Mill City Ventures III (MCVT) S-125 Apr 22IPO registrationFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2021
Document and Entity Information
Document Type	S-1
Entity Registrant Name	Mill City Ventures III, Ltd.
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001425355
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Investments, at fair value:	$ 14,098,675	$ 6,667,897
Cash	1,936,148	5,440,579
Note receivable	250,000	250,000
Prepaid expenses	83,674	43,838
Receivable for sale of investments		19,313
Interest and dividend receivables	324,350	65,911
Right-of-use lease asset	4,984	23,345
Total Assets	16,697,831	12,510,883
LIABILITIES
Accounts payable	64,028	32,917
Dividend payable	100	539,296
Payable for purchase of investments	1,900,000
Lease liability	5,654	26,061
Accrued income tax expense	1,269,000	13,722
Deferred taxes	45,000	258,000
Total Liabilities	3,283,782	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	(1,877,667)	(2,124,419)
Accumulated undistributed net realized gains on investment transactions	5,580,810	2,541,850
Net unrealized appreciation in value of investments	165,618	1,699,321
Total Shareholders' Equity (Net Assets)	13,414,049	11,640,887
Total Liabilities and Shareholders' Equity	$ 16,697,831	$ 12,510,883
Net Asset Value Per Common Share	$ 1.24	$ 1.08

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Balance Sheets
Investments at Amortized Cost	$ 13,933,057	$ 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

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
Statements of Operations - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Investment Income
Interest income	$ 2,656,201	$ 1,282,175
Dividend income		15,462
Total Investment Income	2,656,201	1,297,637
Operating Expenses
Professional fees	453,440	175,612
Payroll	556,432	301,494
Insurance	108,165	85,237
Occupancy	66,459	66,307
Director's fees	120,000	90,000
Depreciation and amortization		2,071
Other general and administrative	50,255	15,069
Total Operating Expenses	1,354,751	735,790
Net Investment Gain	1,301,450	561,847
Realized and Unrealized Gain (Loss) on Investments
Net realized gain on investments	4,118,001	5,330
Net change in unrealized appreciation (depreciation) on investments	(1,533,703)	1,934,794
Net Realized and Unrealized Gain (Loss) on Investments	2,584,298	1,940,124
Net Increase in Net Assets Resulting from Operations Before Taxes	3,885,748	2,501,971
Provision For Income Taxes	1,054,698	288,401
Net Increase in Net Assets Resulting from Operations	$ 2,831,050	$ 2,213,570
Net Increase in Net Assets Resulting from Operations per share:
Basic net income per share	$ 0.26	$ 0.20
Diluted net income per share	$ 0.26	$ 0.20
Weighted-average number of common shares outstanding - basic	10,789,294	10,869,054
Weighted-average number of common shares outstanding - diluted	10,789,294	10,869,054

Statements of Shareholders' Equ

Statements of Shareholders' Equity - 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 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]
Stock based compensation (in shares)	100,000
Stock based compensation	$ 100	60,900					61,000
Dividend Declared					(539,296)		(539,296)
Repurchase of shares	$ (381)	(162,539)					(162,920)
Repurchase of shares (in shares)	(381,489)
Undistributed net investment gain				273,446			273,446
Undistributed net realized gain on investment transactions					5,330		5,330
Appreciation (Depreciation) in value of investments						1,934,794	1,934,794
Balance as of ending 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 ending (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
Number of shares issued during the period							4,500
Undistributed net investment gain				246,752			$ 246,752
Undistributed net realized gain on investment transactions					4,118,001		4,118,001
Appreciation (Depreciation) in value of investments						(1,533,703)	(1,533,703)
Balance as of ending at Dec. 31, 2021	$ 10,790	$ 10,694,163	$ (1,159,665)	$ (1,877,667)	$ 5,580,810	$ 165,618	$ 13,414,049
Balance as of ending (in shares) at Dec. 31, 2021	10,790,413						10,790,413

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net increase in net assets resulting from operations	$ 2,831,050	$ 2,213,570
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Net change in unrealized (appreciation) depreciation on investments	1,533,703	(1,934,794)
Net realized gain on investments	(4,118,001)	(5,330)
Purchases of investments	(27,029,292)	(9,405,802)
Proceeds from sales of investments	22,188,562	6,418,926
Stock-based compensation		61,000
Depreciation & amortization expense		2,071
Income taxes payable	1,255,278
Deferred income taxes	(213,000)	271,722
Common shares issued as consideration for expense payment	15,403
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(21,475)	5,197
Interest and dividends receivable	(258,439)	(59,411)
Receivable for investment sales	19,313	(19,313)
Accounts payable and other liabilities	10,804	(10,993)
Payable for investment purchase	1,900,000
Net cash used in operating activities	(1,886,094)	(2,463,157)
Cash flows from financing activities:
Payments for repurchase of common stock		(162,920)
Payments for common stock dividend	(1,618,337)
Net cash used by financing activities	(1,618,337)	(162,920)
Net decrease in cash	(3,504,431)	(2,626,077)
Cash, beginning of period	5,440,579	8,066,656
Cash, end of period	1,936,148	5,440,579
Supplemental disclosure of cash flow information:
Cash paid for income taxes	32,398	16,679
Non-cash financing activities:
Common shares issued as consideration for investment	$ 5,750
Dividend declared to common stock shareholders		$ 539,296

