountants, financial management and the Board. Subject to the prior approval of the Board, the committee is granted the authority to investigate any matter or activity involving financial accounting and financial reporting, as well as our internal controls.

The Nominating Committee is responsible for nominating director candidates for the Annual Meeting of Stockholders each year and will consider director candidates recommended by stockholders. In considering candidates submitted by stockholders, the Nominating Committee will take into consideration the needs of the Board and the qualification of the candidate. The Nominating Committee looks for certain characteristics common to all board members, including integrity, strong professional reputation and record of achievement, constructive and collegial personal attributes, and the ability and commitment to devote sufficient time and energy to Board service. In addition, the Nominating Committee seeks to include on the Board a complementary mix of individuals with diverse backgrounds and skills reflecting the broad set of challenges that the board confronts.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Securities Exchange Act of 1934 requires our officers and directors, and persons who own more than ten percent (10%) of a registered class of our equity securities to file reports of ownership and changes in ownership with the Securities and Exchange Commission. Officers, directors and greater than ten percent (10%) stockholders are required by SEC regulations to furnish us with copies of all Section 16(a) forms they file.

To the best of our knowledge, based solely on review of the copies of such forms furnished to us, or written representations that no other forms were required, we believe that all Section 16(a) filing requirements applicable to our officers, directors and greater than ten percent (10%) stockholders were complied with during 2012.

Code of Ethics

We have adopted a code of ethics that applies to our principal executive officer, principal financial officer and other persons performing similar functions. This code of ethics is posted on our web site at www.manhattanbridgecapital.com.

Audit Committee

We currently have a separately-designated standing Audit Committee of the Board which was established in compliance with Section 3(a)(58)(A) of the Exchange Act. The members of our Audit Committee are Michael J. Jackson, Phillip Michals, Eran Goldshmit and Lyron Bentovim. The Board has determined that Michael Jackson, the chairman of the Audit Committee, is qualified as an Audit Committee Financial Expert pursuant to Item 407(d)(5) of Regulation S-K. Each of the Audit Committee members is independent, as that term is defined in Section 10A(m)(3) of the Exchange Act, and their relevant experience is more fully described above.

Stockholder Communications

The Board has established a process to receive communications from stockholders. Stockholders and other interested parties may contact any member (or all members) of the board, or the non-management directors as a group, any Board committee or any chair of any such committee by mail or electronically. To communicate with the board of directors, any individual director or any group or committee of directors, correspondence should be addressed to the board of directors or any such individual director or group or committee of directors by either name or title. All such correspondence should be sent c/o Corporate Secretary at 60 Cutter Mill Road, Great Neck, NY 11021.

All communications received as set forth in the preceding paragraph will be opened by the Secretary of the Company for the sole purpose of determining whether the contents represent a message to our directors. Any contents that are not in the nature of advertising, promotions of a product or service, patently offensive material or matters deemed inappropriate for the board of directors will be forwarded promptly to the addressee. In the case of communications to the board or any group or committee of directors, the Company Secretary will make sufficient copies of the contents to send to each director who is a member of the group or committee to which the envelope or e-mail is addressed.

Item 11. Executive Compensation

The following Summary Compensation Table sets forth all compensation earned, in all capacities, during the years ended December 31, 2012 and 2011 by Assaf Ran our chief executive officer (the ‘‘named executive officer’’) and sole executive officer whose salary during the last completed fiscal year exceeded $100,000.

Summary Compensation Table

Name and						Stock Awards		Option Awards		Non Equity Incentive plan Compen-		Non- qualified Deferred Compen- sation		All Other Compen- sation
Principal Position	Year	Salary ($)		Bonus ($)		($) (1)		($) (1)		sation ($)		Earning ($)		($) (2)		Total ($)
Assaf Ran
Chief	2012	$	225,000	$	65,000	$	—	$	—	$	6,750		—	$	6,750	$	296,750
Executive Officer and President	2011	$	225,000	$	65,000	$	195,968		$ —(3)	$	6,750		—	$	6,750	$	492,718

(1)

Grant date fair market value calculated in accordance with ASC Topic 718. The assumptions underlying valuation of equity awards are set forth in Note 11 to financial statements included elsewhere in this report.

(2)

Company’s matching contributions are made pursuant to a simple master IRA plan.

(3)

Options with an aggregate grant date fair market value calculated in accordance with ASC Topic 718 for 2011 of $118,879, were forfeited by Mr. Ran in accordance with the Restricted Shares Agreement (defined below).

Employment Contracts

In March 1999, we entered into an employment agreement with Assaf Ran, our President and Chief Executive Officer pursuant to which: (i) Mr. Ran’s employment term renews automatically on June 30^th of each year for successive one-year periods unless either party gives to the other written notice at least 180 days prior to June 30th of its intention to terminate the agreement; (ii) Mr. Ran receives an annual base salary of $225,000 and annual bonuses as determined by the Compensation Committee of the Board, in its sole and absolute discretion, and is eligible to participate in all executive benefit plans established and maintained by us; and (iii) Mr. Ran agreed to a one-year non-competition period following the termination of his employment.

Restricted Stock Grant

On September 9, 2011, upon stockholders approval at the annual meeting, we granted 1,000,000 shares of restricted common stock (the “Restricted Shares”) to Mr. Ran. Under the terms of the restricted shares agreement (the “Restricted Shares Agreement”), Mr. Ran agreed to forfeit options held by him exercisable for an aggregate of 280,000 shares of our common stock with exercise prices above $1.21 per share and agreed not to exercise additional options held by him for an aggregate of 210,000 shares of our common stock with exercise prices below $1.21 per share (the “Remaining Options”). Until their expiration, Mr. Ran will be required to forfeit approximately 4.76 Restricted Shares for each share of common stock issued upon any exercise of the Remaining Options. In addition, Mr. Ran may not sell, convey, transfer, pledge, encumber or otherwise dispose of the Restricted Shares until the earliest to occur of the following: (i) September 9, 2026, with respect to 1/3 of the Restricted Shares, September 9, 2027 with respect to an additional 1/3 of the Restricted Shares and September 9, 2028 with respect to the final 1/3 of the Restricted Shares; (ii) the date on which Mr. Ran’s employment is terminated by us for any reason other than for “Cause” (i.e., misconduct that is materially injurious to us monetarily or otherwise, including engaging in any conduct that constitutes a felony under federal, state or local law); or (iii) the date on which Mr. Ran’s employment is terminated on account of (A) his death; or (B) his disability, which, in the opinion of his personal physician and a physician selected by us prevents him from being employed with us on a full-time basis (each such date being referred to as a “Risk Termination Date”). If at any time prior to a Risk Termination Date Mr. Ran’s employment is terminated by us for Cause or by Mr. Ran voluntarily for any reason other than death or disability, Mr. Ran will forfeit that portion of the Restricted Shares which have not previously vested. Mr. Ran will have the power to vote the Restricted Shares and will be entitled to all dividends payable with respect to the Restricted Shares from the date the Restricted Shares are issued.

In connection with the Compensation Committee’s approval of the foregoing grant of Restricted Shares, the Compensation Committee consulted with and obtained the concurrence of independent compensation experts and informed Mr. Ran that it had no present intention of continuing its prior practice of annually awarding stock options to Mr. Ran as CEO. Also, Mr. Ran advised the Compensation Committee that he would not seek future stock option grants.

The grant of Restricted Shares was exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended. The stock certificates for the Restricted Shares were imprinted with restrictive legends and are held in escrow until vesting occurs.

Outstanding Equity Awards at Fiscal Year-End

The following table sets forth information concerning outstanding equity awards by the named executive officer as of December 31, 2012.

Name	Year	Number of Securities Underlying Unexercised Options (#) Unexercisable			Option Exercise Price ($)		Option Expiration Date	Number of Shares or Units of Stock That Have Not Vested (#)		Market Value of Shares or Units of Stock That Have Not Vested ($)
Assaf Ran	2008		70,000		$	1.01	3/13/2013		—		—
Chief Executive	2009		140,000	(1)	$	0.74	3/18/2014		—		—
Officer and	2011								1,000,000		1,090,000	(2)(3)
President

(1)

In accordance with the Restricted Stock Agreement, Mr. Ran agreed not to exercise the Remaining Options. Until their expiration, Mr. Ran will be required to forfeit approximately 4.76 Restricted Shares for each share of common stock issued upon any exercise of the Remaining Options. In connection with the Compensation Committee’s approval of the grant of Restricted Shares, the Compensation Committee consulted with and obtained the concurrence of independent compensation experts and informed Mr. Ran that it had no present intention of continuing its prior practice of annually awarding stock options to Mr. Ran as CEO. Also, Mr. Ran advised the Compensation Committee that he would not seek future stock option grants.

(2)

Calculated based on the closing market price of $1.09 (at December 31, 2012), at the end of the last completed fiscal year.

(3)

Mr. Ran may not sell, convey, transfer, pledge, encumber or otherwise dispose of the Restricted Shares until the earliest to occur of the following: (i) September 9, 2026, with respect to 1/3 of the Restricted Shares, September 9, 2027 with respect to an additional 1/3 of the Restricted Shares and September 9, 2028 with respect to the final 1/3 of the Restricted Shares; (ii) the date on which Mr. Ran’s employment is terminated by us for any reason other than for “Cause;” or (iii) on a Risk Termination Date. If at any time prior to a Risk Termination Date Mr. Ran’s employment is terminated by us for Cause or Mr. Ran voluntarily terminates his employment for any reason other than death or disability, Mr. Ran will forfeit that portion of the Restricted Shares which have not previously vested.

In addition, on November 14, 2011 we granted an option for 5,000 shares of our common stock to Vanessa Kao, our CFO. The exercise price of the option is $1.01 per share, which was the fair market price on the date of the grant. One fifth of such options vested immediately and the balance vest in equal annual installments on each anniversary of the grant date.

Compensation of Directors

Non-employee directors are granted, upon becoming a director, and renewal of director term, five-year options to purchase 7,000 shares of our common stock at an exercise price equal to the fair market value of a share of common stock on the date of grant. They also receive cash compensation of $600 per board meeting attended and $300 for any other committee participation. Assaf Ran and Mark Alhadeff do not receive compensation in connection with their position on our Board.

Director Compensation

Name	Fees Earned or Paid in Cash		Option Awards ($)
(a)	($)		(1)		Total ($)
Michael Jackson (2)	$	3,600		$4,304 (2)	$	7,904
Phillip Michals(2)	$	3,600		$4,304 (2)	$	7,904
Eran Goldshmit (2)	$	3,000		$4,304 (2)	$	7,304
Mark Alhadeff		—		—		—
Lyron Bentovim (2)	$	3,600		$4,304 (2)	$	7,904

(1) Consists of stock options. Valuation is based on ASC Topic 718. The assumptions underlying valuation of equity awards are set forth in Note 11 to financial statements included elsewhere in this report.

(2) Represents stock option awards to purchase 7,000 shares of our common stock.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table, together with the accompanying footnotes, sets forth information, as of March 22, 2013, regarding the beneficial ownership of our common stock by all persons known by us to beneficially own more than 5% of our outstanding common stock, each named executive officer, each director, and all of our directors and officers as a group:

Name of Beneficial Owner (1)	Title of Class	Amount and Nature of Beneficial Ownership (2)		Percentage of Class

Executive Officers and Directors
Assaf Ran (3)	Common		2,501,000		58.59	%
Michael Jackson (4)	Common		35,000		*
Phillip Michals (4)	Common		55,000		1.28	%
Eran Goldshmit (4)	Common		35,000		*
Mark Alhadeff	Common		60,000		1.41	%
Lyron Bentovim (4)	Common		56,958		1.32	%
All officers and directors as a group (7 persons) (5)	Common		2,744,958		62.24	%

* Less than 1%

(1)

Unless otherwise provided, the address of each of the individuals above is c/o Manhattan Bridge Capital, Inc., 60 Cutter Mill Road, Great Neck, New York 11021.

(2)

A person is deemed to be a beneficial owner of securities that can be acquired by such person within 60 days from March 22, 2013 upon the exercise of options and warrants or conversion of convertible securities. Each beneficial owner’s percentage ownership is determined by assuming that options, warrants and convertible securities that are held by such person (but not held by any other person) and that are exercisable or convertible within 60 days from March 22, 2013 have been exercised or converted. Except as otherwise indicated, and subject to applicable community property and similar laws, each of the persons named has sole voting and investment power with respect to the shares shown as beneficially owned. All percentages are determined based on 4,268,459 shares outstanding on March 22, 2013.

(3)

Includes 1,000,000 Restricted Shares granted to Mr. Ran on September 9, 2011, upon stockholders approval at the Company’s 2011 annual meeting of stockholders. Mr. Ran may not sell, convey, transfer, pledge, encumber or otherwise dispose of the Restricted Shares until the earliest to occur of the following: (i) September 9, 2026, with respect to 1/3 of the Restricted Shares, September 9, 2027 with respect to an additional 1/3 of the Restricted Shares and September 9, 2028 with respect to the final 1/3 of the Restricted Shares; (ii) the date on which Mr. Ran’s employment is terminated by us for any reason other than for “Cause;” or (iii) on a Risk Termination Date. If at any time prior to a Risk Termination Date Mr. Ran’s employment is terminated by us for Cause or Mr. Ran voluntarily terminates his employment for any reason other than death or disability, Mr. Ran will forfeit that portion of the Restricted Shares which have not previously vested.

(4)

Includes 35,000 shares underlying options.

(5)

Includes an aggregate of 142,000 shares underlying options beneficially owned by officers and directors as a group.

Equity Compensation Plan Information

On June 23, 2009 the Company adopted the 2009 Stock Option Plan (the “Plan”) which replaced the 1999 Stock Option Plan as amended (the “Prior Plan”), which expired in May of 2009. Options granted under the Prior Plan remain outstanding until expired, exercised or cancelled.

The following table summarizes the (i) options granted under the Prior Plan, (ii) options granted under the Plan, and (iii) options granted outside the Company’s plans, as of December 31, 2012. The shares covered by outstanding options and warrants are subject to adjustment for changes in capitalization, stock splits, stock dividends and similar events.

	Equity Compensation Plan Table
	Number of securities(1) to be issued upon exercise of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options, warrants and rights		Number of securities(1) remaining available for future issuance under equity compensation plans
Equity Compensation Plans Approved By Security Holders
Grants under the Company’s 1999 Stock Option Plan		238,000 (2)	$	0.83		0
Grants under the Company’s 2009 Stock Option Plan		117,000	$	1.12		283,000
Equity Compensation Plans Not Requiring Approval By Security Holders
Aggregate Individual Option Grants		20,000	$	2.50		N/A
Total		375,000	$	1.01		283,000

(1)

Reflect shares of Company common stock.

(2)

210,000 of these options are the Remaining Options held by Mr. Ran which he has agreed not to exercise in accordance with the Restricted Stock Agreement (See Item 11).

The Aggregate Individual Option Grants referred to in the table above include 5-year warrants exercisable for 20,000 shares of common stock of the Company at an exercise price of $2.50 per share beginning on December 28, 2010. The warrants were granted on December 28, 2010 to Paulson Investment Company Inc., the placement agent, in connection with the Company’s private placement of senior secured notes. (See Note 8 to the financial statements).

Item 13. Certain Relationships and Related Transactions and Director Independence

In 2011, Mr. Ran made four separate loans to the Company in amounts ranging from $20,000 to $100,000, at an interest rate of 12% per annum. All of these loans were repaid by the Company as of December 31, 2011. The aggregate interest expense for these loans was $455.

In 2012, Mr. Ran made seven separate loans to the Company in amounts ranging from $25,000 to $115,000, bearing interest at rates ranging from 6% to 12%, per annum. All of these loans were repaid by the Company as of December 31, 2012. The aggregate interest expense for these loans was $3,942.

In January 2013, Mr. Ran, made two loans to the Company in the aggregate amount of $175,000, at an interest rate of 6%, per annum. Both loans were repaid in full by the Company on February 4, 2013.

Director Independence

Our Board is comprised of Assaf Ran, Michael J. Jackson, Phillip Michals, Eran Goldshmit, Mark Alhadeff, and Lyron Bentovim.

The Board has determined, in accordance with Nasdaq’s listing standards, that: (i) Messrs. Jackson, Michals, Goldshmit and Bentovim (the “Independent Directors”) are independent and represent a majority of its members; (ii) Messrs. Jackson, Michals, Goldshmit and Bentovim, as the sole members of the Audit Committee, are independent for such purposes; and (iii) Messrs. Jackson, Michals and Goldshmit, as the sole members of the Compensation Committee, are independent for such purposes.

In determining director independence, our Board applies the independence standards set by the NASDAQ. In its application of such standards the Board takes into consideration all transactions with Independent Directors and the impact of such transactions, if any, on any of the Independent Directors’ ability to continue to serve on our Board. To that end, for the fiscal year ended 2012, our Board considered the options awarded to the Independent Directors disclosed above in “Item 11 – Executive Compensation – Director Compensation” and determined that those transactions were within the limits of the independence standards set by the NASDAQ and did not impact their ability to continue to serve as Independent Directors.

Item 14. Principal Accountant Fees and Services

The aggregate fees billed by our principal accounting firm, Hoberman, Goldstein & Lesser, P.C, for the fiscal years ended December 31, 2012 and 2011 are as follows:

(a)

Audit Fees

2012

The aggregate fees incurred during 2012 for Hoberman, Goldstein & Lesser, P.C, our principal accountant, were $57,250, covering the audit of our annual financial statements and the review of our financial statements for the first, second and third quarters of 2012.

2011

The aggregate fees incurred during 2011 for Hoberman, Goldstein & Lesser, P.C, our principal accountant, were $54,500, covering the audit of our annual financial statements and the review of our financial statements for the first, second and third quarters of 2011.

(b)

Audit-Related Fees

There were no audit-related fees billed by Hoberman, Goldstein & Lesser, P.C, our principal accountant during 2012 or 2011.

(c)

Tax Fees

Tax fees of $2,750 were billed by our principal accountants in 2012 for preparing the 2011 tax return.

Tax fees of $2,500 were billed by our principal accountants in 2011 for preparing the 2010 tax return.

(d)

All Other Fees

Our principal accountants billed $1,750 in 2011 for consultation, research, discussions with SEC counsel and the Company regarding the granting of the Restricted Shares, stock option swap and related deferred taxes. No other fees, beyond those disclosed in this Item 14 were billed in 2012 and 2011.

Audit Committee Pre-Approval, Policies and Procedures

Our Audit Committee approved the engagement with Hoberman, Goldstein & Lesser, P.C, our principal accountant, in advance. In addition the Audit Committee approved tax services (as described above) provided by our independent auditors. These services were pre-approved by our Audit Committee to assure that such services do not impair the auditor’s independence from us.

The percentage of hours expended on audit by persons other than our principal accountant’s full time, permanent employees, did not exceed 50%.

PART IV

Item 15. Exhibits, Financial Statement Schedules

(a)

1. Financial Statements - See Index to Financial Statements on page F-1.

2. Financial Statement Schedules – See (c) below.

3. Exhibits – See (b) below.

(b)

Certain of the following exhibits were filed as Exhibits to the registration statement on form SB-2, Registration No. 333-74203 and amendments thereto (the "Registration Statement") filed by the Registrant under the Securities Act of 1933, as amended, or the reports filed under the Securities and Exchange Act of 1934, as amended, and are hereby incorporated by reference.

Exhibit No.		Description

3.1(a)		Certificate of Incorporation of the Company (1)
3.1(b)		Certificate of Amendment of the Certificate of Incorporation (6)
3.1(c)		Certificate of Change (5)
3.2		By-laws of the Company (1)
4.1		Specimen Stock Certificate (2)
4.2		Form of Underwriter’s Warrant (1)
10.1**		Employment Agreement dated March 1, 1999 by and between Assaf Ran and the Company (1)
10.2		Web Site Company Formation, Development and Services Agreement dated December 5, 2005 by and between Manhattan Bridge Capital, Inc. and Ocean-7 Development, Inc. (3)
10.3		Lease Agreement by and between the Company and Majestic Neck Corp. for the premises located at 60 Cutter Mill Road, Great Neck, New York 11021. (4)
10.4*		Form of the Company’s 2009 Stock Option Plan, as amended (7)
10.5		Line of Credit Agreement, dated May 2, 2012, between the Company and Sterling National Bank (8)
10.6		Amendment Agreement, dated January 31, 2013, between the Company, Assaf Ran and Sterling National Bank (9)
23.1		Consent of Hoberman, Goldstein & Lesser, P.C., dated March 22, 2013. (filed herewith)
31.1		Chief Executive Officer Certification as required under section 302 of the Sarbanes Oxley Act (filed herewith)
31.2		Chief Financial Officer Certification as required under section 302 of the Sarbanes Oxley Act (filed herewith)
32.1*		Chief Executive Officer Certification pursuant to 18 U.S.C. section 1350 as adopted pursuant to section 906 of the Sarbanes Oxley Act (furnished herewith)
32.2*		Chief Financial Officer Certification pursuant to 18 U.S.C. section 1350 as adopted pursuant to section 906 of the Sarbanes Oxley Act (furnished herewith)

101.INS*€		XBRL Instance Document

Exhibit No.		Description

101.CAL*€		XBRL Taxonomy Extension Schema Document

101.SCH*€		XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB*€		XBRL Taxonomy Extension Label Linkbase Document

101.PRE*€		XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF*€		XBRL Taxonomy Extension Definition Linkbase Document

* Furnished, not filed, in accordance with item 601(32)(ii) of Regulation S-K.

** Compensation plan or arrangement for current or former executive officers and directors.

*€ Furnished with this report. In accordance with Rule 406T of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

(1)

Previously filed as exhibit to Form SB-2 on March 10, 1999 and incorporated herein by reference .

(2)

Previously filed as exhibit to Form SB-2/A on April 23, 1999 and incorporated herein by reference .

(3)

Previously filed as exhibit to Form 8-K on December 12, 2005 and incorporated herein by reference.

(4)

Previously filed as exhibit to Form 8-K on June 13, 2011 and incorporated herein by reference.

(5)

Previously filed as exhibit to Form 8-K on July 24, 2008 and incorporated herein by reference .

(6)

Previously filed as Appendix A to Schedule 14A on May 14, 2010 and incorporated herein by reference.

(7)

Previously filed as Appendix A to Schedule 14A on August 5, 2011 and incorporated herein by reference.

(8)

Previously filed as exhibit to Form 8-K on May 7, 2012 and incorporated herein by reference .

(9)

Previously filed as exhibit to Form 8-K on February 19, 2013 and incorporated herein by reference .

(c)

No financial statement schedules are included because the information is either provided in the financial statements or is not required under the related instructions or is inapplicable and such schedules therefore have been omitted.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Manhattan Bridge Capital, Inc.

	By:	/s/ Assaf Ran
		Assaf Ran, President, Chief Executive Officer and Chairman of the Board of Directors

Date: March 22, 2013

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on March 22, 2013:

Signature	Date	Title

/s/ Assaf Ran	March 22, 2013	President, Chief Executive Officer
Assaf Ran		and Chairman of the Board of Directors (principal executive officer)

/s/ Vanessa Kao	March 22, 2013	Chief Financial Officer (principal
Vanessa Kao		financial and accounting officer)

/s/ Phillip Michals	March 22, 2013	Director
Phillip Michals

/s/ Eran Goldshmit	March 22, 2013	Director
Eran Goldshmit

/s/ Michael Jackson	March 22, 2013	Director
Michael Jackson

/s/ Mark Alhadeff	March 22, 2013	Director
Mark Alhadeff

/s/ Lyron Bentovim	March 22, 2013	Director
Lyron Bentovim

MANHATTAN BRIDGE CAPITAL, INC.

Index to Consolidated Financial Statements

		Page Number

Report of Independent Registered Public Accounting Firm		F-2

Consolidated Financial Statements:

Balance Sheets at December 31, 2012 and 2011		F-3

Statements of Operations for the years ended December 31, 2012 and 2011		F-4

Statements of Changes in Stockholders’ Equity for the years ended December 31, 2012 and 2011		F-5

Statements of Cash Flows for the years ended December 31, 2012 and 2011		F-6

Notes to Consolidated Financial Statements		F-7

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders

Manhattan Bridge Capital, Inc.

We have audited the accompanying consolidated balance sheets of Manhattan Bridge Capital, Inc. and Subsidiaries as of December 31, 2012 and 2011, and the related consolidated statements of operations, stockholders’ equity and cash flows for each of the years in the two-year period ended December 31, 2012. Manhattan Bridge Capital, Inc.’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Manhattan Bridge Capital, Inc. and Subsidiaries as of December 31, 2012 and 2011, and the results of their operations and their cash flows for each of the years in the two-year period ended December 31, 2012, in conformity with accounting principles generally accepted in the United States of America.



	Hoberman, Goldstein & Lesser, CPA’s, P.C.

New York, New York

March 20, 2013

F-2

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

December 31, 2012 and 2011

	2012			2011

Assets
Current assets:
Cash and cash equivalents	$	240,693		$	221,905
Short term loans receivable		11,022,866			6,916,090
Interest receivable on loans		160,342			109,905
Other current assets		18,903			16,463
Total current assets		11,442,804			7,264,363

Investment in real estate		146,821			146,821
Long term loans receivable		2,601,500			2,498,262
Property and equipment, net		0			588
Security deposit		6,491			6,349
Investment in privately held company, at cost		100,000			100,000
Deferred financing costs		41,735			72,788

Total assets	$	14,339,351		$	10,089,171

Liabilities and Stockholders’ Equity
Current liabilities:
Short term loans	$	1,399,465		$	1,159,465
Line of credit		3,500,000			—
Senior secured notes		500,000			—
Accounts payable and accrued expenses		70,403			60,072
Deferred origination fees		122,242			112,780
Income taxes payable		268,256			168,786
Total current liabilities		5,860,366			1,501,103
Long term liabilities:
Senior secured notes		—			500,000
Total liabilities		5,860,366			2,001,103

Commitments and contingencies
Stockholders’ equity:
Preferred shares - $.01 par value; 5,000,000 shares authorized; no shares issued		—			—
Common shares - $.001 par value; 25,000,000 authorized; 4,405,190 issued; 4,298,059 and 4,324,459 outstanding		4,405			4,405
Additional paid-in capital		9,687,159			9,656,280
Treasury stock, at cost - 107,131 and 80,731 shares		(269,972	)		(241,400	)
Accumulated deficit		(942,607	)		(1,331,217	)
Total stockholders’ equity		8,478,985			8,088,068

Total liabilities and stockholders’ equity	$	14,339,351		$	10,089,171

The accompanying notes are an integral part of these consolidated financial statements.

