Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investment income:    
Total interest from portfolio companies $ 1,182,759 $ 1,677,166
Total interest from other investments 13,801 10,383
Total dividend and other investment income 0 13,125
Total fee income 43,289 307,230
Total investment income 1,239,849 2,007,904
Operating Expenses [Abstract]    
Base management fee (see Note 8) 189,695 252,208
Income based incentive fees (see Note 8) 0 119,673
Capital gains incentive fees (see Note 8) 0 (75,000)
Interest expense 29,610 36,486
Professional fees 223,622 208,842
Stockholders and office operating 61,269 90,763
Directors' fees 73,375 63,850
Administrative fees 50,700 48,750
Insurance 9,972 13,162
Corporate development 3,674 6,994
Bad debt expense 0 25,337
Total expenses 641,917 791,065
Net investment income before income taxes: 597,932 1,216,839
Income tax expense (benefit) 52,905 (1,276)
Net investment income 545,027 1,218,115
Net realized gain on sales and dispositions of investments:    
Net realized gain on sales and dispositions of investments 1,075,571 925,332
Net change in unrealized appreciation/ depreciation on investments:    
Change in unrealized appreciation/depreciation before income taxes (2,040,116) (1,298,384)
Deferred income tax (benefit) expense (52,049) 3,616
Net change in unrealized appreciation/depreciation on investments (1,988,067) (1,302,000)
Net realized and unrealized loss on investments (912,496) (376,668)
Net (decrease) increase in net assets from operations $ (367,469) $ 841,447
Weighted average shares outstanding, Basic 2,969,814 2,869,339
Weighted average shares outstanding, Diluted 2,969,814 2,869,339
Net (decrease) increase in net assets from operations per share, Basic $ (0.12) $ 0.29
Net (decrease) increase in net assets from operations per share, Diluted $ (0.12) $ 0.29
Control investments    
Investment income:    
Total interest from portfolio companies $ 8,896 $ 0
Total fee income 4,516 4,516
Net change in unrealized appreciation/ depreciation on investments:    
Change in unrealized appreciation/depreciation before income taxes 0 (875,000)
Affiliate investments    
Investment income:    
Total interest from portfolio companies 953,175 1,282,859
Total fee income 35,001 131,755
Net realized gain on sales and dispositions of investments:    
Net realized gain on sales and dispositions of investments 1,075,571 925,357
Net change in unrealized appreciation/ depreciation on investments:    
Change in unrealized appreciation/depreciation before income taxes (2,040,116) (423,384)
Non-Control/Non-Affiliate investments    
Investment income:    
Total interest from portfolio companies 220,688 394,307
Total interest from other investments 13,801 10,383
Total dividend and other investment income 0 13,125
Total fee income 3,772 170,959
Net realized gain on sales and dispositions of investments:    
Net realized gain on sales and dispositions of investments $ 0 $ (25)