Quarterly report pursuant to Section 13 or 15(d)

Financial Highlights

v3.22.2.2
Financial Highlights
9 Months Ended
Sep. 30, 2022
Investment Company, Financial Highlights [Abstract]  
FINANCIAL HIGHLIGHTS

NOTE 7 – FINANCIAL HIGHLIGHTS

 

    Three Months Ended     Three Months Ended  
    September 30,
2022
    September 30,
2021
 
    (Unaudited)     (Unaudited)  
Per Share Data (1):            
Net asset value at beginning of period   $ 0.276     $ 0.286  
Net investment loss     (0.002 )    
-
 
Change in unrealized gain (loss)     0.060       (0.014 )
Net asset value at end of period   $ 0.334     $ 0.272  
Total return based on net asset value (2)     21.0 %     (4.9 )%
Weighted average shares outstanding for period, basic     120,486,061       120,486,061  
Ratio/Supplemental Data:                
Net assets at end of period   $ 40,195,377     $ 32,732,521  
Average net assets   $ 33,288,189     $ 34,388,442  
Ratio of net operating expenses to average net assets (3)     8.4 %     4.6 %
Ratio of net operating expenses excluding management fees, incentive fees, and interest expense to average net assets (3)     7.4 %     3.8 %
Ratio of net investment loss to average net assets (3)     (3.2 )%     (0.5 )%
Ratio of net investment loss to average net assets, excluding other income from non-investment sources (3)     (3.2 )%     (0.5 )%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets (3)     83.2 %     (19.3 )%
Portfolio Turnover     0.0 %     0.40 %

    Nine Months Ended     Nine Months Ended  
    September 30,
2022
    September 30,
2021
 
    (Unaudited)     (Unaudited)  
Per Share Data (1):            
Net asset value at beginning of period   $ 0.286     $ 0.187  
Net investment loss     (0.006 )     (0.005 )
Change in unrealized gain (loss)     0.054       0.090  
Net asset value at end of period   $ 0.334     $ 0.272  
Total return based on net asset value (2)     16.8 %     45.5 %
Weighted average shares outstanding for period, basic     120,486,061       120,486,061  
Ratio/Supplemental Data:                
Net assets at end of period   $ 40,195,377     $ 32,732,521  
Average net assets   $ 33,703,681     $ 27,905,393  
Ratio of net operating expenses to average net assets (3)     7.3 %     5.6 %
Ratio of net operating expenses excluding management fees, incentive fees, and interest expense to average net assets (3)     6.3 %     4.7 %
Ratio of net investment loss to average net assets (3)     (2.9 )%     (3.1 )%
Ratio of net investment loss to average net assets, excluding other income from non-investment sources (3)     (2.9 )%     (3.1 )%
Ratio of net increase in net assets resulting from operations to average net assets (3)     22.7 %     49.1 %
Portfolio Turnover     0.0 %     0.47 %

 

    Year Ended December 31,  
    2021     2020     2019     2018     2017  
Per Share Data (1):                              
Net asset value at beginning of year   $ 0.187     $ 0.276     $ 0.345     $ 0.344     $ 0.365  
Net investment income (loss)     (0.007 )     (0.005 )     (0.009 )     0.009       0.008  
Change in unrealized gain (loss)     0.106       (0.022 )     (0.060 )     (0.007 )     (0.035 )
Realized gain (loss)    
-
      (0.062 )    
-
      (0.001 )     0.006  
Net asset value at end of year   $ 0.286     $ 0.187     $ 0.276     $ 0.345     $ 0.344  
Total return based on net asset value (2)     52.9 %     (32.60 )%     (20.0 )%     0.3 %     (5.8 )%
Weighted average shares outstanding for year, basic     120,486,061       120,486,061       120,486,061       120,486,061       120,486,061  
Ratio/Supplemental Data:                                        
Net assets at end of year   $ 34,472,992     $ 22,479,540     $ 33,280,329     $ 41,554,951     $ 41,407,539  
Average net assets   $ 29,126,862     $ 25,276,013     $ 38,504,249     $ 41,416,562     $ 42,634,685  
Total operating expenses to average net assets     6.0 %     6.2 %     5.8 %     5.4 %     3.8 %
Net operating expenses to average net assets (4)     6.0 %     6.2 %     5.8 %     5.4 %     3.3 %
Net operating expenses excluding management fees, incentive fees, and interest expense to average net assets     5.1 %     5.2 %     4.9 %     4.3 %     2.8 %
Net operating expenses excluding management fees, incentive fees, and interest expense to average net assets, excluding management fee waiver     5.1 %     5.2 %     4.9 %     4.3 %     3.2 %
Net investment income (loss) to average net assets     (3.0 )%     (2.7 )%     (2.8 )%     2.5 %     2.4 %
Net investment income (loss) to average net assets, excluding management fee waiver     (3.0 )%     (2.7 )%     (2.8 )%     2.5 %     1.9 %
Net investment income (loss) to average net assets, excluding other income from non-investment sources     (3.0 )%     (3.0 )%     (2.8 )%     2.5 %     0.1 %
Net investment income (loss)  to average net assets, excluding other income from non-investment sources, excluding management fee waiver (5)     (3.0 )%     (3.0 )%     (2.8 )%     2.5 %     (0.4 )%
                                         
Net increase (decrease) in net assets resulting from operations to average net assets     41.2 %     (42.7 )%     (21.5 )%     0.4 %     (6.0 )%
Portfolio Turnover     0.4 %     0.4 %     0.7 %     0.5 %     7.0 %

 

(1) Financial highlights are based on weighted average shares outstanding.
(2) Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in the period. The total returns are not annualized.
(3) Financial Highlights for periods of less than one year are annualized and the ratios of operating expenses to average net assets and net investment loss to average net assets are adjusted accordingly.  Non-recurring expenses are not annualized. For the three and nine months ended September 30, 2022 and 2021, the Company did not exclude any non-recurring expenses. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.
(4) Net operating expenses includes a management fee waiver in the amount of $216,559 for the year ended December 31, 2017.
(5) Other income from non-investment sources only includes the reduction of previously accrued expenses totaling $968,256 for the year ended December 31, 2017.