F-3

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2012 and 2011

	2012			2011
Interest income from loans	$	1,475,800		$	1,141,531
Origination fees		339,767			258,917
Total Revenue		1,815,567			1,400,448
Operating costs and expenses:
Interest and amortization of debt service costs		280,654			156,769
Referral fees		6,133			7,897
General and administrative expenses		864,398			866,705
Total operating costs and expenses		1,151,185			1,031,371

Income from operations		664,382			369,077

Other income (Note 5)		27,548			79,329
Income before income tax expense		691,930			448,406
Income tax expense		(303,320	)		(191,882	)
Net income	$	388,610		$	256,524

Basic and diluted net income per common share outstanding:
—Basic	$	0.09		$	0.07
—Diluted	$	0.09		$	0.07
Weighted average number of common shares outstanding
—Basic		4,320,050			3,634,048
—Diluted		4,326,329			3,646,074

The accompanying notes are an integral part of these consolidated financial statements

F-4

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2012 and 2011

	Common Stock				Additional Paid-in Capital			Treasury Stock					Accumulated Deficit			Totals

	Shares		Amount					Shares		Cost
Balance, January 1, 2011		3,405,190	$	3,405	$	9,588,849			80,731	$	(241,400	)	$	(1,587,741	)	$	7,763,113
Non cash compensation						68,431											68,431
Grant of restricted shares		1,000,000		1,000		(1,000	)
Net income for the year ended December 31, 2011														256,524			256,524
Balance, December 31, 2011		4,405,190		4,405		9,656,280			80,731		(241,400	)		(1,331,217	)		8,088,068
Non cash compensation						30,879											30,879
Purchase of treasury shares									26,400		(28,572	)					(28,572	)
Net income for the year ended December 31, 2012														388,610			388,610
Balance, December 31, 2012		4,405,190	$	4,405	$	9,687,159			107,131	$	(269,972	)	$	(942,607	)	$	8,478,985

The accompanying notes are an integral part of these consolidated financial statements.

F-5

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2012 and 2011

	2012			2011
Cash flows from operating activities:
Net income	$	388,610		$	256,524
Adjustments to reconcile net income to net cash provided by operating activities -
Amortization of deferred financing costs		47,078			36,395
Depreciation		588			1,837
Non cash compensation expense		30,879			68,431
Changes in operating assets and liabilities
Interest receivable on loans		(50,437	)		(18,312	)
Other current and non current assets		(2,582	)		8,130
Accounts payable and accrued expenses		10,331			3,667
Deferred origination fees		9,462			36,352
Income taxes payable		99,470			(11,727	)
Net cash provided by operating activities		533,399			381,297

Cash flows from investing activities:
Investment in real estate (net of proceeds of $528,179 from partial exercises of options - see Note 5)		—			(146,821	)
Issuance of short term loans		(15,173,500	)		(8,512,537	)
Collections received from loans		10,963,486			7,254,478
Net cash used in investing activities		(4,210,014	)		(1,404,880	)

Cash flows from financing activities:
Proceeds from loans and line of credit, net		3,740,000			859,465
Purchase of treasury shares		(28,572	)		—
Deferred financing costs incurred		(16,025	)		—
Net cash provided by financing activities		3,695,403			859,465

Net increase (decrease) in cash and cash equivalents		18,788			(164,118	)

Cash and cash equivalents, beginning of year		221,905			386,023

Cash and cash equivalents, end of year	$	240,693		$	221,905

Supplemental Cash Flow Information:
Taxes paid during the year	$	203,850		$	203,727
Interest paid during the year	$	234,835		$	120,375

The accompanying notes are an integral part of these consolidated financial statements.

F-6

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2012 and 2011

The Company

Manhattan Bridge Capital, Inc. (“MBC”) and its wholly-owned subsidiaries DAG Funding Solutions, Inc. and MBC Funding I, Inc. (collectively the “Company”), offer short-term, secured, non–banking loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in the New York Metropolitan area.

In March 2011, MBC established a one member limited liability company, 1490-1496 Hicks, LLC, for the purpose of investing in real estate (See Note 5).

Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include the accounts of Manhattan Bridge Capital, Inc., and its wholly-owned subsidiaries DAG Funding Solutions, Inc.(“DAG Funding”), MBC Funding I, Inc. (“MBC Funding”) and 1490-1496 Hicks, LLC (“Hicks LLC”). All significant intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management will base the use of estimates on (a) a preset number of assumptions that consider past experience, (b) future projections, and (c) general financial market condition. Actual amounts could differ from those estimates.

Cash and Cash Equivalents

For the purposes of the statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains its cash and cash equivalents with one major financial institution. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation up to $250,000.

Credit risks associated with short term commercial loans the Company makes to small businesses and related interest receivable are described in Note 4 entitled Commercial Loans.

F-7

Property and Equipment

Property and equipment are recorded at cost. Depreciation is provided on a straight-line basis over the estimated useful economic lives of the assets, ranging from three to five years.

Impairment of long- lived assets

The Company continually monitors events or changes in circumstances that could indicate carrying amounts of long lived assets, may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the undiscounted cash flows is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. There was no impairment to the carrying value of property and equipment during the years ended December 31, 2012 or 2011.

Income Taxes

The Company accounts for income taxes under the provisions of FASB ASC 740, “Income Taxes”. Under the provisions of FASB ASC 740, deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date.

Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies. In the event that the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.

The Company follows ASC 740 rules governing tax positions which provide guidance for recognition and measurement. This prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognition, classification and disclosure of these uncertain tax positions.

Revenue Recognition

Interest income from commercial loans is recognized, as earned, over the loan period.

Origination fee revenue on commercial loans is amortized over the term of the respective note.

F-8

Deferred Financing Costs

Costs incurred in connection with the Company’s senior secured notes, as discussed in Note 8 are being amortized over the term of the notes, using the straight-line method. Costs incurred in connection with the Company’s line of credit, as discussed in Note 7, are being amortized over one year, using the straight-line method.

Earnings Per Share (“EPS”)

Basic and diluted earnings per share are calculated in accordance with ASC 260 “Earnings Per Share”. Under ASC 260, basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method.

The numerator in calculating both basic and diluted earnings per common share for each year is the reported net income. The denominator is based on the following weighted average number of common shares:

	Years ended December 31,
	2012		2011
Basic weighted average common shares outstanding		4,320,050		3,634,048
Incremental shares for assumed exercise of options		6,279		12,026
Diluted weighted average common shares outstanding		4,326,329		3,646,074

345,721 and 331,974 vested options were not included in the diluted earnings per share calculation for the years ended December 31, 2012 and 2011, respectively, either because their effect would have been anti-dilutive, or because they are being held in escrow (See Note 12).

Stock-Based Compensation

The Company measures and recognizes compensation awards for all stock option grants made to employees and directors, based on their fair value in accordance with ASC 718 “Compensation- Stock Compensation”, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. A key provision of this statement is to measure the cost of employee services received in exchange for an award of equity instruments (including stock options) based on the grant-date fair value of the award. The cost will be recognized over the service period during which an employee is required to provide service in exchange for the award (i.e., the requisite service period or vesting period). The Company accounts for equity instruments issued to non-employees in accordance with the provisions of ASC 718 and ASC 505-50, “Equity Based Payment to Non-Employees”. All transactions with non-employees, in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more appropriately measurable.

The stock based compensation expense for the years ended December 31, 2012 and 2011 also includes the amortization of the fair value of the restricted shares granted on September 9, 2011, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value will be amortized over 15 years (See Note 12).

F-9

Fair Value of Financial Instruments

For cash and cash equivalents, short term loans, the line of credit and accounts payable, as well as interest bearing commercial loans held by the Company, the carrying amount approximates fair value due to the relative short-term nature of such instruments. The senior secured notes approximate fair value due to the relative short term of the notes and the prevailing interest rate.

Recent Accounting Pronouncements

In April 2011, FASB issued ASU 2011-02, "Receivables (Topic 310): A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring." ASU 2011-02 provides amendments to Topic 310 to clarify which loan modifications constitute troubled debt restructurings. It is intended to assist creditors in determining whether a modification of the terms of a receivable meets the criteria to be considered a troubled debt restructuring, both for purposes of recording an impairment loss and for disclosure of troubled debt restructurings. For public companies, the new guidance is effective for interim and annual periods beginning on or after June 15, 2011, and applies retrospectively to restructurings occurring on or after the beginning of the fiscal year of adoption. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements.

F-10

Cash and Cash Equivalents

Effective January 1, 2008, the Company adopted ASC 820, Fair Value Measurements, which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1—Quoted prices in active markets.

Level 2—Observable inputs other than quoted prices in active markets that are either directly or indirectly observable.

Level 3—Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Cash equivalents and investment instruments are classified within Level 1 or Level 2 of the fair value hierarchy. The Company’s Level 1 investments are valued using quoted market prices in active markets. The Company’s Level 2 investments are valued using broker or dealer quotations for similar assets and liabilities. As of December 31, 2012 and 2011 the Company’s Level 1 investments consisted of cash and money market accounts in the amount of approximately $241,000 and $222,000, respectively, and were recorded as cash and cash equivalents in the Company’s consolidated balance sheets.

Commercial Loans

Short Term Loans Receivable

The Company offers short-term secured non–banking loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in the New York Metropolitan area. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses. The loans are generally for a term of one year. The short term loans are initially recorded, and carried thereafter, in the financial statements at cost. Most of the loans provide for receipt of interest only during the term of the loan and a balloon payment at the end of the term. For the years ended December 31, 2012 and 2011 the total amounts of $15,173,500 and $8,512,537, respectively, have been lent, offset by collections received from borrowers, under the commercial loans in the amount of $10,963,486 and $7,254,478, respectively. Loans ranging in size from $30,000 to $1,000,000 were concluded at stated interest rates of 12% to 15%, but often at higher effective rates based upon points or other up-front fees.

F-11

The Company uses its own employees, outside lawyers and other independent professionals to verify titles and ownership, to file liens and to consummate the transactions. Outside appraisers are also used to assist the Company’s officials in evaluating the worth of collateral. To date, the Company has not experienced any defaults and none of the loans previously made have been non-collectable, although no assurances can be given that existing or future loans may not go into default or prove to be non-collectible in the future.

At December 31, 2012, the Company was committed to an additional $2,009,500 in construction loans that can be drawn by the borrower when certain conditions are met.

At December 31, 2012, the Company has made loans to five different entities in the aggregate amount of $1,570,000, none of which are long term loans receivable. One individual holds one hundred percent interest in each of the entities. The individual has no relationship to any of the officers or directors of the Company.

At December 31, 2011, the Company has made loans to four different entities in the aggregate amount of $1,470,000, of which $155,000 is included in long-term loans receivable. One individual holds at least a fifty percent interest in each of the different entities. The Company also has made loans to six different entities in the aggregate amount of $1,376,500, none of which are long term loans receivable. One individual holds a fifty percent interest in each of the entities. The Company also has made loans to five different entities in the aggregate amount of $1,600,000, none of which are long term loans receivable. One individual holds at least a fifty percent interest in each of the entities. All individuals have no relationship to any of the officers or directors of the Company.

At December 31, 2012 and 2011, no one entity has loans outstanding representing more than 10% of the total balance of the loans outstanding.

Some of the loans in the Company’s portfolio at December 31, 2012, were jointly funded by the Company and an unrelated entity during the year ended December 31, 2012, for aggregate loans of $510,000. The accompanying balance sheet includes the Company’s portion of the loans in the amount of $255,000. There were no jointly funded loans at December 31, 2011.

Long Term Loans Receivable

During the year ended December 31, 2011, management determined to reclassify a portion of the Company’s short term loans to long term loans receivable. Long term loans receivable comprise the loans that were extended beyond the original maturity dates, unless it is clear that the loan will be paid back by December 31, 2013. At December 31, 2012, the Company’s loan portfolio consists of approximately $11,023,000 short term loans receivable and approximately $2,602,000 long term loans receivable.

Of the long term loans receivable, approximately $89,000 have repayment terms, extending through the year ended December 31, 2017, while the remainder of the loans, by their terms, are due through December 31, 2013.

F-12

Credit Risk

Credit risk profile based on loan activity as of December 31, 2012 and 2011:

Performing loans	Developers- Residential		Developers- Commercial		Developers Mixed Used		Total outstanding loans
December 31, 2012	$	12,169,366	$	400,000	$	1,055,000	$	13,624,366
December 31, 2011	$	8,725,367	$	78,985	$	610,000	$	9,414,352

At December 31, 2012, the Company’s commercial loans include loans in the amount of $499,666, $567,200, $750,000 and $1,537,500, originally due in 2009, 2010, 2011 and 2012, respectively. At December 31, 2011, the Company’s commercial loans include loans in the amount of $521,700, $1,702,200 and $955,000, originally due in 2009, 2010 and 2011, respectively. In all instances the borrowers are currently paying their interest and, generally, the Company receives a fee in connection with the extension of the loans. Accordingly, at December 31, 2012 and 2011, no loan impairments exist and there are no provisions for impairments of loans or recoveries thereof included in operations for the years then ended. Subsequent to the balance sheet date, $2,830,666 of commercial loans, of which $160,000 is included in long term loans receivable, outstanding at December 31, 2012 were paid off.

Investment in Real Estate

On March 21, 2011, the Company purchased three 2-family buildings located in the Bronx, New York for $675,000, including related costs, and sold to the seller a one year option to buy back the properties for the same price. The buy back option was sold for $3,900, plus a monthly fee of $10,530 payable to the Company by the option holder for the life of the option. On September 28, 2011, the option holder exercised the option to buy back one of the properties for $380,679. The Company had received an aggregate of $70,590 from the sale of the option prior to the partial exercise and, on October 1, 2011, issued a one year option for the two remaining properties at an exercise price of $294,321 with a monthly option fee of $4,591 (the “New Option”.) The New Option supersedes the buy back option issued in March 2011. On October 21, 2011, the option holder partially exercised the New Option to buy back one of the two remaining properties for $147,500. After the partial exercise of the New Option, the option holder has a continuing option to purchase the one remaining property at an exercise price of $146,821 with a monthly option fee of $2,296. On October 1, 2012, the New Option was extended for an additional 6-month period.

Other income for the years ended December 31, 2012 and 2011, in the amount of $27,548 and $79,329, respectively, represents the fees generated from the seller buy back options.

Property and Equipment

Property and equipment, at cost, consist of the following:

	December 31
	2012			2011
Office equipment	$	20,744		$	20,744
Less: Accumulated depreciation		(20,744	)		(20,156	)
Property and equipment, net	$	0		$	588

F-13

Depreciation expense was $588 and $1,837 for the years ended December 31, 2012 and 2011, respectively.

Loans and Lines of Credit

Short Term Loans

During 2012, the Company received five separate short-term loans from three different entities, in the aggregate amount of $1,030,000, bearing interest at rates ranging from 10% to 14%, per annum. By the end of December 31, 2012, the Company repaid in full three of the five loans in the aggregate amount of $590,000.

During 2011, the Company received six separate short-term loans from five different entities, in the aggregate amount of $1,329,465, bearing interest at rates ranging from 8% to 14%, per annum. One of the loans in the amount of $170,000 was repaid in full by the Company in 2011. During 2012, one of the loans in the amount of $200,000 was repaid, and the other four loans were extended an additional year under the same terms.

At December 31, 2012, the outstanding balance of the short-term loans is $1,399,465, of which five of the loans are secured by certain of the Company’s short term loans, pursuant to a security agreement, and two of the loans are also personally guaranteed by our CEO.

Subsequent to the balance sheet date, the Company repaid in full one of the short-term loans received in 2012, in the amount of $240,000, at an interest rate of 14%, per annum.

Lines of Credit

In September 2009 the Company established a secured line of credit with Valley National Bank. The line of credit provided for maximum borrowings in the amount of up to $300,000, which may be repaid by the Company at any time without penalty. The line required monthly payments of interest only at the rate of 9%, per annum, with borrowings still outstanding due in October, 2012. Pursuant to a security agreement, the line of credit was secured by certain of the Company’s short term loans. In October 2011, the Company repaid the outstanding borrowings in full and closed the line of credit.

On May 2, 2012, the Company entered into a one-year revolving Line of Credit Agreement with Sterling National Bank pursuant to which the Bank has agreed to advance up to $3.5 million (the “Sterling Credit Line”) against assignments of mortgages and other collateral. The Sterling Credit Line was conditioned on an unlimited personal guarantee from Assaf Ran, the Company’s CEO, and requires the maintenance of certain non-financial covenants including limitations on the percentage of loans outstanding in excess of one year, loans made to affiliated groups and the extent of construction loans made by the Company. The interest rate on the Sterling Credit Line is 2% in excess of the Wall Street Journal prime rate (3.25% at December 31, 2012), but in no event less than 6%, per annum, on the money in use. Total initiation costs for the Sterling Credit Line were approximately $16,000. These costs are being amortized over one year, using the straight-line method. The amortization costs for the year ended December 31, 2012 were $10,683. At December 31, 2012, the outstanding balance of the Sterling Credit Line is $3,500,000.

On January 31, 2013, the Company entered into an amendment to the Line of Credit Agreement with Sterling National Bank to increase the Sterling Credit Line from $3,500,000 to $5,000,000, under the same terms as the original line of credit.

F-14

Senior Secured Notes

On December 28, 2010, MBC Funding completed a $500,000 private placement of three-year 6.63% senior secured notes. As collateral for these notes, MBC has agreed to assign to MBC Funding the mortgages and related notes that it holds as a creditor in the aggregate amount of no less than $750,000. Pursuant to the agreement, MBC has also guaranteed the repayment of the notes. The notes require quarterly payments of interest only through the expiration date in December 2013, at which time the notes become due. The private placement was the initial tranche of a $5,000,000 offering which expired on March 31, 2011, which is no longer being marketed by the placement agent (Paulson).

Financing costs incurred in connection with the agreement totaled $109,183, including five year warrants (the “warrants”) to purchase 20,000 shares of the Company’s Common Stock issued to the underwriter at $2.50 per share, which were valued at $11,683. These costs are amortized over the life of the senior secured notes. The amortization costs for each of the years ended December 31, 2012 and 2011 were $36,395.

Income Taxes

Income tax expense (benefit) consists of the following:

	2012		2011
Current Taxes:
Federal	$	241,995	$	129,136
State		61,325		62,746
		303,320		191,882

Deferred taxes:
Federal		—		—
State		—		—
		—		—
Income tax expense	$	303,320	$	191,882

Deferred tax assets consist of the following:

	2012			2011
Deferred tax assets:
Compensation expense - other	$	7,838		$	27,982
Compensation expense - restricted stocks		86,226			84,266

Deferred tax assets		94,064			112,248
Less: valuation allowance	$	(94,064	)	$	(112,248	)
		—			—

The Company has a capital loss carryover of $418,157, a portion of which it expects to utilize to offset its other income in the amount of $27,548, in connection with the filing of its income tax returns for the year ended December 31, 2012. The remaining capital loss carryover expires through 2015.

F-15

The income tax expense (benefit) differs from the amount computed using the federal statutory rate of 34% as a result of the following:

Year Ended December 31,	2012			2011
Federal Statutory Rate		34	%		34	%
State and local income tax expense (benefit), net of federal tax effect		9	%		14	%
Valuation allowance		—			—
State and local franchise taxes		—			—
Other		1	%		(5	)%
Income tax expense (benefit)		44	%		43	%

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authorities. Tax positions not deemed to meet the more likely than not threshold are recorded as tax benefits or expenses in the current year. Management has analyzed the Company’s tax positions taken on Federal, state and local tax returns for all open tax years, and has concluded that no provision for Federal income tax is required in the Company’s financial statements. The Company reports interest and penalties as income tax expense, which amounted to approximately $7,400 and $12,000 for the years ended December 31, 2012 and 2011, respectively.

The Company is no longer subject to U.S. federal and state and local income tax examinations by tax authorities for years prior to 2009, as these tax years are closed.

10.

Simple IRA Plan

On October 26, 2000, the Board of Directors approved a Simple IRA Plan (the “IRA Plan”) for the purpose of attracting and retaining valuable executives. The IRA Plan was effective August 2000 with a trustee, which allows up to 100 eligible executives to participate. It is a “Matching Contribution” plan under which eligible executives may contribute up to 6% of their yearly salary, on a pre-tax basis (with a cap of $11,500), with the Company matching on a dollar-for-dollar basis up to 3% of the executives’ compensation (with a cap of $11,500). These thresholds are subject to change under notice by the trustee. The Company is not responsible for any other costs under this plan. For the years ended December 31, 2012 and 2011 the Company contributed $9,000 and $6,750, respectively, as matching contributions to the IRA Plan.

11.

Stock-Based Compensation

On June 23, 2009 the Company adopted the 2009 Stock Option Plan (the “Plan”) and replaced the 1999 Stock Option Plan as amended (the “Prior Plan”), which expired in May of 2009. Options granted under the Prior Plan remain outstanding until expired, exercised or cancelled.

The purpose of the Plan is to align the interests of officers, other key employees, consultants and non-employee directors of the Company and its subsidiaries with those of the stockholders of the Company, to afford an incentive to such officers, employees, consultants and directors to continue as such, to increase their efforts on behalf of the Company and to promote the success of the Company’s business. The availability of additional shares will enhance the Company’s ability to achieve these goals. The basis of participation in the Plan is upon discretionary grants of the Board. The Board may at any time, and from time to time, suspend or terminate the Plan in whole or in part or amend it from time to time.

F-16

The maximum number of Common Shares reserved for the grant of awards under the Plan is 400,000, subject to adjustment as provided in Section 9 of the Plan. As of December 31, 2012, 327,000 options were granted, 210,000 options were cancelled, and 283,000 are available for grant under the 2009 stock option plan.

The exercise price of options granted under the Company’s stock option plan may not be less than the fair market value on the date of grant. Stock options under our stock option plan may be awarded to officers, key-employees, consultants and non-employee directors of the Company. Under our stock option plan, every non-employee director of the Company is granted 7,000 options upon first taking office, and then 7,000 upon each additional year in office. Generally, options outstanding vest over periods not exceeding four years and are exercisable for up to five years from the grant date.

Share based compensation expense recognized under ASC 718 for the years ended December 31, 2012 and 2011 were $30,879 and 68,431, respectively.

The stock based compensation expense for the years ended December 31, 2012 and 2011 includes $13,065 and $3,355, respectively, of amortization of the fair value of the 1,000,000 restricted shares granted to the Company’s Chief Executive Officer on September 9, 2011 of $195,968, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value will be amortized over 15 years (See Note 12).

The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average share assumptions used for grants in 2012 and 2011, respectively: (1) expected life of 5 years; (2) No annual dividend yield; (3) expected volatility 72.5% to 74.6%; and (4) risk free interest rate of 0.73% to 1.87%.

The following summarizes stock option activity for the years ended December 31, 2012 and 2011:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at January 1, 2011		631,000		$	1.41		2.21	$	469,352
Granted in 2011		173,000			1.53
Exercised in 2011		—			—
Forfeited in 2011		(456,000	)		1.80
Outstanding at December 31, 2011		348,000		$	0.96		2.26	$	177,253
Granted in 2012		28,000			1.02
Exercised in 2012		—			—
Forfeited in 2012		(21,000	)		1.65
Outstanding at December 31, 2012		355,000		$	0.92		1.62	$	173,006

Vested and exercisable at December 31, 2011		344,000		$	0.96		2.23	$	174,856
Vested and exercisable at December 31, 2012		352,000		$	0.92		1.60	$	171,208

The weighted-average fair value of each option granted during the years ended December 31, 2012 and 2011, estimated as of the grant date using the Black-Scholes option-pricing model, was $0.61 per option and $0.82 per option, respectively.

Mr. Ran, our CEO, agreed not to exercise his 210,000 Remaining Options, which are vested and outstanding as of December 31, 2012, in accordance with the Restricted Stock Agreement (See Note 12).

F-17

A summary of the status of the Company’s nonvested shares as of December 31, 2012 and 2011, and changes during the years then ended is as presented below:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)
Nonvested shares at January 1, 2011		96,334		$	1.09		3.69
Granted		173,000			1.53		4.77
Forfeited (non vested)		(189,667	)		1.56		—
Vested		(75,667	)		0.92		3.21
Nonvested shares at December 31, 2011		4,000		$	1.01		4.88
Granted		28,000			1.02		4.50
Vested		(29,000	)		1.02		4.48
Nonvested shares at December 31, 2012		3,000		$	1.01		3.88

140,000 out of the 189,667 forfeited (non vested) shares were granted and cancelled in 2011.

The following table summarizes information about stock options outstanding at December 31, 2012:

	Stock Option Outstanding						Exercisable
Range of Exercise Prices	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Number of Shares		Weighted Average Exercise Price
$ 0.50- $ 1.00		196,000	$	0.78		1.21		196,000	$	0.78
$ 1.01- $ 2.00		159,000		1.11		2.13		156,000		1.11
		355,000	$	0.92		1.62		352,000	$	0.92

In connection with the Company’s private placement of senior secured notes the Company issued to Paulson 20,000 warrants. The warrants are convertible into the same number of common shares at an exercise price of $2.50 per warrant. The warrants are exercisable over a five-year period beginning December 28, 2010.

12.

Restricted Stock Grant

F-18

In connection with the Compensation Committee’s approval of the foregoing grant of Restricted Shares, the Compensation Committee consulted with and obtained the concurrence of independent compensation experts and informed Mr. Ran that it had no present intention of continuing its prior practice of annually awarding stock options to Mr. Ran as CEO. Also Mr. Ran, advised the Compensation Committee that he would not seek future stock option grants.

13.

Stockholders’ Equity

On September 19, 2012, the Company adopted a stock buy-back program for the repurchase of up to 100,000 shares of the Company's common stock. As of December 31, 2012, the Company has purchased 26,400 common shares from this repurchase program, at an aggregate cost of approximately $28,600.

14. Commitments and Contingencies

Operating Leases

On June 9, 2011, the Company entered into a new lease agreement (the “Lease’) to relocate its corporate headquarters to 60 Cutter Mill Road, Great Neck, New York. The Lease is for a term of five years and two months commencing June 2011 and ending August 2016. The rent increases annually during the term and ranges from approximately $2,800 per month during the first year to approximately $3,200 per month during the fifth year.

