Financials

v3.25.1
Statements of Assets and Liabilities - USD ($)
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Total investments at fair value $ 19,217,779 $ 29,734,953
Cash and cash equivalents 1,290,864 1,937,768
Restricted cash 5,000 41,891
Due from portfolio companies 33,049 26,592
Interest receivable, net of allowance for bad debt of $0 and $16,549, respectively 584,769 525,685
Prepaid expenses 76,418 47,306
Total assets 21,207,879 32,314,195
LIABILITIES    
Accrued management fees 55,286 78,889
Accounts payable 16,545 159,472
Due to affiliates [1] 64,875 64,875
Taxes expense payable 64,537
Accrued expenses and other liabilities 27,907 41,860
Total liabilities 164,613 409,633
Net assets 21,043,266 31,904,562
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, 2024 and December 31, 2023) 120,486 120,486
Paid-in capital 64,868,884 64,868,884
Accumulated deficit (43,946,104) (33,084,808)
Total net assets $ 21,043,266 $ 31,904,562
Net asset value per share (in Dollars per share) [2] $ 0.175 $ 0.265
Control Investments    
ASSETS    
Total investments at fair value $ 15,066,529 $ 18,581,422
Non-control/non-affiliate investments    
ASSETS    
Total investments at fair value $ 4,151,250 $ 11,153,531
[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).
[2] Financial highlights are based on weighted average shares outstanding.

Source

v3.25.1
Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
INVESTMENT INCOME      
Interest income from non-control/non-affiliate investments $ 689,083 $ 1,254,375 $ 684,375
Interest income from control investments 270,775 1,050,876 827,954
Interest income paid-in-kind from non-control/ non-affiliate investments 318,417 166,339
Other income 91,823 1,163 24,318
Total investment income 1,384,051 2,480,893 1,554,643
OPERATING EXPENSES      
Management fees 257,384 317,546 339,328
Administration fees 423,877 415,092 403,299
Audit fees 169,520 149,136 202,196
Legal fees (Note 2) 158,589 187,687 786,720
Valuation fees 90,000 90,000 121,500
Other professional fees 14,540 14,170
Directors’ fees 150,000 150,000 150,000
Insurance expense 117,236 151,193 184,311
Interest expense 207 4,896
Other general and administrative expenses 143,392 138,465 126,721
Total operating expenses 1,524,538 1,599,326 2,333,141
Net investment income (loss) before income tax expense (benefit) (140,487) 881,567 (778,498)
Income tax expense (benefit) (1,850) 64,993 456
Net investment income (loss) after income tax expense (benefit) (138,637) 816,574 (778,954)
Net realized gain (loss) on:      
Total net realized gain (loss) (5,549,735) (1,200) 4,368,297
Net change in unrealized gain (loss) on investments:      
Net change in unrealized gain (loss) on investments (5,172,924) (994,274) 3,057,582
Net realized and unrealized gain (loss) on investments (10,722,659) (995,474) 7,425,879
Net increase (decrease) in net assets resulting from operations [1] $ (10,861,296) $ (178,900) $ 6,646,925
Basic (in Dollars per share) $ (0.001) $ 0.007 $ (0.006)
Basic (in Shares) [1] 120,486,061 120,486,061 120,486,061
Diluted (in Dollars per share) $ (0.001) $ 0.007 $ (0.006)
Diluted (in Shares) [1] 120,486,061 120,486,061 120,486,061
Net increase (decrease) in net assets resulting from operations per share      
Basic (in Dollars per share) [1] $ (0.09) $ (0.001) $ 0.055
Diluted (in Dollars per share) [1] (0.09) (0.001) 0.055
Weighted average shares of common stock outstanding      
Basic (in Dollars per share) $ (0.001) $ 0.007 $ (0.006)
Basic (in Shares) [1] 120,486,061 120,486,061 120,486,061
Diluted (in Dollars per share) $ (0.001) $ 0.007 $ (0.006)
Diluted (in Shares) [1] 120,486,061 120,486,061 120,486,061
Non-control/non-affiliate investments      
INVESTMENT INCOME      
Interest income paid-in-kind from non-control/ non-affiliate investments $ 318,417 $ 166,339 $ 0
Other income 13,953 8,140 17,996
Net change in unrealized gain (loss) on investments:      
Net change in unrealized gain (loss) on investments (7,320,698) (1,075,753) 7,173,601
Control investments      
Net realized gain (loss) on:      
Total net realized gain (loss) (5,549,735) (1,200) 4,368,297
Net change in unrealized gain (loss) on investments:      
Net change in unrealized gain (loss) on investments $ 2,147,774 $ 81,479 $ (4,116,019)
[1] Per share data based on weighted average shares outstanding.

Source

v3.25.1
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net increase (decrease) in net assets resulting from operations [1] $ (10,861,296) $ (178,900) $ 6,646,925
Proceeds from sales, repayments, or maturity of investments in:      
Portfolio investments 192,932 11,168,883
Net realized (gain) loss on investments 5,549,735 1,200 (4,368,297)
Net change in unrealized (gain) loss on investments 5,172,924 994,274 (3,057,582)
Purchase of investments (80,000)
Increase in investments due to payments in kind (318,417) (166,339)
Allowance for bad debt (413,896)
Changes in other assets and liabilities:      
Due from portfolio companies (6,457) (250) 199,054
Interest receivable (42,535) (232,064) 224,420
Allowance for bad debt (16,549)
Prepaid expenses (29,112) (11,754) (5,079)
Tax receivable 750
Accrued management fees (23,603) (13,045) (170,390)
Accounts payable (142,927) (20,624) (23,549)
Due to affiliates (208,141)
Tax expense payable (64,537) 64,537
Deferred fee income 41,860 (17,996)
Accrued expenses and other liabilities (13,953) (65,782) 63,498
Net cash provided by (used in) operating activities (683,795) 413,113 10,038,600
Cash Flows from Financing Activities      
Cash dividends paid (9,036,455)
Net cash provided by (used in) financing activities (9,036,455)
Net increase in cash, cash equivalents and restricted cash (683,795) 413,113 1,002,145
Cash, cash equivalents and restricted cash at beginning of year 1,979,659 1,566,546 564,401
Cash, cash equivalents and restricted cash at end of year 1,295,864 1,979,659 1,566,546
Supplemental disclosure of cash flow financing activities:      
Interest expense paid 207 4,896
Income tax paid $ 62,687 $ 456 $ 456
[1] Per share data based on weighted average shares outstanding.

Source