Financials

v3.25.2
Statements of Assets and Liabilities - USD ($)
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Total investments at fair value $ 17,357,129 $ 19,217,779
Cash and cash equivalents 711,220 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 565,808 584,769
Prepaid expenses 142,779 76,418
Total assets 18,815,510 21,207,879
LIABILITIES    
Accrued management fees 46,815 55,286
Accounts payable 203,018 16,545
Due to affiliates [1] 64,875 64,875
Taxes payable 228
Accrued expenses and other liabilities 22,056 27,907
Total liabilities 336,992 164,613
Net assets 18,478,518 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 June 30, 2025 and December 31, 2024) 120,486 120,486
Paid-in capital 64,868,884 64,868,884
Accumulated deficit (46,510,852) (43,946,104)
Total net assets $ 18,478,518 $ 21,043,266
Net asset value per share (in Dollars per share) [2] $ 0.153 $ 0.175
Control Investments    
ASSETS    
Total investments at fair value $ 13,346,777 $ 15,066,529
Non-control/non-affiliate investments    
ASSETS    
Total investments at fair value $ 4,010,352 $ 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

v3.25.2
Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
INVESTMENT INCOME        
Interest income from non-control/non-affiliate investments $ 2,109 $ 170,839 $ 4,082 $ 341,464
Interest income paid-in kind-from non-control/non-affiliate investments 77,701 152,715
Interest income from control investments 21,804 67,323 88,388 134,647
Other income 15 302 32 623
Total investment income 27,417 319,654 99,479 636,426
OPERATING EXPENSES        
Management fees 46,815 67,212 95,575 143,958
Administration fees 107,025 104,914 214,049 209,829
Audit fees 20,800 55,120 119,600 107,120
Professional fees 24,595 14,540 24,595 14,540
Legal fees 28,332 36,948 70,220 75,676
Valuation fees 22,500 22,500 45,000 45,000
Directors’ fees 38,625 38,625 81,750 77,250
Insurance expense 32,836 18,004 65,312 50,840
Other general and administrative expenses 41,013 44,588 66,792 75,706
Total operating expenses 362,541 402,451 782,893 799,919
Net investment loss before tax (335,124) (82,797) (683,414) (163,493)
Income tax expense 570 552 684 1,954
Net investment loss after taxes (335,694) (83,349) (684,098) (165,447)
Net realized loss on:        
Total net realized loss on investments (5,549,735) (5,549,735)
Net change in unrealized gain (loss) on:        
Net change in unrealized gain (loss) on investments (178,885) 4,500,937 (1,880,650) (2,050,915)
Net realized and unrealized loss on investments (178,885) (1,048,798) (1,880,650) (7,600,650)
Net decrease in net assets resulting from operations $ (514,579) $ (1,132,147) $ (2,564,748) [1] $ (7,766,097) [1]
Net investment loss per share        
Basic (in Dollars per share) $ (0.003) $ (0.001) $ (0.006) $ (0.001)
Diluted (in Dollars per share) (0.003) (0.001) (0.006) (0.001)
Net decrease in net assets resulting from operations per share        
Basic (in Dollars per share) (0.004) (0.009) (0.021) [1] (0.064) [1]
Diluted (in Dollars per share) $ (0.004) $ (0.009) $ (0.021) [1] $ (0.064) [1]
Weighted average shares of common stock outstanding        
Basic (in Shares) [2] 120,486,061 120,486,061 120,486,061 [1] 120,486,061 [1]
Diluted (in Shares) 120,486,061 120,486,061 120,486,061 [1] 120,486,061 [1]
Non-control/non-affiliate investments        
INVESTMENT INCOME        
Other income $ 3,489 $ 3,489 $ 6,977 $ 6,977
Net change in unrealized gain (loss) on:        
Net change in unrealized gain (loss) on investments 280,977 (731,121) (140,898) (4,843,121)
Control investments        
Net realized loss on:        
Total net realized loss on investments (5,549,735) (5,549,735)
Net change in unrealized gain (loss) on:        
Net change in unrealized gain (loss) on investments $ (459,862) $ 5,232,058 $ (1,739,752) $ 2,792,206
[1] Per share data based on weighted average shares outstanding.
[2] Financial highlights are based on weighted average shares outstanding.

Source

v3.25.2
Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net decrease in net assets resulting from operations [1] $ (2,564,748) $ (7,766,097)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:    
Net realized loss on investments 5,549,735
Net change in unrealized loss on investments 1,880,650 2,050,915
Purchase of investments (20,000) (15,000)
Increase in investments due to PIK (152,715)
Sale of investments 192,932
Changes in operating assets and liabilities:    
Due from portfolio companies (525) (5,197)
Interest receivable 18,961 64,442
Allowance for bad debt (16,549)
Prepaid expenses (66,361) (96,851)
Taxes receivable (788)
Accrued management fees (8,471) 65,069
Accounts payable 186,473 24,302
Due to affiliates 64,875
Taxes payable 228 (60,733)
Accrued expenses and other liabilities (5,851) 125,858
Net cash provided by (used in) operating activities (579,644) 24,198
Net increase (decrease) in cash, cash equivalents and restricted cash (579,644) 24,198
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 716,220 2,003,857
Supplemental disclosure of cash flow financing activities:    
Income tax paid $ 456 $ 62,687
[1] Per share data based on weighted average shares outstanding.

Source