Integrity Capital Income Fund 10-Q 15 Jun 15 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Apr. 30, 2015	Jun. 12, 2015
Document And Entity Information
Entity Registrant Name	Integrity Capital Income Fund, Inc.
Entity Central Index Key	1598893
Document Type	10-Q
Document Period End Date	30-Apr-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-21
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		1,237,173
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015

STATEMENTS_OF_ASSETS_LIABILITI

STATEMENTS OF ASSETS, LIABILITIES AND NET ASSETS (unaudited) (USD $)	Apr. 30, 2015	Oct. 31, 2014
ASSETS:
Investments at fair value (cost $9,136,300 and $6,261,616)	$9,340,844	$6,261,616
Cash and cash equivalents	2,415,998	900,185
Interest receivable	101,491	41,730
Deferred offering costs, net	15,797	31,593
Prepaid insurance	7,104	14,854
Total assets	11,881,234	7,249,978
LIABILITIES:
Deferred loan origination fees income	83,000	82,750
Due to Adviser, net	62,769	76,257
Income taxes payable	0	44,275
Total liabilities	145,769	203,282
Commitments and contingencies (Note 5)
NET ASSETS	11,735,465	7,046,696
NET ASSETS REPRESENTED BY SHAREHOLDERS' EQUITY:
Common stock, par value $0.0001 per share, 200,000,000 shares authorized; 1,165,597 and 714,377 common shares issued and outstanding	117	71
Paid-in capital in excess of par value	11,672,353	7,143,699
Accumulated (over)/under distributed net investment income	62,995	-97,074
TOTAL SHAREHOLDERS' EQUITY	$11,735,465	$7,046,696
Net asset value per share	$10.07	$9.86

STATEMENTS_OF_ASSETS_LIABILITI1

STATEMENTS OF ASSETS, LIABILITIES AND NET ASSETS (unaudited) (Parenthetical) (USD $)	Apr. 30, 2015	Oct. 31, 2014
Statement of Financial Position [Abstract]
Investments, at cost	$9,136,300	$6,261,616
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	1,165,597	714,377
Common stock, shares outstanding	1,165,597	714,377

SCHEDULE_OF_INVESTMENTS_unaudi

SCHEDULE OF INVESTMENTS (unaudited) (USD $)	Apr. 30, 2015	Oct. 31, 2014
Investments, at cost	$9,136,300	$6,261,616
Investments at fair value	9,340,844	6,261,616
Unrealized Appreciation/ (Depreciation) on Investments	204,544
% of Net Assets	79.60%	88.90%
Aequitas Commercial Finance, LLC
Investments, at cost	500,000
Investments at fair value	500,000
Interest Rate	14.50%
% of Net Assets	4.30%
Aequitas Peer-To-Peer Funding, LLC
Investments, at cost	500,000
Investments at fair value	500,000
Interest Rate	14.50%
% of Net Assets	4.30%
Aequitas Peer-To-Peer Funding LLC
Investments, at cost	75,000
Investments at fair value	75,000
Interest Rate	14.50%
% of Net Assets	0.60%
Ajubeo, LLC [Member]
Investments, at cost	375,000
Investments at fair value	342,245
Interest Rate	8.00%
Unrealized Appreciation/ (Depreciation) on Investments	-32,755
% of Net Assets	2.90%
All Pro Funding II, LLC
Investments, at cost	500,000	500,000
Investments at fair value	500,000	500,000
Interest Rate	11.00%	11.00%
Unrealized Appreciation/ (Depreciation) on Investments	0
% of Net Assets	4.30%	7.10%
Brighton East Land, LLC
Investments, at cost	1,800,000	1,800,000
Investments at fair value	1,800,000	1,800,000
Interest Rate	13.00%	13.00%
Unrealized Appreciation/ (Depreciation) on Investments	0
% of Net Assets	15.30%	25.50%
Camel Parkwood, LLC
Investments, at cost	2,457,500	3,257,500
Investments at fair value	2,457,500	3,257,500
Interest Rate	11.00%	11.00%
Unrealized Appreciation/ (Depreciation) on Investments	0
% of Net Assets	20.90%	46.20%
TLC Fund 2012, LLC
Investments, at cost	554,000	239,000
Investments at fair value	546,635	239,000
Interest Rate	11.50%	11.50%
Unrealized Appreciation/ (Depreciation) on Investments	-7,365
% of Net Assets	4.70%	3.40%
TVO Capital Management, LLC
Investments, at cost	787,000
Investments at fair value	787,000
Interest Rate	8.00%
Unrealized Appreciation/ (Depreciation) on Investments	0
% of Net Assets	6.70%
TVO Capital Management, LLC - Riverchase
Investments, at cost	400,000
Investments at fair value	400,000
Interest Rate	8.00%
% of Net Assets	3.40%
Debt Securities
Investments, at cost	7,948,500	5,796,500
Investments at fair value	7,908,380	5,796,500
Unrealized Appreciation/ (Depreciation) on Investments	-40,120
% of Net Assets	67.40%	82.30%
Equity Securities, Ajubeo, LLC
Investments, at cost	0
Investments at fair value	169,217
Unrealized Appreciation/ (Depreciation) on Investments	169,217
Number of shares	73,424
% of Net Assets	1.40%
Equity Securities
Investments, at cost	0
Investments at fair value	169,217
Unrealized Appreciation/ (Depreciation) on Investments	169,217
% of Net Assets	1.40%
NCP 2014, LLC
Investments, at cost	400,000
Investments at fair value	403,286
Interest Rate	40.00%
Unrealized Appreciation/ (Depreciation) on Investments	3,286
% of Net Assets	3.40%
NCPGM Georgia, LLC
Investments, at cost	287,800
Investments at fair value	339,463
Interest Rate	40.00%
Unrealized Appreciation/ (Depreciation) on Investments	51,663
% of Net Assets	2.90%
Investments in Partnership interests
Investments, at cost	687,800
Investments at fair value	742,749
Unrealized Appreciation/ (Depreciation) on Investments	54,949
% of Net Assets	6.30%
Investment in Other Investment Landmark Dividend Growth Fund - G LLC
Investments, at cost	500,000
Investments at fair value	520,498
Unrealized Appreciation/ (Depreciation) on Investments	20,498
Number of shares	505,000
% of Net Assets	4.40%
InvestmentInOtherInvestmentMember
Investments, at cost	500,000	465,116
Investments at fair value	520,498	465,116
Unrealized Appreciation/ (Depreciation) on Investments	20,498
% of Net Assets	4.40%	4.00%
Investment in other investment companies, Aequitas WRFF I, LLC
Investments, at cost		465,116
Investments at fair value		$465,116
Number of shares		500
% of Net Assets		6.60%

STATEMENTS_OF_OPERATIONS_unaud

STATEMENTS OF OPERATIONS (unaudited) (USD $)	3 Months Ended		5 Months Ended	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2014	Apr. 30, 2015
INVESTMENT INCOME:
Interest on investments	$222,828	$5,806	$5,806	$426,914
Loan origination fees	24,625	0	0	35,750
Dividend income	8,191	25	25	13,495
Total investment income	255,644	5,831	5,831	476,159
EXPENSES:
Professional fees	64,918	5,000	5,000	153,161
Base management fees	41,286	9,307	9,307	72,538
Amortization of deferred offering costs	7,898	0	0	15,796
Marketing expenses	4,020	1,340	1,340	8,040
Custody fees	5,125	0	0	8,706
Insurance expense	3,875	0	0	7,750
Director fees	3,000	5,250	5,250	4,500
Organizational costs	0	91,643	174,670	0
Other expenses	43	0	0	425
Total expenses	130,165	112,540	195,567	270,916
Management fees waived (Note 3)	0	-9,307	-9,307	0
Operating expenses reimbursed (Note 3)	-49,943	-93,072	-128,119	-127,779
Net expenses	80,222	10,161	58,141	143,137
NET INVESTMENT INCOME/ (LOSS)	175,422	-4,330	-52,310	333,022
REALIZED AND UNREALIZED GAIN (LOSS):
Net change in unrealized appreciation on investments	113,901	0	0	204,544
Net realized and unrealized gain (loss) on investments:	113,901	0	0	204,544
NET INCREASE/(DECREASE) IN SHAREHOLDERS' EQUITY RESULTING FROM OPERATIONS	$289,323	($4,330)	($52,310)	$537,566
Net investment income/loss per common share - basic and diluted	$0.16	($0.01)	($0.15)	$0.31
Earnings per common share - basic and diluted	$0.26	($0.01)	($0.15)	$0.50
Weighted average shares of common stock outstanding - basic and diluted	1,115,545	359,384	343,161	1,070,134
Dividends and distributions declared per common share	$0.19	$0	$0	$0.38

