Mill City Ventures III (MCVT) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 12, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Entity File Number	814-00991
Entity Registrant Name	MILL CITY VENTURES III, LTD.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	90-0316651
Entity Address State Or Province	MN
Entity Address, Address Line One	1907 Wayzata Blvd
Entity Address, Address Line 2	#205
Entity Address, City or Town	Wayzata
Entity Address, Postal Zip Code	55391
City Area Code	952
Local Phone Number	479-1923
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,790,413
Entity Central Index Key	0001425355
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
No Trading Symbol Flag	true

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Investments, at fair value:	$ 11,057,453	$ 6,667,897
Cash	3,594,508	5,440,579
Note receivable	250,000	250,000
Prepaid expenses	128,682	43,838
Receivable for sale of investments	60,080	19,313
Interest and dividend receivables	471,340	65,911
Right-of-use lease asset	9,661	23,345
Total Assets	15,571,724	12,510,883
LIABILITIES
Accounts payable	27,616	32,917
Dividend payable	1,079,041	539,296
Payable for purchase of investments	30,689
Lease liability	10,843	26,061
Accrued income tax expense	1,141,700	13,722
Deferred taxes	141,000	258,000
Total Liabilities	2,430,889	869,996
Commitments and Contingencies
SHAREHOLDERS EQUITY (NET ASSETS)
Common stock, par value $0.001 per share (250,000,000 authorized;10,790,413 and 10,785,913 outstanding)	10,790	10,786
Additional paid-in capital	10,694,163	10,673,014
Accumulated deficit	(1,159,665)	(1,159,665)
Accumulated undistributed investment loss	(2,181,001)	(2,124,419)
Accumulated undistributed net realized gains on investment transactions	5,281,546	2,541,850
Net unrealized appreciation in value of investments	495,002	1,699,321
Total Shareholders' Equity (Net Assets)	13,140,835	11,640,887
Total Liabilities and Shareholders' Equity	$ 15,571,724	$ 12,510,883
Net Asset Value Per Common Share	$ 1.22	$ 1.08

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
CONDENSED BALANCE SHEETS
Investments at Amortized Cost	$ 10,562,451	$ 4,968,576
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares outstanding	10,790,413	10,785,913

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investment Income
Interest income	$ 755,601	$ 285,338	$ 1,977,992	$ 740,008
Dividend income		1,696		15,461
Total Investment Income	755,601	287,034	1,977,992	755,469
Operating Expenses
Professional fees	79,950	58,719	300,297	133,016
Payroll	80,840	58,191	468,266	174,768
Insurance	27,890	20,672	80,023	61,793
Occupancy	16,689	16,562	49,716	49,693
Director's fees	30,000	22,500	90,000	67,500
Depreciation and amortization		643		1,930
Other general and administrative	4,213	3,659	35,294	11,548
Total Operating Expenses	239,582	180,946	1,023,596	500,248
Net Investment Gain	516,019	106,088	954,396	255,221
Realized and Unrealized Gain (Loss) on Investments
Net realized gain on investments	289,138	335,440	3,818,737	535,164
Net change in unrealized appreciation (depreciation) on investments	(774,169)	141,816	(1,204,319)	104,411
Net Realized and Unrealized Gain (Loss) on Investments	(485,031)	477,256	2,614,418	639,575
Net Increase in Net Assets Resulting from Operations Before Taxes	30,988	583,344	3,568,814	894,796
Provision For (Benefit From) Income Taxes	(300)	0	1,010,978	0
Net Increase (Decrease) in Net Assets Resulting from Operations	$ 31,288	$ 583,344	$ 2,557,836	$ 894,796
Net Increase in Net Assets Resulting from Operations per share:
Basic net income per share	$ 0	$ 0.05	$ 0.24	$ 0.08
Diluted net income per share	$ 0	$ 0.05	$ 0.24	$ 0.08
Weighted-average number of common shares outstanding, basic	10,790,413	10,696,735	10,788,918	10,881,382
Average weighted shares outstanding for the period	10,790,413	10,696,735	10,788,918	10,881,382

CONDENSED STATEMENTS OF SHAREHO

CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)	Common Stock	Additional Paid In Capital	Accumulated Deficit	Accumulated Undistributed Net Investment Loss	Accumulated Undistributed Net Realized Gain on Investments Transactions	Net Unrealized Appreciation (Depreciation) in value of Investments	Total
Balance as of beginning at Dec. 31, 2019	$ 11,067	$ 10,774,653	$ (1,159,665)	$ (2,397,865)	$ 3,075,816	$ (235,473)	$ 10,068,533
Balance as of beginning (in shares) at Dec. 31, 2019	11,067,402
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of shares	$ (371)	(157,896)					(158,267)
Repurchase of shares (in shares)	(370,667)
Undistributed net investment gain				255,221			255,221
Undistributed net realized gain on investment transactions					535,164		535,164
Appreciation (Depreciation) in value of investments						104,411	104,411
Balance as of ending at Sep. 30, 2020	$ 10,696	10,616,757	(1,159,665)	(2,142,644)	3,610,980	(131,062)	$ 10,805,062
Balance as of ending (in shares) at Sep. 30, 2020	10,696,735						10,696,735
Balance as of beginning at Jun. 30, 2020	$ 10,696	10,616,757	(1,159,665)	(2,248,732)	3,275,540	(272,878)	$ 10,221,718
Balance as of beginning (in shares) at Jun. 30, 2020	10,696,735
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Undistributed net investment gain				106,088			106,088
Undistributed net realized gain on investment transactions					335,440		335,440
Appreciation (Depreciation) in value of investments						141,816	141,816
Balance as of ending at Sep. 30, 2020	$ 10,696	10,616,757	(1,159,665)	(2,142,644)	3,610,980	(131,062)	$ 10,805,062
Balance as of ending (in shares) at Sep. 30, 2020	10,696,735						10,696,735
Balance as of beginning at Dec. 31, 2020	$ 10,786	10,673,014	(1,159,665)	(2,124,419)	2,541,850	1,699,321	$ 11,640,887
Balance as of beginning (in shares) at Dec. 31, 2020	10,785,913						10,785,913
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend Declared					(1,079,041)		$ (1,079,041)
Common shares issued in consideration for expense payment	$ 4	21,149					21,153
Common shares issued in consideration for expense payment (in shares)	4,500
Undistributed net investment gain				(56,582)			(56,582)
Undistributed net realized gain on investment transactions					3,818,737		3,818,737
Appreciation (Depreciation) in value of investments						(1,204,319)	(1,204,319)
Balance as of ending at Sep. 30, 2021	$ 10,790	10,694,163	(1,159,665)	(2,181,001)	5,281,546	495,002	$ 13,140,835
Balance as of ending (in shares) at Sep. 30, 2021	10,790,413						10,790,413
Balance as of beginning at Jun. 30, 2021	$ 10,790	10,694,163	(1,159,665)	(2,697,320)	6,071,449	1,269,171	$ 14,188,588
Balance as of beginning (in shares) at Jun. 30, 2021	10,790,413
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend Declared					(1,079,041)		(1,079,041)
Undistributed net investment gain				516,319			516,319
Undistributed net realized gain on investment transactions					289,138		289,138
Appreciation (Depreciation) in value of investments						(774,169)	(774,169)
Balance as of ending at Sep. 30, 2021	$ 10,790	$ 10,694,163	$ (1,159,665)	$ (2,181,001)	$ 5,281,546	$ 495,002	$ 13,140,835
Balance as of ending (in shares) at Sep. 30, 2021	10,790,413						10,790,413

