Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investment income:      
Total interest from portfolio companies $ 5,979,355 $ 4,152,802 $ 3,017,634
Total interest from other investments 933 131 13,876
Total dividend and other investment income 1,037,131 1,456,334 888,179
Total fee income 320,744 155,914 156,614
Total investment income 7,338,163 5,765,181 4,076,303
Operating Expenses [Abstract]      
Base management fee (see Note 10) 1,057,166 927,226 858,144
Capital gains incentive fees (see Note 10) 804,700 (1,048,760) 4,200,000
Interest expense 1,044,831 69,960 617,270
Professional fees 547,456 729,967 578,577
Directors' fees 263,500 187,833 153,500
Stockholders and office operating 261,639 205,083 223,381
Administrative fees 149,000    
Insurance 44,100 43,026 38,635
Corporate development 5,927 3,753 14,702
Other operating   1,141 1,106
Bad debt recovery     (15,000)
Total expenses 4,178,319 1,119,229 6,670,315
Net investment income (loss) before income taxes 3,159,844 4,645,952 (2,594,012)
Income taxes, including excise tax expense 192,111 215,542 10,896
Net investment income (loss) 2,967,733 4,430,410 (2,604,908)
Net realized gain on sales and dispositions of investments:      
Net realized gain on sales and dispositions of investments, before income taxes 1,051,079 705,493 5,820,354
Income tax expense 359,682    
Net realized gain on sales and dispositions of investments 691,397 705,493 5,820,354
Net change in unrealized appreciation/ depreciation on investments:      
Change in unrealized appreciation/depreciation before income taxes 2,972,084 (5,909,772) 12,369,606
Deferred income tax expense (benefit) 104,564 107,980 (212,376)
Net change in unrealized appreciation/depreciation on investments 2,867,520 (6,017,752) 12,581,982
Net realized and unrealized gain (loss) on investments 3,558,917 (5,312,259) 18,402,336
Net increase (decrease) in net assets from operations $ 6,526,650 $ (881,849) $ 15,797,428
Weighted average shares outstanding, Basic 2,581,021 2,581,021 2,581,707
Weighted average shares outstanding, Diluted 2,581,021 2,581,021 2,581,707
Net (decrease) Increase in net assets from operations per share, Basic $ 2.53 $ (0.34) $ 6.12
Net (decrease) Increase in net assets from operations per share, Diluted $ 2.53 $ (0.34) $ 6.12
Control investments      
Investment income:      
Total interest from portfolio companies $ 698,872 $ 279,055 $ 23,068
Total fee income 17,242 7,800  
Net realized gain on sales and dispositions of investments:      
Net realized gain on sales and dispositions of investments, before income taxes     (308,676)
Net change in unrealized appreciation/ depreciation on investments:      
Change in unrealized appreciation/ depreciation before income taxes   (748,810) 1,151,021
Affiliate investments      
Investment income:      
Total interest from portfolio companies 3,858,696 2,366,955 1,541,507
Total dividend and other investment income 506,076 974,669 354,536
Total fee income 278,061 92,531 114,697
Net realized gain on sales and dispositions of investments:      
Net realized gain on sales and dispositions of investments, before income taxes 2,574,829 167,159 192,645
Net change in unrealized appreciation/ depreciation on investments:      
Change in unrealized appreciation/ depreciation before income taxes (259,031) 4,740,353 3,414,050
Non-Control/Non-Affiliate investments      
Investment income:      
Total interest from portfolio companies 1,421,787 1,506,792 1,453,059
Total interest from other investments 933 131 13,876
Total dividend and other investment income 531,055 481,665 533,643
Total fee income 25,441 55,583 41,917
Net realized gain on sales and dispositions of investments:      
Net realized gain on sales and dispositions of investments, before income taxes (1,523,750) 538,334 5,936,385
Net change in unrealized appreciation/ depreciation on investments:      
Change in unrealized appreciation/ depreciation before income taxes $ 3,231,115 $ (9,901,315) $ 7,804,535