Financials

v3.22.2.2
Statements of Assets and Liabilities - USD ($)
Sep. 30, 2022
Dec. 31, 2021
ASSETS    
Control investments at fair value (cost of $27,353,273 and $27,353,273, respectively) $ 17,965,147 $ 22,615,962
Non-control/non-affiliate investments at fair value (cost of $18,682,876 and $18,682,876, respectively) 22,806,912 11,691,130
Total investments at fair value (cost of $46,036,149 and $46,036,149, respectively) 40,772,059 34,307,092
Cash 187,979 523,815
Restricted cash 40,624 40,586
Due from portfolio companies 229,540 225,396
Interest receivable, net of allowance for bad debt of $430,445 and $430,445, respectively 310,928 104,145
Taxes receivable 750
Prepaid expenses 82,876 30,473
Total assets 41,624,006 35,232,257
LIABILITIES    
Accrued management fees 512,735 262,324
Accounts payable 364,873 203,645
Due to affiliates [1] 472,500 273,016
Deferred fee income 17,996
Accrued expenses and other liabilities 78,521 2,284
Total liabilities 1,428,629 759,265
Net assets 40,195,377 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 September 30, 2022 and December 31, 2021) 120,486 120,486
Paid-in capital 64,868,884 64,868,884
Accumulated deficit (24,793,993) (30,516,378)
Total net assets $ 40,195,377 $ 34,472,992
Net asset value per share (in Dollars per share) [2] $ 0.334 $ 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.
[2] Financial highlights are based on weighted average shares outstanding.

Source

v3.22.2.2
Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
INVESTMENT INCOME        
Interest income from non-control/non-affiliate investments $ 172,500 $ 511,875
Interest income from control investments 254,679 254,209 570,415 397,391
Interest income paid-in-kind from control investments   97,401   97,401
Other income from non-control/non-affiliate investments 6,064 6,064 17,996 17,996
Other income from non-investment sources 17 21 55 85
Total investment income 433,260 357,695 1,100,341 512,873
OPERATING EXPENSES        
Management fees 83,014 74,347 247,395 182,778
Administration fees 105,257 101,643 308,543 300,467
Audit fees 21,320 21,115 128,876 112,682
Tax preparation fees 1,570   13,120 19,487
Legal fees 342,598 71,304 712,909 136,914
Valuation fees 28,500 33,000 94,500 99,000
Directors’ fees 38,625 38,625 115,875 114,375
Insurance expense 47,654 41,201 136,658 119,059
Interest expense 1,638   3,963 188
Other general and administrative expenses 35,740 20,003 80,628 80,509
Total operating expenses 705,916 401,238 1,842,467 1,165,459
Net investment loss before tax (272,656) (43,543) (742,126) (652,586)
Income tax expense     456  
Net investment loss after taxes (272,656) (43,543) (742,582) (652,586)
Net change in unrealized gain (loss) on:        
Non-control/non-affiliate investments 7,295,672 (953,012) 11,115,782 1,423,650
Control investments (39,925) (677,563) (4,650,815) 9,481,917
Net change in unrealized gain (loss) on investments 7,255,747 (1,630,575) 6,464,967 10,905,567
Net increase (decrease) in net assets resulting from operations [1] $ 6,983,091 $ (1,674,118) $ 5,722,385 $ 10,252,981
Net investment loss per share        
Basic (in Dollars per share) $ (0.002) $ 0 $ (0.006) $ (0.005)
Diluted (in Dollars per share) (0.002) 0 (0.006) (0.005)
Net increase (decrease) in net assets resulting from operations per share        
Basic (in Dollars per share) [1] 0.058 (0.014) 0.047 0.085
Diluted (in Dollars per share) [1] $ 0.058 $ (0.014) $ 0.047 $ 0.085
Weighted average shares of common stock outstanding        
Basic (in Shares) [1],[2] 120,486,061 120,486,061 120,486,061 120,486,061
Diluted (in Shares) [1] 120,486,061 120,486,061 120,486,061 120,486,061
[1] Per share data based on weighted average shares outstanding.
[2] Financial highlights are based on weighted average shares outstanding.

Source

v3.22.2.2
Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:        
Net increase in net assets resulting from operations [1] $ 6,983,091 $ (1,674,118) $ 5,722,385 $ 10,252,981
Proceeds from sales, repayments, or maturity of investments in:        
Portfolio investments       230,570
Net change in unrealized gain on investments     (6,464,967) (10,905,567)
Increase in investments due to PIK       (97,401)
Changes in operating assets and liabilities:        
Due from portfolio companies     (4,144) (33,943)
Interest receivable     (206,783) 365
Prepaid expenses     (52,403) (45,064)
Taxes receivable     750 6,000
Accrued management fees     250,411 (102,359)
Accounts payable     161,228 (32,460)
Due to affiliates     199,484  
Tax expense payable       (456)
Deferred fee income     (17,996) (17,996)
Accrued expenses and other liabilities     76,237 (26,039)
Net cash used in operating activities     (335,798) (771,369)
Net decrease in cash and restricted cash     (335,798) (771,369)
Cash and restricted cash at beginning of period     564,401 1,751,230
Cash and restricted cash at end of period 228,603 979,861 228,603 979,861
Cash and cash equivalents 187,979 939,287 187,979 939,287
Restricted Cash 40,624 40,574 40,624 40,574
Total Cash, Cash Equivalents and Restricted Cash $ 228,603 $ 979,861 228,603 979,861
Supplemental disclosure of cash flow financing activities:        
Interest expense paid     3,963 188
Income tax paid     $ 456 $ 456
[1] Per share data based on weighted average shares outstanding.

Source