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net increase in net assets resulting from operations			$ 2,557,836	$ 894,796
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Net change in unrealized appreciation on investments	$ 774,169	$ (141,816)	1,204,319	(104,411)
Net realized gain on investments	(289,138)	(335,440)	(3,818,737)	(535,164)
Purchases of investments			(18,133,352)	(7,655,802)
Proceeds from sales of investments			16,363,964	1,858,011
Depreciation & amortization expense		643		1,930
Income taxes payable	(300)	0	1,010,978	0
Common shares issued as consideration for expense payment			15,403
Changes in operating assets and liabilities:
Prepaid expenses and other assets			(71,160)	(6,409)
Interest and dividends receivable			(405,429)	(100,223)
Receivable for investment sales			(40,767)	(127,679)
Payable for investment purchase			30,689
Accounts payable and other liabilities			(20,519)	(13,049)
Net cash used in operating activities			(1,306,775)	(5,788,000)
Cash flows from financing activities:
Payments for repurchase of common stock				(158,267)
Payments for common stock dividend			(539,296)
Net cash used by financing activities			(539,296)	(158,267)
Net decrease in cash			(1,846,071)	(5,946,267)
Cash, beginning of period			5,440,579	8,066,656
Cash, end of period	$ 3,594,508	$ 2,120,389	3,594,508	$ 2,120,389
Non-cash financing activities:
Common shares issued as consideration for investment			5,750
Dividend declared to common stock shareholders			$ 1,079,041

CONDENSED SCHEDULE OF INVESTMEN

CONDENSED SCHEDULE OF INVESTMENTS - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Investment Holdings [Line Items]
Total Investments, Cost	$ 10,562,451	$ 4,968,576
Investments at Fair Value	$ 11,057,453	$ 6,667,897
Total Investments, Percentage of Net Assets	84.13%	57.30%
Total Cash, Cost	$ 3,594,508	$ 5,440,579
Total Cash, Fair Value	$ 3,594,508	$ 5,440,579
Total Cash, Percentage of Net Assets	27.35%	46.74%
Total Investments and Cash, Cost	$ 14,156,959	$ 10,409,155
Total Investments and Cash, Fair Value	$ 14,651,961	$ 12,108,476
Total Investments and Cash, Percentage of Net Assets	111.48%	104.04%
Consumer
Investment Holdings [Line Items]
Investments at Fair Value	$ 2,142,000	$ 3,700,000
Financial
Investment Holdings [Line Items]
Investments at Fair Value	6,765,453	900,000
Information Technology
Investment Holdings [Line Items]
Investments at Fair Value	300,000	300,000
Real Estate
Investment Holdings [Line Items]
Investments at Fair Value	1,850,000	1,489,000
Leisure & Hospitality
Investment Holdings [Line Items]
Investments at Fair Value		278,897
Short-Term Non-banking Loans
Investment Holdings [Line Items]
Total Investments, Cost	9,641,083	2,789,000
Investments at Fair Value	$ 9,635,333	$ 2,789,000
Total Investments, Percentage of Net Assets	73.31%	23.97%
Short-Term Non-banking Loans | 15% secured loans | Consumer | AirDog Supplies, Inc
Investment Holdings [Line Items]
Total Investments, Cost	$ 1,250,000
Investments at Fair Value	$ 1,250,000
Total Investments, Percentage of Net Assets	9.51%
Short-Term Non-banking Loans | 15% secured loans | Real Estate
Investment Holdings [Line Items]
Total Investments, Cost	$ 600,000
Investments at Fair Value	$ 600,000
Total Investments, Percentage of Net Assets	4.57%
Short-Term Non-banking Loans | 15% secured loans | Real Estate | Alatus Development, LLC
Investment Holdings [Line Items]
Total Investments, Cost	$ 1,250,000	$ 1,250,000
Investments at Fair Value	$ 1,250,000	$ 1,250,000
Total Investments, Percentage of Net Assets	9.51%	10.74%
Short-Term Non-banking Loans | 15% secured loans | Real Estate | Other
Investment Holdings [Line Items]
Total Investments, Cost		$ 239,000
Investments at Fair Value		$ 239,000
Total Investments, Percentage of Net Assets		2.05%
Short-Term Non-banking Loans | 20% secured loans | Consumer
Investment Holdings [Line Items]
Total Investments, Cost	$ 400,000	$ 400,000
Investments at Fair Value	$ 400,000	$ 400,000
Total Investments, Percentage of Net Assets	3.04%	3.44%
Short-Term Non-banking Loans | 44% secured loans | Financial
Investment Holdings [Line Items]
Total Investments, Cost		$ 400,000
Investments at Fair Value		$ 400,000
Total Investments, Percentage of Net Assets		3.44%
Short-Term Non-banking Loans | 44% secured loans | Financial | Benton Financial, LLC
Investment Holdings [Line Items]
Total Investments, Cost	$ 2,082,000
Investments at Fair Value	$ 2,082,000
Total Investments, Percentage of Net Assets	15.84%
Short-Term Non-banking Loans | 36% secured loans | Financial
Investment Holdings [Line Items]
Total Investments, Cost		$ 500,000
Investments at Fair Value		$ 500,000
Total Investments, Percentage of Net Assets		4.30%
Short-Term Non-banking Loans | 40% secured loans | Financial | Benton Financial, LLC
Investment Holdings [Line Items]
Total Investments, Cost	$ 1,753,333
Investments at Fair Value	$ 1,753,333
Total Investments, Percentage of Net Assets	13.34%
Short-Term Non-banking Loans | 12% secured loans | Financial
Investment Holdings [Line Items]
Total Investments, Cost	$ 500,000
Investments at Fair Value	$ 500,000
Total Investments, Percentage of Net Assets	3.80%
Short-Term Non-banking Loans | 23% secured loans | Litigation Financing | The Cross Law Firm, LLC
Investment Holdings [Line Items]
Total Investments, Cost	$ 1,805,750
Investments at Fair Value	$ 1,800,000
Total Investments, Percentage of Net Assets	13.70%
Common Stock
Investment Holdings [Line Items]
Total Investments, Cost	$ 170,689	$ 1,750,000
Investments at Fair Value	$ 522,120	3,300,000
Total Investments, Percentage of Net Assets	3.97%
Common Stock | Consumer
Investment Holdings [Line Items]
Total Investments, Cost	$ 140,000
Investments at Fair Value	$ 492,000
Total Investments, Percentage of Net Assets	3.74%
Common Stock | Consumer | Ammo, Inc
Investment Holdings [Line Items]
Total Investments, Cost		1,750,000
Investments at Fair Value		$ 3,300,000
Total Investments, Percentage of Net Assets		28.34%
Common Stock | Financial
Investment Holdings [Line Items]
Total Investments, Cost	$ 30,689
Investments at Fair Value	$ 30,120
Total Investments, Percentage of Net Assets	0.23%
Preferred Stock
Investment Holdings [Line Items]
Total Investments, Cost	$ 150,000	$ 150,000
Investments at Fair Value	300,000	300,000
Preferred Stock | Information Technology
Investment Holdings [Line Items]
Total Investments, Cost	150,000	150,000
Investments at Fair Value	$ 300,000	$ 300,000
Total Investments, Percentage of Net Assets	2.28%	2.58%
Warrants
Investment Holdings [Line Items]
Total Investments, Cost	$ 679	$ 679
Warrants | Healthcare
Investment Holdings [Line Items]
Total Investments, Cost	$ 679	$ 679
Total Investments, Percentage of Net Assets	0.00%	0.00%
Other Equity
Investment Holdings [Line Items]
Total Investments, Cost	$ 600,000	$ 278,897
Investments at Fair Value	600,000	278,897
Other Equity | Financial
Investment Holdings [Line Items]
Total Investments, Cost	600,000
Investments at Fair Value	$ 600,000
Total Investments, Percentage of Net Assets	4.57%
Other Equity | Leisure & Hospitality
Investment Holdings [Line Items]
Total Investments, Cost		278,897
Investments at Fair Value		$ 278,897
Total Investments, Percentage of Net Assets		2.40%

