Mill City Ventures III (MCVT) 10-Q15 Aug 222022 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 15, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Entity File Number	001-41472
Entity Registrant Name	MILL CITY VENTURES III, LTD.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	90-0316651
Entity Address, Address Line One	1907 Wayzata Blvd
Entity Address, Address Line 2	#205
Entity Address State Or Province	MN
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	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,074,725
Entity Central Index Key	0001425355
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Investments, at fair value:	$ 15,341,080	$ 14,098,675
Cash	629,572	1,936,148
Note receivable	250,000	250,000
Prepaid expenses	133,613	83,674
Interest and dividend receivables	439,422	324,350
Right-of-use lease asset	26,804	4,984
Total Assets	16,820,491	16,697,831
LIABILITIES
Line of credit	2,075,000
Accounts payable	51,783	64,028
Dividend payable		100
Payable for purchase of investments		1,900,000
Lease liability	26,859	5,654
Accrued income tax	201,242	1,269,000
Deferred taxes	39,000	45,000
Total Liabilities	2,393,884	3,283,782
Commitments and Contingencies
SHAREHOLDERS EQUITY (NET ASSETS)
Common stock, par value $0.001 per share (250,000,000 authorized; 10,855,413 and 10,790,413 outstanding)	10,855	10,790
Additional paid-in capital	10,776,537	10,694,163
Accumulated deficit	(1,159,665)	(1,159,665)
Accumulated undistributed investment loss	(1,064,271)	(1,877,667)
Accumulated undistributed net realized gains on investment transactions	5,713,830	5,580,810
Net unrealized appreciation in value of investments	149,321	165,618
Total Shareholders' Equity (Net Assets)	14,426,607	13,414,049
Total Liabilities and Shareholders' Equity	$ 16,820,491	$ 16,697,831
Net Asset Value Per Common Share	$ 1.33	$ 1.24

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
CONDENSED BALANCE SHEETS
Investments at Amortized Cost	$ 15,191,759	$ 13,933,057
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares outstanding	10,855,413	10,790,413

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investment Income
Interest income	$ 1,236,505	$ 675,549	$ 2,236,711	$ 1,222,391
Total Investment Income	1,236,505	675,549	2,236,711	1,222,391
Operating Expenses
Professional fees	197,591	77,539	392,989	220,347
Payroll	114,542	85,346	310,984	387,426
Insurance	26,979	27,854	57,076	52,133
Occupancy	19,141	16,337	35,953	33,026
Director's fees	87,073	30,000	117,073	60,000
Interest expense	47,794		117,853
Other general and administrative	9,135	13,080	16,145	31,082
Total Operating Expenses	502,255	250,156	1,048,073	784,014
Net Investment Gain	734,250	425,393	1,188,638	438,377
Realized and Unrealized Gain on Investments
Net realized gain (loss) on investments	(5,750)	621,600	133,020	3,529,599
Net change in unrealized appreciation (depreciation) on investments	5,750	83,100	(16,297)	(430,150)
Net Realized and Unrealized Gain on Investments		704,700	116,723	3,099,449
Net Increase in Net Assets Resulting from Operations Before Taxes	734,250	1,130,093	1,305,361	3,537,826
Provision for Income Taxes	216,242	348,587	375,242	1,011,278
Net Increase in Net Assets Resulting from Operations	$ 518,008	$ 781,506	$ 930,119	$ 2,526,548
Net Increase in Net Assets Resulting from Operations per share:
Basic net income per share	$ 0.05	$ 0.07	$ 0.09	$ 0.23
Diluted net income per share	$ 0.05	$ 0.07	$ 0.09	$ 0.23
Weighted-average number of common shares outstanding - basic	10,847,556	10,790,413	10,819,142	10,788,175
Weighted-average number of common shares outstanding - diluted	10,847,556	10,790,413	10,819,142	10,788,175

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, 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Undistributed net realized gain (loss) on investment transactions					3,529,599		3,529,599
Undistributed net investment gain (loss)				(572,901)			(572,901)
Depreciation in value of investments						(430,150)	(430,150)
Issuance of shares	$ 4	21,149					21,153
Issuance of shares (in shares)	4,500
Balance as of ending 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 ending (in shares) at Jun. 30, 2021	10,790,413						10,790,413
Balance as of beginning at Mar. 31, 2021	$ 10,787	10,678,763	(1,159,665)	(2,774,126)	5,449,849	1,186,071	$ 13,391,679
Balance as of beginning (in shares) at Mar. 31, 2021	10,786,913
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued in stock based compensation	$ 3	15,400					15,403
Common shares issued in stock based compensation (Share)	3,500
Undistributed net realized gain (loss) on investment transactions					621,600		621,600
Undistributed net investment gain (loss)				76,806			76,806
Depreciation in value of investments						83,100	83,100
Balance as of ending 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 ending (in shares) at Jun. 30, 2021	10,790,413						10,790,413
Balance as of beginning 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 beginning (in shares) at Dec. 31, 2021	10,790,413						10,790,413
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued in stock based compensation	$ 65	82,374					$ 82,439
Common shares issued in stock based compensation (Share)	65,000
Undistributed net realized gain (loss) on investment transactions					133,020		133,020
Undistributed net investment gain (loss)				813,396			813,396
Depreciation in value of investments						(16,297)	(16,297)
Balance as of ending at Jun. 30, 2022	$ 10,855	10,776,537	(1,159,665)	(1,064,271)	5,713,830	149,321	$ 14,426,607
Balance as of ending (in shares) at Jun. 30, 2022	10,855,413						10,855,413
Balance as of beginning at Mar. 31, 2022	$ 10,790	10,694,163	(1,159,665)	(1,582,279)	5,719,580	143,571	$ 13,826,160
Balance as of beginning (in shares) at Mar. 31, 2022	10,790,413
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued in stock based compensation	$ 65	82,374					82,439
Common shares issued in stock based compensation (Share)	65,000
Undistributed net realized gain (loss) on investment transactions					(5,750)		(5,750)
Undistributed net investment gain (loss)				518,008			518,008
Depreciation in value of investments						5,750	5,750
Balance as of ending at Jun. 30, 2022	$ 10,855	$ 10,776,537	$ (1,159,665)	$ (1,064,271)	$ 5,713,830	$ 149,321	$ 14,426,607
Balance as of ending (in shares) at Jun. 30, 2022	10,855,413						10,855,413

