Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net increase (decrease) in net assets from operations $ 5,437,671 $ (1,202,024)
Adjustments to reconcile net increase (decrease) in net assets to net cash (used in) provided by operating activities:    
Investments in portfolio companies (18,060,000) (3,142,086)
Proceeds from sale of portfolio investments 5,907,298 3,529,549
Proceeds from loan repayments 3,511,481 90,175
Net realized gain on sales and dispositions of portfolio investments (1,068,904) (690,591)
Change in unrealized (appreciation) depreciation on investments (2,634,355) 5,092,921
Deferred income tax benefit (105,927) (48,395)
Amortization 18,750 6,250
Original issue discount amortization (17,006) (18,754)
Non-cash conversion of debenture interest (813,599) (516,391)
Changes in operating assets and liabilities:    
Increase in interest receivable (28,855) (92,617)
Increase in other assets (232,993) (147,111)
Decrease in prepaid income taxes 76,396 200,874
Increase in income taxes payable 29,577  
Increase in accounts payable and accrued expenses 103,315 22,453
Decrease in due to investment adviser (293,612) (665,453)
Increase (decrease) in capital gains incentive fees payable 740,700 (880,760)
Increase (decrease) in deferred revenue 147,553 (50,001)
Total adjustments (12,720,181) 2,690,063
Net cash (used in) provided by operating activities (7,282,510) 1,488,039
Cash flows from financing activities:    
Proceeds from line of credit 11,200,000  
Payment of cash dividends (1,806,714) (1,161,459)
Payment of closing fee   (125,000)
Net cash provided by (used in) financing activities 9,393,286 (1,286,459)
Net increase in cash 2,110,776 201,580
Cash:    
Beginning of period 1,368,996 833,875
End of period $ 3,479,772 $ 1,035,455