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2021
ORGANIZATION
ORGANIZATION	NOTE 1 – ORGANIZATION In this report, we generally refer to Mill City Ventures III, Ltd. in the first person “we.” On occasion, we refer to our company in the third person as “Mill City Ventures” or the “Company.” The Company follows accounting and reporting guidance in Accounting Standards (“ASC”) 946. We were incorporated in Minnesota in January 2006. Until December 13, 2012, we were a development-stage company that focused on promoting and placing a proprietary poker game online and into casinos and entertainment facilities nationwide. In 2013, we elected to become a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). We operated as a BDC until we withdrew our BDC election on December 27, 2019. As of the time of this filing, we remain a public reporting company that files periodic reports with the SEC. We primarily offer short-term specialty finance solutions to private businesses, small-cap public companies and high-net-worth individuals. To avoid regulation under the 1940 Act, we generally seek to structure our investments so they do not constitute “investment securities” for purposes of federal securities law, and we monitor our investments as a whole to ensure that no more than 40% of our total assets may consist of investment securities.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The condensed balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. Use of estimates: Cash deposits: Valuation of investments: Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. In addition, such investments are generally less liquid than publicly traded securities. If we were required to liquidate an investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. Accounting guidance establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Observable inputs must be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available. Assets and liabilities measured at fair value are to be categorized into one of the three hierarchy levels based on the relative observability of inputs used in the valuation. The three levels are defined as follows: ● Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2: Observable inputs based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. ● Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances. Our valuation policy and procedures The estimated fair value of our Level 3 investment assets is determined on a quarterly basis by our Board of Directors, pursuant to our written Valuation Policy and Procedures. These policies and procedures generally require that we value our Level 3 equity investments at fair market value, unless circumstances warrant a different approach. Our Valuation Policy and Procedures provide examples of these circumstances, such as when a company in which we have invested has engaged in a subsequent financing of more than a de minimis When valuing preferred equity investments, we generally view intrinsic value as a key input. Intrinsic value means the value of any conversion feature (if the preferred investment is convertible) or the value of any liquidation or other preference. Discounts to intrinsic value may be applied in cases where the issuer’s financial condition is impaired or, in cases where intrinsic value relating to a conversion is determined to be a key input, to account for resale restrictions applicable to the securities issuable upon conversion. When valuing warrants, our Valuation Policy and Procedures indicate that value will generally be the difference between closing price of the underlying equity security and the exercise price, after applying an appropriate discount for restriction, if applicable, in situations where the underlying security is marketable. If the underlying security is not marketable, then intrinsic value will be considered consistent with the principles described above. Generally, “out-of-the-money” warrants will be valued at cost or zero. For non-traded (Level 3) debt and loan investments with a residual maturity less than or equal to 60 days, the value will generally be based on a present value approach, considering the straight-line amortized face value of the debt unless justification for impairment exists. The fair value for short-term non-banking loans is determined as the present value of future contractual cash flows discounted at an interest rate that reflects the risks inherent to those cash flows. The discount ranges from 12% to 47% and approximate rates currently observed in publicly traded debt markets for debt of similar terms to companies with comparable credit risk. On a quarterly basis, our management provides members of our Board of Directors with (i) valuation reports for each investment (which reports include our cost, the most recent prior valuation and any current proposed valuation, and an indication of the valuation methodology used, together with any other supporting materials); (ii) Mill City Ventures’ bank and other statements pertaining to our cash and cash equivalents; (iii) quarter- or period-end statements from our custodial firms holding any of our investments; and (iv) recommendations to change any existing valuations of our investments or hierarchy levels for purposes of determining the fair value of such investments based upon the foregoing. The board then discusses these materials and, consistent with the policies and approaches outlined above, makes final determinations respecting the valuation and hierarchy levels of our investments. We made no changes to our Valuation Policy and Procedures during the reporting period other than to have our entire Board of Directors involved in implementing and discharging those policies and procedures. Income taxes: We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement carrying amount and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event we were to determine we would be able to realize our deferred income tax assets in the future in excess of their recorded amount, we would make an adjustment to the valuation allowance, which would reduce the provision for income taxes. We file income tax returns in the U.S. Federal jurisdiction and various state jurisdictions. The Company does not believe there will be any material changes in its unrecognized tax positions over the next 12 months. Our evaluation was performed for the tax years ended December 31, 2017 through 2020, which are the tax years that remain subject to examination by major tax jurisdictions as of September 30, 2021. Revenue recognition Interest income, adjusted for amortization of premiums and accretion of discounts, is recorded on an accrual basis. Discounts from and premiums to par value on securities or other instruments purchased are accreted or amortized, as applicable, into interest income over the life of the related security using the effective-yield method. The amortized cost of investments represents the original cost, adjusted for the accretion of discounts and amortization of premiums, if any. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more, or when there is reasonable doubt that principal or interest will be collected in full. Loan origination fees are recognized when loans are issued. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past-due principal and interest is paid and, in management’s judgment, are likely to remain current. We may make exceptions to the policy described above if a loan has sufficient collateral value and is in the process of collection. Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by a company in which we have invested and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private companies or on the ex-dividend date for publicly traded companies. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal or stated value of the investment on the respective interest- or dividend-payment dates rather than being paid in cash, and generally becomes due at maturity or upon being repurchased by the issuer. PIK interest or dividends is recorded as interest or dividend income, as applicable. If at any point we believe that PIK interest or dividends is not expected be realized, the PIK-generating investment will be placed on non-accrual status. Accrued PIK interest or dividends are generally reversed through interest or dividend income, respectively, when an investment in placed on non-accrual status. Allocation of net gains and losses: Recently adopted accounting pronouncements: In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2021
INVESTMENTS
INVESTMENTS	NOTE 3 – INVESTMENTS The following table shows the composition of our investments by major class, at amortized cost and fair value, as of September 30, 2021 (together with the corresponding percentage of the fair value of our total investments): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ Investments at Percentage of Investments at Percentage of ​ Amortized Cost Amortized Cost Fair Value Fair Value ​ Short-term Non-banking Loans ​ $ 9,641,083 91.3 % $ 9,635,333 87.1 % Preferred Stock ​ 150,000 1.4 ​ 300,000 2.7 ​ Common Stock ​ 170,689 1.6 ​ 522,120 4.7 ​ Warrants ​ 679 — ​ — — ​ Other Equity ​ 600,000 5.7 ​ 600,000 5.5 ​ Total ​ $ 10,562,451 100.0 % $ 11,057,453 100.0 % ​ The following table shows the composition of our investments by major class, at amortized cost and fair value, as of December 31, 2020 (together with the corresponding percentage of the fair value of our total investments): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ Investments at Percentage of Investments at Percentage of ​ Amortized Cost Amortized Cost Fair Value Fair Value ​ Short-term Non-banking Loans ​ $ 2,789,000 56.2 % $ 2,789,000 41.8 % Preferred Stock ​ 150,000 3.0 ​ 300,000 4.5 ​ Common Stock ​ 1,750,000 35.2 ​ 3,300,000 49.5 ​ Warrants ​ 679 — ​ — — ​ Other Equity ​ 278,897 5.6 ​ 278,897 4.2 ​ Total ​ $ 4,968,576 100.0 % $ 6,667,897 100.0 % ​ The following table shows the composition of our investments by industry grouping, based on fair value as of September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments at Percentage of ​ Fair Value Fair Value ​ Consumer ​ $ 2,142,000 19.4 % Financial ​ 6,765,453 61.2 ​ Information Technology ​ 300,000 2.7 ​ Real Estate ​ 1,850,000 16.7 ​ ​ ​ — — ​ Total ​ $ 11,057,453 100.0 % ​ The following table shows the composition of our investments by industry grouping, based on fair value as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ Investments at Percentage of ​ Fair Value Fair Value ​ Consumer ​ $ 3,700,000 55.5 % Financial ​ 900,000 13.5 ​ Information Technology ​ 300,000 4.5 ​ Leisure & Hospitality ​ 278,897 4.2 ​ Real Estate ​ 1,489,000 22.3 ​ Total ​ $ 6,667,897 100.0 % ​

