Mon, Jul 22, 11:03 AM (47 days ago)
Manhattan Bridge Capital, Inc.'s Form 10-Q for the quarter ended June 30, 2024, reports a stable financial performance with a slight increase in revenue and net income compared to the same period in 2023. Key highlights include: - **Revenue**: Total revenue for Q2 2024 was $2.44 million, up 1.8% from Q2 2023, driven by higher interest rates on loans but offset by reduced loan originations. - **Net Income**: Net income for Q2 2024 was $1.41 million, a slight decrease of 0.9% from Q2 2023. - **Expenses**: General and administrative expenses increased by 8.2% to $434,000 due to higher salaries and legal fees. - **Cash Flow**: Net cash provided by operating activities was $2.65 million for the first half of 2024, compared to $2.72 million in the same period in 2023. - **Liquidity**: Cash at the end of Q2 2024 was $106,000. The company reduced its line of credit balance from $25.15 million to $17.35 million. - **Debt**: The company maintained compliance with its credit line covenants and had $6 million in senior secured notes outstanding. Overall, the company exhibited strong financial health, with stable revenue growth and effective cost management, despite a challenging loan origination environment.