Interest Receivable (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Summarizes the 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

Schedule of aging analyses of past due loans

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.

(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 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.