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 4 – FAIR VALUE OF FINANCIAL INSTRUMENTS Level 3 valuation information The following table presents the fair value measurements of our investments by major class, as of September 30, 2021, according to the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ Level 1 Level 2 Level 3 Total Short-term Non-banking Loans ​ $ — ​ $ — ​ $ 9,635,333 ​ $ 9,635,333 Preferred Stock ​ — ​ — ​ 300,000 ​ 300,000 Common Stock ​ 522,120 ​ — ​ — ​ 522,120 Warrants ​ — ​ — ​ — ​ — Other Equity ​ — ​ — ​ 600,000 ​ 600,000 Total ​ $ 522,120 ​ $ — ​ $ 10,535,333 ​ $ 11,057,453 ​ The following table presents the fair value measurements of our investments by major class, as of December 31, 2020, according to the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ Level 1 Level 2 Level 3 Total Short-term Non-banking Loans ​ $ — ​ $ — ​ $ 2,789,000 ​ $ 2,789,000 Preferred Stock ​ — ​ — ​ 300,000 ​ 300,000 Common Stock ​ 3,300,000 ​ — ​ — ​ 3,300,000 Warrants ​ — ​ — ​ — ​ — Other Equity ​ — ​ — ​ 278,897 ​ 278,897 Total ​ $ 3,300,000 ​ $ — ​ $ 3,367,897 ​ $ 6,667,897 ​ The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 investment assets for the nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended September 30, 2021 ​ ​ ​ ​ ST ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-banking Preferred Common ​ ​ ​ ​ ​ ​ ​ Loans ​ Stock ​ Stock ​ Warrants ​ Other Equity Balance as of January 1, 2021 ​ $ 2,789,000 ​ $ 300,000 ​ $ — ​ $ — ​ $ 278,897 Net change in unrealized appreciation ​ — ​ — ​ — ​ — ​ — Purchases and other adjustments to cost ​ 17,365,333 ​ — ​ — ​ — ​ 600,000 Sales and redemptions ​ (10,519,000) ​ — ​ — ​ — ​ (278,897) Net realized loss ​ — ​ — ​ — ​ — ​ — Balance as of June 30, 2021 ​ $ 9,635,333 ​ $ 300,000 ​ $ — ​ $ — ​ $ 600,000 ​ The net change in unrealized appreciation for the nine months ended September 30, 2021 attributable to Level 3 investments still held as of September 30, 2021 is $0, and is included in net change in unrealized appreciation (depreciation) on investments on the statement of operations. The following table lists our Level 3 investments held as of September 30, 2021 and the unobservable inputs used to determine their valuation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Security Type 9/30/21 FMV Valuation Technique Unobservable Inputs Range ST Non-banking Loans ​ $ 9,635,333 ​ discounted cash flow ​ determining private company interest rate based on credit ​ 12-44 % Other Equity ​ 600,000 last secured funding known by company economic changes since last funding ​ Preferred Stock ​ 300,000 last funding secured by company economic changes since last funding ​ ​ ​ $ 10,535,333 ​ ​ The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 investment assets for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2020 ​ ​ ​ ​ ST Non-banking Preferred Common ​ ​ ​ ​ Loans ​ Stock ​ Stock ​ Warrants ​ Other Equity Balance as of January 1, 2020 ​ $ — ​ $ 300,000 ​ $ — ​ $ — ​ $ 534,200 Net change in unrealized appreciation ​ — ​ — ​ — ​ — ​ 486,018 Purchases and other adjustments to cost ​ 7,543,000 ​ — ​ — ​ — ​ — Sales and redemptions ​ (4,754,000) ​ — ​ — ​ — ​ (91,313) Net realized loss ​ — ​ — ​ — ​ — ​ (650,008) Balance as of December 31, 2020 ​ $ 2,789,000 ​ $ 300,000 ​ $ — ​ $ — ​ $ 278,897 ​ The net change in unrealized depreciation for the year ended December 31, 2020 attributable to Level 3 investments still held as of December 31, 2020 is $0, and is included in net change in unrealized appreciation (depreciation) on investments on the statement of operations. The following table lists our Level 3 investments held as of December 31, 2020 and the unobservable inputs used to determine their valuation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Security Type 12/31/20 FMV Valuation Technique Unobservable Inputs Range ST Non-banking Loans ​ $ 2,789,000 discounted cash flow determining private company interest rate based on credit 14-44 % Other Equity ​ 278,897 last secured funding known by company economic changes since purchase ​ Preferred Stock ​ 300,000 last funding secured by company economic changes since last funding ​ ​ ​ $ 3,367,897 ​ ​ ​ ​ ​ ​ ​ ​

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2021
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	NOTE 5 – RELATED-PARTY TRANSACTIONS We maintain a Code of Ethics and certain other policies relating to conflicts of interest. Nevertheless, from time to time we may hold investments in businesses in which certain members of our management, our Board of Directors, or significant shareholders of ours, are also directly or indirectly invested. Our Board of Directors has adopted a policy to require our disclosure of these instances in our periodic filings with the SEC. Our only related-party transaction requiring disclosure under this policy relates to an August 10, 2018 loan transaction we entered into with Elizabeth Zbikowski. Ms. Zbikowski, along with her husband Scott Zbikowski, owns approximately 1,765,000 shares of our common stock. In the transaction, we obtained a two-year promissory note in the principal amount of $250,000. The promissory note was subsequently amended such that it matures in August 2022. The note bears interest payable monthly at the rate of 10% per annum and is secured by the debtors’ pledge to us of 625,000 shares of our common stock. The pledged shares are held in physical custody for us by our custodial agent Millennium Trust Company.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2021
INCOME TAXES
INCOME TAXES	NOTE 6 – INCOME TAXES Presently, we are a C-corporation for tax purposes and have booked an income tax provision for the periods described below. As of September 30, 2021 and December 31, 2020, we have a deferred tax liability of $141,000 and $258,000, respectively. Our determination of the realizable deferred tax assets and liabilities requires the exercise of significant judgment, based in part on business plans and expectations about future outcomes. In the event the actual results differ from these estimates in future periods, we may need to adjust the valuation allowance, which could materially impact our financial position and results of operations. We will continue to assess the need for a valuation allowance in future periods. As of September 30, 2021 and December 31, 2020, we had accrued income taxes of $1,141,700 and $13,722 respectively. We recorded a benefit from income taxes of approximately $300 (28.9 percent effective tax rate) and $0 (0 percent effective tax rate) during the three months ended September 30, 2021 and September 30, 2020, respectively. We recorded income taxes of approximately $1,010,978 (30.4 percent effective tax rate) and $0 (0 percent effective tax rate) during the nine months ended September 30, 2021 and September 30, 2020, respectively. Due to the full valuation allowances in periods prior to December 31, 2020, our effective tax rate was expected to be near zero percent, and therefore income tax accruals and expense were not material for those prior periods presented. As of December 31, 2020, we had a federal net operating loss carryfoward (NOL) of approximately $351,000. The federal NOL was completely utilized and offset taxable income as of September 30, 2021. States may vary in their treatment of post-2017 NOLs. The remaining state NOLs are expected to be completely used and offset taxable income by September 30, 2021. The remaining state NOL carryforwards may expire in 2036 and 2037 if not used.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2021
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	NOTE 7 – SHAREHOLDERS’ EQUITY At September 30, 2021, we had 10,790,413 shares of common stock issued and outstanding On September 27, 2021 we announced that our Board of Directors had approved a cash dividend of $0.10 per common share. The dividend was paid on October 29, 2021 On December 8, 2020 we announced that our Board of Directors had approved a cash dividend of $0.05 per common share. The dividend was paid on January 4, 2021