STATEMENTS_OF_CHANGES_IN_SHARE

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) (USD $)	Common Stock	Capital in Excess of Par Value	Accumulated (over)/under distributed net investment income	Total
Beginning Balance, Amount at Dec. 09, 2013	$0	$0	$0	$0
Beginning Balance, Shares at Dec. 09, 2013	0
Issuance of common stock, Amount	43	4,172,957		4,173,000
Issuance of common stock, Shares	417,300
Net increase (decrease) in shareholders' equity resulting from operations			-52,310	-52,310
Dividends				0
Ending Balance, Amount at Apr. 30, 2014	43	4,172,957	-52,310	4,120,690
Ending Balance, Shares at Apr. 30, 2014	417,300
Beginning Balance, Amount at Oct. 31, 2014	71	7,143,699	-97,074	7,046,696
Beginning Balance, Shares at Oct. 31, 2014	714,377
Issuance of common stock, Amount	46	4,528,654		4,528,700
Issuance of common stock, Shares	451,220
Net increase (decrease) in shareholders' equity resulting from operations			537,566	537,566
Dividends			-377,497	-377,497
Ending Balance, Amount at Apr. 30, 2015	$117	$11,672,353	$62,995	$11,735,465
Ending Balance, Shares at Apr. 30, 2015	1,165,597

STATEMENTS_OF_CHANGES_IN_SHARE1

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) (USD $)	6 Months Ended
	Apr. 30, 2015
Statement of Stockholders' Equity [Abstract]
Dividend per share	$0.38

STATEMENTS_OF_CASH_FLOWS_unaud

STATEMENTS OF CASH FLOWS (unaudited) (USD $)	5 Months Ended	6 Months Ended
	Apr. 30, 2014	Apr. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in shareholders' equity resulting from operations	($52,310)	$537,566
Adjustments to reconcile net increase/(decrease) in shareholders' equity resulting from operations to net cash used in operating activities:
Purchase of investments	-500,000	-4,139,800
Net proceeds from investments	0	1,265,116
Net change in unrealized appreciation on investments	0	-204,544
Amortization of deferred offering costs	0	15,796
Amortization of deferred loan origination fees	0	-35,750
Change in assets and liabilities:
Prepaid insurance	0	7,750
Interest receivable	0	-59,761
Due to Adviser, net	-71,530	-13,488
Taxes payable	0	-44,275
Accounts payable	39,724	0
Deferred loan origination fees	19,875	36,000
Net cash used in operating activities	-564,241	-2,635,390
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuances of common stock	4,173,000	4,528,700
Dividends Paid	0	-377,497
Net cash provided by financing activities	4,173,000	4,151,203
NET CHANGE IN CASH AND CASH EQUIVALENTS	3,608,759	1,515,813
CASH AND CASH EQUIVALENTS - Beginning of period	0	900,185
CASH AND CASH EQUIVALENTS - End of period	3,608,759	2,415,998
Taxes, including excise tax, paid during the period	0	-44,600
Dividends declared and paid during the period	$0	($377,497)

1_ORGANIZATION

1. ORGANIZATION	6 Months Ended
	Apr. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
1. ORGANIZATION	Integrity Capital Income Fund, Inc. (the "Company"), an externally managed investment company was organized as a Colorado corporation on December 10, 2013 (Inception) and was initially funded on January 21, 2014 (commencement of operations). Effective November 1, 2014, the Company has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for U.S. federal income tax purposes, the Company has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").
	The Company invests principally in debt, equity securities, including convertible preferred securities, limited liability companies, partnerships and other debt securities convertible into equity securities, of primarily non-public U.S.-based companies. The investment objective is to maximize income and capital appreciation. In accordance with the investment objective, the Company intends to provide capital principally to U.S.-based, private companies with an equity value of less than $250 million, which the Company refers to as "micro-cap companies." The Company's primary emphasis is to identify companies with experienced management and positive cash flow from operations.
	The Company is managed by Integrity Wealth Management, a division of Integrity Bank & Trust, a Colorado corporation (the "Adviser"), who also serves as the investment adviser and provides the Company with certain administrative services necessary to operate.

