 GREAT NECK, N.Y., July 23, 2020 GLOBE NEWSWIRE -- Manhattan Bridge Capital, Inc. Nasdaq: LOAN announced today that its total revenues for the three months ended June 30, 2020 were approximately 1,741,000 compared to approximately 1,779,000 for the three months ended June 30, 2019, a decrease of 38,000, or 2.1. The decrease in revenues was primarily attributable to lower interest rates and origination points charged on loans due to market conditions and intense competition from other lenders, as well as lower demand for new loans resulting from the COVID-19 pandemic. For the three months ended June 30, 2020 and 2019, approximately 1,490,000 and 1,487,000, respectively, of our revenues were attributable to interest income on secured commercial loans that we offer to small businesses, and approximately 251,000 and 292,000, respectively, of our revenues were attributable to origination fees on such loans. Net income for the three months ended June 30, 2020 was approximately 1,097,000, or 0.11 per basic and diluted share based on approximately 9.63 million weighted-average outstanding common shares, as compared to approximately 1,084,000, or 0.11 per basic and diluted share based on approximately 9.66 million weighted-average outstanding common shares, for the three months ended June 30, 2019. The increase is primarily attributable to the decrease in interest expense, offset by the decrease in revenue.Total revenues for the six months ended June 30, 2020 were approximately 3,452,000 compared to approximately 3,567,000 for the six months ended June 30, 2019, a decrease of 115,000, or 3.2. The decrease in revenues were primarily attributable to lower interest rates and origination points charged on loans due to market conditions and intense competition from other lenders, as well as lower demand for new loans resulting from the COVID-19 pandemic. For the six months ended June 30, 2020 and 2019, revenues of approximately 2,964,000 and 2,990,000, respectively, were attributable to interest income on secured commercial loans that we offer to small businesses, and approximately 488,000 and 577,000, respectively, were attributable to origination fees on such loans.Net income for the six months ended June 30, 2020 was approximately 2,113,000, or 0.22 per basic and diluted share based on approximately 9.64 million weighted-average outstanding common shares, as compared to approximately 2,205,000, or 0.23 per basic and diluted share based on approximately 9.66 million weighted-average outstanding common shares, for the six months ended June 30, 2019. This decrease is primarily attributable to the decrease in revenue and the increase in general and administrative expenses, offset by the decrease in interest expense. As of June 30, 2020, total stockholders equity was approximately 32,852,000.Assaf Ran, Chairman of the Board and CEO, stated, We hope that the worst is behind us, yet, the level of uncertainty about the future is still high. The COVID-19 is a reality test for our underwriting skills and performance, and so far, Im proud to say we are passing! Although we have dealt, and still are dealing with, some COVID-19 related issues, at this point we consider them manageable, minor and immaterial. I believe that based on our underwriting skills and performance, we belong to a selective group of REITs that did not pause or substantially reduce dividends. Further, due to the hard work and devotion of our team, we managed to approximately match the results of the same quarter a year ago.About Manhattan Bridge Capital, Inc.Manhattan Bridge Capital, Inc. offers short-term secured, nonbanking loans sometimes referred to as hard money loans to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the web site: Looking StatementsThis press release and the statements of our representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as plan, project, potential, seek, may, will, expect, believe, anticipate, intend, could, estimate, or continue are intended to identify forward-looking statements. For example, when we discuss our hope that the worst of the COVID-19 pandemic is behind us, our belief that the COVID-19 pandemic was a reality test for our underwriting skills and performance and so far we believe we are passing, our belief that the COVID-19 related issues, at this point, are manageable, minor and immaterial and that based on our underwriting skills and performance, and our belief that we belong to a selective group of REITs that did not pause or substantially reduce dividends, we are using forward-looking statements. Readers are cautioned that certain important factors may affect the Companys actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors, including but not limited to the following: i our loan origination activities, revenues and profits are limited by available funds; ii we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; iii our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; iv if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; v we may be subject to lender liability claims; vi our due diligence may not uncover all of a borrowers liabilities or other risks to its business; vii borrower concentration could lead to significant losses; viii we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive and ix if the effect of the COVID-19 pandemic on our business is greater than anticipated. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS June 30, 2020 December 31, 2019 unaudited audited Assets Loans receivable 55,857,217 53,485,014 Interest receivable on loans 770,628 675,996 Cash 194,026 118,407 Other assets 118,909 53,218 Operating lease right-of-use asset, net 64,506 87,754 Deferred financing costs 37,026 22,637 Total assets 57,042,312 54,443,026 Liabilities and Stockholders Equity Liabilities: Line of credit 18,076,228 15,232,993 Senior secured notes net of deferred financing costs of 434,870 and 472,413 5,565,130 5,527,587 Deferred origination fees 361,632 322,119 Accounts payable and accrued expenses 119,808 151,823 Operating lease liability 67,577 91,025 Other liabilities --- 15,000 Dividends payable --- 1,159,061 Total liabilities 24,190,375 22,499,608 Commitments and contingencies Stockholders equity: Preferred shares - .01 par value; 5,000,000 shares authorized; none issued --- --- Common shares - .001 par value; 25,000,000 shares authorized; 9,882,058 issued; 9,626,845 and 9,658,844 outstanding, respectively 9,882 9,882 Additional paid-in capital 33,150,564 33,144,032 Treasury stock, at cost 255,213 and 223,214 shares 771,559 619,688 Retained earnings accumulated deficit 463,050 590,808 Total stockholders equity 32,851,937 31,943,418 Total liabilities and stockholders equity 57,042,312 54,443,026 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS unaudited Three Months Ended June 30,Six Months Ended June 30, 2020 2019 2020 2019 Interest income from loans1,490,395 1,487,117 2,963,940 2,990,202 Origination fees 250,791 292,253 488,233 577,227 Total revenue 1,741,186 1,779,370 3,452,173 3,567,429 Operating costs and expenses: Interest and amortization of debt service costs 326,247 387,511 678,689 766,393 Referral fees 1,386 625 1,928 2,708 General and administrative expenses 318,726 309,619 663,507 598,356 Total operating costs and expenses 646,359 697,755 1,344,124 1,367,457 Income from operations 1,094,827 1,081,615 2,108,049 2,199,972 Other income 3,000 3,000 6,000 6,000 Income before income tax expense 1,097,827 1,084,615 2,114,049 2,205,972 Income tax expense 645 572 645 572 Net income1,097,182 1,084,043 2,113,404 2,205,400 Basic and diluted net income per common share outstanding: --Basic0.11 0.11 0.22 0.23 --Diluted0.11 0.11 0.22 0. 