PER-SHARE INFORMATION

PER-SHARE INFORMATION	9 Months Ended
	Sep. 30, 2021
PER-SHARE INFORMATION
PER-SHARE INFORMATION	NOTE 8 – PER-SHARE INFORMATION Basic net gain per common share is computed by dividing net increase in net assets resulting from operations by the weighted-average number of common shares outstanding during the period. A reconciliation of the numerator and denominator used in the calculation of basic and diluted net gain (loss) per common share is set forth below: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ September 30, ​ ​ 2021 ​ 2020 Numerator: Net increase in net assets resulting from operations ​ $ 31,288 ​ $ 583,344 Denominator: Weighted-average number of common shares outstanding ​ 10,790,413 ​ 10,696,735 Basic and diluted net gain per common share ​ $ 0.00 ​ $ 0.05 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ September 30, ​ ​ 2021 ​ 2020 Numerator: Net increase in net assets resulting from operations ​ $ 2,557,836 ​ $ 894,796 Denominator: Weighted-average number of common shares outstanding ​ ​ 10,788,918 ​ ​ 10,881,382 Basic and diluted net gain per common share ​ $ 0.24 ​ $ 0.08 ​

OPERATING LEASES

OPERATING LEASES	9 Months Ended
	Sep. 30, 2021
OPERATING LEASES
OPERATING LEASES	NOTE 9 – OPERATING LEASES We are subject to two non-cancelable operating leases for office space expiring March 31, 2022. These leases do not have significant lease escalations, holidays, concessions, leasehold improvements, or other build-out clauses. Further, the leases do not contain contingent rent provisions. The leases do not include options to renew. Because our lease does not provide an implicit rate, we use our incremental borrowing rate in determining the present value of the lease payments. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The weighted-average discount rate as of December 31, 2020 was 4.5% and the weighted-average remaining lease term is one year. Under ASC 840, rent expense for office facilities for the three months ended September 30, 2021 and September 30, 2020 was $16,689 and $16,562, respectively. The components of our operating lease were as follows for the three and nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ Ended ​ Ended ​ September 30, 2021 September 30, 2021 Operating lease costs ​ $ 4,779 ​ $ 14,337 Variable lease cost ​ 4,478 ​ 13,082 Short-term lease cost ​ 7,432 ​ 22,297 Total ​ $ 16,689 ​ $ 49,716 ​ Supplemental balance sheet information consisted of the following at September 30, 2021: ​ ​ ​ ​ ​ Operating Lease ​ ​ Right-of-use assets ​ $ 9,661 ​ ​ ​ Operating Lease Liability ​ $ 10,843 Less: short term portion ​ (10,843) Long term portion ​ $ — ​ Maturity analysis under lease agreements consisted of the following as of September 30, 2021: ​ ​ ​ ​ ​ ​ Operating ​ ​ Leases 2021 ​ $ 5,290 2022 ​ 5,449 Total lease payments ​ 10,739 Plus: interest ​ 104 Present value of lease liabilities ​ $ 10,843 ​

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS	9 Months Ended
	Sep. 30, 2021
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS	NOTE 10 – FINANCIAL HIGHLIGHTS The following is a schedule of financial highlights for the nine months ended September 30, 2021 through 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, ​ 2021 2020 2019 2018 2017 Per Share Data (1) ​ ​ Net asset value at beginning of period ​ $ 1.08 0.91 1.02 0.87 0.77 ​ Net investment gain (loss) ​ 0.09 0.02 (0.05) (0.04) (0.04) ​ Net realized and unrealized gains (losses) ​ 0.24 0.06 0.01 0.15 0.06 ​ Provision for income taxes ​ (0.09) 0.00 0.00 0.00 0.00 ​ Repurchase of common stock ​ 0.00 0.02 0.00 0.00 0.04 ​ Payment of common stock dividend ​ (0.10) 0.00 (0.05) 0.00 0.00 ​ Net asset value at end of period ​ $ 1.22 1.01 0.93 0.98 0.83 ​ ​ ​ ​ Ratio / Supplemental Data ​ ​ Per share market value of investments at end of period ​ $ 1.02 0.76 0.70 0.82 0.51 ​ Shares outstanding at end of period ​ 10,790,413 10,696,735 11,067,402 11,067,402 12,151,493 ​ Average weighted shares outstanding for the period ​ 10,788,918 10,881,382 11,067,402 11,067,402 12,151,493 ​ Net assets at end of period ​ $ 13,140,835 10,805,062 10,588,689 11,278,889 9,555,551 ​ Average net assets (2) ​ $ 13,090,497 10,220,482 12,304,975 9,955,674 9,504,851 ​ Total investment return ​ 22.22 % 8.79 % (8.82) % 12.64 % 2.60 % Portfolio turnover rate (3) ​ 124.55 % 18.18 % 7.11 % 11.55 % 11.87 % Ratio of operating expenses to average net assets (3) ​ (10.31) % (6.49) % (7.70) % (6.98) % (7.38) % Ratio of net investment income (loss) to average net assets (3) ​ 9.87 % 3.35 % (6.40) % (5.53) % (5.89) % Ratio of realized gains (losses) to average net assets (3) ​ 40.81 % 7.06 % 57.36 % (12.79) % 16.51 % (1) Per-share data was derived using the ending number of shares outstanding for the period. (2) Based on the monthly average of net assets as of the beginning and end of each period presented. (3) Ratios are annualized.

General Uncertainty

General Uncertainty	9 Months Ended
	Sep. 30, 2021
General Uncertainty
General Uncertainty	NOTE 11 – General Uncertainty On March 11, 2020, the World Health Organization declared the outbreak of the coronavirus (COVID-19) a pandemic. As a result, economic uncertainties and market volatility have arisen which may negatively impact our investment valuations and net increase or decrease in net assets resulting from operations. Other financial impacts could occur though such potential impact is difficult to determine at this time.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events
Subsequent Events	NOTE 12 – Subsequent Events None