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net increase in net assets resulting from operations	$ 930,119	$ 2,526,548
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	16,297	430,150
Net realized gain on investments	(133,020)	(3,529,599)
Purchases of investments	(9,103,580)	(13,250,664)
Proceeds from sales of investments	7,977,898	9,889,827
Deferred income taxes	(1,073,758)	1,011,278
Common shares issued as consideration for expense payment	82,439	15,403
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(39,772)	(135,934)
Interest and dividends receivable	(115,072)	(265,504)
Receivable for investment sales		(75,465)
Payable for investment purchase	(1,900,000)
Accounts payable and other liabilities	(23,127)	(2,318)
Net cash used in operating activities	(3,381,576)	(3,386,278)
Cash flows from financing activities:
Proceeds from line of credit	6,075,000
Repayments on line of credit	(4,000,000)
Payments for common stock dividend		(539,296)
Net cash provided (used) by financing activities	2,075,000	(539,296)
Net decrease in cash	(1,306,576)	(3,925,574)
Cash, beginning of period	1,936,148	5,440,579
Cash, end of period	$ 629,572	1,515,005
Non-cash financing activities:
Common shares issued as consideration for investment		$ 5,750

CONDENSED SCHEDULE OF INVESTMEN

CONDENSED SCHEDULE OF INVESTMENTS - USD ($)	6 Months Ended	12 Months Ended
CONDENSED SCHEDULE OF INVESTMENTS - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Investment Holdings [Line Items]
Total Investments, Cost	$ 15,191,759	$ 13,933,057
Investments at Fair Value	$ 15,341,080	$ 14,098,675
Total Investments, Percentage of Net Assets	106.32%	105.10%
Total Cash, Cost	$ 629,572	$ 1,936,148
Total Cash, Fair Value	$ 629,572	$ 1,936,148
Total Cash, Percentage of Net Assets	4.36%	14.43%
Total Investments and Cash, Cost	$ 15,821,331	$ 15,869,205
Total Investments and Cash, Fair Value	$ 15,970,652	$ 16,034,823
Total Investments and Cash, Percentage of Net Assets	110.68%	119.53%
Consumer
Investment Holdings [Line Items]
Investments at Fair Value	$ 5,662,500	$ 2,362,500
Consumer \| Other
Investment Holdings [Line Items]
Total Investments, Cost	212,500	212,500
Investments at Fair Value	$ 212,500	$ 212,500
Total Investments, Percentage of Net Assets	1.47%	1.58%
Financial
Investment Holdings [Line Items]
Investments at Fair Value	$ 1,698,580	$ 3,836,175
Financial \| Other
Investment Holdings [Line Items]
Total Investments, Cost	600,000	600,000
Investments at Fair Value	$ 600,000	$ 600,000
Total Investments, Percentage of Net Assets	4.16%	4.47%
Information Technology
Investment Holdings [Line Items]
Investments at Fair Value	$ 300,000	$ 300,000
Real Estate
Investment Holdings [Line Items]
Investments at Fair Value	7,680,000	7,600,000
15% secured loans \| Consumer
Investment Holdings [Line Items]
Total Investments, Cost	400,000
Investments at Fair Value	$ 400,000
Total Investments, Percentage of Net Assets	2.77%
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
Investment Holdings [Line Items]
Total Investments, Cost	$ 13,328,580	$ 11,655,750
Investments at Fair Value	$ 13,328,580	$ 11,650,000
Total Investments, Percentage of Net Assets	92.37%	86.85%
Short-Term Non-banking Loans \| Tailwinds, LLC
Investment Holdings [Line Items]
Total Investments, Cost	$ 3,000,000	$ 3,000,000
Investments at Fair Value	$ 3,000,000	$ 3,000,000
Total Investments, Percentage of Net Assets	20.79%	22.36%
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	8.66%
Short-Term Non-banking Loans \| 15% secured loans \| Consumer \| Intelligent Mapping, LLC
Investment Holdings [Line Items]
Total Investments, Cost	$ 2,900,000
Investments at Fair Value	$ 2,900,000
Total Investments, Percentage of Net Assets	20.10%
Short-Term Non-banking Loans \| 15% secured loans \| Real Estate
Investment Holdings [Line Items]
Total Investments, Cost	$ 1,280,000	$ 700,000
Investments at Fair Value	$ 1,280,000	$ 700,000
Total Investments, Percentage of Net Assets	8.87%	5.22%
Short-Term Non-banking Loans \| 33.33% secured loans \| Financial \| Benton Financial, LLC
Investment Holdings [Line Items]
Total Investments, Cost	$ 598,580
Investments at Fair Value	$ 598,580
Total Investments, Percentage of Net Assets	4.15%
Short-Term Non-banking Loans \| 12% secured loans \| Financial
Investment Holdings [Line Items]
Total Investments, Cost	$ 500,000	$ 500,000
Investments at Fair Value	$ 500,000	$ 500,000
Total Investments, Percentage of Net Assets	3.46%	3.73%
Short-Term Non-banking Loans \| 12% secured loans \| Real Estate \| Alatus Development, LLC
Investment Holdings [Line Items]
Total Investments, Cost		$ 3,900,000
Investments at Fair Value		$ 3,900,000
Total Investments, Percentage of Net Assets		29.07%
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 \| 48% secured loans \| Real Estate \| Villas at 79th LLC
Investment Holdings [Line Items]
Total Investments, Cost	$ 3,400,000
Investments at Fair Value	$ 3,400,000
Total Investments, Percentage of Net Assets	23.57%
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
Investments at Fair Value		436,175
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	$ 1,050,000
Investments at Fair Value	1,200,000	1,200,000
Preferred Stock \| Consumer \| Other
Investment Holdings [Line Items]
Total Investments, Cost	1,050,000	1,050,000
Investments at Fair Value	$ 1,200,000	$ 1,200,000
Total Investments, Percentage of Net Assets	8.32%	8.95%
Preferred Stock \| Consumer \| Wisdom Gaming, Inc
Investment Holdings [Line Items]
Total Investments, Cost	$ 900,000	$ 900,000
Investments at Fair Value	$ 900,000	$ 900,000
Total Investments, Percentage of Net Assets	6.24%	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	2.08%	2.24%
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%	0%
Other Equity
Investment Holdings [Line Items]
Total Investments, Cost	$ 812,500	$ 812,500
Investments at Fair Value	$ 812,500	$ 812,500
Total Investments, Percentage of Net Assets	5.63%	6.05%

