Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net increase (decrease) in net assets from operations $ 4,842,167 $ (2,306,926)
Adjustments to reconcile net increase (decrease) in net assets to net cash provided by operating activities:    
Investments in portfolio companies (10,260,000) (2,742,086)
Proceeds from sale of portfolio investments 5,907,298 3,527,630
Proceeds from loan repayments 3,511,481 90,175
Net realized gain on sales and dispositions of portfolio investments (3,871,635) (688,672)
Change in unrealized (appreciation) depreciation on investments (34,703) 5,185,738
Deferred income tax (benefit) (146,666) (58,155)
Amortization 12,500  
Original issue discount amortization (13,004) (12,504)
Non-cash conversion of debenture interest (521,980) (290,591)
Changes in operating assets and liabilities:    
Decrease (increase) in interest receivable 8,751 (65,760)
Increase in other assets (254,678) (178,635)
Decrease in prepaid income taxes 76,396 245,650
Increase in income taxes payable 253,870  
Increase in accounts payable and accrued expenses 13,303 4,244
Decrease in due to investment adviser (306,354) (660,321)
Increase (decrease) in capital gains incentive fees payable 782,000 (902,760)
Increase (decrease) in deferred revenue 50,118 (17,450)
Total adjustments (4,793,303) 3,436,503
Net cash provided by operating activities 48,864 1,129,577
Cash flows from financing activities:    
Proceeds from lines of credit 8,100,000  
Payment of cash dividends (1,161,459) (774,306)
Net cash provided by (used in) financing activities 6,938,541 (774,306)
Net increase in cash 6,987,405 355,271
Cash:    
Beginning of period 1,368,996 833,875
End of period $ 8,356,401 $ 1,189,146