Investment Schedule

Investment Schedule - USD ($)	12 Months Ended
Investment Schedule - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Investment Holdings [Line Items]
Total Investments, Cost	$ 13,933,057	$ 4,968,576
Investments at Fair Value	$ 14,098,675	$ 6,667,897
Total Investments, Percentage of Net Assets	105.10%	57.30%
Total Cash, Cost	$ 1,936,148	$ 5,440,579
Total Cash, Fair Value	$ 1,936,148	$ 5,440,579
Total Cash, Percentage of Net Assets	14.43%	46.74%
Total Investments and Cash, Cost	$ 15,869,205	$ 10,409,155
Total Investments and Cash, Fair Value	$ 16,034,823	$ 12,108,476
Total Investments and Cash, Percentage of Net Assets	119.53%	104.04%
Consumer
Investment Holdings [Line Items]
Investments at Fair Value	$ 2,362,500	$ 3,700,000
Financial
Investment Holdings [Line Items]
Investments at Fair Value	3,836,175	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	7,600,000	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	11,655,750	2,789,000
Investments at Fair Value	$ 11,650,000	$ 2,789,000
Total Investments, Percentage of Net Assets	86.85%	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	9.32%
Short-Term Non-banking Loans \| 15% secured loans \| Real Estate
Investment Holdings [Line Items]
Total Investments, Cost	$ 700,000
Investments at Fair Value	$ 700,000
Total Investments, Percentage of Net Assets	5.22%
Short-Term Non-banking Loans \| 15% secured loans \| Real Estate \| Alatus Development, LLC
Investment Holdings [Line Items]
Total Investments, Cost	$ 3,900,000	$ 1,250,000
Investments at Fair Value	$ 3,900,000	$ 1,250,000
Total Investments, Percentage of Net Assets	29.07%	10.74%
Short-Term Non-banking Loans \| 15% secured loans \| Real Estate \| Tailwinds, LLC
Investment Holdings [Line Items]
Total Investments, Cost	$ 3,000,000
Investments at Fair Value	$ 3,000,000
Total Investments, Percentage of Net Assets	22.36%
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
Investments at Fair Value		$ 400,000
Total Investments, Percentage of Net Assets		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 \| 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 \| 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	3.73%
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	13.42%
Short-Term Non-banking Loans \| 52% secured loans \| Financial
Investment Holdings [Line Items]
Total Investments, Cost	$ 500,000
Investments at Fair Value	$ 500,000
Total Investments, Percentage of Net Assets	3.73%
Common Stock
Investment Holdings [Line Items]
Total Investments, Cost	$ 414,128	$ 1,750,000
Investments at Fair Value	436,175	3,300,000
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	414,128
Investments at Fair Value	$ 436,175
Total Investments, Percentage of Net Assets	3.25%
Preferred Stock
Investment Holdings [Line Items]
Total Investments, Cost	$ 1,050,000	$ 150,000
Investments at Fair Value	$ 1,200,000	300,000
Total Investments, Percentage of Net Assets	8.95%
Preferred Stock \| Wisdom Gaming, Inc
Investment Holdings [Line Items]
Total Investments, Cost	$ 900,000
Investments at Fair Value	$ 900,000
Total Investments, Percentage of Net Assets	6.71%
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	2.24%	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	$ 812,500	$ 278,897
Investments at Fair Value	$ 812,500	278,897
Total Investments, Percentage of Net Assets	6.05%
Other Equity \| Consumer
Investment Holdings [Line Items]
Total Investments, Cost	$ 212,500
Investments at Fair Value	$ 212,500
Total Investments, Percentage of Net Assets	1.58%
Other Equity \| Financial
Investment Holdings [Line Items]
Total Investments, Cost	$ 600,000
Investments at Fair Value	$ 600,000
Total Investments, Percentage of Net Assets	4.47%
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	12 Months Ended
ORGANIZATION	Dec. 31, 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 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 offer short-term specialty finance solutions primarily 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	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of estimates: Cash deposits: Valuation of portfolio 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 a portfolio 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 the Valuation Committee of 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 cost plus any accrued interest, unless circumstances warrant a different approach. Our Valuation Policy and Procedures provide examples of these circumstances, such as when a portfolio company 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 securities 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. On a quarterly basis, our management provides members of our Valuation Committee with (i) valuation reports for each portfolio 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 portfolio investments; and (iv) recommendations to change any existing valuations of our portfolio investments or hierarchy levels for purposes of determining the fair value of such investments based upon the foregoing. The committee then discusses these materials and, consistent with the policies and approaches outlined above, makes final determinations respecting the valuation and hierarchy levels of our portfolio investments. We made no changes to our Valuation Policy and Procedures during the reporting period. 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 amounts and tax basis of assets and liabilities using enacted tax rates in effect for the tax 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 for 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 not be able to realize our deferred income tax assets, 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, 2018 through 2020, which are the tax years that remain subject to examination by the tax jurisdictions as of December 31, 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 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 the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio 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: Management and service fees:

NET GAIN PER COMMON SHARE

NET GAIN PER COMMON SHARE	12 Months Ended
NET GAIN PER COMMON SHARE	Dec. 31, 2021
PER-SHARE INFORMATION
PER-SHARE INFORMATION	NOTE 3 – NET GAIN PER COMMON SHARE Basic net gain (loss) per common share is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of vested common shares outstanding during the period. A reconciliation of the numerator and denominator used in the calculation of basic and diluted net gain per common share follows: For the Year Ended December 31, 2021 2020 Numerator: Net increase in net assets resulting from operations $ 2,831,050 $ 2,213,570 Denominator: Weighted-average number of common shares outstanding 10,789,294 10,869,054 Basic and diluted net gain per common share $ 0.26 $ 0.20 At December 31, 2021 and 2020, the Company did not have any options or warrants outstanding or any other dilutive common equivalent shares.