ORGANIZATION

ORGANIZATION	6 Months Ended
ORGANIZATION	Jun. 30, 2022
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 at the end of December 2019. Since that time, we have remained a public reporting company that files periodic reports with the SEC. We engaged in the business of providing short-term specialty finance solutions primarily to small businesses, both private and public, and high-net-worth individuals. To avoid regulation under the 1940 Act, we generally seek to structure our investments so they do not constitute “securities” for purposes of federal securities laws, and we monitor our investments as a whole to ensure that no more than 40% of our total assets consist of “investment securities” as defined under the 1940 Act.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2022
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The condensed balance sheet as of December 31, 2021 has been derived from the audited 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, 2021. 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. Under our valuation policies and procedures, we evaluate the source of inputs, including any markets in which our investments are trading, and then apply the resulting information in determining fair value. For our Level 1 investment assets, our valuation policy generally requires us to use a market approach, considering the last quoted closing price of a security we own that is listed on a securities exchange, and in a case where a security we own is listed on an over-the-counter market, to average the last quoted bid and ask price on the most active market on which the security is quoted. In the case of traded debt securities the prices for which are not readily available, we may value those securities using a present value approach, at their weighted-average yield to maturity. 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 cost plus any accrued interest, unless circumstances warrant a different approach. An example of such circumstances may include a situation in which 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. 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 applied discount ranges from 12% to 53% and approximate rates currently observed in publicly traded debt markets for debt of similar terms issued by companies with comparable credit risk. On a quarterly basis, our management provides members of our Board of Directors with (i) valuation updates for each investment and loan we hold; (ii) Mill City Ventures’ bank and other statements pertaining to our cash and cash equivalents; (iii) quarter- or period-end statements from custodial firms holding any of our investments; and (iv) recommendations to change any existing valuations of our investments or loans, or hierarchy levels, for purposes of determining the fair value of such investments or loans 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 portfolio investments. 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. We do not believe there will be any material changes in our unrecognized tax positions over the next 12 months. Our evaluation was performed for the tax years ended December 31, 2019 through 2021, which were the tax years that remain subject to examination by major tax jurisdictions as of June 30, 2022. 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:

INVESTMENTS

INVESTMENTS	6 Months Ended
INVESTMENTS	Jun. 30, 2022
INVESTMENTS
INVESTMENTS	NOTE 3 – INVESTMENTS AND LOANS The following table shows the composition of our investments and loans by major class, at amortized cost and fair value, as of June 30, 2022 (together with the corresponding percentage of the fair value of our total investments): As of June 30, 2022 Investments at Percentage of Investments at Percentage of Amortized Cost Amortized Cost Fair Value Fair Value Short-term Non-banking Loans $ 13,328,580 87.7 % $ 13,328,580 86.9 % Preferred Stock 1,050,000 6.9 1,200,000 7.8 Warrants 679 — — — Other Equity 812,500 5.4 812,500 5.3 Total $ 15,191,759 100.0 % $ 15,341,080 100.0 % The following table shows the composition of our investments by major class, at amortized cost and fair value, as of December 31, 2021 (together with the corresponding percentage of the fair value of our total 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 investments and loans by industry grouping, based on fair value as of June 30, 2022: As of June 30, 2022 Investments at Percentage of Fair Value Fair Value Consumer $ 5,662,500 36.9 % Financial 1,698,580 11.0 Information Technology 300,000 2.0 Real Estate 7,680,000 50.1 Total $ 15,341,080 100.0 % The following table shows the composition of our investments 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 %