At December 31, 2012, approximate future minimum rental, including utilities, payments under these commitments are as follows:

2013	$	39,300
2014		40,300
2015		41,400
2016		28,100
Total	$	149,100

Rent expense, including utilities, was approximately $38,000 and $49,000 in 2012 and 2011, respectively.

F-19

Employment Agreements

In March 1999, we entered into an employment agreement with Assaf Ran, our President and Chief Executive Officer. Mr. Ran’s employment term renews automatically on June 30th of each year for successive one-year periods unless either party gives 180 days written notice of its intention to terminate the agreement. Under the agreement, Mr. Ran receives an annual base salary of $75,000 and annual bonuses as determined by the Compensation Committee of the Board (the “Compensation Committee”), in its sole and absolute discretion, and is eligible to participate in all executive benefit plans established and maintained by us. Under the agreement, Mr. Ran agreed to a one-year non-competition period following the termination of his employment. In March 2003, the Compensation Committee approved an increase in Mr. Ran’s compensation to an annual base salary of $225,000. However, in 2008 and 2009, Mr. Ran agreed to a temporary reduction of his annual base salary by 75% and 55%, respectively, to $56,000 and $100,000. On June 21, 2010, Mr. Ran’s annual base salary was restored to the level of $225,000 per year.

Mr. Ran’s annual base compensation was $225,000, and a bonus of $65,000 for each of the years 2012 and 2011 which was approved by the Compensation Committee.

Derivative Action

15.

Related Parties Transactions

F-20

In January 2013, Mr. Ran, made two loans to the Company in the aggregate amount of $175,000, at an interest rate of 6%, per annum. Both loans were repaid in full by the Company on February 4, 2013.

F-21

EX-23.1 2 v337677_ex23-1.htm EXHIBIT 23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders

Manhattan Bridge Capital, Inc

We hereby consent to the incorporation by reference in the Registration Statements of Manhattan Bridge Capital, Inc. on Forms S-8 (#333-82374, #333-127424 and #333-163105) of our report dated March 20, 2013, on the consolidated balance sheets of Manhattan Bridge Capital, Inc. and Subsidiaries as of December 31, 2012 and 2011, and the related consolidated statements of operations, stockholders’ equity and cash flows for each of the years in the two-year period then ended, as appearing in the annual report on Form 10-K of Manhattan Bridge Capital, Inc. for the year ended December 31, 2012.

/s/ Hoberman, Goldstein & Lesser, P.C.

Hoberman, Goldstein & Lesser, P.C.

New York, New York

March 20, 2013

EX-31.1 3 v337677_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Assaf Ran, certify that:

I have reviewed this Annual Report on Form 10-K, of Manhattan Bridge Capital, Inc.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act- Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 22, 2013	/s/ Assaf Ran
	Assaf Ran
	President and Chief Executive Officer
	(principal executive officer)

EX-31.2 4 v337677_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Vanessa Kao, certify that:

I have reviewed this Annual Report on Form 10-K of Manhattan Bridge Capital, Inc.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 22, 2013	/s/ Vanessa Kao
	Vanessa Kao
	Chief Financial Officer and Treasurer
	(principal financial and accounting officer)

EX-32.1 5 v337677_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

In connection with the Annual Report of Manhattan Bridge Capital, Inc. on Form 10-K, for the period ending December 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Assaf Ran, Chief Executive Officer of Manhattan Bridge Capital, Inc., certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes Oxley Act, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Manhattan Bridge Capital, Inc.

Date: March 22, 2013	/s/ Assaf Ran
	Assaf Ran
	(principal executive officer)

* A signed original of this written statement required by Section 906 has been provided to us and will be retained by us and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 6 v337677_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

In connection with the annual Report of Manhattan Bridge Capital, Inc. on Form 10-K, for the period ending December 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Vanessa Kao, Chief Financial Officer of Manhattan Bridge Capital, Inc., certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes Oxley Act, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Manhattan Bridge Capital, Inc.

Date: March 22, 2013	/s/ Vanessa Kao
	Vanessa Kao
	(principal financial and accounting officer)

