Interest Receivable

6 Months Ended

Jun. 30, 2023

Interest Receivable [Abstract]

INTEREST RECEIVABLE

4. INTEREST RECEIVABLE

The following table summarizes the interest receivable by the Company as of June 30, 2023 and December 31, 2022:

	As of June 30, 2023		As of December 31, 2022
Interest receivable	$	944,007	$	1,203,330
Unused fees receivable		50,805		1,082
Total interest receivable	$	994,812	$	1,204,412

The following table presents aging analyses of past due loans by class as of June 30, 2023 and December 31, 2022, respectively:

	As of June 30, 2023
	Current Loans(1)		31–60 Days Past Due		61–90 Days Past Due		90+ Days Past Due (and accruing)		Non- Accrual(2)		Total Past Due		Total Loans
Interest receivable	$	863,267	$	131,545	$	-	$	-	$	-	$	131,545	$	994,812
Total	$	863,267	$	131,545	$	-	$	-	$	-	$	131,545	$	994,812

	As of December 31, 2022
	Current Loans(1)		31–60 Days Past Due		61–90 Days Past Due		90+ Days Past Due (and accruing)		Non- Accrual		Total Past Due		Total Loans
Interest receivable	$	1,203,088	$	1,324	$	-	$	-	$	-	$	1,324	$	1,204,412
Total	$	1,203,088	$	1,324	$	-	$	-	$	-	$	1,324	$	1,204,412

(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 $16.2 million. For the period from May 1, 2023, through June 30, 2023, the Company ceased the accrual and recognition of all interest. As of June 30, 2023, the borrower of Loan #9 is 60 days past due, however there is $0 of accrued interest receivable relating to Loan #9.