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation:	Basis of presentation The condensed balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020.
Use of estimates:	Use of estimates:
Cash deposits:	Cash deposits:
Valuation of investments:	Valuation of investments: Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. In addition, such investments are generally less liquid than publicly traded securities. If we were required to liquidate an investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. Accounting guidance establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Observable inputs must be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available. Assets and liabilities measured at fair value are to be categorized into one of the three hierarchy levels based on the relative observability of inputs used in the valuation. The three levels are defined as follows: ● Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2: Observable inputs based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. ● Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.
Our valuation policy and procedures:	Our valuation policy and procedures The estimated fair value of our Level 3 investment assets is determined on a quarterly basis by our Board of Directors, pursuant to our written Valuation Policy and Procedures. These policies and procedures generally require that we value our Level 3 equity investments at fair market value, unless circumstances warrant a different approach. Our Valuation Policy and Procedures provide examples of these circumstances, such as when a company in which we have invested has engaged in a subsequent financing of more than a de minimis When valuing preferred equity investments, we generally view intrinsic value as a key input. Intrinsic value means the value of any conversion feature (if the preferred investment is convertible) or the value of any liquidation or other preference. Discounts to intrinsic value may be applied in cases where the issuer’s financial condition is impaired or, in cases where intrinsic value relating to a conversion is determined to be a key input, to account for resale restrictions applicable to the securities issuable upon conversion. When valuing warrants, our Valuation Policy and Procedures indicate that value will generally be the difference between closing price of the underlying equity security and the exercise price, after applying an appropriate discount for restriction, if applicable, in situations where the underlying security is marketable. If the underlying security is not marketable, then intrinsic value will be considered consistent with the principles described above. Generally, “out-of-the-money” warrants will be valued at cost or zero. For non-traded (Level 3) debt and loan investments with a residual maturity less than or equal to 60 days, the value will generally be based on a present value approach, considering the straight-line amortized face value of the debt unless justification for impairment exists. The fair value for short-term non-banking loans is determined as the present value of future contractual cash flows discounted at an interest rate that reflects the risks inherent to those cash flows. The discount ranges from 12% to 47% and approximate rates currently observed in publicly traded debt markets for debt of similar terms to companies with comparable credit risk. On a quarterly basis, our management provides members of our Board of Directors with (i) valuation reports for each investment (which reports include our cost, the most recent prior valuation and any current proposed valuation, and an indication of the valuation methodology used, together with any other supporting materials); (ii) Mill City Ventures’ bank and other statements pertaining to our cash and cash equivalents; (iii) quarter- or period-end statements from our custodial firms holding any of our investments; and (iv) recommendations to change any existing valuations of our investments or hierarchy levels for purposes of determining the fair value of such investments based upon the foregoing. The board then discusses these materials and, consistent with the policies and approaches outlined above, makes final determinations respecting the valuation and hierarchy levels of our investments. We made no changes to our Valuation Policy and Procedures during the reporting period other than to have our entire Board of Directors involved in implementing and discharging those policies and procedures.
Income taxes:	Income taxes: We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement carrying amount and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event we were to determine we would be able to realize our deferred income tax assets in the future in excess of their recorded amount, we would make an adjustment to the valuation allowance, which would reduce the provision for income taxes. We file income tax returns in the U.S. Federal jurisdiction and various state jurisdictions. The Company does not believe there will be any material changes in its unrecognized tax positions over the next 12 months. Our evaluation was performed for the tax years ended December 31, 2017 through 2020, which are the tax years that remain subject to examination by major tax jurisdictions as of September 30, 2021.
Revenue recognition:	Revenue recognition Interest income, adjusted for amortization of premiums and accretion of discounts, is recorded on an accrual basis. Discounts from and premiums to par value on securities or other instruments purchased are accreted or amortized, as applicable, into interest income over the life of the related security using the effective-yield method. The amortized cost of investments represents the original cost, adjusted for the accretion of discounts and amortization of premiums, if any. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more, or when there is reasonable doubt that principal or interest will be collected in full. Loan origination fees are recognized when loans are issued. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past-due principal and interest is paid and, in management’s judgment, are likely to remain current. We may make exceptions to the policy described above if a loan has sufficient collateral value and is in the process of collection. Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by a company in which we have invested and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private companies or on the ex-dividend date for publicly traded companies. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal or stated value of the investment on the respective interest- or dividend-payment dates rather than being paid in cash, and generally becomes due at maturity or upon being repurchased by the issuer. PIK interest or dividends is recorded as interest or dividend income, as applicable. If at any point we believe that PIK interest or dividends is not expected be realized, the PIK-generating investment will be placed on non-accrual status. Accrued PIK interest or dividends are generally reversed through interest or dividend income, respectively, when an investment in placed on non-accrual status.
Allocation of net gains and losses:	Allocation of net gains and losses:
Recently adopted accounting pronouncements:	Recently adopted accounting pronouncements: In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
INVESTMENTS
Schedule of investments by major class, at amortized cost and fair value	The following table shows the composition of our investments by major class, at amortized cost and fair value, as of September 30, 2021 (together with the corresponding percentage of the fair value of our total investments): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ Investments at Percentage of Investments at Percentage of ​ Amortized Cost Amortized Cost Fair Value Fair Value ​ Short-term Non-banking Loans ​ $ 9,641,083 91.3 % $ 9,635,333 87.1 % Preferred Stock ​ 150,000 1.4 ​ 300,000 2.7 ​ Common Stock ​ 170,689 1.6 ​ 522,120 4.7 ​ Warrants ​ 679 — ​ — — ​ Other Equity ​ 600,000 5.7 ​ 600,000 5.5 ​ Total ​ $ 10,562,451 100.0 % $ 11,057,453 100.0 % ​ The following table shows the composition of our investments by major class, at amortized cost and fair value, as of December 31, 2020 (together with the corresponding percentage of the fair value of our total investments): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ Investments at Percentage of Investments at Percentage of ​ Amortized Cost Amortized Cost Fair Value Fair Value ​ Short-term Non-banking Loans ​ $ 2,789,000 56.2 % $ 2,789,000 41.8 % Preferred Stock ​ 150,000 3.0 ​ 300,000 4.5 ​ Common Stock ​ 1,750,000 35.2 ​ 3,300,000 49.5 ​ Warrants ​ 679 — ​ — — ​ Other Equity ​ 278,897 5.6 ​ 278,897 4.2 ​ Total ​ $ 4,968,576 100.0 % $ 6,667,897 100.0 % ​
Schedule of investments by industry grouping, based on fair value	The following table shows the composition of our investments by industry grouping, based on fair value as of September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments at Percentage of ​ Fair Value Fair Value ​ Consumer ​ $ 2,142,000 19.4 % Financial ​ 6,765,453 61.2 ​ Information Technology ​ 300,000 2.7 ​ Real Estate ​ 1,850,000 16.7 ​ ​ ​ — — ​ Total ​ $ 11,057,453 100.0 % ​ The following table shows the composition of our investments by industry grouping, based on fair value as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ Investments at Percentage of ​ Fair Value Fair Value ​ Consumer ​ $ 3,700,000 55.5 % Financial ​ 900,000 13.5 ​ Information Technology ​ 300,000 4.5 ​ Leisure & Hospitality ​ 278,897 4.2 ​ Real Estate ​ 1,489,000 22.3 ​ Total ​ $ 6,667,897 100.0 %

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of fair value measurements of our investments by major class according to the fair value hierarchy	The following table presents the fair value measurements of our investments by major class, as of September 30, 2021, according to the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ Level 1 Level 2 Level 3 Total Short-term Non-banking Loans ​ $ — ​ $ — ​ $ 9,635,333 ​ $ 9,635,333 Preferred Stock ​ — ​ — ​ 300,000 ​ 300,000 Common Stock ​ 522,120 ​ — ​ — ​ 522,120 Warrants ​ — ​ — ​ — ​ — Other Equity ​ — ​ — ​ 600,000 ​ 600,000 Total ​ $ 522,120 ​ $ — ​ $ 10,535,333 ​ $ 11,057,453 ​ The following table presents the fair value measurements of our investments by major class, as of December 31, 2020, according to the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ Level 1 Level 2 Level 3 Total Short-term Non-banking Loans ​ $ — ​ $ — ​ $ 2,789,000 ​ $ 2,789,000 Preferred Stock ​ — ​ — ​ 300,000 ​ 300,000 Common Stock ​ 3,300,000 ​ — ​ — ​ 3,300,000 Warrants ​ — ​ — ​ — ​ — Other Equity ​ — ​ — ​ 278,897 ​ 278,897 Total ​ $ 3,300,000 ​ $ — ​ $ 3,367,897 ​ $ 6,667,897
Schedule of reconciliation of the beginning and ending fair value balances for our Level 3 investment assets	The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 investment assets for the nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended September 30, 2021 ​ ​ ​ ​ ST ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-banking Preferred Common ​ ​ ​ ​ ​ ​ ​ Loans ​ Stock ​ Stock ​ Warrants ​ Other Equity Balance as of January 1, 2021 ​ $ 2,789,000 ​ $ 300,000 ​ $ — ​ $ — ​ $ 278,897 Net change in unrealized appreciation ​ — ​ — ​ — ​ — ​ — Purchases and other adjustments to cost ​ 17,365,333 ​ — ​ — ​ — ​ 600,000 Sales and redemptions ​ (10,519,000) ​ — ​ — ​ — ​ (278,897) Net realized loss ​ — ​ — ​ — ​ — ​ — Balance as of June 30, 2021 ​ $ 9,635,333 ​ $ 300,000 ​ $ — ​ $ — ​ $ 600,000 The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 investment assets for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2020 ​ ​ ​ ​ ST Non-banking Preferred Common ​ ​ ​ ​ Loans ​ Stock ​ Stock ​ Warrants ​ Other Equity Balance as of January 1, 2020 ​ $ — ​ $ 300,000 ​ $ — ​ $ — ​ $ 534,200 Net change in unrealized appreciation ​ — ​ — ​ — ​ — ​ 486,018 Purchases and other adjustments to cost ​ 7,543,000 ​ — ​ — ​ — ​ — Sales and redemptions ​ (4,754,000) ​ — ​ — ​ — ​ (91,313) Net realized loss ​ — ​ — ​ — ​ — ​ (650,008) Balance as of December 31, 2020 ​ $ 2,789,000 ​ $ 300,000 ​ $ — ​ $ — ​ $ 278,897 ​
Schedule of Level 3 investments held and the unobservable inputs used to determine their valuation	The following table lists our Level 3 investments held as of September 30, 2021 and the unobservable inputs used to determine their valuation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Security Type 9/30/21 FMV Valuation Technique Unobservable Inputs Range ST Non-banking Loans ​ $ 9,635,333 ​ discounted cash flow ​ determining private company interest rate based on credit ​ 12-44 % Other Equity ​ 600,000 last secured funding known by company economic changes since last funding ​ Preferred Stock ​ 300,000 last funding secured by company economic changes since last funding ​ ​ ​ $ 10,535,333 ​ The following table lists our Level 3 investments held as of December 31, 2020 and the unobservable inputs used to determine their valuation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Security Type 12/31/20 FMV Valuation Technique Unobservable Inputs Range ST Non-banking Loans ​ $ 2,789,000 discounted cash flow determining private company interest rate based on credit 14-44 % Other Equity ​ 278,897 last secured funding known by company economic changes since purchase ​ Preferred Stock ​ 300,000 last funding secured by company economic changes since last funding ​ ​ ​ $ 3,367,897 ​ ​ ​ ​ ​ ​ ​