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us-gaap:MaximumMember 2012-12-31 0001080340 us-gaap:ChiefExecutiveOfficerMember loan:ShortTermLoans2012Member us-gaap:MinimumMember 2012-12-31 0001080340 us-gaap:MinimumMember 2012-12-31 0001080340 us-gaap:MaximumMember 2012-12-31 0001080340 loan:FiveBorrowersMember loan:ShortTermLoanOneMember 2012-12-31 0001080340 loan:ExercisePriceRangeOneMember 2012-12-31 0001080340 loan:ExercisePriceRangeTwoMember 2012-12-31 0001080340 loan:StockOptionPlan2009Member 2012-12-31 0001080340 us-gaap:ChiefExecutiveOfficerMember 2012-12-31 0001080340 us-gaap:ChiefExecutiveOfficerMember loan:ShortTermLoans2013Member 2013-02-04 0001080340 2013-03-22 0001080340 us-gaap:CommonStockMember 2010-12-31 0001080340 us-gaap:CommonStockMember 2011-12-31 0001080340 us-gaap:AdditionalPaidInCapitalMember 2010-12-31 0001080340 us-gaap:AdditionalPaidInCapitalMember 2011-12-31 0001080340 us-gaap:TreasuryStockMember 2010-12-31 0001080340 us-gaap:TreasuryStockMember 2011-12-31 0001080340 us-gaap:RetainedEarningsMember 2010-12-31 0001080340 us-gaap:RetainedEarningsMember 2011-12-31 0001080340 us-gaap:CommonStockMember 2012-12-31 0001080340 us-gaap:AdditionalPaidInCapitalMember 2012-12-31 0001080340 us-gaap:TreasuryStockMember 2012-12-31 0001080340 us-gaap:RetainedEarningsMember 2012-12-31 xbrli:shares iso4217:USD iso4217:USDxbrli:shares xbrli:pure MANHATTAN BRIDGE CAPITAL, INC 0001080340 --12-31 Smaller Reporting Company loan 4268459 10-K false 2012-12-31 FY 2012 386023 221905 240693 6916090 11022866 109905 160342 16463 18903 7264363 11442804 146821 146821 2498262 2601500 588 0 6349 6491 100000 100000 72788 41735 10089171 14339351 1159465 1399465 1399465 60072 70403 112780 122242 168786 268256 1501103 5860366 500000 0 2001103 5860366 0 0 4405 4405 9656280 9687159 241400 269972 -1331217 -942607 7763113 8088068 8478985 3405 4405 9588849 9656280 -241400 -241400 -1587741 -1331217 4405 9687159 -269972 -942607 10089171 14339351 0.01 0.01 5000000 5000000 0 0 0.001 0.001 25000000 25000000 4405190 4405190 4324459 4298059 80731 107131 1141531 1475800 258917 339767 1400448 1815567 156769 280654 7897 6133 866705 864398 1031371 1151185 369077 664382 79329 27548 448406 691930 191882 303320 256524 256524 388610 388610 0.07 0.09 0.07 0.09 3634048 4320050 3646074 4326329 36395 47078 1837 588 68431 30879 18312 50437 -8130 2582 3667 10331 -36352 -9462 -11727 99470 381297 533399 675000 146821 0 8512537 15173500 7254478 10963486 -1404880 -4210014 859465 3740000 0 28572 859465 3695403 -164118 18788 203727 203850 120375 234835 <table style="margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="text-align: left; width: 0.5in;">1.</td> <td style="text-align: justify;">The Company</td> </tr> </table>   Manhattan Bridge Capital, Inc. (“MBC”) and its wholly-owned subsidiaries DAG Funding Solutions, Inc. and MBC Funding I, Inc. (collectively the “Company”), offer short-term, secured, non–banking loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in the New York Metropolitan area.   In March 2011, MBC established a one member limited liability company, 1490-1496 Hicks, LLC, for the purpose of investing in real estate (See Note 5). <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 27pt;">4.</td> <td style="text-align: justify;">Commercial Loans</td> </tr> </table>   Short Term Loans Receivable   The Company offers short-term secured non–banking loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in the New York Metropolitan area. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses. The loans are generally for a term of one year. The short term loans are initially recorded, and carried thereafter, in the financial statements at cost. Most of the loans provide for receipt of interest only during the term of the loan and a balloon payment at the end of the term. For the years ended December 31, 2012 and 2011 the total amounts of $15,173,500 and $8,512,537, respectively, have been lent, offset by collections received from borrowers, under the commercial loans in the amount of $10,963,486 and $7,254,478, respectively. Loans ranging in size from $30,000 to $1,000,000 were concluded at stated interest rates of 12% to 15%, but often at higher effective rates based upon points or other up-front fees.   The Company uses its own employees, outside lawyers and other independent professionals to verify titles and ownership, to file liens and to consummate the transactions. Outside appraisers are also used to assist the Company’s officials in evaluating the worth of collateral. To date, the Company has not experienced any defaults and none of the loans previously made have been non-collectable, although no assurances can be given that existing or future loans may not go into default or prove to be non-collectible in the future.   At December 31, 2012, the Company was committed to an additional $2,009,500 in construction loans that can be drawn by the borrower when certain conditions are met.   At December 31, 2012, the Company has made loans to five different entities in the aggregate amount of $1,570,000, none of which are long term loans receivable. One individual holds one hundred percent interest in each of the entities. The individual has no relationship to any of the officers or directors of the Company.   At December 31, 2011, the Company has made loans to four different entities in the aggregate amount of $1,470,000, of which $155,000 is included in long-term loans receivable. One individual holds at least a fifty percent interest in each of the different entities. The Company also has made loans to six different entities in the aggregate amount of $1,376,500, none of which are long term loans receivable. One individual holds a fifty percent interest in each of the entities. The Company also has made loans to five different entities in the aggregate amount of $1,600,000, none of which are long term loans receivable. One individual holds at least a fifty percent interest in each of the entities. All individuals have no relationship to any of the officers or directors of the Company.   At December 31, 2012 and 2011, no one entity has loans outstanding representing more than 10% of the total balance of the loans outstanding.   Some of the loans in the Company’s portfolio at December 31, 2012, were jointly funded by the Company and an unrelated entity during the year ended December 31, 2012, for aggregate loans of $510,000. The accompanying balance sheet includes the Company’s portion of the loans in the amount of $255,000. There were no jointly funded loans at December 31, 2011.   The Company generally grants loans for a term of one year. In certain situations the Company and its borrowers have mutually agreed to the extension of the loans as a result of the downturn in the economy and the real estate industry in the New York metropolitan area. Potential buyers of the real estate serving as collateral for the short-term loans may have difficulty securing financing due to restrictions imposed by financial institutions resulting from the recent mortgage crisis. In addition, the Company’s borrowers may be having difficulty securing permanent financing. Prior to the Company granting an extension of any loan, it reevaluates the underlying collateral.   Long Term Loans Receivable   During the year ended December 31, 2011, management determined to reclassify a portion of the Company’s short term loans to long term loans receivable. Long term loans receivable comprise the loans that were extended beyond the original maturity dates, unless it is clear that the loan will be paid back by December 31, 2013. At December 31, 2012, the Company’s loan portfolio consists of approximately $11,023,000 short term loans receivable and approximately $2,602,000 long term loans receivable.   Of the long term loans receivable, approximately $89,000 have repayment terms, extending through the year ended December 31, 2017, while the remainder of the loans, by their terms, are due through December 31, 2013.   Credit Risk   Credit risk profile based on loan activity as of December 31, 2012 and 2011:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center;" nowrap="nowrap">Performing loans</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Developers- Residential</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Developers- Commercial</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Developers Mixed Used</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Total outstanding loans</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; width: 40%;">December 31, 2012</td> <td style="padding-bottom: 2.5pt; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%;">12,169,366</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td> <td style="padding-bottom: 2.5pt; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%;">400,000</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td> <td style="padding-bottom: 2.5pt; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%;">1,055,000</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td> <td style="padding-bottom: 2.5pt; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%;">13,624,366</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">December 31, 2011</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,725,367</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">78,985</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">610,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">9,414,352</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   At December 31, 2012, the Company’s commercial loans include loans in the amount of $499,666, $567,200, $750,000 and $1,537,500, originally due in 2009, 2010, 2011 and 2012, respectively. At December 31, 2011, the Company’s commercial loans include loans in the amount of $521,700, $1,702,200 and $955,000, originally due in 2009, 2010 and 2011, respectively. In all instances the borrowers are currently paying their interest and, generally, the Company receives a fee in connection with the extension of the loans. Accordingly, at December 31, 2012 and 2011, no loan impairments exist and there are no provisions for impairments of loans or recoveries thereof included in operations for the years then ended. Subsequent to the balance sheet date, $2,830,666 of commercial loans, of which $160,000 is included in long term loans receivable, outstanding at December 31, 2012 were paid off. <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 27pt;">5.</td> <td style="text-align: justify;">Investment in Real Estate</td> </tr> </table>   On March 21, 2011, the Company purchased three 2-family buildings located in the Bronx, New York for $675,000, including related costs, and sold to the seller a one year option to buy back the properties for the same price. The buy back option was sold for $3,900, plus a monthly fee of $10,530 payable to the Company by the option holder for the life of the option. On September 28, 2011, the option holder exercised the option to buy back one of the properties for $380,679. The Company had received an aggregate of $70,590 from the sale of the option prior to the partial exercise and, on October 1, 2011, issued a one year option for the two remaining properties at an exercise price of $294,321 with a monthly option fee of $4,591 (the “New Option”.) The New Option supersedes the buy back option issued in March 2011. On October 21, 2011, the option holder partially exercised the New Option to buy back one of the two remaining properties for $147,500. After the partial exercise of the New Option, the option holder has a continuing option to purchase the one remaining property at an exercise price of $146,821 with a monthly option fee of $2,296. On October 1, 2012, the New Option was extended for an additional 6-month period.   Other income for the years ended December 31, 2012 and 2011, in the amount of $27,548 and $79,329, respectively, represents the fees generated from the seller buy back options. <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 0.5in;">11.</td> <td>Stock-Based Compensation</td> </tr> </table>   On June 23, 2009 the Company adopted the 2009 Stock Option Plan (the “Plan”) and replaced the 1999 Stock Option Plan as amended (the “Prior Plan”), which expired in May of 2009. Options granted under the Prior Plan remain outstanding until expired, exercised or cancelled.   The purpose of the Plan is to align the interests of officers, other key employees, consultants and non-employee directors of the Company and its subsidiaries with those of the stockholders of the Company, to afford an incentive to such officers, employees, consultants and directors to continue as such, to increase their efforts on behalf of the Company and to promote the success of the Company’s business. The availability of additional shares will enhance the Company’s ability to achieve these goals. The basis of participation in the Plan is upon discretionary grants of the Board. The Board may at any time, and from time to time, suspend or terminate the Plan in whole or in part or amend it from time to time.   The maximum number of Common Shares reserved for the grant of awards under the Plan is 400,000, subject to adjustment as provided in Section 9 of the Plan. As of December 31, 2012, 327,000 options were granted, 210,000 options were cancelled, and 283,000 are available for grant under the 2009 stock option plan.   The exercise price of options granted under the Company’s stock option plan may not be less than the fair market value on the date of grant. Stock options under our stock option plan may be awarded to officers, key-employees, consultants and non-employee directors of the Company. Under our stock option plan, every non-employee director of the Company is granted 7,000 options upon first taking office, and then 7,000 upon each additional year in office. Generally, options outstanding vest over periods not exceeding four years and are exercisable for up to five years from the grant date.   Share based compensation expense recognized under ASC 718 for the years ended December 31, 2012 and 2011 were $30,879 and 68,431, respectively.   The stock based compensation expense for the years ended December 31, 2012 and 2011 includes $13,065 and $3,355, respectively, of amortization of the fair value of the 1,000,000 restricted shares granted to the Company’s Chief Executive Officer on September 9, 2011 of $195,968, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value will be amortized over 15 years (See Note 12).   The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average share assumptions used for grants in 2012 and 2011, respectively: (1) expected life of 5 years; (2) No annual dividend yield; (3) expected volatility 72.5% to 74.6%; and (4) risk free interest rate of 0.73% to 1.87%.   The following summarizes stock option activity for the years ended December 31, 2012 and 2011:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Number of  Shares</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted  Average  Exercise  Price</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Remaining Contractual Term (in years)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 40%;">Outstanding at January 1, 2011</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">631,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">1.41</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">2.21</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">469,352</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Granted in 2011</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">173,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.53</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Exercised in 2011</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Forfeited in 2011</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(456,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1.80</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Outstanding at December 31, 2011</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">348,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.96</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">2.26</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">177,253</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Granted in 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">28,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.02</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Exercised in 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Forfeited in 2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(21,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1.65</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Outstanding at December 31, 2012</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">355,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.92</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">1.62</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">173,006</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Vested and exercisable at December 31, 2011</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">344,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.96</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">2.23</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">174,856</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Vested and exercisable at December 31, 2012</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">352,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.92</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">1.60</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">171,208</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   The weighted-average fair value of each option granted during the years ended December 31, 2012 and 2011, estimated as of the grant date using the Black-Scholes option-pricing model, was $0.61 per option and $0.82 per option, respectively.   Mr. Ran, our CEO, agreed not to exercise his 210,000 Remaining Options, which are vested and outstanding as of December 31, 2012, in accordance with the Restricted Stock Agreement (See Note 12).   A summary of the status of the Company’s nonvested shares as of December 31, 2012 and 2011, and changes during the years then ended is as presented below:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Number of Shares</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 1pt;" colspan="2" nowrap="nowrap">Weighted Average Remaining Contractual Term (in years)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 55%;">Nonvested shares at January 1, 2011</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">96,334</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">1.09</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">3.69</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">173,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.53</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4.77</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Forfeited (non vested)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(189,667</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.56</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Vested</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(75,667</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;">0.92</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;">3.21</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Nonvested shares at December 31, 2011</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">4,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1.01</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">4.88</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">28,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.02</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4.50</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Vested</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(29,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;">1.02</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;">4.48</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Nonvested shares at December 31, 2012</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1.01</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">3.88</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   140,000 out of the 189,667 forfeited (non vested) shares were granted and cancelled in 2011.   The following table summarizes information about stock options outstanding at December 31, 2012:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap">Stock Option Outstanding</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">Exercisable</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center;" nowrap="nowrap">Range of Exercise Prices</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Number of Shares</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Remaining Contractual Term (in years)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Number of Shares</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 25%;">$ 0.50- $ 1.00</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">196,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.78</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">1.21</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">196,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.78</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">$ 1.01- $ 2.00</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">159,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1.11</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2.13</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">156,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1.11</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">355,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.92</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1.62</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">352,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.92</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> </table>   In connection with the Company’s private placement of senior secured notes the Company issued to Paulson 20,000 warrants. The warrants are convertible into the same number of common shares at an exercise price of $2.50 per warrant. The warrants are exercisable over a five-year period beginning December 28, 2010. <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 0.5in;">12.</td> <td style="text-align: justify;">Restricted Stock Grant</td> </tr> </table>   On September 9, 2011, upon stockholders approval at the annual meeting, we granted 1,000,000 shares of restricted common stock (the “Restricted Shares”) to Mr. Ran. Under the terms of the restricted shares agreement (the “Restricted Shares Agreement”), Mr. Ran agreed to forfeit options held by him exercisable for an aggregate of 280,000 shares of our common stock with exercise prices above $1.21 per share and agreed not to exercise additional options held by him for an aggregate of 210,000 shares of our common stock with exercise prices below $1.21 per share (the “Remaining Options”). Until their expiration, Mr. Ran will be required to forfeit approximately 4.76 Restricted Shares for each share of common stock issued upon any exercise of the Remaining Options. In addition, Mr. Ran may not sell, convey, transfer, pledge, encumber or otherwise dispose of the Restricted Shares until the earliest to occur of the following: (i) September 9, 2026, with respect to 1/3 of the Restricted Shares, September 9, 2027 with respect to an additional 1/3 of the Restricted Shares and September 9, 2028 with respect to the final 1/3 of the Restricted Shares; (ii) the date on which Mr. Ran’s employment is terminated by us for any reason other than for “Cause” (i.e., misconduct that is materially injurious to us monetarily or otherwise, including engaging in any conduct that constitutes a felony under federal, state or local law); or (iii) the date on which Mr. Ran’s employment is terminated on account of (A) his death; or (B) his disability, which, in the opinion of his personal physician and a physician selected by us prevents him from being employed with us on a full-time basis (each such date being referred to as a “Risk Termination Date”). If at any time prior to a Risk Termination Date Mr. Ran’s employment is terminated by us for Cause or by Mr. Ran voluntarily for any reason other than death or disability, Mr. Ran will forfeit that portion of the Restricted Shares which have not previously vested. Mr. Ran will have the power to vote the Restricted Shares and will be entitled to all dividends payable with respect to the Restricted Shares from the date the Restricted Shares are issued.   In connection with the Compensation Committee’s approval of the foregoing grant of Restricted Shares, the Compensation Committee consulted with and obtained the concurrence of independent compensation experts and informed Mr. Ran that it had no present intention of continuing its prior practice of annually awarding stock options to Mr. Ran as CEO. Also Mr. Ran, advised the Compensation Committee that he would not seek future stock option grants.   The grant of Restricted Shares was exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended. The stock certificates for the Restricted Shares were imprinted with restrictive legends and are held in escrow until vesting occurs. <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 27pt;">8.</td> <td style="text-align: justify;">Senior Secured Notes</td> </tr> </table>   On December 28, 2010, MBC Funding completed a $500,000 private placement of three-year 6.63% senior secured notes. As collateral for these notes, MBC has agreed to assign to MBC Funding the mortgages and related notes that it holds as a creditor in the aggregate amount of no less than $750,000. Pursuant to the agreement, MBC has also guaranteed the repayment of the notes. The notes require quarterly payments of interest only through the expiration date in December 2013, at which time the notes become due. The private placement was the initial tranche of a $5,000,000 offering which expired on March 31, 2011, which is no longer being marketed by the placement agent (Paulson).   Financing costs incurred in connection with the agreement totaled $109,183, including five year warrants (the “warrants”) to purchase 20,000 shares of the Company’s Common Stock issued to the underwriter at $2.50 per share, which were valued at $11,683. These costs are amortized over the life of the senior secured notes. The amortization costs for each of the years ended December 31, 2012 and 2011 were $36,395. 14. Commitments and Contingencies   Operating Leases   On June 9, 2011, the Company entered into a new lease agreement (the “Lease’) to relocate its corporate headquarters to 60 Cutter Mill Road, Great Neck, New York.  The Lease is for a term of five years and two months commencing June 2011 and ending August 2016.  The rent increases annually during the term and ranges from approximately $2,800 per month during the first year to approximately $3,200 per month during the fifth year.   At December 31, 2012, approximate future minimum rental, including utilities, payments under these commitments are as follows:   <table align="center" style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 85%;">2013</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">39,300</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">2014</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40,300</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">2015</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">41,400</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">2016</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">28,100</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; font-weight: bold;">Total</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">149,100</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> </tr> </table>   Rent expense, including utilities, was approximately $38,000 and $49,000 in 2012 and 2011, respectively.   Employment Agreements   In March 1999, we entered into an employment agreement with Assaf Ran, our President and Chief Executive Officer. Mr. Ran’s employment term renews automatically on June 30th of each year for successive one-year periods unless either party gives 180 days written notice of its intention to terminate the agreement. Under the agreement, Mr. Ran receives an annual base salary of $75,000 and annual bonuses as determined by the Compensation Committee of the Board (the “Compensation Committee”), in its sole and absolute discretion, and is eligible to participate in all executive benefit plans established and maintained by us. Under the agreement, Mr. Ran agreed to a one-year non-competition period following the termination of his employment. In March 2003, the Compensation Committee approved an increase in Mr. Ran’s compensation to an annual base salary of $225,000. However, in 2008 and 2009, Mr. Ran agreed to a temporary reduction of his annual base salary by 75% and 55%, respectively, to $56,000 and $100,000. On June 21, 2010, Mr. Ran’s annual base salary was restored to the level of $225,000 per year.   Mr. Ran’s annual base compensation was $225,000, and a bonus of $65,000 for each of the years 2012 and 2011 which was approved by the Compensation Committee.   Derivative Action   The Company has been sued as a nominal defendant in a stockholder derivative action, Alan R. Kahn v. Assaf Ran, et al., Supreme Court of the State of New York, County of Nassau, filed against the members of its Board of Directors.  The plaintiff, who asserts that he was a stockholder of the Company at all pertinent times, alleges wrongdoing by the Board in a transaction in which Director and Chief Executive Officer, Assaf Ran, was granted certain shares of the Company’s restricted stock in exchange for giving up his rights in certain options that he had held at the time of the transaction.  Plaintiff contends that the Company was harmed by the transaction.  The Directors disagree with the plaintiff’s position that the transaction involved any wrongful conduct or that it harmed the Company in any way.  The court dismissed the original complaint, but gave plaintiff leave to file an amended complaint, which the plaintiff did.  The defendants moved to dismiss the amended complaint, but before the court ruled on that motion, the parties reached an agreement to settle the action, subject to approval of the court.  The terms of the settlement include the Company’s agreement to continue utilizing certain corporate governance matters that the Company had already implemented before the lawsuit was filed and would continue to implement regardless of the settlement agreement, and to pay Plaintiff’s counsel’s fees and expenses in an amount to be determined by the court, which amount shall not exceed $80,000. In addition, Assaf Ran will reiterate his commitment to extend his personal guarantee to the Company for up to $5 million. This commitment was available to the Company prior to the settlement agreement. The court has preliminarily approved the settlement, and the Company has provided notice of the settlement to stockholders, in order to provide them with an opportunity to object to the settlement if they choose to do so.  The court has scheduled a final hearing to address the fairness and reasonableness of the settlement for April 2, 2013.  If the court approves the settlement, it is anticipated that any fees and expenses that the court awards to plaintiff’s counsel will be paid by an officers’ and directors’ liability insurance policy, rather than by the Company.  If the court refuses to approve the settlement and the litigation went forward, any ruling in favor of the plaintiff in that event would result in an award that would be paid to the Company, not by the Company, because the litigation is a derivative action, not a direct action. <p style="text-align: justify; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Credit risk profile based on loan activity as of December 31, 2012 and 2011: <p style="text-align: justify; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">  <table style="text-transform: none; text-indent: 0px; width: 1887px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center;" nowrap="nowrap">Performing loans</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Developers-  Residential</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Developers-  Commercial</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Developers Mixed  Used</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Total outstanding  loans</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; width: 755px;">December 31, 2012</td> <td style="padding-bottom: 2.5pt; width: 19px;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 19px;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 227px;">12,169,366</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 19px;"> </td> <td style="padding-bottom: 2.5pt; width: 19px;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 19px;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 227px;">400,000</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 19px;"> </td> <td style="padding-bottom: 2.5pt; width: 19px;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 19px;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 227px;">1,055,000</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 19px;"> </td> <td style="padding-bottom: 2.5pt; width: 18px;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 18px;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 226px;">13,624,366</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 18px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">December 31, 2011</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,725,367</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">78,985</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">610,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">9,414,352</td> </tr> </table> The numerator in calculating both basic and diluted earnings per common share for each year is the reported net income. The denominator is based on the following weighted average number of common shares:   <table style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">Years ended December 31,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -13.5pt; padding-left: 13.5pt; width: 76%;">Basic weighted average common shares outstanding</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;">4,320,050</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;">3,634,048</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Incremental shares for assumed exercise of options</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6,279</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">12,026</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Diluted weighted average common shares outstanding</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">4,326,329</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,646,074</td> </tr> </table> The following summarizes stock option activity for the years ended December 31, 2012 and 2011:   <table align="center" style="width: 98%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Number of Shares</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Remaining Contractual Term (in years)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 52%;">Outstanding at January 1, 2011</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;">631,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">1.41</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;">2.21</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">469,352</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Granted in 2011</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">173,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.53</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Exercised in 2011</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Forfeited in 2011</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(456,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1.80</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Outstanding at December 31, 2011</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">348,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.96</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">2.26</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">177,253</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Granted in 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">28,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.02</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Exercised in 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Forfeited in 2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(21,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1.65</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Outstanding at December 31, 2012</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">355,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.92</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">1.62</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">173,006</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Vested and exercisable at December 31, 2011</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">344,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.96</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2.23</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">174,856</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Vested and exercisable at December 31, 2012</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">352,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.92</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">1.60</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">171,208</td> <td style="text-align: left; padding-bottom: 2.5pt;"></td> </tr> </table> 13624366 12169366 400000 1055000 2009500 499666 567200 750000 1537500 255000 510000 1470000 1376500 1600000 1570000 155000 0.50 0.50 3900 10530 380679 70590 294321 4591 147500 146821 2296 79329 27548 12026 6279 331974 345721 631000 348000 355000 1000000 1000000 173000 28000 20000 0 0 456000 21000 344000 352000 1.41 0.96 0.92 1.53 1.02 2.50 0 0 1.8 1.65 0.96 0.92 P2Y2M16D P2Y3M4D P1Y7M13D P2Y2M23D P1Y7M6D 469352 177253 173006 174856 171208 68431 30879 P5Y P5Y 0.00 0.00 0.725 0.725 0.746 0.746 0.0073 0.0073 0.0187 0.0187 P15YP15Y 280000 210000 1.21 210000 Mr. Ran will be required to forfeit approximately 4.76 Restricted Shares for each share of common stock issued upon any exercise of the Remaining Options. Mr. Ran may not sell, convey, transfer, pledge, encumber or otherwise dispose of the Restricted Shares until the earliest to occur of the following: (i) September 9, 2026, with respect to 1/3 of the Restricted Shares, September 9, 2027 with respect to an additional 1/3 of the Restricted Shares and September 9, 2028 with respect to the final 1/3 of the Restricted Shares; (ii) the date on which Mr. Ran’s employment is terminated by us for any reason other than for "Cause" (i.e., misconduct that is materially injurious to us monetarily or otherwise, including engaging in any conduct that constitutes a felony under federal, state or local law); or (iii) the date on which Mr. Ran’s employment is terminated on account of (A) his death; or (B) his disability, which, in the opinion of his personal physician and a physician selected by us prevents him from being employed with us on a full-time basis (each such date being referred to as a "Risk Termination Date"). If at any time prior to a Risk Termination Date Mr. Ran’s employment is terminated by us for Cause or by Mr. Ran voluntarily for any reason other than death or disability, Mr. Ran will forfeit that portion of the Restricted Shares which have not previously vested. Mr. Ran will have the power to vote the Restricted Shares and will be entitled to all dividends payable with respect to the Restricted Shares from the date the Restricted Shares are issued. 170000 200000 590000 300000 3500000 0.0663 500000 December 2013 3 years 5000000 31-Mar-11 5 Years 11683 20000 2.5 No No Yes 0 500000 <table style="margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0%;"></td> <td style="text-align: left; width: 0.35in;">2.</td> <td style="text-align: justify;">Significant Accounting Policies</td> </tr> </table>   Principles of Consolidation   The consolidated financial statements include the accounts of Manhattan Bridge Capital, Inc., and its wholly-owned subsidiaries DAG Funding Solutions, Inc.(“DAG Funding”), MBC Funding I, Inc. (“MBC Funding”) and 1490-1496 Hicks, LLC (“Hicks LLC”). All significant intercompany balances and transactions have been eliminated in consolidation.   Use of Estimates   The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management will base the use of estimates on (a) a preset number of assumptions that consider past experience, (b) future projections, and (c) general financial market condition. Actual amounts could differ from those estimates.   Cash and Cash Equivalents   For the purposes of the statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.   Concentrations of Credit Risk   Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains its cash and cash equivalents with one major financial institution. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation up to $250,000.   Credit risks associated with short term commercial loans the Company makes to small businesses and related interest receivable are described in Note 4 entitled Commercial Loans.   <div style="text-align: justify; text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Property and Equipment</div>   Property and equipment are recorded at cost. Depreciation is provided on a straight-line basis over the estimated useful economic lives of the assets, ranging from three to five years.   Impairment of long- lived assets   The Company continually monitors events or changes in circumstances that could indicate carrying amounts of long lived assets, may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the undiscounted cash flows is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. There was no impairment to the carrying value of property and equipment during the years ended December 31, 2012 or 2011.   Income Taxes   The Company accounts for income taxes under the provisions of FASB ASC 740, “Income Taxes”. Under the provisions of FASB ASC 740, deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date.    Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies. In the event that the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.   The Company follows ASC 740 rules governing tax positions which provide guidance for recognition and measurement. This prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognition, classification and disclosure of these uncertain tax positions.   Revenue Recognition   The Company recognizes revenues in accordance with ASC 605, which provides guidance on the recognition, presentation and disclosure of revenue in financial statements. ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue when (i) persuasive evidence of an arrangement exists, (ii) delivery of the product has occurred or services have been rendered, (iii) the sales price charged is fixed or determinable, and (iv) collectability is reasonably assured.   Interest income from commercial loans is recognized, as earned, over the loan period.   Origination fee revenue on commercial loans is amortized over the term of the respective note.   Deferred Financing Costs   Costs incurred in connection with the Company’s senior secured notes, as discussed in Note 8 are being amortized over the term of the notes, using the straight-line method. Costs incurred in connection with the Company’s line of credit, as discussed in Note 7, are being amortized over one year, using the straight-line method.   Earnings Per Share (“EPS”)   Basic and diluted earnings per share are calculated in accordance with ASC 260 “Earnings Per Share”. Under ASC 260, basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method.   The numerator in calculating both basic and diluted earnings per common share for each year is the reported net income. The denominator is based on the following weighted average number of common shares:   <table style="width: 86%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6">Years ended December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -13.5pt; padding-left: 13.5pt; width: 70%;">Basic weighted average common shares outstanding</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">4,320,050</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">3,634,048</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Incremental shares for assumed exercise of options</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6,279</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">12,026</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Diluted weighted average common shares outstanding</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">4,326,329</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,646,074</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   345,721 and 331,974 vested options were not included in the diluted earnings per share calculation for the years ended December 31, 2012 and 2011, respectively, either because their effect would have been anti-dilutive, or because they are being held in escrow (See Note 12).   Stock-Based Compensation   The Company measures and recognizes compensation awards for all stock option grants made to employees and directors, based on their fair value in accordance with ASC 718 “Compensation- Stock Compensation”, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. A key provision of this statement is to measure the cost of employee services received in exchange for an award of equity instruments (including stock options) based on the grant-date fair value of the award. The cost will be recognized over the service period during which an employee is required to provide service in exchange for the award (i.e., the requisite service period or vesting period). The Company accounts for equity instruments issued to non-employees in accordance with the provisions of ASC 718 and ASC 505-50, “Equity Based Payment to Non-Employees”. All transactions with non-employees, in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more appropriately measurable.   The stock based compensation expense for the years ended December 31, 2012 and 2011 also includes the amortization of the fair value of the restricted shares granted on September 9, 2011, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value will be amortized over 15 years (See Note 12).   Fair Value of Financial Instruments   For cash and cash equivalents, short term loans, the line of credit and accounts payable, as well as interest bearing commercial loans held by the Company, the carrying amount approximates fair value due to the relative short-term nature of such instruments. The senior secured notes approximate fair value due to the relative short term of the notes and the prevailing interest rate.   Recent Accounting Pronouncements   In April 2011, FASB issued ASU 2011-02, "Receivables (Topic 310): A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring." ASU 2011-02 provides amendments to Topic 310 to clarify which loan modifications constitute troubled debt restructurings. It is intended to assist creditors in determining whether a modification of the terms of a receivable meets the criteria to be considered a troubled debt restructuring, both for purposes of recording an impairment loss and for disclosure of troubled debt restructurings. For public companies, the new guidance is effective for interim and annual periods beginning on or after June 15, 2011, and applies retrospectively to restructurings occurring on or after the beginning of the fiscal year of adoption. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements.   In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income”. This guidance requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. The option to present items of other comprehensive income in the statement of changes in equity is eliminated. This guidance also requires reclassification adjustments between net income and other comprehensive income to be shown on the face of the financial statements. The updated guidance is effective for interim or annual financial reporting periods beginning after December 15, 2011 and for interim periods within the fiscal year, with full retrospective application. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements.   In December 2011, the FASB issued ASU 2011-12, “Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” The update defers the requirement to present items that are reclassified from accumulated other comprehensive income to net income separately with their respective components of net income and other comprehensive income. To defer only those changes in ASU 2011-05 that relate to the presentation of reclassification adjustments, ASU 2011-12 supersedes only those paragraphs that pertain to how and where reclassification adjustments are presented.  The amendments are effective at the same time as ASU 2011-05. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements.   In July 2012, the FASB issued ASU 2012-02, “Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” The revised standard is intended to reduce the cost and complexity of testing indefinite-lived intangible assets other than goodwill for impairment. It allows companies to perform a "qualitative" assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary, similar in approach to the goodwill impairment test. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financials statements.   In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The ASU is intended to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. This guidance adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (AOCI). It does not amend any existing requirements for reporting net income or OCI in the financial statements. The standard is effective prospectively for public entities for annual and interim reporting periods beginning after December 15, 2012. Private companies may adopt the standard one year later but early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financials statements.   Management does not believe that any other recently issued, but not yet effected, accounting standards if currently adopted would have a material effect on the Company’s consolidated financial statements. <table style="margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="text-align: left; width: 0.5in;">6.</td> <td style="text-align: justify;">Property and Equipment</td> </tr> </table>   Property and equipment, at cost, consist of the following:   <table style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">December 31</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 27pt; width: 76%;">Office equipment</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">20,744</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">20,744</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Accumulated depreciation</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(20,744</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(20,156</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 27pt;">Property and equipment, net</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">588</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   Depreciation expense was $588 and $1,837 for the years ended December 31, 2012 and 2011, respectively. <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 27pt;">7.</td> <td style="text-align: justify;">Loans and Lines of Credit</td> </tr> </table>   Short Term Loans   During 2012, the Company received five separate short-term loans from three different entities, in the aggregate amount of $1,030,000, bearing interest at rates ranging from 10% to 14%, per annum. By the end of December 31, 2012, the Company repaid in full three of the five loans in the aggregate amount of $590,000.   During 2011, the Company received six separate short-term loans from five different entities, in the aggregate amount of $1,329,465, bearing interest at rates ranging from 8% to 14%, per annum. One of the loans in the amount of $170,000 was repaid in full by the Company in 2011. During 2012, one of the loans in the amount of $200,000 was repaid, and the other four loans were extended an additional year under the same terms.   At December 31, 2012, the outstanding balance of the short-term loans is $1,399,465, of which five of the loans are secured by certain of the Company’s short term loans, pursuant to a security agreement, and two of the loans are also personally guaranteed by our CEO.   Subsequent to the balance sheet date, the Company repaid in full one of the short-term loans received in 2012, in the amount of $240,000, at an interest rate of 14%, per annum.   Lines of Credit   In September 2009 the Company established a secured line of credit with Valley National Bank. The line of credit provided for maximum borrowings in the amount of up to $300,000, which may be repaid by the Company at any time without penalty. The line required monthly payments of interest only at the rate of 9%, per annum, with borrowings still outstanding due in October, 2012. Pursuant to a security agreement, the line of credit was secured by certain of the Company’s short term loans. In October 2011, the Company repaid the outstanding borrowings in full and closed the line of credit.   On May 2, 2012, the Company entered into a one-year revolving Line of Credit Agreement with Sterling National Bank pursuant to which the Bank has agreed to advance up to $3.5 million (the “Sterling Credit Line”) against assignments of mortgages and other collateral. The Sterling Credit Line was conditioned on an unlimited personal guarantee from Assaf Ran, the Company’s CEO, and requires the maintenance of certain non-financial covenants including limitations on the percentage of loans outstanding in excess of one year, loans made to affiliated groups and the extent of construction loans made by the Company. The interest rate on the Sterling Credit Line is 2% in excess of the Wall Street Journal prime rate (3.25% at December 31, 2012), but in no event less than 6%, per annum, on the money in use. Total initiation costs for the Sterling Credit Line were approximately $16,000. These costs are being amortized over one year, using the straight-line method. The amortization costs for the year ended December 31, 2012 were $10,683. At December 31, 2012, the outstanding balance of the Sterling Credit Line is $3,500,000.   On January 31, 2013, the Company entered into an amendment to the Line of Credit Agreement with Sterling National Bank to increase the Sterling Credit Line from $3,500,000 to $5,000,000, under the same terms as the original line of credit. <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 27pt;">9.</td> <td style="text-align: justify;">Income Taxes</td> </tr> </table>   Income tax expense (benefit) consists of the following:   <table style="width: 86%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Current Taxes:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; width: 70%;">Federal</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">241,995</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">129,136</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">State</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">61,325</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">62,746</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">303,320</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">191,882</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Deferred taxes:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Federal</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">State</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Income tax expense</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">303,320</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">191,882</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   Deferred tax assets consist of the following:   <table style="width: 86%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Deferred tax assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; width: 70%;">Compensation expense - other</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">7,838</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">27,982</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Compensation expense - restricted stocks</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">86,226</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">84,266</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Deferred tax assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">94,064</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">112,248</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Less: valuation allowance</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(94,064</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(112,248</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   The Company has a capital loss carryover of $418,157, a portion of which it expects to utilize to offset its other income in the amount of $27,548, in connection with the filing of its income tax returns for the year ended December 31, 2012. The remaining capital loss carryover expires through 2015.   The income tax expense (benefit) differs from the amount computed using the federal statutory rate of 34% as a result of the following:   <table style="width: 86%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 70%;">Federal Statutory Rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">34</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">34</td> <td style="text-align: left; width: 1%;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">State and local income tax expense (benefit), net of federal tax effect</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Valuation allowance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">State and local franchise taxes</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;">1</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(5</td> <td style="text-align: left; padding-bottom: 1pt;">)%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Income tax expense (benefit)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">44</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">43</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> </tr> </table>   The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authorities. Tax positions not deemed to meet the more likely than not threshold are recorded as tax benefits or expenses in the current year. Management has analyzed the Company’s tax positions taken on Federal, state and local tax returns for all open tax years, and has concluded that no provision for Federal income tax is required in the Company’s financial statements. The Company reports interest and penalties as income tax expense, which amounted to approximately $7,400 and $12,000 for the years ended December 31, 2012 and 2011, respectively.   The Company is no longer subject to U.S. federal and state and local income tax examinations by tax authorities for years prior to 2009, as these tax years are closed. <table style="margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="text-align: left; width: 0.5in;">10.</td> <td style="text-align: justify;">Simple IRA Plan</td> </tr> </table>   On October 26, 2000, the Board of Directors approved a Simple IRA Plan (the “IRA Plan”) for the purpose of attracting and retaining valuable executives. The IRA Plan was effective August 2000 with a trustee, which allows up to 100 eligible executives to participate. It is a “Matching Contribution” plan under which eligible executives may contribute up to 6% of their yearly salary, on a pre-tax basis (with a cap of $11,500), with the Company matching on a dollar-for-dollar basis up to 3% of the executives’ compensation (with a cap of $11,500). These thresholds are subject to change under notice by the trustee. The Company is not responsible for any other costs under this plan. For the years ended December 31, 2012 and 2011 the Company contributed $9,000 and $6,750, respectively, as matching contributions to the IRA Plan. 3405190 4405190 80731 80731 4405190 107131 68431 68431 30879 30879 1000 -1000 1000000 28572 28572 26400 <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;">13.