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Jun. 30, 2022
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 and loans by major class, as of June 30, 2022, according to the fair value hierarchy: As of June 30, 2022 Level 1 Level 2 Level 3 Total Short-term Non-banking Loans $ — $ — $ 13,328,580 $ 13,328,580 Preferred Stock — — 1,200,000 1,200,000 Other Equity — — 812,500 812,500 Total $ — $ — $ 15,341,080 $ 15,341,080 The following table presents the fair value measurements of our investments and loans 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 a reconciliation of the beginning and ending fair value balances for our Level 3 investment and loan assets for the six months ended June 30, 2022: For the six months ended June 30, 2022 ST Non-banking Common Loans Preferred Stock Stock Warrants Other Equity Balance as of January 1, 2022 $ 11,650,000 $ 1,200,000 $ — $ — $ 812,500 Net change in unrealized appreciation — — — — — Purchases and other adjustments to cost 9,103,580 — — — — Sales and redemptions (7,425,000) — — — — Net realized loss — — — — — Balance as of June 30, 2021 $ 13,328,580 $ 1,200,000 $ — $ — $ 812,500 The net change in unrealized appreciation for the six months ended June 30, 2022 attributable to Level 3 investments and loans still held as of June 30, 2022 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 June 30, 2022 and the unobservable inputs used to determine their valuation: Security Type 6/30/22 FMV Valuation Technique Unobservable Inputs Range ST Non-banking Loans $ 13,328,580 discounted cash flow determining private company interest rate based on credit 12-53 % 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 $ 15,341,080 The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 investment and loan 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 depreciation for the year ended December 31, 2021 attributable to Level 3 investments and loans 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 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 credit rating 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

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	6 Months Ended
RELATED-PARTY TRANSACTIONS	Jun. 30, 2022
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	NOTE 5 – 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, 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 December 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. See note 7 for further details.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021, we had a net deferred tax liability of $39,000 and $45,000, 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 record a 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 June 30, 2022 and December 31, 2021 we had accrued income taxes of $201,242 and $1,269,000, respectively. The change in accrued income taxes was driven by $1,449,000 of federal and state tax payments made shortly after quarter one of 2022 ended. We recorded income taxes of $216,242 (29 percent effective tax rate) and $348,587 (29 percent effective tax rate) during the three months ended June 30, 2022 and June 30, 2021, respectively. As of December 31, 2020, we had a federal NOL of approximately $350,000. The remaining federal NOL was used in its entirety to offset taxable income during the 2021 tax year. At June 30, 2022, we have no federal or state NOLs available to offset taxable income, as all NOLs have been exhausted. Due to tax reform enacted in 2017, any newly created NOLs will carry forward indefinitely.

LINE OF CREDIT

LINE OF CREDIT	6 Months Ended
LINE OF CREDIT	Jun. 30, 2022
LINE OF CREDIT
LINE OF CREDIT	NOTE 7 – LINE OF CREDIT 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 of the aggregate $5 million available under the Loan Agreement. The Loan Agreement has a five-year term ending on January 3, 2027, at which time all amounts owing under the Loan Agreement will become due and payable; subject, however, to each Lender’s right, including Mr. Berman, to 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 percent of the amount of credit available but unused under the Loan Agreement, and requires us to pay such fee in the form of shares of our common stock based on our net asset value per share on the last day of the applicable fiscal quarter. The Loan Agreement grants the Lenders piggyback registration rights subject to customary terms, conditions and exceptions. At June 30, 2022, the balance outstanding on the line was $2,075,000 with a maturity date of January 3, 2027.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
SHAREHOLDERS' EQUITY	Jun. 30, 2022
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	NOTE 8 – SHAREHOLDERS’ EQUITY At June 30, 2022, we had 10,855,413 shares of common stock issued and outstanding On April 11, 2022, we issued 15,000 shares of restricted common stock to each of our three independent directors, and 10,000 shares of restricted common stock to our two non-independent directors. The shares are subject to forfeiture in the event the recipients are terminated from their board positions or employment, if applicable, on or prior to January 23, 2023.

PER-SHARE INFORMATION

PER-SHARE INFORMATION	6 Months Ended
PER-SHARE INFORMATION	Jun. 30, 2022
PER-SHARE INFORMATION
PER-SHARE INFORMATION	NOTE 9 – 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 June 30, 2022 2021 Numerator: Net increase in net assets resulting from operations $ 518,008 $ 781,506 Denominator: Weighted-average number of common shares outstanding 10,847,556 10,790,413 Basic and diluted net gain per common share $ 0.05 $ 0.07 For the Six Months Ended June 30, 2022 2021 Numerator: Net increase in net assets resulting from operations $ 930,119 $ 2,526,548 Denominator: Weighted-average number of common shares outstanding 10,819,142 10,788,175 Basic and diluted net gain per common share $ 0.09 $ 0.23

OPERATING LEASES

OPERATING LEASES	6 Months Ended
OPERATING LEASES	Jun. 30, 2022
OPERATING LEASES
OPERATING LEASES	NOTE 10 – OPERATING LEASES We are subject to two non-cancelable operating leases for office space expiring April 2, 2023. 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 three months ended June 30, 2022 and June 30, 2021 was $19,141 and $16,337, respectively. The components of our operating lease were as follows for the three and six months ended June 30, 2022: Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 Operating lease costs $ 5,504 $ 10,283 Variable lease cost 4,522 9,123 Short-term lease cost 9,115 16,547 Total $ 19,141 $ 35,953 Supplemental balance sheet information consisted of the following at June 30, 2022: Operating Lease Right-of-use assets $ 26,804 Operating Lease Liability $ 26,859 Less: short term portion (23,832) Long term portion $ 3,027 Maturity analysis under lease agreements consisted of the following as of June 30, 2022: Operating Leases 2022 $ 12,715 2023 14,859 Total lease payments 27,574 Less: interest (715) Present value of lease liabilities $ 26,859