2_SIGNIFICANT_ACCOUNTING_POLIC

2. SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Apr. 30, 2015
Accounting Policies [Abstract]
2. SIGNIFICANT ACCOUNTING POLICIES	Basis of Accounting
	The accompanying interim financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X.  In the opinion of management, the financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented.
	Use of Estimates
	Financial statements prepared on a GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.  Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.  Investment valuation represents a significant estimate within these financial statements.
	Cash and Cash Equivalents
	Cash and cash equivalents are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits.
	Investments
	Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the statement of operations.
	As part of the valuation process, management may take into account the following types of factors, if relevant, in determining the fair value of the Company's investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, management considers the pricing indicated by the external event to corroborate its valuation.
	Because there is not a readily available market value for most of the investments in its portfolio, the Company values substantially all of its portfolio investments at fair value as determined in good faith by management, as described in Note 4. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period. Additionally, the fair value of the Company's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which the Company has recorded it.
	In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.
	Both debt securities in TVO Capital Management, LLC ("TVO") are interim loans to assist with pursuit costs and out-of-pocket due diligence expenses related to real estate transactions.  If the property acquisitions are unsuccessful, TVO shall repay such interim loan upon demand.  If the property acquisitions are successful, TVO shall repay such interim loan's interest and the principal will convert to GP equity upon Final Close of each respective transaction.
	Deferred Offering Costs
	Offering costs are expenses such as legal fees pertaining to the Company's shares offered for sale.  The Company has accounted for offering costs in the current period as a deferred charge, Deferred Offering Costs on the Statements of Assets, Liabilities and Net Assets.  The deferred offering costs are being amortized to expense over 12 months on a straight-line basis beginning with the period after the Company's registration under the Securities and Exchange Act of 1934 was effective (November 1, 2014).
	Revenue Recognition
	Investments and related investment income:  Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. For the three and six months ended April 30, 2015, the Company earned interest income of $222,828 and $426,914, respectively. As of April 30, 2015 and October 31, 2014, the Company had interest receivable of $101,491 and $41,730, respectively.
	Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan. For the periods ended April 30, 2015 and October 31, 2014, the Company received loan origination fees of $36,000 and $97,500, respectively. These loan origination fees are capitalized and amortized over the life of the loan. For the three and six months ended April 30, 2015, total investment income included $24,625 and $35,750 of accretion of loan origination fees, respectively.
	For investments with contractual payment-in-kind ("PIK") interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the period ended October 31, 2014, the Company did not hold any investments with contractual PIK interest. For the period ended April 30, 2015, the Company held one investment, Ajubeo, Inc., with contractual PIK interest. As of April 30, 2015 the balance of accrued PIK interest related to this investment was $11,250.
	Dividend income from investments in other investment companies 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. Each distribution received from limited liability company ("LLC") and limited partnership ("LP") investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. For the three and six months ended April 30, 2015, the Company recorded dividend income of $8,191 and $13,495, respectively.
	Non-accrual loans:  A loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the 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. 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. There were no non-accrual loans held as of April 30, 2015 or October 31, 2014.
	Partial loan sales:  The Company follows the guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 860 when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a "participating interest", as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain on the Company's statement of assets, liabilities and net assets and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. For the three months ended April 30, 2015 there were no partial loan sales. For the six months ended April 30, 2015 there were partial loan sales which met the definition of a participating interest to an unrelated third party of $800,000 of the Company's interest in its $3,257,500 Promissory Note in Camel Parkwood, LLC, respectively. There was no gain or loss resulting from this partial loan sale.
	Income Taxes
	The Company has elected to be treated as a BDC under the 1940 Act. The Company intends to elect to be treated as a RIC under the Internal Revenue Code beginning with the tax year ending October 31, 2015. Such election will be made upon the filing of the Company's first federal tax return for RIC purposes. In order to qualify as a RIC, among other things, the Company will be required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each tax year. The Company intends to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders. So long as the Company maintains its status as a RIC, it will generally not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that is distributes at least annually to its stockholders as dividends. As a result, any tax liability related to income earned and distributed by the Company represents obligations of the Company's stockholders and will not be reflected in the financial statements of the Company.
	As a RIC, the Company is subject to a 4% nondeductible federal excise tax on certain undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (i) 98.2% of ordinary income for each calendar year, (ii) 98% of capital gain net income for the one-year period ending October 31 in that calendar year, and (iii) any income realized, but not distributed, in the preceding year (the "Excise Tax Avoidance Requirement").  The Company will not be subject to excise taxes on amounts on which the Company is required to pay corporate income tax (such as retained net capital gains). The Company currently intends to make sufficient distributions each taxable year to satisfy the Excise Tax Avoidance Requirement.
	The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the positions are "more-likely-than-not" to be sustained by the applicable tax authority.  Tax positions not deemed to meet the "more-likely-than-not" threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.
	The Company accounts 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. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of assets and liabilities using tax rates in effect for the year in which the differences are expected to reverse.  The Company recognizes deferred tax assets to the extent that they are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations.  If the Company determines that it would be able to realize our deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.  As the Company has elected to be treated as a RIC beginning on November 1, 2014, there is no benefit to any deferred tax assets and thus a full valuation allowance was recorded as of October 31, 2014.  As a RIC, the Company was not a taxable entity for the period ended April 30, 2015 and thus no income tax expense (benefit) was recorded.
	Income tax expense (benefit) consists of the following for the periods ended April 30, 2014:
		30-Apr-14
	Federal	$	-
	State		-
		$	-
	Current		-
	Deferred		-
		$	-
	The total provision for income taxes differs from the amount computed by applying the applicable statutory rates primarily due to state taxes and other differences as follows for the periods ended April 30, 2014:
		30-Apr-14
	Expected at statutory rates	$	-
	State taxes		-
	Effect of graduated rates		-
		$	-
	The Company classifies estimated interest and penalties associated with uncertain tax positions, if any, as a component of tax expense.  There were no such interest and penalties estimated at April 30, 2014.
	The Company currently has no unrecognized tax benefit.  There was no interest or penalties accrued at April 30, 2014.
	The Company files federal and Colorado income tax returns.  All tax years since inception remain open to examination.
	Dividends and distributions
	Dividends and distributions to common stockholders are recorded on the record date. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment.
	Recent accounting pronouncements
	In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual and interim reporting periods beginning after December 15, 2016, and early application is not permitted. The Company is currently evaluating the impact this ASU will have on its financial statements.
	In August 2014, FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity, containing new guidance for fair valuing the financial assets and financial liabilities of a consolidate collateralized financing entity. This guidance is effective for annual and interim periods beginning after December 15, 2015. The Company is currently evaluating the impact this ASU will have on its financial statements.
	In May 2015, the Financial Accounting Standard's Board ("FASB") accepted FASB update 2015-07 "Fair Value Measurement (Topic 820) – Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)." This new guidance no longer requires investments for which NAV is determined based on practical expedient reliance to be reported utilizing the fair value hierarchy. Although FASB update 2015-07 ("the amendment") is scheduled to go into effect in December 2015, early adoption is permitted for fiscal periods ending prior to that date.

3_RELATED_PARTY_AND_AGREEMENTS

3. RELATED PARTY AND AGREEMENTS	6 Months Ended
	Apr. 30, 2015
Related Party Transactions [Abstract]
3. RELATED PARTY AND AGREEMENTS	Investment Advisory and Management Agreement
	The Company pays the Adviser a fee for its investment advisory services under the Investment Advisory Agreement consisting of two components - a base management fee and an incentive fee. The cost of both the base management fee and any incentive fees earned by the Adviser is ultimately borne by the common shareholders.
	The base management fee (the "Base Fee") is calculated at an annual rate of 1.5% of gross assets, which includes the use of leverage, if any. The Base Fee is payable quarterly in arrears, and is calculated based on the value of gross assets at the end of the most recently completed fiscal quarter, and appropriately adjusted for any equity capital raises or repurchases during the current fiscal quarter. The Base Fee for any partial month or quarter will be appropriately prorated.
	The Incentive Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date), commencing with the calendar year beginning November 1, 2014, and equals 20% of "Net Investment Income" above 7.5% for the year. "Net Investment Income" is defined as all income accrued during the year minus operating expenses, Base Management Fee and expenses paid under the Investment Advisory Agreement. Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payable-in-kind interest and zero coupon securities) accrued income not yet received in cash. Net Investment Income does include any realized capital gains, realized capital losses, or unrealized capital depreciation. It does not include unrealized capital appreciation.
	For the three and six months ended April 30, 2015, the Adviser earned $41,286 and $72,538, respectively, in base management fees.  For the three months ended April 30, 2014 and the period December 10, 2013 through April 30, 2014, the Advisor earned $9,307 in base management fees.  There was no Incentive Fee for the six months ended April 30, 2015 and April 30, 2014.
	Custody Agreement
	As compensation for the Adviser's services related to the Custody Agreement the Company has agreed to pay an annual fee of 0.15% of the Custodial Property defined as all investments and cash equivalents held by the Adviser.  The Adviser invoices the Company on a quarterly basis for the pro-rata portion of the annual amount, calculated as of the last business day of each quarter.  The property originally delivered to the Adviser, and earnings there from, together with any additional property delivered to the Adviser, and earnings there from, shall constitute the "Custodial Property." For the three month and six months ended April 30, 2015, the Adviser earned $5,125 and $8,706, respectively, in custody fees.  There were no custody fees incurred for the three months ended April 30, 2014 and the period December 10, 2013 through April 31, 2014.
	Administration Agreement
	Pursuant to the Advisory Agreement, the Adviser furnishes the Company with equipment and clerical, bookkeeping and record-keeping services, as well as certain administrative services, which include being responsible for the financial records which the Company is required to maintain and preparing reports to shareholders and reports filed with the SEC.  In addition, the Adviser assists the Company in monitoring portfolio accounting and bookkeeping, managing portfolio collections and reporting, performing internal audit services, determining and publishing the net asset value, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to shareholders, providing support for risk management efforts and generally overseeing the payment of expenses and the performance of administrative and professional services rendered to the Company by others.  The Company reimburses the Adviser for the allocable portion of overhead and other expenses incurred in performing its administrative obligations under the Advisory Agreement. The Adviser prepares and delivers statements documenting its expenses which are subject to reimbursement.
	The Adviser has entered into an Operating Expense Limitation Agreement ("OELA") with the Company effective January 2, 2014, to limit the total operating expenses of the Company to 2.34%.  Effective September 1, 2014, the OELA was amended to 2.95%, whereby any expenses in excess of the OELA will not be immediately reimbursed to the Adviser.  However, the Adviser will be able to recoup from the Company these expenses in excess of the limit over a period not to exceed three years.  The total amount of organization and operating expenses incurred by the Company which exceeded the limit and were reimbursed by the Adviser for the quarter ended April 30, 2015 was $49,943.  Such expenses reimbursed by the Adviser each quarter will be subject to collection by the Adviser over a period not to exceed three years, if the Company's expense ratio is less than the 2.95% limit. The OELA remains in effect until terminated by the Company and Adviser.  The following table presents the amounts reimbursed and the expiration date for recoupment.
	Date Reimbursed	Amount		Expiration Date
	30-Jun-14	$	121,939	30-Jun-17
	31-Oct-14	$	55,091	31-Oct-17
	31-Jan-15	$	77,836	31-Jan-18
	30-Apr-15	$	49,943	30-Apr-18
		$	304,809
	The Company calculated a reimbursed amount of $128,119 for the period December 10, 2013 through April 30, 2014 for comparative purposes but this amount does not impact the actual amount and date of the original reimbursed amount that occurred on June 30, 2014 as noted above. Through the normal course of business, the Adviser or an affiliate of the Adviser processes payments on behalf of the Company and then is reimbursed for expenses paid on behalf of the Company.  As of April 30, 2015, $62,769 is due to the Adviser for such reimbursements, net of the current operating expense deferral of $49,943.  As of October 31, 2014, $76,257 was due to the Adviser for such reimbursements, net of $9,307 of management fees waived and $93,072 of operating expenses reimbursed.