LEASES

LEASES	12 Months Ended
LEASES	Dec. 31, 2021
LEASES
LEASES	NOTE 4—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, 2021 was 4.5% and the weighted average remaining lease term is one year. Under ASC 840, rent expense for office facilities for the year ended December 31, 2021 and December 31, 2020 was $66,459 and $66,307, respectively. The components of our operating leases were as follows for the three and twelve months ended December 31, 2021: Year Ended Year Ended December 31, December 31, 2021 2020 Operating lease costs $ 19,116 $ 19,116 Variable lease cost 17,613 17,461 Short-term lease cost 29,730 29,730 Total $ 66,459 $ 66,307 Supplemental balance sheet information consisted of the following at December 31, 2021: Operating Lease Right-of-use assets $ 4,984 Operating Lease Liability $ 5,654 Less: short term portion (5,654) Long term portion $ — Maturity analysis under lease agreements consisted of the following as of December 31, 2021: Operating Leases 2022 $ 5,449 Total lease payments 5,449 Plus: interest 205 Present value of lease liabilities $ 5,654

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
SHAREHOLDERS' EQUITY	Dec. 31, 2021
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	NOTE 5—SHAREHOLDERS’ EQUITY At December 31, 2021 a total of 10,790,413 shares of common stock were issued issued During 2021, there were 4,500 shares issued by the Company. On October 26, 2020, the Board of Directors approved a stock repurchase program of up to $400,000 of the Company’s outstanding shares of common stock. Repurchases may be completed in public or private transactions. The repurchase program does not require the Company to acquire any specific number of shares, and may be suspended from time to time in accordance with the Company's insider trading policy and existing best practices, or it may be discontinued. Repurchases completed under the program are expected to be funded from available working capital.

INVESTMENTS

INVESTMENTS	12 Months Ended
INVESTMENTS	Dec. 31, 2021
INVESTMENTS
INVESTMENTS	NOTE 6— INVESTMENTS The following table shows the composition of our investment portfolio by major class, at amortized cost and fair value, as of December 31, 2021 (together with the corresponding percentage of total portfolio investments): As of December 31, 2021 Investments at Percentage of Investments at Percentage of Amortized Cost Amortized Cost Fair Value Fair Value Short-term Non-banking Loans $ 11,655,750 83.7 % $ 11,650,000 82.6 % Preferred Stock 1,050,000 7.5 1,200,000 8.5 Common Stock 414,128 3.0 436,175 3.1 Warrants 679 — — — Other Equity 812,500 5.8 812,500 5.8 Total $ 13,933,057 100.0 % $ 14,098,675 100.0 % The following table shows the composition of our investment portfolio by major class, at amortized cost and fair value, as of December 31, 2020 (together with the corresponding percentage of total portfolio 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 investment portfolio by industry grouping, based on fair value as of December 31, 2021: As of December 31, 2021 Investments at Percentage of Fair Value Fair Value Consumer $ 2,362,500 16.8 % Financial 3,836,175 27.2 Information Technology 300,000 2.1 Real Estate 7,600,000 53.9 Total $ 14,098,675 100.0 % The following table shows the composition of our investment portfolio 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	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Dec. 31, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 7 – FAIR VALUE OF FINANCIAL INSTRUMENTS Level 3 valuation information The following table presents the fair value measurements of our portfolio investments by major class, as of December 31, 2021, according to the fair value hierarchy: As of December 31, 2021 Level 1 Level 2 Level 3 Total Short-term Non-banking Loans $ — $ — $ 11,650,000 $ 11,650,000 Preferred Stock — — 1,200,000 1,200,000 Common Stock 436,175 — — 436,175 Other Equity — — 812,500 812,500 Total $ 436,175 $ — $ 13,662,500 $ 14,098,675 The following table presents the fair value measurements of our portfolio 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 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 portfolio investment assets for the year ended December 31, 2021: For the year ended December 31, 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 24,765,333 900,000 — — 812,500 Sales and redemptions (15,904,333) — — — (278,897) Net realized loss — — — — — Balance as of December 31, 2021 $ 11,650,000 $ 1,200,000 $ — $ — $ 812,500 The net change in unrealized appreciation for the year ended December 31, 2021 attributable to Level 3 portfolio investments still held as of December 31, 2021 is $0, and is included in net change in unrealized appreciation (depreciation) on investments on the statement of operations. The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 portfolio 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 appreciation for the year ended December 31, 2020 attributable to Level 3 portfolio 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, 2021 and the unobservable inputs used to determine their valuation: Security Type 12/31/21 FMV Valuation Technique Unobservable Inputs Range ST Non-banking Loans $ 11,650,000 discounted cash flow determining private company interest rate based on credit 12-44 % Other Equity 812,500 last secured funding known by company economic changes since last funding Preferred Stock 1,200,000 last funding secured by company economic changes since last funding $ 13,662,500 The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 portfolio investment assets for the year ended December 31, 2020: 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 There were no transfers between levels during the years ended December 31, 2021 and 2020.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	12 Months Ended
RELATED-PARTY TRANSACTIONS	Dec. 31, 2021
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	NOTE 8 – RELATED-PARTY TRANSACTIONS We maintain a conflicts of interest and related-party transactions policy. Nevertheless, from time to time we may hold investments in portfolio companies in which certain members of our management, our Board of Directors, or significant shareholders of ours, are also directly or indirectly invested. In this regard, during the period covered by this report we entered into the following related-party transactions: ● On August 10, 2018, we entered into a loan transaction with Elizabeth Zbikowski who, along with her husband Scott Zbikowski, owned and continues to own 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,which was subsequently amended such that the note presently matures in August 2022. The promissory note bears interest payable monthly at the rate of 10% per annum. The note 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 Millennium Trust Company, as our custodial agent. ● On January 3, 2022, we entered into a Loan and Security Agreement (the "Loan Agreement") with Eastman Investment, Inc., a Nevada corporation, and Lyle A. Berman, as trustee of the Lyle A. Berman Revocable Trust (collectively, the "Lenders"). Mr. Berman is a director of our company. Under the Loan Agreement, the Lenders made available to us a $5 million revolving line of credit for us to use in the ordinary course of our short-term specialty finance business. Amounts drawn under the Loan Agreement accrue interest at the per annum rate of 8%, and all our obligations under the Loan Agreement are secured by a grant of a collateral security interest in substantially all of our assets. As a Lender, Mr. Berman is obligated to furnish only one-half terminate the Loan Agreement, solely with respect to such Lender's obligation to provide further credit, at any time after January 3, 2023. In the event that a Lender, including Mr. Berman, terminates its lending obligations, the Loan Agreement requires that we repay such Lender, prior to the five-year maturity date, with the proceeds derived from specified investments. The Loan Agreement provides for us to pay a quarterly unused commitment fee equal to one-quarter of one