</td> <td style="text-align: justify;">Stockholders’ Equity</td> </tr> </table>   On September 19, 2012, the Company adopted a stock buy-back program for the repurchase of up to 100,000 shares of the Company's common stock. As of December 31, 2012, the Company has purchased 26,400 common shares from this repurchase program, at an aggregate cost of approximately $28,600. <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 0.5in;">15.</td> <td style="text-align: justify;">Related Parties Transactions</td> </tr> </table>   In 2011, Mr. Ran made four separate loans to the Company in amounts ranging from $20,000 to $100,000, at an interest rate of 12% per annum. All of these loans were repaid by the Company as of December 31, 2011. The aggregate interest expense for these loans was $455.   In 2012, Mr. Ran made seven separate loans to the Company in amounts ranging from $25,000 to $115,000, bearing interest at rates ranging from 6% to 12%, per annum. All of these loans were repaid by the Company as of December 31, 2012. The aggregate interest expense for these loans was $3,942.   In January 2013, Mr. Ran, made two loans to the Company in the aggregate amount of $175,000, at an interest rate of 6%, per annum. Both loans were repaid in full by the Company on February 4, 2013. <table style="margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0in;"></td> <td style="text-align: left; width: 0.5in;">3.</td> <td style="text-align: justify;">Cash and Cash Equivalents</td> </tr> </table>   Effective January 1, 2008, the Company adopted ASC 820, Fair Value Measurements, which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:   Level 1—Quoted prices in active markets.   Level 2—Observable inputs other than quoted prices in active markets that are either directly or indirectly observable.   Level 3—Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.   Cash equivalents and investment instruments are classified within Level 1 or Level 2 of the fair value hierarchy.  The Company’s Level 1 investments are valued using quoted market prices in active markets.  The Company’s Level 2 investments are valued using broker or dealer quotations for similar assets and liabilities.  As of December 31, 2012 and 2011 the Company’s Level 1 investments consisted of cash and money market accounts in the amount of approximately $241,000 and $222,000, respectively, and were recorded as cash and cash equivalents in the Company’s consolidated balance sheets. Deferred Financing Costs   Costs incurred in connection with the Company’s senior secured notes, as discussed in Note 8 are being amortized over the term of the notes, using the straight-line method. Costs incurred in connection with the Company’s line of credit, as discussed in Note 7 are being amortized over one year, using the straight-line method. Principles of Consolidation   The consolidated financial statements include the accounts of Manhattan Bridge Capital, Inc., and its wholly-owned subsidiaries DAG Funding Solutions, Inc.(“DAG Funding”), MBC Funding I, Inc. (“MBC Funding”) and 1490-1496 Hicks, LLC (“Hicks LLC”). All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates   The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management will base the use of estimates on (a) a preset number of assumptions that consider past experience, (b) future projections, and (c) general financial market condition. Actual amounts could differ from those estimates. Cash and Cash Equivalents    For the purposes of the statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Concentrations of Credit Risk   Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains its cash and cash equivalents with one major financial institution. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation up to $250,000.   Credit risks associated with short term commercial loans the Company makes to small businesses and related interest receivable are described in Note 4 entitled Commercial Loans. Property and Equipment   Property and equipment are recorded at cost. Depreciation is provided on a straight-line basis over the estimated useful economic lives of the assets, ranging from three to five years. Impairment of long- lived assets   The Company continually monitors events or changes in circumstances that could indicate carrying amounts of long lived assets, may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the undiscounted cash flows is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. There was no impairment to the carrying value of property and equipment during the years ended December 31, 2012 or 2011. Income Taxes   The Company accounts for income taxes under the provisions of FASB ASC 740, “Income Taxes”. Under the provisions of FASB ASC 740, deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date.    Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies. In the event that the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.   The Company follows ASC 740 rules governing tax positions which provide guidance for recognition and measurement. This prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognition, classification and disclosure of these uncertain tax positions. Revenue Recognition    The Company recognizes revenues in accordance with ASC 605, which provides guidance on the recognition, presentation and disclosure of revenue in financial statements. ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue when (i) persuasive evidence of an arrangement exists, (ii) delivery of the product has occurred or services have been rendered, (iii) the sales price charged is fixed or determinable, and (iv) collectability is reasonably assured.   Interest income from commercial loans is recognized, as earned, over the loan period.   Origination fee revenue on commercial loans is amortized over the term of the respective note. Earnings Per Share (“EPS”)   Basic and diluted earnings per share are calculated in accordance with ASC 260 “Earnings Per Share”. Under ASC 260, basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method.   The numerator in calculating both basic and diluted earnings per common share for each year is the reported net income. The denominator is based on the following weighted average number of common shares:   <table style="width: 86%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6">Years ended December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -13.5pt; padding-left: 13.5pt; width: 70%;">Basic weighted average common shares outstanding</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">4,320,050</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">3,634,048</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Incremental shares for assumed exercise of options</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6,279</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">12,026</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Diluted weighted average common shares outstanding</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">4,326,329</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,646,074</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   345,721 and 331,974 vested options were not included in the diluted earnings per share calculation for the years ended December 31, 2012 and 2011, respectively, either because their effect would have been anti-dilutive, or because they are being held in escrow (See Note 12). Stock-Based Compensation   The Company measures and recognizes compensation awards for all stock option grants made to employees and directors, based on their fair value in accordance with ASC 718 “Compensation- Stock Compensation”, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. A key provision of this statement is to measure the cost of employee services received in exchange for an award of equity instruments (including stock options) based on the grant-date fair value of the award. The cost will be recognized over the service period during which an employee is required to provide service in exchange for the award (i.e., the requisite service period or vesting period). The Company accounts for equity instruments issued to non-employees in accordance with the provisions of ASC 718 and ASC 505-50, “Equity Based Payment to Non-Employees”. All transactions with non-employees, in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more appropriately measurable.   The stock based compensation expense for the years ended December 31, 2012 and 2011 also includes the amortization of the fair value of the restricted shares granted on September 9, 2011, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value will be amortized over 15 years (See Note 12). Fair Value of Financial Instruments   For cash and cash equivalents, short term loans, the line of credit and accounts payable, as well as interest bearing commercial loans held by the Company, the carrying amount approximates fair value due to the relative short-term nature of such instruments. The senior secured notes approximate fair value due to the relative short term of the notes and the prevailing interest rate. Recent Accounting Pronouncements   In April 2011, FASB issued ASU 2011-02, "Receivables (Topic 310): A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring." ASU 2011-02 provides amendments to Topic 310 to clarify which loan modifications constitute troubled debt restructurings. It is intended to assist creditors in determining whether a modification of the terms of a receivable meets the criteria to be considered a troubled debt restructuring, both for purposes of recording an impairment loss and for disclosure of troubled debt restructurings. For public companies, the new guidance is effective for interim and annual periods beginning on or after June 15, 2011, and applies retrospectively to restructurings occurring on or after the beginning of the fiscal year of adoption. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements.   In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income”. This guidance requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. The option to present items of other comprehensive income in the statement of changes in equity is eliminated. This guidance also requires reclassification adjustments between net income and other comprehensive income to be shown on the face of the financial statements. The updated guidance is effective for interim or annual financial reporting periods beginning after December 15, 2011 and for interim periods within the fiscal year, with full retrospective application. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements.   In December 2011, the FASB issued ASU 2011-12, “Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” The update defers the requirement to present items that are reclassified from accumulated other comprehensive income to net income separately with their respective components of net income and other comprehensive income. To defer only those changes in ASU 2011-05 that relate to the presentation of reclassification adjustments, ASU 2011-12 supersedes only those paragraphs that pertain to how and where reclassification adjustments are presented.  The amendments are effective at the same time as ASU 2011-05. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements.   In July 2012, the FASB issued ASU 2012-02, “Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” The revised standard is intended to reduce the cost and complexity of testing indefinite-lived intangible assets other than goodwill for impairment. It allows companies to perform a "qualitative" assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary, similar in approach to the goodwill impairment test. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financials statements.   In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The ASU is intended to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. This guidance adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (AOCI). It does not amend any existing requirements for reporting net income or OCI in the financial statements. The standard is effective prospectively for public entities for annual and interim reporting periods beginning after December 15, 2012. Private companies may adopt the standard one year later but early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financials statements.   Management does not believe that any other recently issued, but not yet effected, accounting standards if currently adopted would have a material effect on the Company’s consolidated financial statements. 250000 Property and equipment, at cost, consist of the following:   <table style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">December 31</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 27pt; width: 76%;">Office equipment</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">20,744</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">20,744</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Accumulated depreciation</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(20,744</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(20,156</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 27pt;">Property and equipment, net</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">588</td> </tr> </table> 20744 20744 20156 20744 100 0.06 0.03 6750 100000 0.09 1329465 20000 100000 1030000 115000 25000 175000 0.08 0.10 0.14 0.14 0.12 0.12 0.06 0.06 129136 241995 62746 61325 191882 303320 0 0 0 0 0 0 191882 303320 0 0 27982 7838 84266 86226 112248 94064 112248 94064 Income tax expense (benefit) consists of the following:   <table style="width: 86%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Current Taxes:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; width: 70%;">Federal</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">241,995</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">129,136</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">State</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">61,325</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">62,746</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">303,320</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">191,882</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Deferred taxes:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Federal</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">State</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Income tax expense</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">303,320</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">191,882</td> </tr> </table> Deferred tax assets consist of the following:   <table style="width: 86%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Deferred tax assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; width: 70%;">Compensation expense - other</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">7,838</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">27,982</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Compensation expense - restricted stocks</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">86,226</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">84,266</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Deferred tax assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">94,064</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">112,248</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Less: valuation allowance</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(94,064</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(112,248</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">—</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">—</td> </tr> </table> 418157 12000 7400 The income tax expense (benefit) differs from the amount computed using the federal statutory rate of 34% as a result of the following:   <table style="width: 86%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 70%;">Federal Statutory Rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">34</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">34</td> <td style="text-align: left; width: 1%;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">State and local income tax expense (benefit), net of federal tax effect</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Valuation allowance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">State and local franchise taxes</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;">1</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(5</td> <td style="text-align: left; padding-bottom: 1pt;">)%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Income tax expense (benefit)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">44</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">43</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> </tr> </table> 0.00 0.00 0.34 0.34 0.14 0.09 0.00 0.00 -0.05 0.01 0.43 0.44 A summary of the status of the Company’s nonvested shares as of December 31, 2012 and 2011, and changes during the years then ended is as presented below:   <table style="width: 97%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.1in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Number of Shares</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Remaining Contractual Term (in years)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 64%;">Nonvested shares at January 1, 2011</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;">96,334</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">1.09</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 9%;">3.69</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">173,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.53</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4.77</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Forfeited (non vested)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(189,667</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.56</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">—</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Vested</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(75,667</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0.92</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3.21</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Nonvested shares at December 31, 2011</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">4,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1.01</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">4.88</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">28,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.02</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4.50</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Vested</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(29,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1.02</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">4.48</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Nonvested shares at December 31, 2012</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1.01</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">3.88</td> <td style="text-align: left; padding-bottom: 2.5pt;"></td> </tr> </table> The following table summarizes information about stock options outstanding at December 31, 2012:   <table align="center" style="width: 97%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" colspan="2" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap">Stock Option Outstanding</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">Exercisable</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Range of Exercise Prices</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Number of Shares</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Remaining Contractual Term (in years)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Number of Shares</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 14%;">$ 0.50- $ 1.00</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 14%;">196,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 14%;">0.78</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 14%;">1.21</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 14%;">196,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 13%;">0.78</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;">$ 1.01- $ 2.00</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">159,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1.11</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2.13</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">156,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1.11</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">355,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.92</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1.62</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">352,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.92</td> <td style="text-align: left; padding-bottom: 1pt;"></td> </tr> </table> 39300 40300 41400 28100 149100 At December 31, 2012, approximate future minimum rental, including utilities, payments under these commitments are as follows:   <table align="center" style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 50%;">2013</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 47%;">39,300</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">2014</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40,300</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">2015</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">41,400</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">2016</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">28,100</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; font-weight: bold;">Total</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-weight: bold;">149,100</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> </tr> </table> P5Y2M 2800 3200 75000 0.75 0.55 49000 38000 225000 225000 80000 455 3942 30000 1000000 0.12 0.15 89000 96334 4000 3000 173000 28000 189667 210000 75667 1.09 1.01 0.50 1.01 1 2 355000 196000 159000 0.92 0.78 1.11 P1Y7M13D P1Y2M16D P2Y1M17D 0.92 0.78 1.11 352000 196000 156000 1.53 1.02 1.56 1.02 0.92 1.01 P3Y2M16D P4Y5M23D P3Y8M9D 140000 400000 327000 283000 Under our stock option plan, every non-employee director of the Company is granted 7,000 options upon first taking office, and then 7,000 upon each additional year in office. 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Interest Receivable, Current Interest receivable on loans Other Assets, Current Other current assets Other current assets Assets, Current Total current assets Total current assets Investment In Real Estate Investment in real estate Investments in real estate held for investment purposes. Long Term Loans Receivable Long term loans receivable Comprises the aggregate gross carrying amount of commercial loans held in portfolio that were extended beyond the original maturity dates, unless it is clear that the loan will be repaid within one year from the balance sheet date. Property, Plant and Equipment, Net Property and equipment, net Property and equipment, net Property, Plant and Equipment, Net, Beginning Balance Property, Plant and Equipment, Net, Ending Balance Security Deposit Security deposit Cost Method Investments Investment in privately held company, at cost Investment in privately held company, at cost Deferred Finance Costs Deferred financing costs Net amount of deferred finance costs capitalized at the end of the reporting period. Assets Total assets Total assets Liabilities and Stockholders Equity [Abstract] Liabilities and Stockholders' Equity Short-Term Debt Short term loans Short term loans and line of credit Accounts Payable and Accrued Liabilities, Current Accounts payable and accrued expenses Accounts Payable and Accrued Liabilities, Current, Total Deferred Origination Fees Deferred origination fees Reflects the cumulative amount of origination fees and interests paid by commercial loan borrowers which have not yet been taken into income in conformity with GAAP. Senior Notes, Current Senior secured notes Senior secured notes Accrued Income Taxes, Current Income taxes payable Income taxes payable Liabilities, Current Total current liabilities Total current liabilities Liabilities, Noncurrent [Abstract] Long term liabilities: Senior Notes, Noncurrent Senior secured notes Senior secured notes Liabilities Total liabilities Total liabilities Commitments and Contingencies Commitments and contingencies Stockholders' Equity Attributable To Parent [Abstract] Stockholders' equity: Preferred Stock, Value, Issued Preferred shares - $.01 par value; 5,000,000 shares authorized; no shares issued Preferred Stock, Value, Issued, Total Preferred Stock, Value, Issued, Beginning Balance Preferred Stock, Value, Issued, Ending Balance Common Stock, Value, Issued Common shares - $.001 par value; 25,000,000 authorized; 4,405,190 issued; 4,298,059 and 4,324,459 outstanding Common Stock, Value, Issued, Total Common Stock, Value, Issued, Beginning Balance Common Stock, Value, Issued, Ending Balance Additional Paid In Capital, Common Stock Additional paid-in capital Additional Paid in Capital, Common Stock, Beginning Balance Additional Paid in Capital, Common Stock, Ending Balance Treasury Stock, Value Treasury stock, at cost - 83,231 and 80,731 shares Treasury Stock, Value, Beginning Balance Treasury Stock, Value, Ending Balance Treasury stock, at cost - 107,131 and 80,731 shares Retained Earnings (Accumulated Deficit) Accumulated deficit Stockholders' Equity Attributable To Parent Balance, January 1, Total stockholders' equity Balance Balance Liabilities and Stockholders Equity Total liabilities and shareholders' equity Total liabilities and shareholders' equity Total liabilities and stockholders' equity Balance Sheets Parenthetical [Abstract] Balance Sheets Parenthetical [Abstract] Consolidated Balance Sheet Parenthetical. Preferred Stock, Par Or Stated Value Per Share Preferred stock, par value (in dollars per share) Preferred Stock, Shares Authorized Preferred stock, shares authorized Preferred Stock, Shares Issued Preferred stock, shares issued Preferred Stock, Shares Issued, Total Common Stock, Par Or Stated Value Per Share Common stock, par value (in dollars per share) Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Issued, Total Common Stock, Shares, Outstanding Common stock, shares outstanding Common Stock, Shares, Outstanding, Beginning Balance Common Stock, Shares, Outstanding, Ending Balance Treasury Stock, Shares Treasury stock, shares Treasury Stock, Shares, Beginning Balance Treasury Stock, Shares, Ending Balance Income Statement [Abstract] Income Statement [Abstract] Interest Income From Loans Interest income from loans Interest income related to commercial loans including industrial and agricultural, real estate (commercial and residential, construction and development), trade financing, and lease financing. Origination Fees Origination fees Origination incomes associated with the issuance of commercial loans that have been taken into income in conformity with GAAP. Revenues Total revenue Total Revenue Operating Costs and Expenses [Abstract] Operating costs and expenses: Interest and Amortization Of Debt Service Costs Interest and amortization of debt service costs Amount of the required periodic payment applied to interest and amortization of debt service costs. Referral Fees Referral fees Referral fees represent fees paid on loans which amortize over the life of the loan. General and Administrative Expense General and administrative expenses General and administrative expenses Operating Costs and Expenses Total operating costs and expenses Total operating costs and expenses Operating Income (Loss) Income from operations Income from operations Other Nonoperating Income Other income (Note 5) Other income (Note 5) Other income Income (Loss) From Continuing Operations Before Income Taxes, Extraordinary Items, Noncontrolling Interest Income before income tax expense Income before income tax expense Income Tax Expense (Benefit) Income tax expense Income Tax Expense (Benefit), Total Income tax expense Income tax expense Net Income (Loss) Attributable To Parent Net income Net income for the year ended December 31, Net Income Net income Earnings Per Share, Basic [Abstract] Basic and diluted net income per common share outstanding: Earnings Per Share, Basic -Basic (in dollars per share) Earnings Per Share, Diluted -Diluted (in dollars per share) Earnings Per Share, Basic, Other Disclosures [Abstract] Weighted average number of common shares outstanding Weighted Average Number Of Shares Outstanding, Basic Basic weighted average common shares outstanding -Basic (in shares) Weighted Average Number Of Shares Outstanding, Diluted Diluted weighted average common shares outstanding -Diluted (in shares) Diluted weighted average common shares outstanding Equity Components [Axis] Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Common Stock [Member] Additional Paid-In Capital [Member] Treasury Stock [Member] Retained Earnings [Member] Shares, Outstanding Balance (in shares) Balance (in shares) Adjustments To Additional Paid In Capital, Share-Based Compensation, Requisite Service Period Recognition Non cash compensation Stock Issued During Period, Value, Restricted Stock Award, Net Of Forfeitures Grant of restricted shares Stock Issued During Period, Shares, Restricted Stock Award, Net Of Forfeitures Grant of restricted shares (in shares) Treasury Stock, Value, Acquired, Cost Method Purchase of Treasury Shares Purchase of treasury shares Treasury Stock, Shares, Acquired Purchase of treasury shares (in shares) Purchase of Treasury Shares (in shares) Statement Of Cash Flows [Abstract] Statement Of Cash Flows [Abstract] Net Cash Provided By (Used In) Operating Activities [Abstract] Cash flows from operating activities: Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities - Amortization Of Financing Costs Amortization of deferred financing costs Depreciation, Nonproduction Depreciation Share-Based Compensation Non cash compensation expense Share-based Compensation, Total Increase (Decrease) In Operating Capital [Abstract] Changes in operating assets and liabilities Increase (Decrease) In Accrued Interest Receivable, Net Interest receivable on loans Interest receivable on loans Increase (Decrease) In Other Operating Assets Other current and non current assets Other current and non current assets Increase (Decrease) In Accounts Payable and Accrued Liabilities Accounts payable and accrued expenses Increase (Decrease) in Accounts Payable and Accrued Liabilities, Total Increase Decrease In Deferred Origination Fees Deferred origination fees The increase (decrease) during the reporting period in the value of deferred origination incomes associated with the issuance of commercial loans. Deferred origination fees Increase (Decrease) In Accrued Income Taxes Payable Income taxes payable Income taxes payable Net Cash Provided By (Used In) Operating Activities Net Cash Provided By (Used In) Operating Activities Net Cash Provided By (Used In) Operating Activities Net cash provided by operating activities Net Cash Provided By (Used In) Investing Activities [Abstract] Cash flows from investing activities: Payments To Acquire Buildings Investment in real estate Investment in real estate (net of proceeds of $528,179 from partial exercises of options - see Note 5) Issuance Of Short Term Loans Issuance of short term loans The cash outflow associated with issuance of short-term secured non-banking commercial loans during the period. Issuance of short term loans Collections Received From Loans Proceeds From Principal Repayments On Loans And Leases Held For Investment Collections received from loans Collections received from loans Net Cash Provided By (Used In) Investing Activities Net cash used in investing activities Net cash used in investing activities Net Cash Provided By (Used In) Financing Activities [Abstract] Cash flows from financing activities: Proceeds From Loans and Line Of Credit Proceeds from loans and line of credit, net Proceeds from loans and line of credit, net The cash inflow from contractual arrangements with bank and non-bank lenders, including line of credit, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Payments For Repurchase Of Equity Purchase of treasury shares Purchase of treasury shares Net Cash Provided By (Used In) Financing Activities Net cash provided by financing activities Net cash provided by financing activities Cash and Cash Equivalents, Period Increase (Decrease) Net decrease in cash and cash equivalents Net increase (decrease) in cash and cash equivalents Supplemental Cash Flow Information [Abstract] Supplemental Cash Flow Information: Income Taxes Paid Taxes paid during the year Taxes paid during the period Interest Paid Interest paid during the year Interest paid during the period Organization, Consolidation and Presentation Of Financial Statements [Abstract] Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation and Presentation Of Financial Statements Disclosure [Text Block] Accounting Policies [Abstract] Accounting Policies [Abstract] Significant Accounting Policies [Text Block] Cash and Cash Equivalents [Abstract] Cash and Cash Equivalents [Abstract] Cash and Cash Equivalents Disclosure [Text Block] Commercial Loans [Abstract] Commercial Loans [Abstract] Commercial Loans [Text Block] The entire disclosure for commercial loans during the period. Investment In Real Estate [Abstract] Investment In Real Estate [Abstract] Investment In Real Estate Disclosure [Text Block] Entire disclosure related to real estate investments. Property, Plant and Equipment [Abstract] Property, Plant and Equipment [Abstract] Property, Plant and Equipment Disclosure [Text Block] Senior Secured Notes Disclosure [Abstract] Senior Secured Notes Disclosure [Abstract] Senior Secured Notes Disclosure [Text Block] Senior Secured Notes Disclosure [Text Block] The entire disclosure for senior secured notes payable. Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Income Tax Disclosure [Text Block] Simple Ira Plan [Abstract] Simple Ira Plan [Abstract] Simple Ira Plan Disclosure [Text Block] The entire disclosure of Simple IRA Plan that is approved by the board of directors for attracting and retaining valuable executives. Simple Ira Plan Disclosure [Text Block] Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure Of Compensation Related Costs, Share-Based Payments [Text Block] Restricted Grant Stock [Abstract] Restricted Grant Stock [Abstract] Restricted Grant Stock [Text Block] Restricted Grant Stock [Text Block] The entire disclosure for restricted stock grant. Stockholders' Equity Note [Abstract] Stockholders' Equity Note [Abstract] Stockholders' Equity Note Disclosure [Text Block] Stockholders' Equity Note Disclosure [Text Block] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Disclosure [Text Block] Related Party Transactions [Abstract] Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Related Party Transactions Disclosure [Text Block] Subsequent Events [Abstract] Subsequent Events [Abstract] Subsequent Events [Text Block] Subsequent Events [Text Block] Consolidation, Policy [Policy Text Block] Consolidation, Policy [Policy Text Block] Use Of Estimates, Policy [Policy Text Block] Use of Estimates, Policy [Policy Text Block] Cash and Cash Equivalents, Policy [Policy Text Block] Cash and Cash Equivalents, Policy [Policy Text Block] Concentration Risk, Credit Risk, Policy [Policy Text Block] Concentration Risk, Credit Risk, Policy [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Impairment Or Disposal Of Long-Lived Assets, Policy [Policy Text Block] Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] Income Tax, Policy [Policy Text Block] Income Tax, Policy [Policy Text Block] Revenue Recognition, Policy [Policy Text Block] Revenue Recognition, Policy [Policy Text Block] Deferred Financing Costs, Policy [Policy Text Block] Deferred Financing Costs, Policy [Policy Text Block] Disclosure of accounting policy for deferred financing costs. Earnings Per Share, Policy [Policy Text Block] Earnings Per Share, Policy [Policy Text Block] Share-Based Compensation, Option and Incentive Plans Policy [Policy Text Block] Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] Fair Value Of Financial Instruments, Policy [Policy Text Block] Fair Value of Financial Instruments, Policy [Policy Text Block] New Accounting Pronouncements, Policy [Policy Text Block] New Accounting Pronouncements, Policy [Policy Text Block] Schedule Of Weighted Average Number Of Shares [Table Text Block] Schedule of Weighted Average Number of Shares [Table Text Block] Commercial Loans [Table Text Block] Schedule of Debt [Table Text Block] Tabular disclosure of information pertaining to the commercial loans issued by the Company, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. Property, Plant and Equipment [Table Text Block] Property, Plant and Equipment [Table Text Block] Schedule Of Components Of Income Tax Expense (Benefit) [Table Text Block] Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] Schedule Of Deferred Tax Assets and Liabilities [Table Text Block] Schedule of Deferred Tax Assets and Liabilities [Table Text Block] Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block] Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] Schedule Of Share-Based Compensation, Stock Options, Activity [Table Text Block] Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] Schedule Of Nonvested Share Activity [Table Text Block] Schedule of Nonvested Share Activity [Table Text Block] Summary Of Other Tax Carryforwards [Table Text Block] Summary of Other Tax Carryforwards [Table Text Block] Schedule Of Future Minimum Rental Payments For Operating Leases [Table Text Block] Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] Weighted Average Number Diluted Shares Outstanding Adjustment Incremental shares for assumed exercise of options Incremental shares for assumed conversion of options Cash, Fdic Insured Amount Cash, FDIC Insured Amount Antidilutive Securities Excluded From Computation Of Earnings Per Share, Amount Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized, Period For Recognition Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition Servicing Assets At Fair Value By Types Of Financial Instrument [Axis] Servicing Assets at Fair Value by Types of Financial instrument [Axis] Types Of Financial Instruments [Domain] Types of Financial Instruments [Domain] Developers Residential [Member] Developers-Residential Developers Commercial [Member] Developers-Commercial Developers Mixed Used [Member] Developers Mixed Used Loans and Leases Receivable, Gross, Carrying Amount, Commercial Performing loans Related Party [Axis] Related Party [Axis] Related Party [Domain] Related Party [Domain] Unrelated Entity [Member] Unrelated Entity Member Seven Borrowers [Member] Seven Borrowers Member Five Borrowers [Member] Five Borrowers Four Borrowers [Member] Six Borrowers [Member] Parent [Member] Short-Term Debt, Type [Axis] Short-term Debt, Type [Axis] Short-Term Debt, Type [Domain] Short-term Debt, Type [Domain] Short Term Loan One [Member] Short-Term Loan One Short Term Loan Two [Member] Short-Term Loan Two Short Term Loan Three [Member] Short-Term Loan Three Short Term Loan Four [Member] Short-term loan four Loans and Leases Receivable, Gross, Commercial, Total Proceeds From Principal Repayments On Loans And Leases Held For Investment Additional Construction Loan For Borrowers Subject To Conditions Additional Construction Loan For Borrowers Subject To Conditions Additional construction loan committed by the company that can be drawn by the borrower when certain conditions are met. Commercial Loans Issued To Borrowers Commercial Loans Issued To Borrowers The aggregate amount of commercial loans held in portfolio issued to certain borrowers, in which an individual holds major interest. Interest Percentage Of Individual Interest Percentage Of Individual Borrowers Holding Interest Percentage Interest in percentage an individual holding in certain borrowers. Long Term Loans Issued To Borrowers Long Term Loan Receivable The aggregate amount of commercial loans held in portfolio issued to certain borrowers, in which an individual holds major interest. Jointly Funded Loans Total Jointly Funded Loans Total The total amount of jointly funded loans, including funds from the partner. Jointly Funded Loans Jointly Funded Loans The Company's portion of jointly funded loans at the balance sheet date. Extended Commercial Loans Loans Receivable, Gross, Commercial, Construction Carrying amount of commercial loans which were due but extended. Company receives a fee in connection with the extension of the loans. Long Term Loans Receivable Repayments In Five Years The element represents the portion of long term loans receivable repayment spreading through five years. Long Term Loans Receivable Repayments In Five Years Range [Axis] Range [Axis] Range [Domain] Range [Domain] Minimum [Member] Maximum [Member] Fair Value, Off-Balance Sheet Risks By Financial Instrument [Axis] Fair Value, Off-balance Sheet Risks by Financial Instrument [Axis] Fair Value, Off-Balance Sheet Risks, Financial Instruments [Domain] Fair Value, Off-balance Sheet Risks, Financial Instruments [Domain] New Option [Member] New Option Buy Back Option [Member] Buy Back Option Option Sold Option Sold The total amount of the buy back option sold. Option Monthly Fee Option Monthly Fee The amount of monthly option fee (receivable). Option Partially Exercised To Buy Back Property Option Exercised To Buy Back Property The total amount of the option partially exercised to buy back property. Fees Generated From Seller Prior To Partial Exercise Option Sold Prior To Partial Exercise The amount of fees generated from the seller buy back options prior to the 1st partial exercise. Exercise Price Of Properties Issuance Of Option For Properties, Exercise Price Exercise price pursuant to "New Option" agreement. Monthly Option Fee For Properties Monthly Option Fee For Properties The amount of monthly option fee pursuant to "New Option" agreement. Pratial Exercise Of New Option Issuance Of Option For Properties Partially Exercised Exercise price partial exercise of new option. Exercise Price Of Remaining Property Exercise Price Of Property After Partial Exercise Of Option The value of exercise price of the remaining property. Monthly Option Fee For Property After Partial Exercise Of Option Monthly Option Fee For Property After Partial Exercise Of Option The amount of monthly option fee after partial exercise of "New Option". Fees Generated From Seller Buy Back Options Fees Generated From Seller Buy Back Options The amount of fees generated from the seller buy back options during the period. Property, Plant and Equipment, Gross Office equipment Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Less: Accumulated depreciation Less: Accumulated depreciation Affiliated Entity [Member] Debt Instrument [Axis] Debt Instrument [Axis] Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Short Term Loans 2011 [Member] Short Term Loans 2012 [Member] Subsequent Event Type [Axis] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event Type [Domain] Subsequent Event [Member] Short-Term Debt [Member] Line Of Credit Facility, Maximum Borrowing Capacity Line of Credit Facility, Amount Outstanding Line Of Credit Facility, Interest Rate During Period Line of Credit Facility, Interest Rate During Period Debt Instrument, Face Amount Debt Instrument, Face Amount Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum Repayments Of Short-Term Debt Repayments of Short-term Debt Debt Instrument, Interest Rate, Stated Percentage Debt Instrument, Interest Rate, Stated Percentage Credit Facility [Axis] Credit Facility [Axis] Credit Facility [Domain] Credit Facility [Domain] Senior Secured Notes [Member] Senior Secured Notes Senior Long Term Notes Under Private Placement Senior Long Term Notes Under Private Placement Senior long term notes under private placement as of the balance sheet date. Senior Notes Maturity Date Senior Notes Maturity Date The maturity date related to the senior note. Long Term Debt Maturities Term Long-Term Debt Maturities Term Maturity period of senior secured notes. Debt Instrument, Interest Rate During Period Senior Secured Notes Percentage Private Placement Offering Private Placement Offering The amount offering for raising of capital via private rather than public placement. Private Placement Maturity Term Private Placement Maturity Term The maturity term of private placement. Payments Of Financing Costs Payments of Financing Costs Deferred financing costs incurred Maturity Term Of Warrrants Maturity Term Of Warrrants Maturity term of warrants during the period. Common Stock Issued To Underwriter, Value Common Stock Issued To Underwriter, Value The value of warrants issued to the underwriter. Number Of Warrants Issued To Underwriter Stock Repurchased During Period, Shares Number of warrants issued to the underwriter. Exercise Price Of Warrants Issued To Underwriter Common Stock, Price Per Share Exercise price of the warrants issued to the underwriter. Current Income Tax Expense (Benefit), Continuing Operations [Abstract] Current Taxes: Current Federal Tax Expense (Benefit) Federal Current State and Local Tax Expense (Benefit) State Current Income Tax Expense (Benefit) Current Income Tax Expense (Benefit) Current Income Tax Expense (Benefit) Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] Deferred taxes: Deferred Federal Income Tax Expense (Benefit) Federal Deferred State and Local Income Tax Expense (Benefit) State Deferred Income Tax Expense (Benefit) Deferred Income Tax Expense (Benefit) Deferred Income Tax Expense (Benefit) Income Tax Expense (Benefit), Continuing Operations Income tax expense Income tax expense Deferred Tax Assets, Net [Abstract] Deferred tax assets: Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Other Compensation expense - other Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-Based Compensation Cost Compensation expense - restricted stocks Deferred Tax Assets, Gross Deferred tax assets Deferred tax assets Deferred Tax Assets, Valuation Allowance Less: valuation allowance Less: valuation allowance Deferred Tax Assets, Net Of Valuation Allowance Deferred Tax Assets, Net of Valuation Allowance Deferred Tax Assets, Net of Valuation Allowance Effective Income Tax Rate Reconciliation, At Federal Statutory Income Tax Rate Federal Statutory Rate Effective Income Tax Rate Reconciliation, State and Local Income Taxes State and local income tax expense (benefit), net of federal tax effect Effective Income Tax Rate Reconciliation, Change In Deferred Tax Assets Valuation Allowance Valuation allowance Effective Income Tax Rate Reconciliation State and Local Franchise Taxes State and local franchise taxes The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate that can be explained by the state and local franchise tax expense or benefit, net of the federal tax benefit (expense) thereon, recorded during the period. Effective Income Tax Rate Reconciliation, Other Adjustments Other Other Effective Income Tax Rate, Continuing Operations Income tax expense (benefit) Income tax expense (benefit) Other Tax Carryforward [Axis] Other Tax Carryforward [Axis] Other Tax Carryforward, Name [Domain] Other Tax Carryforward, Name [Domain] Capital Loss Carryforward [Member] Other Tax Carryforward, Gross Amount Other Tax Carryforward, Gross Amount Income Tax Examination, Penalties and Interest Expense Income Tax Examination, Penalties and Interest Expense Defined Benefit Plans and Other Postretirement Benefit Plans [Axis] Defined Benefit Plans and Other Postretirement Benefit Plans [Axis] Defined Benefit Plans and Other Postretirement Benefit Plans [Domain] Defined Benefit Plans and Other Postretirement Benefit Plans [Domain] August 2000 [Member] Defined Contribution Plan, Number Of Employees Covered Defined Contribution Plan, Number of Employees Covered Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent Defined Contribution Plan, Employer Matching Contribution, Percent Defined Contribution Plan, Employer Discretionary Contribution Amount Defined Contribution Plan, Employer Discretionary Contribution Amount Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number Shares (Outstanding) Number of Shares, Outstanding at December 31, 2011 Number of Shares, Outstanding at December 31, 2012 Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross Number of Shares, Granted Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period Number of Shares, Exercised Share Based Compensation Arrangement By Share Based Payment Award, Options, Forfeitures and Expirations In Period Shares, Forfeited or expired Number of Shares, Forfeited Share Based Compensation Arrangement By Share Based Payment Award Options Vested and Exercisable Number Number of Shares, Vested and exercisable at December 31, 2012 Number of share options that are vested and exercisable as of the balance sheet date. Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price 0 Weighted Average Exercise Price, Outstanding at December 31, 2011 Weighted Average Exercise Price, Outstanding at December 31, 2012 Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price Weighted Average Exercise Price, Granted Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Exercises In Period, Weighted Average Exercise Price Weighted Average Exercise Price, Exercised Share Based Compensation Arrangement By Share Based Payment Award, Options, Forfeitures and Expirations In Period, Weighted Average Exercise Price Weighted Average Exercise Price, Forfeited Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Vested and Expected To Vest, Exercisable, Weighted Average Exercise Price 0 Weighted Average Remaining Contractual Term (in years), Outstanding Weighted Average Exercise Price, Vested and exercisable at December 31, 2012 Share Based Compensation Arrangement By Share Based Payment Award Options Weighted Average Remaining Contractual Term Outstanding Option Weighted Average Remaining Contractual Term (in years), Outstanding at December 31, 2011 Weighted Average Remaining Contractual Term (in years), Outstanding at June 30, 2012 Weighted average remaining contractual term for outstanding options as of the balance sheet date, including unvested options. Share Based Compensation Arrangement By Share Based Payment Award Option Weighted Average Remaining Contractual Term For Vested and Exercisable Options Weighted Average Remaining Contractual Term (in years), Vested and exercisable at December 31, 2012 Weighted Average Remaining Contractual Term (in years), Vested and exercisable at June 30, 2012 Weighted average remaining contractual term for vested and exercisable options as of the balance sheet date. Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Intrinsic Value Outstanding at June 30, 2012 Aggregate Intrinsic Value, Outstanding at December 31, 2012 Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Vested and Expected To Vest, Exercisable, Aggregate Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value Aggregate Intrinsic Value, Vested and exercisable at December 31, 2012 Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Number Shares, Nonvested shares at January 1, 2011 Shares, Nonvested shares at December 31, 2011 Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period Shares, Granted Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Forfeited In Period Shares, Forfeited (non vested) Shares, Forfeited (non vested) Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Vested In Period Shares, Vested Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Shares, Vested Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Weighted Average Grant Date Fair Value Weighted Average Exercise Price, Nonvested shares at January 1, 2011 Weighted Average Exercise Price, Nonvested shares at December 31, 2011 Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period, Weighted Average Grant Date Fair Value Weighted Average Exercise Price, Granted Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Forfeitures, Weighted Average Grant Date Fair Value Weighted Average Exercise Price, Forfeited (non vested) Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Vested In Period, Weighted Average Grant Date Fair Value Weighted Average Exercise Price, Vested Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Outstanding, Weighted Average Remaining Contractual Terms Weighted Average Remaining Contractual Term (in years), Nonvested shares at January 1, 2011 Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted Weighted Average Remaining Contractual Terms Weighted Average Remaining Contractual Term (in years), Granted Weighted average remaining contractual term for equity-based awards excluding options granted during the period, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Weighted Average Remaining Contractual Terms Weighted Average Remaining Contractual Term (in years), Vested Weighted average remaining contractual term for equity-based awards excluding options vested during the period, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Stock - Based Compensation (Details) [Abstract] Stock - Based Compensation (Details) [Abstract] Exercise Price Range [Axis] Exercise Price Range [Axis] Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range [Domain] Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Domain] Exercise Price Range One [Member] Exercise Price Range Two [Member] Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Lower Range Limit Range of Exercise Prices, Lower Limit (in dollars per share) Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Upper Range Limit Range of Exercise Prices, Upper Limit (in dollars per share) Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Number Of Outstanding Options Stock Option Outstanding, Number of Shares (in shares) Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price Stock Option Outstanding, Weighted Average Exercise Price (in dollars per share) Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term Stock Option Outstanding, Weighted Average Remaining Contractual Term (in years) Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Number Of Exercisable Options Exercisable, Number of Shares (in shares) Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price Exercisable, Weighted Average Exercise Price (in dollars per share) Award Type [Axis] Award Type [Axis] Award Type [Domain] Share-based Compensation Arrangements by Share-based Payment Award, Award Type and Plan Name [Domain] Stock Option Plan 2009 [Member] Stock Warrants [Member] Chief Executive Officer [Member] Common Stock, Capital Shares Reserved For Future Issuance Common Stock, Capital Shares Reserved for Future Issuance Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Net Of Forfeitures Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Forfeitures In Period Shares, Forfeited Share-Based Compensation Arrangement By Share-Based Payment Award, Number Of Shares Available For Grant Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Rights Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights Allocated Share-Based Compensation Expense Non cash compensation expense Stock Or Unit Option Plan Expense Stock or Unit Option Plan Expense Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Term Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited Net Grants In Period The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited (non vested) shares were granted and cancelled during the reporting period. Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited Net Grants In Period Restricted Stock [Member] Restricted Shares Agreement [Member] Remaining Options [Member] Remaining Options. Deferred Bonus and Profit Sharing Plan By Title Of Individual [Axis] Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits, by Title of Individual [Axis] Title Of Individual With Relationship To Entity [Domain] Title of Individual with Relationship to Entity [Domain] Market Price Per Share On Date Of Restricted Shares Grant Market Price Per Share On Date Of Restricted Shares Grant Market price per share on the date of restricted shares grant. Restriction On Exercise Of Additional Options Held By Ceo Below Prescribed Exercise Price Limit Share Based Compensation Arrangements By Share Based Payment Award Options Not Exercised Restriction on exercise of additional options held by CEO below prescribed exercise price limit pursuant to restricted shares agreement. Description Of Terms Of Restricted Shares Agreement Stockholders' Equity Note, Stock Split Description of the terms of "Restricted Shares Agreement". Stock Repurchase Program, Number Of Shares Authorized To Be Repurchased Stock Repurchase Program, Number of Shares Authorized to be Repurchased Operating Leases, Future Minimum Payments Due, Next Twelve Months 2013 Operating Leases, Future Minimum Payments, Due In Two Years 2014 Operating Leases, Future Minimum Payments, Due In Three Years 2015 Operating Leases, Future Minimum Payments, Due In Four Years 2016 Operating Leases, Future Minimum Payments Due Total Total Operating Leases Term Of Lease This element represents that, the lease term of operating leases. Operating Leases Term Of Lease Operating Leases Rent Periodic Payment This element represents that, the amount of the required periodic payments under operating leases. Operating Leases Rent Periodic Payment Operating Leases, Rent Expense Operating Leases, Rent Expense Percentage Of Reduction In Annual Base Salary Percentage Of Reduction In Annual Base Salary The element represents the percentage of reduction of base salary. Officers' Compensation Officers' Compensation Litigation Settlement, Expense Litigation Settlement, Expense Annual Base Salary Amount of Reduction in Annual Base Salary Annual Base Salary. Annual Base Salary Short Term Loans 2013 [Member] Interest Expense Interest Expense Loans And Line Of Credit [Abstract] Debt Disclosure [Abstract] Loans And Line Of Credit [Text Block] The entire disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Loans Receivable Fixed Rates Of Interest Fixed rates of interest of loans charging borrowers fixed rates of interest. Other Tax Carryforward, Expiration Dates Defined Contribution Plan, Maximum Annual Contribution Per Employee, Amount Line of Credit [Member] Lender Name [Axis] Line of Credit Facility, Lender [Domain] Sterling National Bank [Member] Sterling National Bank [Member]. Line of Credit Facility, Interest Rate Description Finite-Lived Intangible Assets, Amortization Method Line of Credit, Current Line of credit Maturity Due [Axis] Maturity Due [Domain] Due In 2009 [Member] Due In 2010 [Member] Due In 2011 [Member] Due In 2012 [Member] Loans Pledged as Collateral Statements Of Cash Flows Parenthetical [Abstract] Proceeds From Partial Exercise Of Options The cash inflow associated with the amount received from the option holder exercising its buy back options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Proceeds from Collection of Loans Receivable Financial Instrument [Axis] Commercial Loan [Member] Proceeds Form Collection Of Noncurrent Portion Of Commercial Loan Receivable The cash inflow from collections of non current portion of commercial loans. Deferred Finance Costs, Noncurrent, Net Defined Contribution Plan Maximum Annual Contribution By Employee Amount Defined Contribution Plan, Maximum Annual Contribution By Employee, Amount Maximum amount of employee gross pay, by the terms of the plan, that employe may contribute to a defined contribution plan. Defined Contribution Plan Maximum Annual Contribution By Employee Percent Maximum percentage of employee gross pay, by the terms of the plan, that employe may contribute to a defined contribution plan. Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage Fair Value Of Restricted Shares Granted Fair value of restricted shares granted during the period. Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options Fair Value Of Restricted Shares Amortization Period Period over which fair value of restricted shares is expected to be amortized. Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition Amount Of Personal Guarantee Commitment Provided By Defendant The element represents the amount of personal guarantee commitment provided by the defendant. Loss Contingency, Damages Sought, Value Officers' Bonus Amount of expenditures for bonus of officers. EX-101.PRE 13 loan-20121231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 14 R39.htm IDEA: XBRL DOCUMENT v2.4.0.6