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS	6 Months Ended
FINANCIAL HIGHLIGHTS	Jun. 30, 2022
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS	NOTE 11 – FINANCIAL HIGHLIGHTS The following is a schedule of financial highlights for the six months ended June 30, 2022 through 2018: Six Months Ended June 30, 2022 2021 2020 2019 2018 Per Share Data (1) Net asset value at beginning of period $ 1.24 1.08 0.91 1.02 0.87 Net investment income (loss) 0.11 0.04 0.01 (0.03) (0.02) Net realized and unrealized gains (losses) 0.01 0.28 0.02 0.02 0.09 Provision for income taxes (0.04) (0.09) 0.00 0.00 0.00 Stock based compensation 0.01 0.00 0.00 0.00 0.00 Repurchase of common stock 0.00 0.00 0.02 0.00 0.00 Payment of common stock dividend 0.00 0.00 0.00 (0.05) 0.00 Net asset value at end of period $ 1.33 1.31 0.96 0.96 0.94 Ratio / Supplemental Data Per share market value of investments at end of period $ 1.41 1.22 0.65 0.70 0.82 Shares outstanding at end of period 10,855,413 10,790,413 10,696,735 11,067,402 11,067,402 Average weighted shares outstanding for the period 10,819,142 10,788,175 10,974,721 11,067,402 11,067,402 Net assets at end of period $ 14,426,607 14,188,588 10,221,718 10,588,689 11,278,889 Average net assets (2) $ 13,888,938 13,073,718 10,025,622 12,304,975 9,955,674 Total investment return 6.45 % 21.30 % 3.30 % (5.88) % 8.05 % Portfolio turnover rate (3) 65.55 % 75.65 % 11.90 % 7.11 % 11.55 % Ratio of operating expenses to average net assets (3) (14.63) % (11.72) % (9.41) % (7.70) % (6.98) % Ratio of net investment income (loss) to average net assets (3) 18.01 % 6.88 % 3.02 % (6.40) % (5.53) % Ratio of realized gains (losses) to average net assets (3) 1.94 % 61.92 % 4.06 % 57.36 % (12.79) % (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.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 12 – Subsequent Events On August 9, 2022, the Company effected a stock combination (reverse stock split) of its common shares on a 1-for-2.25 basis such that every 2.25 shares of common stock issued and outstanding on that date were combined into one share of common stock. Any fractional share resulting from the reverse stock split was rounded up to the nearest whole share. The reverse stock split was approved by the Company’s board of directors in accordance with Minnesota law, and resulted in a proportionate reduction in the number of authorized shares of capital stock available for issuance under the Company's articles of incorporation. This reduction was effected pursuant to the filing of articles of amendment with the Minnesota Secretary of State indicating that the Company, on a post-reverse-split basis, is authorized to issue up to 111,111,111 shares of capital stock. The condensed financial statements included herein have not been adjust for the August 9, 2022 reverse stock split. Also on August 9, 2022, the Company’s common stock was listed and began trading on the Nasdaq Capital Market under the same ticker symbol MCVT. On August 11, 2022, the Company completed its public offer and sale of 1,250,000 common shares pursuant to a registration statement filed with the SEC and declared effective on August 9, 2022. Shares were sold by the Company at $4.00 per share, resulting in gross proceeds of $5,000,000. As part of the registered public offering, the Company granted the underwriters a 45-day option to purchase up to 187,500 additional common shares at the offering price, less underwriting discounts. In connection with the offering, the Company issued the underwriter a five-year warrant to purchase up to 75,000 common shares at the per-share price of $5.00. Net proceeds to the Company after the payment of underwriting discounts, underwriting expenses, and the Company’s own offering-related expenses were approximately $4,041,000.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2022
SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation:	Basis of presentation The condensed balance sheet as of December 31, 2021 has been derived from the audited 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, 2021.
Use of estimates:	Use of estimates:
Cash deposits:	Cash deposits:
Valuation of portfolio 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. Under our valuation policies and procedures, we evaluate the source of inputs, including any markets in which our investments are trading, and then apply the resulting information in determining fair value. For our Level 1 investment assets, our valuation policy generally requires us to use a market approach, considering the last quoted closing price of a security we own that is listed on a securities exchange, and in a case where a security we own is listed on an over-the-counter market, to average the last quoted bid and ask price on the most active market on which the security is quoted. In the case of traded debt securities the prices for which are not readily available, we may value those securities using a present value approach, at their weighted-average yield to maturity. 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 cost plus any accrued interest, unless circumstances warrant a different approach. An example of such circumstances may include a situation in which 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. 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 applied discount ranges from 12% to 53% and approximate rates currently observed in publicly traded debt markets for debt of similar terms issued by companies with comparable credit risk. On a quarterly basis, our management provides members of our Board of Directors with (i) valuation updates for each investment and loan we hold; (ii) Mill City Ventures’ bank and other statements pertaining to our cash and cash equivalents; (iii) quarter- or period-end statements from custodial firms holding any of our investments; and (iv) recommendations to change any existing valuations of our investments or loans, or hierarchy levels, for purposes of determining the fair value of such investments or loans 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 portfolio investments.
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. We do not believe there will be any material changes in our unrecognized tax positions over the next 12 months. Our evaluation was performed for the tax years ended December 31, 2019 through 2021, which were the tax years that remain subject to examination by major tax jurisdictions as of June 30, 2022.
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:

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
INVESTMENTS (Tables)	Jun. 30, 2022
INVESTMENTS
Schedule of investments by major class, at amortized cost and fair value	The following table shows the composition of our investments and loans by major class, at amortized cost and fair value, as of June 30, 2022 (together with the corresponding percentage of the fair value of our total investments): As of June 30, 2022 Investments at Percentage of Investments at Percentage of Amortized Cost Amortized Cost Fair Value Fair Value Short-term Non-banking Loans $ 13,328,580 87.7 % $ 13,328,580 86.9 % Preferred Stock 1,050,000 6.9 1,200,000 7.8 Warrants 679 — — — Other Equity 812,500 5.4 812,500 5.3 Total $ 15,191,759 100.0 % $ 15,341,080 100.0 % The following table shows the composition of our investments by major class, at amortized cost and fair value, as of December 31, 2021 (together with the corresponding percentage of the fair value of our total 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 %
Schedule of investments by industry grouping, based on fair value	The following table shows the composition of our investments and loans by industry grouping, based on fair value as of June 30, 2022: As of June 30, 2022 Investments at Percentage of Fair Value Fair Value Consumer $ 5,662,500 36.9 % Financial 1,698,580 11.0 Information Technology 300,000 2.0 Real Estate 7,680,000 50.1 Total $ 15,341,080 100.0 % The following table shows the composition of our investments 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 %

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Jun. 30, 2022
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 and loans by major class, as of June 30, 2022, according to the fair value hierarchy: As of June 30, 2022 Level 1 Level 2 Level 3 Total Short-term Non-banking Loans $ — $ — $ 13,328,580 $ 13,328,580 Preferred Stock — — 1,200,000 1,200,000 Other Equity — — 812,500 812,500 Total $ — $ — $ 15,341,080 $ 15,341,080 The following table presents the fair value measurements of our investments and loans 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
Schedule of reconciliation of the beginning and ending fair value balances for our Level 3 investment assets	For the six months ended June 30, 2022 ST Non-banking Common Loans Preferred Stock Stock Warrants Other Equity Balance as of January 1, 2022 $ 11,650,000 $ 1,200,000 $ — $ — $ 812,500 Net change in unrealized appreciation — — — — — Purchases and other adjustments to cost 9,103,580 — — — — Sales and redemptions (7,425,000) — — — — Net realized loss — — — — — Balance as of June 30, 2021 $ 13,328,580 $ 1,200,000 $ — $ — $ 812,500 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
Schedule of Level 3 investments held and the unobservable inputs used to determine their valuation	Security Type 6/30/22 FMV Valuation Technique Unobservable Inputs Range ST Non-banking Loans $ 13,328,580 discounted cash flow determining private company interest rate based on credit 12-53 % 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 $ 15,341,080 Security Type 12/31/21 FMV Valuation Technique Unobservable Inputs Range ST Non-banking Loans $ 11,650,000 discounted cash flow determining private company credit rating 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

PER-SHARE INFORMATION (Tables)

PER-SHARE INFORMATION (Tables)	6 Months Ended
PER-SHARE INFORMATION (Tables)	Jun. 30, 2022
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 June 30, 2022 2021 Numerator: Net increase in net assets resulting from operations $ 518,008 $ 781,506 Denominator: Weighted-average number of common shares outstanding 10,847,556 10,790,413 Basic and diluted net gain per common share $ 0.05 $ 0.07 For the Six Months Ended June 30, 2022 2021 Numerator: Net increase in net assets resulting from operations $ 930,119 $ 2,526,548 Denominator: Weighted-average number of common shares outstanding 10,819,142 10,788,175 Basic and diluted net gain per common share $ 0.09 $ 0.23

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	6 Months Ended
OPERATING LEASES (Tables)	Jun. 30, 2022
OPERATING LEASES
Summary of components of our operating lease	Under ASC 840, rent expense for office facilities for the three months ended June 30, 2022 and June 30, 2021 was $19,141 and $16,337, respectively. The components of our operating lease were as follows for the three and six months ended June 30, 2022: Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 Operating lease costs $ 5,504 $ 10,283 Variable lease cost 4,522 9,123 Short-term lease cost 9,115 16,547 Total $ 19,141 $ 35,953
Summary of supplemental balance sheet information	Supplemental balance sheet information consisted of the following at June 30, 2022: Operating Lease Right-of-use assets $ 26,804 Operating Lease Liability $ 26,859 Less: short term portion (23,832) Long term portion $ 3,027
Summary of maturity analysis under lease agreements	Maturity analysis under lease agreements consisted of the following as of June 30, 2022: Operating Leases 2022 $ 12,715 2023 14,859 Total lease payments 27,574 Less: interest (715) Present value of lease liabilities $ 26,859