4_FAIR_VALUE_OF_FINANCIAL_INST

4. FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Apr. 30, 2015
Fair Value Disclosures [Abstract]
4. FAIR VALUE OF FINANCIAL INSTRUMENTS	The Company's fair value accounting policies adhere to the provisions of FASB ASC Topic 820, Fair Value Measurements and Disclosures.  Topic ASC 820 establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.  Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company.  Unobservable inputs reflect the Company's assumption about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  The fair value hierarchy is categorized into three levels based on the inputs as follows:
	Level 1 -Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.  Valuation adjustments and block discounts are not applied to Level 1 securities.  Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.
	Level 2 -Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
	Level 3 -Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
	To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined.
	Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed.  Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for securities categorized in Level 3.  In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined by the lowest level input that is significant to the fair value measurement.
	Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.  Therefore, even when market assumptions are not readily available, the Company's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.
	The Company invests in direct debt and equity securities that are not traded on a public market.  These securities are recorded at fair value as determined by the Company using the framework of Topic ASC 820.  In addition, the Company has adopted written guidelines for determining the fair value of its investments for reporting in the accompanying financial statements.  Under these guidelines, investment valuations are reviewed on a quarterly basis and investments without readily available market values are valued at fair value as determined by the Company.  In the absence of readily ascertainable market values, the Company uses valuation techniques consistent with the market, income and cost approaches, as prescribed by Topic ASC 820, in order to estimate the fair value of investments.  In all cases, the Company evaluates whether the valuation techniques used and the resultant fair value estimate is representative of what the most likely buyers of the company would also pay upon exit, and therefore, whether the value is deemed to be the price expected in an orderly transaction between market participants at the measurement date.
	Under Topic ASC 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date.  ASC 820 permits the Company, as a practical expedient, to estimate the fair value of investments in other investment companies based on the net asset value (NAV) per share, or its equivalent, if the NAV of such investments is calculated in a manner consistent with the measurement principles of ASC 946, Financial Services — Investment Companies. As such the Company's estimate of fair value for its investments in other investment companies is generally based on the NAV provided to the Company by each Investee Fund, supported by the independently audited financial statements of the Investee Fund, when available.
	The transaction price is typically the Company's best estimate of fair value at inception of the investment.  When evidence supports a change to the carrying value from the transaction price, adjustments are made to reflect expected exit values.  Ongoing reviews by the Company are based on an assessment of significant assumptions related to each underlying investment including incorporating valuations that consider the evaluation of financing and sale transactions with third parties, the financial condition and operating results of the portfolio company, achievement of technical milestones, and expected cash flows.  All investments at April 30, 2015 and October 31, 2014 had no readily available market value and are included in Level 3 of the fair value hierarchy.
	The following tables present information about the Company's assets measured at fair value on a recurring basis at April 30, 2015 and October 31, 2014.  The Company assesses the levels for the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company's accounting policy regarding the recognitions of transfers between levels of the fair value hierarchy.  For the periods ended April 30, 2015 and October 31, 2014, there were no transfers in or out of Level 1, 2, and 3.
	Assets Measured at Fair Value on a Recurring Basis at April 30, 2015
		Quoted Prices in Active Markets for Identical Assets				Significant Other			Significant		Balance at
						Observable Inputs			Unobservable		April 30,
									Inputs
		(Level 1)				(Level 2)			(Level 3)		2015
	Investments:
	Debt Securities	$	-			$	-		$	7,908,380	$	7,908,380
	Equity Securities		-				-			169,217		169,217
	Investments in Partnership Interests		-				-			742,749		742,749
	Investment in Other
	Investment Companies		-				-			520,498		520,498
	Total	$	-			$	-		$	9,340,844	$	9,340,844
	The Company estimates that it will receive liquidating distributions from its Other Investment Companies over a period consistent with the investee company's estimated life plus available extension periods, which is 3 years from the Effective Date with two additional 12-month extensions available at the discretion of the GP.  For the investment in other investment companies, the Company will pay the management of such investment company a monthly management fee based on the product of $65 and the number of Portfolio Assets then held by the investment company. The investment company specializes in the acquisition of real property rights to ground leases and easements primarily under infrastructure assets. The Company has fully funded its capital commitment to the investment company. The Company's investment in other investment companies is stated at fair value based on the underlying NAV as a practical expedient. Accordingly, the investment in Other Investment Companies is classified as Level 3 in the ASC 820 fair value hierarchy.
	Assets Measured at Fair Value on a Recurring Basis at October 31, 2014
		Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs			Significant Unobservable Inputs		Balance at
											October 31,
		(Level 1)				(Level 2)			(Level 3)		2014
	Investments:
	Debt Securities	$	-			$	-		$	5,796,500	$	5,796,500
	Investment in Other
	Investment Companies									465,116		465,116
	Total	$	-			$	-		$	6,261,616	$	6,261,616
	Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis
		Debt Securities				Equity Securities			Investments in		Investment in Other			Total
									Partnership Interests		Investment
											Companies
	Balance at December 10, 2013	$	-			$	-		$	-	$	-		$	-
	Purchases of investments		5,796,500				-			-		465,116			6,261,616
	Balance at October 31, 2014		5,796,500				-			-		465,116			6,261,616
	Purchase of investments		2,952,000				-			687,800		500,000			4,139,800
	Sales of investments		(800,000	)			-			-		(465,116	)		(1,265,116	)
	Net unrealized gains/(losses)		(40,120	)			169,217			54,949		20,498			204,544
	Balance at April 30, 2015	$	7,908,380			$	169,217		$	742,749	$	520,498		$	9,340,844
	Quantitative Information About Level 3 Fair Value Measurements
	Below is a table summarizing the valuation techniques, the unobservable inputs used in the valuation, along with ranges used to determine the fair value of certain Level 3 investments held at April 30, 2015 and October 31, 2014.
	April 30, 2015
	Type of Security	Fair Value			Valuation Technique		Unobservable Input	Range (Wtd Avg)
	Debt Securities	$	7,908,380		Yield Analysis		Market Yield		8.0 - 14.5% (11.6%)
	Equity Securities	$	169,217		Earnings Multiple		Market Comparables	$	169,217
	Investments in Partnership Interests	$	742,749		Income Approach		Capitalization Rate		8.4 - 8.8% (8.6%)
	Investment in Other Investment Companies	$	520,498		Pro-rata share of net assets		Underlying NAV	$	520,498
	October 31, 2014
	Type of Security	Fair Value			Valuation Technique		Unobservable Input	Range (Wtd Avg)
	Debt Securities	$	5,796,500		Yield Analysis		Market Yield		11.0 - 13.0% (11.6%)
	Investment in Other Investment Companies	$	465,116		Subsequent Market Transaction		Redemption Agreement	$	465,116
	The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Company. The significant unobservable input used in the fair value measurement of the Company's debt investments is market interest rates. The Company uses market interest rates for loans to determine if the effective yield on a loan is commensurate with the market yields for that type of loan. If a loan's effective yield is significantly less than the market yield for a similar loan with a similar credit profile, then the resulting fair value of the loan may be lower.  The Company valued its Investment in Other Investment Companies as of October 31, 2014 based on a subsequent market transaction that occurred effective December 31, 2014 and settled in cash on January 30, 2015.