Senior Secured Notes (Details Textual) (USD $)
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Senior Long Term Notes Under Private Placement $ 500,000

Senior Notes Maturity Date December 2013

Long-Term Debt Maturities Term 3 years

Loans Pledged as Collateral 750,000

Private Placement Offering 5,000,000

Private Placement Maturity Term 31-Mar-11

Maturity Term Of Warrrants 5 Years

Common Stock Issued To Underwriter, Value 11,683

Stock Repurchased During Period, Shares 20,000

Common Stock, Price Per Share $ 2.5

Amortization of deferred financing costs 47,078 36,395

Senior Secured Notes [Member]

Senior Secured Notes Percentage 6.63%

Deferred Finance Costs, Noncurrent, Net $ 109,183

XML 15 R48.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details Textual) (USD $)	12 Months Ended
Stock-Based Compensation (Details Textual) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	Under our stock option plan, every non-employee director of the Company is granted 7,000 options upon first taking office, and then 7,000 upon each additional year in office. Generally, options outstanding vest over periods not exceeding four years and are exercisable for up to five years from the grant date.
Non cash compensation expense	$ 30,879	$ 68,431
Stock or Unit Option Plan Expense	13,065	3,355
Fair Value Of Restricted Shares Granted	$ 195,968
Fair Value Of Restricted Shares Amortization Period	15 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	5 years	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	72.50%	72.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	74.60%	74.60%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	0.73%	0.73%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	1.87%	1.87%
Weighted Average Exercise Price, Granted	$ 1.02	$ 1.53
Shares, Forfeited (non vested)		189,667
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited Net Grants In Period		140,000
Number of Shares, Granted	28,000	173,000
Weighted Average Exercise Price, Granted	$ 1.02	$ 1.53
Shares (Outstanding)	355,000	348,000	631,000
Chief Executive Officer [Member]
Shares, Forfeited (non vested)	210,000
Shares (Outstanding)	1,000,000
Stock Option Plan 2009 [Member]
Common Stock, Capital Shares Reserved for Future Issuance	400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	327,000
Shares, Forfeited	210,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	283,000
Stock Warrants [Member]
Number of Shares, Granted	20,000
Weighted Average Exercise Price, Granted	$ 2.50

XML 16 R46.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details 1) (USD $)	12 Months Ended
Stock-Based Compensation (Details 1) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Shares, Nonvested shares at January 1, 2011	4,000	96,334
Shares, Granted	28,000	173,000
Shares, Forfeited (non vested)		(189,667)
Shares, Vested	(29,000)	(75,667)
Shares, Nonvested shares at December 31, 2011	3,000	4,000	96,334
Weighted Average Exercise Price, Nonvested shares at January 1, 2011	$ 1.01	$ 1.09
Weighted Average Exercise Price, Granted	$ 1.02	$ 1.53
Weighted Average Exercise Price, Forfeited (non vested)	$ 1.02	$ 1.56
Weighted Average Exercise Price, Vested	$ 1.01	$ 0.92
Weighted Average Exercise Price, Nonvested shares at December 31, 2011		$ 1.01	$ 1.09
Weighted Average Remaining Contractual Term (in years), Nonvested shares at January 1, 2011	3 years 10 months 17 days	4 years 10 months 17 days	3 years 8 months 9 days
Weighted Average Remaining Contractual Term (in years), Granted	4 years 6 months	4 years 7 months 9 days
Weighted Average Remaining Contractual Term (in years), Vested	4 years 5 months 23 days	3 years 2 months 16 days

XML 17 R33.htm IDEA: XBRL DOCUMENT

Commercial Loans (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Performing loans	$ 13,624,366	$ 9,414,352
Developers Residential [Member]
Performing loans	12,169,366	8,725,367
Developers Commercial [Member]
Performing loans	400,000	78,985
Developers Mixed Used [Member]
Performing loans	$ 1,055,000	$ 610,000

- Definition

Reflects the aggregate gross carrying amount of all commercial loans and leases held in portfolio, prior to deducting deferred income and the allowance for losses on commercial loans and leases.

+ References+ Details

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Commercial Loans (Tables)

12 Months Ended

Dec. 31, 2012

Commercial Loans [Abstract]

Schedule of Debt [Table Text Block]

Credit risk profile based on loan activity as of December 31, 2012 and 2011:

Performing loans	Developers- Residential		Developers- Commercial		Developers Mixed Used		Total outstanding loans
December 31, 2012	$	12,169,366	$	400,000	$	1,055,000	$	13,624,366
December 31, 2011	$	8,725,367	$	78,985	$	610,000	$	9,414,352

XML 20 R50.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Details Textual) (USD $)	12 Months Ended
Shareholders' Equity (Details Textual) (USD $)	Dec. 31, 2012	Sep. 19, 2012
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		100,000
Treasury Stock, Value, Acquired, Cost Method	$ 28,572
Treasury Stock [Member]
Treasury Stock, Value, Acquired, Cost Method	$ 28,572
Treasury Stock, Shares, Acquired	26,400

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References+ Details

XML 21 R42.htm IDEA: XBRL DOCUMENT

Income Taxes (Details 2)	12 Months Ended
Income Taxes (Details 2)	Dec. 31, 2012	Dec. 31, 2011
Federal Statutory Rate	34.00%	34.00%
State and local income tax expense (benefit), net of federal tax effect	9.00%	14.00%
Valuation allowance	0.00%	0.00%
State and local franchise taxes	0.00%	0.00%
Other	1.00%	(5.00%)
Income tax expense (benefit)	44.00%	43.00%

- Definition

A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations.

+ References+ Details

- Definition

The domestic federal statutory tax rate applicable under enacted tax laws to the Company's pretax income from continuing operations for the period. The "statutory" tax rate is the regular tax rate if there are alternative tax systems.

+ References+ Details

XML 22 R37.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details Textual) (USD $)	12 Months Ended
Property and Equipment (Details Textual) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Depreciation	$ 588	$ 1,837

- Definition

The expense recognized in the current period that allocates the cost of nonproduction tangible assets over their useful lives.

+ References+ Details

XML 23 R52.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Textual) (USD $)	12 Months Ended
Commitments and Contingencies (Details Textual) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2009	Dec. 31, 2008	Jun. 21, 2010	Mar. 31, 2003	Dec. 31, 1999
Operating Leases Term Of Lease	5 years 2 months
Operating Leases, Rent Expense	$ 38,000	$ 49,000
Amount Of Personal Guarantee Commitment Provided By Defendant	5,000,000
Chief Executive Officer [Member]
Percentage Of Reduction In Annual Base Salary			55.00%	75.00%
Officers' Compensation	225,000	225,000	100,000	56,000
Officers' Bonus	65,000	65,000
Litigation Settlement, Expense	80,000
Annual Base Salary					225,000	225,000	75,000
Maximum [Member]
Operating Leases Rent Periodic Payment	3,200
Minimum [Member]
Operating Leases Rent Periodic Payment	$ 2,800

XML 24 R47.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details 2) (USD $)	12 Months Ended
Stock-Based Compensation (Details 2) (USD $)	Dec. 31, 2012
Stock Option Outstanding, Number of Shares (in shares)	355,000
Stock Option Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 0.92
Stock Option Outstanding, Weighted Average Remaining Contractual Term (in years)	1 year 7 months 13 days
Exercisable, Number of Shares (in shares)	352,000
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0.92
Exercise Price Range One [Member]
Range of Exercise Prices, Lower Limit (in dollars per share)	$ 0.50
Range of Exercise Prices, Upper Limit (in dollars per share)	$ 1
Stock Option Outstanding, Number of Shares (in shares)	196,000
Stock Option Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 0.78
Stock Option Outstanding, Weighted Average Remaining Contractual Term (in years)	1 year 2 months 16 days
Exercisable, Number of Shares (in shares)	196,000
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0.78
Exercise Price Range Two [Member]
Range of Exercise Prices, Lower Limit (in dollars per share)	$ 1.01
Range of Exercise Prices, Upper Limit (in dollars per share)	$ 2
Stock Option Outstanding, Number of Shares (in shares)	159,000
Stock Option Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 1.11
Stock Option Outstanding, Weighted Average Remaining Contractual Term (in years)	2 years 1 month 17 days
Exercisable, Number of Shares (in shares)	156,000
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 1.11

XML 25 R9.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Significant Accounting Policies

Principles of Consolidation

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management will base the use of estimates on (a) a preset number of assumptions that consider past experience, (b) future projections, and (c) general financial market condition. Actual amounts could differ from those estimates.

Cash and Cash Equivalents

For the purposes of the statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Concentrations of Credit Risk

Credit risks associated with short term commercial loans the Company makes to small businesses and related interest receivable are described in Note 4 entitled Commercial Loans.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is provided on a straight-line basis over the estimated useful economic lives of the assets, ranging from three to five years.

Impairment of long- lived assets

Income Taxes

Revenue Recognition

Interest income from commercial loans is recognized, as earned, over the loan period.

Origination fee revenue on commercial loans is amortized over the term of the respective note.

Deferred Financing Costs

Earnings Per Share (“EPS”)

	Years ended December 31,
	2012		2011
Basic weighted average common shares outstanding		4,320,050		3,634,048
Incremental shares for assumed exercise of options		6,279		12,026
Diluted weighted average common shares outstanding		4,326,329		3,646,074

Stock-Based Compensation

Fair Value of Financial Instruments

Recent Accounting Pronouncements

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

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Income Taxes (Details Textual) (USD $)	12 Months Ended
Income Taxes (Details Textual) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Other Nonoperating Income	$ 27,548	$ 79,329
Income Tax Examination, Penalties and Interest Expense	7,400	12,000
Capital Loss Carryforward [Member]
Other Tax Carryforward, Gross Amount	$ 418,157
Other Tax Carryforward, Expiration Dates	expires through 2015.

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The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items.

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The amount of the tax credit carryforward, before tax effects, available to reduce future taxable income under enacted tax laws.

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

At December 31, 2012, approximate future minimum rental, including utilities, payments under these commitments are as follows:

2013		39,300
2014		40,300
2015		41,400
2016		28,100
Total	$	149,100

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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following summarizes stock option activity for the years ended December 31, 2012 and 2011:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at January 1, 2011		631,000		$	1.41		2.21	$	469,352
Granted in 2011		173,000			1.53
Exercised in 2011		—			—
Forfeited in 2011		(456,000	)		1.80
Outstanding at December 31, 2011		348,000		$	0.96		2.26	$	177,253
Granted in 2012		28,000			1.02
Exercised in 2012		—			—
Forfeited in 2012		(21,000	)		1.65
Outstanding at December 31, 2012		355,000		$	0.92		1.62	$	173,006

Vested and exercisable at December 31, 2011		344,000		$	0.96		2.23	$	174,856
Vested and exercisable at December 31, 2012		352,000		$	0.92		1.60	$	171,208

Schedule of Nonvested Share Activity [Table Text Block]

A summary of the status of the Company’s nonvested shares as of December 31, 2012 and 2011, and changes during the years then ended is as presented below:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)
Nonvested shares at January 1, 2011		96,334		$	1.09		3.69
Granted		173,000			1.53		4.77
Forfeited (non vested)		(189,667	)		1.56		—
Vested		(75,667	)		0.92		3.21
Nonvested shares at December 31, 2011		4,000		$	1.01		4.88
Granted		28,000			1.02		4.50
Vested		(29,000	)		1.02		4.48
Nonvested shares at December 31, 2012		3,000		$	1.01		3.88

Summary of Other Tax Carryforwards [Table Text Block]

The following table summarizes information about stock options outstanding at December 31, 2012:

		Stock Option Outstanding						Exercisable
Range of Exercise Prices		Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Number of Shares		Weighted Average Exercise Price
	$ 0.50- $ 1.00		196,000	$	0.78		1.21		196,000	$	0.78
	$ 1.01- $ 2.00		159,000		1.11		2.13		156,000		1.11
			355,000	$	0.92		1.62		352,000	$	0.92

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Tabular disclosure of other tax carryforwards available to reduce future taxable income including descriptions, amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

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Simple IRA Plan (Details Textual) (USD $)	12 Months Ended
Simple IRA Plan (Details Textual) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Defined Contribution Plan, Number of Employees Covered	100
August 2000 [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage	0.06
Defined Contribution Plan, Maximum Annual Contribution By Employee, Amount	$ 11,500
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent	3.00%
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Amount	11,500
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 9,000	$ 6,750

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Significant Accounting Policies (Details)	12 Months Ended
Significant Accounting Policies (Details)	Dec. 31, 2012	Dec. 31, 2011
Basic weighted average common shares outstanding	4,320,050	3,634,048
Incremental shares for assumed exercise of options	6,279	12,026
Diluted weighted average common shares outstanding	4,326,329	3,646,074

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The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation.

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The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

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Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

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Significant Accounting Policies (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Cash, FDIC Insured Amount	$ 250,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	345,721	331,974
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	15 years

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The Company

12 Months Ended

Dec. 31, 2012

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Organization, Consolidation and Presentation Of Financial Statements Disclosure [Text Block]

1.	The Company

In March 2011, MBC established a one member limited liability company, 1490-1496 Hicks, LLC, for the purpose of investing in real estate (See Note 5).

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The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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Cash and Cash Equivalents (Details Textual) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Cash and cash equivalents	$ 240,693	$ 221,905	$ 386,023

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Income Taxes (Details) (USD $)	12 Months Ended
Income Taxes (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Current Taxes:
Federal	$ 241,995	$ 129,136
State	61,325	62,746
Current Income Tax Expense (Benefit)	303,320	191,882
Deferred taxes:
Federal	0	0
State	0	0
Deferred Income Tax Expense (Benefit)	0	0
Income tax expense	$ 303,320	$ 191,882

- Definition

The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted federal tax law to the domestic taxable Income or Loss from continuing operations.

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The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations.

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The component of total income tax expense for the period comprised of the increase (decrease) during the period in the entity's domestic deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the federally enacted tax law.

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- Definition

The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.

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The component of total income tax expense for the period comprised of the increase (decrease) in the entity's state and local deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the applicable enacted tax laws.

+ References

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- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to pretax Income or Loss from continuing operations; income tax expense or benefit may include interest and penalties on tax uncertainties based on the entity's accounting policy.

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XML 36 R53.htm IDEA: XBRL DOCUMENT

Related Parties Transactions (Details Textual) (Chief Executive Officer [Member], USD $)	12 Months Ended			12 Months Ended
	Dec. 31, 2011 Short Term Loans 2011 [Member]	Dec. 31, 2011 Short Term Loans 2011 [Member] Maximum [Member]	Dec. 31, 2011 Short Term Loans 2011 [Member] Minimum [Member]	Dec. 31, 2012 Short Term Loans 2012 [Member]	Dec. 31, 2012 Short Term Loans 2012 [Member] Maximum [Member]	Dec. 31, 2012 Short Term Loans 2012 [Member] Minimum [Member]	Feb. 04, 2013 Short Term Loans 2013 [Member]
Debt Instrument, Face Amount		$ 100,000	$ 20,000		$ 115,000	$ 25,000	$ 175,000
Debt Instrument, Interest Rate, Stated Percentage	12.00%				12.00%	6.00%	6.00%
Interest Expense	$ 455			$ 3,942

- Definition

The cost of borrowed funds accounted for as interest that was charged against earnings during the period.

