Quarterly report pursuant to Section 13 or 15(d)

Financial Highlights (Tables)

Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2022

Investment Company, Financial Highlights [Abstract]

	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.