PER-SHARE INFORMATION (Tables)

PER-SHARE INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2021
PER-SHARE INFORMATION
Summary of reconciliation of the numerator and denominator used in the calculation of basic and diluted net gain (loss) per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ September 30, ​ ​ 2021 ​ 2020 Numerator: Net increase in net assets resulting from operations ​ $ 31,288 ​ $ 583,344 Denominator: Weighted-average number of common shares outstanding ​ 10,790,413 ​ 10,696,735 Basic and diluted net gain per common share ​ $ 0.00 ​ $ 0.05 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ September 30, ​ ​ 2021 ​ 2020 Numerator: Net increase in net assets resulting from operations ​ $ 2,557,836 ​ $ 894,796 Denominator: Weighted-average number of common shares outstanding ​ ​ 10,788,918 ​ ​ 10,881,382 Basic and diluted net gain per common share ​ $ 0.24 ​ $ 0.08

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	9 Months Ended
	Sep. 30, 2021
OPERATING LEASES
Summary of components of our operating lease	The components of our operating lease were as follows for the three and nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ Ended ​ Ended ​ September 30, 2021 September 30, 2021 Operating lease costs ​ $ 4,779 ​ $ 14,337 Variable lease cost ​ 4,478 ​ 13,082 Short-term lease cost ​ 7,432 ​ 22,297 Total ​ $ 16,689 ​ $ 49,716
Summary of supplemental balance sheet information	Supplemental balance sheet information consisted of the following at September 30, 2021: ​ ​ ​ ​ ​ Operating Lease ​ ​ Right-of-use assets ​ $ 9,661 ​ ​ ​ Operating Lease Liability ​ $ 10,843 Less: short term portion ​ (10,843) Long term portion ​ $ — ​
Summary of maturity analysis under lease agreements	Maturity analysis under lease agreements consisted of the following as of September 30, 2021: ​ ​ ​ ​ ​ ​ Operating ​ ​ Leases 2021 ​ $ 5,290 2022 ​ 5,449 Total lease payments ​ 10,739 Plus: interest ​ 104 Present value of lease liabilities ​ $ 10,843

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)	9 Months Ended
	Sep. 30, 2021
FINANCIAL HIGHLIGHTS
Schedule of financial highlights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, ​ 2021 2020 2019 2018 2017 Per Share Data (1) ​ ​ Net asset value at beginning of period ​ $ 1.08 0.91 1.02 0.87 0.77 ​ Net investment gain (loss) ​ 0.09 0.02 (0.05) (0.04) (0.04) ​ Net realized and unrealized gains (losses) ​ 0.24 0.06 0.01 0.15 0.06 ​ Provision for income taxes ​ (0.09) 0.00 0.00 0.00 0.00 ​ Repurchase of common stock ​ 0.00 0.02 0.00 0.00 0.04 ​ Payment of common stock dividend ​ (0.10) 0.00 (0.05) 0.00 0.00 ​ Net asset value at end of period ​ $ 1.22 1.01 0.93 0.98 0.83 ​ ​ ​ ​ Ratio / Supplemental Data ​ ​ Per share market value of investments at end of period ​ $ 1.02 0.76 0.70 0.82 0.51 ​ Shares outstanding at end of period ​ 10,790,413 10,696,735 11,067,402 11,067,402 12,151,493 ​ Average weighted shares outstanding for the period ​ 10,788,918 10,881,382 11,067,402 11,067,402 12,151,493 ​ Net assets at end of period ​ $ 13,140,835 10,805,062 10,588,689 11,278,889 9,555,551 ​ Average net assets (2) ​ $ 13,090,497 10,220,482 12,304,975 9,955,674 9,504,851 ​ Total investment return ​ 22.22 % 8.79 % (8.82) % 12.64 % 2.60 % Portfolio turnover rate (3) ​ 124.55 % 18.18 % 7.11 % 11.55 % 11.87 % Ratio of operating expenses to average net assets (3) ​ (10.31) % (6.49) % (7.70) % (6.98) % (7.38) % Ratio of net investment income (loss) to average net assets (3) ​ 9.87 % 3.35 % (6.40) % (5.53) % (5.89) % Ratio of realized gains (losses) to average net assets (3) ​ 40.81 % 7.06 % 57.36 % (12.79) % 16.51 % (1) Per-share data was derived using the ending number of shares outstanding for the period. (2) Based on the monthly average of net assets as of the beginning and end of each period presented. (3) Ratios are annualized.

ORGANIZATION (Details)

ORGANIZATION (Details)	9 Months Ended
	Sep. 30, 2021
ORGANIZATION
Maximum percentage of total assets of investment securities	40.00%

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) - Discount rate	Sep. 30, 2021
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	12
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	47

INVESTMENTS - Composition of ou

INVESTMENTS - Composition of our investments by major class (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 10,562,451	$ 4,968,576
Percentage of Amortized Cost	100.00%	100.00%
Investments at Fair Value	$ 11,057,453	$ 6,667,897
Percentage of Fair Value	100.00%	100.00%
Consumer
Investment Holdings [Line Items]
Investments at Fair Value	$ 2,142,000	$ 3,700,000
Percentage of Fair Value	19.40%	55.50%
Financial
Investment Holdings [Line Items]
Investments at Fair Value	$ 6,765,453	$ 900,000
Percentage of Fair Value	61.20%	13.50%
Information Technology
Investment Holdings [Line Items]
Investments at Fair Value	$ 300,000	$ 300,000
Percentage of Fair Value	2.70%	4.50%
Leisure & Hospitality
Investment Holdings [Line Items]
Investments at Fair Value		$ 278,897
Percentage of Fair Value		4.20%
Real Estate
Investment Holdings [Line Items]
Investments at Fair Value	$ 1,850,000	$ 1,489,000
Percentage of Fair Value	16.70%	22.30%
Short-Term Non-banking Loans
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 9,641,083	$ 2,789,000
Percentage of Amortized Cost	91.30%	56.20%
Investments at Fair Value	$ 9,635,333	$ 2,789,000
Percentage of Fair Value	87.10%	41.80%
Preferred Stock
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 150,000	$ 150,000
Percentage of Amortized Cost	1.40%	3.00%
Investments at Fair Value	$ 300,000	$ 300,000
Percentage of Fair Value	2.70%	4.50%
Preferred Stock | Information Technology
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 150,000	$ 150,000
Investments at Fair Value	300,000	300,000
Common Stock
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 170,689	$ 1,750,000
Percentage of Amortized Cost	1.60%	35.20%
Investments at Fair Value	$ 522,120	$ 3,300,000
Percentage of Fair Value	4.70%	49.50%
Common Stock | Consumer
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 140,000
Investments at Fair Value	492,000
Common Stock | Financial
Investment Holdings [Line Items]
Investments at Amortized Cost	30,689
Investments at Fair Value	30,120
Warrants
Investment Holdings [Line Items]
Investments at Amortized Cost	679	$ 679
Warrants | Healthcare
Investment Holdings [Line Items]
Investments at Amortized Cost	679	679
Other Equity
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 600,000	$ 278,897
Percentage of Amortized Cost	5.70%	5.60%
Investments at Fair Value	$ 600,000	$ 278,897
Percentage of Fair Value	5.50%	4.20%
Other Equity | Financial
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 600,000
Investments at Fair Value	$ 600,000
Other Equity | Leisure & Hospitality
Investment Holdings [Line Items]
Investments at Amortized Cost		$ 278,897
Investments at Fair Value		$ 278,897

