Interest Receivable

6 Months Ended

Jun. 30, 2024

Interest Receivable [Abstract]

INTEREST RECEIVABLE

4. INTEREST RECEIVABLE

The following table summarizes the interest receivable by the Company as of June 30, 2024 and December 31, 2023:

	As of June 30, 2024		As of December 31, 2023
Interest receivable	$	1,163,411	$	973,140
Unused fees receivable		6,200		31,000
Total interest receivable	$	1,169,611	$	1,004,140

The following table presents aging analyses of past due loans by class as of June 30, 2024 and December 31, 2023, respectively:

	As of June 30, 2024
	Current Loans (1)		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due (and accruing)		Total Past Due		Total Loans		Non- Accrual(2)
Interest receivable	$	1,169,611	$	-	$	-	$	-	$	-	$	1,169,611	$	-
Total	$	1,169,611	$	-	$	-	$	-	$	-	$	1,169,611	$	-

	As of December 31, 2023
	Current Loans (1)		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due (and accruing)		Total Past Due		Total Loans		Non- Accrual(2)
Interest receivable	$	838,537	$	62,189	$	66,335	$	37,079	$	165,603	$	1,004,140	$	165,603
Total	$	838,537	$	62,189	$	66,335	$	37,079	$	165,603	$	1,004,140	$	165,603

(1)Loans 1-30 days past due are included in the current loans. Amounts are presented on a gross and net basis, including the effects of any interest reserves for non-accrual loans.

(2)On May 1, 2023, Loan #9 was placed on non-accrual status with an outstanding principal amount of approximately $16.3 million. As of June 30, 2024, Loan #9 has principal greater than 90 days past due, however there is $0 of accrued interest receivable relating to Loan #9.