Annual report pursuant to Section 13 and 15(d)

Statements of Assets and Liabilities

v3.23.1
Statements of Assets and Liabilities - USD ($)
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Control investments at fair value (cost of $27,353,273 and $27,353,273, respectively) $ 18,499,943 $ 22,615,962
Non-control/non-affiliate investments at fair value (cost of $11,882,290 and $18,682,876, respectively) 12,064,145 11,691,130
Total investments at fair value (cost of $39,235,563 and $46,036,149, respectively) 30,564,088 34,307,092
Cash and cash equivalents 1,525,723 523,815
Restricted cash 40,823 40,586
Due from portfolio companies 26,342 225,396
Interest receivable, net of allowance for bad debt of $16,549 and $430,445, respectively 293,621 104,145
Taxes receivable 750
Prepaid expenses 35,552 30,473
Total assets 32,486,149 35,232,257
LIABILITIES    
Accrued management fees 91,934 262,324
Accounts payable 180,096 203,645
Due to affiliates [1] 64,875 273,016
Deferred fee income 17,996
Accrued expenses and other liabilities 65,782 2,284
Total liabilities 402,687 759,265
Net assets 32,083,462 34,472,992
NET ASSETS    
Common Stock, par value $0.001 per share (250,000,000 shares authorized; 120,486,061 shares issued and outstanding at December 31, 2022 and December 31, 2021) 120,486 120,486
Paid-in capital 64,868,884 64,868,884
Accumulated deficit (32,905,908) (30,516,378)
Total net assets $ 32,083,462 $ 34,472,992
Net asset value per share (in Dollars per share) $ 0.266 $ 0.286
[1] Amounts under Due to Affiliates are for accrued amounts payable to the Company’s investment advisor, House Hanover, LLC for the reimbursement of administration fees that it incurs on the Company’s behalf. See Note 7 of the Notes to Financial Statements.