Interest Receivable

9 Months Ended

Sep. 30, 2024

5. INTEREST RECEIVABLE

The following table summarizes the Company's interest receivable as of September 30, 2024, and December 31, 2023:


	As of September 30, 2024		As of December 31, 2023
Interest receivable	$	477,961	$	973,140
Unused fees receivable		6,400		31,000
Total interest receivable	$	484,361	$	1,004,140

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


	As of September 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	$	484,361	$	-	$	-	$	-	$	-	$	484,361	$	-
Total	$	484,361	$	-	$	-	$	-	$	-	$	484,361	$	-


	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.

On May 1, 2023, Loan #9 was placed on non-accrual status with an outstanding principal amount of approximately $16.3 million. As of September 30, 2024, Loan #9 has principal greater than 90 days past due, however there is $0 of accrued interest receivable relating to Loan #9. On December 1, 2023 Loan #6 was placed on non-accrual status. In March 2024, the Company entered into an amendment to Loan #6, which extended the maturity date to April 15, 2024. In the second quarter, the Company entered into an additional amendment to Loan #6, which extended the maturity date from April 15, 2024 to January 30, 2026 and restored Loan #6 to accrual status