5_COMMITMENTS_AND_CONTINGENCIE

5. COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Apr. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
5. COMMITMENTS AND CONTINGENCIES	In the normal course of business, the Company may enter into commitments to invest in certain private equity funds. Under these agreements, the Company would be required to make payments to third parties upon request. The Company has no such commitments outstanding at April 30, 2015 and had outstanding commitments of $34,884 as of October 31, 2014.

6_EARNINGS_PER_SHARE

6. EARNINGS PER SHARE	6 Months Ended
	Apr. 30, 2015
Earnings Per Share [Abstract]
6. EARNINGS PER SHARE	The following information sets forth the computation of basic net increase in net assets per share (earnings per share) resulting from operations for the three and six month periods ended April 30, 2015 and 2014.
		For the three months ended April 30,					For the six months ended April 30,
		2015		2014			2015		2014
	Earnings per share – basic and diluted:
	Net increase/(decrease) in shareholders' equity resulting from operations	$	289,323	$	(4,330	)	$	537,566	$	(52,310	)
	Weighted average shares outstanding – basic and diluted		1,115,545		359,384			1,070,134		343,161
	Earnings per share – basic and diluted	$	0.26	$	(0.01	)	$	0.5	$	(0.15	)

7_DIVIDENDS_AND_DISTRIBUTIONS

7. DIVIDENDS AND DISTRIBUTIONS	6 Months Ended
	Apr. 30, 2015
Equity [Abstract]
7. DIVIDENDS AND DISTRIBUTIONS	The Company's dividends and distributions are recorded on the date declared (record date). The following table summarizes the Company's dividend declarations and distributions during the six months ended April 30, 2015:
	Declaration Date	Distribution Date	Amount Per Share	Cash Distribution
	11/25/14	11/26/14	$0.06	$52,454.81
	12/25/14	12/29/14	$0.06	$53,204.81
	1/26/15	1/28/15	$0.06	$59,529.81
	2/25/15	2/26/15	$0.06	$69,501.90
	3/25/15	3/26/15	$0.06	$70,263.60
	4/25/15	4/28/15	$0.06	$72,541.92

8_FINANCIAL_HIGHLIGHTS

8. FINANCIAL HIGHLIGHTS	6 Months Ended
	Apr. 30, 2015
Financial Highlights
8. FINANCIAL HIGHLIGHTS	Per Share Data:		For the six			From
			months ended			December 10, 2013 (inception) to
			April 30,			April 30,
			2015			2014
	Net asset value at beginning of period		$	9.86		$	-
	Issuance of common stock			-			10
	Net investment income/(loss) (2)			0.31			(0.15	)
	Net realized and unrealized gain (loss) (3)			0.19			-
	Net increase in shareholders' equity			0.5			9.85
	Accretive effect of share issuance above NAV			0.09			-
	Shareholder dividends			(0.38	)		-
	Income tax expense			-			-
	Net asset value at end of period		$	10.07		$	9.85
	Shares outstanding at end of period			1,165,597			417,300
	Ratio/Supplemental Data:
	Weighted average net assets at end of period			9,704,175			3,405,217
	Total return based on net asset value (4)			5.9	%		-1.5	%
	Ratio of gross operating expenses to average net assets (1)			5.58	%		11.49	%
	Waived or reimbursed expenses (1)			-2.63	%		-9.15	%
	Ratio of net operating expenses to average net assets (1)			2.95	%		2.34	%
	Ratio of net investment income/(loss) to average net assets (1)			6.86	%		-3.07	%
	-1	The ratios have been annualized except for those expenses that are not recurring, such as organizational costs.
	-2	Calculated using the weighted average shares outstanding during the respective period.
	-3	Amounts are balancing amounts necessary to reconcile the change in net asset value per unit to the per unit information.
	-4	Total return based on market value is calculated assuming a purchase of common shares at the market value on the first day and a sale at the market value on the last day of the periods reported. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company's dividend reinvestment plan. Total return based on market value does not reflect brokerage commissions. Return calculations are not annualized.
	These financial highlights may not be indicative of the future performance of the Company.

9_RISKS_AND_UNCERTAINTIES

9. RISKS AND UNCERTAINTIES	6 Months Ended
	Apr. 30, 2015
Risks and Uncertainties [Abstract]
9. RISKS AND UNCERTAINTIES	The Company in the normal course of business makes investments in financial instruments where the risk of potential loss exists due to changes in the market (market risk), or failure or inability of the counterparty to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks.
	Market Risk
	Market risk is the company's investments in financial instruments and derivatives that expose it to various risks such as, but not limited to, interest rate, foreign currency, and equity. Interest rate risk is the risk that a fixed income investment's value will change due to a change in the absolute level of interest rates, in the spread between two rates, in the shape of the yield curve or in any other interest rate relationship. Such changes usually affect securities inversely and can be reduced by diversifying (for example, investing in fixed- income securities with different durations) or hedging (for example, through an interest rate swap).
	Equity Risk
	Equity risk is the risk that the market values of equities, such as common stocks or equity related investments such as futures and options, may decline due to general market conditions, such as political or macroeconomic factors. Additionally, equities may decline in value due to specific factors affecting a related industry or industries. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.
	Credit and Counterparty Risk
	The Company is exposed to credit risk to counterparties with whom it transacts with and also bears the risk of settlement default. The company may lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative instrument contract, repurchase agreement or securities lending is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings. The Company minimizes concentrations of credit risk by undertaking transactions with a diverse population of counterparties with a history of good credit quality. Further, the company manages counterparty risk by entering into appropriate legally enforceable master netting agreements, or similar agreements which include provisions for offsetting positions, collateral, or both in the event of counterparty default or nonperformance.
	As the Company currently holds one investment with PIK interest, we note that the higher interest rate on PIK securities reflects the payment deferral and increased credit risk associated with such instruments. Such investments generally represent a significantly higher credit risk than coupon loans. We note that even if accounting conditions were met, the borrower could still default when the Fund's actual collection is supposed to occur at the maturity of the obligation. PIK securities may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of associated collateral.  PIK interest has the effect of generating investment income and increasing the incentive fees payable at a compounding rate.  In addition, the deferral of PIK interest also reduces the loan-to-value ratio at a compounding rate. PIK securities also create the risk that incentive fees will be paid to the Adviser based on non-cash accruals that ultimately may not be realized, but the Adviser will be under no obligation to reimburse the Fund for these fees.

10_INDEMNIFICATIONS

10. INDEMNIFICATIONS	6 Months Ended
	Apr. 30, 2015
Notes to Financial Statements
10. INDEMNIFICATIONS	The Company has provided general indemnifications to the Adviser, any affiliate of the Adviser and any person acting on behalf of the Adviser or such affiliate when they act, in good faith, in the best interest of the Company. The Company is unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim, but expects the risk of having to make any payments under these general business indemnifications to be remote.

