Interest Receivable (Tables)

9 Months Ended

Sep. 30, 2023

Interest Receivable [Abstract]

Schedule of Summarizes the 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

Schedule of aging analyses of past due loans

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.