RETIREMENT SAVINGS PLANS

RETIREMENT SAVINGS PLANS	12 Months Ended
RETIREMENT SAVINGS PLANS	Dec. 31, 2021
RETIREMENT SAVINGS PLANS
RETIREMENT SAVINGS PLANS	NOTE 9 - RETIREMENT SAVINGS PLANS Our two employees, Messrs. Geraci and Polinsky, are eligible to participate in a qualified defined contribution 401(k) plan whereby they may elect to have a specified portion of their salary contributed to the plan. We will make a safe harbor match equal to 100% of their elective deferrals up to 5% of eligible earnings in addition to our option to make discretionary contributions to the plan. We made contributions totaling $11,250 and $10,550 to the plans for the years ended 2021 and 2020, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 10 – INCOME TAXES Presently, we are a “C-corporation” for tax purposes and have booked an income tax provision for the year ended December 31, 2021. Income taxes as of December 31, 2021, and 2020 are described below. December 31, 2021 2021 2020 Current taxes Federal $ 909,530 $ — State 357,168 16,679 Deferred taxes Federal (212,000) 258,000 State — 13,722 Provision for income taxes $ 1,054,698 $ 288,401 A reconciliation of income tax provisions at the U.S. statutory rate for fiscal year 2021 and 2020 is as follows: 2021 2020 Rate reconciliation: Tax expense at U.S.statutory rate $ 1,017,417 $ 716,966 Change in valuation allowance — (446,000) Provision-to-return reconciliation (14,743) 21,657 Other (1,976) (4,222) Income tax provision $ 1,054,698 $ 288,401 The Company had Federal net operating loss carryforwards of approximately $350,000 at December 31, 2020. We expect the Federal net operating loss to be completely used and offset taxable income by December 31, 2021. The federal NOL may be carried forward to offset future taxable income, subject to applicable provisions of the Internal Revenue Code. Certain federal NOLs will expire in years 2036 and 2037 if not used. Due to tax reform enacted in 2017, NOLs created after 2017 carry forward indefinitely. The estimated federal NOL that does not expire included in the total above is $350,000. The Company had Minnesota net operating loss carryforwards of approximately $1,330,000 at December 31, 2020. We expect the state net operating loss to be completely used and offset taxable income by December 31, 2021. States may vary in their treatment of post-2017 NOLs. We lost some state NOL carryforwards when we filed final 2019 tax returns in several states. The remaining state NOL carryforwards may expire in 2036 and 2037 if not used. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows: December 31, 2021 2021 2020 Deferred tax components Unrealized (gain) loss on marketable securities $ (46,552) $ (488,419) Depreciation 2,458 3,002 Net operating loss carryforwards — 180,460 R&D and foreign credits — 46,957 Other (906) — Net deferred tax asset (liability) $ (45,000) $ (258,000)