+ References+ Details

XML 37 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2012	Dec. 31, 2011
Assets
Cash and cash equivalents	$ 240,693	$ 221,905
Short term loans receivable	11,022,866	6,916,090
Interest receivable on loans	160,342	109,905
Other current assets	18,903	16,463
Total current assets	11,442,804	7,264,363
Investment in real estate	146,821	146,821
Long term loans receivable	2,601,500	2,498,262
Property and equipment, net	0	588
Security deposit	6,491	6,349
Investment in privately held company, at cost	100,000	100,000
Deferred financing costs	41,735	72,788
Total assets	14,339,351	10,089,171
Liabilities and Stockholders' Equity
Line of credit	3,500,000	0
Senior secured notes	500,000	0
Accounts payable and accrued expenses	70,403	60,072
Deferred origination fees	122,242	112,780
Income taxes payable	268,256	168,786
Total current liabilities	5,860,366	1,501,103
Short term loans	1,399,465	1,159,465
Long term liabilities:
Senior secured notes	0	500,000
Total liabilities	5,860,366	2,001,103
Commitments and contingencies
Stockholders' equity:
Preferred shares - $.01 par value; 5,000,000 shares authorized; no shares issued	0	0
Common shares - $.001 par value; 25,000,000 authorized; 4,405,190 issued; 4,298,059 and 4,324,459 outstanding	4,405	4,405
Additional paid-in capital	9,687,159	9,656,280
Treasury stock, at cost - 107,131 and 80,731 shares	(269,972)	(241,400)
Accumulated deficit	(942,607)	(1,331,217)
Total stockholders' equity	8,478,985	8,088,068
Total liabilities and stockholders' equity	$ 14,339,351	$ 10,089,171

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Stock-Based Compensation (Details) (USD $)	12 Months Ended
Stock-Based Compensation (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Number of Shares, Outstanding at December 31, 2011	348,000	631,000
Number of Shares, Granted	28,000	173,000
Number of Shares, Exercised	0	0
Number of Shares, Forfeited	(21,000)	(456,000)
Number of Shares, Outstanding at December 31, 2012	355,000	348,000
Number of Shares, Vested and exercisable at December 31, 2012	352,000	344,000
Weighted Average Exercise Price, Outstanding at December 31, 2011	$ 0.96	$ 1.41
Weighted Average Exercise Price, Granted	$ 1.02	$ 1.53
Weighted Average Exercise Price, Exercised	$ 0	$ 0
Weighted Average Exercise Price, Forfeited	$ 1.65	$ 1.8
Weighted Average Exercise Price, Outstanding at December 31, 2012	$ 0.92	$ 0.96
Weighted Average Exercise Price, Vested and exercisable at December 31, 2012	$ 0.92	$ 0.96
Weighted Average Remaining Contractual Term (in years), Outstanding at December 31, 2011	1 year 7 months 13 days	2 years 3 months 4 days	2 years 2 months 16 days
Weighted Average Remaining Contractual Term (in years), Vested and exercisable at December 31, 2012	1 year 7 months 6 days	2 years 2 months 23 days
Aggregate Intrinsic Value, Outstanding at December 31, 2012	$ 173,006	$ 177,253	$ 469,352
Aggregate Intrinsic Value, Vested and exercisable at December 31, 2012	$ 171,208	$ 174,856

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:
Net income	$ 388,610	$ 256,524
Adjustments to reconcile net income to net cash provided by operating activities -
Amortization of deferred financing costs	47,078	36,395
Depreciation	588	1,837
Non cash compensation expense	30,879	68,431
Changes in operating assets and liabilities
Interest receivable on loans	(50,437)	(18,312)
Other current and non current assets	(2,582)	8,130
Accounts payable and accrued expenses	10,331	3,667
Deferred origination fees	9,462	36,352
Income taxes payable	99,470	(11,727)
Net cash provided by operating activities	533,399	381,297
Cash flows from investing activities:
Investment in real estate (net of proceeds of $528,179 from partial exercises of options - see Note 5)	0	(146,821)
Issuance of short term loans	(15,173,500)	(8,512,537)
Collections received from loans	10,963,486	7,254,478
Net cash used in investing activities	(4,210,014)	(1,404,880)
Cash flows from financing activities:
Proceeds from loans and line of credit, net	3,740,000	859,465
Purchase of treasury shares	(28,572)	0
Deferred financing costs incurred	(16,025)	0
Net cash provided by financing activities	3,695,403	859,465
Net increase (decrease) in cash and cash equivalents	18,788	(164,118)
Cash and cash equivalents, beginning of year	221,905	386,023
Cash and cash equivalents, end of year	240,693	221,905
Supplemental Cash Flow Information:
Taxes paid during the year	203,850	203,727
Interest paid during the year	$ 234,835	$ 120,375

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Investment in Real Estate (Details Textual) (USD $)	1 Months Ended	12 Months Ended
Investment in Real Estate (Details Textual) (USD $)	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Oct. 21, 2011	Mar. 21, 2011	Oct. 21, 2011 New Option [Member]	Oct. 01, 2011 New Option [Member]	Sep. 28, 2011 Buy Back Option [Member]
Investment in real estate	$ 675,000	$ 0	$ 146,821
Option Sold					3,900
Option Monthly Fee					10,530
Option Exercised To Buy Back Property								380,679
Option Sold Prior To Partial Exercise								70,590
Issuance Of Option For Properties, Exercise Price							294,321
Monthly Option Fee For Properties							4,591
Issuance Of Option For Properties Partially Exercised						147,500
Exercise Price Of Property After Partial Exercise Of Option				146,821
Monthly Option Fee For Property After Partial Exercise Of Option				2,296
Fees Generated From Seller Buy Back Options		$ 27,548	$ 79,329

XML 41 R22.htm IDEA: XBRL DOCUMENT

Related Parties Transactions

12 Months Ended

Dec. 31, 2012

15.

Related Parties Transactions

In January 2013, Mr. Ran, made two loans to the Company in the aggregate amount of $175,000, at an interest rate of 6%, per annum. Both loans were repaid in full by the Company on February 4, 2013.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Property and Equipment (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Office equipment	$ 20,744	$ 20,744
Less: Accumulated depreciation	(20,744)	(20,156)
Property and equipment, net	$ 0	$ 588

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References+ Details

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Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.

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- Definition

Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.

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Significant Accounting Policies (Tables)
12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Schedule of Weighted Average Number of Shares [Table Text Block]
The numerator in calculating both basic and diluted earnings per common share for each year is the reported net income. The denominator is based on the following weighted average number of common shares:

Years ended
December 31,

2012 2011

Basic weighted average common shares outstanding 4,320,050 3,634,048

Incremental shares for assumed exercise of options 6,279 12,026

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Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit).

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CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] (USD $)
12 Months Ended

Dec. 31, 2011

Proceeds From Partial Exercise Of Options $ 528,179

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CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)

Dec. 31, 2012

Dec. 31, 2011

Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01

Preferred stock, shares authorized 5,000,000 5,000,000

Preferred stock, shares issued 0 0

Common stock, par value (in dollars per share) $ 0.001 $ 0.001

Common stock, shares authorized 25,000,000 25,000,000

Common stock, shares issued 4,405,190 4,405,190

Common stock, shares outstanding 4,298,059 4,324,459

Treasury stock, shares 107,131 80,731

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Simple IRA Plan
12 Months Ended

Dec. 31, 2012

Simple Ira Plan [Abstract]

Simple Ira Plan Disclosure [Text Block]

10. Simple IRA Plan

On October 26, 2000, the Board of Directors approved a Simple IRA Plan (the “IRA Plan”) for the purpose of attracting and retaining valuable executives. The IRA Plan was effective August 2000 with a trustee, which allows up to 100 eligible executives to participate. It is a “Matching Contribution” plan under which eligible executives may contribute up to 6% of their yearly salary, on a pre-tax basis (with a cap of $11,500), with the Company matching on a dollar-for-dollar basis up to 3% of the executives’ compensation (with a cap of $11,500). These thresholds are subject to change under notice by the trustee. The Company is not responsible for any other costs under this plan. For the years ended December 31, 2012 and 2011 the Company contributed $9,000 and $6,750, respectively, as matching contributions to the IRA Plan.

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DOCUMENT AND ENTITY INFORMATION (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended

Dec. 31, 2012

Mar. 22, 2013

Jun. 29, 2012

Entity Registrant Name MANHATTAN BRIDGE CAPITAL, INC

Entity Central Index Key 0001080340

Current Fiscal Year End Date --12-31

Entity Filer Category Smaller Reporting Company

Trading Symbol loan

Entity Common Stock, Shares Outstanding 4,268,459

Document Type 10-K

Amendment Flag false

Document Period End Date Dec. 31, 2012

Document Fiscal Period Focus FY

Document Fiscal Year Focus 2012

Entity Well-Known Seasoned Issuer No

Entity Voluntary Filers No

Entity Current Reporting Status Yes

Entity Public Float $ 1,784,496

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Stock-Based Compensation
12 Months Ended

Dec. 31, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Disclosure Of Compensation Related Costs, Share-Based Payments [Text Block]

11. Stock-Based Compensation

On June 23, 2009 the Company adopted the 2009 Stock Option Plan (the “Plan”) and replaced the 1999 Stock Option Plan as amended (the “Prior Plan”), which expired in May of 2009. Options granted under the Prior Plan remain outstanding until expired, exercised or cancelled.

The purpose of the Plan is to align the interests of officers, other key employees, consultants and non-employee directors of the Company and its subsidiaries with those of the stockholders of the Company, to afford an incentive to such officers, employees, consultants and directors to continue as such, to increase their efforts on behalf of the Company and to promote the success of the Company’s business. The availability of additional shares will enhance the Company’s ability to achieve these goals. The basis of participation in the Plan is upon discretionary grants of the Board. The Board may at any time, and from time to time, suspend or terminate the Plan in whole or in part or amend it from time to time.

The maximum number of Common Shares reserved for the grant of awards under the Plan is 400,000, subject to adjustment as provided in Section 9 of the Plan. As of December 31, 2012, 327,000 options were granted, 210,000 options were cancelled, and 283,000 are available for grant under the 2009 stock option plan.

The exercise price of options granted under the Company’s stock option plan may not be less than the fair market value on the date of grant. Stock options under our stock option plan may be awarded to officers, key-employees, consultants and non-employee directors of the Company. Under our stock option plan, every non-employee director of the Company is granted 7,000 options upon first taking office, and then 7,000 upon each additional year in office. Generally, options outstanding vest over periods not exceeding four years and are exercisable for up to five years from the grant date.

Share based compensation expense recognized under ASC 718 for the years ended December 31, 2012 and 2011 were $30,879 and 68,431, respectively.

The stock based compensation expense for the years ended December 31, 2012 and 2011 includes $13,065 and $3,355, respectively, of amortization of the fair value of the 1,000,000 restricted shares granted to the Company’s Chief Executive Officer on September 9, 2011 of $195,968, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value will be amortized over 15 years (See Note 12).

The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average share assumptions used for grants in 2012 and 2011, respectively: (1) expected life of 5 years; (2) No annual dividend yield; (3) expected volatility 72.5% to 74.6%; and (4) risk free interest rate of 0.73% to 1.87%.

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Number of
Shares Weighted
Average
Exercise
Price Weighted
Average
Remaining
Contractual
Term (in
years) Aggregate
Intrinsic
Value

Outstanding at January 1, 2011 631,000 $ 1.41 2.21 $ 469,352

Granted in 2011 173,000 1.53

Exercised in 2011 — —

Forfeited in 2011 (456,000 ) 1.80

Outstanding at December 31, 2011 348,000 $ 0.96 2.26 $ 177,253

Granted in 2012 28,000 1.02

Exercised in 2012 — —

Forfeited in 2012 (21,000 ) 1.65

Outstanding at December 31, 2012 355,000 $ 0.92 1.62 $ 173,006

Vested and exercisable at December 31, 2011 344,000 $ 0.96 2.23 $ 174,856

Vested and exercisable at December 31, 2012 352,000 $ 0.92 1.60 $ 171,208

The weighted-average fair value of each option granted during the years ended December 31, 2012 and 2011, estimated as of the grant date using the Black-Scholes option-pricing model, was $0.61 per option and $0.82 per option, respectively.

Mr. Ran, our CEO, agreed not to exercise his 210,000 Remaining Options, which are vested and outstanding as of December 31, 2012, in accordance with the Restricted Stock Agreement (See Note 12).

A summary of the status of the Company’s nonvested shares as of December 31, 2012 and 2011, and changes during the years then ended is as presented below:

Number of
Shares Weighted
Average
Exercise Price Weighted Average
Remaining Contractual
Term (in years)

Nonvested shares at January 1, 2011 96,334 $ 1.09 3.69

Granted 173,000 1.53 4.77

Forfeited (non vested) (189,667 ) 1.56 —

Vested (75,667 ) 0.92 3.21

Nonvested shares at December 31, 2011 4,000 $ 1.01 4.88

Granted 28,000 1.02 4.50

Vested (29,000 ) 1.02 4.48

Nonvested shares at December 31, 2012 3,000 $ 1.01 3.88

140,000 out of the 189,667 forfeited (non vested) shares were granted and cancelled in 2011.

The following table summarizes information about stock options outstanding at December 31, 2012:

Stock Option Outstanding Exercisable

Range of Exercise
Prices Number of
Shares Weighted
Average
Exercise
Price Weighted
Average
Remaining
Contractual
Term (in
years) Number of
Shares Weighted
Average
Exercise
Price

$ 0.50- $ 1.00 196,000 $ 0.78 1.21 196,000 $ 0.78

$ 1.01- $ 2.00 159,000 1.11 2.13 156,000 1.11

355,000 $ 0.92 1.62 352,000 $ 0.92

In connection with the Company’s private placement of senior secured notes the Company issued to Paulson 20,000 warrants. The warrants are convertible into the same number of common shares at an exercise price of $2.50 per warrant. The warrants are exercisable over a five-year period beginning December 28, 2010.

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Interest income from loans $ 1,475,800 $ 1,141,531

Origination fees 339,767 258,917

Total Revenue 1,815,567 1,400,448

Operating costs and expenses:

Interest and amortization of debt service costs 280,654 156,769

Referral fees 6,133 7,897

General and administrative expenses 864,398 866,705

Total operating costs and expenses 1,151,185 1,031,371

Income from operations 664,382 369,077

Other income (Note 5) 27,548 79,329

Income before income tax expense 691,930 448,406

Income tax expense (303,320) (191,882)

Net income $ 388,610 $ 256,524

Basic and diluted net income per common share outstanding:

-Basic (in dollars per share) $ 0.09 $ 0.07

-Diluted (in dollars per share) $ 0.09 $ 0.07

Weighted average number of common shares outstanding

-Basic (in shares) 4,320,050 3,634,048

-Diluted (in shares) 4,326,329 3,646,074

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XML 52 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6

Investment in Real Estate
12 Months Ended

Dec. 31, 2012

Investment In Real Estate [Abstract]

Investment In Real Estate Disclosure [Text Block]

5. Investment in Real Estate

On March 21, 2011, the Company purchased three 2-family buildings located in the Bronx, New York for $675,000, including related costs, and sold to the seller a one year option to buy back the properties for the same price. The buy back option was sold for $3,900, plus a monthly fee of $10,530 payable to the Company by the option holder for the life of the option. On September 28, 2011, the option holder exercised the option to buy back one of the properties for $380,679. The Company had received an aggregate of $70,590 from the sale of the option prior to the partial exercise and, on October 1, 2011, issued a one year option for the two remaining properties at an exercise price of $294,321 with a monthly option fee of $4,591 (the “New Option”.) The New Option supersedes the buy back option issued in March 2011. On October 21, 2011, the option holder partially exercised the New Option to buy back one of the two remaining properties for $147,500. After the partial exercise of the New Option, the option holder has a continuing option to purchase the one remaining property at an exercise price of $146,821 with a monthly option fee of $2,296. On October 1, 2012, the New Option was extended for an additional 6-month period.

Other income for the years ended December 31, 2012 and 2011, in the amount of $27,548 and $79,329, respectively, represents the fees generated from the seller buy back options.

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Commercial Loans
12 Months Ended

Dec. 31, 2012

Commercial Loans [Abstract]

Commercial Loans [Text Block]

4. Commercial Loans

Short Term Loans Receivable

The Company offers short-term secured non–banking loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in the New York Metropolitan area. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses. The loans are generally for a term of one year. The short term loans are initially recorded, and carried thereafter, in the financial statements at cost. Most of the loans provide for receipt of interest only during the term of the loan and a balloon payment at the end of the term. For the years ended December 31, 2012 and 2011 the total amounts of $15,173,500 and $8,512,537, respectively, have been lent, offset by collections received from borrowers, under the commercial loans in the amount of $10,963,486 and $7,254,478, respectively. Loans ranging in size from $30,000 to $1,000,000 were concluded at stated interest rates of 12% to 15%, but often at higher effective rates based upon points or other up-front fees.

The Company uses its own employees, outside lawyers and other independent professionals to verify titles and ownership, to file liens and to consummate the transactions. Outside appraisers are also used to assist the Company’s officials in evaluating the worth of collateral. To date, the Company has not experienced any defaults and none of the loans previously made have been non-collectable, although no assurances can be given that existing or future loans may not go into default or prove to be non-collectible in the future.

At December 31, 2012, the Company was committed to an additional $2,009,500 in construction loans that can be drawn by the borrower when certain conditions are met.

At December 31, 2012, the Company has made loans to five different entities in the aggregate amount of $1,570,000, none of which are long term loans receivable. One individual holds one hundred percent interest in each of the entities. The individual has no relationship to any of the officers or directors of the Company.

At December 31, 2011, the Company has made loans to four different entities in the aggregate amount of $1,470,000, of which $155,000 is included in long-term loans receivable. One individual holds at least a fifty percent interest in each of the different entities. The Company also has made loans to six different entities in the aggregate amount of $1,376,500, none of which are long term loans receivable. One individual holds a fifty percent interest in each of the entities. The Company also has made loans to five different entities in the aggregate amount of $1,600,000, none of which are long term loans receivable. One individual holds at least a fifty percent interest in each of the entities. All individuals have no relationship to any of the officers or directors of the Company.

At December 31, 2012 and 2011, no one entity has loans outstanding representing more than 10% of the total balance of the loans outstanding.

Some of the loans in the Company’s portfolio at December 31, 2012, were jointly funded by the Company and an unrelated entity during the year ended December 31, 2012, for aggregate loans of $510,000. The accompanying balance sheet includes the Company’s portion of the loans in the amount of $255,000. There were no jointly funded loans at December 31, 2011.

The Company generally grants loans for a term of one year. In certain situations the Company and its borrowers have mutually agreed to the extension of the loans as a result of the downturn in the economy and the real estate industry in the New York metropolitan area. Potential buyers of the real estate serving as collateral for the short-term loans may have difficulty securing financing due to restrictions imposed by financial institutions resulting from the recent mortgage crisis. In addition, the Company’s borrowers may be having difficulty securing permanent financing. Prior to the Company granting an extension of any loan, it reevaluates the underlying collateral.

Long Term Loans Receivable

During the year ended December 31, 2011, management determined to reclassify a portion of the Company’s short term loans to long term loans receivable. Long term loans receivable comprise the loans that were extended beyond the original maturity dates, unless it is clear that the loan will be paid back by December 31, 2013. At December 31, 2012, the Company’s loan portfolio consists of approximately $11,023,000 short term loans receivable and approximately $2,602,000 long term loans receivable.

Of the long term loans receivable, approximately $89,000 have repayment terms, extending through the year ended December 31, 2017, while the remainder of the loans, by their terms, are due through December 31, 2013.

Credit Risk

Credit risk profile based on loan activity as of December 31, 2012 and 2011:

Performing loans Developers-
Residential Developers-
Commercial Developers Mixed
Used Total outstanding
loans

December 31, 2012 $ 12,169,366 $ 400,000 $ 1,055,000 $ 13,624,366

December 31, 2011 $ 8,725,367 $ 78,985 $ 610,000 $ 9,414,352

At December 31, 2012, the Company’s commercial loans include loans in the amount of $499,666, $567,200, $750,000 and $1,537,500, originally due in 2009, 2010, 2011 and 2012, respectively. At December 31, 2011, the Company’s commercial loans include loans in the amount of $521,700, $1,702,200 and $955,000, originally due in 2009, 2010 and 2011, respectively. In all instances the borrowers are currently paying their interest and, generally, the Company receives a fee in connection with the extension of the loans. Accordingly, at December 31, 2012 and 2011, no loan impairments exist and there are no provisions for impairments of loans or recoveries thereof included in operations for the years then ended. Subsequent to the balance sheet date, $2,830,666 of commercial loans, of which $160,000 is included in long term loans receivable, outstanding at December 31, 2012 were paid off.

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Significant Accounting Policies (Policies)
12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]
Principles of Consolidation

The consolidated financial statements include the accounts of Manhattan Bridge Capital, Inc., and its wholly-owned subsidiaries DAG Funding Solutions, Inc.(“DAG Funding”), MBC Funding I, Inc. (“MBC Funding”) and 1490-1496 Hicks, LLC (“Hicks LLC”). All significant intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates, Policy [Policy Text Block]
Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management will base the use of estimates on (a) a preset number of assumptions that consider past experience, (b) future projections, and (c) general financial market condition. Actual amounts could differ from those estimates.

Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and Cash Equivalents



For the purposes of the statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Concentration Risk, Credit Risk, Policy [Policy Text Block]
Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains its cash and cash equivalents with one major financial institution. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation up to $250,000.

Credit risks associated with short term commercial loans the Company makes to small businesses and related interest receivable are described in Note 4 entitled Commercial Loans.

Property, Plant and Equipment, Policy [Policy Text Block]
Property and Equipment

Property and equipment are recorded at cost. Depreciation is provided on a straight-line basis over the estimated useful economic lives of the assets, ranging from three to five years.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]
Impairment of long- lived assets

The Company continually monitors events or changes in circumstances that could indicate carrying amounts of long lived assets, may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the undiscounted cash flows is less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. There was no impairment to the carrying value of property and equipment during the years ended December 31, 2012 or 2011.

Income Tax, Policy [Policy Text Block]
Income Taxes

The Company accounts for income taxes under the provisions of FASB ASC 740, “Income Taxes”. Under the provisions of FASB ASC 740, deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date.

Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies. In the event that the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.

The Company follows ASC 740 rules governing tax positions which provide guidance for recognition and measurement. This prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognition, classification and disclosure of these uncertain tax positions.

Revenue Recognition, Policy [Policy Text Block]
Revenue Recognition



The Company recognizes revenues in accordance with ASC 605, which provides guidance on the recognition, presentation and disclosure of revenue in financial statements. ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue when (i) persuasive evidence of an arrangement exists, (ii) delivery of the product has occurred or services have been rendered, (iii) the sales price charged is fixed or determinable, and (iv) collectability is reasonably assured.

Interest income from commercial loans is recognized, as earned, over the loan period.

Origination fee revenue on commercial loans is amortized over the term of the respective note.

Deferred Financing Costs, Policy [Policy Text Block]
Deferred Financing Costs

Costs incurred in connection with the Company’s senior secured notes, as discussed in Note 8 are being amortized over the term of the notes, using the straight-line method. Costs incurred in connection with the Company’s line of credit, as discussed in Note 7 are being amortized over one year, using the straight-line method.

Earnings Per Share, Policy [Policy Text Block]
Earnings Per Share (“EPS”)

Basic and diluted earnings per share are calculated in accordance with ASC 260 “Earnings Per Share”. Under ASC 260, basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method.

The numerator in calculating both basic and diluted earnings per common share for each year is the reported net income. The denominator is based on the following weighted average number of common shares:

Years ended
December 31,

2012 2011

Basic weighted average common shares outstanding 4,320,050 3,634,048

Incremental shares for assumed exercise of options 6,279 12,026

Diluted weighted average common shares outstanding 4,326,329 3,646,074

345,721 and 331,974 vested options were not included in the diluted earnings per share calculation for the years ended December 31, 2012 and 2011, respectively, either because their effect would have been anti-dilutive, or because they are being held in escrow (See Note 12).

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]
Stock-Based Compensation

The Company measures and recognizes compensation awards for all stock option grants made to employees and directors, based on their fair value in accordance with ASC 718 “Compensation- Stock Compensation”, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. A key provision of this statement is to measure the cost of employee services received in exchange for an award of equity instruments (including stock options) based on the grant-date fair value of the award. The cost will be recognized over the service period during which an employee is required to provide service in exchange for the award (i.e., the requisite service period or vesting period). The Company accounts for equity instruments issued to non-employees in accordance with the provisions of ASC 718 and ASC 505-50, “Equity Based Payment to Non-Employees”. All transactions with non-employees, in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more appropriately measurable.

The stock based compensation expense for the years ended December 31, 2012 and 2011 also includes the amortization of the fair value of the restricted shares granted on September 9, 2011, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value will be amortized over 15 years (See Note 12).

Fair Value of Financial Instruments, Policy [Policy Text Block]
Fair Value of Financial Instruments

For cash and cash equivalents, short term loans, the line of credit and accounts payable, as well as interest bearing commercial loans held by the Company, the carrying amount approximates fair value due to the relative short-term nature of such instruments. The senior secured notes approximate fair value due to the relative short term of the notes and the prevailing interest rate.

New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements

In April 2011, FASB issued ASU 2011-02, "Receivables (Topic 310): A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring." ASU 2011-02 provides amendments to Topic 310 to clarify which loan modifications constitute troubled debt restructurings. It is intended to assist creditors in determining whether a modification of the terms of a receivable meets the criteria to be considered a troubled debt restructuring, both for purposes of recording an impairment loss and for disclosure of troubled debt restructurings. For public companies, the new guidance is effective for interim and annual periods beginning on or after June 15, 2011, and applies retrospectively to restructurings occurring on or after the beginning of the fiscal year of adoption. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements.

In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income”. This guidance requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. The option to present items of other comprehensive income in the statement of changes in equity is eliminated. This guidance also requires reclassification adjustments between net income and other comprehensive income to be shown on the face of the financial statements. The updated guidance is effective for interim or annual financial reporting periods beginning after December 15, 2011 and for interim periods within the fiscal year, with full retrospective application. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements.

In December 2011, the FASB issued ASU 2011-12, “Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” The update defers the requirement to present items that are reclassified from accumulated other comprehensive income to net income separately with their respective components of net income and other comprehensive income. To defer only those changes in ASU 2011-05 that relate to the presentation of reclassification adjustments, ASU 2011-12 supersedes only those paragraphs that pertain to how and where reclassification adjustments are presented. The amendments are effective at the same time as ASU 2011-05. The adoption of this guidance did not have a material impact on the Company’s consolidated financials statements.

In July 2012, the FASB issued ASU 2012-02, “Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” The revised standard is intended to reduce the cost and complexity of testing indefinite-lived intangible assets other than goodwill for impairment. It allows companies to perform a "qualitative" assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary, similar in approach to the goodwill impairment test. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financials statements.

In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The ASU is intended to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. This guidance adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (AOCI). It does not amend any existing requirements for reporting net income or OCI in the financial statements. The standard is effective prospectively for public entities for annual and interim reporting periods beginning after December 15, 2012. Private companies may adopt the standard one year later but early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financials statements.

Management does not believe that any other recently issued, but not yet effected, accounting standards if currently adopted would have a material effect on the Company’s consolidated financial statements.

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Restricted Stock Grant
12 Months Ended

Dec. 31, 2012

Restricted Grant Stock [Abstract]

Restricted Grant Stock [Text Block]

12. Restricted Stock Grant

On September 9, 2011, upon stockholders approval at the annual meeting, we granted 1,000,000 shares of restricted common stock (the “Restricted Shares”) to Mr. Ran. Under the terms of the restricted shares agreement (the “Restricted Shares Agreement”), Mr. Ran agreed to forfeit options held by him exercisable for an aggregate of 280,000 shares of our common stock with exercise prices above $1.21 per share and agreed not to exercise additional options held by him for an aggregate of 210,000 shares of our common stock with exercise prices below $1.21 per share (the “Remaining Options”). Until their expiration, Mr. Ran will be required to forfeit approximately 4.76 Restricted Shares for each share of common stock issued upon any exercise of the Remaining Options. In addition, Mr. Ran may not sell, convey, transfer, pledge, encumber or otherwise dispose of the Restricted Shares until the earliest to occur of the following: (i) September 9, 2026, with respect to 1/3 of the Restricted Shares, September 9, 2027 with respect to an additional 1/3 of the Restricted Shares and September 9, 2028 with respect to the final 1/3 of the Restricted Shares; (ii) the date on which Mr. Ran’s employment is terminated by us for any reason other than for “Cause” (i.e., misconduct that is materially injurious to us monetarily or otherwise, including engaging in any conduct that constitutes a felony under federal, state or local law); or (iii) the date on which Mr. Ran’s employment is terminated on account of (A) his death; or (B) his disability, which, in the opinion of his personal physician and a physician selected by us prevents him from being employed with us on a full-time basis (each such date being referred to as a “Risk Termination Date”). If at any time prior to a Risk Termination Date Mr. Ran’s employment is terminated by us for Cause or by Mr. Ran voluntarily for any reason other than death or disability, Mr. Ran will forfeit that portion of the Restricted Shares which have not previously vested. Mr. Ran will have the power to vote the Restricted Shares and will be entitled to all dividends payable with respect to the Restricted Shares from the date the Restricted Shares are issued.