11_SUBSEQUENT_EVENTS

11. SUBSEQUENT EVENTS	6 Months Ended
	Apr. 30, 2015
Subsequent Events [Abstract]
11. SUBSEQUENT EVENTS	For the purpose of issuing these financial statements, the Company evaluated events and transactions through the date the financial statements were issued.
	On May 5, 2015, the Company made an additional investment of $50,000 through a promissory note with TVO Capital Management - Riverchase. On May 7, 2015, the Company entered into a participation certificate and agreement in which it purchased $2,265,900 of a loan with eCOS, LLC.  On May 8, 2015, the Company transferred $575,000 to eCOS, LLC. On May 28, 2015, the Company made an investment of $800,000 through a promissory note with Subsentio, LLC.
	On June 1, 2015, the Company's loan with Brighton East Land, LLC was closed and paid in full in the amount of $1,814,950, of which $14,950 related to interest.
	The Company continued to pay its monthly dividend of $0.625 per share.
	From May 1, 2015 to June 12, 2015, the Company sold 71,576 shares of our common stock at a price of $10.15 per share for a total of $726,500 of new capital invested.

2_SIGNIFICANT_ACCOUNTING_POLIC1

2. SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Apr. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting	The accompanying interim financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X.  In the opinion of management, the financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented.
Use of Estimates	Financial statements prepared on a GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.  Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.  Investment valuation represents a significant estimate within these financial statements.
Cash and Cash Equivalents	Cash and cash equivalents are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits.
Investments	Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the statement of operations.
	As part of the valuation process, management may take into account the following types of factors, if relevant, in determining the fair value of the Company's investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, management considers the pricing indicated by the external event to corroborate its valuation.
	Because there is not a readily available market value for most of the investments in its portfolio, the Company values substantially all of its portfolio investments at fair value as determined in good faith by management, as described in Note 4. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period. Additionally, the fair value of the Company's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which the Company has recorded it.
	In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.
	Both debt securities in TVO Capital Management, LLC ("TVO") are interim loans to assist with pursuit costs and out-of-pocket due diligence expenses related to real estate transactions.  If the property acquisitions are unsuccessful, TVO shall repay such interim loan upon demand.  If the property acquisitions are successful, TVO shall repay such interim loan's interest and the principal will convert to GP equity upon Final Close of each respective transaction.
Deferred Offering Costs	Offering costs are expenses such as legal fees pertaining to the Company's shares offered for sale.  The Company has accounted for offering costs in the current period as a deferred charge, Deferred Offering Costs on the Statements of Assets, Liabilities and Net Assets.  The deferred offering costs are being amortized to expense over 12 months on a straight-line basis beginning with the period after the Company's registration under the Securities and Exchange Act of 1934 was effective (November 1, 2014).
Revenue Recognition	Investments and related investment income:  Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. For the three and six months ended April 30, 2015, the Company earned interest income of $222,828 and $426,914, respectively. As of April 30, 2015 and October 31, 2014, the Company had interest receivable of $101,491 and $41,730, respectively.
	Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan. For the periods ended April 30, 2015 and October 31, 2014, the Company received loan origination fees of $36,000 and $97,500, respectively. These loan origination fees are capitalized and amortized over the life of the loan. For the three and six months ended April 30, 2015, total investment income included $24,625 and $35,750 of accretion of loan origination fees, respectively.
	For investments with contractual payment-in-kind ("PIK") interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the period ended October 31, 2014, the Company did not hold any investments with contractual PIK interest. For the period ended April 30, 2015, the Company held one investment, Ajubeo, Inc., with contractual PIK interest. As of April 30, 2015 the balance of accrued PIK interest related to this investment was $11,250.
	Dividend income from investments in other investment companies 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. Each distribution received from limited liability company ("LLC") and limited partnership ("LP") investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. For the three and six months ended April 30, 2015, the Company recorded dividend income of $8,191 and $13,495, respectively.
	Non-accrual loans:  A loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the 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. 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. There were no non-accrual loans held as of April 30, 2015 or October 31, 2014.
	Partial loan sales:  The Company follows the guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 860 when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a "participating interest", as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain on the Company's statement of assets, liabilities and net assets and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. For the three months ended April 30, 2015 there were no partial loan sales. For the six months ended April 30, 2015 there were partial loan sales which met the definition of a participating interest to an unrelated third party of $800,000 of the Company's interest in its $3,257,500 Promissory Note in Camel Parkwood, LLC, respectively. There was no gain or loss resulting from this partial loan sale.
Income Taxes	The Company has elected to be treated as a BDC under the 1940 Act. The Company intends to elect to be treated as a RIC under the Internal Revenue Code beginning with the tax year ending October 31, 2015. Such election will be made upon the filing of the Company's first federal tax return for RIC purposes. In order to qualify as a RIC, among other things, the Company will be required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each tax year. The Company intends to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders. So long as the Company maintains its status as a RIC, it will generally not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that is distributes at least annually to its stockholders as dividends. As a result, any tax liability related to income earned and distributed by the Company represents obligations of the Company's stockholders and will not be reflected in the financial statements of the Company.
	As a RIC, the Company is subject to a 4% nondeductible federal excise tax on certain undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (i) 98.2% of ordinary income for each calendar year, (ii) 98% of capital gain net income for the one-year period ending October 31 in that calendar year, and (iii) any income realized, but not distributed, in the preceding year (the "Excise Tax Avoidance Requirement").  The Company will not be subject to excise taxes on amounts on which the Company is required to pay corporate income tax (such as retained net capital gains). The Company currently intends to make sufficient distributions each taxable year to satisfy the Excise Tax Avoidance Requirement.
	The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the positions are "more-likely-than-not" to be sustained by the applicable tax authority.  Tax positions not deemed to meet the "more-likely-than-not" threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.
	The Company accounts 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. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of assets and liabilities using tax rates in effect for the year in which the differences are expected to reverse.  The Company recognizes deferred tax assets to the extent that they are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations.  If the Company determines that it would be able to realize our deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.  As the Company has elected to be treated as a RIC beginning on November 1, 2014, there is no benefit to any deferred tax assets and thus a full valuation allowance was recorded as of October 31, 2014.  As a RIC, the Company was not a taxable entity for the period ended April 30, 2015 and thus no income tax expense (benefit) was recorded.
	Income tax expense (benefit) consists of the following for the periods ended April 30, 2014:
		30-Apr-14
	Federal	$	-
	State		-
		$	-
	Current		-
	Deferred		-
		$	-
	The total provision for income taxes differs from the amount computed by applying the applicable statutory rates primarily due to state taxes and other differences as follows for the periods ended April 30, 2014:
		30-Apr-14
	Expected at statutory rates	$	-
	State taxes		-
	Effect of graduated rates		-
		$	-
	The Company classifies estimated interest and penalties associated with uncertain tax positions, if any, as a component of tax expense.  There were no such interest and penalties estimated at April 30, 2014.
	The Company currently has no unrecognized tax benefit.  There was no interest or penalties accrued at April 30, 2014.
	The Company files federal and Colorado income tax returns.  All tax years since inception remain open to examination.
Dividends and distributions	Dividends and distributions to common stockholders are recorded on the record date. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment.
Recent accounting pronouncements	In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual and interim reporting periods beginning after December 15, 2016, and early application is not permitted. The Company is currently evaluating the impact this ASU will have on its financial statements.
	In August 2014, FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity, containing new guidance for fair valuing the financial assets and financial liabilities of a consolidate collateralized financing entity. This guidance is effective for annual and interim periods beginning after December 15, 2015. The Company is currently evaluating the impact this ASU will have on its financial statements.
	In May 2015, the Financial Accounting Standard's Board ("FASB") accepted FASB update 2015-07 "Fair Value Measurement (Topic 820) – Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)." This new guidance no longer requires investments for which NAV is determined based on practical expedient reliance to be reported utilizing the fair value hierarchy. Although FASB update 2015-07 ("the amendment") is scheduled to go into effect in December 2015, early adoption is permitted for fiscal periods ending prior to that date.

