Financials

v3.25.1
Statements of Assets and Liabilities - USD ($)
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Total investments at fair value $ 17,516,014 $ 19,217,779
Cash and cash equivalents 1,189,839 1,290,864
Restricted cash 5,000 5,000
Due from portfolio companies 33,574 33,049
Interest receivable, net of allowance for bad debt of $0 and $0, respectively 585,262 584,769
Prepaid expenses 43,942 76,418
Total assets 19,373,631 21,207,879
LIABILITIES    
Accrued management fees 104,046 55,286
Accounts payable 79,080 16,545
Due to affiliates [1] 129,750 64,875
Taxes payable 114
Accrued expenses and other liabilities 67,544 27,907
Total liabilities 380,534 164,613
Net assets 18,993,097 21,043,266
NET ASSETS    
Common Stock, par value $0.001 per share (250,000,000 shares authorized; 120,486,061 shares issued and outstanding at March 31, 2025 and December 31, 2024) 120,486 120,486
Paid-in capital 64,868,884 64,868,884
Accumulated deficit (45,996,273) (43,946,104)
Total net assets $ 18,993,097 $ 21,043,266
Net asset value per share (in Dollars per share) [2] $ 0.158 $ 0.175
Control Investments    
ASSETS    
Total investments at fair value $ 13,786,639 $ 15,066,529
Non-control/non-affiliate investments    
ASSETS    
Total investments at fair value $ 3,729,375 $ 4,151,250
[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

v3.25.1
Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
INVESTMENT INCOME    
Interest income from non-control/non-affiliate investments $ 1,973 $ 170,625
Interest income from control investments 66,584 67,324
Interest income paid-in-kind from non-control/ non-affiliate investments 75,014
Other income 17 321
Total investment income 72,062 316,772
OPERATING EXPENSES    
Management fees 48,760 76,746
Administration fees 107,024 104,915
Audit fees 98,800 52,000
Legal fees 41,888 38,728
Valuation fees 22,500 22,500
Directors’ fees 43,125 38,625
Insurance expense 32,476 32,836
Other general and administrative expenses 25,779 31,118
Total operating expenses 420,352 397,468
Net investment loss before tax (348,290) (80,696)
Income tax expense 114 1,402
Net investment loss after taxes (348,404) (82,098)
Net change in unrealized gain (loss) on:    
Net change in unrealized loss on investments (1,701,765) (6,551,852)
Net decrease in net assets resulting from operations [1] $ (2,050,169) $ (6,633,950)
Net investment income (loss) per share    
Basic (in Dollars per share) $ (0.003) $ (0.001)
Diluted (in Dollars per share) (0.003) (0.001)
Net decrease in net assets resulting from operations per share    
Basic (in Dollars per share) [1] (0.017) (0.055)
Diluted (in Dollars per share) [1] $ (0.017) $ (0.055)
Weighted average shares of common stock outstanding    
Basic (in Shares) [1] 120,486,061 120,486,061
Diluted (in Shares) [1] 120,486,061 120,486,061
Non-control/non-affiliate investments    
INVESTMENT INCOME    
Other income $ 3,488 $ 3,488
Net change in unrealized gain (loss) on:    
Net change in unrealized loss on investments (421,875) (4,112,000)
Control investments    
Net change in unrealized gain (loss) on:    
Net change in unrealized loss on investments $ (1,279,890) $ (2,439,852)
[1] Per share data based on weighted average shares outstanding.

Source

v3.25.1
Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net decrease in net assets resulting from operations [1] $ (2,050,169) $ (6,633,950)
Adjustments to reconcile decrease in net assets resulting from operations to net cash provided by (used in) operating activities:    
Net change in unrealized loss on investments 1,701,765 6,551,852
Increase in investments due to PIK (75,014)
Changes in operating assets and liabilities:    
Due from portfolio companies (525) (1,480)
Interest receivable (493) 739
Prepaid expenses 32,476 32,836
Accrued management fees 48,760 (2,143)
Accounts payable 62,535 134,160
Taxes payable 114 1,402
Due to affiliates 64,875
Accrued expenses and other liabilities 39,637 (3,488)
Net cash provided by (used in) operating activities (101,025) 4,914
Net increase (decrease) in cash and restricted cash (101,025) 4,914
Cash, cash equivalents and restricted cash at beginning of period 1,295,864 1,979,659
Cash, cash equivalents and restricted cash at end of period $ 1,194,839 $ 1,984,573
[1] Per share data based on weighted average shares outstanding.

Source