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS	12 Months Ended
FINANCIAL HIGHLIGHTS	Dec. 31, 2021
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS	NOTE 11 – FINANCIAL HIGHLIGHTS The following is a schedule of financial highlights for the years ended December 31, 2021 through 2017: Year Ended December 31, 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) 0.12 0.05 (0.06) (0.05) (0.05) Net realized and unrealized gains (losses) 0.24 0.18 0.00 0.20 0.11 Provision for income taxes (0.10) (0.02) 0.00 0.00 0.00 Stock based compensation 0.00 (0.01) 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) (0.05) (0.05) 0.00 0.00 Net asset value at end of period $ 1.24 1.08 0.91 1.02 0.87 Ratio / Supplemental Data Per share market value of investments at end of period $ 1.31 0.62 0.16 0.90 0.65 Shares outstanding at end of period 10,790,413 10,785,913 11,067,402 11,067,402 11,067,402 Average weighted shares outstanding for the period 10,789,294 10,869,054 11,067,402 11,067,402 11,863,392 Net assets at end of period $ 13,414,049 11,640,887 10,068,533 11,278,889 9,629,215 Average net assets (2) $ 13,155,207 10,504,563 11,473,535 10,341,702 9,444,440 Total investment return 24.07 % 23.08 % (5.88) % 17.24 % 7.79 % Portfolio turnover rate (3) 168.67 % 61.11 % 7.63 % 26.93 % 35.03 % Ratio of operating expenses to average net assets (3) (10.30) % (7.16) % (7.27) % (6.59) % (7.30) % Ratio of net investment income (loss) to average net assets (3) 9.89 % 5.35 % (5.86) % (5.13) % (5.45) % Ratio of realized gains (losses) to average net assets (3) 31.30 % 0.05 % 28.35 % (5.62) % 5.71 % (1) Per-share data was derived using the weighted-average 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS On January 3, 2022, we entered into a Loan and Security Agreement (the “Loan Agreement”) with Eastman Investment, Inc., a Nevada corporation, and Lyle A. Berman, as trustee of the Lyle A. Berman Revocable Trust (collectively, the “Lenders”). Mr. Berman is a director of our company. Under the Loan Agreement, the Lenders made available to us a $5 million revolving line of credit for us to use in the ordinary course of our short-term specialty finance business. Amounts drawn under the Loan Agreement will accrue interest at the per annum rate of 8%, and all our obligations under the Loan Agreement are secured by a grant of a collateral security interest in substantially all of our assets. Each Lender is obligated to furnish only one The Loan Agreement provides for us to pay a quarterly unused commitment fee equal to one-quarter of one The Loan Agreement contains other provisions, such as representations, warranties, terms and conditions, that are customary for revolving credit facilities. Promissory notes, evidencing amounts owing under the Loan Agreement and conforming to the terms and conditions of the Loan Agreement, were also executed by us and delivered to the Lenders as contemplated under the Loan Agreement. On January 12, 2022, we entered into a $2,500,000 revolving credit and security loan investment bearing interest at 15%. On January 12, 2022, we advanced $1,250,000 under this loan, and an additional $960,000 on January 26, 2022. On January 26, 2022, we invested $ 1,125,000 in a 120-day promissory note bearing interest at 33.33%. On February 11, 2022, we filed a registration statement on Form S-1 seeking to register an offering of five-year common stock warrants which we may distribute to our shareholders as a dividend, and up to 2,697,603 shares of our common stock purchasable upon the exercise of those warrants. The warrants are contemplated to be exercisable at a price of $4.00 per share of common stock. We intend to apply to have the warrants listed for trading on the OTC Markets. The offering is subject to the effectiveness of the S-1 registration statement. At this time, no record date has been established for the dividend. The warrants will not be issued until the registration statement is declared effective, and the warrants will not be exercisable unless such registration statement remains effective. If the offering is consummated, we expect to use net proceeds from the offering for general corporate purposes, including but not limited to extending specialty finance solutions and credit to borrowers and repaying credit facility borrowings. On March 7, 2022, the company funded a $3.4 million short-term loan, the proceeds of which will be used to acquire real estate located in Glendale, Arizona, where 139 townhouse units are expected to be developed by the borrower. The short-term loan accrues interest at the per annum rate of 48%, and the loan is due on May 30, 2022.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Cash deposits:	Cash deposits:
Valuation of investments:	Valuation of portfolio 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 a portfolio 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 the Valuation Committee of 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 cost plus any accrued interest, unless circumstances warrant a different approach. Our Valuation Policy and Procedures provide examples of these circumstances, such as when a portfolio company 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 securities 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. On a quarterly basis, our management provides members of our Valuation Committee with (i) valuation reports for each portfolio 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 portfolio investments; and (iv) recommendations to change any existing valuations of our portfolio investments or hierarchy levels for purposes of determining the fair value of such investments based upon the foregoing. The committee then discusses these materials and, consistent with the policies and approaches outlined above, makes final determinations respecting the valuation and hierarchy levels of our portfolio investments. We made no changes to our Valuation Policy and Procedures during the reporting period.
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 amounts and tax basis of assets and liabilities using enacted tax rates in effect for the tax 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 for 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 not be able to realize our deferred income tax assets, 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, 2018 through 2020, which are the tax years that remain subject to examination by the tax jurisdictions as of December 31, 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 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 the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio 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:
Management and service fees	Management and service fees:

NET GAIN PER COMMON SHARE (Tabl

NET GAIN PER COMMON SHARE (Tables)	12 Months Ended
NET GAIN PER COMMON SHARE (Tables)	Dec. 31, 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 Year Ended December 31, 2021 2020 Numerator: Net increase in net assets resulting from operations $ 2,831,050 $ 2,213,570 Denominator: Weighted-average number of common shares outstanding 10,789,294 10,869,054 Basic and diluted net gain per common share $ 0.26 $ 0.20

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Dec. 31, 2021
LEASES
Summary of components of our operating lease	Year Ended Year Ended December 31, December 31, 2021 2020 Operating lease costs $ 19,116 $ 19,116 Variable lease cost 17,613 17,461 Short-term lease cost 29,730 29,730 Total $ 66,459 $ 66,307
Summary of supplemental balance sheet information	Operating Lease Right-of-use assets $ 4,984 Operating Lease Liability $ 5,654 Less: short term portion (5,654) Long term portion $ —
Summary of maturity analysis under lease agreements	Operating Leases 2022 $ 5,449 Total lease payments 5,449 Plus: interest 205 Present value of lease liabilities $ 5,654

