v3.23.2

Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Assets
Loans receivable	$ 8,079,250	$ 7,984,250
Cash	53,124	39,146
Interest receivable on loans	67,522	68,512
Due from parent company	$ 699,882	$ 566,348
Other Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Prepaid expense	$ 2,500
Total assets	8,902,278	8,658,256
Liabilities:
Senior secured notes (net of deferred financing costs of $209,614 and $247,155, respectively)	5,790,386	5,752,845
Accrued expenses	15,000	15,000
Total liabilities	5,805,386	5,767,845
Stockholder’s equity:
Common shares - $.001 par value; 100 authorized, issued and outstanding
Additional paid-in capital	100	100
Retained earnings	3,096,792	2,890,311
Total stockholder’s equity	3,096,892	2,890,411
Total liabilities and stockholder’s equity	$ 8,902,278	$ 8,658,256

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

MBC FUNDING II CORP. 10-Q