Interest Receivable

9 Months Ended

Sep. 30, 2023

Interest Receivable [Abstract]

INTEREST RECEIVABLE

4. INTEREST RECEIVABLE

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

	As of September 30, 2023		As of December 31, 2022
Interest receivable	$	2,195,375	$	1,203,330
Unused fees receivable		31,527		1,082
Total interest receivable	$	2,226,902	$	1,204,412

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

	As of September 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	$	1,940,419	$	269,710	$	16,773	$	-	$	-	$	286,483	$	2,226,902
Total	$	1,940,419	$	269,710	$	16,773	$	-	$	-	$	286,483	$	2,226,902

	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 $16.3 million. For the period from May 1, 2023, through September 30, 2023, the Company ceased the accrual and recognition of all interest. As of September 30, 2023, Loan #9 has principal greater than 90 days past due, however there is $0 of accrued interest receivable relating to Loan #9.