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
INVESTMENTS (Tables)	Dec. 31, 2021
INVESTMENTS
Schedule of investments by major class, at amortized cost and fair value	The following table shows the composition of our investment portfolio by major class, at amortized cost and fair value, as of December 31, 2021 (together with the corresponding percentage of total portfolio investments): As of December 31, 2021 Investments at Percentage of Investments at Percentage of Amortized Cost Amortized Cost Fair Value Fair Value Short-term Non-banking Loans $ 11,655,750 83.7 % $ 11,650,000 82.6 % Preferred Stock 1,050,000 7.5 1,200,000 8.5 Common Stock 414,128 3.0 436,175 3.1 Warrants 679 — — — Other Equity 812,500 5.8 812,500 5.8 Total $ 13,933,057 100.0 % $ 14,098,675 100.0 % The following table shows the composition of our investment portfolio by major class, at amortized cost and fair value, as of December 31, 2020 (together with the corresponding percentage of total portfolio 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 investment portfolio by industry grouping, based on fair value as of December 31, 2021: As of December 31, 2021 Investments at Percentage of Fair Value Fair Value Consumer $ 2,362,500 16.8 % Financial 3,836,175 27.2 Information Technology 300,000 2.1 Real Estate 7,600,000 53.9 Total $ 14,098,675 100.0 % The following table shows the composition of our investment portfolio 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)	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Dec. 31, 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 portfolio investments by major class, as of December 31, 2021, according to the fair value hierarchy: As of December 31, 2021 Level 1 Level 2 Level 3 Total Short-term Non-banking Loans $ — $ — $ 11,650,000 $ 11,650,000 Preferred Stock — — 1,200,000 1,200,000 Common Stock 436,175 — — 436,175 Other Equity — — 812,500 812,500 Total $ 436,175 $ — $ 13,662,500 $ 14,098,675 The following table presents the fair value measurements of our portfolio 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 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 portfolio investment assets for the year ended December 31, 2021: For the year ended December 31, 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 24,765,333 900,000 — — 812,500 Sales and redemptions (15,904,333) — — — (278,897) Net realized loss — — — — — Balance as of December 31, 2021 $ 11,650,000 $ 1,200,000 $ — $ — $ 812,500 The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 portfolio 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 December 31, 2021 and the unobservable inputs used to determine their valuation: Security Type 12/31/21 FMV Valuation Technique Unobservable Inputs Range ST Non-banking Loans $ 11,650,000 discounted cash flow determining private company interest rate based on credit 12-44 % Other Equity 812,500 last secured funding known by company economic changes since last funding Preferred Stock 1,200,000 last funding secured by company economic changes since last funding $ 13,662,500 The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 portfolio investment assets for the year ended December 31, 2020: 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

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2021
INCOME TAXES
Schedule of components of income tax provision	December 31, 2021 2021 2020 Current taxes Federal $ 909,530 $ — State 357,168 16,679 Deferred taxes Federal (212,000) 258,000 State — 13,722 Provision for income taxes $ 1,054,698 $ 288,401
Schedule of reconciliation of income tax provision	2021 2020 Rate reconciliation: Tax expense at U.S.statutory rate $ 1,017,417 $ 716,966 Change in valuation allowance — (446,000) Provision-to-return reconciliation (14,743) 21,657 Other (1,976) (4,222) Income tax provision $ 1,054,698 $ 288,401
Schedule of components of deferred tax assets and liabilities	December 31, 2021 2021 2020 Deferred tax components Unrealized (gain) loss on marketable securities $ (46,552) $ (488,419) Depreciation 2,458 3,002 Net operating loss carryforwards — 180,460 R&D and foreign credits — 46,957 Other (906) — Net deferred tax asset (liability) $ (45,000) $ (258,000)

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)	12 Months Ended
FINANCIAL HIGHLIGHTS (Tables)	Dec. 31, 2021
FINANCIAL HIGHLIGHTS
Schedule of financial highlights	Year Ended December 31, 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) 0.12 0.05 (0.06) (0.05) (0.05) Net realized and unrealized gains (losses) 0.24 0.18 0.00 0.20 0.11 Provision for income taxes (0.10) (0.02) 0.00 0.00 0.00 Stock based compensation 0.00 (0.01) 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) (0.05) (0.05) 0.00 0.00 Net asset value at end of period $ 1.24 1.08 0.91 1.02 0.87 Ratio / Supplemental Data Per share market value of investments at end of period $ 1.31 0.62 0.16 0.90 0.65 Shares outstanding at end of period 10,790,413 10,785,913 11,067,402 11,067,402 11,067,402 Average weighted shares outstanding for the period 10,789,294 10,869,054 11,067,402 11,067,402 11,863,392 Net assets at end of period $ 13,414,049 11,640,887 10,068,533 11,278,889 9,629,215 Average net assets (2) $ 13,155,207 10,504,563 11,473,535 10,341,702 9,444,440 Total investment return 24.07 % 23.08 % (5.88) % 17.24 % 7.79 % Portfolio turnover rate (3) 168.67 % 61.11 % 7.63 % 26.93 % 35.03 % Ratio of operating expenses to average net assets (3) (10.30) % (7.16) % (7.27) % (6.59) % (7.30) % Ratio of net investment income (loss) to average net assets (3) 9.89 % 5.35 % (5.86) % (5.13) % (5.45) % Ratio of realized gains (losses) to average net assets (3) 31.30 % 0.05 % 28.35 % (5.62) % 5.71 % (1) Per-share data was derived using the weighted-average 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)	12 Months Ended
ORGANIZATION (Details)	Dec. 31, 2021
ORGANIZATION
Maximum percentage of total assets of investment securities	40.00%

NET GAIN PER COMMON SHARE (Deta

NET GAIN PER COMMON SHARE (Details) - USD ($)	9 Months Ended			12 Months Ended
NET GAIN PER COMMON SHARE (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2021	Dec. 31, 2020
PER-SHARE INFORMATION
Numerator: Net increase in net assets resulting from operations				$ 2,831,050	$ 2,213,570
Denominator: Weighted-average number of common shares outstanding, basic				10,789,294	10,869,054
Weighted-average number of common shares outstanding - diluted	11,067,402	11,067,402	11,863,392	10,789,294	10,869,054
Basic net gain per common share				$ 0.26	$ 0.20
Diluted net gain per common share				$ 0.26	$ 0.20

LEASES - Additional Information

LEASES - Additional Information (Details)	12 Months Ended
LEASES - Additional Information (Details)	Dec. 31, 2021USD ($)lease	Dec. 31, 2020USD ($)
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 \| $	$ 66,459	$ 66,307