In connection with the Compensation Committee’s approval of the foregoing grant of Restricted Shares, the Compensation Committee consulted with and obtained the concurrence of independent compensation experts and informed Mr. Ran that it had no present intention of continuing its prior practice of annually awarding stock options to Mr. Ran as CEO. Also Mr. Ran, advised the Compensation Committee that he would not seek future stock option grants.

The grant of Restricted Shares was exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended. The stock certificates for the Restricted Shares were imprinted with restrictive legends and are held in escrow until vesting occurs.

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Senior Secured Notes
12 Months Ended

Dec. 31, 2012

Senior Secured Notes Disclosure [Abstract]

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8. Senior Secured Notes

On December 28, 2010, MBC Funding completed a $500,000 private placement of three-year 6.63% senior secured notes. As collateral for these notes, MBC has agreed to assign to MBC Funding the mortgages and related notes that it holds as a creditor in the aggregate amount of no less than $750,000. Pursuant to the agreement, MBC has also guaranteed the repayment of the notes. The notes require quarterly payments of interest only through the expiration date in December 2013, at which time the notes become due. The private placement was the initial tranche of a $5,000,000 offering which expired on March 31, 2011, which is no longer being marketed by the placement agent (Paulson).

Financing costs incurred in connection with the agreement totaled $109,183, including five year warrants (the “warrants”) to purchase 20,000 shares of the Company’s Common Stock issued to the underwriter at $2.50 per share, which were valued at $11,683. These costs are amortized over the life of the senior secured notes. The amortization costs for each of the years ended December 31, 2012 and 2011 were $36,395.

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Property and Equipment
12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

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6. Property and Equipment

Property and equipment, at cost, consist of the following:

December 31

2012 2011

Office equipment $ 20,744 $ 20,744

Less: Accumulated depreciation (20,744 ) (20,156 )

Property and equipment, net $ 0 $ 588

Depreciation expense was $588 and $1,837 for the years ended December 31, 2012 and 2011, respectively.

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Loans and Lines of Credit
12 Months Ended

Dec. 31, 2012

Loans And Line Of Credit [Abstract]

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7. Loans and Lines of Credit

Short Term Loans

During 2012, the Company received five separate short-term loans from three different entities, in the aggregate amount of $1,030,000, bearing interest at rates ranging from 10% to 14%, per annum. By the end of December 31, 2012, the Company repaid in full three of the five loans in the aggregate amount of $590,000.

During 2011, the Company received six separate short-term loans from five different entities, in the aggregate amount of $1,329,465, bearing interest at rates ranging from 8% to 14%, per annum. One of the loans in the amount of $170,000 was repaid in full by the Company in 2011. During 2012, one of the loans in the amount of $200,000 was repaid, and the other four loans were extended an additional year under the same terms.

At December 31, 2012, the outstanding balance of the short-term loans is $1,399,465, of which five of the loans are secured by certain of the Company’s short term loans, pursuant to a security agreement, and two of the loans are also personally guaranteed by our CEO.

Subsequent to the balance sheet date, the Company repaid in full one of the short-term loans received in 2012, in the amount of $240,000, at an interest rate of 14%, per annum.

Lines of Credit

In September 2009 the Company established a secured line of credit with Valley National Bank. The line of credit provided for maximum borrowings in the amount of up to $300,000, which may be repaid by the Company at any time without penalty. The line required monthly payments of interest only at the rate of 9%, per annum, with borrowings still outstanding due in October, 2012. Pursuant to a security agreement, the line of credit was secured by certain of the Company’s short term loans. In October 2011, the Company repaid the outstanding borrowings in full and closed the line of credit.

On May 2, 2012, the Company entered into a one-year revolving Line of Credit Agreement with Sterling National Bank pursuant to which the Bank has agreed to advance up to $3.5 million (the “Sterling Credit Line”) against assignments of mortgages and other collateral. The Sterling Credit Line was conditioned on an unlimited personal guarantee from Assaf Ran, the Company’s CEO, and requires the maintenance of certain non-financial covenants including limitations on the percentage of loans outstanding in excess of one year, loans made to affiliated groups and the extent of construction loans made by the Company. The interest rate on the Sterling Credit Line is 2% in excess of the Wall Street Journal prime rate (3.25% at December 31, 2012), but in no event less than 6%, per annum, on the money in use. Total initiation costs for the Sterling Credit Line were approximately $16,000. These costs are being amortized over one year, using the straight-line method. The amortization costs for the year ended December 31, 2012 were $10,683. At December 31, 2012, the outstanding balance of the Sterling Credit Line is $3,500,000.

On January 31, 2013, the Company entered into an amendment to the Line of Credit Agreement with Sterling National Bank to increase the Sterling Credit Line from $3,500,000 to $5,000,000, under the same terms as the original line of credit.

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Income Taxes
12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

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9. Income Taxes

Income tax expense (benefit) consists of the following:

2012 2011

Current Taxes:

Federal $ 241,995 $ 129,136

State 61,325 62,746

303,320 191,882

Deferred taxes:

Federal — —

State — —

— —

Income tax expense $ 303,320 $ 191,882

Deferred tax assets consist of the following:

2012 2011

Deferred tax assets:

Compensation expense - other $ 7,838 $ 27,982

Compensation expense - restricted stocks 86,226 84,266

Deferred tax assets 94,064 112,248

Less: valuation allowance $ (94,064 ) $ (112,248 )

— —

The Company has a capital loss carryover of $418,157, a portion of which it expects to utilize to offset its other income in the amount of $27,548, in connection with the filing of its income tax returns for the year ended December 31, 2012. The remaining capital loss carryover expires through 2015.

The income tax expense (benefit) differs from the amount computed using the federal statutory rate of 34% as a result of the following:

Year Ended December 31, 2012 2011

Federal Statutory Rate 34 % 34 %

State and local income tax expense (benefit), net of federal tax effect 9 % 14 %

Valuation allowance — —

State and local franchise taxes — —

Other 1 % (5 )%

Income tax expense (benefit) 44 % 43 %

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authorities. Tax positions not deemed to meet the more likely than not threshold are recorded as tax benefits or expenses in the current year. Management has analyzed the Company’s tax positions taken on Federal, state and local tax returns for all open tax years, and has concluded that no provision for Federal income tax is required in the Company’s financial statements. The Company reports interest and penalties as income tax expense, which amounted to approximately $7,400 and $12,000 for the years ended December 31, 2012 and 2011, respectively.

The Company is no longer subject to U.S. federal and state and local income tax examinations by tax authorities for years prior to 2009, as these tax years are closed.

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Commercial Loans (Details Textual) (USD $)
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Issuance Of Short Term Loans $ 15,173,500 $ 8,512,537

Proceeds From Principal Repayments On Loans And Leases Held For Investment 10,963,486 7,254,478

Additional Construction Loan For Borrowers Subject To Conditions 2,009,500

Jointly Funded Loans Total 510,000

Jointly Funded Loans 255,000

Short term loans receivable 11,022,866 6,916,090

Long term loans receivable 2,601,500 2,498,262

Long Term Loans Receivable Repayments In Five Years 89,000

Proceeds Form Collection Of Noncurrent Portion Of Commercial Loan Receivable 160,000

Commercial Loan [Member]

Proceeds from Collection of Loans Receivable 2,830,666

Due In 2009 [Member]

Loans Receivable, Gross, Commercial, Construction 499,666 521,700

Due In 2010 [Member]

Loans Receivable, Gross, Commercial, Construction 567,200 1,702,200

Due In 2011 [Member]

Loans Receivable, Gross, Commercial, Construction 750,000 955,000

Due In 2012 [Member]

Loans Receivable, Gross, Commercial, Construction 1,537,500

Minimum [Member]

Loans and Leases Receivable, Gross, Commercial, Total 30,000

Loans Receivable Fixed Rates Of Interest 12.00%

Maximum [Member]

Loans and Leases Receivable, Gross, Commercial, Total 1,000,000

Loans Receivable Fixed Rates Of Interest 15.00%

Five Borrowers [Member] | Short Term Loan One [Member]

Commercial Loans Issued To Borrowers 1,570,000

Five Borrowers [Member] | Short Term Loan Four [Member]

Commercial Loans Issued To Borrowers 1,600,000

Four Borrowers [Member] | Short Term Loan Two [Member]

Commercial Loans Issued To Borrowers 1,470,000

Interest Percentage Of Individual 50.00%

Long Term Loan Receivable 155,000

Six Borrowers [Member] | Short Term Loan Three [Member]

Commercial Loans Issued To Borrowers $ 1,376,500

Interest Percentage Of Individual 50.00%

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Dec. 31, 2012

2013 $ 39,300

2014 40,300

2015 41,400

2016 28,100

Total $ 149,100

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Commitments and Contingencies
12 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]
14. Commitments and Contingencies

Operating Leases

On June 9, 2011, the Company entered into a new lease agreement (the “Lease’) to relocate its corporate headquarters to 60 Cutter Mill Road, Great Neck, New York. The Lease is for a term of five years and two months commencing June 2011 and ending August 2016. The rent increases annually during the term and ranges from approximately $2,800 per month during the first year to approximately $3,200 per month during the fifth year.

At December 31, 2012, approximate future minimum rental, including utilities, payments under these commitments are as follows:

2013 $ 39,300

2014 40,300

2015 41,400

2016 28,100

Total $ 149,100

Rent expense, including utilities, was approximately $38,000 and $49,000 in 2012 and 2011, respectively.

Employment Agreements

In March 1999, we entered into an employment agreement with Assaf Ran, our President and Chief Executive Officer. Mr. Ran’s employment term renews automatically on June 30th of each year for successive one-year periods unless either party gives 180 days written notice of its intention to terminate the agreement. Under the agreement, Mr. Ran receives an annual base salary of $75,000 and annual bonuses as determined by the Compensation Committee of the Board (the “Compensation Committee”), in its sole and absolute discretion, and is eligible to participate in all executive benefit plans established and maintained by us. Under the agreement, Mr. Ran agreed to a one-year non-competition period following the termination of his employment. In March 2003, the Compensation Committee approved an increase in Mr. Ran’s compensation to an annual base salary of $225,000. However, in 2008 and 2009, Mr. Ran agreed to a temporary reduction of his annual base salary by 75% and 55%, respectively, to $56,000 and $100,000. On June 21, 2010, Mr. Ran’s annual base salary was restored to the level of $225,000 per year.

Mr. Ran’s annual base compensation was $225,000, and a bonus of $65,000 for each of the years 2012 and 2011 which was approved by the Compensation Committee.

Derivative Action

The Company has been sued as a nominal defendant in a stockholder derivative action, Alan R. Kahn v. Assaf Ran, et al., Supreme Court of the State of New York, County of Nassau, filed against the members of its Board of Directors. The plaintiff, who asserts that he was a stockholder of the Company at all pertinent times, alleges wrongdoing by the Board in a transaction in which Director and Chief Executive Officer, Assaf Ran, was granted certain shares of the Company’s restricted stock in exchange for giving up his rights in certain options that he had held at the time of the transaction. Plaintiff contends that the Company was harmed by the transaction. The Directors disagree with the plaintiff’s position that the transaction involved any wrongful conduct or that it harmed the Company in any way. The court dismissed the original complaint, but gave plaintiff leave to file an amended complaint, which the plaintiff did. The defendants moved to dismiss the amended complaint, but before the court ruled on that motion, the parties reached an agreement to settle the action, subject to approval of the court. The terms of the settlement include the Company’s agreement to continue utilizing certain corporate governance matters that the Company had already implemented before the lawsuit was filed and would continue to implement regardless of the settlement agreement, and to pay Plaintiff’s counsel’s fees and expenses in an amount to be determined by the court, which amount shall not exceed $80,000. In addition, Assaf Ran will reiterate his commitment to extend his personal guarantee to the Company for up to $5 million. This commitment was available to the Company prior to the settlement agreement. The court has preliminarily approved the settlement, and the Company has provided notice of the settlement to stockholders, in order to provide them with an opportunity to object to the settlement if they choose to do so. The court has scheduled a final hearing to address the fairness and reasonableness of the settlement for April 2, 2013. If the court approves the settlement, it is anticipated that any fees and expenses that the court awards to plaintiff’s counsel will be paid by an officers’ and directors’ liability insurance policy, rather than by the Company. If the court refuses to approve the settlement and the litigation went forward, any ruling in favor of the plaintiff in that event would result in an award that would be paid to the Company, not by the Company, because the litigation is a derivative action, not a direct action.

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Property and Equipment (Tables)
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Dec. 31, 2012

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Restricted Stock Grant (Details Textual) (USD $)
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Number of Shares, Granted 28,000 173,000

Market Price Per Share On Date Of Restricted Shares Grant $ 1.21

Share Based Compensation Arrangements By Share Based Payment Award Options Not Exercised 210,000

Chief Executive Officer [Member]

Stockholders' Equity Note, Stock Split Mr. Ran will be required to forfeit approximately 4.76 Restricted Shares for each share of common stock issued upon any exercise of the Remaining Options.

Restricted Shares Agreement [Member] | Chief Executive Officer [Member]

Number of Shares, Granted 1,000,000

Shares, Forfeited 280,000

Stockholders' Equity Note, Stock Split Mr. Ran may not sell, convey, transfer, pledge, encumber or otherwise dispose of the Restricted Shares until the earliest to occur of the following: (i) September 9, 2026, with respect to 1/3 of the Restricted Shares, September 9, 2027 with respect to an additional 1/3 of the Restricted Shares and September 9, 2028 with respect to the final 1/3 of the Restricted Shares; (ii) the date on which Mr. Ran’s employment is terminated by us for any reason other than for "Cause" (i.e., misconduct that is materially injurious to us monetarily or otherwise, including engaging in any conduct that constitutes a felony under federal, state or local law); or (iii) the date on which Mr. Ran’s employment is terminated on account of (A) his death; or (B) his disability, which, in the opinion of his personal physician and a physician selected by us prevents him from being employed with us on a full-time basis (each such date being referred to as a "Risk Termination Date"). If at any time prior to a Risk Termination Date Mr. Ran’s employment is terminated by us for Cause or by Mr. Ran voluntarily for any reason other than death or disability, Mr. Ran will forfeit that portion of the Restricted Shares which have not previously vested. Mr. Ran will have the power to vote the Restricted Shares and will be entitled to all dividends payable with respect to the Restricted Shares from the date the Restricted Shares are issued.

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $)

Common Stock [Member]

Additional Paid-In Capital [Member]

Treasury Stock [Member]

Retained Earnings [Member]

Total

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Balance (in shares) at Dec. 31, 2010 3,405,190 80,731

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Grant of restricted shares 1,000 (1,000)

Grant of restricted shares (in shares) 1,000,000

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Balance (in shares) at Dec. 31, 2011 4,405,190 80,731

Non cash compensation 30,879 30,879

Purchase of treasury shares (28,572) (28,572)

Purchase of treasury shares (in shares) 26,400

Net income 388,610 388,610

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Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents Disclosure [Text Block]

3. Cash and Cash Equivalents

Effective January 1, 2008, the Company adopted ASC 820, Fair Value Measurements, which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1—Quoted prices in active markets.

Level 2—Observable inputs other than quoted prices in active markets that are either directly or indirectly observable.

Level 3—Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Cash equivalents and investment instruments are classified within Level 1 or Level 2 of the fair value hierarchy. The Company’s Level 1 investments are valued using quoted market prices in active markets. The Company’s Level 2 investments are valued using broker or dealer quotations for similar assets and liabilities. As of December 31, 2012 and 2011 the Company’s Level 1 investments consisted of cash and money market accounts in the amount of approximately $241,000 and $222,000, respectively, and were recorded as cash and cash equivalents in the Company’s consolidated balance sheets.

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Income Taxes (Tables)
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Income tax expense (benefit) consists of the following:

2012 2011

Current Taxes:

Federal $ 241,995 $ 129,136

State 61,325 62,746

303,320 191,882

Deferred taxes:

Federal — —

State — —

— —

Income tax expense $ 303,320 $ 191,882

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
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2012 2011

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Compensation expense - other $ 7,838 $ 27,982

Compensation expense - restricted stocks 86,226 84,266

Deferred tax assets 94,064 112,248

Less: valuation allowance $ (94,064 ) $ (112,248 )

— —

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
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Year Ended December 31, 2012 2011

Federal Statutory Rate 34 % 34 %

State and local income tax expense (benefit), net of federal tax effect 9 % 14 %

Valuation allowance — —

State and local franchise taxes — —

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Finite-Lived Intangible Assets, Amortization Method straight-line method

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Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum 14.00% 14.00%

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Shareholders' Equity
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Reference 19: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Accounting Principles Board Opinion (APB)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 22: http://www.xbrl.org/2003/role/presentationRef

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Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

Senior Secured Notes (Details Textual) (USD $)	12 Months Ended
Senior Secured Notes (Details Textual) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Senior Long Term Notes Under Private Placement			$ 500,000
Senior Notes Maturity Date			December 2013
Long-Term Debt Maturities Term			3 years
Loans Pledged as Collateral			750,000
Private Placement Offering			5,000,000
Private Placement Maturity Term			31-Mar-11
Maturity Term Of Warrrants			5 Years
Common Stock Issued To Underwriter, Value			11,683
Stock Repurchased During Period, Shares			20,000
Common Stock, Price Per Share			$ 2.5
Amortization of deferred financing costs	47,078	36,395
Senior Secured Notes [Member]
Senior Secured Notes Percentage			6.63%
Deferred Finance Costs, Noncurrent, Net			$ 109,183

CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] (USD $)	12 Months Ended
	Dec. 31, 2011
Proceeds From Partial Exercise Of Options	$ 528,179

CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Dec. 31, 2012	Dec. 31, 2011
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	4,405,190	4,405,190
Common stock, shares outstanding	4,298,059	4,324,459
Treasury stock, shares	107,131	80,731

DOCUMENT AND ENTITY INFORMATION (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Mar. 22, 2013	Jun. 29, 2012
Entity Registrant Name	MANHATTAN BRIDGE CAPITAL, INC
Entity Central Index Key	0001080340
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	loan
Entity Common Stock, Shares Outstanding		4,268,459
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2012
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,784,496

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Dec. 31, 2012	Dec. 31, 2011
Interest income from loans	$ 1,475,800	$ 1,141,531
Origination fees	339,767	258,917
Total Revenue	1,815,567	1,400,448
Operating costs and expenses:
Interest and amortization of debt service costs	280,654	156,769
Referral fees	6,133	7,897
General and administrative expenses	864,398	866,705
Total operating costs and expenses	1,151,185	1,031,371
Income from operations	664,382	369,077
Other income (Note 5)	27,548	79,329
Income before income tax expense	691,930	448,406
Income tax expense	(303,320)	(191,882)
Net income	$ 388,610	$ 256,524
Basic and diluted net income per common share outstanding:
-Basic (in dollars per share)	$ 0.09	$ 0.07
-Diluted (in dollars per share)	$ 0.09	$ 0.07
Weighted average number of common shares outstanding
-Basic (in shares)	4,320,050	3,634,048
-Diluted (in shares)	4,326,329	3,646,074

Commercial Loans (Details Textual) (USD $)	12 Months Ended
Commercial Loans (Details Textual) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Issuance Of Short Term Loans	$ 15,173,500	$ 8,512,537
Proceeds From Principal Repayments On Loans And Leases Held For Investment	10,963,486	7,254,478
Additional Construction Loan For Borrowers Subject To Conditions	2,009,500
Jointly Funded Loans Total	510,000
Jointly Funded Loans	255,000
Short term loans receivable	11,022,866	6,916,090
Long term loans receivable	2,601,500	2,498,262
Long Term Loans Receivable Repayments In Five Years	89,000
Proceeds Form Collection Of Noncurrent Portion Of Commercial Loan Receivable	160,000
Commercial Loan [Member]
Proceeds from Collection of Loans Receivable	2,830,666
Due In 2009 [Member]
Loans Receivable, Gross, Commercial, Construction	499,666	521,700
Due In 2010 [Member]
Loans Receivable, Gross, Commercial, Construction	567,200	1,702,200
Due In 2011 [Member]
Loans Receivable, Gross, Commercial, Construction	750,000	955,000
Due In 2012 [Member]
Loans Receivable, Gross, Commercial, Construction	1,537,500
Minimum [Member]
Loans and Leases Receivable, Gross, Commercial, Total	30,000
Loans Receivable Fixed Rates Of Interest	12.00%
Maximum [Member]
Loans and Leases Receivable, Gross, Commercial, Total	1,000,000
Loans Receivable Fixed Rates Of Interest	15.00%
Five Borrowers [Member] \| Short Term Loan One [Member]
Commercial Loans Issued To Borrowers	1,570,000
Five Borrowers [Member] \| Short Term Loan Four [Member]
Commercial Loans Issued To Borrowers		1,600,000
Four Borrowers [Member] \| Short Term Loan Two [Member]
Commercial Loans Issued To Borrowers		1,470,000
Interest Percentage Of Individual		50.00%
Long Term Loan Receivable		155,000
Six Borrowers [Member] \| Short Term Loan Three [Member]
Commercial Loans Issued To Borrowers		$ 1,376,500
Interest Percentage Of Individual		50.00%

Restricted Stock Grant (Details Textual) (USD $)	12 Months Ended
Restricted Stock Grant (Details Textual) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2011
Number of Shares, Granted	28,000	173,000
Market Price Per Share On Date Of Restricted Shares Grant			$ 1.21
Share Based Compensation Arrangements By Share Based Payment Award Options Not Exercised			210,000
Chief Executive Officer [Member]
Stockholders' Equity Note, Stock Split			Mr. Ran will be required to forfeit approximately 4.76 Restricted Shares for each share of common stock issued upon any exercise of the Remaining Options.
Restricted Shares Agreement [Member] \| Chief Executive Officer [Member]
Number of Shares, Granted			1,000,000
Shares, Forfeited			280,000
Stockholders' Equity Note, Stock Split			Mr. Ran may not sell, convey, transfer, pledge, encumber or otherwise dispose of the Restricted Shares until the earliest to occur of the following: (i) September 9, 2026, with respect to 1/3 of the Restricted Shares, September 9, 2027 with respect to an additional 1/3 of the Restricted Shares and September 9, 2028 with respect to the final 1/3 of the Restricted Shares; (ii) the date on which Mr. Ran’s employment is terminated by us for any reason other than for "Cause" (i.e., misconduct that is materially injurious to us monetarily or otherwise, including engaging in any conduct that constitutes a felony under federal, state or local law); or (iii) the date on which Mr. Ran’s employment is terminated on account of (A) his death; or (B) his disability, which, in the opinion of his personal physician and a physician selected by us prevents him from being employed with us on a full-time basis (each such date being referred to as a "Risk Termination Date"). If at any time prior to a Risk Termination Date Mr. Ran’s employment is terminated by us for Cause or by Mr. Ran voluntarily for any reason other than death or disability, Mr. Ran will forfeit that portion of the Restricted Shares which have not previously vested. Mr. Ran will have the power to vote the Restricted Shares and will be entitled to all dividends payable with respect to the Restricted Shares from the date the Restricted Shares are issued.

Income Taxes (Details 1) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Deferred tax assets:
Compensation expense - other	$ 7,838	$ 27,982
Compensation expense - restricted stocks	86,226	84,266
Deferred tax assets	94,064	112,248
Less: valuation allowance	(94,064)	(112,248)
Deferred Tax Assets, Net of Valuation Allowance	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $)	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2010	$ 3,405	$ 9,588,849	$ (241,400)	$ (1,587,741)	$ 7,763,113
Balance (in shares) at Dec. 31, 2010	3,405,190		80,731
Non cash compensation		68,431			68,431
Grant of restricted shares	1,000	(1,000)
Grant of restricted shares (in shares)	1,000,000
Net income				256,524	256,524
Balance at Dec. 31, 2011	4,405	9,656,280	(241,400)	(1,331,217)	8,088,068
Balance (in shares) at Dec. 31, 2011	4,405,190		80,731
Non cash compensation		30,879			30,879
Purchase of treasury shares			(28,572)		(28,572)
Purchase of treasury shares (in shares)			26,400
Net income				388,610	388,610
Balance at Dec. 31, 2012	$ 4,405	$ 9,687,159	$ (269,972)	$ (942,607)	$ 8,478,985
Balance (in shares) at Dec. 31, 2012	4,405,190		107,131

Loans and Lines of Credit (Details Textual) (USD $)	1 Months Ended	12 Months Ended				12 Months Ended		12 Months Ended
Loans and Lines of Credit (Details Textual) (USD $)	Sep. 30, 2009	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012 Sterling National Bank [Member]	May 02, 2012 Sterling National Bank [Member]	Dec. 31, 2012 Line of Credit [Member]	Dec. 31, 2012 Subsequent Event [Member]	Dec. 31, 2012 Subsequent Event [Member] Short-Term Debt [Member]	Dec. 31, 2012 Affiliated Entity [Member] Short Term Loans 2011 [Member]	Dec. 31, 2011 Affiliated Entity [Member] Short Term Loans 2011 [Member]	Dec. 31, 2012 Affiliated Entity [Member] Short Term Loans 2012 [Member]
Line of Credit Facility, Amount Outstanding	$ 300,000	$ 3,500,000			$ 3,500,000		$ 5,000,000
Line of Credit Facility, Interest Rate During Period	9.00%
Line of Credit Facility, Interest Rate Description				2% in excess of the Wall Street Journal prime rate (3.25% at December 31, 2012), but in no event less than 6%, per annum, on the money in use.
Payments Of Financing Costs		16,025	0			16,000
Amortization Of Financing Costs		47,078	36,395			10,683
Finite-Lived Intangible Assets, Amortization Method		straight-line method
Debt Instrument, Face Amount										1,329,465	1,030,000
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum										8.00%	10.00%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum										14.00%	14.00%
Repayments of Short-term Debt								240,000	200,000	170,000	590,000
Short term loans and line of credit		$ 1,399,465	$ 1,159,465								$ 1,399,465
Debt Instrument, Interest Rate, Stated Percentage								14.00%