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)	6 Months Ended
FINANCIAL HIGHLIGHTS (Tables)	Jun. 30, 2022
FINANCIAL HIGHLIGHTS
Schedule of financial highlights	Six Months Ended June 30, 2022 2021 2020 2019 2018 Per Share Data (1) Net asset value at beginning of period $ 1.24 1.08 0.91 1.02 0.87 Net investment income (loss) 0.11 0.04 0.01 (0.03) (0.02) Net realized and unrealized gains (losses) 0.01 0.28 0.02 0.02 0.09 Provision for income taxes (0.04) (0.09) 0.00 0.00 0.00 Stock based compensation 0.01 0.00 0.00 0.00 0.00 Repurchase of common stock 0.00 0.00 0.02 0.00 0.00 Payment of common stock dividend 0.00 0.00 0.00 (0.05) 0.00 Net asset value at end of period $ 1.33 1.31 0.96 0.96 0.94 Ratio / Supplemental Data Per share market value of investments at end of period $ 1.41 1.22 0.65 0.70 0.82 Shares outstanding at end of period 10,855,413 10,790,413 10,696,735 11,067,402 11,067,402 Average weighted shares outstanding for the period 10,819,142 10,788,175 10,974,721 11,067,402 11,067,402 Net assets at end of period $ 14,426,607 14,188,588 10,221,718 10,588,689 11,278,889 Average net assets (2) $ 13,888,938 13,073,718 10,025,622 12,304,975 9,955,674 Total investment return 6.45 % 21.30 % 3.30 % (5.88) % 8.05 % Portfolio turnover rate (3) 65.55 % 75.65 % 11.90 % 7.11 % 11.55 % Ratio of operating expenses to average net assets (3) (14.63) % (11.72) % (9.41) % (7.70) % (6.98) % Ratio of net investment income (loss) to average net assets (3) 18.01 % 6.88 % 3.02 % (6.40) % (5.53) % Ratio of realized gains (losses) to average net assets (3) 1.94 % 61.92 % 4.06 % 57.36 % (12.79) % (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)	6 Months Ended
ORGANIZATION (Details)	Jun. 30, 2022
ORGANIZATION
Maximum percentage of total assets of investment securities	40%

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) - Discount rate	Jun. 30, 2022
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	53

INVESTMENTS - Composition of ou

INVESTMENTS - Composition of our investments by major class (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 15,191,759	$ 13,933,057
Percentage of Amortized Cost	100%	100%
Investments at Fair Value	$ 15,341,080	$ 14,098,675
Percentage of Fair Value	100%	100%
Consumer
Investment Holdings [Line Items]
Investments at Fair Value	$ 5,662,500	$ 2,362,500
Percentage of Fair Value	36.90%	16.80%
Financial
Investment Holdings [Line Items]
Investments at Fair Value	$ 1,698,580	$ 3,836,175
Percentage of Fair Value	11%	27.20%
Information Technology
Investment Holdings [Line Items]
Investments at Fair Value	$ 300,000	$ 300,000
Percentage of Fair Value	2%	2.10%
Real Estate
Investment Holdings [Line Items]
Investments at Fair Value	$ 7,680,000	$ 7,600,000
Percentage of Fair Value	50.10%	53.90%
Short-Term Non-banking Loans
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 13,328,580	$ 11,655,750
Percentage of Amortized Cost	87.70%	83.70%
Investments at Fair Value	$ 13,328,580	$ 11,650,000
Percentage of Fair Value	86.90%	82.60%
Preferred Stock
Investment Holdings [Line Items]
Investments at Amortized Cost	$ 1,050,000	$ 1,050,000
Percentage of Amortized Cost	6.90%	7.50%
Investments at Fair Value	$ 1,200,000	$ 1,200,000
Percentage of Fair Value	7.80%	8.50%
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
Percentage of Amortized Cost		3%
Investments at Fair Value		$ 436,175
Percentage of Fair Value		3.10%
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	$ 812,500
Percentage of Amortized Cost	5.40%	5.80%
Investments at Fair Value	$ 812,500	$ 812,500
Percentage of Fair Value	5.30%	5.80%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details)	6 Months Ended	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	$ 15,341,080	$ 14,098,675
Short-Term Non-banking Loans
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	13,328,580	11,650,000
Common Stock
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value		436,175
Preferred Stock
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	1,200,000	1,200,000
Other Equity
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	812,500	812,500
Level 1
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value		436,175
Level 1 \| Common Stock
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value		436,175
Level 3
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	15,341,080	13,662,500
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
Level 3 \| Short-Term Non-banking Loans
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	13,328,580	11,650,000
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning	11,650,000	2,789,000
Purchases and other adjustments to cost	9,103,580	24,765,333
Sales and redemptions	(7,425,000)	(15,904,333)
Balance at the end	$ 13,328,580	$ 11,650,000
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	12
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	53	44
Level 3 \| Preferred Stock
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	$ 1,200,000	$ 1,200,000
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning	1,200,000	300,000
Purchases and other adjustments to cost		900,000
Balance at the end	1,200,000	1,200,000
Level 3 \| Other Equity
FAIR VALUE OF FINANCIAL INSTRUMENTS
Investments at Fair Value	812,500	812,500
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning	812,500	278,897
Purchases and other adjustments to cost		812,500
Sales and redemptions		(278,897)
Balance at the end	$ 812,500	$ 812,500

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - USD ($)	Aug. 10, 2018	Jan. 03, 2022
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%
Debtors' pledge in number of common stock	625,000
Lyle A. Berman \| Revolving line of credit
Related Party Transaction [Line Items]
Maximum borrowing capacity		$ 5,000,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Deferred tax liability	$ 39,000		$ 39,000		$ 45,000
Accrued income taxes	201,242		201,242		$ 1,269,000
Income taxes payable	$ 216,242	$ 348,587	375,242	$ 1,011,278
Effective tax rate	29%	29%
Federal NOL						$ 350,000
Federal and state tax payments	$ 1,449,000		$ 1,449,000

LINE OF CREDIT - Additional Inf

LINE OF CREDIT - Additional Information (Details) - USD ($)		6 Months Ended
LINE OF CREDIT - Additional Information (Details) - USD ($)	Jan. 03, 2022	Jun. 30, 2022
LINE OF CREDIT
Line of credit, outstanding		$ 2,075,000
Line of credit, maturity date		Jan. 03, 2027
Loan Agreement \| Eastman Investment, Inc. \| Revolving line of credit
LINE OF CREDIT
Line of credit facility maximum borrowing capacity	$ 5,000,000
Interest rate at per annum	8%
Line of credit facility term	5 years