LEASES - components of our oper

LEASES - components of our operating lease (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Components of our operating lease
Operating lease costs	$ 19,116	$ 19,116
Variable lease cost	17,613	17,461
Short-term lease cost	29,730	29,730
Total	$ 66,459	$ 66,307

LEASES - Supplemental balance s

LEASES - Supplemental balance sheet information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Supplemental balance sheet information
Right-of-use assets	$ 4,984	$ 23,345
Operating Lease Liability	5,654	$ 26,061
Less: short term portion	$ (5,654)

LEASES - Maturity analysis unde

LEASES - Maturity analysis under lease agreements (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Maturity analysis under lease agreements
2022	$ 5,449
Total lease payments	5,449
Plus: interest	205
Present value of lease liabilities	$ 5,654	$ 26,061

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - shares	12 Months Ended
SHAREHOLDERS' EQUITY (Details) - shares	Dec. 31, 2021	Dec. 31, 2020	Oct. 26, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
SHAREHOLDERS' EQUITY
Common stock issued	10,790,413	10,785,913
Common stock, shares outstanding	10,790,413	10,785,913		11,067,402	11,067,402	11,067,402
Number of shares issued during the period	4,500
Number of shares authorized to repurchase under stock repurchase program			400,000

INVESTMENTS - Composition of ou

INVESTMENTS - Composition of our investments by major class (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 13,933,057	$ 4,968,576
Percentage of Amortized Cost	100.00%	100.00%
Investments at Fair Value	$ 14,098,675	$ 6,667,897
Percentage of Fair Value	100.00%	100.00%
Consumer
Investment Holdings [Line Items]
Investments at Fair Value	$ 2,362,500	$ 3,700,000
Percentage of Fair Value	16.80%	55.50%
Financial
Investment Holdings [Line Items]
Investments at Fair Value	$ 3,836,175	$ 900,000
Percentage of Fair Value	27.20%	13.50%
Information Technology
Investment Holdings [Line Items]
Investments at Fair Value	$ 300,000	$ 300,000
Percentage of Fair Value	2.10%	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	$ 7,600,000	$ 1,489,000
Percentage of Fair Value	53.90%	22.30%
Short-Term Non-banking Loans
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 11,655,750	$ 2,789,000
Percentage of Amortized Cost	83.70%	56.20%
Investments at Fair Value	$ 11,650,000	$ 2,789,000
Percentage of Fair Value	82.60%	41.80%
Preferred Stock
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 1,050,000	$ 150,000
Percentage of Amortized Cost	7.50%	3.00%
Investments at Fair Value	$ 1,200,000	$ 300,000
Percentage of Fair Value	8.50%	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	$ 414,128	$ 1,750,000
Percentage of Amortized Cost	3.00%	35.20%
Investments at Fair Value	$ 436,175	$ 3,300,000
Percentage of Fair Value	3.10%	49.50%
Common Stock \| Financial
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 414,128
Investments at Fair Value	436,175
Warrants
Investment Holdings [Line Items]
Investments at Amortized Cost	679	$ 679
Other Equity
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 812,500	$ 278,897
Percentage of Amortized Cost	5.80%	5.60%
Investments at Fair Value	$ 812,500	$ 278,897
Percentage of Fair Value	5.80%	4.20%
Other Equity \| Consumer
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 212,500
Investments at Fair Value	212,500
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)	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	$ 14,098,675	$ 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
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0	0
Short-Term Non-banking Loans
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	11,650,000	2,789,000
Common Stock
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	436,175	3,300,000
Preferred Stock
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	1,200,000	300,000
Other Equity
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	812,500	278,897
Level 1
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	436,175	3,300,000
Level 1 \| Common Stock
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	436,175	3,300,000
Level 3
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	13,662,500	3,367,897
Level 3 \| Short-Term Non-banking Loans
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	11,650,000	2,789,000
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning	2,789,000
Purchases and other adjustments to cost	24,765,333	7,543,000
Sales and redemptions	(15,904,333)	(4,754,000)
Balance at the end	$ 11,650,000	$ 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	$ 1,200,000	$ 300,000
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning	300,000	300,000
Purchases and other adjustments to cost	900,000
Balance at the end	1,200,000	300,000
Level 3 \| Other Equity
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	812,500	278,897
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning	278,897	534,200
Net change in unrealized appreciation		486,018
Purchases and other adjustments to cost	812,500
Sales and redemptions	(278,897)	(91,313)
Net realized loss		(650,008)
Balance at the end	$ 812,500	$ 278,897

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - USD ($)	Jan. 03, 2022	Aug. 10, 2018	Mar. 07, 2022
Subsequent events.
Related Party Transaction [Line Items]
Interest rate per annum			48.00%
Loan Agreement \| Subsequent events.
Related Party Transaction [Line Items]
Quarterly unused capacity commitment fee (in percentage)	1.00%
Ms. Zbikowski, along with her husband Scott Zbikowski
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
Lenders \| Loan Agreement \| Subsequent events.
Related Party Transaction [Line Items]
Maximum borrowing capacity	$ 5,000,000
Obligation to provide funds in aggregate loan amount (in percentage)	0.50%
Loan agreement term	5 years
Lyle A. Berman \| Revolving line of credit \| Subsequent events.
Related Party Transaction [Line Items]
Maximum borrowing capacity	$ 5,000,000
Lyle A. Berman \| Loan Agreement \| Subsequent events.
Related Party Transaction [Line Items]
Maximum borrowing capacity	$ 5,000,000
Interest rate per annum	8.00%
Obligation to provide funds in aggregate loan amount (in percentage)	0.50%
Loan agreement term	5 years

