Interest Receivable (Tables)

6 Months Ended

Jun. 30, 2024

Interest Receivable [Abstract]

Schedule of Summarizes the 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

Schedule of aging analyses of past due loans

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.