Quarterly report pursuant to Section 13 or 15(d)

Financial Highlights (Tables)

Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2024

Investment Company, Financial Highlights [Abstract]

	Three Months Ended			Three Months Ended
	September 30, 2024			September 30, 2023
	(Unaudited)			(Unaudited)
Per Share Data ⁽¹⁾:
Net asset value at beginning of period	$	0.200		$	0.278
Net investment gain (loss)		-			0.001
Change in unrealized loss		(0.008	)		(0.007	)
Realized gain (loss)		-			-
Net asset value at end of period	$	0.192		$	0.272
Total return based on net asset value ⁽²⁾		(4.00	)%		(2.2	)%
Weighted average shares outstanding for period, basic		120,486,061			120,486,061
Ratio/Supplemental Data:
Net assets at end of period	$	23,125,404		$	32,758,699
Average net assets	$	24,127,453		$	33,533,386
Ratio of net operating expenses to average net assets ⁽³⁾		5.8	%		4.2	%
Ratio of net operating expenses excluding management fees, incentive fees, and interest expense to average net assets ⁽³⁾		4.8	%		3.3	%
Ratio of net investment income (loss) to average net assets ⁽³⁾		(0.4	)%		1.9	%
Ratio of net investment income (loss) to average net assets, excluding other income from non-investment sources ⁽³⁾		(0.4	)%		1.9	%
Ratio of net decrease in net assets resulting from operations to average net assets ⁽³⁾		(16.7	)%		(9.3	)%
Portfolio Turnover		0.23	%		0.0	%

	Nine Months Ended			Nine Months Ended
	September 30, 2024			September 30, 2023
	(Unaudited)			(Unaudited)
Per Share Data ⁽¹⁾:
Net asset value at beginning of period	$	0.265		$	0.266
Net investment income (loss)		(0.002	)		0.006
Change in unrealized gain (loss)		(0.025	)		-
Realized gain (loss)		(0.046	)		-
Net asset value at end of period	$	0.192		$	0.272
Total return based on net asset value ⁽²⁾		(27.5	)%		2.3	%
Weighted average shares outstanding for period, basic		120,486,061			120,486,061
Ratio/Supplemental Data:
Net assets at end of period	$	23,125,404		$	32,758,699
Average net assets	$	27,061,680		$	32,238,403
Ratio of net operating expenses to average net assets ⁽³⁾		5.7	%		5.0	%
Ratio of net operating expenses excluding management fees, incentive fees, and interest expense to average net assets ⁽³⁾		4.7	%		4.0	%
Ratio of net investment income (loss) to average net assets ⁽³⁾		(0.9	)%		3.1	%
Ratio of net investment income (loss) to average net assets, excluding other income from non-investment sources ⁽³⁾		(1.0	)%		3.1	%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets ⁽³⁾		(43.2	)%		2.8	%
Portfolio Turnover		0.27	%		0.00	%

	Year Ended December 31,
	2023			2022			2021			2020			2019
Per Share Data ⁽¹⁾:
Net asset value at beginning of period	$	0.266		$	0.286		$	0.187		$	0.276		$	0.345
Net investment income (loss)		0.007			(0.006	)		(0.007	)		(0.005	)		(0.009	)
Change in unrealized gain (loss)		(0.008	)		0.025			0.106			(0.022	)		(0.060	)
Realized gain (loss)		-			0.036			-			(0.062	)		-
Dividend distribution		-			(0.075	)		-			-			-
Net asset value at end of period	$	0.265		$	0.266		$	0.286		$	0.187		$	0.276
Total return based on net asset value ⁽²⁾		(0.4	)%		(7.0	)%		52.9	%		(32.60	)%		(20.0	)%
Weighted average shares outstanding for period, basic		120,486,061			120,486,061			120,486,061			120,486,061			120,486,061
Ratio/Supplemental Data:
Net assets at end of period	$	31,904,562		$	32,083,462		$	34,472,992		$	22,479,540		$	33,280,329
Average net assets	$	32,367,368		$	35,317,720		$	29,126,862		$	25,276,013		$	38,504,249
Total operating expenses to average net assets		4.9	%		6.6	%		6.0	%		6.2	%		5.8	%
Net operating expenses to average net assets		4.9	%		6.6	%		6.0	%		6.2	%		5.8	%
Net operating expenses excluding management fees, incentive fees, and interest expense to average net assets		4.0	%		5.6	%		5.1	%		5.2	%		4.9	%
Net investment income (loss) to average net assets		2.5	%		(2.2	)%		(3.0	)%		(2.7	)%		(2.8	)%
Net investment income (loss) to average net assets, excluding other income from non-investment sources		2.5	%		(2.3	)%		(3.0	)%		(3.0	)%		(2.8	)%
Net increase (decrease) in net assets resulting from operations to average net assets		(0.6	)%		18.8	%		41.2	%		(42.7	)%		(21.5	)%
Portfolio Turnover		0.0	%		32.3	%		0.4	%		0.4	%		0.7	%

(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 months ended March 31, 2022 and 2021, the Company did not exclude any nonrecurring 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.