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	$ 11,057,453	$ 6,667,897
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net change in unrealized appreciation attributable to Level 3 investments still held	0	0
Short-Term Non-banking Loans
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	9,635,333	2,789,000
Common Stock
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	522,120	3,300,000
Preferred Stock
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	300,000	300,000
Other Equity
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	600,000	278,897
Level 1
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	522,120	3,300,000
Level 1 | Common Stock
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	522,120	3,300,000
Level 3
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	10,535,333	3,367,897
Level 3 | Short-Term Non-banking Loans
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	9,635,333	2,789,000
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of January 1, 2021	2,789,000
Purchases and other adjustments to cost	17,365,333	7,543,000
Sales and redemptions	(10,519,000)	(4,754,000)
Balance as of June 30, 2021	$ 9,635,333	$ 2,789,000
Level 3 | Short-Term Non-banking Loans | Interest rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Interest rate	12	14
Level 3 | Short-Term Non-banking Loans | Interest rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Interest rate	44	44
Level 3 | Preferred Stock
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	$ 300,000	$ 300,000
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of January 1, 2021	300,000	300,000
Balance as of June 30, 2021	300,000	300,000
Level 3 | Other Equity
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	600,000	278,897
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of January 1, 2021	278,897	534,200
Net change in unrealized appreciation		486,018
Purchases and other adjustments to cost	600,000
Sales and redemptions	(278,897)	(91,313)
Net realized loss		(650,008)
Balance as of June 30, 2021	$ 600,000	$ 278,897

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - Ms. Zbikowski, along with her husband Scott Zbikowski	9 Months Ended
	Sep. 30, 2021USD ($)shares
Related Party Transaction [Line Items]
Shares of common stock owned by related party	1,765,000
Promissory note term	2 years
Principal amount of note obtained | $	$ 250,000
Interest payable monthly (as a percent)	10.00%
Debtors' pledge in number of common stock	625,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
INCOME TAXES
Deferred tax liability	$ 141,000		$ 141,000		$ 258,000
Accrued income taxes	1,141,700		1,141,700		13,722
Income taxes payable	$ (300)	$ 0	$ 1,010,978	$ 0
Effective tax rate	28.90%	0.00%	30.40%	0.00%
Federal NOL					$ 351,000

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - $ / shares	Oct. 29, 2021	Sep. 27, 2021	Jan. 04, 2021	Dec. 08, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
SHAREHOLDERS' EQUITY
Common stock issued					10,790,413
Common stock, shares outstanding					10,790,413	10,785,913	10,696,735	11,067,402	11,067,402	12,151,493
Cash dividend declared		$ 0.10		$ 0.05
Cash dividend paid	$ 0.10		$ 0.05

PER-SHARE INFORMATION (Details)

PER-SHARE INFORMATION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
PER-SHARE INFORMATION
Numerator: Net increase in net assets resulting from operations	$ 31,288	$ 583,344	$ 2,557,836	$ 894,796
Denominator: Weighted-average number of common shares outstanding, basic	10,790,413	10,696,735	10,788,918	10,881,382
Denominator: Weighted-average number of common shares outstanding, diluted	10,790,413	10,696,735	10,788,918	10,881,382	11,067,402	11,067,402	12,151,493
Basic net gain per common share	$ 0	$ 0.05	$ 0.24	$ 0.08
Diluted net gain per common share	$ 0	$ 0.05	$ 0.24	$ 0.08

OPERATING LEASES - Additional I

OPERATING LEASES - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021USD ($)lease	Dec. 31, 2020	Sep. 30, 2020USD ($)
OPERATING LEASES
Number of non-cancelable operating leases | lease	2
Weighted-average discount rate		4.50%
Weighted-average remaining lease term		1 year
Rent expense under ASC 840 | $	$ 16,689		$ 16,562

OPERATING LEASES - components o

OPERATING LEASES - components of our operating lease (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Components of our operating lease
Operating lease costs	$ 4,779	$ 14,337
Variable lease cost	4,478	13,082
Short-term lease cost	7,432	22,297
Total	$ 16,689	$ 49,716

OPERATING LEASES - Supplemental

OPERATING LEASES - Supplemental balance sheet information (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Supplemental balance sheet information
Right-of-use assets	$ 9,661	$ 23,345
Operating Lease Liability	10,843	$ 26,061
Less: short term portion	$ (10,843)

OPERATING LEASES - Maturity ana

OPERATING LEASES - Maturity analysis under lease agreements (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Maturity analysis under lease agreements
2021	$ 5,290
2022	5,449
Total lease payments	10,739
Plus: interest	104
Present value of lease liabilities	$ 10,843	$ 26,061

FINANCIAL HIGHLIGHTS (Details)

FINANCIAL HIGHLIGHTS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2020
Per Share Data (1)
Net asset value at beginning of period			$ 1.08	$ 0.91	$ 1.02	$ 0.87	$ 0.77
Net investment gain (loss)			0.09	0.02	(0.05)	(0.04)	(0.04)
Net realized and unrealized gains (losses)			0.24	0.06	0.01	0.15	0.06
Provision for income taxes			(0.09)	0	0	0	0
Repurchase of common stock			0	0.02	0	0	0.04
Payment of common stock dividend			(0.10)	0	(0.05)	0	0
Net asset value at end of period	$ 1.22	$ 1.01	1.22	1.01	0.93	0.98	0.83
Ratio / Supplemental Data
Per share market value of investments at end of period	$ 1.02	$ 0.76	$ 1.02	$ 0.76	$ 0.70	$ 0.82	$ 0.51
Shares outstanding at end of period	10,790,413	10,696,735	10,790,413	10,696,735	11,067,402	11,067,402	12,151,493	10,785,913
Average weighted shares outstanding for the period	10,790,413	10,696,735	10,788,918	10,881,382	11,067,402	11,067,402	12,151,493
Net assets at end of period	$ 13,140,835	$ 10,805,062	$ 13,140,835	$ 10,805,062	$ 10,588,689	$ 11,278,889	$ 9,555,551
Average net assets (2)	$ 13,090,497	$ 10,220,482	$ 13,090,497	$ 10,220,482	$ 12,304,975	$ 9,955,674	$ 9,504,851
Total investment return			22.22%	8.79%	(8.82%)	12.64%	2.60%
Portfolio turnover rate (3)			124.55	18.18	7.11	11.55	11.87
Ratio of operating expenses to average net assets (3)			(10.31%)	(6.49%)	(7.70%)	(6.98%)	(7.38%)
Ratio of net investment income (loss) to average net assets (3)			9.87%	3.35%	(6.40%)	(5.53%)	(5.89%)
Ratio of realized gains (losses) to average net assets (3)			40.81	7.06	57.36	(12.79)	16.51