2_SIGNIFICANT_ACCOUNTING_POLIC2

2. SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Apr. 30, 2015
Accounting Policies [Abstract]
Components of Income Tax Expense (Benefit)		30-Apr-14
	Federal	$	-
	State		-
		$	-
	Current		-
	Deferred		-
		$	-
Schedule of Effective Income Tax Rate Reconciliation		30-Apr-14
	Expected at statutory rates	$	-
	State taxes		-
	Effect of graduated rates		-
		$	-

3_RELATED_PARTY_AND_AGREEMENTS1

3. RELATED PARTY AND AGREEMENTS (Tables)	6 Months Ended
	Apr. 30, 2015
Related Party And Agreements Tables
Schedule of Related Party Transactions	Date Reimbursed	Amount		Expiration Date
	30-Jun-14	$	121,939	30-Jun-17
	31-Oct-14	$	55,091	31-Oct-17
	31-Jan-15	$	77,836	31-Jan-18
	30-Apr-15	$	49,943	30-Apr-18
		$	304,809

4_FAIR_VALUE_OF_FINANCIAL_INST1

4. FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Apr. 30, 2015
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a Recurring Basis	Assets Measured at Fair Value on a Recurring Basis at April 30, 2015
		Quoted Prices in Active Markets for Identical Assets				Significant Other			Significant		Balance at
						Observable Inputs			Unobservable		April 30,
									Inputs
		(Level 1)				(Level 2)			(Level 3)		2015
	Investments:
	Debt Securities	$	-			$	-		$	7,908,380	$	7,908,380
	Equity Securities		-				-			169,217		169,217
	Investments in Partnership Interests		-				-			742,749		742,749
	Investment in Other
	Investment Companies		-				-			520,498		520,498
	Total	$	-			$	-		$	9,340,844	$	9,340,844
	Assets Measured at Fair Value on a Recurring Basis at October 31, 2014
		Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs			Significant Unobservable Inputs		Balance at
											October 31,
		(Level 1)				(Level 2)			(Level 3)		2014
	Investments:
	Debt Securities	$	-			$	-		$	5,796,500	$	5,796,500
	Investment in Other
	Investment Companies									465,116		465,116
	Total	$	-			$	-		$	6,261,616	$	6,261,616
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis		Debt Securities				Equity Securities			Investments in		Investment in Other			Total
									Partnership Interests		Investment
											Companies
	Balance at December 10, 2013	$	-			$	-		$	-	$	-		$	-
	Purchases of investments		5,796,500				-			-		465,116			6,261,616
	Balance at October 31, 2014		5,796,500				-			-		465,116			6,261,616
	Purchase of investments		2,952,000				-			687,800		500,000			4,139,800
	Sales of investments		(800,000	)			-			-		(465,116	)		(1,265,116	)
	Net unrealized gains/(losses)		(40,120	)			169,217			54,949		20,498			204,544
	Balance at April 30, 2015	$	7,908,380			$	169,217		$	742,749	$	520,498		$	9,340,844
Quantitative Information About Level 3 Fair Value Measurements	April 30, 2015
	Type of Security	Fair Value			Valuation Technique		Unobservable Input	Range (Wtd Avg)
	Debt Securities	$	7,908,380		Yield Analysis		Market Yield		8.0 - 14.5% (11.6%)
	Equity Securities	$	169,217		Earnings Multiple		Market Comparables	$	169,217
	Investments in Partnership Interests	$	742,749		Income Approach		Capitalization Rate		8.4 - 8.8% (8.6%)
	Investment in Other Investment Companies	$	520,498		Pro-rata share of net assets		Underlying NAV	$	520,498
	October 31, 2014
	Type of Security	Fair Value			Valuation Technique		Unobservable Input	Range (Wtd Avg)
	Debt Securities	$	5,796,500		Yield Analysis		Market Yield		11.0 - 13.0% (11.6%)
	Investment in Other Investment Companies	$	465,116		Subsequent Market Transaction		Redemption Agreement	$	465,116

6_EARNINGS_PER_SHARE_Tables

6. EARNINGS PER SHARE (Tables)	6 Months Ended
	Apr. 30, 2015
Earnings Per Share [Abstract]
Computation of basic earnings per share		For the three months ended April 30,					For the six months ended April 30,
		2015		2014			2015		2014
	Earnings per share – basic and diluted:
	Net increase/(decrease) in shareholders' equity resulting from operations	$	289,323	$	(4,330	)	$	537,566	$	(52,310	)
	Weighted average shares outstanding – basic and diluted		1,115,545		359,384			1,070,134		343,161
	Earnings per share – basic and diluted	$	0.26	$	(0.01	)	$	0.5	$	(0.15	)

7_DIVIDENDS_AND_DISTRIBUTIONS_

7. DIVIDENDS AND DISTRIBUTIONS (Tables)	6 Months Ended
	Apr. 30, 2015
Equity [Abstract]
Schedule of Dividends Payable	Declaration Date	Distribution Date	Amount Per Share	Cash Distribution
	11/25/14	11/26/14	$0.06	$52,454.81
	12/25/14	12/29/14	$0.06	$53,204.81
	1/26/15	1/28/15	$0.06	$59,529.81
	2/25/15	2/26/15	$0.06	$69,501.90
	3/25/15	3/26/15	$0.06	$70,263.60
	4/25/15	4/28/15	$0.06	$72,541.92

8_FINANCIAL_HIGHLIGHTS_Tables

8. FINANCIAL HIGHLIGHTS (Tables)	6 Months Ended
	Apr. 30, 2015
Financial Highlights Tables
Summary of financial highlights	Per Share Data:	For the six			From
		months ended			December 10, 2013 (inception) to
		April 30,			April 30,
		2015			2014
	Net asset value at beginning of period	$	9.86		$	-
	Issuance of common stock		-			10
	Net investment income/(loss) (2)		0.31			(0.15	)
	Net realized and unrealized gain (loss) (3)		0.19			-
	Net increase in shareholders' equity		0.5			9.85
	Accretive effect of share issuance above NAV		0.09			-
	Shareholder dividends		(0.38	)		-
	Income tax expense		-			-
	Net asset value at end of period	$	10.07		$	9.85
	Shares outstanding at end of period		1,165,597			417,300
	Ratio/Supplemental Data:
	Weighted average net assets at end of period		9,704,175			3,405,217
	Total return based on net asset value (4)		5.9	%		-1.5	%
	Ratio of gross operating expenses to average net assets (1)		5.58	%		11.49	%
	Waived or reimbursed expenses (1)		-2.63	%		-9.15	%
	Ratio of net operating expenses to average net assets (1)		2.95	%		2.34	%
	Ratio of net investment income/(loss) to average net assets (1)		6.86	%		-3.07	%

2_SIGNIFICANT_ACCOUNTING_POLIC3

2. SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	6 Months Ended
	Apr. 30, 2015
Accounting Policies [Abstract]
Federal	$0
State	0
Total income tax expense	0
Current	0
Deferred	0
Total income tax expenses	$0

2_SIGNIFICANT_ACCOUNTING_POLIC4

2. SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $)	6 Months Ended
	Apr. 30, 2015
Accounting Policies [Abstract]
Expected at statutory rates	$0
State taxes	0
Effect of Graduated Rates	0
Total income tax expense	$0

2_SIGNIFICANT_ACCOUNTING_POLIC5

2. SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	3 Months Ended		5 Months Ended	6 Months Ended	11 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2014	Apr. 30, 2015	Oct. 31, 2014
Accounting Policies [Abstract]
Interest income	$222,828	$5,806	$5,806	$426,914
Interest receivable	101,491			101,491	41,730
Loan origination fees	24,625	0	0	35,750
Revenue from loan origination fees				$36,000	$97,500