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - shares	Apr. 11, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Common stock issued		10,855,413
Common stock, shares outstanding		10,855,413	10,790,413	10,790,413	10,696,735	11,067,402	11,067,402
Three Independent directors
Number of shares issued during the period	15,000
Two Non Independent directors
Number of shares issued during the period	10,000

PER-SHARE INFORMATION (Details)

PER-SHARE INFORMATION (Details) - USD ($)	3 Months Ended		6 Months Ended
PER-SHARE INFORMATION (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
PER-SHARE INFORMATION
Numerator: Net increase in net assets resulting from operations	$ 518,008	$ 781,506	$ 930,119	$ 2,526,548
Denominator: Weighted-average number of common shares outstanding, basic	10,847,556	10,790,413	10,819,142	10,788,175
Weighted-average number of common shares outstanding - diluted	10,847,556	10,790,413	10,819,142	10,788,175	10,974,721	11,067,402	11,067,402
Basic net gain per common share	$ 0.05	$ 0.07	$ 0.09	$ 0.23
Diluted net gain per common share	$ 0.05	$ 0.07	$ 0.09	$ 0.23

OPERATING LEASES - Additional I

OPERATING LEASES - Additional Information (Details)	3 Months Ended		6 Months Ended
OPERATING LEASES - Additional Information (Details)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) lease	Dec. 31, 2021
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 \| $	$ 19,141	$ 16,337	$ 35,953

OPERATING LEASES - components o

OPERATING LEASES - components of our operating lease (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022
Components of our operating lease
Operating lease costs	$ 5,504		$ 10,283
Variable lease cost	4,522		9,123
Short-term lease cost	9,115		16,547
Total	$ 19,141	$ 16,337	$ 35,953

OPERATING LEASES - Supplemental

OPERATING LEASES - Supplemental balance sheet information (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Supplemental balance sheet information
Right-of-use assets	$ 26,804	$ 4,984
Operating Lease Liability	26,859
Less: short term portion	(23,832)
Long term portion	$ 3,027

OPERATING LEASES - Maturity ana

OPERATING LEASES - Maturity analysis under lease agreements (Details)	Jun. 30, 2022 USD ($)
Maturity analysis under lease agreements
2022	$ 12,715
2023	14,859
Total lease payments	27,574
Less: interest	(715)
Present value of lease liabilities	$ 26,859

FINANCIAL HIGHLIGHTS (Details)

FINANCIAL HIGHLIGHTS (Details) - USD ($)	3 Months Ended		6 Months Ended
FINANCIAL HIGHLIGHTS (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2021
Per Share Data (1)
Net asset value at beginning of period			$ 1.24	$ 1.08	$ 0.91	$ 1.02	$ 0.87
Net investment income (loss)			0.11	0.04	0.01	(0.03)	(0.02)
Net realized and unrealized gains (losses)			0.01	0.28	0.02	0.02	0.09
Provision for income taxes			(0.04)	(0.09)	0	0	0
Stock based compensation			0.01	0	0	0	0
Repurchase of common stock			0	0	0.02	0	0
Payment of common stock dividend			0	0	0	(0.05)	0
Net asset value at end of period	$ 1.33	$ 1.31	1.33	1.31
Ratio / Supplemental Data
Per share market value of investments at end of period	$ 1.41	$ 1.22	$ 1.41	$ 1.22	$ 0.65	$ 0.70	$ 0.82
Shares outstanding at end of period	10,855,413	10,790,413	10,855,413	10,790,413	10,696,735	11,067,402	11,067,402	10,790,413
Average weighted shares outstanding for the period	10,847,556	10,790,413	10,819,142	10,788,175	10,974,721	11,067,402	11,067,402
Net assets at end of period	$ 14,426,607	$ 14,188,588	$ 14,426,607	$ 14,188,588	$ 10,221,718	$ 10,588,689	$ 11,278,889
Average net assets	$ 13,888,938	$ 13,073,718	$ 13,888,938	$ 13,073,718	$ 10,025,622	$ 12,304,975	$ 9,955,674
Total investment return			6.45%	21.30%	3.30%	(5.88%)	8.05%
Portfolio turnover rate			65.55	75.65	11.90	7.11	11.55
Ratio of operating expenses to average net assets			(14.63%)	(11.72%)	(9.41%)	(7.70%)	(6.98%)
Ratio of net investment income (loss) to average net assets			18.01%	6.88%	3.02%	(6.40%)	(5.53%)
Ratio of realized gains (losses) to average net assets			1.94	61.92	4.06	57.36	(12.79)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Aug. 11, 2022	Aug. 09, 2022	Jun. 30, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Post-reverse-split basis authorized shares issue.			250,000,000	250,000,000
Investment Owned, at Cost			$ 15,191,759	$ 13,933,057
Subsequent events.
Subsequent Event [Line Items]
Reverse stock split common shares		2.25
Post-reverse-split basis authorized shares issue.		111,111,111
Subsequent events. \| IPO
Subsequent Event [Line Items]
Company public offer and sale shares	1,250,000
Price per share	$ 4
Gross proceeds	$ 5,000,000
Subsequent events. \| Over-Allotment Option
Subsequent Event [Line Items]
Company public offer and sale shares	187,500
Price per share	$ 5
Underwriters option	45 days
Underwriter warrant	5 years
Company purchase common shares	75,000
Investment Owned, at Cost	$ 4,041,000