RETIREMENT SAVINGS PLANS (Detai

RETIREMENT SAVINGS PLANS (Details) - USD ($)	12 Months Ended
RETIREMENT SAVINGS PLANS (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
RETIREMENT SAVINGS PLANS
Percentage of safe harbor match	100.00%
Employer contribution percentage	5.00%
Contributions made	$ 11,250	$ 10,550

INCOME TAXES - Components of in

INCOME TAXES - Components of income tax provision (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current taxes
Federal	$ 909,530
State	357,168	$ 16,679
Deferred taxes
Federal	(212,000)	258,000
State		13,722
Provision for income taxes	$ 1,054,698	$ 288,401

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of income tax provision (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Rate reconciliation:
Tax expense at U.S.statutory rate	$ 1,017,417	$ 716,966
Change in valuation allowance		(446,000)
Provision-to-return reconciliation	(14,743)	21,657
Other	(1,976)	(4,222)
Provision for income taxes	$ 1,054,698	$ 288,401

INCOME TAXES - Additional infor

INCOME TAXES - Additional information (Details)	Dec. 31, 2020USD ($)
Operating Loss Carryforwards [Line Items]
Federal NOL	$ 1,330,000
Federal NOL that does not expire	350,000
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Federal NOL	$ 350,000

INCOME TAXES - Components of de

INCOME TAXES - Components of deferred tax assets and liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred tax components
Unrealized (gain) loss on marketable securities	$ (46,552)	$ (488,419)
Depreciation	2,458	3,002
Net operating loss carryforwards		180,460
R&D and foreign credits		46,957
Other	(906)
Net deferred tax asset (liability)	$ (45,000)	$ (258,000)

FINANCIAL HIGHLIGHTS (Details)

FINANCIAL HIGHLIGHTS (Details) - USD ($)	9 Months Ended			12 Months Ended
FINANCIAL HIGHLIGHTS (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2021	Dec. 31, 2020
Per Share Data (1)
Net asset value at beginning of period	$ 1.02	$ 0.87	$ 0.77	$ 1.08	$ 0.91
Net investment gain (loss)	(0.06)	(0.05)	(0.05)	0.12	0.05
Net realized and unrealized gains (losses)	0	0.20	0.11	0.24	0.18
Provision for income taxes	0	0	0	(0.10)	(0.02)
Stock based compensation	0	0	0	0	(0.01)
Repurchase of common stock	0	0	0.04	0	0.02
Payment of common stock dividend	(0.05)	0	0	(0.10)	(0.05)
Net asset value at end of period	0.91	1.02	0.87	1.24	1.08
Ratio / Supplemental Data
Per share market value of investments at end of period	$ 0.16	$ 0.90	$ 0.65	$ 1.31	$ 0.62
Shares outstanding at end of period	11,067,402	11,067,402	11,067,402	10,790,413	10,785,913
Average weighted shares outstanding for the period	11,067,402	11,067,402	11,863,392	10,789,294	10,869,054
Net assets at end of period	$ 10,068,533	$ 11,278,889	$ 9,629,215	$ 13,414,049	$ 11,640,887
Average net assets	$ 11,473,535	$ 10,341,702	$ 9,444,440	$ 13,155,207	$ 10,504,563
Total investment return	(5.88%)	17.24%	7.79%	24.07%	23.08%
Portfolio turnover rate	7.63	26.93	35.03	168.67	61.11
Ratio of operating expenses to average net assets	(7.27%)	(6.59%)	(7.30%)	(10.30%)	(7.16%)
Ratio of net investment income (loss) to average net assets	(5.86%)	(5.13%)	(5.45%)	9.89%	5.35%
Ratio of realized gains (losses) to average net assets	28.35	(5.62)	5.71	31.30	0.05

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Mar. 07, 2022USD ($)item	Jan. 26, 2022USD ($)	Jan. 12, 2022USD ($)	Jan. 03, 2022USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Feb. 11, 2022$ / sharesshares
Subsequent Event [Line Items]
Advances made					$ 27,029,292	$ 9,405,802
Short-term loan funded					$ 13,933,057	$ 4,968,576
Subsequent events.
Subsequent Event [Line Items]
Interest rate per annum	48.00%
Warrants exercisable price \| $ / shares							$ 4
Number of Townhouse Units Expected to be Developed by Borrower \| item	139
Subsequent events. \| Maximum
Subsequent Event [Line Items]
Shares of common stock purchasable upon the exercise of the warrants \| shares							2,697,603
Subsequent events. \| 33.33% Promissory Note
Subsequent Event [Line Items]
Face value of investment		$ 1,125,000
Interest rate		33.33%
Promissory note term		120 days
Subsequent events. \| Short-term Debt
Subsequent Event [Line Items]
Short-term loan funded	$ 3,400,000
Subsequent events. \| Revolving line of credit \| $2,500,000 Revolving Credit and Security Loan
Subsequent Event [Line Items]
Face value of investment			$ 2,500,000
Interest rate			15.00%
Advances made		$ 960,000	$ 1,250,000
Subsequent events. \| Loan Agreement
Subsequent Event [Line Items]
Quarterly unused capacity commitment fee (in percentage)				1.00%
Subsequent events. \| Lenders \| Loan Agreement
Subsequent Event [Line Items]
Maximum borrowing capacity				$ 5,000,000
Obligation to provide funds in aggregate loan amount (in percentage)				0.50%
Loan agreement term				5 years
Subsequent events. \| Lyle A. Berman \| Revolving line of credit
Subsequent Event [Line Items]
Maximum borrowing capacity				$ 5,000,000
Subsequent events. \| Lyle A. Berman \| Loan Agreement
Subsequent Event [Line Items]
Maximum borrowing capacity				$ 5,000,000
Interest rate per annum				8.00%
Obligation to provide funds in aggregate loan amount (in percentage)				0.50%
Loan agreement term				5 years