3_RELATED_PARTY_AND_AGREEMENTS2

3. RELATED PARTY AND AGREEMENTS (Details) (USD $)	6 Months Ended
	Apr. 30, 2015
Related party transaction, amount reimbursed	$304,809
June 30, 2014 [Member]
Related party transaction, amount reimbursed	121,939
Expiration date	30-Jun-17
October 31, 2014 [Member]
Related party transaction, amount reimbursed	55,091
Expiration date	31-Oct-17
January 31, 2015 [Member]
Related party transaction, amount reimbursed	77,836
Expiration date	1-Jan-18
April 30, 2015 [Member]
Related party transaction, amount reimbursed	$49,943
Expiration date	30-Apr-18

3_RELATED_PARTY_AND_AGREEMENTS3

3. RELATED PARTY AND AGREEMENTS (Details Narrative) (USD $)	3 Months Ended		5 Months Ended	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2014	Apr. 30, 2015	Oct. 31, 2014
Related Party And Agreements Details Narrative
Base management fees	$41,286	$9,307	$9,307	$72,538
Incentive Fee			0	0
Custody fees	5,125	0	0	8,706
Operating expenses reimbursed	49,943	93,072	128,119	127,779
Receivables from advisor	$62,769			$62,769	$76,257

4_FAIR_VALUE_OF_FINANCIAL_INST2

4. FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	Apr. 30, 2015	Oct. 31, 2014
Investments:
Debt Securities	$7,908,380	$5,796,500
Equity Securities	169,217	0
Investment in Partnership Interests	742,749	0
Investment in Other Investment Companies	520,498	465,116
Total	9,340,844	6,261,616
Significant Other Observable Inputs (Level 2)
Investments:
Debt Securities	0	0
Equity Securities	0	0
Investment in Partnership Interests	0	0
Investment in Other Investment Companies	0	0
Total	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1)
Investments:
Debt Securities	0	0
Equity Securities	0	0
Investment in Partnership Interests	0	0
Investment in Other Investment Companies	0	0
Total	0	0
Significant Unobservable Inputs (Level 3)
Investments:
Debt Securities	7,908,380	5,796,500
Equity Securities	169,217	0
Investment in Partnership Interests	742,749	0
Investment in Other Investment Companies	520,498	465,116
Total	$9,340,844	$6,261,616

4_FAIR_VALUE_OF_FINANCIAL_INST3

4. FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) (USD $)	6 Months Ended	11 Months Ended
	Apr. 30, 2015	Oct. 31, 2014
Fair value balance, beginning	$6,261,616	$0
Purchases of investments	4,139,800	6,261,616
Sales of investments	-1,265,116
Net unrealized gains/(losses)	204,544
Fair value balance, ending	9,340,844	6,261,616
Debt Securities
Fair value balance, beginning	5,796,500	0
Purchases of investments	2,952,000	5,796,500
Sales of investments	-800,000
Net unrealized gains/(losses)	-40,120
Fair value balance, ending	7,908,380	5,796,500
Equity Securities
Fair value balance, beginning	0	0
Purchases of investments	0	0
Sales of investments	0
Net unrealized gains/(losses)	169,217
Fair value balance, ending	169,217	0
Investment in Partnership Interests
Fair value balance, beginning	0	0
Purchases of investments	687,800	0
Sales of investments	0
Net unrealized gains/(losses)	54,949
Fair value balance, ending	742,749	0
Investment in Other Investment Companies
Fair value balance, beginning	465,116	0
Purchases of investments	500,000	465,116
Sales of investments	-465,116
Net unrealized gains/(losses)	20,498
Fair value balance, ending	$520,498	$465,116

4_FAIR_VALUE_OF_FINANCIAL_INST4

4. FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) (USD $)	6 Months Ended	11 Months Ended
	Apr. 30, 2015	Oct. 31, 2014	Dec. 09, 2013
Fair value	$9,340,844	$6,261,616	$0
Debt Securities
Fair value	7,908,380	5,796,500	0
Valuation Technique	Yield Analysis	Yield Analysis
Unobservable Input	Market Yield	Market Yield
Range (Wtd Avg)	8.0 B 14.5% (11.6%)	11.0 B 13.0% (11.6%)
Equity Securities
Fair value	169,217	0	0
Valuation Technique	Earnings Multiple
Unobservable Input	Market Comparables
Range (Wtd Avg)	$169,217
Investment in Partnership Interests
Fair value	742,749	0	0
Valuation Technique	Income Approach
Unobservable Input	Capitalization Rate
Range (Wtd Avg)	8.4 - 8.8% (8.6%)
Investment in Other Investment Companies
Fair value	$520,498	$465,116	$0
Valuation Technique	Pro-rata share of net assets	Subsequent Market Transaction
Unobservable Input	Underlying NAV	Redemption Agreement
Range (Wtd Avg)	$520,498	465,116

5_COMMITMENTS_AND_CONTINGENCIE1

5. COMMITMENTS AND CONTINGENCIES (Details Narrative) (USD $)	Oct. 31, 2014
Commitments And Contingencies Details Narrative
Outstanding commitments	$34,884

6_EARNINGS_PER_SHARE_Details

6. EARNINGS PER SHARE (Details) (USD $)	3 Months Ended		5 Months Ended	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2014	Apr. 30, 2015
Earnings per share - basic and diluted:
Net increase/(decrease) in shareholders' equity resulting from operations	$289,323	($4,330)	($52,310)	$537,566
Weighted average shares outstanding - basic and diluted	1,115,545	359,384	343,161	1,070,134
Earnings per share - basic and diluted	$0.26	($0.01)	($0.15)	$0.50

7_DIVIDENDS_AND_DISTRIBUTIONS_1

7. DIVIDENDS AND DISTRIBUTIONS (Details) (USD $)	3 Months Ended		5 Months Ended	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2014	Apr. 30, 2015
Amount Per Share	$0.19	$0	$0	$0.38
Dividend November 2014
Declaration Date				25-Nov-14
Distribution Date				26-Nov-14
Amount Per Share				$0.06
Cash Distribution				$52,455
Dividend December 2014
Declaration Date				25-Dec-14
Distribution Date				29-Dec-14
Amount Per Share				$0.06
Cash Distribution				53,205
Dividend January 2015
Declaration Date				26-Jan-15
Distribution Date				28-Jan-15
Amount Per Share				$0.06
Cash Distribution				59,530
Dividend February 2015
Declaration Date				25-Feb-15
Distribution Date				26-Feb-15
Amount Per Share				$0.06
Cash Distribution				69,502
Dividend March 2015
Declaration Date				25-Mar-15
Distribution Date				26-Mar-15
Amount Per Share				$0.06
Cash Distribution				70,264
Dividend April 2015
Declaration Date				25-Apr-15
Distribution Date				28-Apr-15
Amount Per Share				$0.06
Cash Distribution				$72,542

8_FINANCIAL_HIGHLIGHTS_Details

8. FINANCIAL HIGHLIGHTS (Details) (USD $)	3 Months Ended		5 Months Ended	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2014	Apr. 30, 2015	Oct. 31, 2014
Per Share Data:
Net asset value at beginning of period			$0	$9.86
Issuance of common stock	$0	$10	$10	$0
Net investment income/(loss) (2)			($0.15)	$0.31
Net realized and unrealized gain (loss) (3)			$0	$0.19
Net increase in shareholder's equity			$9.85	$0.50
Accretive effect of share issuance above NAV			$0	$0.09
Shareholder dividends	($0.19)	$0	$0	($0.38)
Income tax expense			$0	$0
Net asset value at end of period	$10.07	$9.85	$9.85	$10.07
Shares outstanding at end of period	1,165,597	417,300	417,300	1,165,597	714,377
Ratio/Supplemental Data:
Weighted average net assets at end of period			$3,405,217	$9,704,175
Total return based on net asset value (4)			-1.50%	5.90%
Ratio of gross operating expenses to average net assets (1)			11.49%	5.58%
Waived or reimbursed expenses (1)			-9.15%	-2.63%
Ratio of net operating expenses to average net assets (1)			2.34%	2.95%
Ratio of net investment income/(loss) to average net assets (1)			-3.07%	6.86%