Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Investment income:    
Total interest from portfolio companies $ 1,677,166 $ 1,813,648
Total interest from other investments 10,383 1,914
Total dividend and other investment income 13,125 151,835
Total fee income 307,230 99,822
Total investment income 2,007,904 2,067,219
Operating Expenses [Abstract]    
Base management fee (see Note 8) 252,208 302,595
Income based incentive fees (see Note 8) 119,673  
Capital gains incentive fees (see Note 8) (75,000) 112,300
Interest expense 36,486 390,020
Professional fees 208,842 232,307
Stockholders and office operating 90,763 69,028
Directors' fees 63,850 63,850
Administrative fees 48,750 38,167
Insurance 13,162 13,044
Corporate development 6,994 5,545
Bad debt expense 25,337  
Total expenses 791,065 1,226,856
Net investment income before income taxes: 1,216,839 840,363
Income tax (benefit) expense (1,276) 778
Net investment income 1,218,115 839,585
Net realized gain on sales and dispositions of investments:    
Net realized gain on sales and dispositions of investments 925,332 3,450,092
Net change in unrealized appreciation/ depreciation on investments:    
Change in unrealized appreciation/depreciation before income taxes (1,298,384) (2,890,296)
Deferred income tax expense 3,616  
Net change in unrealized appreciation/depreciation on investments (1,302,000) (2,890,296)
Net realized and unrealized (loss) gain on investments (376,668) 559,796
Net increase in net assets from operations $ 841,447 $ 1,399,381
Weighted average shares outstanding, Basic 2,869,339 2,581,021
Weighted average shares outstanding, Diluted 2,869,339 2,581,021
Net increase in net assets from operations per share, Basic $ 0.29 $ 0.54
Net increase in net assets from operations per share, Diluted $ 0.29 $ 0.54
Control investments    
Investment income:    
Total interest from portfolio companies $ 0 $ 187,483
Total fee income 4,516 4,516
Net change in unrealized appreciation/ depreciation on investments:    
Change in unrealized appreciation/depreciation before income taxes (875,000)  
Affiliate investments    
Investment income:    
Total interest from portfolio companies 1,282,859 1,166,085
Total dividend and other investment income 13,125 13,125
Total fee income 131,755 73,720
Net realized gain on sales and dispositions of investments:    
Net realized gain on sales and dispositions of investments 925,357  
Net change in unrealized appreciation/ depreciation on investments:    
Change in unrealized appreciation/depreciation before income taxes (423,384) (100,000)
Non-Control/Non-Affiliate investments    
Investment income:    
Total interest from portfolio companies 394,307 460,080
Total interest from other investments 10,383 1,914
Total dividend and other investment income 0 138,710
Total fee income 170,959 21,586
Net realized gain on sales and dispositions of investments:    
Net realized gain on sales and dispositions of investments (25) 3,450,092
Net change in unrealized appreciation/ depreciation on investments:    
Change in unrealized appreciation/depreciation before income taxes $ 0 $ (2,790,296)